HomeMarket NewsRakuten's Money Woes Culminate in Desperate Move to Sell Bank Unit to...

Rakuten’s Money Woes Culminate in Desperate Move to Sell Bank Unit to Overseas Investors

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Rakuten Announces Earning Results For Q4 Of FY 2013

Chris McGrath/Getty Images News

Shifting gears in a desperate attempt to rescue its sinking fortunes, Rakuten Group (OTCPK:RKUNY) (OTCPK:RKUNF) is considering selling a significant stake in its bank unit to foreign investors, a media report claimed on Wednesday.

The buzz is that the Japanese e-commerce and financial services company is eyeing the sale of 25.5M shares of Rakuten Bank at a price ranging between 2,400 and 2,500 yen each, as revealed by a source cited in a Reuters report. This deal could potentially fetch a whopping 69.8B yen (US$475M) based on Wednesday’s closing price.

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