Word: sumitomo
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Dates: during 2000-2009
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...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 economic vibrancy have unleashed a fresh...
...supermarket giant Daiei?one of the country's biggest "zombie" companies, enterprises that continue to operate despite crushing debt and chronic unprofitability. Daiei is carrying debt of nearly $10 billion. It has little hope of ever repaying, but it has always managed to convince a trio of lenders?UFJ, Sumitomo Mitsui Bank and Mizuho Holdings?to extend additional credit at crucial moments in order to keep it alive. UFJ is urging Daiei's management to accept assistance from the Industrial Revitalization Corporation of Japan (IRCJ), a state-backed bank designed to overhaul Japan's most hapless companies. Meanwhile, U.S. retailing...
...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...
Name A Japanese corporate colossus, and chances are it started as a family firm--Mitsubishi, Sumitomo, Toyota, Kikkoman. Hundreds of millions of Indians garb themselves daily in cloth made by the Ambanis or Wadias. Residents of Hong Kong can barely avoid contributing to the coffers of billionaire Li Ka-shing and his sons, who control office towers, supermarkets, electronics outlets and telephone companies. Business in Asia is a family affair, and the most accurate picture of an Asian economy remains a diagram of an extended family tree connecting clans that make things to those that finance them, with dotted lines...
...government hands. Desperate to raise capital, Japanese banks are finally overcoming their deeply ingrained disdain for foreign investors. American investment bank Merrill Lynch was recently allowed to take an $849 million stake in a company created by troubled UFJ Holdings, Japan's fourth largest bank. And two weeks ago, Sumitomo Mitsui, Japan's second largest bank, sold $1.27 billion worth of convertible preferred securities to investment bank Goldman Sachs...