TAKEOVERS - -: T. Boone's Tokyo Fling

T. Boone's Tokyo Fling

Are U.S. takeover artists ready to breach the clubby confines of the Tokyo stock market? In what appears to be the first direct hostile raid on a Japanese company by a foreigner, T. Boone Pickens disclosed last week, the Texas-based corporate raider has accumulated a 20% stake in Koito Manufacturing, a key supplier of car parts to Toyota.

Pickens' foray drew flak from Tokyo investors, who saw the move as an attempt to elicit greenmail -- the money that a company pays raiders when it buys back their shares at a costly premium. The Japanese government is investigating whether Pickens ambushed...

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