Sumitomo Mitsui (SMFG) is in talks to increase its stake in Jefferies Financial (JEF) from the current 15% to about 20% as part of deepening ties between the companies, Bloomberg’s Cathy Chan, Katherine Doherty, Manuel Baigorri and Hideki Suzuki report, citing people familiar with the matter. The report notes that Sumitomo Mitsui could proceed by potentially acquiring Jefferies’ preferred stock, also indicating that the two financial companies are in discussions to merge parts of their equities businesses in Japan.
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