2ND LD: Softbank Investment to buy Nomura group's brokerage unit.
(EDS: ADDING INFO)
Softbank Investment Corp. said Thursday it will buy midsize brokerage Ace Securities Co., an Osaka-based unit of the Nomura group, through a friendly takeover bid in an attempt to beef up its brokerage operations in the western Japan region.
The investment arm of the Softbank group said it has basically agreed with Nomura Land & Building Co. and Nomura Research Institute Ltd., which together hold 37.89 percent of Ace Securities' outstanding shares, to buy their stakes through the takeover bid scheduled to start in mid-July.
Softbank Investment plans to eventually acquire 67.87 percent of Ace Securities' stake. The total cost for the buyout is expected to reach 5.4 billion yen, according to the company's press release.
It has already obtained Ace Securities' consent over the purchase, Softbank Investment officials said.
The investment company, which has major online brokerage E*Trade Securities Co. under its umbrella, last year purchased World Nichiei Frontier Securities Co. from the Nomura group led by Nomura Holdings Inc. and Fides Securities Corp., the brokerage arm specialized in business for institutional investors under then Nissho Iwai Corp., now Sojitz Corp., as part of efforts to strengthen its operations across Japan.
|Printer friendly Cite/link Email Feedback|
|Publication:||Japan Weekly Monitor|
|Date:||Jul 6, 2004|
|Previous Article:||Foreign corporate stock closing prices -1-.|
|Next Article:||Tokyo Stock Exchange closing indexes.|