Japan’s listed companies, many of which operate in the energy sector, have earned the equivalent of $57 billion from divestitures over the last three years as they look to boost their capital efficiency and stock valuations. Many of Japan’s largest listed firms are conglomerates that include diverse businesses. But their market value is below the value of the separate businesses, the so-called conglomerate discount, as Nikkei Asia reports. The drive to boost market value and return on investment has led to a shift in strategies among…
