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article imageNintendo Shares Fall as Government Plans to Sell 1.4% Stake

By guj_*     Feb 26, 2007 in Technology
Nintendo shares fall on government plan to sell stake.
Shares of Nintendo Co. stock fell 2.7 percent to 32,950 yen. This is the the biggest decline in three weeks after the company said Japan's government will sell its stake, about 1.4 percent of the outstanding stock. The 1.987 million shares are worth around 67.3 billion yen ($557 million). Nintendo is looking to increase the number of individual shareholders to increase liquidity, as its DS handheld player and Wii spur interest in its stock.
"The Banks' Shareholdings Purchase Corp., a government- controlled body, in 2002 started buying shares of companies from banks to prevent a large number of stock being released to the market at once. The government in 2001 required lenders to cut their cross-shareholdings in customers -- a strategy adopted after World War II to deepen business relationships -- to avoid any impact of share price fluctuations on the stability of banks."
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