A German perspective on M&A in Japan

German Embassy in Tokyo

April 24th, 2008

Title: A German Perspective on M&A in Japan

• The background, the drivers:
  • High Euro, low valuations in Japan
  • Globalization, must have critical size
  • Technology
  • Europe’s business is under-developed in Japan
• The Landscape:
  • M&A is generally at lower levels than in UK/US
  • recently M&A transactions are rising:
• Types of M&A:
  • strategic vs financial
  • friendly vs hostile
• M&A: the process
  • Finding the target: “why should I pay for that?”
  • The deal: in Japan money often not always win!
  • Due diligence: often overlooked in Japan – especially by foreign companies!
  • Post-merger: culture is really difficult, must do your homework to succeed!