[6-K] Nomura Holdings, Inc Current Report (Foreign Issuer)
YPF Sociedad Anónima (NYSE: YPF) filed a Form 6-K to disclose a U.S. District Court decision dated 30 June 2025 ordering the Argentine Republic – not YPF – to surrender its YPF shareholdings in two separate New York enforcement actions:
- Petersen/Eton Park case: the Republic must transfer its Class D shares to a Bank of New York Mellon (BNYM) global custody account within 14 days, then instruct BNYM to deliver those shares to the plaintiffs within one business day of deposit.
- Bainbridge case: a similar order covers both Class A and Class D shares, with identical timing requirements.
YPF emphasises that it is not a party to either turnover proceeding. The Republic may still appeal the turnover orders.
Investment implications: The mandated transfer could materially reduce the Argentine government’s equity stake and voting influence in YPF if the orders are upheld, potentially shifting governance dynamics. Conversely, any appeal could delay execution, prolonging uncertainty. The eventual recipients (hedge funds and litigation vehicles) may opt to monetise the shares, creating potential secondary-market supply pressure. No direct financial penalties or cash outflows are imposed on YPF in this ruling, so immediate liquidity impacts are negligible, yet the change in ownership structure and lingering litigation headline risk remain key factors for investors.
YPF Sociedad Anónima (NYSE: YPF) ha presentato un modulo 6-K per comunicare una decisione del Tribunale Distrettuale degli Stati Uniti datata 30 giugno 2025, che ordina alla Repubblica Argentina – e non a YPF – di consegnare le sue partecipazioni in YPF in due distinti procedimenti esecutivi a New York:
- Caso Petersen/Eton Park: la Repubblica deve trasferire le sue azioni di Classe D su un conto di custodia globale della Bank of New York Mellon (BNYM) entro 14 giorni, quindi impartire a BNYM di consegnare tali azioni agli attori entro un giorno lavorativo dal deposito.
- Caso Bainbridge: un ordine simile riguarda sia le azioni di Classe A che di Classe D, con gli stessi termini temporali.
YPF sottolinea che non è parte in nessuna delle due procedure di consegna. La Repubblica può ancora presentare ricorso contro gli ordini di consegna.
Implicazioni per gli investimenti: Il trasferimento obbligatorio potrebbe ridurre significativamente la quota azionaria e l’influenza di voto del governo argentino in YPF se gli ordini verranno confermati, potenzialmente modificando la dinamica di governance. Al contrario, un eventuale ricorso potrebbe ritardare l’esecuzione, prolungando l’incertezza. I destinatari finali (fondi hedge e veicoli di contenzioso) potrebbero decidere di monetizzare le azioni, creando una possibile pressione sull’offerta nel mercato secondario. Non sono previste sanzioni finanziarie dirette o esborsi di liquidità per YPF da questa sentenza, quindi l’impatto immediato sulla liquidità è trascurabile, ma il cambiamento nella struttura proprietaria e il rischio di controversie persistenti restano fattori chiave per gli investitori.
YPF Sociedad Anónima (NYSE: YPF) presentó un Formulario 6-K para informar una decisión del Tribunal de Distrito de EE.UU. fechada el 30 de junio de 2025 que ordena a la República Argentina – y no a YPF – entregar sus acciones de YPF en dos procesos de ejecución separados en Nueva York:
- Caso Petersen/Eton Park: la República debe transferir sus acciones Clase D a una cuenta de custodia global del Bank of New York Mellon (BNYM) dentro de 14 días, y luego instruir a BNYM a entregar esas acciones a los demandantes dentro de un día hábil tras el depósito.
- Caso Bainbridge: una orden similar abarca tanto las acciones Clase A como Clase D, con los mismos plazos.
YPF enfatiza que no es parte en ninguno de los procedimientos de entrega. La República aún puede apelar las órdenes de entrega.
Implicaciones para la inversión: La transferencia ordenada podría reducir significativamente la participación accionaria y el poder de voto del gobierno argentino en YPF si se confirman las órdenes, lo que podría cambiar la dinámica de gobierno corporativo. Por otro lado, cualquier apelación podría demorar la ejecución, prolongando la incertidumbre. Los destinatarios finales (fondos de cobertura y vehículos de litigio) podrían optar por monetizar las acciones, generando potencial presión de oferta en el mercado secundario. No se imponen sanciones financieras directas ni salidas de efectivo a YPF en este fallo, por lo que el impacto inmediato en la liquidez es insignificante, aunque el cambio en la estructura de propiedad y el riesgo de litigios persistentes siguen siendo factores clave para los inversores.
YPF Sociedad Anónima (NYSE: YPF)는 2025년 6월 30일자 미국 지방법원 판결을 공개하기 위해 Form 6-K를 제출했으며, 이 판결은 아르헨티나 공화국이 YPF가 아닌 두 건의 뉴욕 집행 소송에서 YPF 주식을 인도하도록 명령했습니다:
- Petersen/Eton Park 사건: 공화국은 14일 이내에 Bank of New York Mellon(BNYM) 글로벌 수탁 계좌로 클래스 D 주식을 이전하고, 예치 후 영업일 기준 1일 이내에 BNYM에게 해당 주식을 원고에게 전달하도록 지시해야 합니다.
- Bainbridge 사건: 유사한 명령이 클래스 A 및 클래스 D 주식 모두에 적용되며, 동일한 시간 요건이 있습니다.
YPF는 이 두 인도 절차에 당사자가 아님을 강조합니다. 공화국은 여전히 인도 명령에 대해 항소할 수 있습니다.
투자 시사점: 명령된 이전은 명령이 유지될 경우 아르헨티나 정부의 YPF 지분 및 의결권 영향력을 실질적으로 감소시킬 수 있으며, 지배구조 역학에 변화를 가져올 수 있습니다. 반면, 항소가 있을 경우 실행이 지연되어 불확실성이 장기화될 수 있습니다. 최종 수령자(헤지펀드 및 소송용 차량)는 주식을 현금화할 수 있어 2차 시장 공급 압박이 발생할 수 있습니다. 이 판결로 YPF에 직접적인 재정적 제재나 현금 유출은 없으므로 즉각적인 유동성 영향은 미미하지만, 소유 구조 변화와 지속되는 소송 위험은 투자자에게 중요한 요소로 남아 있습니다.
YPF Sociedad Anónima (NYSE : YPF) a déposé un formulaire 6-K pour divulguer une décision du tribunal de district américain datée du 30 juin 2025 ordonnant à la République argentine – et non à YPF – de remettre ses participations dans YPF dans deux procédures d’exécution distinctes à New York :
- Affaire Petersen/Eton Park : la République doit transférer ses actions de classe D sur un compte de garde global de la Bank of New York Mellon (BNYM) dans un délai de 14 jours, puis donner instruction à BNYM de livrer ces actions aux plaignants dans un délai d’un jour ouvrable après le dépôt.
- Affaire Bainbridge : une ordonnance similaire couvre à la fois les actions de classe A et de classe D, avec les mêmes exigences de délai.
YPF souligne qu’elle n’est pas partie à ces procédures de remise. La République peut encore faire appel des ordonnances de remise.
Implications pour l’investissement : Le transfert ordonné pourrait réduire sensiblement la participation et le pouvoir de vote du gouvernement argentin dans YPF si les ordonnances sont maintenues, ce qui pourrait modifier la dynamique de gouvernance. En revanche, tout appel pourrait retarder l’exécution, prolongeant ainsi l’incertitude. Les bénéficiaires finaux (fonds spéculatifs et véhicules de litige) pourraient choisir de monétiser les actions, créant une possible pression d’offre sur le marché secondaire. Aucune pénalité financière directe ni sortie de trésorerie n’est imposée à YPF dans cette décision, donc l’impact immédiat sur la liquidité est négligeable, mais le changement dans la structure de propriété et le risque de litiges persistants restent des facteurs clés pour les investisseurs.
YPF Sociedad Anónima (NYSE: YPF) reichte ein Formular 6-K ein, um eine Entscheidung des US-Bezirksgerichts vom 30. Juni 2025 bekannt zu geben, die die Argentinische Republik – nicht YPF – dazu verpflichtet, ihre YPF-Aktien in zwei getrennten Vollstreckungsverfahren in New York herauszugeben:
- Petersen/Eton Park-Fall: Die Republik muss ihre Class D-Aktien innerhalb von 14 Tagen auf ein globales Depotkonto bei der Bank of New York Mellon (BNYM) übertragen und BNYM dann anweisen, diese Aktien innerhalb eines Geschäftstages nach Einzahlung an die Kläger zu übergeben.
- Bainbridge-Fall: Eine ähnliche Anordnung betrifft sowohl Class A- als auch Class D-Aktien mit identischen Fristen.
YPF betont, dass sie in keinem der Herausgabeverfahren Parteien ist. Die Republik kann die Herausgabeanordnungen noch anfechten.
Investitionsimplikationen: Die angeordnete Übertragung könnte die Beteiligung und Stimmrechte der argentinischen Regierung an YPF erheblich verringern, falls die Anordnungen bestätigt werden, was die Governance-Dynamik verändern könnte. Andererseits könnte eine Berufung die Ausführung verzögern und die Unsicherheit verlängern. Die letztlichen Empfänger (Hedgefonds und Rechtsstreit-Fonds) könnten sich entscheiden, die Aktien zu monetarisieren, was potenziellen Druck auf das Angebot am Sekundärmarkt erzeugen könnte. Es werden keine direkten finanziellen Strafen oder Liquiditätsabflüsse von YPF durch dieses Urteil auferlegt, sodass die unmittelbaren Liquiditätsauswirkungen gering sind, doch die Veränderung der Eigentümerstruktur und das anhaltende Litigation-Risiko bleiben wichtige Faktoren für Investoren.
- Potential reduction in Argentine government control could lead to more market-friendly governance and strategic autonomy.
- Transfer of shares to financial investors may increase free float and trading liquidity over time.
- Large blocks entering the market create a share-overhang risk, potentially pressuring YPF’s stock price.
- Governance uncertainty until appeals are resolved may heighten risk premium and volatility.
Insights
TL;DR: Court orders force Argentina—not YPF—to hand over YPF shares; governance and overhang risks rise if appeals fail.
The Southern District of New York has converted last year’s multibillion-dollar judgment into an enforceable equity turnover. By compelling the Republic to place its Class A/D shares into BNYM and then transfer them to winning plaintiffs, the court is effectively stripping the government of a controlling block. Although the Republic will likely appeal, the order is immediately operative unless stayed. From a litigation standpoint, YPF faces no direct liability but remains exposed to headline risk and potential governance upheaval once new shareholders emerge. Should the Republic lose control, protective provisions in YPF’s bylaws could be triggered, leading to board re-composition and policy shifts.
TL;DR: Transfer may lessen political interference, but overhang from large block sale could weigh on share price.
YPF’s operating fundamentals are unchanged; however, the possible loss of state majority could be transformative. A more market-oriented shareholder base could push for capital-discipline and higher returns. Yet Bainbridge and Petersen/Eton Park funds are financial investors likely to monetise quickly, introducing sizeable supply into an illiquid Argentine market and ADR float. We classify the disclosure as medium impact—governance optionality offsets overhang risk. Near-term price reaction will hinge on whether an appellate stay is granted.
YPF Sociedad Anónima (NYSE: YPF) ha presentato un modulo 6-K per comunicare una decisione del Tribunale Distrettuale degli Stati Uniti datata 30 giugno 2025, che ordina alla Repubblica Argentina – e non a YPF – di consegnare le sue partecipazioni in YPF in due distinti procedimenti esecutivi a New York:
- Caso Petersen/Eton Park: la Repubblica deve trasferire le sue azioni di Classe D su un conto di custodia globale della Bank of New York Mellon (BNYM) entro 14 giorni, quindi impartire a BNYM di consegnare tali azioni agli attori entro un giorno lavorativo dal deposito.
- Caso Bainbridge: un ordine simile riguarda sia le azioni di Classe A che di Classe D, con gli stessi termini temporali.
YPF sottolinea che non è parte in nessuna delle due procedure di consegna. La Repubblica può ancora presentare ricorso contro gli ordini di consegna.
Implicazioni per gli investimenti: Il trasferimento obbligatorio potrebbe ridurre significativamente la quota azionaria e l’influenza di voto del governo argentino in YPF se gli ordini verranno confermati, potenzialmente modificando la dinamica di governance. Al contrario, un eventuale ricorso potrebbe ritardare l’esecuzione, prolungando l’incertezza. I destinatari finali (fondi hedge e veicoli di contenzioso) potrebbero decidere di monetizzare le azioni, creando una possibile pressione sull’offerta nel mercato secondario. Non sono previste sanzioni finanziarie dirette o esborsi di liquidità per YPF da questa sentenza, quindi l’impatto immediato sulla liquidità è trascurabile, ma il cambiamento nella struttura proprietaria e il rischio di controversie persistenti restano fattori chiave per gli investitori.
YPF Sociedad Anónima (NYSE: YPF) presentó un Formulario 6-K para informar una decisión del Tribunal de Distrito de EE.UU. fechada el 30 de junio de 2025 que ordena a la República Argentina – y no a YPF – entregar sus acciones de YPF en dos procesos de ejecución separados en Nueva York:
- Caso Petersen/Eton Park: la República debe transferir sus acciones Clase D a una cuenta de custodia global del Bank of New York Mellon (BNYM) dentro de 14 días, y luego instruir a BNYM a entregar esas acciones a los demandantes dentro de un día hábil tras el depósito.
- Caso Bainbridge: una orden similar abarca tanto las acciones Clase A como Clase D, con los mismos plazos.
YPF enfatiza que no es parte en ninguno de los procedimientos de entrega. La República aún puede apelar las órdenes de entrega.
Implicaciones para la inversión: La transferencia ordenada podría reducir significativamente la participación accionaria y el poder de voto del gobierno argentino en YPF si se confirman las órdenes, lo que podría cambiar la dinámica de gobierno corporativo. Por otro lado, cualquier apelación podría demorar la ejecución, prolongando la incertidumbre. Los destinatarios finales (fondos de cobertura y vehículos de litigio) podrían optar por monetizar las acciones, generando potencial presión de oferta en el mercado secundario. No se imponen sanciones financieras directas ni salidas de efectivo a YPF en este fallo, por lo que el impacto inmediato en la liquidez es insignificante, aunque el cambio en la estructura de propiedad y el riesgo de litigios persistentes siguen siendo factores clave para los inversores.
YPF Sociedad Anónima (NYSE: YPF)는 2025년 6월 30일자 미국 지방법원 판결을 공개하기 위해 Form 6-K를 제출했으며, 이 판결은 아르헨티나 공화국이 YPF가 아닌 두 건의 뉴욕 집행 소송에서 YPF 주식을 인도하도록 명령했습니다:
- Petersen/Eton Park 사건: 공화국은 14일 이내에 Bank of New York Mellon(BNYM) 글로벌 수탁 계좌로 클래스 D 주식을 이전하고, 예치 후 영업일 기준 1일 이내에 BNYM에게 해당 주식을 원고에게 전달하도록 지시해야 합니다.
- Bainbridge 사건: 유사한 명령이 클래스 A 및 클래스 D 주식 모두에 적용되며, 동일한 시간 요건이 있습니다.
YPF는 이 두 인도 절차에 당사자가 아님을 강조합니다. 공화국은 여전히 인도 명령에 대해 항소할 수 있습니다.
투자 시사점: 명령된 이전은 명령이 유지될 경우 아르헨티나 정부의 YPF 지분 및 의결권 영향력을 실질적으로 감소시킬 수 있으며, 지배구조 역학에 변화를 가져올 수 있습니다. 반면, 항소가 있을 경우 실행이 지연되어 불확실성이 장기화될 수 있습니다. 최종 수령자(헤지펀드 및 소송용 차량)는 주식을 현금화할 수 있어 2차 시장 공급 압박이 발생할 수 있습니다. 이 판결로 YPF에 직접적인 재정적 제재나 현금 유출은 없으므로 즉각적인 유동성 영향은 미미하지만, 소유 구조 변화와 지속되는 소송 위험은 투자자에게 중요한 요소로 남아 있습니다.
YPF Sociedad Anónima (NYSE : YPF) a déposé un formulaire 6-K pour divulguer une décision du tribunal de district américain datée du 30 juin 2025 ordonnant à la République argentine – et non à YPF – de remettre ses participations dans YPF dans deux procédures d’exécution distinctes à New York :
- Affaire Petersen/Eton Park : la République doit transférer ses actions de classe D sur un compte de garde global de la Bank of New York Mellon (BNYM) dans un délai de 14 jours, puis donner instruction à BNYM de livrer ces actions aux plaignants dans un délai d’un jour ouvrable après le dépôt.
- Affaire Bainbridge : une ordonnance similaire couvre à la fois les actions de classe A et de classe D, avec les mêmes exigences de délai.
YPF souligne qu’elle n’est pas partie à ces procédures de remise. La République peut encore faire appel des ordonnances de remise.
Implications pour l’investissement : Le transfert ordonné pourrait réduire sensiblement la participation et le pouvoir de vote du gouvernement argentin dans YPF si les ordonnances sont maintenues, ce qui pourrait modifier la dynamique de gouvernance. En revanche, tout appel pourrait retarder l’exécution, prolongeant ainsi l’incertitude. Les bénéficiaires finaux (fonds spéculatifs et véhicules de litige) pourraient choisir de monétiser les actions, créant une possible pression d’offre sur le marché secondaire. Aucune pénalité financière directe ni sortie de trésorerie n’est imposée à YPF dans cette décision, donc l’impact immédiat sur la liquidité est négligeable, mais le changement dans la structure de propriété et le risque de litiges persistants restent des facteurs clés pour les investisseurs.
YPF Sociedad Anónima (NYSE: YPF) reichte ein Formular 6-K ein, um eine Entscheidung des US-Bezirksgerichts vom 30. Juni 2025 bekannt zu geben, die die Argentinische Republik – nicht YPF – dazu verpflichtet, ihre YPF-Aktien in zwei getrennten Vollstreckungsverfahren in New York herauszugeben:
- Petersen/Eton Park-Fall: Die Republik muss ihre Class D-Aktien innerhalb von 14 Tagen auf ein globales Depotkonto bei der Bank of New York Mellon (BNYM) übertragen und BNYM dann anweisen, diese Aktien innerhalb eines Geschäftstages nach Einzahlung an die Kläger zu übergeben.
- Bainbridge-Fall: Eine ähnliche Anordnung betrifft sowohl Class A- als auch Class D-Aktien mit identischen Fristen.
YPF betont, dass sie in keinem der Herausgabeverfahren Parteien ist. Die Republik kann die Herausgabeanordnungen noch anfechten.
Investitionsimplikationen: Die angeordnete Übertragung könnte die Beteiligung und Stimmrechte der argentinischen Regierung an YPF erheblich verringern, falls die Anordnungen bestätigt werden, was die Governance-Dynamik verändern könnte. Andererseits könnte eine Berufung die Ausführung verzögern und die Unsicherheit verlängern. Die letztlichen Empfänger (Hedgefonds und Rechtsstreit-Fonds) könnten sich entscheiden, die Aktien zu monetarisieren, was potenziellen Druck auf das Angebot am Sekundärmarkt erzeugen könnte. Es werden keine direkten finanziellen Strafen oder Liquiditätsabflüsse von YPF durch dieses Urteil auferlegt, sodass die unmittelbaren Liquiditätsauswirkungen gering sind, doch die Veränderung der Eigentümerstruktur und das anhaltende Litigation-Risiko bleiben wichtige Faktoren für Investoren.
FORM 6-K
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
Commission File Number: 1-15270
For the month of July 2025
NOMURA HOLDINGS, INC.
(Translation of registrant’s name into English)
13-1, Nihonbashi 1-chome
Chuo-ku, Tokyo 103-8645
Japan
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Information furnished on this form:
EXHIBIT
Exhibit Number
| 1. | Nomura Announces Status of Share Buyback Program from Market |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | NOMURA HOLDINGS, INC. | ||||
| Date: July 1, 2025 | | | By: | | /s/ Yoshifumi Kishida | |
| | | | Yoshifumi Kishida | |||
| | | | Senior Managing Director | |||
Nomura Announces Status of Share Buyback Program from Market
Tokyo, July 1, 2025—Nomura Holdings, Inc. today announced the status of its ongoing share buyback program resolved at a meeting of the Board of Directors held on April 25, 2025, pursuant to the company’s articles of incorporation set out in accordance with Article 459-1 of the Companies Act of Japan.
Details of share buyback
| 1. Type of shares | | Common shares |
| 2. Number of shares repurchased | | 25,670,300 shares |
| 3. Aggregate purchase amount | | 22,903,332,570 yen |
| 4. Purchase period | | June 1, 2025, to June 30, 2025 |
| 5. Method of repurchase | | Purchase on the stock exchange via trust bank |
(Reference)
Share buyback program resolution at Board of Directors meeting on April 25, 2025
| 1. Type of shares | | Common shares |
| 2. Total shares authorized for repurchase | | Up to 100 million shares (3.2% of outstanding shares) |
| 3. Total value of shares authorized for repurchase | | Up to 60 billion yen |
| 4. Period | | May 15, 2025, to December 30, 2025 (excluding the ten business days following the announcement of quarterly operating results) |
| 5. Method of repurchase | | Purchase on the stock exchange via trust bank (The details of the trust agreement, including the timing to start the buyback, will be decided separately by a Representative Executive Officer or the CFO) |
The accumulative number of shares purchased as of June 30, 2025, pursuant to the Board of Directors’ resolution above:
| 1. Number of shares repurchased | | 47,590,200 shares |
| 2. Aggregate purchase amount | | 41,932,504,490 yen |
| |
| ends | | |
For further information please contact:
| Name |
| Company |
| Telephone |
| Kenji Yamashita | | Nomura Holdings, Inc. Group Corporate Communications Dept. |
| 81-3-3278-0591 |
Nomura
Nomura is a financial services group with an integrated global network. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its four business divisions: Wealth Management, Investment Management, Wholesale (Global Markets and Investment Banking), and Banking. Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com.
FAQ
Why did the New York court order Argentina to transfer its YPF shares?
Is YPF (YPF) directly liable for any payment under this ruling?
How many YPF share classes are affected by the turnover order?
Can Argentina appeal the turnover decision?
What could happen to YPF’s governance after the transfer?
Will YPF’s cash flow or operations change immediately?
