Success or Failure of M&A, Business Alliances and Joint Ventures
First written in FY2016. 1 of 5 entries say "Worsened", first in FY2022. Latest entry: 2026-07-25.
The whole theme swung hardest in 2025: 9 of 29 companies on the "Worse" side.
8 other companies' latest entry also says "Materialised".
- 2026-07-25MaterialisedOccurring Fact
「In discussions with the seller of the target company's shares, we were unable to reach an agreement on terms that would serve the best interests of our shareholders and other stakeholders.」
The investment in the European convenience store operator was not pursued because agreement on terms with the seller could not be reached, making the risks concerning transaction conditions and investment returns concrete. - FY2026AdvancedAnnual report
「Insufficient due diligence at the time of an acquisition may prevent post-merger integration (PMI) from proceeding smoothly or prevent the initially anticipated synergies from being realized, potentially resulting in impairment losses.」
The M&A risk was specified as an investment recovery scenario involving insufficient due diligence, failed PMI, unrealized synergies, and impairment losses, rather than the general risk of failing to achieve acquisition benefits. - 2026-04-22MitigatedGeneral Meetings of Shareholders
「The company had received a non-binding acquisition proposal from Alimentation Couche-Tard Inc. (hereinafter, “Couche-Tard”), and confirmed that Couche-Tard decided to withdraw its acquisition proposal in July 2025.」
The withdrawal of Couche-Tard's acquisition proposal was recorded, indicating that the situation concerning the proposal had concluded. - FY2022WorsenedAnnual report
「Business activities in countries around the world may face risks including changes in laws and regulations, political instability, uncertainty in economic conditions, differences in business practices, and partner selection. As a result, the initially anticipated acquisition benefits and profits may not be realized.」
The risks of failing to achieve the expected benefits from global M&A, including post-merger integration following the Speedway acquisition, were specified in terms of regulations, politics, business practices, and partner selection. - FY2016First statedAnnual report
「However, if these strategic investments fail to produce the initially expected benefits and their strategic objectives cannot be achieved, the Group's business results and financial position could be affected.」
M&A, business alliances, and the establishment of joint ventures are used as means of growth and restructuring, while failure to achieve the expected benefits is identified as a risk.