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Sumitomo Trust to buy Nikko Asset for over Y100 bil

Saturday 27th June, 04:00 PM JST

TOKYO —

Sumitomo Trust & Banking Co is making final arrangements to buy Nikko Asset Management Co, a unit of U.S. financial giant Citigroup Inc., for over 100 billion yen after it obtained preferential rights for the acquisition, sources familiar with the matter said Friday.

The two firms plan to sign an agreement next week, the sources said.

Kyodo News Service

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