June 16, 2009

Five in Running to Acquire Nikko Asset

Five companies are in the running to acquire Citigroup Inc.'s Nikko Asset Management unit, according to Nikkei. They are Sumitomo Mitsui Financial Group Inc., Sumitomo Trust & Banking Co., Mizuho Financial Froup Inc., Nomura Holdings Inc. and T&D Holdings Inc., who have reached the second round for bidding for Nikko Asset. Nikko Asset boasted some 9 trillion yen in asset under management at the end of March. Some of them likely offered more than 100 billion yen ($1 billion) for it.

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