The ¥2.12tr ($18.4bn) deal battled a violently fluctuating Nikkei and a dramatic strengthening in the yen over the last two weeks to price at ¥3.9m, toward the top of the ¥3.3m to ¥4.3m range. While the company boasts impressive fundamentals, officials conceded that the deal had benefited from "a good measure of luck".
October 16, 1998