The government is selling a total of $10.2 billion worth of its stake in Japan Tobacco, a former state monopoly and the world’s third largest cigarette maker, in order to fund reconstruction associated with the March 2011 earthquake and tsunami.
The government sold its shares in a public offering in Japan, as well as through an international offering to institutional investors. The government last month also sold back $2.4 billion of its shares to Japan Tobacco, bringing its stake in the company down to about 33 percent from 50 percent.
Sullivan & Cromwell Tokyo partner Izumi Akai and Mori Hamada & Matsumoto partners Toru Ishiguro and Katsumasa Suzuki acted for Japan Tobacco and the government on the international and domestic offerings, respectively.
Simpson Thacher Tokyo partner Alan Cannon represented joint lead managers Goldman Sachs International, Daiwa Capital Markets Europe Ltd. and J.P. Morgan Securities Plc., with Nagashima Ohno partner Shinichi Araki acting as Japanese counsel.