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	<title>Active Investing &#187; M&amp;A</title>
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	<description>VALUE INVESTING &#38; SHAREOWNER ACTIVISM. **Author of &#039;Investing in Japan&#039; (2012)**</description>
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		<title>M&amp;A is key for Japanese equities in 2010 &#8211; Goldman Sachs</title>
		<link>http://steventowns.proxyexchange.org/2009/11/ma-is-key-for-japanese-equities-in-2010-goldman-sachs/</link>
		<comments>http://steventowns.proxyexchange.org/2009/11/ma-is-key-for-japanese-equities-in-2010-goldman-sachs/#comments</comments>
		<pubDate>Thu, 19 Nov 2009 16:26:24 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[Goldman Sachs]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Japanese stocks]]></category>
		<category><![CDATA[mergers and acquisitions]]></category>
		<category><![CDATA[Nikkei]]></category>
		<category><![CDATA[Nikkei 225]]></category>
		<category><![CDATA[ROE]]></category>
		<category><![CDATA[tokyo]]></category>
		<category><![CDATA[Topix]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/11/19/ma-is-key-for-japanese-equities-in-2010-goldman-sachs/</guid>
		<description><![CDATA[Reuters (article in Japanese) reports that Goldman Sachs issued a report earlier this week that argues M&#38;A will be the major theme for Japanese equities in 2010. Having a &#8216;macro&#8217; 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 [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Japanese stocks &#8216;fairly&#8217; undervalued</title>
		<link>http://steventowns.proxyexchange.org/2009/01/japanese-stocks-fairly-undervalued/</link>
		<comments>http://steventowns.proxyexchange.org/2009/01/japanese-stocks-fairly-undervalued/#comments</comments>
		<pubDate>Fri, 23 Jan 2009 05:17:29 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Earnings]]></category>
		<category><![CDATA[Hedge Funds]]></category>
		<category><![CDATA[JGBs]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[Monetary policy]]></category>
		<category><![CDATA[Mutual Funds]]></category>
		<category><![CDATA[Sentiment]]></category>
		<category><![CDATA[Shareholder Value]]></category>
		<category><![CDATA[Valuation]]></category>
		<category><![CDATA[Yen]]></category>

		<guid isPermaLink="false">http://steventowns.com/2009/01/23/japanese-stocks-fairly-undervalued/</guid>
		<description><![CDATA[The author&#8217;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 [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Bank of Japan caves in again</title>
		<link>http://steventowns.proxyexchange.org/2008/12/bank-of-japan-caves-in-again/</link>
		<comments>http://steventowns.proxyexchange.org/2008/12/bank-of-japan-caves-in-again/#comments</comments>
		<pubDate>Fri, 19 Dec 2008 15:44:55 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[M&A]]></category>
		<category><![CDATA[Monetary policy]]></category>
		<category><![CDATA[Yen]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/12/19/bank-of-japan-snafu-caves-in-again/</guid>
		<description><![CDATA[I don&#8217;t agree with the BoJ&#8217;s decision to cut from 0.3% &#8211;&#62; 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 [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Harsh reality, no ex-Lehman love for Nomura</title>
		<link>http://steventowns.proxyexchange.org/2008/10/harsh-reality-no-ex-lehman-love-for-nomura/</link>
		<comments>http://steventowns.proxyexchange.org/2008/10/harsh-reality-no-ex-lehman-love-for-nomura/#comments</comments>
		<pubDate>Tue, 07 Oct 2008 18:41:39 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[M&A]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/10/07/harsh-reality-no-ex-lehman-love-for-nomura/</guid>
		<description><![CDATA[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) &#8212; Nomura Holdings Inc., Japan&#8217;s largest investment bank, will lose roughly 60 percent of the Japanese equity employees acquired when it purchased [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2008/10/harsh-reality-no-ex-lehman-love-for-nomura/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Reality striking USA may prompt profit-taking in Tokyo after holiday</title>
		<link>http://steventowns.proxyexchange.org/2008/09/busy-monday-in-usa-may-bring-big-profit-taking-on-tuesday-in-tokyo/</link>
		<comments>http://steventowns.proxyexchange.org/2008/09/busy-monday-in-usa-may-bring-big-profit-taking-on-tuesday-in-tokyo/#comments</comments>
		<pubDate>Mon, 22 Sep 2008 14:03:28 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[M&A]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/09/22/busy-monday-in-usa-may-bring-big-profit-taking-on-tuesday-in-tokyo/</guid>
		<description><![CDATA[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&#8217;s Asia franchise and the latter which is reported to be [...]]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Milking Mitsubishi UFJ</title>
		<link>http://steventowns.proxyexchange.org/2008/08/milking-mitsubishi-ufj/</link>
		<comments>http://steventowns.proxyexchange.org/2008/08/milking-mitsubishi-ufj/#comments</comments>
		<pubDate>Mon, 18 Aug 2008 16:12:48 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[Hedge Funds]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[Shareholder Value]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/08/18/milking-mitsubishi-ufj/</guid>
		<description><![CDATA[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&#8217;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 [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2008/08/milking-mitsubishi-ufj/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>MUFG Now Really Overpaying for Union Bank, Oh Well (Shikataganai)</title>
		<link>http://steventowns.proxyexchange.org/2008/08/mufg-now-really-overpaying-for-union-bank-oh-well/</link>
		<comments>http://steventowns.proxyexchange.org/2008/08/mufg-now-really-overpaying-for-union-bank-oh-well/#comments</comments>
		<pubDate>Mon, 18 Aug 2008 12:07:40 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[M&A]]></category>
		<category><![CDATA[Shareholder Value]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/08/18/mufg-now-really-overpaying-for-union-bank-oh-well/</guid>
		<description><![CDATA[$58 a share &#8212; no! $63 a share &#8212; no! $73 a share &#8212; 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 [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2008/08/mufg-now-really-overpaying-for-union-bank-oh-well/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Mitsubishi UFJ Overpaying for UnionBanCal</title>
		<link>http://steventowns.proxyexchange.org/2008/08/unionbancal-shares-trade-beyond-mufg-bid/</link>
		<comments>http://steventowns.proxyexchange.org/2008/08/unionbancal-shares-trade-beyond-mufg-bid/#comments</comments>
		<pubDate>Tue, 12 Aug 2008 14:12:46 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[M&A]]></category>
		<category><![CDATA[Shareholder Value]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/08/12/unionbancal-shares-trade-beyond-mufg-bid/</guid>
		<description><![CDATA[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&#8217;s last quote of $65+, which is above the $63 bid by Mitsubishi UFJ Financial Group [[MTU]]. Now, as for MUFG shareholders, [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2008/08/unionbancal-shares-trade-beyond-mufg-bid/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Orix-Saison: About Time or Atonomatsuri?</title>
		<link>http://steventowns.proxyexchange.org/2008/08/orix-saison-about-time-or-atonomatsuri/</link>
		<comments>http://steventowns.proxyexchange.org/2008/08/orix-saison-about-time-or-atonomatsuri/#comments</comments>
		<pubDate>Tue, 05 Aug 2008 13:48:54 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[M&A]]></category>
		<category><![CDATA[Shareholder Value]]></category>

		<guid isPermaLink="false">http://steventowns.com/2008/08/05/orix-saison-about-time-or-atonomatsuri/</guid>
		<description><![CDATA[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&#8217;s even more red over the past two years) compelling one to wonder why an alliance wasn&#8217;t formed earlier. [...]]]></description>
		<wfw:commentRss>http://steventowns.proxyexchange.org/2008/08/orix-saison-about-time-or-atonomatsuri/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Subprime Fallout Hits Japan M&amp;A: No Deal for Sanyo’s Chip Division — Nikkei</title>
		<link>http://steventowns.proxyexchange.org/2007/10/subprime-fallout-hits-japan-ma-no-deal-for-sanyos-chip-division-nikkei/</link>
		<comments>http://steventowns.proxyexchange.org/2007/10/subprime-fallout-hits-japan-ma-no-deal-for-sanyos-chip-division-nikkei/#comments</comments>
		<pubDate>Wed, 17 Oct 2007 02:59:17 +0000</pubDate>
		<dc:creator>Steven Towns</dc:creator>
				<category><![CDATA[M&A]]></category>

		<guid isPermaLink="false">http://steventowns.com/?p=230</guid>
		<description><![CDATA[The Nikkei Shimbun reported today Sanyo has called off plans to sell Sanyo Semiconductor Co. to Advantage Partners, Japan&#8217;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 [...]]]></description>
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		<slash:comments>1</slash:comments>
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