A new generation of management, economic stability and strategic aspirations mean outbound M&A from Japan is on the rise. With the recovery in the Japanese economy as well as the increase in domestic acquisitions, M&A is "now seen as a much more acceptable aspect of an overall approach to corporate strategy" according to Ken Siegel, managing partner of Morrison & Foerster's Tokyo office.
There were some large deals this year, particularly in the energy sector where the country has no notable assets of its own and needs to spend money. Marubeni Corporation acquired Mirant Caribbean Power Holdings for $1.08 billion and Mirant Asia Pacific in the Philippines for $3.42 billion, as well as other assets in Mexico and the US; Toshiba spent $5.4 billion purchasing Westinghouse, the US power plant arm of British Nuclear Fuels.
The work has been dominated by the international...