Citigroup poised to bid for Japan's Nikko Cordial
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Citigroup is set to launch a tender offer for scandal-hit Japanese brokerage Nikko Cordial Corp., a Nikko spokesman said on Tuesday, a potential $5 billion deal that would mark Citigroup's resurgence in Japan.
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The Tokyo Stock Exchange said on Monday it would not strip Nikko Cordial Corp.  of its share listing over an accounting scandal, a surprise decision that could weaken Citigroup's  $10.8 billion takeover bid for the brokerage.
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Citigroup announced a tender offer Tuesday to raise its stake in Nikko Cordial to more than 50 percent and make the scandal-tainted Japanese securities company a subsidiary, strengthening its presence in the country.
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Citigroup  sweetened its takeover  offer for Japan&#39;s Nikko Cordial Corp. (8603.T) on Tuesday,  saying it would pay 1,700 yen a share for the brokerage rather  than the 1,350 yen announced initially.
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TOKYO/NEW YORK  - Citigroup Inc.  bid $10.8 billion for troubled Japanese securities firm Nikko Cordial Corp.  on Tuesday, as the largest U.S. bank looks to return to prominence in a country where it has suffered big losses.
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By Kyodo News International, Tokyo  Mar. 8--TOKYO -- The Tokyo Stock Exchange will decide Friday on the  delisting of Nikko Cordial Corp., Japan's third-largest brokerage group, in  April for falsifying financial statements, sources familiar with the matter  said Thursday.
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Citigroup's  $10.8 billion offer to  buy Nikko Cordial Corp. (8603.T) undervalues the Japanese  brokerage, major Nikko shareholder Southeastern Asset  Management said on Friday.
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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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Mizuho Financial Group Inc., Japan&#39;s biggest bank by assets, plans to partner Citigroup Inc.&#39;s Japanese investment banking venture to grab equity underwriting business from Nomura Holdings Inc.
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Japan's financial regulators may suspend  or even end some private banking operations at the Japanese  commercial banking unit of U.S. financial services firm  Citigroup Inc., the Nihon Keizai newspaper said on Thursday.
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U.S. fund Cerberus Capital Management LP  is likely to sell all of its 40 percent stake in Japan's Imperial Hotel Ltd. , the Nikkei business daily reported in its Tuesday evening online edition.
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Citigroup raised its offer for Nikko Cordial Corp.  by 26 percent to $13.4 billion on Tuesday after a decision by the Tokyo Stock Exchange not to revoke the brokerage's listing sharply boosted its value.
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By Kyodo News International, Tokyo  Feb. 19--TOKYO -- Citigroup Inc. of the United States is studying listing  its shares on the Tokyo Stock Exchange to strengthen its business in Japan,  informed sources said Monday.
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U.S. investment bank Citigroup is set to bid for UK stockbroker Cazenove , challenging rivals JP Morgan  and Lehman Brothers  for the City's most venerable institution, the Observer reported.
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Citigroup  plans to boost the number of its branch locations in Japan by 40 percent to about 200, including those of recently acquired brokerage Nikko Cordial Corp. , as the financial firm looks to move beyond a niche role in the world's second-largest economy.
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Japan's financial regulator may suspend  or even end some private banking operations at the Japanese  commercial banking unit of U.S. financial services firm  Citigroup Inc., the Nihon Keizai newspaper said on Thursday.
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A second U.S. investment firm dismissed Citigroup's  $10.8 billion buyout offer for Japanese brokerage Nikko Cordial Corp.  on Friday in hopes of pressuring the U.S. bank to sweeten its bid.