Nomura grabs Lehman Asia unit; Europe next
Japan’s Nomura Holdings (8604.T: Quote, Profile, Research, Stock Buzz) is to buy the Asian operations of Lehman Brothers after outbidding rivals on Monday and also emerged as the front-runner to buy the bankrupt bank’s businesses in Europe.
Nomura said it would buy Lehman’s franchise in Asia Pacific, including Japan and Australia and 3,000 staff. It will pay up to $525 million for the business, according to a person familiar with the matter.
Nomura is also in talks to buy Lehman’s (LEHMQ.PK: Quote, Profile, Research, Stock Buzz) business in Europe, three sources said. The administrators in Europe, PricewaterhouseCoopers, said they were in talks with one party regarding the investment banking and equities business, and a source familiar with the matter confirmed it was Nomura.
Lehman has about 6,000 staff in Europe.
Administrators and senior Lehman staff are working to save as many jobs and as much business as possible from the wreckage of what was Wall Street’s fourth-biggest investment bank.
PcW said its discussions with one potential bidder in Europe “should result in a better deal for staff and creditors.”
British bank Barclays (BARC.L: Quote, Profile, Research, Stock Buzz), which last week bought Lehman’s core U.S paydayloans. business, was interested in the European equities business but not all of the business, a person familiar with the matter said.
Lehman last week filed for bankruptcy protection after collapsing from its exposure to risky subprime mortgage securities. Barclays struck a $1.75 billion deal to rescue the U.S. investment banking business, and signaled it might do the same for other units.
Filed under: legal by Fred