* * * * * * * * * T E R R I E 'S T A K E * * * * * * *<br>A weekly roundup of news & information from Terrie Lloyd.<br>(<a href="http://www.terrie.com">http://www.terrie.com</a>)<br><br>General Edition Sunday, January 17, 2009 Issue No. 549<br>
<br>+++ INDEX<br><br>- What's new<br>- News<br>- Candidate roundup/Vacancies<br>- Upcoming events<br>- Corrections/Feedback<br>- News credits<br><br>SUBSCRIBE to, UNSUBSCRIBE from Terrie's Take at:<br><a href="http://mailman.japaninc.com/mailman/listinfo/terrie">http://mailman.japaninc.com/mailman/listinfo/terrie</a><br>
<br>BACK ISSUES<br><a href="http://www.japaninc.com/terries_take">http://www.japaninc.com/terries_take</a>, or,<br><a href="http://mailman.japaninc.com/pipermail/terrie/">http://mailman.japaninc.com/pipermail/terrie/</a><br>
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<br>--------- PBXL is Hosted Business Communications ----------<br><br><br>+++ WHAT'S NEW<br><br>According to M&A Consulting firm Recof Corporation, the <br>pace of M&A in Japan or involving Japanese companies <br>
abroad fell to its lowest level in 6 years in 2009. Recof <br>says that there were just 1,954 deals last year, down <br>almost 20% over 2008, and that the value of those deals was<br>JPY7trn, down 43% from the year before. Common wisdom says <br>
that the drop was induced by CEOs waiting in 2009 to see <br>how things would shake out after the Lehman Shock, and <br>perhaps also because financing became more difficult to <br>come by.<br><br>But the pause seems to be over, and Recof is saying that <br>
while the overall year was down, in fact in December 2009 <br>there was an uptick in the number of deals -- which may <br>indicate that we may be in for a strong year of M&A <br>activity. This last week certainly seems to presage that.<br>
<br>First out the gate in 2010 in terms of international M&A<br>and/or major investments was a Dentsu announcement that it <br>would buy 40% of leading Chinese Ad firm Suntrend <br>Advertising. Dentsu will apparently pay out about JPY5bn to<br>
buy a stake from existing shareholders. Suntrend is a big <br>operator, with about 30,000 employees in 500 cities -- <br>considerably more than Dentsu's 15,000 or so. It does a <br>broad range of marketing activities and in particular <br>
in-store promotions. This acquisition sounds like a great <br>fit for Dentsu, since Suntrend is working with about 30 <br>multinational brands, such as Nike and PepsiCo.<br><br>[Continued below...]<br><br>------------- Fix Your Out of Date Website ----------------<br>
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-----------------------------------------------------------<br><br>[...Article continues]<br><br>Then on Friday, cosmetics firm Shiseido dropped the <br>bombshell that it would buy out major US cosmetics firm <br>Bare Escentuals, for US$1.7bn. This is the largest <br>
acquisition in Shiseido's history, and will pole vault the <br>firm from an also-ran in the US market to the world's <br>fourth-largest cosmetics firm by sales, right in behind <br>L'Oreal, P&G, and Unilever. <br>
<br>This is an incredibly gutsy move for Shiseido, and comes <br>hard on the heels of the firm's announcement late last year<br>that it would set up a Swiss company to compete head on <br>with L-Oreal for the swiss market. Shiseido has said <br>
earlier that it wants its foreign sales to surpass 50% by <br>2017 and with this deal it appears to be on track to do so.<br><br>Shiseido is mirroring a trend by other well-run Japanese <br>retailers expressing global leadership as a fitting <br>
ambition for their firms. Some years ago, supermarket chain<br>operator Aeon stated it wanted to take on WalMart -- a goal<br>that took on renewed importance after Walmart bought into <br>Seiyu. Another company, Fast Retailing (Uniqlo) certainly <br>
has GAP in its sights. Then of course there is Seven & i <br>(previously Ito Yokado), which already owns more than <br>35,000 stores in 100 countries and is growing at breakneck <br>speed in China.<br><br>As seems to be de rigueur for recent Japanese takeovers, <br>
Shiseido paid a significant premium of 43% over the closing<br>price for Bare Escentuals stock. Shiseido said it will <br>finance the deal through its own war chest and a <br>bridge-loan from its banks.<br><br>It's fairly clear now that Shiseido, Dentsu, Canon, Suntory, and <br>
the various insurance and pharmaceuticals firms who did major <br>M&As in 2008 and 2009 are all coming to the same conclusion<br>about their home market: Japan is headed downwards. Rather <br>rather than try to fight over the scraps, they have decided<br>
to grow internationally. What's interesting, though, is <br>that the favored strategy of steady organic growth of <br>yesteryear is being thrown to the winds in favor of major <br>value-based acquisitions of best-of-breed foreign companies<br>
with good cash flow. <br><br>All these companies appear to have arrived at the <br>conclusion that going big is the only way to execute an M&A<br>strategy properly. Why? Most likely for the following <br>reasons: i) the international market is somewhat still in a<br>
state of shock after the events of 2008, and if there is <br>going to be a recovery, then the window of opportunity is <br>now. ii) If the economy does enter another down leg, M&A <br>funds will be harder to come by -- so again, timing is <br>
important. iii) There is poor availability of <br>internationalized management talent in Japan, and so the <br>acquisitions need to be healthy, going concerns, with <br>dependable, stand-alone local management. <br><br>Unfortunately, there is a downside to buying a large going <br>
concern, which both Dentsu and Shiseido will need to take <br>care to avoid -- the inability of the Japanese buyers to <br>oversight their international holdings properly. This is a <br>problem that seems to afflict many Japanese firms and one <br>
needs look no further than the already well-established <br>foreign networks of the nation's IT/electronics firms to see <br>the problems. So newcomers are likely to feel the lack of <br>suitable manpower even more keenly. If you are an<br>
enterprising headhunter, this should be good news...<br><br>If we need evidence that failure to provide oversight is a <br>problem, then look at successful local retailer Aeon, which<br>decided to jettison its major foreign acquisition, Talbots,<br>
just last month. From what we can see, Aeon left the <br>Talbots senior people to their own devices, and allowed <br>them to make an ill-timed acquisition of another firm. <br>This deal wound up losing Talbots about JPY52bn in 2008 and<br>
in turn hurt Aeon's consolidated earnings for that period <br>as well.<br><br>Possibly the one sector which is benefiting significantly <br>from the emerging M&A boom, but which isn't taking <br>significant risks, is that of lawyers. According to a <br>
recent press release from <a href="http://mergermarket.com">mergermarket.com</a>, 10 out of the <br>15 top law frims for Japanese mid-market (US$10m-US$250m) <br>M&A sector in Japan in calendar year 2009 were foreign <br>
firms. Between them they pulled in 59 deals out of a listed<br>total of 169, for an overall deal value of US$647bn. Top of<br>the heap was Morrison & Foerster (MOFO). We don't have the<br>numbers for bigger deals, but if it was an international deal,<br>
you can be sure that one of the leading foreign law firms <br>was involved.<br><br>From scuttlebutt in the street, we believe that the likelihood <br>of a global M&A uptrend by Japanese firms is now quite <br>strong. This represents a significant business <br>
opportunity for foreign firms other than just lawyers -- <br>providing those foreign firms are able to pick the winners <br>that they should invest their time in. We'd be betting on <br>firms such as Canon, Asahi, Suntory, and of course Fast <br>
Retailing. The good news is that whereas many of these <br>targets may have been closed to approaches by foreign <br>businesspeople in previous years, now the size and risks at<br>stake mean that they have to get serious. They appear to <br>
be more receptive than ever to promises of international <br>competence, global networks, and of course bilingual, <br>bicultural help.<br><br>...The information janitors/<br><br>***------------------------****-------------------------***<br>
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-----------------------------------------------------------<br><br>+++ NEWS<br><br>- New law to allow foreign company lawsuits<br>- Tesla sports car auction<br>- Prudential to stop selling life insurance<br>- Kyocera founder to head up restructured Japan Airlines<br>
- Citigroup Japan CEO going home<br><br><br><br>-> New law to allow foreign company lawsuits<br><br>A new law being considered by the Legislative Council, a <br>government consulting think tank, will allow consumers to <br>
pursue lawsuits against foreign companies if the company <br>was registered in some shape or form in Japan when the <br>alleged wrongdoing occurred. The new law would also allow <br>lawsuits for labor and other business disputes as well. <br>
***Ed: Not sure how this law will really improve the <br>current situation, in that it is incredibly easy for a <br>foreign firm to do business in Japan without being <br>registered here at all. Seems to us that this law may<br>
well encourage more offshore selling through proxies. <br>We'll keep readers informed on this one.** (Source: TT <br>commentary from <a href="http://nikkei.co.jp">nikkei.co.jp</a>, Jan 16, 2010)<br><br><a href="http://www.nni.nikkei.co.jp/e/fr/tnks/Nni20100115D15JFA16.htm">http://www.nni.nikkei.co.jp/e/fr/tnks/Nni20100115D15JFA16.htm</a><br>
<br>-> Tesla sports car auction<br><br>In what has to be a hugely popular PR exercise, some <br>inspired marketing manager at used car dealer Gulliver came<br>up with the idea of auctioning off a Tesla Motors electric <br>
sports car in February. The auction will take place on <br>Yahoo Japan and bids will start at JPY1m. The auction will <br>run for a week. ***Ed: This is just a stunning idea, and <br>one that is likely to capture consumers' imaginations for <br>
the whole of that week. Wonder how Gulliver managed to <br>actually secure a car? We thought they were sold out at <br>least until the end of the year.** (Source: TT commentary <br>from <a href="http://nikkei.co.jp">nikkei.co.jp</a>, Jan 16, 2010)<br>
<br><a href="http://www.nni.nikkei.co.jp/e/ac/tnks/Nni20100115D15JFA05.htm">http://www.nni.nikkei.co.jp/e/ac/tnks/Nni20100115D15JFA05.htm</a><br><br>-> Prudential to stop selling life insurance<br><br>The UK's largest insurance company, Prudential, has said <br>
that it will wind up its PCA Life Co., insurance sales in <br>Japan from February, due to falling sales in annuities <br>coupled with increased competition from domestic Japanese <br>firms. Prudential's move mirrors that of Hartford last <br>
year, when Hartford admitted that its once profitable <br>annuities business was going to lose it big money in coming<br>years. PCA Life will continue servicing existing customers <br>and its asset management business. (Source: TT commentary <br>
from <a href="http://bloomberg.com">bloomberg.com</a>, Jan 15, 2010)<br><br><a href="http://www.bloomberg.com/apps/news?pid=20601101&sid=aVR3Xg4s42I8">http://www.bloomberg.com/apps/news?pid=20601101&sid=aVR3Xg4s42I8</a><br>
<br>-> Kyocera founder to head up restructured Japan Airlines<br><br>Whether it's a good idea or not we're not sure, but <br>nonetheless the government has decided in its wisdom to <br>appoint the founder of Kyocera and now iconic businessman, <br>
Kazuo Inamori, as the new CEO of Japan Airlines. Inamori is<br>a colorful character who amongst other things is an <br>ordained Buddhist priest. Inamori admits that he knows <br>nothing about airlines, and plans to work just 3-4 days a <br>
week... so clearly he's going to have to be doing a lot of <br>delegating and gut-led decision-making -- because he'll <br>have no time to do much else. Should be interesting. <br>(Source: TT commentary from <a href="http://reuters.com">reuters.com</a>, Jan 13, 2010) <br>
<br><a href="http://www.reuters.com/article/idUSTOE60C09120100113">http://www.reuters.com/article/idUSTOE60C09120100113</a><br><br>-> Citigroup Japan CEO going home<br><br>Doug Peterson has become a household name in Japan over the<br>
6 years he has run Citigroup Japan. He has overseen both a <br>broad expansion of the business with the Nikko acquisition,<br>then the unhappy unloading of the same assets after the <br>parent got into financial trouble in the US. We'll be sad <br>
to see him leave, and wish him the best of luck. According <br>to media sources, he will be replaced by 43-year old Darren<br>Buckley, currently president of Citibank Japan Ltd. <br>Apparently Peterson will work with the New York head office<br>
team in charge of repaying Citigroup's bailout money to the<br>US government. (Source: TT commentary from <br><a href="http://businessweek.com">businessweek.com</a>, Jan 11, 2010)<br><br><a href="http://www.businessweek.com/ap/financialnews/D9D5FUNG0.htm">http://www.businessweek.com/ap/financialnews/D9D5FUNG0.htm</a><br>
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Web: <a href="http://www.biosjp.com">www.biosjp.com</a><br>-----------------------------------------------------------<br><br>***------------------------****-------------------------***<br><br>+++ CANDIDATE ROUND UP/VACANCIES<br>
<br>=> BiOS, a Division of the LINC Media group, is actively <br>marketing the following positions for customers setting up <br>or expanding in Japan, as well as other employers of <br>bilinguals.<br><br>** HIGHLIGHTED POSITION(S)<br>
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vendors, clients, LINC Media personnel to schedule meetings<br>and communicating matters of importance.<br><br>As well as your excellent language skills, the ideal person<br>will have good organizational abilities, and bright outlook<br>
in the face of big work loads, some good customer-facing <br>experience, and the ability to smile in stressful or busy <br>situations. The BiOS team is an energetic and enthusiastic <br>one, so someone with all of this and energy will fit right <br>
in!<br><br>Remuneration is JPY3m JPY3.5m depending on your <br>experience.<br><br>** POSITIONS VACANT<br><br>- Level 1 Helpdesk/Desktop support engrs, JPY3m JPY5m<br>- Network Engineer, Global Telecoms Co, JPY5m JPY7m<br>
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based in Chofu, Tokyo. The firm has a small but solid <br>presence in Japan and needs 'new blood' to increase sales <br>to market potential. The job involves visiting salons, <br>barbers, distributors, and other beauty/grooming-related <br>
industries and presenting new products and campaign offers.<br><br>The candidate will have some sales experience and be able <br>to read English-language email, although only basic English<br>conversation skills are required. At least a basic <br>
knowledge of the beauty industry is strongly preferred.<br><br>Compensation begins at JPY5 million a year, inclusive of<br>bonuses and other considerations. Although this is an <br>entry-level position, it has significant longer-term<br>
potential for a candidate with strong leadership skills.<br><br>Please contact <a href="mailto:don.r.seale@gmail.com">don.r.seale@gmail.com</a> in English<br>for more information.<br>-----------------------------------------------------------<br>
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<br>-----------------------------------------------------------<br><br>------------------ ICA Event - January 19 -----------------<br><br>Speaker: Marco Koeder, M.S., CyberMedia, Executive Manager<br>Topic: 'Keep it Vibrating'<br>
The Six Immutable Laws of Mobile Business<br><br>Details: Complete event details at <a href="http://www.icajapan.jp/">http://www.icajapan.jp/</a><br>(RSVP Required)<br><br>Date: Tuesday, January 19, 2010<br>Time: 6:30 Doors open, Buffet Dinner included and cash bar<br>
Cost: 4,000 yen (members), 6,000 yen (non-members)<br>Open to all - Venue is Shangri-La Hotel (Conway Rooms 2&3)<br><a href="http://www.shangri-la.com/en/property/tokyo/shangrila">http://www.shangri-la.com/en/property/tokyo/shangrila</a><br>
<br>-----------------------------------------------------------<br><br>------------- <a href="http://iwine.jp">iwine.jp</a> Wine Tasting Event -----------------<br><br>2010 California Wine Taste Off!! Want to find a favorite <br>
California wine? Why not do it the way the pros do: by <br>tasting lots of wines at once! <a href="http://en.iwine.jp">http://en.iwine.jp</a> is proud <br>to present our highly popular large-format wine tasting <br>event, featuring over 75 wines, mainly from California but <br>
from Chile and Argentina, as well.<br><br>Take your time and taste a variety of flavors from the<br>varietals and styles you enjoy most...or branch off on a<br>new journey of exploration. For this tasting, three of <br><a href="http://en.iwine.jp">http://en.iwine.jp</a>'s certified Sommeliers have got together<br>
and chosen delicious yet value-oriented daily-drinking <br>wines.<br><br>As with all <a href="http://en.iwine.jp">http://en.iwine.jp</a> events, we make it easy to<br>enjoy the evening and to remember the wines you taste.<br>
All participants will receive a catalog of wines to browse.<br>And friendly wine advice from the pros at <br><a href="http://en.iwine.jp">http://en.iwine.jp</a> to help you get the most from your <br>tasting.<br><br>- Date & Time: 02/08/2010 (Mon), 6:00pm-8:00pm<br>
- Venue:Mandarin Oriental Hotel Tokyo 2-1-1 Muromachi, <br>Nihonbashi, Chuo-Ku, Tokyo<br><a href="http://www.mandarinoriental.co.jp/tokyo/images/motyo_localmap_jpn.pdf">http://www.mandarinoriental.co.jp/tokyo/images/motyo_localmap_jpn.pdf</a><br>
- Admission: 2,950 yen(tax included), Capacity: 100 guests<br>- Food: Food will not be served at this event.<br><br>Tickets at <a href="http://en.iwine.jp/californiatasting">http://en.iwine.jp/californiatasting</a><br>-----------------------------------------------------------<br>
<br>------------ Entrepreneur Association of Tokyo ------------<br><br>* Seminar: Tuesday, February 2nd<br>Speaker: Mark Peterson, Founder of Notting Hill Cakes<br><br>Start off the year with something sweet and join us to hear<br>
Mark Peterson, Founder of Notting Hill Cakes. Established <br>in Japan in 2006, Notting Hill is Japan's most famous <br>destination for home-made British and American baked<br>goods such as cupcakes, cookies and scones. Wholesale and <br>
corporate customers include Dean & Deluca, Hermes, Paul <br>Smith, Dunhill and Piaget.<br><br>Mark has been involved in the baking business since 1990<br>when he opened his first store in London. In addition, he <br>worked for five years as a Producer for broadcaster CNBC <br>
Business News in the London bureau.<br><br>Please sign up early while seats are available.<br><br>Date/Time: Tuesday, February 2nd<br>- Doors open at 6:30pm, Seminar starts at 7:00pm<br>Location: The Foreign Correspondents' Club of Japan<br>
Language: English<br>Website: <a href="http://www.ea-tokyo.com">http://www.ea-tokyo.com</a><br>-----------------------------------------------------------<br><br>***------------------------****-------------------------***<br>
<br>+++ CORRECTIONS/FEEDBACK<br><br>In this section we run comments and corrections submitted<br>by readers. We encourage you to spot our mistakes and<br>amplify our points, by email, to <a href="mailto:editors@terrie.com">editors@terrie.com</a>.<br>
<br>*** No comments or feedback this week.<br><br><br><br>***********************************************************<br>END<br><br>SUBSCRIBERS: 9,522 as of January 17, 2010<br>(We purge our list regularly.<br><br>+++ ABOUT US<br>
<br>STAFF<br>Written by: Terrie Lloyd (<a href="mailto:terrie.lloyd@japaninc.com">terrie.lloyd@japaninc.com</a>)<br><br>HELP: E-mail <a href="mailto:Terrie-request@mailman.japaninc.com">Terrie-request@mailman.japaninc.com</a><br>
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