Nikko investors seen likely to sell to Citigroup
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Citigroup's  $10.8 billion tender  offer to buy Nikko Cordial Corp. (8603.T) looks just sweet  enough to convince investors in the Japanese brokerage to sell,  analysts said on Wednesday.
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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, the financial giant, is expected to announce an offer to increase its stake in the scandal-tainted Japanese brokerage company the Nikko Cordial Corporation, said a Nikko spokesman, Shigeyuki Teshima. The potential $5 billion deal would mark Citigroupâs resurgence in Japan. Nikko Cordial faces a delisting from the Tokyo stock exchange because of an accounting scandal. According to media reports, the talks are aimed at Citigroup raising its stake in Nikko to above 50 percent, from under 5 percent. A Citigroup spokeswoman, Atsuko Yoshitsugu, declined to comment.
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U.S. and European banks including  Citigroup Inc  and HSBC Holdings PLC  are mulling  sales of parts of their businesses from branches to entire  units in a nod to crunch times ahead, the Wall Street Journal  reported on its Web site on 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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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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The Nikkei average is expected to rise on   Wednesday, and could test 16,000 as heavyweight stocks such as   Advantest Corp. 6857.T lead the market higher following a   rally in U.S. shares.
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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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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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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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The Tokyo Stock Exchange is likely to decide next week on delisting brokerage Nikko Cordial Corp.  instead of Friday as has been widely expected, Kyodo reported, citing a senior exchange official.
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Citigroup Inc  is likely to  announce on Tuesday a significant dividend cut, at least $10  billion of new capital and a writedown of as much of $20  billion, the Wall Street Journal reported on Monday.
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U.S. fund Cerberus Capital Management LP  is likely to sell its $474 million stake in Japan's Imperial Hotel Ltd. , the Nikkei business daily reported in its evening edition on Tuesday.
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Japanese stocks may gain after a slide in oil prices in New York eased concern about a slowdown in global economic growth. Exporters such as Kyocera Corp.
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Citigroup's  $10.8 billion tender offer to buy Nikko Cordial Corp.  looks just sweet enough to convince investors in the Japanese brokerage to sell, analysts said on Wednesday.
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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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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.