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Chemical compoundsFourth-quarter 2012 global chemicals mergers and acquisitions analysis

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Chemical compounds 1

Welcome to the latest edition of Chemical compounds, PwC’s analysis of mergers and acquisitions in the global chemicals industry. In this report, you’ll fi nd an overview of M&A in the sector during the fourth quarter of 2012, as well as our expectations for deal activity in the near future.

PwC analysts are monitoring several trends expected to affect the values and locations of deals in the chemicals sector:

• Globally, total deal value declined, primarily because the fourth quarter saw none of the larger mega-deals that transpired in Q3.

• While the number of deals in 2012 increased slightly as compared to 2011, deal value declined substantially as a result of smaller acquisitions. Paint and coatings manufacturers’ efforts to increase market share and geographic reach in a very competitive segment drove two of the fi ve mega-deals announced during the fourth quarter.

• Many chemical producers saw gains in liquidity, with upticks in cash balances and declines in debt-to-equity ratios suggesting that potential acquirers are becoming better capitalized. While many chemical producers faced declining revenues, with demand slowed by a sluggish global economy, many producers removed underperforming and non-core assets, resulting in greater operational effi ciency.

• The deals environment was adversely affected by several economic trends: slow growth in Asia, including decelerating growth in India and China, with Japan potentially facing recession; the Eurozone’s recessionary concerns, with Cyprus, Greece, Italy, the Netherlands, Portugal, Slovenia, and Spain all charting negative GDP in 2012; and the United States still at risk of falling into recession. Growth in the US GDP will be only 2.1% in 2012, falling to 1.8% in 2013, according to Conference Board projections.

• More than 71% of the targets in the fourth quarter and 62% for 2012 were from advanced economies, a percentage signifi cantly higher than the fi ve-year average of 59%, but closer to the 10-year average of 68%. Despite concerns regarding the economy in the United Kingdom and the Eurozone, North America, and other advanced regions, M&A activity in these areas is growing.

Chemical demand is driven in part by three major end-user industries: construction, automobile manufacturing, and consumer goods manufacturing. While automotive sales are increasing, the construction and consumer goods sectors face considerable challenges. Expectations are that demand for chemical products will be constrained until consumer spending grows.

In the near term, we don’t anticipate signifi cant growth in deal volumes or values in the sector. Large deals, especially in segments such as specialty chemicals and paints and coatings, will continue to be announced. But the deals environment, on the whole, is likely to remain fl at until construction and other key end-user industries resume more robust growth.

We’re pleased to present the fourth-quarter 2012 edition of Chemical compounds as part of our ongoing commitment to provide you with a deeper understanding of M&A trends and prospects in the industry.

Antoine Westerman Anthony J. ScamuffaGlobal Chemicals leader US Chemicals leader

Antoine Westerman

Anthony J. Scamuffa

2 PwC

PerspectiveThoughts on deal activity in the fourth quarter of 2012

Following a stronger third quarter, total deal value declined on a global basis in the fourth quarter, due mainly to the absence of the larger mega-deals seen in Q3. On an annual basis, while the number of deals increased slightly compared to 2011, deal value declined substantially, as a result of smaller acquisitions. Of the mega-deals we saw this quarter, it is interesting to note that two of the fi ve involved paint and coatings manufacturers moving to increase market share and geographic reach in what is becoming a very competitive segment. Another macro driver limiting activity was uncertainty—2012 saw a change of leadership in China, a presidential election in the United States (as well as concerns about the fi scal cliff), continued Eurozone uncertainty, and political upheaval in the Middle East.

We continue to see gains in liquidity for many chemical producers. Cash balances are up and debt-to-equity ratios are declining, indicating that potential acquirers are becoming better capitalized. This is despite indications that many chemical producers are seeing a decline in revenues as a sluggish global economy hinders demand. On a positive note, many producers have removed underperforming and non-core assets, resulting in more effi cient operations.

The continuing lack of growth in the global economy remains a concern. Slow growth in Asia, including decelerating growth in India and China, with Japan entering a possible recession, is impacting the environment negatively. At the same time, much of the Eurozone is in, or entering, a recession. For example, Cyprus, Greece, Italy, the Netherlands, Portugal, Slovenia, and Spain had negative GDP in 2012. Finally, the United States is still at risk of falling into recession. The Conference Board projects that

growth in the US GDP will be only 2.1% in 2012, falling to 1.8% in 2013. This could decline even further should the US government be unable to come to an agreement regarding the debt ceiling and sequestration by February 2013.

More than 71% of the targets in the fourth quarter and 62% for 2012 were from advanced economies. This is signifi cantly higher than the 5-year average of 59%, but more in line with the 10-year average of 68%. It appears that despite concerns regarding the economy in many advanced regions (e.g., UK & Eurozone, North America), activity in these areas is growing. Another cause for this continued shift towards advanced activity is the reduction in Asia, as noted above.

Chemical demand is driven in part by three major end-user industries: construction, automobile manufacturing, and consumer goods manufacturing. While automotive sales are up, there are still substantial headwinds impacting the construction and consumer goods sectors. For example, according to Bloomberg, consumers are restraining spending, which impacts demand for chemical products. Until spending grows, demand for chemical products can be expected to be constrained.

In the near term, we don’t anticipate signifi cant growth in deal volumes or values. While there will continue to be large deals, especially in segments such as specialty chemicals and paints and coatings, the environment as a whole will likely remain fl at in the near term. We are waiting for key end-user industries such as construction to return to more robust growth.


Commentary

Deal value declines more than 18% on quarterly and annual basis

Despite an increase in the number of deals with a transaction value greater than $50 million in the fourth quarter, deal value declined more than 18%. On an annual basis, the number of deals in 2012 increased by almost 6.5%; however, deal value declined more than 18% as well. There are a number of reasons for this decline in value, including slow growth in advanced economies. At the same time, growth is decelerating in a number of emerging economies, such as China and India. Finally, chemical producers worldwide are still seeing limited revenue growth because demand remains somewhat constrained. This year’s values are the lowest since the recent recession ended in late 2009.

Quarterly chemicals deal activityMeasured by number and value of deals worth $50 million or more

2010 2011 20121Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

Number of deals 24 31 28 32 36 30 27 31 25 37 32 38

Total deal value ($ bil) 27.4 16.3 10.9 24.6 38.6 14.6 18.4 8.2 15.4 11.4 20.8 17.0

Average deal value ($ bil) 1.1 0.5 0.4 0.8 1.1 0.5 0.7 0.3 0.6 0.3 0.7 0.4

Deal activity by number of dealsMeasured by number of deals worth $50 million or more

Deal activity by total deal valueMeasured by number of deals worth $50 million or more

1

0

20

40

60

80

100

120

140

4Q12(38 total deals)

2012(132 total deals)

2011(124 total deals)

Num

ber

of d

eals

Pending, unconditional, or intended

Completed or partially completed

Withdrawn

22

8

94

64

7

61

9

28

Withdrawn

0.7

0

20

40

60

80

100

4Q12($16.9 billion

total deal value)

2012($64.7 billion

total deal value)

2011($79.7 billion

total deal value)

US

$ b

illio

ns


Completed or partially completed

3.111.2

65.4

33.5

3.6

27.713.3

3.0

4 PwC

Historical transaction value and volume

Decline in average deal activity driven by weak global economy

In line with the lower transaction values seen in the fourth quarter, average deal value decreased as well. Average deal value for deals valued at $50 million or more averaged $447.3 million in the fourth quarter, a decline of more than 31% over the third quarter. However, it should be noted that the total deal value in the fourth quarter showed the second-largest value for 2012 and is signifi cantly higher than 4Q11 results, more than doubling. On an annual basis, 2012 average deal value fell almost 24%, to $490.4 million. As would be expected, 2012 average deal value was well below the 5-year and 10-year averages of $585.3 million and $565.3 million, respectively.

As we predicted last quarter, it appears that while deal volume for 2012 is slightly above that of 2011, deal value lagged that of 2011. This is despite the strong performance seen in the third quarter. This is not surprising given the current sluggish activity in the global economy. For example, China’s gross domestic product for 2012 was recently estimated at 7.7% while India’s fell to 5.5%, coming off the worst quarterly growth in the last decade. According to the Chinese government, that country’s GDP is expected to fall further in 2013, to 7.5%.

Deal activity by average deal value Measured by value of announced deals worth $50 million or more

Deal valuation by median value/EBITDAMeasured by value/EBITDA for deals worth $50 million or more in which target EBITDA was available

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

4Q1220122011

US

$ b

illio

ns

Completed

Total


0.7

0.1

1.4

0.60.5 0.5 0.50.5

0.40.5

0.7

0.3

Withdrawn

0

3

6

9

12

4Q1220122011

9.3x7.5x 7.6x

Tota

l ann

ual d

eal v

alue

($ b

illio

ns)

Tota

lann

ualn

umb

erof

dea

ls

Number of Deals

Deal Value

0

20

40

60

80

100

120

140

160

0

200

400

600

800

1,000

1,200

1,400

2012201120102009200820072006200520042003


Mega-deal activity sees decline in value

In line with the general decline in values, mega-deal transaction values fell more than one-third to $7.8 billion in the fourth quarter, when compared to the third quarter of 2012. Interestingly, all of the fourth quarter mega-deals involved the United States as either an acquirer or a target, and two of these deals involved Fortune 100 coatings producers acquiring new businesses in an effort to bolster organic growth.

In November, US-based paint and coatings manufacturer Sherwin-Williams announced that it had agreed to buy Mexico-based coatings maker Consorcio Comex for $2.3 billion. Consorcio Comex, which has operations in Mexico, the United States, and Canada, is a producer of architectural coatings. The deal is expected to expand Sherwin-Williams’ footprint in Latin America as well as increase its architectural paint business.

In October, in a US-based deal, Ecolab announced that it would acquire Champion Technologies in a $2.2 billion cash and stock deal. Houston-based Champion is a manufacturer of chemicals used in oil and natural gas operations. This deal follows on Ecolab’s purchase of Nalco in 2011. The purchase of Champion is considered a complement to Nalco’s energy business and will help Ecolab expand further into the energy arena. The deal is expected to involve$1.7 billion in cash and 8 million Ecolab common shares and is pending regulatory approval.

Also in October, Cytec Industries, a US-based producer of carbon-fi ber materials for aircraft manufacturing, agreed to sell its coatings unit to Boston-based private equity fi rm Advent International for $1.15 billion. Cytec has announced that the deal will allow it to focus on more profi table businesses. The resins made by the acquired business unit are used in coatings for automobiles and food and beverage containers.

In December, Pittsburgh-based PPG Industries announced an agreement to purchase the North American house-paint business of Netherlands-based Akzo Nobel. The deal, valued at $1.05 billion, comes just one month after the announced purchase of Consorcio Comex by Sherwin-Williams; these two deals allow two of the largest US-based paint makers to expand in order to take advantage of an expected recovery in construction. This deal will make PPG Industries the world’s largest coatings manufacturer, followed closely by number two Akzo Nobel and number three Sherwin-Williams.

$1–5 billion

$0

$10

$20

$30

$40

$50

$60

$70

20122011201020092008Va

lue

of d

eals

(# in

lab

els)

$5–10 billion

$10+ billion

1

1

12

2

1

14

4

12171

6

Mega-deals

6 PwC

Mega-deals in 2011 (value of $1 billion or more)

Month announced Target name

Target nation Acquirer name

Acquirer nation Status

Value of transaction in US$ billion Category

Jul The Clorox Co United States

Icahn Enterprises LP United States

Withdrawn 9.42 Commodity Chemicals

Jan The Mosaic Co United States

Creditors United States

Completed 8.88 Fertilizers & Agricultural Chemicals

Mar Lubrizol Corp United States

Berkshire Hathaway Inc

United States

Completed 8.79 Commodity Chemicals

Jan Danisco A/S Denmark DuPont Denmark Holding ApS

Denmark Completed 7.21 Other

Apr Rhodia SA France Solvay SA Belgium Completed 4.64 Commodity Chemicals

Feb PTT Aromatics & Refi ning PCL

Thailand PTT Chemical PCL Thailand Completed 3.78 Commodity Chemicals

May International Specialty Products Inc

United States

Ashland Inc United States


Jan Elkem AS Norway China National Bluestar(Group) Co Ltd

China Completed 2.18 Other

Dec Taminco NV Belgium Apollo Global Management LLC

United States


Sep Exxaro Resources Ltd-Mineral Sands Operations

Australia Tronox Inc United States

Completed 1.33 Other

Apr Evonik Industries AG-Carbon Black Business

Germany Investor Group United States


Jul Arch Chemicals Inc United States

Lonza Group Ltd Switzerland Completed 1.20 Specialty Chemicals

Sep BASF Antwerpen NV-Fertilizer Production Plant

Belgium OAO "Mineral'no-khimicheskaya kompaniya YevroKhim"

Russian Fed

Completed 1.13 Fertilizers & Agricultural Chemicals

Jun Vale Fertilizantes SA Brazil Mineracao Naque SA Brazil Completed 1.13 Fertilizers & Agricultural Chemicals

Feb Sued Chemie AG Germany Clariant AG Switzerland Completed 1.08 Specialty Chemicals

Jul Vacuumschmelze GmbH & Co KG

Germany OM Group Inc United States


Finally, in November, India-based Gulf Oil agreed to acquire US-based chemical and lubricant producer Houghton International from New York-based private equity fi rm AEA Investors for $1.05 billion. Gulf Oil, a subsidiary of India-based Hinduja Group, will use the acquisition to expand its lubricant operations in the industrial and automotive sectors.


Mega-deals in 2012 (value of $1 billion or more)





Aug DuPont Performance Coatings

United States

The Carlyle Group LP United States

Pending 4.90 Specialty Chemicals

Jul Lincare Holdings Inc United States

Linde AG Germany Completed 3.69 Other

Jan Solutia Inc United States

Eastman Chemical Co United States

Completed 3.40 Specialty Chemicals

Nov Consorcio Comex SA de CV

Mexico Sherwin-Williams Co United States


Oct Champion Technologies Inc United States

Ecolab Inc United States

Pending 2.21 Commodity Chemicals

Mar ZOLL Medical Corp United States

Asahi Kasei Corp Japan Completed 2.20 Other

Jul PPG Industries Inc-Commodity Chemicals Business

United States

Georgia Gulf Corp United States


Feb Cheniere Energy Partners LP

United States

Investor Group United States

Pending 2.00 Industrial Gases

Jun Yunnan Yuntianhua International Chemical Co Ltd

China Yunnan Yuntianhua Co Ltd {YYTH}

China Pending 1.88 Specialty Chemicals

Mar Neo Material Technologies Inc

Canada Molycorp Inc United States


Feb New Energy Mining Co Ltd China Hebei Veyong Bio-chemical Co Ltd

China Pending 1.19 Other

Oct Cytec Industries Inc-Coating Resins Business

United States

Advent International Corp

United States


Jan Georgia Gulf Corp United States

Westlake Chemical Corp

United States

Withdrawn 1.14 Specialty Chemicals

Jun Norit NV Netherlands Cabot Corp United States


Dec Akzo Nobel NV-North American Architectural Coatings Business

United States

PPG Industries Inc United States


Nov Houghton International Inc United States

Gulf Oil Corp Ltd India Completed 1.05 Specialty Chemicals

Sep Becker Underwood Inc United States

BASF SE Germany Completed 1.02 Commodity Chemicals

Mega-deals in 4Q12 (value of $1 billion or more)





Nov Consorcio Comex SA de CV Mexico Sherwin-Williams Co United States


Oct Champion Technologies Inc United States

Ecolab Inc United States

Pending 2.21 Commodity Chemicals

Oct Cytec Industries Inc-Coating Resins Business

United States

Advent International Corp

United States


Dec Akzo Nobel NV-North American Architectural Coatings Business

Netherlands PPG Industries Inc United States


Nov Houghton International Inc United States

Gulf Oil Corp Ltd India Completed 1.05 Specialty Chemicals

8 PwC

Financial leverageMeasured by average of top 50 global public competitors

Acquisition characteristicsMeasured by percent of deals worth $50 million or more

Strategic investments advance as coatings makers seek to expand

A review of the fi nancial statements of the 50 largest publicly traded global chemical companies reveals that these companies have increased their cash balances by an average of $500 million over the past two years. At the same time, average debt-to-equity has declined 280 basis points over the same period, indicating that many potential chemicals acquirers have become fi nancially stronger. Debt markets (bank lending and bonds) dried up at the end of 2011 and are still weak in Europe; however, they are stronger in the United States, which may be one reason why global PE houses are making European acquisitions from the United States (e.g., Cytec). Also, portfolio management done by the big players and consolidation in chemicals sub-segments drives M&A. Both portfolio management and consolidation entail large, medium, and small deals, depending on the size of the underperforming or otherwise non-fi tting parts of a company to be divested.

Stock swaps declined as a proportion of deal activity this quarter. Stock swaps allow a company to acquire the assets of another company while maintaining cash balances and debt levels. As a result of increased cash balances and improved debt levels, many companies appear to be utilizing cash payments and debt acquisitions to complete the smaller deals in the fourth quarter.

0%

2%

4%

6%

8%

10%

12%

14%

16%

Most recent quarterOne year agoTwo years ago$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

11.8%

Cash and equivalents $ billions (right axis)

Total debt/total capital (left axis)

14.6%

12.8%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

4Q1220122011

Privately negotiated purchase

Leveraged buyout

Stock swap

16.1

7.3

12.1

4.0 4.5

9.1 9.812.1

10.57.9

2.65.3

Tender offer


Deals by investor groupMeasured by value of deals worth $50 million or more

Financial investors

0%

20%

40%

60%

80%

100%

4Q1220122011

Strategic investors

23.6

56.1

13.0

51.7 13.8

3.1

% o

f dea

l val

ue (a

bso

lute

dea

lva

lue

in d

ata

lab

els

in $

bill

ions

)

Deals by fi nancial investors declined in the fourth quarter, falling to 18.5% of the fourth quarter’s total deal value. Deals for 2012 by fi nancial investors declined over 2011 as well. In the fourth quarter, deals have largely been by strategic investors. These deals allow a company to enter more specialized markets and to diversify their product portfolios. Examples include Sherwin-Williams’ acquisition of Consorcio Comex and PPG’s purchase of Akzo Nobel’s North American architectural coatings business, both of which were aimed at expanding market share in this segment. Also, there were a number of exits in 2010 that involved holdings of 5-plus years being sold into a rising market. Now, most funds are underinvested and chasing deals.

Recently, deals have largely been by strategic investors. These deals allow a company to enter more specialized markets and to diversify their product portfolios. There is evidence that fundraising has been relatively weak this year, which could be limiting fi nancial investors’ involvement in the deal environment. For example, there were only four deals by non-strategic investors this quarter, one of which was by a labor union.

10 PwC

BRIC-affi liated transactions increase despite economic concerns

In line with the increase in deal volume in the fourth quarter, we saw the level of activity related to BRIC targets for deals valued at $50 million almost double compared to the third quarter. This quarter, we saw deals related to targets in Brazil, Russia, and China, with the majority being related to China. It should be noted that India-based Gulf Oil acquired Houghton International in a $1.05 billion mega-deal. On an annual basis, BRIC target activity declined 10% over 2011, likely due to a cooling economy in China, India, and other emerging economies, combined with sluggish growth in the advanced economies.

In China, activity tripled to nine deals valued at $50 million or more. Smaller deal activity increased as well, with a total of 58 deals (with disclosed or undisclosed values), compared to 56 in the third quarter. Deal value improved as well, despite the decrease in deal value globally—with a total of $1.7 billion in the fourth quarter, compared to $563 million in 3Q12.

Distribution of BRIC deals by target nationMeasured by number of announced deals worth $50 million or more

Greater China deals

India

China

1 11

0

5

10

15

20

25

30

35

40Withdrawn

Pending orintendedCompletedTotalWithdrawn

Pending orintendedCompletedTotal

4Q122012

4

22

3

28

2

22

24

9 92

21

Russia

Brazil

Greater China

13 550

2,000

4,000

6,000

8,000

10,000

12,000

4Q1220122011

48

US

$ m

illio

ns

Outbound

Inbound

236

22

152

37 7


Regional distribution of deals by target region

Africa/Undisclosed

North America

South America

Europe ex-UK & Eurozone

0%

20%

40%

60%

80%

100%

4Q1220122011

UK & Eurozone

Asia & Oceania

8.9

21.0

6.5

41.1

20.2

2.4 2.6

9.8

35.6

37.9

11.4

5.3

10.5

42.1

34.2

10.5

North America continues to drive local deal value

In the fourth quarter, more than 71% of the targets were from advanced economies. This is compared to 69% in the third quarter. On an annual basis, deals from advanced economies increased as well, comprising 62% in 2012 compared to 52% in 2011.It is also signifi cantly higher than the 5-year average of 59%, but more in line with the 10-year average of 67%. It appears that despite concerns regarding the economy in many advanced regions (e.g., the United Kingdom and Eurozone, North America), activity in these areas is growing. Another potential cause for this continued shift toward advanced activity is the slowing in economic activity in China. Finally, it should be noted that advanced economies are chasing growth through new lines of business (e.g., electronic materials) or geographic markets (e.g., Asia).

Targets in North America drove local deal volume, with Asia and Oceania responsible for a signifi cant portion of the balance. These two regions combined were responsible for almost 90% of the quarter’s local deal volume. Of the fi ve mega-deals, four involved targets from North America and four involved acquirers from North America.

Regional distribution of deals by acquirer region

Africa/Undisclosed

North America

South America

Europe ex-UK & Eurozone

UK & Eurozone

Asia & Oceania

0%

20%

40%

60%

80%

100%

4Q1220122011

12.1

23.4

5.6

46.8

10.5

1.6 0.8

11.4

27.3

41.7

15.2

3.8

10.5

36.8

42.1

10.5

12 PwC

Inbound value was strongest in Europe, as acquirers may have taken advantage of the region’s sluggish economy. According to the International Monetary Fund, the Eurozone GDP is expected to fall by 0.4% in 2012, and grow only 0.16% in 2013.

Outbound value was strongest in Asia and Oceania, bolstered by India-based Gulf Oil’s acquisition of Houghton International. It appears that over time, economic growth in these countries has contributed to fi nancially strong constituents who are better positioned to get involved in global cross-border chemicals M&A.

Acquirers from advanced versus emerging and developing economiesMeasured by number of deals worth $50 million or more

Emerging and developing

0%

20%

40%

60%

80%

100%

4Q1220122011

Advanced

47.6

52.4

37.9

62.171.1

28.9


North AmericaLocal—11 deals, $8.05 bil.Inbound—5 deals, $1.96 bil.Outbound—3 deals, $1.71 bil.

South AmericaLocal—0 dealsInbound—1 deal, $0.75 bil.Outbound—0 deals

EuropeLocal—4 deals, $1.21 bil.Inbound—4 deals, $2.63 bil.Outbound—4 deals, $1.58 bil.

Asia & OceaniaLocal—13 deals, $2.41 bil.Inbound—0 dealsOutbound—3 deals, $2.04 bil.

Africa/UndisclosedLocal—0 dealsInbound—0 dealsOutbound—0 deals

Global chemicals M&A activityMeasured by number and value of deals worth $50 million or more (4Q12)

14 PwC

PwC’s chemicals experience

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Our Chemicals industry practice is a global network of more than 3,500 partners and client service professionals. Our Chemicals team encourages dialogue on emerging trends and issues by holding conferences for industry executives. PwC is also a sponsor of leading industry conferences and frequently authors articles for, or is quoted in, leading industry publications. Our involvement with these organizations represents PwC’s commitment to furthering industry dialogue with chemicals industry leaders. Our professionals are concentrated in areas where the chemicals industry operates today, and in the emerging markets where the industry will likely operate in the future.

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Contacts

US Chemicals Deals directorSeamus Jiang—[email protected]

US Industrial Products marketing directorThomas Waller—[email protected]

US Industrial Products marketing managerGina Reynolds—[email protected]

Central and Eastern Europe Chemicals leaderPawel Peplinski—[email protected]

France Chemicals leaderStephane Basset—[email protected]

Germany Chemicals leaderEckhard Sprinkmeier—[email protected]

Greater China Chemicals leaderJean Sun—[email protected]

United Kingdom Chemicals leaderRichard Bunter—[email protected]

Global Chemicals leaderAntoine Westerman—[email protected]

Global Chemicals Tax leaderMichael Burak—[email protected]

Global Chemicals Advisory leaderVolker Fitzner—+49.69.9585.5602volker.fi [email protected]

Global Chemicals client service advisorChristy Robeson—[email protected]

US Chemicals leaderAnthony J. Scamuffa—[email protected]

US Chemicals Tax leaderMatthew Bruhn—[email protected]

US Advisory leaderVenkatesh Jayaraman—[email protected]

US Chemicals Deals partnerTom Hudspeth—[email protected]

16 PwC

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PwC’s Deals practice offers a full range of tax, fi nancial, business, assurance, and advisory capabilities covering acquisitions, disposals, private equity, and strategic M&A advice on listed company transactions, fi nancing, and public/private partnerships. The team consists of:

Global Deals leaderJohn Dwyer—[email protected]

US Deals leaderMartyn Curragh—[email protected]

Asia-Pacifi c Deals leaderChao Choon Ong—[email protected]

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PwC’s Research and Analysis

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Methodology

Chemical compounds is an analysis of deals in the global chemicals industry. Deal information was sourced from Thomson Reuters using the Thomson-defi ned industry sector of Chemicals and Allied Products for targets or acquirers. This analysis includes all mergers and acquisitions for disclosed or undisclosed values, leveraged buyouts, privatizations, minority stake purchases, and acquisitions of remaining interest announced between January 1, 2008, and December 31, 2012, with a deal status of completed, intended, partially completed, pending, pending regulatory approval, seeking buyer, seeking buyer withdrawn, unconditional (i.e., initial conditions set forth by the

acquirer have been met but deal has not been completed), or withdrawn. Geographic categories generally correspond to continents with exceptions for Australia (included in the Asia Pacifi c category), Europe (divided into Western and Eastern categories based upon UN defi nitions), and the Middle East (included in Africa/Undisclosed). Where China is referenced in this analysis, it includes both the People’s Republic of China and Hong Kong, unless otherwise indicated. Where the number of deals is referenced in this analysis it means the number of all deals with disclosed or undisclosed values, unless otherwise noted.

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© 2013 PricewaterhouseCoopers LLP. All rights reserved. “PricewaterhouseCoopers” and “PwC” refer to PricewaterhouseCoopers LLP, a Delaware limited liability partnership, or, as the context requires, the PricewaterhouseCoopers global network or other member fi rms of the network, each of which is a separate legal entity. This document is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. MW-13-0228 jp

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