M&Aによる農業法人の経営継承事例

農業特有のM&A

抄録

In the agricultural sector, some examples of mergers and acquisitions (M&A) remain. However, M&As involving small and medium-sized enterprises have been increasing in other industries, and they are expected to increase in agriculture as well. Therefore, this article presents the characteristics specific to agriculture based on the analysis of case studies of management succession through M&As in agricultural corporations.

In the case of the M&A of a beef cattle feedlot business, the buyer was a livestock dealer and a beef cattle feedlot operator. Thus, it was aware of the situation of securing successors for neighboring farmers. It was within this context that the deal was established, since buyers in the same region were regularly approached regarding M&As. The M&A was completed through a stock transfer.

In the case of the M&A of a crop producer, the acquired company, which was familiar with the acquiring company, approached the acquiring company, which was planning to expand its scale. The M&A was conducted through a business transfer, and the managers and employees of the company that was acquired were employed by the company that made the acquisition.

These agricultural M&As can be called “regional type M&As” as they are usually self-contained within a region, which vastly differs from those conducted in other industries. This approach can reduce the time required for the initial “deal-making” stage of the typical M&A process. However, as the shortage of successors continues and the number of companies to be acquired increases, there will no longer be enough regional companies to make acquisitions, and regional M&A will reach its physical limits. This would force businesses to consider a broader range of M&As, and in such cases, the same process would be used as for general M&As.