Corporate Japan’s shopping spree

Japanese firms have thrown caution to the wind and “are leading some of the most… aggressive deal-making”, says Lex in the FT. The most recent example is Osaka-based drinks group Suntory, which has just paid 20 times operating cash flow for Beam, America’s spirits brands producer.

After spending $46bn on overseas mergers and acquisitions (M&A) in 2013, Japanese companies are set for another year of shopping abroad.

They certainly have lots of money, says Assif Shameen in Barron’s. Firms have become leaner after being forced to restructure during Japan’s long slump. They have paid down debts and built up [...]

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