川重社長解任 合併で混乱招いた社内抗争劇

The Yomiuri Shimbun June 17, 2013
Kawasaki Heavy power struggle keeping market on tenterhooks
川重社長解任　合併で混乱招いた社内抗争劇（6月16日付・読売社説）

It is unusual in Japan to see the head of a major company suddenly dismissed. The market is now watching with a sharp eye the confusion caused by a power struggle within a major company.
　企業トップが突然、解任される異例の展開である。社内抗争による混乱に市場の目は厳しい。

Kawasaki Heavy Industries Ltd. dismissed President Satoshi Hasegawa and two other directors during an ad hoc board meeting on Thursday. The three had been pushing merger talks with Mitsui Engineering & Shipbuilding Co. The company also said it decided to scrap the integration talks.
　川崎重工業が１３日の臨時取締役会で、三井造船との合併交渉を推進していた長谷川聡社長ら３人の取締役を解任した。交渉の打ち切りも決めた。

Shigeru Murayama, who was promoted to president from senior vice president, said “a strong sense of distrust had developed” regarding their assertive way of pursuing the merger talks because the three had acted as if “the integration was a foregone conclusion.” It was an agonizing decision to dismiss them, he added.
　常務から昇格した村山滋新社長は記者会見で、「合併ありきの姿勢に強い不信感を覚えた。苦渋の決断だ」と述べた。

What happened is in effect a palace coup staged jointly by Murayama and others to stop the merger plan with Mitsui Engineering.
　合併構想を阻止するために、村山氏らが結束した事実上の社内クーデターと言えよう。

In the shipbuilding and heavy machinery industry, Kawasaki Heavy is the nation's second largest company and Mitsui Engineering is the fifth. News reports revealed their integration talks at the end of April. If realized, the integration would have created a giant company with combined consolidated sales approaching 2 trillion yen.
　造船・重機業界２位の川崎重工と５位の三井造船の合併交渉は、４月末の報道で明るみに出た。実現すれば、連結売上高２兆円弱の大型再編になるはずだった。

Japanese shipbuilding companies once dominated the global market. Today, however, Chinese and South Korean rivals have overtaken Japanese companies.
　日本の造船業界はかつて世界を席巻したが、今では、中国や韓国メーカーに追い抜かれている。

It happened mainly because Japanese firms have suffered from a becalmed global shipbuilding market after the so-called Lehman shock and the negative effects of the super strong yen. They are also at a disadvantage to other Asian rivals in cost competitiveness.
　リーマン・ショック後の世界的な造船市況の低迷と、超円高の打撃を受けたうえ、コスト競争力で劣っているのが主因だ。

Surviving fierce contest

Mizuho Corporate Bank, the main bank financing Kawasaki Heavy and Mitsui Engineering, acted as a middleman in their merger planning. The plan can be seen as one tactic aimed at survival in a fierce global contest.
　川崎重工と三井造船の合併構想は、主力取引銀行のみずほコーポレート銀行が仲介役となった。激しい国際競争を生き残るための一つの選択肢だったのだろう。

In January, shipbuilding companies related to JFE Holdings, Inc. and IHI Corp. were integrated. Moves by Mitsubishi Heavy Industries, Ltd. and Imabari Shipbuilding Co., Ltd. to enhance their partnership apparently pushed Kawasaki Heavy and Mitsui Engineering toward the possible merger.
　１月にはＪＦＥ系とＩＨＩ系の造船子会社が統合した。提携関係を深めている三菱重工業と今治造船の動きも、川崎重工と三井造船の背中を押したとみられる。

Within Kawasaki Heavy, however, opinions about the integration were greatly divided. Supporters and opponents to the merger plan apparently had different views on the actual businesses of the company.
　しかし、川崎重工社内は合併の賛否で割れていた。経営実態への感度の差もあったのでないか。

Shipbuilding accounts for only 10 percent of Kawasaki Heavy’s sales. Manufacturing of trains, aerospace equipment and motorcycles is considered the company's major business.
　売上高のうち、造船部門はわずか１割に過ぎない。むしろ主力事業は、鉄道車両、航空宇宙、オートバイなどである。

Many strongly opposed the merger plan, arguing that it was expected to create synergies for the shipbuilding section but would not benefit the other unrelated sections much.
　三井造船との合併で造船部門では相乗効果が期待できても、非造船部門はメリットが薄いとして、合併反対論も強かった。

Industrial reorganization

Against this background, we urge Kawasaki Heavy to reflect on its past conduct of not disclosing important management information to the market at appropriate times. The company initially denied the preliminary merger talks but suddenly admitted them on Thursday.
　川崎重工が重要な経営情報を市場に適時開示していなかった点には反省を促したい。当初、合併交渉を否定しておきながら、１３日に一転して認めたからだ。

Attention will now focus on what management strategies the two companies will develop in the wake of the merger talks being scrapped.
　今後の焦点は、合併交渉の白紙を受け、両社がそれぞれ、どんな経営戦略を打ち出すかだ。

The new Kawasaki Heavy president said the company will continue to study the possibilities of integration, merger and acquisition, and partnership, but the specific proposals Murayama will make remain to be seen. It is also important for the company to readjust its relations with the main financing banks.
　「合併・買収（Ｍ＆Ａ）や連携は引き続き検討する」と述べた村山新社長の具体策が問われる。取引銀行との再調整も課題だ。

Meanwhile, Mitsui Engineering, whose business performance is sluggish, has a rocky road ahead.
　一方、業績が低迷している三井造船の前途は多難である。

The government revealed its policy to support industrial reorganization as a measure to enhance competitiveness of Japanese companies. However, the failed merger negotiations between Kawasaki Heavy and Mitsui Engineering proves that industrial organization is never an easy job.
　政府は、競争力強化策として産業再編を支援する方針を示した。だが、川崎重工と三井造船の交渉破談は、再編が決して容易ではないことを浮き彫りにしている。

(From The Yomiuri Shimbun, June 16, 2013)
（2013年6月16日付 読売新聞）