Bureau Chief, Helsinki
Ritsuko's Feed
Apr 9, 2014

Cerberus pulls out of Seibu IPO as pricing slashed

TOKYO, April 9 (Reuters) – Japanese railway and property
conglomerate Seibu Holdings on Wednesday slashed the price of
its initial public offering and said its largest shareholder,
U.S. private equity firm Cerberus, would not participate in one
of Japan’s biggest IPOs this year.

Seibu dropped the tentative price of its IPO by as much as
30 percent to 1,600 to 1,800 yen per share from the initial
estimate of 2,300 it had announced in March.

Apr 9, 2014

Melco Crown’s Packer sees minimum $5 bln investment for Japan casino

TOKYO, April 9 (Reuters) – Australian gambling tycoon and
Melco Crown Entertainment Ltd co-chairman James Packer
said it would cost a minimum of $5 billion to develop a casino
and resort complex in Japan should the government legalise
casino gambling.

One of Australia’s richest men, Packer is visiting Japan as
the country’s parliament is preparing to debate legalising
casino gambling, a move that could create a prize market with a
wealthy population and proximity to China.

Apr 8, 2014

Cerberus may sell smaller stake in Seibu share offer -sources

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).

Apr 1, 2014

Japanese lawyer group to rate 3rd-party probes, fight cozy corporate ties

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
whitewash misdeeds.

While the ratings will not carry any legal weight, the group
hopes they will encourage more thorough and independent
investigations.

Mar 27, 2014

With cheap money available, Japan Inc. seen to follow Suntory’s M&A path

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.

Mar 27, 2014

ANA orders 70 planes including 20 Boeing 777-9Xs

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.

Mar 3, 2014

Finland to curb austerity as recession, political fallout bite

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.

Feb 13, 2014

Debt worries cloud Finnish steel firm Outokumpu’s outlook

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.

Feb 12, 2014

Supercell to launch new game after sales soar in 2013

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.

Feb 6, 2014

Cost cuts help Finland’s Metso profit beat expectations

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.