Nomura excluded from $6 billion Japan Tobacco share sale
TOKYO (Reuters) - The Japanese government's sale of shares in Japan Tobacco (2914.T), which could raise some $6 billion, will be handled by JPMorgan Chase & Co (JPM.N), Goldman Sachs (GS.N), Daiwa Securities (8601.T) and Mizuho Securities, the Ministry of Finance said on Monday.
Nomura Holdings (8604.T), under investigation for insider trading, was not selected despite its leading position in underwriting shares in Japan.
The offering in Japan Tobacco, the world's third-largest cigarette company, is expected to rank as one of Japan's largest share sales of recent years.
Nine investment banks were shortlisted earlier this month from 12 banks that submitted bids.
The ministry is planning to cut the government's stake in Japan Tobacco to one-third from half to raise money to help fund reconstruction efforts in areas devastated by last year's earthquake and tsunami.