TOKYO (Reuters) – The crumbling of mega-merger talks between Japanese industrial behemoths Hitachi (6501.T: Quote, Profile, Research, Stock Buzz) and Mitsubishi Heavy Industries (7011.T: Quote, Profile, Research, Stock Buzz) threatens a rare opportunity for Japan to improve its global competitiveness by consolidating century-old companies.
Hitachi and Mitsubishi Heavy are ready to walk away from talks that would have created an industrial giant with more than $150 billion in sales, sources told Reuters on Friday, after preliminary discussions were thrown suddenly into the media spotlight and the companies turned cautious.
TOKYO, July 27 (Reuters) – Tokyo Metro Co, which operates a
vast subway network stretching across Japan’s capital, could be
one of the first assets put on the block by the government as it
scrambles to raise cash to pay for rebuilding the tsunami-hit
In the past few days lawmakers have floated the idea of
selling the government’s stake in Tokyo Metro through an initial
public offering, as well as running down holdings in Nippon
Telegraph & Telephone and Japan Tobacco Inc .
TOKYO, July 22 (Reuters) – A Japanese court on Friday
approved a rehabilitation plan for failed consumer lender
Takefuji, allowing the company to tie up with Korean consumer
lender A&P Financial, according to Takefuji’s website.
The plan, submitted by Takefuji’s court-appointed trustee,
was preferred to two competing schemes put forward by creditor
TOKYO, July 20 (Reuters) – U.S. investment firm Lone Star
has started preparations to sell Tokyo Star Bank only about a
month after it regained a stake in the mid-sized Japanese
lender, three people with direct knowledge of the matter said.
Lone Star, the top shareholder in Tokyo Star with around a
30 percent stake, has asked several investment banks to submit
proposals to advise on the potential sale, said the people, who
were not authorised to comment publicly about the matter.
TOKYO , July 20 (Reuters) – South Korea’s A&P Financial
plans to invest 28.2 billion yen ($357 million) in failed
Japanese consumer lender Takefuji, according to a source with
direct knowledge of the matter.
The price is less than the 31 billion yen offered by J Trust
, a Japanese financial services company which withdrew
from a race to take over Takefuji in April, which would mean
Takefuji did not choose the bidder with the highest price.
TOKYO, July 15 (Reuters) – Failed Japanese consumer lender
Takefuji, whose court-led rehabilitation is being contested by
creditors, is aiming to repay more than 20 percent of its debt,
its court-appointed administrator said on Friday.
It will make make an initial debt repayment of 50 billion
yen ($630 million), equivalent to 3.3 percent of what it owes
and including funds from its sponsor South Korea’s A&P
SINGAPORE/TOKYO, July 14 (Reuters) – Japanese fund
management company Nikko Asset Management is preparing to go
public and is set to choose underwriters to handle the initial
public offering, people with direct knowledge of the matter
Nikko Asset, one of Japan’s largest asset management firms,
will list its shares in Tokyo and may also list on an overseas
exchange, the people said, asking not to be identified because
the information is not public.
TOKYO, Jul 8 (Reuters) – Customers of Takefuji presented a
plan on Friday to recover the debt that the bankrupt Japanese
consumer lender owes them, saying they want members of the
founding family to inject money into Takefuji to help repay
The group of 265 customers is seeking refunds of overcharged
interest they paid to Takefuji in the past. Takefuji’s business
was crippled by a 2006 legal ruling forcing Japanese consumer
lenders to repay overcharged interest to customers.
TOKYO/WELLINGTON, July 4 (Reuters) – Japan’s Asahi Group
agreed to buy the mineral water and juice business of
Australia’s P&N Beverages for A$188 million ($203 million) and
made an offer for New Zealand drinks maker Charlie’s Group
as Asahi steps up efforts to expand beyond its
shrinking home market.
Asahi pared back its purchase of P&N after a bid to buy the
entire company was blocked by Australia’s competition watchdog,
but analysts said the parts it selected were a good fit for its
TOKYO/WELLINGTON (Reuters) – Japan’s Asahi Group (2502.T: Quote, Profile, Research, Stock Buzz) agreed to buy the mineral water and juice business of Australia’s P&N Beverages for A$188 million ($203 million) and made an offer for New Zealand drinks maker Charlie’s Group CHA.NZ as Asahi steps up efforts to expand beyond its shrinking home market.
Asahi pared back its purchase of P&N after a bid to buy the entire company was blocked by Australia’s competition watchdog, but analysts said the parts it selected were a good fit for its business.