Talk and panel discussion at the Daiwa Anglo-Japanese Foundation
Practical aspects of mergers and acquisitions between Europe and Japan
Gave a panel talk organized by the Asia Pacific Technology Network at the beautiful House of the Daiwa Anglo-Japanese Foundation near Regents Park in London on the topic “M&A in Japan” on April 18th, 2008.
- The background, the drivers:
- High Euro, low valuations in Japan
- Globalization, must have critical size
- The Landscape: M&A is generally at lower levels than in UK/US, however recently M&A transactions are rising:
- 1985-1993: 500 deals/year Buyout Funds: 1 – US$ 30 Million
- 2000-2003: 1700 deals/year
- 2005-2007: 2700 deals/year Buyout funds: 22 – US$ 5.6 Billion
- Types of M&A:
- strategic vs financial
- Hostile vs friendly
- M&A: the process
- The deal: in Japan money does not always win!
- Due diligence: often overlooked in Japan (with example from our experience)
- Post-merger: culture is really difficult, must do your homework to succeed! Lets discuss the pitfalls, e.g. lets learn from the Vodafone case!
Dr Gerhard Fasol, President, Eurotechnology Japan KK
David Syrad, Managing Director/Managing Director Asia, A.K.I. Japan Limited/Change Masters International Limited
Two practitioners from Tokyo will debate the changes in Japanese attitudes to mergers and acquisitions. Gerhard Fasol is the leading expert of Japan’s electronics and telecoms sectors, while David Syrad is a consultant specializing on M&As, with particular reference to the automotive sector.
During the course of this seminar, we will cover:
- M&As between Japanese companies,
- the slow impact of foreign investment into Japan, and the (see: Europe to Japan M&A registry)
- outward investment strategies of Japanese companies. (see: Japan to Europe M&A registry)
DR GERHARD FASOL: BACKGROUND
Gerhard has been working with the Japanese telecoms industry since 1984. Over 1996/7, he created Eurotechnology Japan KK, which has become one of the leading western technology and M&A advisory boutique in Japan, focussing on the Japanese ICT sector. In recent years, Eurotechnology’s work has included advising a global financial institution on the risks of the US$ 15 billion loan to SoftBank for the Vodafone KK acquisition, helping a French company to acquire a Japanese pharmaceutical factory, analyzing industry sectors and companies for global investment banks, and working with a financial institution on mobile banking sites, including business development, technology and security.
Eurotechnology was also recently engaged by the European Union to benchmark Japan’s mobile and fixed-line communication industries vs EU, and to make recommendations to the European Union how to learn from Japan.
In addition, his company constantly works on business development projects between Europe and Japan – several of which Eurotechnology drives on it’s own initiative, helping Japanese companies grow business in Europe, and helping European companies build and grow their businesses in Japan.
DAVID SYRAD: BACKGROUND
Managing Director/Managing Director Asia, A.K.I. Japan Limited/Change Masters International Limited. David is responsible for strategy, business development and personnel. Also active as a consultant.AKI is a long-standing market entry and communication-related consultancy. Projects handled include: Automotive, Medical Equipment, ICT, IT, Nuclear Power, Office Automation, Food and Beverages, Sports Goods, Education and Tourism
Change Masters International is a UK-based, global Strategy Implementation Consultancy – latest Japan project led to client’s induction into the Balanced Scorecard Hall of Fame.
Location: Daiwa Foundation Japan House, 13/14 Cornwall Terrace, London, NW1 4QP (www.dajf.org.uk/location)
Nearest tube station: Baker Street
Timing: Sandwiches 12.30: Seminar 13.00 – 14.30.
To Register: please send your details (name, institutional affiliation, email address, phone number) to firstname.lastname@example.org
Contact: Louis Turner 0790 5204 677