Segura Group bails out of Namura

Tokyo: After continued boardroom battles the biggest shareholder in Japan's Namura Shipbuilding has decided to bail. Panama-based Segura Group will sell up to 8,234,400 shares of its common stock in March. The deal will reduce Segura's equity stake to 2.33% from 19.35% now, making Nippon Steel Corp. (NSC) Namura's top shareholder. Segura purchased a large number of Namura shares four years ago. It fought hard to increase dividends and also share allocations, failing repeatedly.  [03/03/08]