Citigroup to buy rest of Nikko in $4.6 bln deal

Citigroup said it would buy out minority shareholders in scandal-hit Japanese brokerage Nikko Cordial Corp for $4.6 billion, as part of the financial giant's push into the world's second-largest economy.

Citigroup spent about $8 billion to buy a 68 percent stake in Japan's third-largest securities firm earlier this year, its biggest-ever Asian acquisition.

Since then, the U.S. bank has been increasing its presence in Japan and looking to repair its image after it fell foul of Japanese regulators.

Citigroup, the largest U.S. bank by market value, said it would offer its own shares to buy the remaining 32 percent it does not own in Nikko.

Read Full Article from Reuters

- Posted: 2007-10-02 10:24:18

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