Mergermarket M&A Forum Japan 2024
The premier M&A forum in Japan
The Conrad, Tokyo and online
25
Jun
Regulatory and activist update: Game changing the deal environment
The new regulatory regime, aimed at driving competitiveness has spurred M&A activity and mmanagement buyouts in Japan to their fastest pace in more than a decade as intensifying governance pressure has created more opportunities. With take-privates on the rise and headline deals showcasing what can now be done, the Tokyo Stock Exchange’s recent push for better capital efficiency is also expected to create greater pressure on companies as activist investors pursue more difficult and high-profile investments. A panel of regulators, investors, and advisors will discuss the effects of new regulations on Japanese dealmaking.
- How is governance and regulatory pressure driving the activist agenda?
- How are regulations driving more take private deals and how accessible are they?
- What is the pipeline for deals over the next 12 months?
- In what part of the market are we likely to see the most corporate divestment?
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SpeakersShigeki Kimura Managing Director, BLACKROCK JAPAN CO., LTD. JAPAN HEAD OF GOVERNMENT AFFAIRS & PUBLIC POLICY
Hiroyuki Otsuka Representative Director and CEO NEWTON INVESTMENT PARTNERS, INC.
Hideaki Miyajima Executive Vice President for Financial Affairs, WASEDA UNIVERSITY Professor of Japanese Economy, Graduate School of Commerce, WASEDA UNIVERSITY
Fujiko Amano Director, Investment Collaboration at the Investment Facilitation Division MINISTRY OF ECONOMY, TRADE AND INDUSTRY
Kazuhiko Tahara Director, Corporate Governance & Sustainability - Japan MORROW SODALI
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Shigeki Kimura, Managing Director, is Japan Head of Government Affairs & Public Policy (GAPP).
GAPP defines BlackRock's public policy priorities in Japan and lead our engagement strategy to shape positive policy outcomes for BlackRock and our clients. Mr. Kimura will expand our engagement in Japan, working with country leadership, L&C, Corporate Strategy, and the client and investment teams, to deliver concrete policy results that enhance market functioning and advance BlackRock's growth objectives in the country. He brings a wide range of public policy and financial services expertise to BlackRock, including leadership roles at top levels of government.
Mr. Kimura spent over 20 years serving the Government of Japan in various senior positions at the Japan Ministry of Finance, Cabinet Secretariat, and international financial institutions covering financial issues. Following his time in government, Mr. Kimura was Managing Executive Officer and Global Head of the Industry Finance Group at the Japan Bank for International Cooperation (JBIC). More recently, he has been a Senior Advisor at Brookfield Asset Management and an Executive Advisor at Japan Post Investment Corporation (JPIC).
Mr. Kimura graduated from the Law Faculty of Tokyo University and is a registered attorney at law. He serves on the Board of Habitat for Humanity Japan.
Hiroyuki Otsuka is the founder and CEO of Newton Investment Partners, Inc.
Before founding Newton Investment Partners, he was the Deputy Head of Carlyle Japan and Managing Director leading the firm’s carve-out deals. Mr. Otsuka was also head of the General Industries group, and has driven a number of significant transactions and served as a board member at several companies including Chimney Co., Ltd., Tsubaki Nakashima Co., Ltd,. CxS Corporation, and SENQCIA Corporation (formerly Hitachi Metals Techno, Ltd.). He has also led the sourcing of the take private deal of SEIKO PMC CORPORATION, which was a listed subsidiary of DIC Corporation.
Mr. Otsuka has also served as a board director for several of Carlyle Japan’s portfolio companies such as Enewill Inc., Kokusai Kogyo Co., Ltd., TOTOKU INC. (previously a listed subsidiary of Furukawa Electric Co., Ltd.). During his tenure at Carlyle, Mr. Otsuka was committed to creating value for its portfolio companies and supporting their transformation to achieve sustainable growth.
He also served as an independent board member of DeNA Co., Ltd. from 2015 to 2019.
Mr. Otsuka began his career at Sumitomo Bank (currently Sumitomo Mitsui Banking Corporation) in 1992. After returning from post-graduate studies in 1998, he joined Sumitomo Bank’s M&A team and worked on multiple collaborative transactions, including the establishment of a joint venture with Daiwa Securities and arranging an alliance with Lazard.
In 2001, Mr. Otsuka joined Carlyle Japan and was responsible for the industrial sector.
In 2002, he joined Lazard and served as a Director at their New York headquarters as well as in Japan, leading multiple cross border and domestic transactions. He was promoted to Managing Director in 2006.
That same year, Mr. Otsuka, returned to Carlyle Japan, where he continued to work until he founded Newton Investment Partners.
Mr. Otsuka was a member of the “Fair Acquisition” (2023) and “Challenges for M&A in Japan and Case Studies” (2022/2023) study groups formed by the Ministry of Economy, Trade and Industry.
He is a member of Japan Association of Corporate Executives.
Mr. Otsuka received his post-graduate degree from Oxford University and his B.A. from Waseda University.
Hideaki Miyajima (PhD, Waseda University) is professor at Faculty of Commerce, Waseda University. He is currently Executive Vice President (Financial Affairs) at Waseda University, Faculty Fellow at Research Institute of Economy, Trade & Industry (RIETI), and Advisor at Waseda Institute for Advanced Study (WIAS). He has participated in numerous committee and research groups in Japanese government (Ministry of Finance, Ministry of Economy, Trade and Industry). He has also consulted to various institutions including Financial Service Agency, Cabinet Office, Tokyo Stock Exchange, the World Bank. His research covers the analysis of Japanese economy, corporate finance, corporate governance, M&A, and business-government relationship. His work appeared in Review of Financial Studies, Journal of banking and Finance, Corporate Governance: International Journal, Journal of Internal and Japanese Economies, Benchmarking: International Journal, among others. He also published several edited volumes such as Corporate Governance in Japan, Oxford University Press, Changes and Continuity in Japan, Routledge Curzon Press, Policies for Competitiveness, Oxford University Press.
Fujiko Amano is Director for Investment Collaboration at the Investment Facilitation Division, Ministry of Economy, Trade and Industry of Japan ("METI"). She handles policy-making for foreign direct investment promotion jointly with the "Invest Japan" Office of the Cabinet Office and undertakes deregulatory projects, serving as a contact point for foreign corporations and foreign entities in Japan. She brings a unique mixture of public and private sector experiences in trade and investment as well as public policy and regulatory fields.
Prior to joining METI, she served as a trade negotiator for the Japan-EU EPA and the Japan-China-Korea FTA at the Economic Affairs Bureau of the Ministry of Foreign Affairs of Japan and has held management positions at multinational corporations and international organizations, including Vodafone, a Global IT company and Japan-ASEAN Centre. As a New York licensed lawyer, she also practiced law at Shearman & Sterling, Jones Day and Sidley Austin. She holds a BA from Bryn Mawr College, a law degree from the University of Oxford, and a Msc. from the London School of Economics.
Kazuhiko is a global finance and investment expert, with particular expertise in ESG and sustainable finance.
Prior to joining Morrow Sodali, Kazuhiko was a principal advisor at S&P Global Market Intelligence (IHS Markit), providing insight and guidance on ESG to clients in APAC including Japan. Previous roles include promotion of ESG stewardship activities at Daiwa Asset Management. Earlier responsibilities in a long career include international primary markets, quants, corporate access and compliance at Daiwa Securities.
Kazuhiko has a Bachelor of Arts in Economics at Kyoto University and Master of Business Administration at the University of Chicago. He is a CFA Charterholder.