Mergers and acquisitions in asia : a global perspective

This book examines recent trends towards mergers and acquisitions in Japan, Greater China and Southeast Asia from 1990 to 2004. Comparisons are made among regions and between countries of particular regions.

The economic profiles and investment climates of key countries are discussed and many issues are examined from the perspectives of US-based and UK-based investors because they play significant roles in Mergers and Acquisitions activities in all regions of the world.

The practices and management strategies in Asia are also compared with those observed in the United States and the United Kingdom where appropriate.

Author Notes

Roger Y. W. Tang is The Upjohn Chair Professor and Ali M. Metwalli is Professor of Finance at Western Michigan University, USA.

List of figures	p. xi
List of tables	p. xiii
Preface	p. xix
Acknowledgments	p. xxi
1 Mergers and acquisitions in a changing world	p. 1
Global trends of M&A	p. 2
Cross-border M&A from a US perspective	p. 13
The importance of East and Southeast Asia in global trade and investment	p. 15
Economic growth of developing countries in Asia	p. 18
Changes in the Asian-Pacific region that facilitate M&A expansion	p. 20
Objectives and scope of the study	p. 21
An overview of the book	p. 22
2 Economic environment of Japan	p. 23
An economic profile of Japan	p. 24
Business and investment environment in Japan	p. 27
US trade and investment relations with Japan	p. 31
Japan's investment and trade relations with East Asia	p. 34
Mergers, acquisitions, and reforms of M&A regulations	p. 37
Taxation issues	p. 38
Summary and conclusions	p. 39
3 Merger and acquisition activity in Japan	p. 41
An overview of M&A in Japan	p. 42
M&A transactions by the nationality of the target firms	p. 43
Home countries of the acquiring firms	p. 44
Acquisition methods	p. 44
The 20 largest M&A in Japan	p. 46
M&A activity by the industries of the target firms and the acquirers	p. 46
Some unique features of Japanese M&A	p. 49
Summary and conclusions	p. 51
4 Greater China and its investment and trade relations with the United States	p. 52
An economic profile of China, Hong Kong, and Taiwan	p. 53
Investment relations among the three regions of Greater China	p. 55
Merchandise trade among the three regions of Greater China	p. 60
US investment relations with Greater China	p. 65
US trade with China	p. 68
Investment climate and major regulations in Hong Kong	p. 71
Major economic indicators and new regulations in Taiwan	p. 73
Tax incentives and new regulations in Mainland China	p. 76
Summary and conclusions	p. 78
5 Mergers and acquisitions in Greater China	p. 80
An overview of M&A in Greater China	p. 80
Target and acquiring firms of M&A in China	p. 82
Target and acquiring firms of M&A in Hong Kong	p. 87
Target and acquiring firms of M&A in Taiwan	p. 89
Acquisition methods in Greater China	p. 93
Comparison of M&A practices in the three regions of Greater China	p. 95
The economic impact of M&A and FDI in China	p. 97
Summary and conclusions	p. 100
6 The economic environment of Southeast Asian countries	p. 102
Economic profile of the Big Five ASEAN countries	p. 103
A profile of the Small Five ASEAN countries	p. 106
The 1997 Asian financial crisis	p. 106
Foreign direct investment in ASEAN	p. 109
International trade of the ASEAN countries	p. 110
US investment and trade relations with ASEAN	p. 112
Investment and M&A regulations in the Big Five ASEAN countries	p. 115
Summary and conclusions	p. 126
7 Mergers and acquisitions in Southeast Asia	p. 128
Recent trends in M&A in Southeast Asia	p. 128
M&A transactions by the nationality of the target firms	p. 131
Home countries of the acquiring firms	p. 131
The 20 largest M&A in Southeast Asia	p. 132
Comparison among the Big Five countries in ASEAN	p. 133
Acquisition methods in the five countries	p. 147
M&A activities and practices in the five countries	p. 150
Summary and conclusions	p. 154
8 Cross-national comparisons and general conclusions	p. 157
Cross-national comparisons of economic growth, investment, and merchandise trade	p. 157
Comparisons of M&A deals and transaction values	p. 160
Domestic versus cross-border M&A activity	p. 161
Industrial distribution of the target firms	p. 162
M&A methods and the largest M&A in each country	p. 163
Future prospects for M&A activity in Asia	p. 166
Due diligence and integration issues from M&A in Asia	p. 166
General conclusions	p. 168
Bibliography	p. 170
Index	p. 175

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Author Notes

Table of Contents