Word: mitsubishis
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Takashi Nishioka, the new chairman of Mitsubishi Motors Corp. (M.M.C.), has a difficult job ahead. While Japan is the birthplace of some of the world's most successful auto manufacturers--Honda, Nissan, Toyota--Mitsubishi is one of the most troubled. The company has been shaken over the past year by revelations of long-running campaigns in various divisions to cover up critical manufacturing defects, some of which have proved lethal. Many large investors, including DaimlerChrysler and Japanese private-equity fund Phoenix Capital, have begun selling off their stakes or announced that they plan to do so soon, leaving questions about...
...Germany to help steer their struggling Chrysler unit in Detroit, Bernhard worked three days a month on the company's factory floor. Bernhard's innovations paid off: the company was the only U.S. carmaker to pick up market share this year. But when Bernhard opposed giving the troubled Mitsubishi unit an injection of $2 billion, he found himself without a job. Volkswagen quickly offered Bernhard a high-powered encore: as chairman of the company's VW brand. That will effectively make him No. 2 at Europe's biggest automaker when he settles into the new job over the next...
...panel prices drop, so will margins, potentially forcing some weaker players out of the business. There are already signs of a shake-out. In September, Taiwan's Chi Mei Optoelectronics halted construction on a panel factory. Japan's Mitsubishi Electric said it will phase out production of large LCD panels altogether, filling its TV sets with panels made by other companies. Even market leader LG.Philips LCD, a joint venture between Korea's LG Electronics and the Netherlands' Royal Philips Electronics, reported a 15% drop in net profit in the third quarter due to a decline in panel prices. Competition will...
...status quo isn't what it used to be. Three of the country's largest banks are engaged in an unusual corporate-takeover battle that could develop into something unheard of in the country's clubby and consensus-driven banking community: a hostile takeover bid. The combatants are Mitsubishi Tokyo Financial Group (MTFG) and Sumitomo Mitsui Financial Group (SMFG), Japan's second- and third-largest banks, respectively. They are vying to merge with UFJ Holdings, the sickest and smallest of the country's Big Four banks, in a bidding war that highlights the degree to which government reform and revived...
...INDICATORS Rising Interest Japan's Sumitomo Mitsui Financial Group sought to scupper a merger agreement between rival banks UFJ Holdings and Mitsubishi Tokyo Financial Group (MTFG) with a $29 billion bid for UFJ. It said it would consider SMFG's offer, but would still link up with MTFG, creating the world's largest bank...