2018年-普华永道全球_Global_metals_deals_insights_Q1_2018_6页_1mb

PwC Deals: Global Metals M&A Insights Q1 2018 Summary

Core Content

This report provides an overview of M&A activity in the global metals sector during the first quarter of 2018, highlighting key trends, deal values, regional activity, and the impact of macroeconomic and geopolitical factors.

Main Trends and Highlights

• Deal Value: Q1 2018 saw a total deal value of $6.6 billion, representing a 30% decrease compared to the same quarter in 2017 and a 17% decrease from the two-year quarterly average of $7.9 billion.
• Deal Volume: There were 171 deals announced in Q1 2018, consistent with the two-year historical average.
• Average Deal Size: The average deal size increased to $96 million, a 6% rise from the two-year cumulative average of $91 million.
• Largest Transaction: The $2.7 billion acquisition of Baotou Aluminum Co. Ltd. by Aluminum Corp. of China Ltd. was the largest deal of the quarter.
• Regional Activity: The Asia and Oceania region dominated deal activity, accounting for 54% of targets and 56% of acquirers, with 86% of value and 75% of volume transacted within the region.
• Strategic vs. Financial Buyers: Strategic investors accounted for 82% of value and 62% of volume, indicating a strong preference for sector-specific acquisitions over financial buyers.
• Megadeals: No megadeals (≥$5 billion) were announced in Q1 2018, though several large transactions were notable.

Impact of Policy Changes

• Fiscal Policy: Lower corporate taxes in the US provide industry players with more capital for acquisitions, but the effect on M&A activity remains uncertain.
• Monetary Policy: Higher interest rates increase the cost of debt financing and reduce stock valuations, favoring higher liquidity buyers.
• Trade Policy: The US imposed 25% tariffs on steel and 10% on aluminum, which could disrupt global supply chains and potentially increase inbound M&A activity in the US as foreign companies seek to establish local operations to avoid tariffs.
• Geopolitical Tensions: Trade disputes, particularly between the US and China, have raised concerns of a trade war, affecting global M&A dynamics.

Sector Analysis

• Steel: Deal value in the steel sector declined but remained stable in terms of volume.
• Aluminum: The aluminum sector showed a significant increase in both deal value and volume, with activity more than tripling over the past year.
• Other Metals: These also saw increased deal activity, driven by the shift towards lighter materials in global manufacturing.

Key Deals

Top 10 Metals Deals in Q1 2018

Outlook

• The US tariffs on steel and aluminum are expected to have a mixed impact on global M&A, with potential for increased inbound deals in the US due to the need for local operations.
• China's dominance in the metals sector continues, driven by its supply-side reforms and efforts to reduce overcapacity.
• Geopolitical tensions between the US and China are likely to influence future M&A activity, particularly in terms of supply chain adjustments and market access strategies.
• OEMs in the automotive and industrial segments may face challenges due to higher metal prices, potentially leading to reduced consumption and investment.

PwC Deals Practice

• PwC's Deals group offers integrated M&A solutions, combining industry expertise with local market knowledge.
• They provide support across the entire deal lifecycle, from target identification and due diligence to post-deal integration and exit strategies.
• With a global network of over 20,000 deal professionals, PwC is well-positioned to assist companies in navigating complex M&A environments.

Key Contact Information

• Brian Kelly – US Metals Deals leader, Cleveland, Ohio
  Email: brian.kelly@pwc.com
  Phone: (216) 875-3121
• Mike Tomera – US Metals leader, Pittsburgh, Pennsylvania
  Email: michael.tomera@pwc.com
  Phone: (412) 355-6095
• Jock O'Callaghan – Global Metals leader, Melbourne, Australia
  Email: jock.ocallaghan@au.pwc.com
  Phone: 61 (3) 8603 6137
• Dr. Nils Naujok – Europe, Middle East, and Africa Metals leader, Berlin, Germany
  Email: nils.naujok@strategyand.de.pwc.com
  Phone: +49 30 88705855

About the Data

• The report includes deals from January 1, 2015, to March 31, 2018.
• Data is sourced from Thomson Reuters and includes deals with SIC codes relevant to the metals industry.
• Adjustments were made to exclude non-metal-specific transactions and include relevant deals not captured by SIC codes.

Conclusion

Q1 2018 was marked by moderate deal activity in the metals sector, with a decline in deal value but stable volume. China remained the dominant player, both in terms of production and M&A activity. Geopolitical tensions and tariff policies are expected to shape the future of the sector, with potential for increased inbound M&A in the US. PwC offers comprehensive M&A advisory services tailored to the needs of the metals industry.