2016-01-21-德勤-2015年第四季德勤全球并购指数_24页_2mb

报告摘要

Record Deal Values: The year ended with over $4 trillion in deals, the highest for deal values since 2007.
Cross-Border Deals: $1 trillion in cross-border deals were announced, primarily between North America and Europe, with new corridors emerging between Asia and Europe.
Synergy Focus: Companies target 3-4% annualized cost synergies from deals, potentially adding $1.5-1.9 trillion to company values if fully realized.
Disruptive Innovation: Companies invest in venture funds for innovation.
Economic Divergence: Concerns about global growth returned, with increasing differences in monetary and fiscal policies creating M&A opportunities.

Economic Growth: Divergences in growth rates exist between regions (e.g., US slowdown, Eurozone recovery, China's missed target, India's growth).
Monetary Policy: Monetary policies are diverging, with the Fed increasing interest rates and the ECB continuing quantitative easing, widening bond yield spreads.
Currency Fluctuations: The weakening Euro makes debt financing attractive, while a stronger USD impacts US export-dependent companies.
Corporate Performance & Valuations: P/E multiples in Asia and the US are at highs; European companies offer attractive targets with growth markets close by; North American companies have high cash reserves.

Top Corridors: North America-Europe dominated ($311 billion); other growth corridors emerging between Asia-Europe.
Cross-Border Flow: Cross-border transactions ($1.07 trillion in 2015) were a key feature, driven by trade agreements like the TPP.

North America: Highest deal volume, led by the US ($2.0 trillion), with Canada as a significant participant.
Europe: $1.1 trillion in deals; UK was a primary target region.
Asia-Pacific: Surpassed Europe as a target region; outbound deals from China increased significantly, moving towards established markets.
Other Regions: Africa and Middle East saw reduced deals due to commodity price drops; South America experienced its lowest M&A activity since 2005.

Consumer Business: Focus on innovation and non-core divestitures; cross-industry alliances occurring.
Energy & Resources: Post-super-cycle consolidation, with challenges in commodity prices and capex reductions.
Manufacturing: Steady deal activity, with increases in aerospace and defence; focus on avoiding "me-too" acquisitions.
TMT: High deal volume due to digital convergence; significant growth in Asia-Pacific inbound transactions.
Healthcare: Large-scale acquisitions (e.g., Pfizer-Allergan) driven by regulatory changes and strategic needs; R&D remains a priority.
Financial Services: Bank consolidation and insurance sector recovery; financial innovations and fintech investment themes.

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