Japan

JAPANESE UPDATE – Revision of Business Combination Investigation Procedures Under Antimonopoly Act Could Influence Cross-Border Deals’ Timing and Best Practices

Highlights: The Japan Fair Trade Commission (JFTC) has abolished the prior consultation procedures and revised the Guidelines to the Application of the Antimonopoly Act Concerning Revision of Business Combination in order to enhance predictability. Under the New Policies, JFTC must implement consultation upon receipt of notification, and the business combination reviews are unified in the … Continued

Editors’ Note:  Masakazu Iwakura is a partner at Nishimura & Asahi and a member of XBMA’s Legal Roundtable. This paper was co-authored with Kenta Ogata and Marques Johnson, also of Nishimura & Asahi. As one of Japan’s leading M&A practitioners, Masakazu Iwakura has handled a variety of groundbreaking M&A transactions and also serves as Professor at Hitotsubashi University Graduate School of International Corporate Strategy and as an independent member of the board of directors of NIDEC Corporation, listed on the Tokyo Stock Exchange and New York Stock Exchange.

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JAPANESE UPDATE – A Step Towards Easing Restrictions on Use of Exchange Offers by Japanese Companies Making Foreign Acquisitions

Executive Summary/Highlights:  Japanese legal hurdles to cross-border exchange offers or triangular mergers have deterred Japanese acquirers from using their stock in cross-border acquisitions. A recent amendment to the Law on Special Measures for Industrial Revitalization and Innovation, which took effect on July 1, 2011, introduces a new path to facilitate exchange offers by Japanese firms … Continued

Editors’ Note:  This paper was authored by Akemi Suzuki, a partner at Nagashima Ohno & Tsunematsu who concentrates on domestic and cross-border mergers and acquisitions in theU.S., Asia andEurope.  Shuji Yanase is a former chairman of Nagashima Ohno & Tsunematsu and a member of XBMA’s Legal Roundtable, with more than thirty years of leadership in international M&A transactions involving Japanese firms.

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XBMA – Quarterly Review for Q1 2011

The attached slides summarize trends in cross-border M&A and strategic investment activity throughout the first quarter of 2011.   Highlights: Global M&A volume for Q1 2011 was US$671.8 billion, up 29.5% as compared to Q1 2010. Cross-border transactions have rebounded substantially from 2009: 38% of Q1 2011 global M&A was cross-border — up slightly from … Continued

Editor's Note: This is an example of the type of post and content the XBMA Forum seeks to showcase.

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