Japanese banks less reluctant to finance hostile takeovers, lobby chief says [Globe and Mail, The (Toronto, Canada)]
Sumitomo Mitsui Financial Group Inc Unsponsored American Depositary Shares (Japan) (SMFG)
US:NYSE Investor Relations:
smfg.co.jp/english/investor
Company Research
Source: Globe and Mail, The
“Banks were previously worried about reputational risks” in helping unsolicited bids, Fukutome said in an interview. “But I believe new takeover guidelines from the industry ministry last year have helped lower psychological hurdles.” Hostile bids, once shunned because they were seen as disruptive to Japan Inc's collaborative ethos, are still relatively rare, but the frequency is increasing. The Ministry of Economy Trade and Industry (METI) last year released new M&A guidelines aimed at cracking down on excessive defence tactics, removing a long-held stigma around unsolicited bids and spurring corporate takeovers. The non-binding guidelines have already prompted companies such as electric motors manufacturer Nidec and life insurer Dai-ichi Life Holdings to launch hostile takeover bids. Fukutome, who also heads the core banking arm of Sumitomo Mitsui Financial Group, said banks should consider unsolicited proposals if a deal would benefit the target company and help improve it
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- 3/27/24 - Form 6-K
- 3/27/24 - Form 6-K
- 3/25/24 - Form 6-K
- SMFG's page on the SEC website