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Deutsches Institut für Japanstudien

The New Corporate Division (Kaisha Bunkatsu) law and its impact on the corporate landscape in Japan (会社分割法と日本企業に対する影響)

2001年7月2日 / 6.30 P.M.

Clay Kinney, Credit Suisse First Boston

On April 1, 2001 the Japanese tax code was modified to allow a number of divisive and consolidative corporate transactions on a tax friendly basis. Many commentators have claimed that this signals that Japan is entering a golden age of M&A activity, where corporations will be able to divest themselves of sub-performing assets and focus on maximizing shareholder value. In this session we will look at what is possible under the new rules and give consideration to their impact on Japan’s economic landscape.


1) Kaisha bunkatsu, so what’s changed?

2) Types of bunkatsu

  • a) Vocabulary

    3) The new rules.

  • a) Legal issues
  • b) Structures
  • c) Taxation

    4) Bunkatsu’s impact on Japanese M&A activity coming forward.