Citigroup clinches Nikko takeover

With a $13.4 billion offer, Citigroup Inc. yesterday closed on the largest foreign takeover of a Japanese company, Nikko Cordial Corp., according to published reports.
APR 27, 2007
With a $13.4 billion offer, Citigroup Inc. yesterday closed on the largest foreign takeover of a Japanese company, Nikko Cordial Corp., according to published reports. The U.S. financial services company announced that, including the 4.9% it already owned, it will have 61% of the shares in Japan’s third-largest brokerage group. The deal has been in the works since February, when New York-based Citigroup began negotiations to buy out its Japanese investment-banking venture with Tokyo-based Nikko Cordial Corp. in the wake of an accounting scandal, according to published reports. Nikko had admitted to overstating its earnings in 2004, which led to the resignation of six top Nikko executives.

Latest News

How AI search aided scam from phony NFL player, fake financial advisor
How AI search aided scam from phony NFL player, fake financial advisor

Daejon Love and Taylor Chan's $1.3 million romance fraud scheme exposes how AI search engines can be manipulated by fabricated online identities

Schwab ordered to pay clients $1.34 million in crypto dispute involving elderly client
Schwab ordered to pay clients $1.34 million in crypto dispute involving elderly client

“It was a third party scam,” said the attorney representing the claimants.

RIA moves: Mercer adds to Atlanta presence with veteran advisor from Northern Trust
RIA moves: Mercer adds to Atlanta presence with veteran advisor from Northern Trust

Meanwhile, &Partners draws another Commonwealth practice, and Wealthcare welcomes a $550 million planning practice in the Northeast.

CogniCor adds wealthtech veterans to board in renewed RIA push
CogniCor adds wealthtech veterans to board in renewed RIA push

Palo Alto AI platform recruits RIA and fintech leaders as industry data show AI adoption reshaping advisor staffing.

Advisor moves: Merrill draws $1.2 billion UBS team in New Mexico
Advisor moves: Merrill draws $1.2 billion UBS team in New Mexico

Meanwhile, Raymond James, Wedbush, and LPL recruited veteran advisors from across Texas, North Carolina, and California.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income