Tuesday’s Headlines: Japan, the new force in M&A

Japan has gotten aggressive when it comes to cross-border acquisitions. Fueled by a strong currency, cash-rich companies and Japanese banks willing to lend, Japan has been propelled to No. 3 from No. 10 globally over the past year in global rankings of cross-border acquisitions in value of deals, according to the Wall Street Journal. The United States and UK rank No. 1 and 2.

With international rivals weakened by the European crisis, Japanese firms, which have abundant cash on hand, are seeking investments around the globe, spurred by experience in successfully closing purchases. And deal makers say corporate Japan's buying spree will likely continue next year with big deals in consumer goods and pharmaceuticals. Deals between Japan and Europe may also rise as European companies in the debt-saddled region seek buyers, the Journal quotes bankers as saying.

 

Other News:

Of the 4,500 job cuts Citi recently announced, 413 may be in New York. [Bloomberg]

BlackRock will cut 59 positions in San Francisco. [Investment News]

Credit Suisse said 49 additional jobs in New York may be affected by planned reductions. [Businessweek]

BofA will add 160 Merrill Edge advisors in 2012 in Arizona and Southern California. [On Wall Street]

European banks including Deutsche, KBC and Banco Santander are selling some of their more profitable units. [Businessweek]

Citi will sell its remaining shares of insurance company Primerica. [DealBook]

Hedge fund redemption rates tripled in October, shrinking the industry’s assets to the lowest level in two years. [Reuters]

Cantor Fitzgerald will manage some of fund-of-funds Cadogan Management’s accounts. [Hedge Fund Net]

White-collar defense lawyers are in hot demand. [Bloomberg]