The merger negotiation between Shin-Etsu Chemical Co. and Daido Chemical Co. in the last years of the Pacific War

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  • 太平洋戦争末期の合併交渉 : 信越化学と大同化学のケース
  • タイヘイヨウ センソウ マッキ ノ ガッペイ コウショウ シンエツカガク ト ダイドウ カガク ノ ケース

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This paper takes up the case of the acquisition of Daido Chemical Co. by Shin-Etsu Chemical Co. in the last years of the Pacific War and analyses the claims and actions of the parties interested in the merger negotiation process. The analysis provides the following conclusions. First, Daido's inter-business relationships were unstable at that time, but from the viewpoint of expanding production Shin-Etsu perceived a degree of rationality in the merger with Daido. Second, Nippon Synthetic Chemical Co., one of Daido's major shareholders, remained firmly opposed to the merger for fear of a possible loss. Because its claims were not reflected in the procedure and conditions of the merger, one can conclude that the rights of the shareholders to the decision-making in the merger negotiation were remarkably limited. However, it is important to note that a major shareholder claimed its right of ownership. Finally, the Ministry of Munitions settled the negotiation by imposing unfavorable conditions on Daido. In April of 1945 when Japan's defeat was imminent, it was extremely difficult to reach a fair settlement through reconciliation of conflicting interests.

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