CTBC Pulls Out of $7.6 Billion Takeover Battle for Shin Kong (1)

CTBC Financial Holding Co. has decided against a fresh offer for Shin Kong Financial Holding Co., paving the way for rival Taishin Financial Holding Co. to move ahead with one of the biggest combinations in Taiwan’s financial industry in years.

CTBC said its board approved dropping its investment plan for Shin Kong, adding it respects the instructions from the regulator, according to a statement with the stock exchange on Friday, which confirmed an earlier Bloomberg News report.

CTBC chose to walk away from the takeover battle for Shin Kong after facing opposition from Taiwanese regulators, people familiar with the ...