Mizuho takes near-5% stake in Nikko Cordial
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Mizuho, the world&#39;s largest bank in terms of assets, is taking a 4.92 per cent stake in Nikko Cordial, Japan&#39;s number three securities firm, to become its second largest shareholder after Citigroup.
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Tokyo's Nikkei average rose more than  half a percent by Tuesday afternoon on hopes for a year-end  rally and amid a growing consensus that the market was due to  catch up with gains in other overseas stock markets.
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Shares in Japanese broker Nikko Cordial plunge 14% on fears it may be delisted after an accounting scandal.
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Citigroup, which recently acquired a majority stake in the Nikko Cordial Corporation, said Brandon Ginsberg had resigned as co-head of equities at its Japanese investment bank. Mr. Ginsberg has already left, said Masufumi Yoshino, head of corporate communications at Nikko Citigroup in Tokyo. No further details were available. The departure is the second change of senior managers at the unit since Citigroup bought 61 percent in April.
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Orbis Investment Management Ltd. said that Citigroup's $10.8 billion bid for Nikko Cordial Corp.  is too low, joining a chorus of shareholders that separately control about 25 percent of the troubled Japanese brokerage's shares.
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By Kyodo News International, Tokyo  Mar. 9--TOKYO -- The Tokyo Stock Exchange will be able to make a decision  on the delisting of Nikko Cordial Corp.
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Citigroup  is considering selling Nikko Cordial Corp's  principal finance arm if it acquires the scandal-hit Japanese brokerage group, the Nikkei business daily said on Sunday.
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Shares in Japanese brokerage Nikko Cordial jump by 6% after US banking giant Citigroup raises its takeover offer.
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By Kyodo News International, Tokyo  Feb. 23--TOKYO -- Citigroup Inc. will sharply raise its equity stake in  the scandal-tainted Nikko Cordial Corp. group, industry sources said Friday.
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Tokyo's Nikkei average jumped 2.5 percent  by mid-afternoon on Monday as semiconductor-related stocks such  as Advantest Corp. mirrored a rally by their U.S. peers while  banks and brokerages extended last week's gains.
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The Tokyo Stock Exchange announced Friday that it had acquired a stake of almost five percent in the Singapore stock exchange operator as part of its efforts to forge links with overseas bourses.
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Mizuho Financial Group Inc (8411.T),  Japan's second-biggest bank, is in talks to invest more than  $925 million in Merrill Lynch & Co Inc , sources said on  Tuesday, amid speculation the U.S. bank is looking to further  boost its capital.
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Mizuho Financial Group, Japanâs biggest bank, reported an 8.4 percent fall in first-half profit on Monday but raised its full-year outlook by 33 percent due to smaller charges than expected for writing off bad loans.
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Citigroup bid $10.8 billion for Japan's scandal-hit Nikko Cordial Corp. on Tuesday, hoping to secure its biggest Asian deal and mark its resurgence in the world's second-biggest economy.
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The Nikkei average rose 0.33 percent by  midday on Tuesday, poised to hit a five-month closing high  after economic data supporting the view that Japan's economic  slowdown is temporary bolstered banks and brokers.
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Japan&#39;s Nikkei share average rose half a percent to its highest close in five months on Tuesday after the release of economic data that supported views that Japan&#39;s economic slowdown would be temporary.
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Japan's Nikkei share average rose half a  percent to its highest close in five months on Tuesday after  the release of economic data that supported views that Japan's  economic slowdown would be temporary.