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Investor says 29 pct of Nikko for sale at 1,900 yen

Thu Apr 19, 2007 10:52pm EDT

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NEW YORK, April 19 (Reuters) - Orbis Investment Management, a major shareholder of Nikko Cordial Corp. 8603.T, said on Thursday it will not tender its Nikko shares at the 1,700 yen per share being offered by Citigroup (C.N) in its roughly $14 billion takeover bid for the No. 3 Japanese securities firm.

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Bermuda-based Orbis said it will maintain its sell order for its entire stake in Nikko at 1,900 yen per share. Orbis also said that 29 per cent of Nikko shares are now on offer at 1,900 yen per share.

The move puts pressure on Citigroup to raise its offer for Nikko. Citigroup was not immediately available for comment.

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