Eight advisers on Japanese steel merger, but no Nomura

Nippon Steel and Sumitomo Metal, two of Japan’s biggest steelmakers, have hired an army of investment banks to advise on their merger, but couldn’t find a seat for Nomura.

The rumoured list of financial advisers that will sit around the table for Japan’s blockbuster merger between Nippon Steel and Sumitomo Metal Industries has raised a few eyebrows in Tokyo. Not just because there are so many banks involved, but also because there is one that isn’t Nomura.

Japan’s pre-eminent investment bank is best known for its dominance of the country's equity capital markets, but it is also no slouch in MA. In 2010 it topped the announced-MA league tables in Japan with ease. According to Dealogic, it won 109 mandates announced last year, compared to just 20 for the second-placed firm, J.P. Morgan. In dollar terms, Nomura’s...

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