Japanese M&A Will Never Be the Same

Hahn, Avital Louria
January 2006
Investment Dealers' Digest;1/16/2006, Vol. 72 Issue 2, p50
Trade Publication
The article focuses on Mitsubishi Tokyo Financial Group Inc.'s acquisition of UFJ Financial Holdings in 2005. Dealmaking in tradition-steeped Japan was defined more by consensus building than competition. However, this trend was changed when three of Japan's largest banks entered an unprecedented free-for-all. The deal left the third party, Sumitomo Mitsui Financial Group Inc. (SMFG), scrambling to find another deal. The contest also signals the end of Japan's painful banking reform. Both UFJ and SMFG carried loads of nonperforming loans, which was a result of the bursting of a financial and real estate bubble in the early 1990s, easy access to credit and the subsequent collapse of many businesses.


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