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2007 M&A Conference Report

October 2007

M&A Conference Report (Contents)
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Introduction by Prof. Seiichi Ochiai, M&A Conference Chairman --------------------- 1
Chapter 1 Recent corporate M&As in Japan -------------------------------------- 3
1. General Overview -------------------------------------------------------------- 3
  1. (1) Inbound and outbound trends ----------------------------------------------- 3
  2. (2) TOB intensification ------------------------------------------------------- 4
2. Outbound M&As --------------------------------------------------------------- 5
  1. (1) M&A (IN-OUT) trends of foreign corporations targeting Japanese ----------------- 5
  2. (2) M&A (IN-OUT) trends of Japanese corporations targeting foreign countries --------- 5
  3. (3) Regional and country specific M&A (IN-OUT) trends ---------------------------- 6
  4. (4) M&As of Japanese corporations targeting BRICs ------------------------------- 7
3. General Overview of M&As in 2006 per major industry -------------------------------- 9
Chapter 2 Regional M&As ------------------------------------------------------- 15
1. M&As in local communities ------------------------------------------------------ 15
  1. (1) M&As by prefecture ------------------------------------------------------ 15
  2. (2) Trends of sellers and buyers ----------------------------------------------- 16
  3. (3) M&As from the perspective of seller companies ------------------------------- 16
  4. (4) Tried and true survival tactics of regional mature industries --------------------- 17
2. Issues facing M&As in local communities ------------------------------------------- 17
  1. (1) External economic efficiency of regional revitalization -------------------------- 17
  2. (2) Importance of vision and corporate value evaluation --------------------------- 18
  3. (3) Management personnel and M&A professionals -------------------------------- 18
  4. (4) Enlightening managers ---------------------------------------------------- 19
  5. (5) Circulation of M&A information -------------------------------------------- 19
  6. (6) Transparency, fairness and neutrality of intermediating organizations ------------- 20
  7. (7) Resistance to funds ------------------------------------------------------ 20
  8. (8) Envy ------------------------------------------------------------------ 20
  9. (9) Abundance of half-hearted concerned parties -------------------------------- 21
  10. (10) Handling the high cost of M&As ------------------------------------------- 21
  11. (11) Responsibility of management in business ----------------------------------- 22
  12. (12) Possibility of amelioration only by improving management ---------------------- 22
3. M&As of regional financial institutions --------------------------------------------- 22
  1. (1) M&As of regional financial institutions --------------------------------------- 22
  2. (2) M&A business of regional banks -------------------------------------------- 23
  3. (3) Conflicts of interest ------------------------------------------------------ 23
  4. (4) M&A profitability --------------------------------------------------------- 24
4. Handling 3rd sector problems ---------------------------------------------------- 27
Chapter 3 Legal systems -------------------------------------------------------- 28
1. Current status and issues of domestic legal systems -------------------------------- 28
  1. (1) Company Law ----------------------------------------------------------- 28
  2. (2) Financial Products and Exchange Law --------------------------------------- 30
  3. (3) Antitrust Law ----------------------------------------------------------- 31
  4. (4) Taxation system --------------------------------------------------------- 32
  5. (5) Labor Law -------------------------------------------------------------- 33
  6. (6) Bankruptcy Law --------------------------------------------------------- 34
2. Foreign M&A related legal systems ----------------------------------------------- 36
  1. (1) USA ------------------------------------------------------------------- 36
  2. (2) EU -------------------------------------------------------------------- 38
  3. (3) UK -------------------------------------------------------------------- 39
  4. (4) Germany --------------------------------------------------------------- 40
  5. (5) France ----------------------------------------------------------------- 41
  6. (6) China ------------------------------------------------------------------ 42
(Source Material 1) M&A Conference and M&A Forum ------------------------------ 44
1. About the M&A Conference ----------------------------------------------------- 44
2. About the M&A Forum --------------------------------------------------------- 44
(Source Material 2) Graphs ------------------------------------------------------- 53