The rumoured list of financial advisers that will sit around the table for Japan’s blockbuster merger between Nippon Steel and Sumitomo Metal Industries has raised a few eyebrows in Tokyo. Not just because there are so many banks involved, but also because there is one that isn’t Nomura.
Japan’s pre-eminent investment bank is best known for its dominance of the country's equity capital markets, but it is also no slouch in MA. In 2010 it topped the announced-MA league tables in Japan with ease. According to Dealogic, it won 109 mandates announced last year, compared to just 20 for the second-placed firm, J.P. Morgan. In dollar terms, Nomura’s...
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