Fudosan finally breaks through
After a battle of wits with activists and minority shareholders, Toyota Fudosan wins the right to fully privatise Toyota Industries. Not the Toyota Group's finest moment.
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Litigation watch: Bank of Baroda
Over the coming months Firefly will publish a series of articles on landmark litigation battles across the region. Our first looks at Indian lender, Bank of Baroda.
Macro governance, not AI, is the real story
AI-linked equities have set the tone for Asian markets in 2026. But the more important story is about governments.
The chutzpah of Hong Kong small caps
A listed company put prime assets into a private equity-style fund. The deal ticked regulatory boxes but things did not end well for shareholders.
TICO take-private: And the winner is...
Elliott and Japan emerge from the TICO privatisation saga in front. Toyota has much to learn.
Reform is a dish best served cold
Against a backdrop of rising geopolitical tensions with China, US regulators are mulling higher standards for "foreign private issuers". The move seems as much about retribution as reform.
Unshackling investors in Japan (2)
What are the pros and cons of the new large shareholder reporting regime? How might different types of investors respond?
Unshackling investors in Japan (1)
For the past decade financial regulation in Japan has hamstrung collective engagement of listed companies. What was the origin and purpose of these rules?
Keep your eyes on the prize
In May 2026 some rusty old chains constraining collective engagement of companies in Japan will be removed. Though not perfect, the new rules mark an important turning point in regulatory policy. Savvy investors will keep their eye on the big picture and not tie themselves in knots over minutiae.
Toyota tests the system, falls short
Despite a higher offer price for Toyota Industries Corporation (TICO), surprising weaknesses in Toyota Motor’s handling of the TICO privatisation remain. While this case says much about the Toyota Group’s governance culture, it also points to a range of flaws in the squeeze-out process in Japan.