Press Conference by Minister Saito (Excerpt)

*Note: This is a provisional translation for reference purposes only.

10:55 to 11:02 a.m.
Tuesday, August 27, 2024
Press Conference Room, METI Main Building

Opening Remarks

None

Question-and-Answer Session

Buyout offer for Seven & i Holdings

Q: I would like to ask you about the Ministry of Economy, Trade and Industry’s stance towards the buyout offer for Seven & i Holdings Co., Ltd. I understand that the company is in the list of industries designated under the Foreign Exchange and Foreign Trade Act as requiring prior notification in principle. What is your view on the possibility of Seven & i Holdings falling under the umbrella of a foreign company? Also, what are your thoughts on the significance and the risk of the increase in cross-border M&As targeting Japanese companies?

A: Regarding the specific proposal of the Seven & i Holdings buyout case, I regret to say that I have to refrain from making comments here, as the company is now deliberating their response.

As for the latter part of your question, that is, cross-border M&As, generally speaking, it is necessary to pay attention to the risks, such as the technology outflows from Japan and supply chain disruptions. On the other hand, I believe that M&As can lead to the expansion of foreign sales channels and the sophistication of management through the use of networks and knowhow possessed by foreign capital.