Nomura eyes stake in Lehman
TOKYO —
The president of Japan’s biggest brokerage house Nomura Holdings said the company was considering buying a stake in troubled U.S. investment bank Lehman Brothers, a report said Saturday.
The move would be part of a plan to spend more than 200 billion yen on investment in U.S. and European financial institutions Kenichi Watanabe said in an interview in the Yomiuri Shimbun.
Lehman “is one of the candidates in which we plan to invest,” Watanabe said without elaborating.
A number of overseas banks and securities firms are said to be considering bidding for a stake in Lehman, which suffered billions of dollars in writedowns and credit losses amid the meltdown in U.S. subprime mortgages sector.
A news report from Seoul said the state-run Korea Development Bank (KDB) had offered to buy a 25% stake in Lehman for more than $4 billion.
Japan’s largest banking group, Mitsubishi UFJ Financial Group, has denied a news report that it was considering bidding for a stake in Lehman, which will report third quarter results next week.
Wire reports
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rajakumar
Nomura should get stake in Lehman,it help them do more business globally.
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JohnArbis
Japanese companies should stay away from NY type firms. Long term relationships never work out.
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LIBERTAS
No screaming from the protectionists, fancy that!
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Hughgarse
What could they say anyway?.. LB
s are fooked big time and need the extra cash injection.. Plus, at $16 per share, its a steal!0
rjdsr
Have to wonder how many shares Horie still holds.
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Altria
I bet they're going to drive it home only to find out they're bought a lehman.
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rjdsr
Why would anyone buy into this when there are plenty of good investments out there? This firm did business with unsavory characters in Japan, and thus was ignored by most legit businesses.
Hughgarse, $16 was a steal??? Our hedge fund was still shorting them at $9 we shorted them all the way down from $140 a share when we saw their accounting - the firm isn't worth more than about $2.50 a share right now. They have no assets whatsoever and nothing but debt. Their brand equity is now worthless.
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