Japan's Nikko Cordial avoids share delisting
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Japan's Nikko Cordial narrowly escaped being delisted from the Tokyo Stock Exchange Monday after a surprise decision which could complicate US giant Citigroup's attempt to take over the scandal-hit securities firm.
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Hong Kong - Shares were mixed across Asia yesterday, with traders shrugging off a small rise in US interest rates. Tokyo shares ended 0.55 percent lower after they failed to hold on to early gains inspired
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Tokyo's Nikkei average rose 0.13 percent  by midday on Tuesday as investors sought bargains among  technology firms, but gains were limited by caution ahead of a  monetary policy meeting in the United States.
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MUMBAI: Japan&#39;s Nikkei 225 Stock Average fell for the first day in four after brokerages cut their ratings on the companies, citing concern that earnings growth may slow.
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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 -- 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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Japan's Finance Minister Koji  Omi said on Saturday a slide in the value of the yen would not  be singled out for criticism by the Group of Seven club of  wealthy economic powers.
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Nikko Cordial Corp.'s  biggest shareholder, Harris Associates LP, dismissed Citigroup Inc.'s  $10.8 billion takeover offer for Japan's third-largest brokerage as too low, Bloomberg reported.
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TOKYO -- The Nikkei share average fell 3.3 percent today, its biggest one-day tumble in nine months and a new low for 2007, as volatility continued to roil Far Eastern markets. The 575-point selloff pushed the benchmark share average below the psychologically important 17,000 level for the first time in nearly two months. Also today, share indexes in Hong Kong, ...
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ESSEN, Germany  - Japan's Finance Minister Koji Omi said on Saturday a slide in the value of the yen would not be singled out for criticism by the Group of Seven club of wealthy economic powers.
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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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The yen trimmed losses made against the dollar earlier on Thursday, but gains were limited as investors refrained from taking fresh positions ahead of the Bank of Japan&#39;s quarterly survey of corporate sentiment.
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Citigroup  has raised its stake in  Japanese brokerage Nikko Cordial Corp. (8603.T) to 68 percent  this month from 61 percent, according to a filing to Japan&#39;s  finance ministry.
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The largest shareholder in the Nikko Cordial Corporation has rejected a $10.8 billion takeover offer from Citigroup, saying that the price is too low. The shareholder, Harris Associates of Chicago, which manages money for individual and institutional investors, believes that Nikko is worth more than 2,000 yen a share, the chief investment officer, David G. Herro, said. The offer made by Citigroup was for 1,350 yen. The share price of Nikko, which is based in Tokyo, advanced 14 percent before the Citigroup offer was announced on Tuesday and it rose another 1.3 percent yesterday, closing at 1,357 yen a share. Harris owns about 7.5 percent of Nikko.
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The Tokyo Stock Exchange said on Monday  it would not strip Nikko Cordial Corp. (8603.T) 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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The yen trimmed losses made against the  dollar earlier on Thursday, but gains were limited as investors  refrained from taking fresh positions ahead of the Bank of  Japan's quarterly survey of corporate sentiment.
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Underwriters involved in last month's  initial public offering for Cellcom  have opted not to  exercise an option to buy additional shares in the company,  Israel's largest mobile phone operator said on Thursday.