For some time now, investment banks in Japan have been counting on a theory being correct.
It goes like this: as corporate governance and investor activism have belatedly become fixtures of Japanese corporate life, the country’s tangled conglomerates will streamline, selling non-core businesses and buying core ones. This process will lead to good times for investment bankers, particularly in M&A advisory.
August brought one of the clearest illustrations that the theory may be correct.
Blackstone bought Takeda Consumer Healthcare for Y242 billion ($2.3
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