Citigroup raises offer for Japan's Nikko by 26 pct
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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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NetSuite on Wednesday set the initial price of its stock at $26, greatly exceeding its original estimate.
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Citigroup , which has been raising  funds since taking a huge hit from the U.S. subprime mortgage  meltdown, has sold its Japan headquarters to rival Morgan  Stanley  in a deal reportedly worth US$445 million.
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The Nikkei average rose 1.9 percent by  midsession on Monday as banks extended last week's gains and  strong gains in U.S. semiconductor chip stocks helped push up  Japanese peers such as Advantest Corp.
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Nikko Cordial Corp.'s (8603.T) 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 stocks climbed Monday morning, encouraged by Wall Street&#39;s rally last week and an upgrade of major Japanese banks by an international credit rating agency.
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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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TOKYO -- Citigroup Inc., the largest bank in the United States, said Tuesday it raised its takeover offer for scandal-tainted Nikko Cordial Corp. by 26 percent in a deal worth up to $13.35 billion after the Japanese brokerage's largest shareholders rejected the initial price as too low.
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NetSuite set the initial price of its stock at $26, exceeding its original estimate of $13 to $16 per share.
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Japan's Nikkei average rose 0.42 percent  by midsession on Wednesday and was poised to hit a five-month  closing high for the second straight day as a rally in U.S.  stocks inspired buying.
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The Bank of Japan raised its main  interest rate on Wednesday by a quarter percentage point to  0.50 percent, the highest in more than a decade, but the yen  retreated as the central bank signaled caution on further  increases.
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The Nikkei stock average rose 1.02 percent by midsession on Monday as investors were encouraged to seek bargains by a recovery in US stocks after crude oil prices retreated from record highs.
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Japan's Nikkei average rose more than 1  percent to a 2 1/2-month closing high on Friday, bolstered by  Wall Street gains and a growing consensus that Tokyo stocks  look cheap compared with the U.S. and other Asian markets.
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A second U.S. investment fund dismissed Citigroup's $10.8 billion buyout offer for Nikko Cordial Corp. on Friday, propelling the Japanese brokerage's shares further above Citigroup's offer price.
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Tokyo's Nikkei average climbed for a  third straight day on Thursday, rising over one percent as a  rally in New York boosted tech issues such as Toshiba Corp and  Shin-Etsu Chemical
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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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Tokyo's key Nikkei average rose 1.01  percent by mid-morning on Thursday as gains on Wall Street  encouraged investors to scoop up bargains including key  technology stocks following the market's nine days of losses.