Ignore the headlines

August 01, 2007

Some recent headlines in Tokyo suggest a turning back of the clock in Japan's nascent market for corporate control. In one case, Matsushita's exclusive negotiation period with TPG over a potential sale of Matsushita subsidiary JVC expired without an agreement amid open efforts by JVC management to prevent the sale. Matsushita was then widely rumored in late June to have agreed an alternative business combination between JVC and former suitor Kenwood Corporation. The reported transaction would be a staged one, however, with an initial equity investment in JVC by Kenwood to be followed by the establishment of a joint holding company in 2008. Use of a joint holding company structure has become a common method in Japan of achieving a defensive business combination while postponing a true integration of operations.

The rest of this article is available to subscribers only. Subscribe today for full access to this article.

Alternatively take a free trial, giving you access for 48 hours*.

If you are already a subscriber, please log in below to access the rest of this article.

*some articles may be excluded.

Already have an account?

Resources

About IFLR

IFLR resources

Ignore the headlines

Read more:

Already have an account?

Related articles

Resources

Web seminars

Latest Issue

Most read articles

Latest supplements

About IFLR

IFLR resources

My IFLR

Recommended links

Related articles

First subordinated sukuk; Private equity targets FTSE 100; Sinopec returns to capital market

Japan's surprise poison-pill warning

First European private equity event launches

''Chindia'' takes centre stage at IFLR's Asia Forum

Speakers confirmed for private equity event

HK regulator questions IPO diligence