Fair enough

Citigroup’s improved $13,4bn tender offer for Nikko Cordial is unlikely to impress the Japanese broker’s major shareholders. The four largest owners, which are all North American, between them control more than 25% of the firm and insist it’s worth at least JPY2000 share – almost a fifth more than the JPY1700 the US bank has put on the table. But there may be a way around this impasse that doesn’t involve offering more cash. It could spin off Nikko’s private equity business. Right now, Citi’s e...