TOKYO/HONG KONG (Reuters) – Japan’s Mitsubishi UFJ Financial Group (MUFG) (8306.T: Quote, Profile, Research, Stock Buzz) has agreed to buy a controlling stake in Thailand’s Bank of Ayudhya Pcl BAY.BK for up to 560 billion yen ($5.61 billion) as Japanese lenders expand into fast-growing Southeast Asian economies to beat slower growth at home.
MUFG’s purchase of up to 75 percent of Thailand’s fifth largest lender would be the biggest acquisition by a Japanese bank in Southeast Asia. It also ends General Electric Co’s (GE.N: Quote, Profile, Research, Stock Buzz) six-year-old investment in Ayudhya, with GE raising $2.41 billion by selling its stake in the Thai bank in two tranches.
TOKYO/HONG KONG (Reuters) – Meiji Yasuda Life Insurance Co has entered into exclusive talks to buy a 15 percent stake in Thai Life Insurance Co for around $700 million, people familiar with the matter told Reuters, as Japanese insurers step up their presence in Southeast Asia.
Meiji Yasuda, Japan’s second-largest life insurer by premium income after Nippon Life Insurance Co, beat Sumitomo Life Insurance Co to enter final negotiations, in an auction that had attracted private equity firms Carlyle Group (CG.O: Quote, Profile, Research, Stock Buzz), KKR & Co (KKR.N: Quote, Profile, Research, Stock Buzz) and CVC Capital Partners, the people said.
TOKYO, June 24 (Reuters) – Japan’s Suntory Beverage and Food
Ltd will raise 388 billion yen ($4 billion) after it set its IPO
price near the bottom of its marketing range, hurt by concerns
about its valuation and weak appetite amid market volatility.
The food and soft drinks unit of Suntory Holdings Ltd set
the price of its initial public offering at 3,100 yen per share,
compared with its 3,000-3,800 yen indicative range, it said in a
regulatory filing on Monday.
TOKYO (Reuters) – Suntory Holdings Ltd’s food and soft drinks unit is set to price on Monday an initial public offering that could raise as much as $4.8 billion, making it Asia’s biggest IPO this year and bolstering the company’s warchest for overseas acquisitions.
The IPO of the unit, Suntory Beverage and Food Ltd (2587.T: Quote, Profile, Research, Stock Buzz), is a test of investor appetite for new listings at a time of high volatility in Japanese stock markets. The benchmark Nikkei .N225 has lost about 17 percent since hitting a 5-1/2 year high in late May.
TOKYO (Reuters) – Top Japanese businessman Yasuchika Hasegawa backs Prime Minister Shinzo Abe’s plans to revitalize the stagnant economy in the face of criticism that the government is sidestepping politically thorny reforms ahead of an upper house election.
The member of Abe’s panel of industrial competitiveness told Reuters in an interview that he was confident the government eventually would take up issues like corporate tax and labor regulation, which critics complain have been left out of Abe’s marquee policy agenda.
TOKYO, June 12 (Reuters) – Japan’s home buyers are rushing
for fixed-rate mortgages to lock in on what they consider
rock-bottom rates, in a sign of early victory for the central
bank as it attempts to reflate the world’s third-largest economy
with a burst of monetary stimulus.
The bold monetary expansion which aims to achieve 2 percent
inflation in less than two years has sparked a rise in bond
yields and fanned worries among home owners that interest rates
are set to rise sooner or later.
TOKYO, June 4 (Reuters) – Dai-ichi Life Insurance Co Ltd
said on Tuesday that it had agreed to buy a 40 percent
stake in Panin Life of Indonesia for $337 million, extending its
expansion into Southeast Asia’s biggest economy as it hunts for
The deal comes as Japanese life insurers actively seek
acquisition opportunities in Southeast Asia, attracted to the
region’s low insurance penetration and emerging middle class.
Dai-ichi, one of Japan’s top four life insurers, said last month
that it was ready to spend 300 billion yen ($3 billion) on M&A
deals globally in the next two years.
(Reuters) – Suntory Holdings Ltd received approval to list its core food and non-alcoholic beverage unit in Tokyo, paving the way for Asia’s largest initial public offering this year worth $4.4 billion.
Suntory is raising funds in part for foreign acquisitions, undeterred by a weakening yen as it competes with rivals Kirin Holdings Co Ltd (2503.T: Quote, Profile, Research) and Asahi Group Holdings Ltd (2502.T: Quote, Profile, Research) on deals abroad while consumer demand stagnates in Japan.
(Reuters) – Suntory Holdings Ltd will get the green light to list its food and non-alcoholic beverage unit in Tokyo as it prepares to raise about $5 billion (3 billion pounds) in Asia’s largest initial public offering this year.
The Tokyo Stock Exchange is planning to approve the listing of Suntory Beverage and Food Ltd as early as Wednesday, a person with direct knowledge of the matter told Reuters. The exchange and Suntory declined to comment.
May 29 (Reuters) – Suntory Holdings Ltd is set to receive
Tokyo Stock Exchange approval as soon as Wednesday to list its
food and non-alcoholic beverage unit, a source with direct
knowledge of the process told Reuters.
The clearance would set the stage for an initial public
offering that a separate source with knowledge of the situation
has said could raise as much as 500 billion yen ($5 billion), in
what is expected to be Japan’s largest IPO of the year.