Japan firms not among Lehman investors -sources
TOKYO, Sept 10 (Reuters) - Japanese financial firms will not
be named among the potential investors in Lehman Brothers LEH.N
when the subprime-hit U.S. investment bank announces its recovery
strategy later on Wednesday, people familiar with the matter
said.
Lehman is under pressure to raise capital after $7 billion
worth of losses and write-downs in the credit crisis, and the
bank said it would announce "key strategic initiatives" and
quarterly results on Wednesday, a week earlier than originally
planned. [ID:nN09324233]
Lehman previously approached several of Japan's largest
financial firms about a potential investment, but in all cases no
agreement was reached, said sources at Japan's largest banks, all
of whom declined to be identified because the information is not
yet public.
A separate source at Japan's regulator, the Financial
Services Agency, confirmed that top banks such as Mitsubishi UFJ
Financial Group (), as well as Nomura Holdings (),
Japan's biggest brokerage, will not be named as investors.
"No Japanese firm will be named (as an investor) when Lehman
makes its announcement," said the FSA source.
Shares of Lehman, Wall Street's fourth-largest firm, lost
nearly half their value on Tuesday on concern the bank will be
unable to raise sufficient capital to survive the global credit
fallout.
The company's stock price has lost almost 80 percent of its
value so far this year. Following Tuesday's stock decline, Lehman
said it would bring its announcements forward by a week.
South Korea's state-run Korea Development Bank was in talks
with Lehman about a possible investment, but that discussion has
ended due to a lack of progress, a South Korean government
official told Reuters on Wednesday. [ID:nSEO186732]
Blackstone Group LP () and Kohlberg Kravis Roberts & Co
[KKR.UL] are each looking to buy parts of Lehman's real estate
and asset management units, Reuters reported on Friday.
Media reports have named Mitsubishi UFJ and Nomura as
potential investors. Mitsubishi UFJ has said there was no truth
to the report, while Nomura declined to comment.
(Reporting by Taro Fuse; Writing by David Dolan; Editing by Hugh
Lawson)
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