Japan Corporate Takeovers Abroad Hit 404 in 1989

TOKYO — Corporate takeovers by Japanese enterprises overseas hit a record 404 in 1989, up 22% over 315 in 1988, Yamaichi Securities Co. reported today.

Among the major deals were a record $3.4-billion takeover of Columbia Pictures Entertainment Inc. by Sony Corp. and Mitsubishi Estate’s acquisition of a majority equity in Rockefeller Group Inc.

Yamaichi said its survey showed that Japanese takeovers of foreign companies in 1989 accounted for 61.3% of the total mergers and acquisitions reported in 1989.

The survey said the number of mergers and acquisitions involving Japanese corporations at home and abroad in 1989 totaled 659, valued at $212 billion.

There were 15 foreign takeovers of Japanese companies, accounting for 2.3%, the survey said, down from 17 such cases in 1988.

The largest foreign takeover in 1989 was the acquisition of Sansui Electric Co. by the British conglomerate Polly Peck International (Holdings) BV in October.