Japan Post to drop talks to buy Nomura Real Estate - Nikkei
17/06/2017 07:09
TOKYO, June 17 (Reuters) - Japan Post Holdings Co 6178.T
will probably scrap talks to buy Nomura Real Estate Holdings Inc
3231.T as the two companies struggle to agree on the terms,
the Nikkei business daily reported on Saturday.
The potential deal was first reported by public broadcaster
NHK in mid-May, pushing Nomura Real Estate's shares up by 20
percent.
The Nikkei reported last week that Japan Post planned to
slow the pace of future acquisitions, shifting away from its
earlier aggressive investment strategy as it smarts from losses
over its purchase of Australian logistics company Toll Holdings.
urn:newsml:reuters.com:*:nL3N1J703Z
Japan Post was not available for comment outside office
hours.
The company announced a $3.6 billion writedown at Toll in
April, just two years after the $4.9 billion takeover.
A source familiar with Japan Post's talks with Nomura told
Reuters in May that one option would be for Japan Post to buy a
majority stake in the real estate firm in a deal likely to be
worth several billion dollars. urn:newsml:reuters.com:*:nL4N1IF021
(Reporting by Chang-Ran Kim; Editing by Paul Tait)
((ran.kim@thomsonreuters.com; +81-3-6441-1804; Reuters
Messaging: ran.kim.reuters.com@reuters.net))
Keywords: JAPAN POST M&A/