Citigroup clinched the largest foreign takeover of a Japanese company with the success of its $13.4bn tender offer for Nikko Cordial, the Financial Times reports.
The US financial services company announced that, including the 4.9 percent it already owned, it will have 61 percent of the shares in Japan’s third biggest brokerage group.
The acquisition will transform Citigroup’s business in the world’s second largest economy where it currently generates only 5 percent of its revenue. It catapults Citigroup to a leading position in Japan’s securities market at a time when the country is expected to see a massive shift of household savings into investment assets.