Goldman Sachs: Higher Toyota Industries Offer Bolsters Foreign Investor Confidence

Goldman Sachs said the recent upward revision to Toyota Industries Corp.’s tender offer price will boost foreign investors’ confidence in Japanese equities, as it recognizes the need for stronger protection for minority shareholders in Japan. “I don’t think many investors or many market participants thought that Toyota would move. So the fact that they have moved is remarkable,” said Bruce Kirk Chief Japan Equity Strategist at Goldman Sachs Japan Co Ltd. “Foreign investors will be more inclined to participate in the Japanese equities market knowing that their position as a minority shareholder has a greater chance of actually being protected.”