UPDATE 1-Japan’s SMFG plans for possible takeover of Jefferies, FT reports

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Updates with details from the report

March 24 (Reuters) - Japan's Sumitomo Mitsui Financial Group 8316.T is working on plans for a possible takeover of Jefferies JEF.N, the Financial Times reported on Tuesday.

SMFG has tasked a small team with making sure it is ready to act if Jefferies' falling share price presents an opportunity, the report said, citing people familiar with the matter.

Reuters could not immediately verify the report. Jefferies did not immediately respond to a request for comment.

Any move by Japan's second largest banking group is not imminent, the report said, adding that it is also uncertain if Jefferies executives would be willing to sell at a depressed share price.

Jefferies has a market capitalization of $8.17 billion, according to LSEG data. Its shares have fallen over 36% so far this year.



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