Mergers & Acquisitions

The Japanese M&A business represents a sector whose importance has been growing in the last few years: already in 2016, the total volume amounted to US$ 198 billion. In particular, cross-border M&A have been steadily increasing, reaching in the same year the 57% of total deals, an upturn of 47% if compared to the 2011 levels.

J.P. Morgan, Japan Cross-Border M&A – Growing and sustainable, 2017

It is worth noting that in Japan, the Corporation Law defines the procedures for corporate mergers whilst the Japan Fair Trade Commission (JFTC) is responsible for mergers’ approval.  JFTC is also responsible for the Anti-Monopoly Law governing mergers. Since May 2007, a series of regulatory changes in both these laws as well as changes in the Foreign Exchange and Foreign Trade Law (FEFTL), which regulates foreign investments in Japanese companies, have made M&A transactions easier for foreign investors.

Deloitte, International Tax and Business Guide, 2.5. Mergers and Acquisitions, 2010
IFLR, Japan: Less Regulation, 2008
Thomson Reuters Practical Law, Merger control in Japan: overview, 2018

Table of Contents

  • Overview of inward FDI and attractive sectors in Japan
  • New Corporation Law: Triangular Mergers and Triangular Share Exchanges
  • Case Studies: Inward FDI in Japan
    • Triangular Share Exchange: Citigroup/Nikko Cordial
    • Cross-Shareholding Alliance: Renault/Nissan 
  • Particularities: Business Culture and Corporate Governance in Japan; Keiretsu
  • Expert reports
  • Annual Report
  • Relevant organisations