2016年全球化工行业并购展望（英文版）_20页_2mb

Summary of Deloitte 2016 Global Chemical Industry Mergers and Acquisitions Outlook

Core Content

The Deloitte 2016 Global Chemical Industry Mergers and Acquisitions Outlook highlights the ongoing trend of chemical companies pursuing growth through strategic M&A and portfolio realignment. The report emphasizes the shift towards focus and simplification of business models, driven by market pressures and the need to enhance competitive positioning and shareholder value.

Key Trends and Views

1. M&A Activity Overview

• In 2015, the number of global chemical deals exceeded the previous six-year average by over 6%, despite relatively flat deal volume compared to 2014.
• The total deal value set new records, with 16 deals valued at over US$1 billion announced during the year.
• The proposed US$73 billion Dow and DuPont merger was a major driver of this activity, expected to result in three new spin-offs, including a US$19 billion agriculture chemicals company.

2. Market Challenges

• Oil price declines (below US$40 per barrel in 2015) and downward pressure on commodity prices (e.g., titanium dioxide, butadiene, xylene) affected deal valuations and created a challenging environment for chemical companies.
• Global economic slowdowns, including those in key economies, reduced industrial production and, consequently, chemical demand.
• Agricultural downturn led to lower farm income and reduced demand for agricultural chemicals and fertilizers.

3. Strategic Focus and Core Business Development

• Companies are increasingly focusing on core competencies and end markets to drive growth.
• Agricultural chemicals saw significant transformational deals, such as Monsanto’s attempted merger with Syngenta and the Dow-DuPont combination.
• Intermediates and specialty materials companies are strengthening their portfolios through acquisitions, with a focus on high-performance materials for sectors like automotive and aerospace.
• Industrial gases companies are exploring M&A to offset slow industrial growth, as seen in Air Liquide's US$13.4 billion acquisition of Airgas.

4. Spin-offs as a Strategy

• Spin-offs are becoming a popular method for portfolio rationalization and core business focus.
• While spin-offs may lack immediate revenue synergies, they often provide greater long-term value and market valuation benefits.
• The Dow-DuPont spin-offs are expected to be significant in 2016, further boosting spin-off activity.

5. Additive Manufacturing

• Additive manufacturing is emerging as a key area of interest, with potential for disruptive growth.
• The use of specialty chemicals such as polymers, resins, and metallic powders is expected to increase, leading to collaborations and acquisitions.
• A SmarTech Publishing report predicts that polymer consumption in additive manufacturing will reach US$4.3 billion by 2023.

6. Geographic Insights

• United States: M&A activity saw a 10% volume decline but higher deal value due to large transactions like the Dow-DuPont merger and Air Liquide-Airgas acquisition.
• Germany: Continued focus on small to mid-sized transactions for portfolio optimization, with specialty chemicals expected to be a growth area.
• China: The second-largest M&A market globally, with 78 deals in 2015, driven mostly by local buyers. Agricultural chemicals and coatings are top sectors to watch in 2016.
• Japan: Increased M&A activity across all segments due to shifts away from uncompetitive petroleum chemicals and improved financial conditions.

Key Information

• M&A Momentum: Continued in 2015, with a focus on core businesses and simplification.
• Spin-offs: Expected to remain a key tool for restructuring and value creation, especially in the context of Dow-DuPont.
• Additive Manufacturing: Seen as a growth driver, with potential for new collaborations and market expansion.
• Market Pressures: Oil price declines, slow industrial growth, and agricultural downturns are key factors influencing M&A strategies.
• 2016 Outlook: M&A activity is expected to continue with a focus on focus and efficiency, especially in the agricultural chemicals and specialty chemicals segments.

Conclusion

The 2016 outlook indicates that global chemical companies will continue to pursue M&A and spin-offs to enhance focus, efficiency, and value creation. Despite economic uncertainties, the trend of core business strengthening is expected to persist, with agricultural chemicals, specialty materials, and additive manufacturing emerging as key areas of interest.