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  is  likely to decide to delist scandal-hit Japanese brokerage Nikko  Cordial Corp. (8603.T) on Friday, the Nikkei business daily  reported.
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U.S. investment banks Morgan Stanley   and Lehman Brothers  are among the bidders for a  stake in Japanese house builder Daito Trust Construction Co  (1878.T), sources familiar with the deal said, in what could  stack up to be one of the biggest buyouts ever in Japan.
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Goldman Sachs (GS.N: Quote, Profile, Research) is considering a tender offer for all shares in Takefuji Corp. (8564.T: Quote, Profile, Research) , Japan&#39;s
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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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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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Citigroup said Monday that it would close an investment management unit in Japan and pledged to strengthen oversight of its entire Japanese operation, five weeks after regulators
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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.
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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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Investment banks Morgan Stanley  and Lehman Brothers  are among the bidders for a stake in Japanese house builder Daito Trust Construction Co , sources familiar with the deal said, in what could stack up to be one of the biggest buyouts ever in Japan.
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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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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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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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U.S. investment banks Morgan Stanley  and Lehman Brothers  are among the bidders for a stake in Japanese house builder Daito Trust Construction Co , sources familiar with the deal said, in what could stack up to be one of the biggest buyouts ever in Japan.
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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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Citigroup  has raised its stake in Japanese brokerage Nikko Cordial Corp.  to 68 percent this month from 61 percent, according to a filing to Japan's finance ministry.
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The Tokyo Stock Exchange decided on Monday not to strip Nikko Cordial Corp.  of its share listing over an accounting scandal in a surprise ruling that could weaken Citigroup's  $10.8 billion takeover bid for the brokerage.