Navigating cross-border complexity with confidence

Client: Kokusai Pulp & Paper Co., Ltd. (KPP)

Industry: Paper, packaging and related solutions

Target: Chugai Photo Chemical Co., Ltd., 
KPP engaged Forvis Mazars to provide due diligence support for its acquisition of three Germany-based companies from Chugai Photo Chemical Co., Ltd. (CPC), a Japan-based company engaged in the chemical and visual communication business with operations in Japan and Germany. The transaction enabled KPP to expand its presence in Germany and strengthen its international operations. Following the due diligence process, KPP successfully signed the Stock Purchase Agreement (SPA).
 

Key Challenges

The contemplated transaction involved a Japanese target with subsidiaries in Germany. KPP required a clear assessment of the German entities’ financial performance, working capital requirements, net debt position and potential tax exposures, alongside separate due diligence on the target’s Japanese operations.

Given the cross-border nature of the transaction and the tight timeline, reliable financial information, close coordination and clear communication among advisers in different countries were essential.
 

Our Solutions

Forvis Mazars brought together Financial Advisory and Tax specialists in Japan and Germany to deliver coordinated cross-border due diligence on the target’s German entities.

Our Financial Due Diligence assessed historical performance, quality of earnings, financial position, net debt and working capital, identifying the key financial considerations for the transaction. Our Tax Due Diligence reviewed tax compliance, potential exposures and the principal tax implications of the transaction.
 

Added Value Delivered

By combining transaction expertise in Japan with local tax knowledge in Germany, Forvis Mazars provided KPP with a clear and integrated view of the key financial and tax considerations relating to the German operations. 

Our coordinated approach helped KPP identify matters affecting valuation, transaction risk and deal execution. Partner-led oversight, clear communication and a no-surprises approach enabled timely, informed decision-making throughout the process, supporting KPP through to the successful signing of the SPA.
 

Client Testimonial

"Despite the complexities encountered during the transaction, we successfully reached the signing of the Stock Purchase Agreement. We sincerely appreciate the clear and insightful advice provided by Forvis Mazars throughout the due diligence process, as well as the team’s valuable support."

- Kokusai Pulp & Paper Co., Ltd.
 

Our Expertise in Cross-border M&A Transactions

Cross-border acquisitions require local expertise and seamless international coordination. Drawing on our global network of specialists, Forvis Mazars provides integrated Deal Advisory services-including Financial and Tax Due Diligence, Valuation and SPA support-to help clients identify key risks, understand value drivers and make informed investment decisions.