Japan's financial markets were characterised by desperate and defensive deals in 2009. Our awards reflect this, to be sure, but we have also tried to recognise deals that were positive or showed long-term strategic vision.
Kirin's acquisition of Lion Nathan in Australia was just such a deal. This A$3.3 billion $3 billion acquisition is part of a clear strategic direction that the company has followed during the past few years -- to escape Japan's tortoise economy and capture growth overseas. The company also made a $1.5 billion investment in San Miguel's beer business in the Philippines in 2009, and although a domestic merger with Suntory recently failed to materialise, Kirin was right to pursue it....
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