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A woman purchases a Suntory beverage from a vending machine in Tokyo in this September 10, 2009 file photo. Suntory Holdings Ltd is set to receive Tokyo Stock Exchange approval as soon as May 29, 2013 to list its food and non-alcoholic beverage unit, a source with direct knowledge of the process told Reuters.
A woman purchases a Suntory beverage from a vending machine in Tokyo in this September 10, 2009 file photo. Suntory Holdings Ltd is set to receive Tokyo Stock Exchange approval as soon as May 29, 2013 to list its food and non-alcoholic beverage unit, a source with direct knowledge of the process told Reuters.
(Yuriko Nakao/Reuters)

FINANCIAL TIMES

Suntory time: IPO could be Tokyo’s biggest deal of 2013

Lex is a premium daily commentary service from the Financial Times. It helps readers make better investment decisions by highlighting key emerging risks and opportunities.

Ask old hands in Asia’s moveable feast of food and drink deals and there is one maxim they hold to: that Japanese companies always overpay. If Suntory, which plans to list its non-alcoholic drinks business in July to raise funds for overseas deals, holds true to form, there will be some happy dealmakers and soft drinks owners. Just as well, then, that it may face constraints.