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STUDIES | M & A

Global Corporate Divestment 2019

Ernst & Young

GLOBAL CORPORATE DIVESTMENT STUDY 2019

Digitization is driving spinoffs from major German corporations: the total value of sales in 2018 rose by almost 63 percent year-on-year to 107.7 billion US dollars. By contrast, the number of transactions fell slightly from 516 to 480. The increase in volume in Germany is more pronounced than on the global market for company divestments. >more


DACH Capital Market Study as of 31.12.2018

ValueTrust

DACH CAPITAL MARKET STUDY

The study was elaborated by ValueTrust Financial Advisors SE (ValueTrust) in cooperation with finexpert and the Institute of Auditing and Sustainability Accounting at the Johannes Kepler University Linz. This study provides a data compilation of the capital market parameters as of 31. December 2018 that enables an enterprise valuation in Germany, Austria and Switzerland. It has the purpose to serve as an assistant and data source as well as to show trends of the analyzed parameters. >more


Valuation Practice Squeeze-Outs

I-Advise

STUDIE ZUR BEWERTUNGSPRAXIS BEI GESELLSCHAFTSRECHTLICHEN ANLÄSSEN

The fifth edition of the study on German valuation practice in squeeze-outs, mergers and other legal measures according to German law has been complemented by reports with valuation dates in 2018 and analyses the development of valuation practice since 2010. The study can serve as a reference point for the most important parameters of valuations and offers an overview of solutions to a multitude of valuation questions by valuation professionals. >more


European Capital Market Data

ValueTrust

EUROPEAN CAPITAL MARKET STUDY

ValueTrust presents the second edition of the European Capital Market Study, which serves as a comprehensive compilation of capital market parameters such cost of capital and implied as well as historical risk premiums for European countries. The study also includes trading multiples and total shareholder returns across a wide range of industries. >more


Digital M&A

The Boston Consulting Group

CRACKING THE CODE OF DIGITAL M&A

To get the most value from digital acquisitions, dealmakers need to think more creatively about synergies. Less tangible sources of value — such as scientific acumen and social media influence — are critical to justifying the high price of digital assets. Acquirers must be able to tap into these sources of value to grow their own business, as well as apply their core strengths to accelerate the digital asset’s growth. >more


Chinese Investors

Ernst & Young

CHINESISCHE UNTERNEHMENSKÄUFE IN EUROPA: UPDATE FEBRUAR 2019

Chinese investors are becoming less and less active in Europe: last year, the number of takeovers and company investments throughout Europe fell by 21 percent to 196, and the investment volume even shrank by 46 percent to 31.2 billion US dollars. Germany also recorded a significant decline - the number of acquisitions and investments fell from 54 to 35. >more


M&A in Disruption 2018

Bain & Company

M&A IN DISRUPTION: 2018 IN REVIEW

The year 2018 will be remembered as the year that the word disruption gained prominence in the business lexicon. Executives grappled with the convergence of e-commerce, data analytics, mobile capabilities, the Internet of Things and other fast-moving digital advances, and found themselves questioning how their business models might be made obsolete and how they should respond. They also tracked the political uncertainty, headlined by US politics, and questioned how their business should navigate the new normal of a disruptive world. For these and other questions facing business leaders, M&A turned out to be a big part of the answer. It played a key role in helping companies deal with disruption even as it fueled the disruption itself. >more


2019 M&A Report Life Science

Ernst & Young

2019 EY M&A FIREPOWER REPORT

Over the past three decades, life sciences companies have used their biological and chemical know-how to create significant value for themselves, their shareholders and most importantly patients. As the health ecosystem evolves and patient, payer and provider stakeholders grow more demanding, will future value be created the same way? Or will data and analytics capabilities be essential for success? In today’s fast-changing environment, it’s very likely that life sciences companies will need access to an array of medical and non-medical data to demonstrate value to their stakeholders. >more


M&A in Transport and Logistic Industry

PwC

M&A IN THE TRANSPORT & LOGISTICS INDUSTRY

2018 was a mixed year for mergers and acquisitions in the transport and logistics industry. A total of 219 deals were announced. This was significantly less than in the previous year 2017 (283 deals). The second half of the year was particularly weak: While 127 mergers & acquisitions were initiated in the first half of the year, only 92 transactions were added between July and December. However, the Brexit and investments from China could reignite M&A activity in Europe in 2019. >more


Global Transactions Forecast 2019

Baker & McKenzie

GLOBAL TRANSACTIONS FORECAST 2019: DEALING WITH THE UNCERTAINTY

The global transactions market remained remarkably robust in 2018 – despite all the macro uncertainty we read about every day. Dealmakers have been taking the long view, in a world where sitting on your hands and waiting for volatility to die down is no longer an option. As such, we are taking a cautiously optimistic view of the year as part of our fourth Global Transactions Forecast. >more


Foreign M&A Acitivities in Germany

PwC

DESTINATION DEUTSCHLAND: M&A AKTIVITÄTEN AUSLÄNDISCHER INVESTOREN 2018

The run on German companies continues. What is special about this: The average deal volume rose once again in 2018. The numbers suggest that German companies have benefitted from the problems of other European locations - i.e. the debt crisis in Southern Europe and later the Brexit. But even beyond such effects, German companies are very popular because they are solidly positioned and still fairly valued. >more


M&A Turnarounds

The Boston Consulting Group

LESSONS FROM EIGHT SUCCESSFUL M&A TURNAROUNDS

M&A is tough, especially when it involves an underperforming asset that needs a turnaround. About 40% of all deals, on average, require some kind of turnaround, whether because of minor problems or a full-blown crisis. With M&A valuations now at record levels, companies must pay higher prices simply to get a deal done. In this environment, leaders need a highly structured approach to put the odds in their favor. >more


M&A and Digital Capabilities

Accenture

M&A: FROM ART TO SCIENCE

New Accenture Strategy research shows large companies in the U.S. are now pursuing more mergers and acquisitions to gain digital capabilities. With digital fueling new business growth, they are supplementing their organic digital growth with inorganic deals. The true victors in M&A will be those who apply digital technologies to their own processes, giving them a competitive advantage from strategy to playbook, for both digital and traditional deals. >more


Total Takeover Costs

Börsenzeitung

ANALYZING TOTAL TAKEOVER COSTS

After the back and forth of the takeover attempt on Stada last year the question which factors drive the “success” of a takeover offer under German law has been intensely discussed.  At the Finance Chair at HHL Leipzig Graduate School of Management we have been collecting a unique dataset of premia paid, ownership stakes before and after the bid, ownership composition (especially here, the equity stake of index funds as they are not allowed to tender their shares), fairness opinions, capital market data on all German takeover offers from 2005 to empirically analyze this question. On Oct. 25th, 2018 we´ve been presenting our findings to bankers, lawyers, PE fund managers and others interested in corporate transaction on an event jointly with our partners from Value Trust Advisors. The attached article in Börsenzeitung gives a brief overview over the topic. (Note: all the data shown are from the HHL database).


European Capital Market Study

ValueTrust

EUROPEAN CAPITAL MARKET STUDY

This is the first edition of the ValueTrust European Capital Market Study. With this study, ValueTrust provides a data compilation of the capital market parameters that enables an enterprise valuation in Europe. It has the purpose to serve as an assistant and data source as well as to show trends of the analyzed parameters. >more


Global M & A and China

Bain & Company

MORE RIGOR MEANS BETTER RESULTS IN CHINA’S GLOBAL PURSUIT

As they make more overseas acquisitions, Chinese companies are learning the critical nuances that contribute to a deal’s success. As Chinese companies become more experienced at outbound M&A, they gain sophistication in critical capabilities, such as developing a clear investment thesis, due diligence and merger integration. >more


M&A Report October 2018

ZEW - Zentrum für Europäische Wirtschaftsforschung

M&A REPORT - OKTOBER 2018

The M&A Report is compiled jointly by the Centre for European Economic Research (ZEW) and Bureau van Dijk. The M&A Report semi-annually informs about current topics and developments in the field of worldwide mergers and acquisitions drawing on the Zephyr database. Zephyr provides detailed information on more than one million M&A, IPO and Private Equity transactions worldwide. >more


Confidence Barometer October 2018

Ernst & Young

CAPITAL CONFIDENCE BAROMETER: OCTOBER 2018

German and international companies face a balancing act: The pressure to change through new technologies is increasing, but due to political uncertainty and too few suitable candidates, takeover plans at many companies remain in the drawer for the time being. The digital transformation and the blurring of industry boundaries are now causing decision-makers the most headaches: 31 percent of companies worldwide and 32 percent of companies in Germany now describe these and other disruptive forces as the greatest economic risks for their companies in the upcoming months.  >more


Capital Market Data Germany|
Austria|Switzerland
June 30, 2018

ValueTrust

DACH KAPITALMARKTSTUDIE

In this study, ValueTrust provides the newest analyses of cost of capital parameters and multiples for the capital markets of Germany, Austria and Switzerland as of 30 June 2018. The study was compiled in cooperation with finexpert and the Institute of Auditing and Sustainability Accounting at the Johannes Kepler University Linz. >more


Capital Confidence

Ernst & Young

CAPITAL CONFIDENCE BAROMETER: IN AN AGE OF M&A COMPLEXITY, DO YOU PAUSE OR PROCEED?

EYs latest M&A report notes that regulation, trade and tariffs may foster a deal hiatus for some, while many others move forward with acquisition plans. What does all this mean for the deal market? The speed of change is relentless and M&A has proven to be an effective means to move quickly to gain competitive advantage or defend against future disruptors. >more


M&A Report 2018

The Boston Consulting Group

THE 2018 M&A REPORT: SYNERGIES TAKE CENTER STAGE

The years since 2016’s seismic political events on both sides of the Atlantic have been surprisingly ordinary for the M&A market. Despite persistent uncertainty and a less favorable regulatory environment in the US, deal activity—in terms of both value and volume—remained fairly steady in 2017 compared with 2016. And the first half of 2018 brought abundant reasons for anxiety, as many feared that dizzying market plunges and escalating trade wars would suppress deal making. But a pullback did not materialize. Deal value in the first half of 2018 exceeded the first-half average for the period dating back to 2009. Somehow, dealmakers have not let themselves be diverted from their core pursuit. >more


M&A H1 2018

Allen & Overy

M&A INSIGHTS H1 2018

Despite continuing geo-political uncertainty, the global M&A market is now enjoying the longest cycle of growth ever recorded. Key regions, notably Western Europe, are powering ahead and mega-deals are once again back on the agenda in many sectors, indicating an extraordinary level of confidence among investors. >more


M&A June 2018

CMS Hasche Sigle / FINANCE

M&A PANEL JUNI 2018

German companies remain keen to invest, with the German M&A market continuing to see more buying than selling. German corporates are also increasingly relying on their own staff, with external M&A advisors only being brought on board in half of the transactions at most. Those are the findings of the second 2018 survey of the M&A panel, which is polled three times a year by international commercial law firm CMS and FINANCE magazine. >more


M&A Report May-June 2018

ZEW - Zentrum für Europäische Wirtschaftsforschung

M&A REPORT - MAY/JUNE 2018

The M&A Report is compiled jointly by the Centre for European Economic Research (ZEW) and Bureau van Dijk. The M&A Report semi-annually informs about current topics and developments in the field of worldwide mergers and acquisitions drawing on the Zephyr database. Zephyr provides detailed information on more than one million M&A, IPO and Private Equity transactions worldwide. >more


M&A Report Logistic H1 2018

PwC

M&A IN THE TRANSPORT AND LOGISTICS INDUSTRY: JANUARY–JUNE 2018

The M&A market started into 2018 with transactions worth 71.1 billion US dollars and 111 announced deals. Other features of this issue: China's e-commerce giants Alibaba and JD.com invest into own logistic processes and Ryanair benefits from a deal with Niki Lauda's airline Laudamotion. >more


Chinese Acquisitions in Europe 2006-2018

Ernst & Young

CHINESISCHE UNTERNEHMENSKÄUFE IN EUROPA: EINE ANALYSE VON M&A DEALS 2006-2018

The number of Chinese acquisitions in Europe continues to decline: In the first half of this year, there were 12 percent fewer takeovers and investments in Europe than in the same period last year. The absolute number fell from 126 to 111, and the investment volume even more than halved: From 31.6 to 14.9 billion US dollars. >more


M&A in Disrupted World

White & Case

GLOBAL MERGER CONTROL: CROSSING THE FINISH LINE

Global economic growth is back on the agenda and companies are once again looking to position themselves for success by pursuing mergers and acquisitions. But what are the prerequisites for success in an increasingly disrupted world? >more


M&A Trend 2018

Ernst & Young

CAPITAL CONFIDENCE BAROMETER: APRIL 2018

M&A appetite remains high and above long-term averages, and executives remain very confident about conditions for dealmaking. This is despite emerging challenges and potential regulatory and geopolitical headwinds. >more


M&A Predictor 2018 and Update Q1 2018

KPMG

M&A PREDICTOR: 2018 ANNUAL REPORT + 2018 Q1 UPDATE

Global M&A transactions lost some ground during 2017 when compared with 2016's activity but KPMG expects deal-making to regain some momentum in 2018. Based on M&A Predictor data, it anticipates an upward trend this year - and the first quarter of 2018 might offer a glimpse of what's ahead, as total M&A deal value increased while average deal value soared to a 10-year high. >more


M&A April 2018

ZEW - Zentrum für Europäische Wirtschaftsforschung

M&A REPORT - APRIL 2018

The M&A Report is compiled jointly by the Centre for European Economic Research (ZEW) and Bureau van Dijk. The M&A Report semi-annually informs about current topics and developments in the field of worldwide mergers and acquisitions drawing on the Zephyr database. Zephyr provides detailed information on more than one million M&A, IPO and Private Equity transactions worldwide. >more


German Valuation Practice

I-Advise

STUDY ON GERMAN VALUATION PRACTICE IN SQUEEZE-OUTS, MERGERS AND OTHER LEGAL MEASURES ACCORDING TO GERMAN LAW

This new I-ADVISE study serves as a reference point for the most important parameters of valuations and offers an overview of solutions to a multitude of valuation questions by valuation professionals. The meanwhile fourth edition of the study has been complemented by reports with valuation dates in 2017 and analyses the development of valuation practice since 2010. >more (English | German)


Healthcare M&A

Bain & Company

GLOBAL HEALTHCARE PRIVATE EQUITY AND CORPORATE M&A REPORT 2018

PE funds latched onto the fundamental forces that have long made healthcare such a compelling investment: an aging population, the rising prevalence of chronic disease, the continuous development of innovative drugs and devices, and a still fragmented and largely inefficient delivery system that is ripe for innovation, disruption and consolidation. With these currents propelling the industry, healthcare private equity had another banner year. >more


M&A Q1 2018

Allen & Overy

NEW TACTICS FOR NEW TIMES: M&A INSIGHTS Q1 2018

Allen & Overy's annual study of the private M&A market reveals how in a buoyant sellers' market, private equity funds buy-side tactics are paying off and digitalisation is driving deals across sectors. >more


China M&A in Europe and North America

Baker & McKenzie

RISING TENSION: ASSESSING CHINA'S FDI DROP IN EUROPE AND NORTH AMERICA

In 2017, China's global outbound investment dropped for the first time in more than a decade as policy changes in China and host economies cooled M&A activity and created a shift in the industries and geographies targeted by Chinese investors. This report provides insight into how and why China’s outbound investment patterns are changing in the world's two highest income regions: Europe and North America. >more


Chemical Industry M&A

Deloitte

2018 GLOBAL CHEMICAL INDUSTRY MERGERS AND ACQUISITIONS OUTLOOK

The global chemical industry has experienced several years of strong M&A activity, as companies pursued growth, realigned their portfolios, and focused on core competencies. Questions abound: Have consolidation and portfolio realignment achieved their goals for the industry? Will activist investors drive the course of the M&A activities? Will state-owned enterprises begin to impact deal activity? Have valuations driven acquirers out of the market? The 2018 Global chemical industry M&A outlook answers these questions and others. >more


M&A and Financial Institutions 2018

Baker & McKenzie

GLOBAL TRANSACTIONS FORECAST: FINANCIAL INSTITUTIONS

Ultra low interest rates, tech enabled disruption and regulatory pressure, all of which have squeezed profitability and increased costs, have created an environment which will drive M&A activity across the financial sector throughout 2018 and beyond. This is according to the Global Transactions Forecast, which anticipates that global M&A values in the financial sector will rise to USD 616 billion in 2018, up 25% from USD 462 billion in 2017. Similarly global IPO values will grow nearly 40% to USD 84 billion, led by FinTech unicorns raising capital for disruption, many of which will be Asian based. >more


Global Transactions Energy, Mining, Infrastructure

Baker & McKenzie

GLOBAL TRANSACTIONS FORECAST: ENERGY, MINING & INFRASTRUCTURE

Higher oil prices, plentiful financing and a strengthening global economy have been fueling a resurgence in energy sector transactions, with total M&A values more than doubling in 2017 to USD 345 billion. This is according to the Global Transactions Forecast, which also predicts M&A deal values will continue rising to a peak of USD 353 billion in 2018, before cooling in line with a slowing of global investment growth as borrowing costs rise in key economies and stretched stock market valuations start to soften. >more


M&A 2018

Deloitte

ACCELERATED M&A STUDIE 2018

The sale of assets or subsidiaries is often the last chance for companies in special situations ("Accelerated M&A") to maintain solvency and avert the threat of insolvency. This often leads to improvements in terms of liquidity and capital adequacy. The goal of the annual Deloitte study is to use an expert survey to identify trends, expectations and developments in the German Accelerated M&A market to give an outlook on the coming 12 months in relation to this particular market environment. >more


Inbound M&A Activity Germany

PwC

DESTINATION DEUTSCHLAND: M&A AKTIVITÄTEN AUSLÄNDISCHER INVESTOREN 2017

From Linde's acquisition by its US-based competitor Praxair (EUR 40.5 billion), through Alstom's EUR 8.2 billion purchase of Siemens' rail business, to Finnish energy company Fortum's bid for E.ON spin-off Uniper (EUR 8.1 billion), 2017 was the year of the mega deal on Germany's M&A market. But international investors do not just have their sights set on major corporates – they are also continuing to eye mid caps. >more


Transportation & Logistics M&A

PwC

M&A IN DER TRANSPORT- UND LOGISTIKBRANCHE: GESAMTJAHR 2017

The European and especially the German M&A market in the transportation and logistics industry is gaining momentum: 2017 was a record year with 271 deals. While European aviation could face a wave of consolidation, shipowners are fighting for funding. Digitalisation is also shaping the industry: logistics and trucking providers are increasingly targeting high-tech targets. >more


Emerging Europe M&A

CMS Hasche Sigle

EMERGING EUROPE M&A REPORT 2017/2018

CMS is pleased to launch its Emerging Europe M&A Report 2017/18, published in cooperation with EMIS. The latest report analyses trends in 15 emerging CEE/SEE countries based on EMIS M&A data for 2012-2017, and takes a deeper dive into the hot topics and issues impacting M&A activity in the region. >more


Chinese Buyers

Ernst & Young

CHINESISCHE UNTERNEHMENSKÄUFE IN EUROPA: EINE ANALYSE VON M&A DEALS 2006-2017

In 2017, Chinese buyers invested a record amount of money in German companies with the total M&A volume amounting to just under 13.7 billion dollars. At the same time, the number of takeovers by Chinese investors declined by 21 percent to 54 transactions. >more


M&A Q1-Q3 2017

White & Case

GERMAN PUBLIC M&A Q1–Q3 2017: OVERVIEW AND CURRENT ISSUES

A total of sixteen takeover offers were conducted in the first nine months of 2017, leading up to a lively quarter end in which three more offers were also announced. In 2016, only 22 WpÜG offer documents were issued in the entire year, with ten issued in the final quarter. Only three of the bids issued in 2017 were delisting compensation offers; the others were all non-mandatory takeover bids, and unlike in previous years, no mandatory offers at all have been made in the first three quarters of this year. >more