TOKYO, April 8 (Reuters) – U.S. private equity fund Cerberus
could sell a smaller share of Japanese railway and property
group Seibu than planned after investors balked at the proposed
price tag for its stock market listing, two people with
knowledge of the deal said.
A tentative price for the Seibu share sale was set in March
at 2,300 yen per share, valuing the offering at 186 billion yen
and the entire company at 787 billion yen ($7.63 billion).
TOKYO, April 1 (Reuters) – A group of Japanese lawyers is
setting up a rating service to evaluate investigations on
corporate scandals amid criticism that third-party panels hired
for things like bribery cases often lack objectivity and help to
While the ratings will not carry any legal weight, the group
hopes they will encourage more thorough and independent
TOKYO (Reuters) – More Japanese companies are expected to follow Suntory Beverage & Food Ltd (2587.T: Quote, Profile, Research, Stock Buzz) in acquiring overseas companies to gain a foothold in faster-growing markets even as global economic uncertainty and a weaker yen temper deal-making.
Japan’s slow domestic growth and cash-heavy balance sheets, together with declining birth rates and an ageing society, have encouraged outbound acquisitions by companies in a broad range of sectors from consumer and retail to finance and electronics.
TOKYO (Reuters) – Japan’s ANA (9202.T: Quote, Profile, Research, Stock Buzz) placed its biggest ever order of 70 new planes, including 20 Boeing (BA.N: Quote, Profile, Research, Stock Buzz) 777-9X wide-body jets in a move bringing relief to the U.S. planemaker which lost a major Japan Airlines (9201.T: Quote, Profile, Research, Stock Buzz) order to rival Airbus last year.
ANA’s 1.7 trillion yen ($16.62 billion) order includes six Boeing 777 aircraft and 14 medium-sized Boeing 787-9 aircraft, as well as 30 single-aisle jets from Airbus’ (AIR.PA: Quote, Profile, Research, Stock Buzz) A320 family.
HELSINKI, March 3 (Reuters) – Finnish government leaders,
faced with a prolonged recession and political fallout from
unpopular austerity measures, appear likely to reduce previously
announced spending cuts at budget talks that begin this month.
Data on Monday showed Finland’s gross domestic product
shrank 1.4 percent in 2013 as the economy took another turn for
the worse late in the year, driven by falling private
consumption and weak investment.
HELSINKI, Feb 13 (Reuters) – Finnish stainless steel maker
Outokumpu reported a higher debt ratio on Thursday,
raising concerns over its financing costs and the slow pace of
restructuring in response to weak European demand.
Outokumpu trimmed its underlying operating loss by more than
expected in the fourth quarter of 2013 and said it expects the
loss to shrink again in the first three months of this year due
to an uptick in demand and some improvement in prices.
HELSINKI, Feb 12 (Reuters) – Finnish mobile game maker
Supercell plans to launch a third game next month, hoping to
replicate its success with hits “Clash of Clans” and “Hay Day”
that helped it to earn $892 million in revenue last year.
The growth in revenue from $101 million in 2012, to an
average of around $2.4 million a day, underscores a boom in
mobile gaming and Supercell’s spectacular rise since it was
founded in 2010.
HELSINKI (Reuters) – Finnish engineering company Metso (MEO1V.HE: Quote, Profile, Research, Stock Buzz) reported a stronger-than-expected quarterly profit as cost cuts helped to offset a fall in sales, helping the shares rise 7 percent.
Metso’s fourth-quarter earnings before interest, tax and amortization (EBITA), excluding one-off items, rose 6 percent from a year earlier to 147 million euros ($199 million), beating the average forecast of 137 million in a Reuters poll.
HELSINKI, Jan 28 (Reuters) – Finnish lifts and escalators
firm Kone’s chief executive Matti Alahuhta is to step
down at the end of March, the company announced on Tuesday,
after reporting a rise in profits and higher orders due to
strong demand in China.
Alahuhta, 61, a well-known figure in Finland who has also
served on the executive board of Nokia, said nine
years as CEO was a long time and that he wanted to do something
new. He will be replaced by chief financial officer Henrik
HELSINKI, Jan 23 (Reuters) – Nokia has reported a
steep fall in sales at its network equipment division, raising
concerns about growth prospects for what will be its primary
operation after selling its former flagship phone business to
The Nokia Solutions and Networks (NSN) division’s
fourth-quarter sales fell 22 percent from a year earlier to 3.1
billion euros ($4.2 billion) as it failed to make up for the
completion of large-scale Asian projects and withdrawal from
some low-margin businesses earlier in the year.