大型企業買収 国際化に布石打つサントリー

The Yomiuri Shimbun February 2, 2014
Suntory shows remarkable ambition by making huge acquisition abroad
大型企業買収　国際化に布石打つサントリー（2月2日付・読売社説）

While waging a war of attrition in the shrinking domestic market, a company relying mainly on domestic demand has gone on the offensive abroad in an effort to boost growth.
　縮小する国内市場で消耗戦を展開している内需型企業が、海外での成長に活路を見いだす「攻めの戦略」を決断した。

Suntory Holdings Ltd. has announced it will purchase Beam Inc., the largest spirits company in the United States, for $16 billion (about ¥1.6 trillion). It is the biggest overseas acquisition undertaken in Japan’s food industry.
　サントリーホールディングスが米蒸留酒最大手のビーム社を１６０億ドル（約１・６兆円）で買収し、完全子会社化すると発表した。食品業界では、過去最大規模の海外企業買収である。

Beam is known for a broad lineup of products, including such famous bourbon whiskeys as Jim Beam, as well as vodka and tequila. The company’s sales outlets have spread extensively around the world, including Russia and Brazil.
　ビーム社は、「ジムビーム」などの有名ウイスキーのほか、ウオツカやテキーラなど品ぞろえが豊富だ。ロシアやブラジルなどにも販路を広げている。

The takeover will make Suntory the world’s third-largest maker of distilled drinks in terms of revenue, up from 10th place.
　買収によってサントリーは、蒸留酒の売り上げで世界１０位から３位の企業に浮上する。

It seems Suntory has taken the acquisition action to strengthen its business operations in the United States and emerging economies by making effective use of Beam’s high brand recognition and international marketing networks.
　ビーム社の高いブランド力と、国際的な販売網を活用し、米国や新興国への事業展開を一気に強化する狙いがあるのだろう。

The earnings potential of domestic beverage firms has been dwindling because of intensifying price competition in addition to a shrinking market due to the nation’s graying society and low birthrate.
　少子高齢化に伴う市場の縮小に加え、価格競争の激化で国内の収益環境は厳しい。

In contrast, the number of middle-income consumers has been on the rise in China and the emerging economies in Southeast Asia and elsewhere. Prospects for expanding sales in these areas are bright for whiskey and other relatively high-priced alcoholic drinks.
　対照的に海外市場では、中国や東南アジア諸国などの新興国で中間所得層が増加している。ウイスキーなど比較的高額なアルコール飲料の販売拡大が見込まれる。

Suntory’s strategy of pursuing the goal of morphing into a global company by swiftly building a foothold overseas by putting a powerful foreign firm under its control can be said to be in line with the needs of the times.
　有力企業を傘下に置いて海外進出の足場を迅速に築き、グローバル企業への脱皮を目指そうという戦略は時代の要請だろう。

The cash needed for the takeover, ¥1.6 trillion, is massive enough to be close to the Suntory group’s annual sales.
　ただ、１・６兆円は、サントリー・グループ全体の年間売上高に迫る金額である。

Promising option

A number of market analysts point out that the huge corporate acquisition may prove to be a bad bargain, saying Suntory’s management has taken a major gamble.
市場では、巨額買収は「割高な買い物だ」として、今回の経営判断を大きな賭けと見る向きも少なくない。

To prevent its investment from becoming a gigantic burden, Suntory must further enhance its operational efficiency and boost profitability.
　サントリーは、大規模投資が重荷とならぬよう、一層の経営効率化や増収を図る必要がある。

All member firms of the Suntory group must act together to craft a marketing strategy by taking the global market into account, while at the same time exercising ingenuity to develop new products and reduce distribution costs. These efforts are essential to take full advantage of the acquisition.
　グループ一体で世界市場をにらんだ販売戦略を練り、商品開発や物流コストの削減を進めるべきだ。それが買収メリットを最大限に引き出すことになる。

On the strength of Prime Minister Shinzo Abe’s business expansion policy, signs are emerging that the national economy is picking up. All businesses have been thinking hard about how to expand markets for their key merchandise.
　安倍政権の経済政策「アベノミクス」によって日本経済は上向いてきた。戦略商品の販路拡大に各企業が知恵を絞っている。

In the eyes of companies seeking to grow, the purchase of overseas firms like that by Suntory is one of the most promising options.
　成長を目指す企業にとって、サントリーのような海外企業の買収は有力な選択肢となろう。

We hope to see companies in such sectors as the food industry and distribution services accelerating their moves to tap demand abroad, particularly in other Asian countries.
食品や流通業界は、アジアなどの外需取り込みを狙った動きをさらに加速することが求められる。

As the yen is likely to remain weak, there are concerns that the cost of corporate acquisitions may swell. Because of the effects of the Bank of Japan’s monetary easing policy, however, companies are favorably positioned to secure funding from financial institutions.
　円安定着で円建ての買収金額が膨らむことが懸念されるものの、日本銀行による大胆な金融緩和の効果により、企業が金融機関から資金を調達しやすい環境にあることも追い風である。

Companies should consider the current state of affairs a good opportunity to improve their operations by breaking away from their inward-looking mode of thinking and make a leap forward in the global arena.
　企業は事業拡大の好機ととらえ、内向き志向から脱し、グローバルに飛躍してもらいたい。

(From The Yomiuri Shimbun, Feb. 2, 2014)
（2014年2月2日01時25分 読売新聞）