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Japan's second biggest pharmaceutical company by sales, Astellas Pharma Inc., launched a $3.5-billion bid for U.S.-based OSI Pharmaceuticals Inc., or $52 for each OSI share at a 40% premium over its closing price on Friday. Because of favorable market conditions, Japanese companies are seeking growth through global acquisitions.

After months of negotiations, Japanese beverage companies Kirin Holdings Co. and Suntory Holdings Ltd. called off plans to merge. The merger would have created one of world's largest brewers with combined revenue of about 3.8 billion yen.

Mobile telephony operator NTT DoCoMo Inc. reports a 70% fourth-quarter net profit drop to 34.2 billion yen. Revenue dropped 10% to 1.069 trillion yen while operating profit fell 54% to 84.2 billion yen. For the full fiscal year ended March 31, DoCoMo reports a net profit drop of 3.9% to 471.84 billion yen on a revenue drop of 5.6% to 4.448 trillion yen. Full year operating profit rose 2.8% to 830.96 billion yen. Mobile telephone sales in the year dropped 22% to 20.1 million units.

Mitsubishi Rayon Co. will acquire private-equity fund Charterhouse Capital Partners L.L.P.'s 82% stake in U.K. plastics manufacturer Lucite International Group Ltd. for $1.6 billion in cash including the assumption of $1 billion of Lucite's debt. On Tuesday, Mitsubishi Rayon's shares dropped 10% to $2.25.

Boosted by warm weather and high cigarette sales, chain and independent convenience stores in Japan experienced a growth in sales volume in the month of July. Article discusses sales and marketing trends within the convenience store sector as well as the sales growth of store operators FamilyMart Co., Lawson Inc., Seven & I Holdings, and 7-Eleven Inc.

Panasonic Corp. plans to spend $8.4 billion to acquire the shares in subsidiaries Sanyo Electric Co. and Panasonic Electric Works Co. that it doesn't already own. The move is part of Panasonic's plan to promote its green energy business.

Fujitsu Ltd. executives, in a meeting with shareholders, admitted that they issued false information concerning the dismissal of former company president Kuniaki Nozoe. At first, they said that Nozoe left on account of illness; later, following Nozoe's going public and claiming wrongful dismissal, they claimed he was involved with an investment fund that had connections with organized crime.

Fujitsu Ltd. and Toshiba Corp. have agreed to merge their mobile telephone operations, creating the second-largest maker of mobile telephones in Japan and giving Fujitsu a position of leadership in the domestic mobile market.

Fujitsu Ltd. has reported that it is dealing with a lawsuit involving its former president, Kuniaki Nozoe, who claims he was forced to resign under duress. A provisional order was being sought that would see him returned to the company;s board of directors.