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  "documentTitle": "Nidec Corp. (6594 JP)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2016-12-13 00:00:00",
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  "notes": "The slide highlights a contradiction between management's stated policy and subsequent actions, supported by share repurchase data.",
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      "text": "We do not purport to know the reasoning behind consolidating these companies, and the timing of these transactions. We do find the inconsistency in Nidec's discussion of the rationales for these transactions a little troubling, particularly given Mr. Nagamori's financial interests in them.",
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      "text": "We do not purport to know the reasoning behind consolidating these companies, and the timing of these transactions. We do find the inconsistency in Nidec's discussion of the rationales for these transactions a little troubling, particularly given Mr. Nagamori's financial interests in them.",
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      "text": "When Nidec announced the consolidation of Sankyo by share exchange, one analyst expressed surprise on the FY 2011 call noting the inconsistency with the above statement. Mr. Nagamori responded that what he \"may\" have said in the past does not necessarily apply in the future. He also reminded the questioner that there were still four publicly-traded subsidiaries, and that if it made sense to consolidate them in the future, Nidec would do so. Less than one year later, Nidec became less equivocal when it announced the consolidation of Copal, Tosok, and Semitisu. Mr. Nagamori stated with perhaps a tinge of revisionism \"We had, in the past, explained that it would not be a positive thing for us to continue a situation whereby both the parent company and the subsidiary of that company remain listed.\"",
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      "text": "Adjusted for splits, Nidec has issued 30.2 million shares to consolidate the subsidiaries. Adjusted for splits, during this time Nidec has bought back 19.8 million shares for about JPY 71.6 billion.",
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      "text": "On the FY 2009 results call after announcing the acquisition of Servo minority interests, Mr. Nagamori said the following about consolidating listed subsidiaries: \"Our policy is that we would only have an arrangement of a 100% subsidiary in the case purely when the subsidiary company's management and employees strongly desired it, and there is no change in our policy in this regard.\"",
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      "text": "\"Our policy is that we would only have an arrangement of a 100% subsidiary in the case purely when the subsidiary company's management and employees strongly desired it, and there is no change in our policy in this regard.\" — Mr. Nagamori (FY 2009 results call). \"We had, in the past, explained that it would not be a positive thing for us to continue a situation whereby both the parent company and the subsidiary of that company remain listed.\" — Mr. Nagamori (FY 2012 Call).",
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      "kind": "source-note",
      "text": "118 FY 2011 Call. 119 FY 2012 Call. 120 Source data from Bloomberg. 121 Source: Bloomberg.",
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      "text": "Note 2010 - 2013 have been adjusted to reflect the 3/8/2014 stock split. Source: Bloomberg",
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      "text": "Shares repurchased table for 2010-2016",
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