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Major Japanese software companies Square Co. Ltd. and Enix Co. have announced today of their decision to merge Companies on April 1st of 2003. The new comapny name has been announced as "Square Enix". With Square merging into Enix, Enix will trade 0.81 stock to each Square stock. Positions within the company will go as follows.
Yasuhiro Fukushima
(Current Enix CEO) > Square Enix CEO
Youichi Wada (Current Square President) > Square
Enix President
Keiji Honda (Current Enix President) > Square Enix Vice President
A Press Conference will be held at 3PM in Japan.
Reuters reports as follows.
For the full article, check the site.
"TOKYO, Nov 26 (Reuters) - Japanese game software makers Square Co Ltd and Enix Corp 9684.T said on Tuesday they planned to merge in April to pool resources and technology to allow them to better compete in the rapidly changing video game industry.
The deal would be worth about 88.79 billion yen ($727 million) at current share prices.
Under the deal, one Square share will be exchanged for 0.81 share in Enix. Enix will issue 48.76 million new shares to swap existing outstanding shares in Square.
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Square, which lost 16.6 billion yen after an unsuccessful foray into movie-making last year, is now owned 18.6 percent by Sony Corp 6758.T , which makes the powerful PlayStation 2 game system.
Square spokesman Hideki Tsuchiya said the game creator expected to win approval for the merger from shareholders including Sony as the two companies have little duplication in their operations and the merger was expected to create synergy.
Enix and Square, along with another gamemaker, Namco 9752.T , agreed last year to collaborate on operations. The company officials said the latest deal would not include Namco." |
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