World Economy

Nikkei May Borrow to Buy FT

Nikkei May Borrow to Buy FTNikkei May Borrow to Buy FT

Sumitomo Mitsui Financial Group Inc. is among banks that are preparing to offer about ¥100 billion ($810 million) in loans for Nikkei Inc. to buy the Financial Times, people with knowledge of the matter said, Bloomberg reported. Nikkei is considering using cash to pay for the rest of the ¥160 billion acquisition, the people said, asking not to be identified because the discussions are confidential. Mizuho Financial Group Inc., Mitsubishi UFJ Financial Group Inc. and other banks are also seeking to offer loans to Nikkei, the people said. Japan’s biggest financial news group last week announced its plans to buy the British newspaper from Pearson Plc to expand its global reach.