The publication revealed that the European Commission approved the deal automatically as it did not find any antitrust concerns and did not receive any complaints from rivals during a 25-day deadline.
Under the terms of the deal, which was announced in March 2007, Citigroup will pay $10.8 billion for the third largest broker in Japan, Xinhua reported. Once the transaction has completed, Japan will see a new finance giant in its market, challenging longtime market leaders in the country such as Nomura Holdings and Mizuho Financial Group, the publication added.
Analysts cited by the International Herald Tribune also said that the deal would be particularly beneficial for the US finance giant as it currently has a weak presence in the Japanese market.
