【英语财经】上半年全球并购交易额飙升75% Value of M&A hits $1.7tn in first six months of 2014

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2014-7-1 01:34

小艾摘要: The value of global mergers and acquisitions hit $1.75tn in the first six months of the year, a 75 per cent rise on the same period last year and the highest since 2007.The increase highlights a shift ...
Value of M&A hits $1.7tn in first six months of 2014
The value of global mergers and acquisitions hit $1.75tn in the first six months of the year, a 75 per cent rise on the same period last year and the highest since 2007.

The increase highlights a shift in thinking in the US, Europe and Asia. Risk aversion and organic expansion, embraced after the financial crisis, are being pushed aside as the belief returns that growth can be more easily bought than built.

In the US, M&A announced in the year to date stands at $748.5bn, up almost three-quarters on a year earlier. In Asia-Pacific, deals hit $327.8bn, up 85 per cent and the best year-to-date period for dealmaking in the region since Thomson Reuters began recording the data in 1980. In Europe, M&A is back with a bang: the $509bn of deals announced mark a more than doubling over 2013 levels.

Peter Tague, co-head of Global M&A at Citi, said companies had started to accept that “the volatile world we are in is the new normal – there is always going to be an Iraq or a sovereign debt wobble about to happen somewhere. Increasingly, they are deciding they have to deliver in that environment against a growth imperative that cannot be sustained through cost-cutting and organic activity alone. That leaves us feeling pretty good about the prospects for M&A.”

The rebound has spread across most sectors except financials, where tougher regulation has suppressed appetite. “Availability of debt and low cost of financing are enablers of M&A, but deals remain driven by strategic logic,” Gilberto Pozzi, head of M&A for Europe, Middle East and Africa at Goldman Sachs, said.

Much activity has been in health-care, with the value of deals reaching $317.4bn in the first six months, the highest recorded and 15 per cent above 2007’s full-year record of $275bn. Many deals have been worth over $10bn, including Med-tro-nic’s $48bn acquisition of Covi-dien and Valeant’s $62.5bn pursuit of Allergan. The industry would have had an even more remarkable start had Pfizer and AstraZeneca agreed terms.

“The bigger deals have emerged from growing confidence in the boardroom,” Robert Rankin, co-head of corporate banking and securities at Deutsche Bank, said. “A lot of these transactions have been considered for a long time, but the courage to execute them has only returned in the last 12 months.”

今年头6个月,全球并购交易总额达到1.75万亿美元,较去年同期增长75%,为2007年以来最高水平。

这一增长突显出美国、欧洲和亚洲的市场情绪正在发生转变。金融危机之后一度盛行的避险情绪和“有机增长”理念被抛到一边,人们再度相信,并购更容易带来规模增长。

美国今年迄今宣布的并购总额达到7485亿美元,几乎较一年前增长四分之三。在亚太地区,并购总额为3278亿美元,增长85%,为1980年汤森路透(Thomson Reuters)开始记录数据以来的最高值。在欧洲,并购交易强劲回归:今天头6个月宣布的并购总额为5090亿美元,较2013年水平增长逾一倍。

花旗集团(Citi)全球并购部门联席主管彼得?塔格(Peter Tague)表示,企业开始接受一种观点,即“世界动荡是一种新常态,总是会出现类似伊拉克局势或主权债务危机这样的不稳定因素。他们日益坚定地认为,面对这样的环境,无法单单通过削减成本和有机增长来维系发展。这让我们对于并购前景感到非常乐观。”

除金融以外的多数行业都出现了并购反弹。在金融业,更为严格的监管抑制了并购兴趣。高盛(Goldman Sachs)欧洲、中东和非洲地区并购主管吉尔伯特?波齐(Gilberto Pozzi)表示:“发债的便捷以及低廉的融资成本是推高并购量的因素,但并购交易仍受到战略布局的驱动。”

大量并购交易出现在医疗行业,今年头6个月该行业的并购总额达到3174亿美元,为有记录以来最高,较2007年全年2750亿美元的记录高出15%。很多并购交易额超过100亿美元,包括Med-tro-nic以480亿美元并购Covi-dien,以及Valeant以625亿美元收购Allergan。如果辉瑞(Pfizer)与阿斯利康(AstraZeneca)之前就收购达成一致的话,该行业今年本会有一个更引人注目的开始。

“规模较大的交易背后,是公司董事会信心的增强,”德意志银行(Deutsche Bank)企业银行和证券部门联席主管洛永勤(Robert Rankin)表示。“很多交易已经经历了很长时间的考虑,但过去12个月企业终于有了完成这些交易的勇气。”

译者/梁艳裳

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