Japan's largest steelmaker Nippon Steel Corporation and its smaller domestic rival Sumitomo Metal Industries have chosen their respective advisers for their planned merger, according to international newswires.
As SteelOrbis previously reported, earlier this month the companies had announced the commencement of talks on the issue with a targeted date of October 1, 2012 for completion of the merger.
Nippon Steel has picked Mizuho Securities, Mitsubishi UFJ Morgan Stanley, JP Morgan and Bank of America Corp's Merrill Lynch, whiLe Sumitomo has hired Nikko Cordial Securities, a unit of Sumitomo Mitsui Financial Group, Daiwa Securities Group, Goldman Sachs Inc. and Deutsche Securities.