TOKYO (XFN-ASIA) - Citigroup Inc is studying plans to substantially increase its 4.9 pct stake in Nikko Cordial Corp to more than 33 pct, giving the US financial giant veto right, the Nikkei reported over the weekend, without citing sources.
The Tokyo Stock Exchange will decide next month whether to delist the beleaguered securities firm for accounting improprieties, the business daily said.
But if the TSE decides to delist the Japanese brokerage firm, Citigroup is also considering a plan to turn Nikko Cordial into a wholly owned subsidiary, it said.
Citigroup and Nikko Cordial continue to hold discussions in Japan and New York on the terms of a potential agreement, the Nikkei said.
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