Have funds, will travel. Japanese groups are looking overseas for deals like never before. SoftBank’s bid for Sprint is only the latest. With balance sheets heavy with cash and a lacklustre home market, deals are an obvious way to go – at least in the eyes of fee-hungry bankers. Yet corporate Japan’s acquisition history shows a pattern of being all cashed up, but a rotten record of figuring out where to go.
有錢就去海外闖蕩。日本企業從未像現在這樣尋求海外併購機會。軟銀(SoftBank)競購Sprint只是最新一例。由於日本企業資產負債表上現金充裕，同時國內市場表現平平，海外收購顯然就是最佳選擇了——至少在渴望賺取手續費的銀行家眼中如此。然而，從日本企業界的收購歷史來看，它們雖然全都資金充裕，但在選擇收購目標方面卻乏善可陳。
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