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Japan's SMFG to Invest in Goldman: Report

Japan's SMFG to Invest in Goldman: Report

The report follows Warren Buffett's Berkshire Hathaway's announcement it reached a deal to invest up to $10 billion in Goldman.
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The report follows Warren Buffett's Berkshire Hathaway's announcement it reached a deal to invest up to $10 billion in Goldman.

Sumitomo Mitsui Financial Group plans to invest about 100 billion yen to 300 billion yen in Goldman Sachs, according to a media report Wednesday.

However,

Reuters

reports Sumitomo, Japan's third-largest bank, said it has no plans at this time to invest in Goldman Sachs, disputing a report from

Kyodo

news.

"At this point, it is not true that we've decided to invest in Goldman Sachs," said a Sumitomo spokeswoman, reports

Reuters

.

The reports follow Warren Buffett's

Berkshire Hathaway's

(BRK.A) - Get Free Report

announcement it reached a deal to invest up to $10 billion in Goldman.

Goldman said Tuesday it plans to sell $5 billion of perpetual preferred stock to Berkshire in a private offering. The preferred stock has a dividend of 10% and is callable at any time at a 10% premium. In connection with the offering, Berkshire will also receive warrants to buy $5 billion of common stock.

Additionally, Goldman said it would raise at least $2.5 billion through a public equity offering.

This article was written by a staff member of TheStreet.com.