This excerpt taken from the C 8-K filed Oct 2, 2007.
Tokyo Citi announced today that it has reached an agreement with Nikko Cordial Corporation to acquire all issued shares of Nikko Cordial that Citi does not already own in exchange for shares of Citigroup Inc. Under the terms of the agreement, Nikko Cordials minority shareholders will be entitled to receive Citigroup shares with an expected value at the time the exchange ratio is determined of ¥1,700 per Nikko Cordial share.
Citi said that its agreement with Nikko Cordial regarding the share exchange was signed today following approval by the boards of directors of Citigroup Inc. and Nikko Cordial Corporation.
Following completion of the share exchange, which is expected to occur in January 2008, Citi will own 100% of the issued shares of Nikko Cordial through Citigroup Japan Holdings Ltd., a direct wholly-owned Japanese subsidiary of Citigroup Inc. that owns Citis approximately 68% stake in Nikko Cordial.
Citi also announced that it has filed an application to list Citigroup Inc. shares on the Tokyo Stock Exchange, and that it aims to have the listing become effective prior to completion of the share exchange.