Until the global financial crisis hit, Japanese executives lived in fear of becoming the target of activist hedge funds. Now, their anxiety is directed more at the activities of investors from China.
When Renown, an apparel maker, announced in May that it was selling a 41 per cent stake to Shandong Ruyi, a Chinese textile maker, corporate Japan's fears of a takeover spree by cash-rich Chinese companies seemed to be being confirmed.
Shandong Ruyi's investment in Renown came shortly after the acquisition by Marlion, a Chinese holding company, of Honma Golf, a famous maker and retailer of high-end golf clubs.
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