JETRO WHITE PAPER ON FOREIGN DIRECT INVESTMENT 1997

Japan External Trade Organization

Table 12. Japanese M&As Targeting Foreign Companies (by Region)

Notes:

1. These statistics are cumulative totals of (1) acquisitions (acquisition of over 50% (majority) shares), (2) capital participation (acquisition of under 50% (minority) shares), (3) increase in third party allocations, (4) TOB (takeover bids), (5) mergers (not including "intragroup mergers"), (6) transfer of business, (7) acquisition of rights, and (8) others (acquisition of assets, acquisition of divisions, etc.) which have been publicly announced. However, equity rate changes are included only if they represent a change from majority to minority ownership or vice-versa.
   
2. Average values and average equity rates are simple average of values and equity rates which have been publicly announced.
   
3. There was a major acquisition of an electronics equipment manufacturer in Hong Kong in 1995 (Yen 20 billion), so the average value was pushed upward. The average value when disregarding this case becomes Yen 1,065 million for Asia and Yen 1,678 million for the Asian NIEs.
   
4. There were two major acquisitions of rights over copper and oil in Indonesia from January to September of 1996, so the average value was pushed upward considerably. The average value when disregarding these two cases becomes Yen 821 million for Asia and Yen 1,203 million for the Asian NIEs.
   

Source:

Prepared by JETRO from M&A statistics of Daiwa Securities.

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