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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 1, 1998
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Travelers Group Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-9924 52-1568099
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
388 Greenwich Street, New York, New York 10013
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(Address of principal executive offices) (Zip Code)
(212) 816-8000
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(Registrant's telephone number, including area code)
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TRAVELERS GROUP INC.
Current Report on Form 8-K
Item 5. Other Events.
On June 1, 1998, Travelers Group Inc. ("Travelers Group") and The Nikko
Securities Co., Ltd. ("Nikko") announced their intention to form a global
strategic alliance.
The proposed agreement calls for the formation of a joint venture, to
be called Nikko Salomon Smith Barney Limited, which will provide investment
banking, sales and trading and research services for corporate and institutional
clients in Japan and overseas. It will combine the Japanese institutional and
corporate business of Travelers Group's Salomon Smith Barney unit with Nikko's
domestic and international institutional and corporate business. Nikko's retail
business and other activities, including asset management, will remain under
Nikko's management.
In addition, Travelers Group will purchase 9.5% of Nikko's outstanding
common stock, plus bonds convertible into an additional 15.5% common equity
interest in Nikko on a fully diluted basis, for a purchase price of
approximately 220 billion Yen or $1.6 billion.
Nikko Salmon Smith Barney will be headquartered in Tokyo and will
maintain offices and staff worldwide. Nikko Securities intends to review its
overall international operations in order to maximize the potential for synergy
and further integration with Salomon Smith Barney's operations worldwide.
A definitive joint venture agreement is expected to be signed by the
end of August 1998, and it is anticipated that the joint venture will be
operational in January 1999, subject to applicable regulatory approval.
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SIGNATURE
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 hereunto duly authorized.
Dated: June 8, 1998
TRAVELERS GROUP INC.
By: /s/ Irwin Ettinger
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Irwin Ettinger
Executive Vice President
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