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The largest shareholder in Nikko Cordial has rejected Citigroup’s increased $13.4bn bid for Japan’s third largest broker. Harris Associates, the Chicago-based manager that owns 7.5 per cent of Nikko, said Citigroup’s offer of Y1,700 a share was still too low and Nikko Cordial was worth at least Y2,000. Harris and three other North American funds that collectively own about 27 per cent of Nikko Cordial rejected Citigroup’s original Y1,350 offer. Two of the other funds that rejected the first offer, Orbis Investment Management and Southeastern Asset Management, also said they wanted Y2,000.