(by Sh. Nakata)

MTFG says the process of fighting with rival company SMFG to merge with Japan fourth biggest bank UFJ comes to its happy end.

MTFG and UFJ have already signed the basic agreement on possible merger as SMFG counterbid expires on September 24. Yet, SMFG is not the one to give up. Its attempts to merge with UFJ led to many UFJ shareholders desire to know its merger ratio, thus, accusing their bank of ignoring the counterbid.

But UFJ does not think so as MTFG already injected some big sum of money into the bank. "I believe that with the injection of Y700bn ($6.3 billion) UFJ shareholders will understand that their rights have been protected," said Nobuo Kuroyanagi, MTFG’s president.

Earlier this year, UFJ’s shares rose on SMFG possible counterbid, but now they are expected to fall sharply within counterbid withdrawal, specialists say.