Applied Corporate Finance | Guest Speaker

Jul 26, 2019

On July 8th, Professor Tomonori Ito's Applied Corporate Finance class welcomed Mr. Yasushi Shingai, Honorary Company Fellow of Japan Tobacco Inc., as a guest speaker. Mr. Shingai was the Executive Vice President of Japan Tobacco International when Japan Tobacco acquired Gallaher of the UK in 2007, which is one of the biggest ever cross-border M&As by a Japanese company. He was the chief negotiator of this highly publicized transaction and one of the protagonists of the case "Japan Tobacco: Domestic Giant Going Global (A) (B)" authored by Professor Ito.

After a one hour discussion of the case in which students discussed the pricing of the transaction and the reasons for the success of the post-merger integration of Gallaher, Mr. Shingai stayed on for a one-hour Q&A session with the students. He touched on points such as the importance of preparation in succeeding with M&A, how to make sure to generate synergies, how JT develops strong leaders, and how to deal with investment bankers and consultants. It was truly a fruitful session full of learning on how to succeed with M&A and what is required of business leaders.

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