Reuters (article in Japanese) reports that Goldman Sachs issued a report earlier this week that argues M&A will be the major theme for Japanese equities in 2010. Having a ‘macro’ investment theme for the start of each new year is a ritual for brokerages in Japan, although it seems no one ever has the resolve [...]
Archive | M&A
RSS feed for this sectionJapanese stocks ‘fairly’ undervalued
The author’s intent is not to be misleading, but rather to be as frank as possible, regarding the longstanding debate of whether or not Japanese stocks are truly undervalued. In short, the answer is no. I no longer believe Japanese stocks are undervalued, not to the extent that I once did, and not to the [...]
Bank of Japan caves in again
I don’t agree with the BoJ’s decision to cut from 0.3% –> 0.1%. The cost of borrowing is not the problem here. In fact, the impetus to cut was at least partially pressure from the MoF, in what amounts to a silly attempt to ease yen-strength. The reaction has been muted, and for now, the [...]
Harsh reality, no ex-Lehman love for Nomura
Hopefully the bonus pool Nomura (8604) [[NMR]] set aside for ex-LB players in Europe produces different results. clipped from www.bloomberg.com Nomura Said to Lose 100 Lehman Equity Employees to Competitors Oct. 8 (Bloomberg) — Nomura Holdings Inc., Japan’s largest investment bank, will lose roughly 60 percent of the Japanese equity employees acquired when it purchased [...]
Reality striking USA may prompt profit-taking in Tokyo after holiday
It goes without saying that I am extremely skeptical of the Paulson bailout scheme under the funny money regime. Good for Nomura [[NMR]] and Mitsubishi UFJ [[MTU]] for being able to get in on the scavenging, the former, which is said to be buying Lehman’s Asia franchise and the latter which is reported to be [...]
Milking Mitsubishi UFJ
Below are some additional thoughts on the latest MUFG-UB offer (these comments were originally posted in response to an article published by Reuters; edited for style/formatting). UB’s [[UB]] Special Committee is very opportunistic and knows what it is doing. It has effectively taken its minority stake hostage vis a vis its board representation and a [...]
MUFG Now Really Overpaying for Union Bank, Oh Well (Shikataganai)
$58 a share — no! $63 a share — no! $73 a share — oh, sure, might as well, especially in this market. Hats off to Mr. Farman and company for helping the little guys at Union Bank [[UB]] get paid. Still scratching your head about what Mitsubishi UFJ [[MTU]] is thinking? Keep scratching. For [...]
Mitsubishi UFJ Overpaying for UnionBanCal
This is not a bad deal, at all, for existing (non-MUFG) UnionBanCal [[UB]] shareholders: a decent premium pushing the stock to a new 52wk high, amidst ongoing market woes, and not to mention UB’s last quote of $65+, which is above the $63 bid by Mitsubishi UFJ Financial Group [[MTU]]. Now, as for MUFG shareholders, [...]
Orix-Saison: About Time or Atonomatsuri?
Shares of Credit Saison (8253) jumped 11%, while Orix [[IX]] (8591) rose a muted 3%, on the report of merger talks. (See Reuters clip below). HOWEVER, shares of both have fallen sharply over the past year (there’s even more red over the past two years) compelling one to wonder why an alliance wasn’t formed earlier. [...]
Subprime Fallout Hits Japan M&A: No Deal for Sanyo’s Chip Division — Nikkei
The Nikkei Shimbun reported today Sanyo has called off plans to sell Sanyo Semiconductor Co. to Advantage Partners, Japan’s largest buyout firm. The transaction had been priced at Y110 billion or approximately $940M. Shares of Sanyo (JP: 6764) [ADR: SANYY.PK] were down 7.1% to Y182 at the end of the morning session Wednesday. Goldman Sachs [...]
Subscribe
Subscribe to our e-mail newsletter to receive updates.
