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Japanese Outbound Acquisitions Explaining What Works

:	Shigeru Matsumoto
:	Japanese Outbound Acquisitions Explaining What Works
:	Palgrave Macmillan
:	9789811313646
:	1
:	CHF 94.90
:

:	Internationale Wirtschaft
:	English

:	283
:	Wasserzeichen/DRM
:	PC/MAC/eReader/Tablet
:	PDF

< >This book reviews the past 116 Japanese outbound acquisitions in three decades and determines success and failure, with the goal of explaining what works. Dr. Matsumoto emphasizes that such acquisitions are part of a long-term strategy and should not be judged based short-term gains and losses, especially short-term changes in company stock prices. The book also highlights common pitfalls hidden within the expected benefits of these overseas acquisitions.

Dr. Matsumoto provides valuable insights for executives, corporate managers working on strategy, finance and overseas development, practitioners, researchers and MBA students trying to succeed in cross border merger and acquisitions using 16 case studies and careful investigation.

Shigeru Matsumoto, Professor, Graduate School of Management, Kyoto University, earned his Ph.D. from Kobe University. For his doctoral dissertation, he conducted an in-depth study of Japanese cross-border M&A. He also has an MBA from Thunderbird School of Global Management, which he attended on the US Fulbright Program. He has 20 years' of experience in investment banking and advisory at global institutions, including HSBC (The Hong Kong Shanghai Banking Corp.), Macquarie Capital, and PricewaterhouseCoopers (PwC). He has served as an advisor on over 50 Japan-related cross-border M&A transactions in 20 countries, including the US, the UK, France, China, and Vietnam. In 2015, he won the 9th Grand Prize at the Mergers& Acquisition Forum for his recent publication on Japanese cross-border acquisitions.

	Preface	5
	Contents	8
	Intended Readers	11
	About the Author	13
	List of Figures	14
	List of Tables	18
	Chapter 1: Introduction	20
	1.1 Discussion in the Board Room and the Landscape Outside the Company	20
	1.2 Trillion Yen Deals: The Likelihood that an Acquisition Will Succeed	24
	The Points in Common Among One-Trillion-Yen Acquisitions	24
	One-Trillion-Yen Acquisitions and Their Respective Likelihoods of Success	25
	1.3 Analogy Between Outbound Acquisition and Professional Baseball	29
	1.4 The 30 Years Since Japanese Outbound Acquisitions Became Full-Fledged	33
	Part I: The Nature of Failure	35
	Chapter 2: The Five Pitfalls	36
	2.1 The Five Benefits of Acquisition Sought by Managers	36
	2.2 Three Case Studies Illustrating the Pitfalls Within the Potential Benefits	39
	Acquisition of Firestone by Bridgestone (1988)	39
	The Acquisition of Pilkington by Nippon Sheet Glass (2006)	43
	The Acquisition of Lucent Technologies’ Fiber-Optic Cable Business by Furukawa Electric (2001)	49
	2.3 Is an Acquisition a Good Deal When the Yen Is Strong?	52
	2.4 Correcting Illusions Surrounding Overseas Acquisitions	55
	Time You Can “Buy” by an Acquisition and Time You Cannot Buy by Acquisition	55
	Pitfall of Increasing Global Market Share	57
	Pitfall of Cross-Border Synergy	58
	Trap of Overconfidence in Local Managers	60
	A Strong Yen Does Not Necessarily Increase the Probability of Success	62
	Reference	64
	Chapter 3: Measuring Performance of Japanese Outbound Acquisitions	65
	3.1 How Do You Measure the Success or Failure of Acquisitions?	65
	3.2 The Three Criteria for Determining Success or Failure	69
	The First Stage: Company Survival Condition	69
	Second Stage: The Continuous Ownership Condition	69
	Third Stage: The Profit Growth Condition	71
	3.3 Only 9 Deals Were Successes, While 51, or Nearly Half, Were Failures	74
	Results of the Determination	74
	Cases Determined to Be Failures	78
	Cases Determined to Be Successes	78
	References	79
	Chapter 4: The Causes of Failure: Case Studies of Eight Failed Acquisitions Ending in a Sale or Withdrawal at a Loss	80
	4.1 Case Study 1: Matsushita Electric Industrial (Panasonic)	82
	The Objective at the Time of the Acquisition	82
	The Managers	83
	The Post-acquisition Management and Its Challenges	83
	The Consequences	85
	4.2 Case Study 2: Yamanouchi Pharmaceuticals (Astellas Pharma)	85
	The Objective at the Time of the Acquisition	85
	The Managers	86
	The Post-acquisition Management and Its Challenges	86
	The Consequences	87
	4.3 Case Study 3: Mitsubishi Motors	88
	The Objective at the Time of the Acquisition	88
	The Managers	89
	The Post-acquisition Management and Its Challenges	90
	The Consequences	91
	4.4 Case Study 4: Renown	92
	The Objective at the Time of the Acquisition	92
	The Managers	93
	The Post-acquisition Management and Its Challenges	94
	The Consequences	94
	4.5 Case Study 5: NKK (JFE)	95
	The Objective at the Time of the Acquisition	95
	The Managers	96
	The Post-acquisition Management and Its Challenges	97
	The Consequences	97
	4.6 Case Study 6: JUSCO (AEON)	99
	The Objective at the Time of the Acquisition	99
	The Managers	99
	The Post-acquisition Management and Its Challenges	100
	The Consequences	102
	4.7 Case Study 7: Dainippon Ink and Chemicals	102
	The Objective at the Time of the Acquisition	103
	The Managers	103
	The Post-acquisition Management and Its Challenges	104
	Consequences	106
	4.8 Case Study 8: Asahi Glass	106
	The Objective at the Time of the Acquisition	106
	The Managers	107
	The Post-acquisition Management and Its Challenges	108
	The Consequences	109
	4.9 Summary of All of the Failed Deals	109
	Electrical Machinery	109
	Chemicals	112
	Medical and Pharmaceutical	113
	Retail	114
	Steel	115
	Machinery	116
	Glass	116
	Nonferrous Metals	117
	Transportation Equipment	117
	Construction	118
	Paper	118
	Communications	118
	Transportation	119
	Food	119
	Chapter 5: The Nature of Failure: Why Do Companies Fail in Overseas Acquisitions?	121
	5.1 What Separates Successes from Failures in Overseas M	121
	121	121
	Step ? Setting the Examination Conditions	123
	The Target Selection at the Time of the Acquisition	123
	The Post-acquisition Management	125
	Step ? Validity Check: Verification Using the 51 Failures and 9 Successes	127
	The Target Selection at the Time of the Acquisition	127
	Management After the Acquisition	131
	Step ? Specifying the Conditions that Affect Success or Failure	132
	5.2 The Nature of Failure in Outbound Acquisitions	132
	The Tunnel of Pitfalls	133
	Combination of Factors	138
	References	155
	Part II: Ways of Fighting for Success	156
	Chapter 6: Case Studies of Eight Successful Deals that Realized Sustainable Profit Growth After Acquisitions	157
	6.1 The Idea at the Time of the Acquisition	157
	The Managers	158
	The Management and Challenges After the Acquisition	1