Taiwan’s Shin Kong Financial Agrees to Merge With Rival Taishin

Taiwan’s Shin Kong Financial Holding Co. agreed to merge with a smaller rival in a deal that sets up a takeover battle for Shin Kong with another suitor, CTBC Financial Holding Co.

Shin Kong and Taishin Financial Holding Co.will combine via a share swap, the two companies announced at a press briefing on Thursday evening.

The decision to combine comes just two days after CTBC said it was making a tender offer for Shin Kong, a deal that would form Taiwan’s largest financial holding company by assets. A Shin Kong and Taishin merger would create the fourth-biggest financial holding ...