Mergers and Acquisitions in Asia: A Global Perspective

by Tang; Roger Y. W.

• ISBN13: 9780415769969
• ISBN10: 0415769965
• Edition: 1st
• Format: Hardcover
• Copyright: 2006-11-01
• Publisher: Routledge

Summary

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 profile and investment climates of key countries is discussed and many issues will be 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. When appropriate, the practices and management strategies in Asia will be compared with those observed in the United States and the United Kingdom.

Author Biography

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

Table of Contents

List of figures	xi
List of tables	xiii
Preface	xix
Acknowledgments	xxi
1 Mergers and acquisitions in a changing world	1	(22)
Global trends of M&A	2	(11)
Cross-border M&A from a US perspective	13	(2)
The importance of East and Southeast Asia in global trade and investment	15	(3)
Economic growth of developing countries in Asia	18	(2)
Changes in the Asian-Pacific region that facilitate M&A expansion	20	(1)
Objectives and scope of the study	21	(1)
An overview of the book	22	(1)
2 Economic environment of Japan	23	(18)
An economic profile of Japan	24	(3)
Business and investment environment in Japan	27	(4)
US trade and investment relations with Japan	31	(3)
Japan's investment and trade relations with East Asia	34	(3)
Mergers, acquisitions, and reforms of M&A regulations	37	(1)
Taxation issues	38	(1)
Summary and conclusions	39	(2)
3 Merger and acquisition activity in Japan	41	(11)
An overview of M&A in Japan	42	(1)
M&A transactions by the nationality of the target firms	43	(1)
Home countries of the acquiring firms	44	(1)
Acquisition methods	44	(2)
The 20 largest M&A in Japan	46	(1)
M&A activity by the industries of the target firms and the acquirers	46	(3)
Some unique features of Japanese M&A	49	(2)
Summary and conclusions	51	(1)
4 Greater China and its investment and trade relations with the United States	52	(28)
An economic profile of China, Hong Kong, and Taiwan	53	(2)
Investment relations among the three regions of Greater China	55	(5)
Merchandise trade among the three regions of Greater China	60	(5)
US investment relations with Greater China	65	(3)
US trade with China	68	(3)
Investment climate and major regulations in Hong Kong	71	(2)
Major economic indicators and new regulations in Taiwan	73	(3)
Tax incentives and new regulations in Mainland China	76	(2)
Summary and conclusions	78	(2)
5 Mergers and acquisitions in Greater China	80	(22)
An overview of M&A in Greater China	80	(2)
Target and acquiring firms of M&A in China	82	(5)
Target and acquiring firms of M&A in Hong Kong	87	(2)
Target and acquiring firms of M&A in Taiwan	89	(4)
Acquisition methods in Greater China	93	(2)
Comparison of M&A practices in the three regions of Greater China	95	(2)
The economic impact of M&A and FDI in China	97	(3)
Summary and conclusions	100	(2)
6 The economic environment of Southeast Asian countries	102	(26)
Economic profile of the Big Five ASEAN countries	103	(3)
A profile of the Small Five ASEAN countries	106	(1)
The 1997 Asian financial crisis	106	(3)
Foreign direct investment in ASEAN	109	(1)
International trade of the ASEAN countries	110	(2)
US investment and trade relations with ASEAN	112	(3)
Investment and M&A regulations in the Big Five ASEAN countries	115	(11)
Summary and conclusions	126	(2)
7 Mergers and acquisitions in Southeast Asia	128	(29)
Recent trends in M&A in Southeast Asia	128	(3)
M&A transactions by the nationality of the target firms	131	(1)
Home countries of the acquiring firms	131	(1)
The 20 largest M&A in Southeast Asia	132	(1)
Comparison among the Big Five countries in ASEAN	133	(14)
Acquisition methods in the five countries	147	(3)
M&A activities and practices in the five countries	150	(4)
Summary and conclusions	154	(3)
8 Cross-national comparisons and general conclusions	157	(13)
Cross-national comparisons of economic growth, investment, and merchandise trade	157	(3)
Comparisons of M&A deals and transaction values	160	(1)
Domestic versus cross-border M&A activity	161	(1)
Industrial distribution of the target firms	162	(1)
M&A methods and the largest M&A in each country	163	(3)
Future prospects for M&A activity in Asia	166	(1)
Due diligence and integration issues from M&A in Asia	166	(2)
General conclusions	168	(2)
Bibliography	170	(5)
Index	175