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- Japan's Shibaura classified as core to national security amid takeover battle</p>
<p>Makiko YamazakiAugust 5, 2025 at 3:29 AM</p>
<p>By Makiko Yamazaki</p>
<p>TOKYO (Reuters) -Japan's Shibaura Electronics, a technology manufacturer at the centre of a $630 million takeover battle, has been formally classified as core to national security, a finance ministry list of such firms showed.</p>
<p>The thermistor maker received an unsolicited takeover bid from Taiwanese components supplier Yageo in February and called on compatriot components maker Minebea Mitsumi to submit a competing bid.</p>
<p>Shibaura was previously not among those designated as significant to the economy or security, meaning a would-be buyer was not obligated to notify the government prior to any deal.</p>
<p>The new classification is unlikely to affect the course of the deal as Yageo protectively filed for a security review based on its own analyses that some of Shibaura's businesses may fall under the core category.</p>
<p>Nearly a fourth of about 4,000 listed Japanese firms are classified as core in the finance ministry list, last on July 15.</p>
<p>Shibaura representatives were not immediately available for comment.</p>
<p>The bidding battle has become a test of Japan's openness to unsolicited takeovers. Stigma around such offers has eased recently yet unsolicited bids from foreign firms remain rare.</p>
<p>Yageo, the world's largest maker of chip resistors, is awaiting the outcome of the security review under the Foreign Exchange and Foreign Trade Act, which has been extended twice.</p>
<p>The classification list is based mainly on company responses to ministry questions. It is the foreign suitor's responsibility to judge whether a potential deal requires a security review, the ministry said.</p>
<p>Last year, Seven & i Holdings changed its self-reported national security classification to core when it was fending off a $46 billion bid from Canada's Alimentation Couche-Tard. The retailer said the change was unrelated to the approach, which was unlikely to be affected by the designation.</p>
<p>($1 = 147.1100 yen)</p>
<p>(Reporting by Makiko Yamazaki; Editing by Christopher Cushing)</p>
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