Toshiba woe holds lessons for Japanese buyers

As Japan’s cross-border M&A boom continues, buyers should learn from Toshiba, Kirin, and Japan Post’s mistakes, which are creating new inbound M&A opportunities.

The recent boom in overseas acquisitions by Japanese companies has led to predictable regrets and recriminations.

Among those ruing their international boldness is Toshiba. Having written off some $6.3 billion after overstating earnings at US nuclear unit Westinghouse Electric, which it bought in 2006, the marquee Japanese company said on Wednesday that it has chosen a preferred bidder for its chip business as it rushes to raise shareholder equity and avoid a humiliating delisting from the Tokyo Stock Exchange.

Japan Post has also been left red faced after a 400 billion yen $3.6 billion write down on its ill-advised 2015 purchase of Australian logistics firm...

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