According to a corporate announcement made earlier today, Compagnie Financière Tradition SA (Tradition) has fully acquired all of the remaining stake in Meitan Tradition Co. Ltd. from Central Tanshi in Japan, following a long-standing joint-venture partner relationship with it in that business.
The ownership of Tokyo-based Meitan Tradition was shared, and now the companies have agreed to reorganize their holdings in that business, with Central Tanshi divesting its interest completely, in order for Tradition to fully acquire remaining ownership to make Meitan Tradition into a wholly-owned subsidiary of Tradition.
Meitan is involved in interest rate and credit derivatives products and already is operating as a subsidiary of Tradition, and following the news will be fully owned by the Switzerland-based inter-dealer broker.
Central Tanshi ,which specializes in markets such as foreign exchange and has just celebrated its 100-year anniversary a few years back, held such strategic partnerships in Japan with other western companies and had previously divested its interest in a similar deal with Yamane Tullet Prebon, as covered by Forex Magnates in February.
It's not clear what the transaction announced today constituted in terms of assets, as last time in the previous related post about Central Tanshi and Tullet Prebon, the divestment of interest had freed up cash for Central Tanshi, as discussed in that article.
