Citigroup Inc. said Friday it successfully took over scandal-tainted brokerage Nikko Cordial Corp. in a US$7.7 billion (¤5.66 billion) all-cash deal, the biggest acquisition ever by a foreign company in Japan. Citigroup raised its stake in Japan's third-largest brokerage to 61.1 percent through an offer to buy outstanding stock from shareholders for 1,700 yen (US$14.24; ¤10.47) each, the company said in a statement. The tender offer, which expired Thursday, increased Citigroup's stake in Nikko Cordial from 4.9 percent and gives the U.S. bank a strong foothold in the world's second-biggest economy, the Associated Press reported. In a joint news conference with the head of Nikko Cordial, Citibank Japan Chief Executive Douglas Peterson stressed that Japan is an important market where he sees great potential for growth. «I'm excited about the challenge of becoming a leading financial services group in Japan,» he told reporters at a Tokyo hotel. «Japan is a priority market. We are very committed, and we are also very hopeful that the Japanese markets will transform and become more innovative and competitive,» he said.
