Micro Focus Group Plc, the UK Cobol specialist currently involved in a $534m acquisition of Intersolv Inc, aims to grab a large slice of the business for converting banks’ systems to run the European common currency. Because the vast bulk of banking and financial services software in written in Cobol, the board believe that the move to a unified currency in Europe will provide the company with an opportunity to seek leadership in this market, said the company in a statement. Shareholders meet to approve the merger plan at a meeting next month. Micro Focus expects extra charges in the quarter that the merger with Intersolv becomes effective. Cost savings arising from the business synergies immediately following the merger will be less significant than long-term economies of scale, said the company.
