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.
有钱就去海外闯荡。日本企业从未像现在这样寻求海外并购机会。软银(SoftBank)竞购Sprint只是最新一例。由于日本企业资产负债表上现金充裕，同时国内市场表现平平，海外收购显然就是最佳选择了——至少在渴望赚取手续费的银行家眼中如此。然而，从日本企业界的收购历史来看，它们虽然全都资金充裕，但在选择收购目标方面却乏善可陈。
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