INSEAD Library

Includes bibliographical references and index

Digitized

Contents Mergers and Acquisitions in Asia Mergers and Acquisitions in Asia List offigures List of tables Preface Acknowledgments 1 x i xiii xix xxi Mergers and acquisitions in a changing world Global trends of Mand 2 Cross-border M U f i m a US perspective 13 The importance of East and Southeast Asia in global trade and investment 15 Economic growth of developing countries in Asia 18 Changes in the Asian-Pacific region thatfacilitate MandA expansion 20 Objectives and scope of the stwiy 21 An overview of the book 22 Economic environment of Japan An economic projile of Japan 24 Business and investment environment in Japan 27 US trade and investment relations with Japan 31 Japan 5 investment and trade relations with East Asia 34 Mergers, acquisitions, and reforms of MandA regulations 3 7 Taxation issues 38 Summary and conclusions 39 3 Merger and acquisition activity in Japan An overview of MandA in Japan 42 MandA transactions by the nationality of the targetfirms 43 Home countries of the acquiringfirms 44 Acquisition methods 44 The 20 largest MandA in Japan 46 MandA activity by the industries of the targetfirms and the acquirers 46 Some uniquefeaeures of Japanese MandA 49 Summary and conclusions 51 4 Greater China and its investment and trade relations with the United States An economic profile of China, Hong Kong, and Taiwan 53 Investment relations among the three regions of Greater China 55 Merchandise trade among the three regions of Greater China 60 US investment relations with Greater China 65 US trade with China 68 Investment climate and major regulations in Hong Kong 71 Major economic indicators and new regulations in Taiwan 73 Tar incentives and neiv regzilations in Mainland China 76 Summary and conclusions 78 5 Mergers and acquisitions in Greater China An overview of MandA in Greater China 80 Target and acquiringfirms of MandA in China 82 Target and acquiringfirms of MandA in Hong Kong 87 Target and acquiringfirms of MandA in Taiwan 89 Acquisition methods in Greater China 93 Comparison of MandA practices in the three regions of Greater China 95 The economic impact of MandA and FDI in China 97 Summary and conclusions 100 6 The economic environment of SoutheastAsian countries Economic profile of the Big Five ASEAN countries 103 A proJile of the Small Five ASEAN countries 106 The 1997 Asian financial crisis 106 Foreign direct investment in ASEAN 109 International trade of the ASEAN countries 110 US investment and trade relations with ASEAN 112 Investment and Mand4 regulations in the Big Five ASEAN countries 115 Summary and conclusions 126 7 Mergers and acquisitions in Southeast Asia Recent trends in MandA in Southeast Asia 128 MandA transactions by the nationality of the targetfirms 131 Home countries of the acquiringfirms 131 The 20 largest MandA in Southeast Asia I32 Comparison among the Big Five countries in ASEAN 133 Acquisition methods in thefive countries 147 MandA activities and practices in the five countries 150 Summary and conclusions 154 8 Cross-national comparisons and general conclusions Cross-national comparisons of economic growth, investment, and merchandise trade 157 Comparisons of M M deals and transaction values 160 Domestic versus cross-border MandA activity 161 Industrial distribution o the targetfirms 162 f MandA methods and the largest MandA in each country 163 ~uture~rospec~sfor activity in Asia 166 MandA Due diligence and integration issuesf i m MandA in Asia 166 General conclusions 168 Bibliogmphy Index