JEF: headlines vs the full:

Headline: “Japan’s SMFG explores possible takeover of Jefferies”

FYI: I think the headlines are misleading here. The full is a lot weaker: ” … has tasked a small team with making sure it is ready to act if Jefferies’ falling share price presents an opportunity, according to people familiar with the matter. A takeover would have to overcome significant barriers, including regulatory obstacles and a culture gap. Any move by SMFG is not imminent, the people warned, and it is also uncertain whether Jefferies executives would be willing to sell at a depressed share price … SMFG said: “Jefferies is our important partner. We decline to comment on hypothetical assumptions or rumours.” … People familiar with the matter said senior Jefferies bankers, including Handler and Friedman, would be in Tokyo this week to celebrate the partnership and forge closer relationships between the two companies. The US bank will also hold a board meeting in Japan. …”