Citigroup has increased its offer for Japan's Nikko Cordial by a quarter to ¥1.6 trillion (€10.4bn), after three Japanese exchanges decided against de-listing the scandal hit broker. Nikko's top shareholders had already rejected the initial offer.

Both Citigroup and Nikko today released a joint statement saying they had agreed to the ¥1,700-per share offer, which Citigroup would launch "as soon as practicable".