TOKYO – Nikko Cordial Corporation has become a direct 100%-owned subsidiary of Citigroup Japan Holdings Ltd. following the successful completion of their share exchange, it was announced by Citi and Nikko Cordial Corporation today.
The share exchange, which became effective today, was approved by Nikko Cordial Corporation shareholders on December 19, 2007. As of today's effective date, Citigroup Japan Holdings exchanged approximately 174.7 million shares of common stock of Citigroup Inc. for approximately 290.1 million shares of common stock of Nikko Cordial Corporation. The share exchange was completed at the previously announced exchange ratio of 0.602 shares of Citigroup Inc. common stock for each share of Nikko Cordial Corporation common stock. All Citigroup Inc. common shares used in the share exchange were comprised of previously issued shares held in treasury by Citigroup Inc. The total value of Citigroup Inc. common shares exchanged for Nikko Cordial Corporation common shares, based on the January 28, 2008 closing price of Citi's common shares on the New York Stock Exchange, was approximately US$4.8 billion.
The share exchange, which became effective today, was approved by Nikko Cordial Corporation shareholders on December 19, 2007. As of today's effective date, Citigroup Japan Holdings exchanged approximately 174.7 million shares of common stock of Citigroup Inc. for approximately 290.1 million shares of common stock of Nikko Cordial Corporation. The share exchange was completed at the previously announced exchange ratio of 0.602 shares of Citigroup Inc. common stock for each share of Nikko Cordial Corporation common stock. All Citigroup Inc. common shares used in the share exchange were comprised of previously issued shares held in treasury by Citigroup Inc. The total value of Citigroup Inc. common shares exchanged for Nikko Cordial Corporation common shares, based on the January 28, 2008 closing price of Citi's common shares on the New York Stock Exchange, was approximately US$4.8 billion.
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