Canada's Mackenzie buys 5.74 pct stake in Japan's Nikko Cordial - report |
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Published
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Tue, 16 Jan 2007 02:39
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TOKYO (XFN-ASIA) - Canada's Mackenzie Financial has purchased a 5.74 pct stake Nikko Cordial, displacing Citigroup as the largest shareholder in Japan's number three broker, the Financial Times reported.Mackenzie said that the stake in Nikko Cordial was for 'pure investment' purposes.The report said the emergence of an investment fund as Nikko Cordial's largest shareholder in the wake of an accounting scandal has triggered speculation that Nikko Cordial will seek an alliance with a major banking group.Citigroup holds 4.85 pct, and Mizuho 4.8 pct of Nikko Cordial, which has lost business as a result of government penalties and is on the exchange watchlist of companies at risk for delisting.Mackenzie also has a 6.9 pct stake in consumer finance company Takefuji.
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JAL to sell stakes in two units - report 