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(See "Citigroup Succeeds In Takeover Of Nikko Cordial").. Nikko Cordial posted 12.1 billion yen ($133.7 million) in profit from March through September, compared with 20.2 billion yen during the previous year's corresponding period.
The first triangular deal, the takeover of Nikko Cordial by Citigroup, was announced in October.
TOKYO, Friday, April 27 (Reuters) — Citigroup said on Friday that its takeover bid for Nikko Cordial succeeded after Nikko shareholders tendered a majority of the brokerage firm's stock.
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.
Companies finance themselves out of cashflow or by borrowing from banks; they account for only 7% of issued bonds.As for foreign participation, America's Citigroup late last month gained control of Nikko Cordial, Japan's third-biggest stockbroker, for ¥920 billion, the biggest-ever foreign takeover in Japan.
The acquisition is the second-biggest takeover of a Japanese company by an American concern on record, trailing only Citigroup's acquisition of Nikko Cordial, according to data from Thomson Reuters.
The first example Citigroup's takeover of Nikko Cordial will set a precedent for Citigroup's customers, says Mr Fasol.
Plum cordial?
Cordial, even.
A takeover.
"It was cordial.
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