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Share Name | Share Symbol | Market | Type |
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Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell | AMEX:MBC | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
RNS Number:0217S Mitsubishi Corporation 13 November 2003 Translation of report filed with the Tokyo Stock Exchange on November 13, 2003 November 13, 2003 Notice Concerning Reclassification of a Subsidiary Mitsubishi Corporation (MC) has announced that at a Board of Directors' meeting held today a resolution was passed to acquire an additional 55% shareholding in MKG Bank GmbH to make it a wholly owned subsidiary. MC presently holds a 45% stake in MKG Bank. Details of the acquisition are as follows. 1. Reason for the Additional Stock Purchase MC has positioned the automobile finance business as a strategic field in European automobile operations. By making MKG Bank, a joint venture with German partners that provides dealer and consumer finance for the companyfs automobile sales operations, a wholly owned subsidiary, MC aims to further build and expand the business as one of its main earnings pillars. MKG Bank is one of the main businesses in MCfs activities in Europe. MC plans to expand its automobile finance business outside Germany by utilizing MKG Bankfs strong operating base and to develop a multi-brand finance business by seizing the opportunities created by revision of EU antitrust regulation. MC plans to build up quality assets from these businesses and achieve ROA of 2%. 2. Outline of the Reclassified Subsidiary (1) Company name: MKG Bank GmbH (2) President & CEO: Frank Lindenmeyer (3) Head office: Schieferstein 11-B, 65439, Floersheim am Main, Germany (4) Date established: November 4, 1987 (5) Main business activities: Dealer finance, leasing and consumer finance of automobiles (6) Fiscal year-end: December 31 (7) Number of employees: 264 (excluding part-time employees) (8) Primary place of business: Schieferstein 11-B, 65439, Floersheim am Main, Germany (9) Capital: 40,903,350.50 EUR (10) Shareholders: - Local partners: 55% - MC-V (wholly owned holding company in Germany): 35% - MIG (Regional subsidiary in Germany): 10% 3. Change in MCfs Shareholding (1) Shareholding before reclassification: 45% (2) Additional shareholding acquired: 55% (3) Shareholding after reclassification: 100% 4. Schedule November 13, 2003 Board of Directorsf resolution November 20, 2003 Stock acquisition date 5. Effect on Earnings Forecast for the Fiscal year Ending March 31, 2004 The effect of this transaction on MCfs earnings has already been incorporated in the forecast of consolidated net income of 100 billion yen (U.S. GAAP) for the year ending March 31, 2004, as announced today. MCfs total assets and interest-bearing liabilities will increase about 200 billion yen and about 180 billion yen, respectively, due to this acquisition. # # # Forward-Looking Statements The statements included in this release contain forward-looking statements about Mitsubishi Corporation's future plans, strategies, beliefs and performance that are not historical facts. Such statements are based on the company's assumptions and beliefs in light of competitive, financial and economic data currently available and are subject to a number of risks, uncertainties and assumptions that, without limitation, relate to world economic conditions, exchange rates and commodity prices. Accordingly, Mitsubishi Corporation wishes to caution readers that actual results may differ materially from those projected in this release. This information is provided by RNS The company news service from the London Stock Exchange END MSCBJBLTMMABMAJ
1 Year Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell Chart |
1 Month Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell Chart |
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