business

Japan Post to drop talks to buy Nomura Real Estate: Nikkei

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Japan Post Holdings Co will probably scrap talks to buy Nomura Real Estate Holdings Inc as the two companies struggle to agree on the terms, the Nikkei business daily reported.

The potential deal was first reported by public broadcaster NHK in mid-May, pushing Nomura Real Estate's shares up by 20 percent.

The Nikkei reported last week that Japan Post planned to slow the pace of future acquisitions, shifting away from its earlier aggressive investment strategy as it smarts from losses over its purchase of Australian logistics company Toll Holdings.

Japan Post was not available for comment outside office hours.

The company announced a $3.6 billion writedown at Toll in April, just two years after the $4.9 billion takeover.

A source familiar with Japan Post's talks with Nomura told Reuters in May that one option would be for Japan Post to buy a majority stake in the real estate firm in a deal likely to be worth several billion dollars.

© Thomson Reuters 2017.

©2017 GPlusMedia Inc.

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