Gov't to nix Shinsei Bank's defensive steps against SBI takeover bid

The Japanese government is considering using its stake in Shinsei Bank to vote against the launch of a defense against a hostile takeover by online financial group SBI Holdings Inc., sources familiar with the matter said Monday.As the combined stakes held by SBI and the government amount to around 40 percent, it appears unlikely that Shinsei Bank would secure approval for the steps with majority backing at an extraordinary shareholders meeting on Thursday, the sources said.Related coverage:Shinsei Bank rejects SBI's tender offer, set for hostile takeoverREAD FULL ARTICLE