xbma 2016 q1 quarterly review
TRANSCRIPT
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The views expressed herein reflect only the views of XBMA’s editorial staff individually and not those of any of
XBMA’s founders, academic partners, advisory board members, or others.
XBMA Quarterly ReviewQ1 2016
Raaj Narayan , Editor
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All figures are inflation-adjusted to 2016 dollars. Data in this report does not include spin-offs announced in 2016that have not been completed.
559 770 505 500 603852
702
591
713
661 537
983
1,247721585
583 689
853
1,060
756577
877653
902
1,597
2,627 2,645 2,6262,379
3,341
4,756
702
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2010 2011 2012 2013 2014 2015 2016
U
S $ b i l l i o n s
Deal Volume by Quarter
Quarter 1 Quarter 2 Quarter 3 Quarter 4
Global M&A Volume: Q1 Snapshot
Global M&A volume in Q1 exceeded US$700 billion, the second highest start to the yearsince 2011, but lower than the quarterly volume of the record-setting levels of 2015.
Q1 saw a number of landmark transactions, including Syngenta/China NationalChemical Corp and Johnson Controls/Tyco International, and eight deals in excess ofUS$10 billion.
Cross-border M&A activity accounted for 43% of global deal volume in Q1, significantlyhigher than recent levels. Six of the 10 largest deals in Q1 were cross-border transactions,accounting for half of the quarter‘s US$300 billion in cross-border deal volume.
Cross-border deals involving a Chinese acquiror jumped to over US$80 billion, morethan 25% of all cross-border deal activity in the quarter.
European M&A activity had its best start to the year since 2011, including the four largestdeals of the quarter and three deals in excess of US$20 billion. European M&Aaccounted for one quarter of aggregate deal volume.
Source: Thomson; NYT Dealbo
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0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
U S $ t r i l l i o n s
Global M&A Volume
2
Global M&A Volume: 1999–2016
Q4 2015 was the strongest quarter for deal-making on record, and while Q1 continued tosee strong M&A volume across the globe, levels were very substantially down quarter-on-
quarter. Stock market volatility, concerns about a slowing Chinese economy, low commodity
prices, and a challenging regulatory environment for certain larger transactions in theUnited States could be tempering forces in 2016.
However, acquirers continue to maintain large cash balances (carried at virtually zeroreturn) and attractive acquisition currency in the form of their stock, and most corporate borrowers can obtain relatively attractive financing terms. Coupled with the continueddrive for global scale and synergies and consolidation in key industries, this environmentremains conducive for robust M&A activity.
Source: Thoms
All figures are inflation-adjusted to 2016 dollars. 2016 data is annualized.
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Cross-Border M&A Volume: 2009–2016
Cross-border M&A transactions are defined as those in which the parties are headquartered or based in different
countries. All figures are inflation-adjusted to 2016 dollars. 2016 data is annualized.
Cross-border M&A activity accounted for US$300 billion of deal volume in Q1,approximately 43% of the quarter’s deal activity.
The percentage of global deal volume attributable to cross-border transactions increasedsubstantially over the steady 35% level that has prevailed in recent years.
In particular, the volume of deals involving an emerging economy acquirer and adeveloped economy target spiked in Q1, driven by high value acquisitions by Chinesecompanies. This is one indicator that buyers in emerging markets continue to search outtransformative deals that provide access to developed markets, particularly as certainemerging economies have slowed. Currency and risk diversification also plays animportant role in Chinese outbound M&A.
Source: Thomson; Reut
0.590.99
0.930.93
0.71
1.24 1.58 1.20
1.61
1.64 1.71 1.70
1.67
2.10
3.18
1.60
2.20
2.63 2.64 2.63
2.38
3.34
4.76
2.80
0.0
1.0
2.0
3.0
4.0
5.0
2009 2010 2011 2012 2013 2014 2015 2016
U S $ t r i l l i o n s
Deal Volume
Domestic M&A Cross-Border M&A
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Medium and Large M&A Deals: 2008–2016
2016 data is annualized.
Twenty-two deals exceeding US$5 billion in value were announced in Q1. Eight dealsexceeded US$10 billion in value, and three deals exceeded US$20 billion in value.
Notably, five of the 10 largest deals in Q1 involved a European target, and four of the 10largest deals involved a U.S. target.
Cross-border activity steadily accounts for approximately 35-40% of the larger dealsannounced, consistent with the percentage of overall deal volume.
Source: Thoms
372
194
363368 360 314
432 436304
490
387
537 514 513549
640
792
524
862
581
900 882 873 863
1,072
1,228
828
0
250
500
750
1,000
1,250
1,500
2008 2009 2010 2011 2012 2013 2014 2015 2016
Number of Deals > US$500 million
Cross-Border M&A Domestic M&A
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M&A Volume by Target Region
Europe accounted for one quarter of Q1 deal activity, relative to a near-term historicalaverage of only 15%. China was another strong performer in Q1, driving 22% of global
deal activity (compared to a recent average of 14%). Notably, Europe and China togetherproduced nearly half of the quarter’s deal activity (compared to a recent average of 30%).
In contrast, the United States’ share of global M&A dropped to 35% in Q1, from 50% in2015, in part due to volatility in the U.S. stock market.
The emerging economic regions of Central Asia, South America, Africa/Middle East,India, Mexico, and Central America produced an aggregate of 7% of global M&A volumein Q1, relative to a recent aggregate average of 12%.
Represents share of global M&A volume based on target’s headquarters. All figures are inflation-adjusted to 2016dollars.
Source: Thoms
United States34.8%
Europe26.9%
China21.9%
Central Asia3.9%
Australia/NZ2.6%
Japan3.9%
South America1.0%
Canada2.9%
Africa/Middle East0.9% India
1.1%
Mexico0.1%
Central America0.05%
Q1 2016
United States48.55%
Europe15.11%
China14.18%
Central Asia5.01%
Australia/NZ
3.28%
Japan3.06%
South America3.06%
Canada3.65%
Africa/Middle East2.12% India
0.96%
Mexico0.93%
Central America0.09%
2011–2015
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GDP and M&A Volume by Target’s Region: Q1 2016
Source: Thomson, IM
Region2015 GDP
(US$ trillions)2015 Per Capita
GDP (US$)
Europe 19.8 26,921
United States 18.1 56,421
China 11.2 11,212
Japan 4.2 33,223
India 2.3 1,808
World 74.6 13,823
2015 GDP figures are IMF estimates.
0%
50%
100%
150%
200%
250%
0%
10%
20%
30%
40%
50%
60%
GDP, M&A, and Debt by Region
G o v e r n m e n t D e b t a s % o f G D P
The United States and Canada continue to produce significantly higher shares of globalM&A activity than world GDP. The same is true for China, while most other emerging
economies yield significantly lower shares of global M&A activity than world GDP. Thisis one indicator of continued runway for growth in emerging economy M&A, includinginbound cross-border acquisitions.
Debt-to-GDP ratios in Japan, the United States, and Canada approximate or exceed100%, whereas debt-to-GDP ratios in China and several other emerging economies arecloser to 50%.
%
o f 2 0 1 5 W o r l d G D P
% o f 2 0 1 5 G l o b a l M & A
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Trends in M&A Volume byTarget Region: 2012–2016
Deal volumes fell across geographic regions relative to the record-setting final quarter of2015, but volume in Q1 was more evenly distributed, with Asian-Pacific M&A activity
accounting for 29%, European deal volume accounting for 28%, and North AmericanM&A activity accounting for 38%.
Asian-Pacific M&A volume (US$200 billion) was down 15% relative to Q1 2015,continuing its pattern of up and down quarterly growth, but exceeded its recent quarterlyaverage volume of US$175 billion.
Europe was up 12% over Q1 2015, and Japan more than doubled its volume relative tothe first quarter of last year. Although volume abated relative to Q4 2015, each of Europeand Japan exceeded the volume achieved in Q3 2015.
Source: Thoms
All figures are inflation-adjusted to 2016dollars.
0
200
400
600
800
1,000
1,200
1,400
1,600
2012 2013 2014 2015 2016
U S $ b i l l i o n s
Asia-Pacific (ex-Japan) Europe North America Global Japan
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M&A in BRIC Countries: 2012–2016
0
10
20
30
40
50
60
70
80
2012 2013 2014 2015 2016
U S $ b i l l i o n s
2012–2016 Domestic M&A in BRIC Countries
Brazil Russia India China
Outbound China M&A volume spiked to over US$80 billion, largely driven by the US$46 billion Syngenta/China National Chemical Corp deal, as Chinese companies continue to
be buyers in some of the largest cross-border deals. However, the level of inbound M&A volume into China declined for the second consecutive quarter to less than US$10 billion—less than half of its recent peak in Q1 2015—as concerns about a slowingeconomy continue to temper M&A activity there. India was next with US$2.6 billion ininbound volume in Q1, with eight deals exceeding US$100 million in value.
The BRIC countries saw some of their lowest domestic deal activity to date, other thanIndia which turned in over US$5 billion.
0
5
10
15
20
25
2012 2013 2014 2015 2016
U S $ b i l l i o n s
2012–2016 Inbound M&A to BRIC Countries
Brazil Russia India China
Source: Thoms
All figures are inflation-adjusted to 2016 dollars.
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Distressed Deals: 1990–2016
Distressed deal activity in Q1 was just US$1.3 billion, which on an annualized basis would represent the lowest volume since at least 1990, and notwithstanding a recent
spike in distressed deal-making in 2015 and the continued economic challenges facingthe Energy & Power sector.
Source: Thoms
All figures are inflation-adjusted to 2016 dollars. 2016 data is annualized.
0
25
50
75
100
125
150
U S $ b i l l i o n s
Volume of Distressed Deals
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Global M&A by Sector: Last 12 Months
Source: Thoms
*Includes both domestic and cross-border transactions.
Over the past 12 months, the Healthcare (14%), Energy & Power (13%), and HighTechnology (12%) sectors produced the largest volume of M&A.
In contrast, the Industrials (14%), Energy & Power (13%), Financials (13%), andConsumer Staples (13%) sectors led cross-border deal activity over the past fourquarters, with each producing close to US$200 billion in volume. 75% of ConsumerStaples deals were cross-border, notably the one sector where more than half of deal volume was generated by cross-border activity.
0
100
200
300
400
500
600
700
800
U S $ b i l l i o n s
M&A Volume by Sector
Global M&A*
Cross-Border M&A
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Trends in Global M&A by Sector:Last Four Quarters
Source: Thoms
0
40
80
120
160
200
240
280
320
U S $ b i l l i o n s
Domestic and Cross-Border M&A
Q2 2015 Q3 2015 Q4 2015 Q1 2016
The Materials and Industrials sectors produced the largest M&A volume in Q1, followed by the High Technology, Financials, and Energy & Power sectors. The Healthcare sector
had a slow quarter following two quarters of dramatic growth. Energy & Power deals fellto less than US$80 billion.
Cross-border M&A in the Materials sector had its strongest quarter of the past year.Cross-border activity also continued to build momentum in the Energy & Power andRetail sectors, with a second consecutive quarter of growth. The Industrials sectorproduced the largest amount of cross-border volume in Q1, approaching US$60 billion.
0
20
40
60
80
100
120
140
160
U S $ b i l l i o n s
Cross-Border M&A
Q2 2015 Q3 2015 Q4 2015 Q1 2016
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Top 10 Global Deals Announced in Q1 2016
Source: Thoms
Acquirer* Target*Target
Industry Value of Deal
(US$ mil)Date
Announced
China National
Chemical Corp (China)
Syngenta AG(Switzerland) Chemicals and Allied Products 46,597 3 Feb 2016
Johnson Controls Inc(United States)
Tyco InternationalPLC(Ireland)
Machinery 27,701 25 Jan 2016
SACAM Mutualisation (France)
Credit Agricole –Shares in 39 RegionalBanks (France)
CommercialBanks, Bank
HoldingCompanies
20,060 19 Jan 2016
Deutsche Boerse AG(Germany)
London StockExchange Group PLC (United Kingdom)
Investment &Commodity
Firms, Dealers,Exchanges
13,898 23 Feb 2016
Apollo GlobalManagement LLC(United States)
The ADT Corp(United States)
BusinessServices
12,269 16 Feb 2016
TransCanada Corp(Canada)
Columbia PipelineGroup Inc(United States)
Electric, Gas,and Water
Distribution12,026 17 Mar 2016
Sherwin-Williams Co (United States)
Valspar Corp(United States)
Chemicals and Allied Products
11,202 20 Mar 2016
Fortis Inc (Canada)
ITC Holdings Corp (United States)
Electric, Gas,and Water
Distribution11,078 6 Feb 2016
Mylan NV(United States) Meda AB(Sweden) Drugs 9,917 10 Feb 2016
Investor Group(Australia)
Asciano Ltd(Australia)
Transportationand Shipping(Except Air)
9,480 15 Mar 2016
*Company nationality determined by location of headquarters or by location of target assets.
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Top 10 Deals from Developed intoEmerging Economies* Announced in Q1 2016
*Developed/Emerging economies are defined by IMF classification, available at http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/groups.htm.**Company nationality determined by location of headquarters or by location of target assets.
Source: Thoms
Aggregate Value of Deals from Developed into Emerging Economies
All figures are inflation-adjusted to 2016 dollars.
0
50
100
150
200
250
300
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
U S $ b i l l i o n s Quarter 4
Quarter 3
Quarter 2
Quarter 1
Acquirer** Target**Target
Industry Value of Deal
(US$ mil)Date
Announced
Glory FundManagement Group CoLtd(Singapore)
Greenland Holding
Corp Ltd – Assets(China)
Hotels and
Casinos 3,227 11 Mar 2016
Investor Group(Canada)
Isagen SA ESP (Turkey)
Electric, Gas,and Water
Distribution1,978 13 Jan 2016
FleetCor TechnologiesInc(United States)
Svcs e Tech dePagamamentos(Brazil)
Repair Services 1,118 18 Jan 2016
AbertisInfraestructuras SA(Spain)
Autopista Central SA (Chile)
Transportationand Shipping(except air)
1,033 21 Jan 2016
Mitsubishi UFJFinancial Group Inc(Japan)
Security Bank Corp (Philippines)
CommercialBanks, Bank
HoldingCompanies
778 14 Jan 2016
LafargeHolcim Ltd (Switzerland)
Holcim Maroc SA (Morocco)
Stone, Clay,Glass, andConcreteProducts
500 17 Mar 2016
Siemens AG (Germany)
Siemens Ltd–Healthcare Unit (India)
Health Services 455 4 Mar 2016
GIC Pte Ltd(Singapore)
Trans Retail PT (Indonesia)
Retail Trade-
GeneralMerchandiseand Apparel
398 26 Feb 2016
Bank of Nova Scotia(Canada)
Citigroup Inc–Latin America Business (Costa Rica)
CommercialBanks, Bank
HoldingCompanies
360 14 Jul 2015
Fairfax India HoldingsCorp(Canada)
BIAL (India)
AirTransportation
and Shipping321 28 Mar 2016
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Top 10 Deals from Emerging into DevelopedEconomies* Announced in Q1 2016
Source: Thoms
*Developed/Emerging economies are defined by IMF classification, available at http://www.imf.org/external/pubs/ft/weo/2010/01/weodata/groups.htm.**Company nationality determined by location of headquarters or by location of target assets.
14
Aggregate Value of Deals from Emerging into Developed Economies
All figures are inflation-adjusted to 2015 dollars.
0
50
100
150
200
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
U S $ b i l l i o n s
Quarter 4
Quarter 3
Quarter 2
Quarter 1
Acquirer** Target**Target
Industry Value of Deal
(US$mil)Date
Announced
China NationalChemical Corp(China)
Syngenta AG(Switzerland)
Chemicals and Allied Products
46,597 3 Feb 2016
Inmobiliaria Carso SAde CV(Mexico)
FCC (Spain)
ConstructionFirms
8,074 4 Mar 2016
Tianjin Tianhai InvestCo Ltd (China)
Ingram Micro Inc(United States)
WholesaleTrade-Durable
Goods
6,257 17 Feb 2016
Qingdao Haier Co Ltd(China)
General Electric Co – Applicances Business (United States)
Electronic andElectrical
Equipment
5,400 15 Jan 2016
Dalian Hexing InvestCo Ltd(China)
Legend Pictures LLC (United States)
Motion Picture
Production andDistribution
3,500 11 Jan 2016
Beijing EnterpriseGroupp Co Ltd (China)
EEEW Energy from Waste GmbH (Germany)
SanitaryServices
1,594 4 Feb 2016
Golden Brick CapitalManagement Ltd(China)
Opera Software ASA (Norway)
PrepackagedSoftware
1,258 10 Feb 2016
SteinhoffInternational HoldingNV (South Africa)
Darty PLC (United Kingdom)
Retail Trade-Home
Furnishings
1,149 2 Mar 2016
Dalian Hexing InvestCo Ltd (China)
Carmike Cinemas Inc (United States)
Motion PictureProduction and
Distribution
1,102 3 Mar 2016
Investor Group (China)
Kraussmaffei GroupGmbH (Germany)
Machinery 1,012 11 Jan 2016
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Acquirer* Target*Target
Industry Value of Deal
(US$ mil)Date
Announced
Apollo GlobalManagement LLC(United States)
The ADT Corp
(United States)
Business
Services
12,269 16 Feb 2016
TransCanada Corp(Canada)
Columbia PipelineGroup Inc(United States)
Electric, Gas,and Water
Distribution12,026 17 Mar 2016
Sherwin-Williams Co(United States)
Valspar Corp(United States)
Chemicals and Allied Products
11,202 20 Mar 2016
Fortis Inc(Canada)
ITC Holdings Corp(United States)
Electric, Gas,and Water
Distribution11,078 6 Feb 2016
Abbott Laboratories(United States)
Alere Inc(United States) Drugs 8,403 1 Feb 2016
Progressive WasteSolutions(Canada)
Waste Connections Inc(United States)
SanitaryServices
8,132 19 Jan 2016
Tianjin TianhaiInvestment Co Ltd(China)
Ingram Micro Inc(United States)
WholesaleTrade-Durable
Goods6,258 17 Feb 2016
Dominion ResourcesInc(United States)
Questar Corp(United States)
Oil and Gas;Petroleum
Refining6,068 1 Feb 2016
Leidos Holdings Inc(United States)
Lockheed Martin Corp– Government IT andTechnical ServicesBusinesses(United States)
BusinessServices
5,930 26 Jan 2016
Qingdao Haier Co Ltd(China)
General Electric Co – Appliances Business(United States)
Electronic andElectrical
Equipment5,400 15 Jan 2016
15
Top 10 North AmericanDeals Announced in Q1 2016
Source: Thoms
Aggregate Value of North American Deals
All figures are inflation-adjusted to 2016 dollars.
0
500
1000
1500
2000
2500
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
U S $ b i l l i o n s
Quarter 4
Quarter 3
Quarter 2
Quarter 1
*Company nationality determined by location of headquarters or location of target assets.
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Acquirer* Target*Target
Industry Value of Deal
(US$ mil)Date
Announced
Investor Group
(Australia)
Asciano Ltd
(Australia)
Transportationand Shipping(except air)
9,480 15 Mar 2016
China Vanke Co Ltd(China)
Shenzhen MetroGroup Co Ltd – Assets(China)
Transportationand Shipping(except air)
9,239 13 Mar 2016
Dalian Dayang TrandsCo Ltd(China)
YTO Express Co Ltd(China)
Transportationand Shipping(except air)
8,781 16 Jan 2016
Canon Inc(Japan)
Toshiba MedicalSystems Corp(Japan)
Measuring,Medical, Photo
Equipment;Clocks
5,902 17 Mar 2016
China Electronics Corp(China)
GreatWall InfoIndustry Co Ltd(China)
Computer andOffice
Equipment4,901 25 Feb 2016
CRED Holding Co Ltd(China)
Liaoning ZhongwangGroup Co Ltd(China)
Metal and MetalProducts
4,656 4 Jan 2016
China StateConstructionEngineering Corp(China)
CITIC Real Estate CoLtd(China)
Real Estate;Mortgage
Bankers andBrokers
4,583 14 Mar 2016
Dalian Hexing
Investment Co Ltd(China)
Dalian WandaCommercial PropertyCo Ltd(China)
Real Estate;Mortgage
Bankers andBrokers
4,039 30 Mar 2016
Thai Charoen CorpGroup(Thailand)
Big C Supercenter PCL(Thailand)
Retail Trade-Food Stores
3,716 7 Feb 2016
China Life Insurance(Group) Co(China)
China Guangfa Bank(China)
CommercialBanks, Bank
HoldingCompanies
3,565 29 Feb 2016
16
Top 10 Asian-PacificDeals Announced in Q1 2016
Source: Thoms
Aggregate Value of Asian-Pacific Deals
All figures are inflation-adjusted to 2016 dollars.
0
500
1000
1500
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
U S $ b i l l i o n s
Quarter 4
Quarter 3
Quarter 2
Quarter 1
*Company nationality determined by location of headquarters or location of target assets.
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Top 10 EuropeanDeals Announced in Q1 2016
Source: Thoms
Acquirer* Target*Target
Industry Value of Deal
(US$ mil)Date
Announced
China National
Chemical Corp(China)
Syngenta AG
(Switzerland)
Chemicals and
Allied Products 46,597 3 Feb 2016
Johnson Controls Inc(United States)
Tyco InternationalPLC(Ireland)
ConsumerProducts and
Services27,701 25 Jan 2016
SACAM Mutualisation(France)
Credit Agricole –Shares in 39 RegionalBanks(France)
CommercialBanks, Bank
HoldingCompanies
20,060 19 Jan 2016
Deutsche Boerse AG(Germany)
London StockExchange Group PLC(United Kingdom)
Investment &Commodity
Firms, Dealers,
Exchanges
13,898 23 Feb 2016
Mylan NV(United States)
Meda AB(Sweden)
Drugs 9,917 10 Feb 2016
Inmobiliaria Carso SAde CV(Mexico)
FCC(Spain)
ConstructionFirms
8,075 4 Mar 2016
Liberty Global PLC(United Kingdom)
Vodafone – DutchOperations(Netherlands)
Telcom 6,409 2 Feb 2016
IHS Inc(United States)
Markit Ltd(United Kingdom)
Business
Services 6,153 21 Mar 2016
Banco Popolare SC(Italy)
Banca Popolare diMilano Scarl(Italy)
CommercialBanks, Bank
HoldingCompanies
3,499 23 Mar 2016
Sysco Corp(United States)
Brake Bros Ltd (United Kingdom)
WholesaleTrade-
NondurableGoods
3,100 22 Feb 2016
Aggregate Value of European Deals
All figures are inflation-adjusted to 2016 dollars.
0
500
1000
1500
2000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
U S $ b i l l i o n s
Quarter 4
Quarter 3
Quarter 2
Quarter 1
*Company nationality determined by location of headquarters or location of target assets.
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Top 10 Inbound Chinese Deals Announced in Q1 2016
Acquirer* Target*Target
Industry Value of Deal
(US$ mil)Date
Announced
Glory FundManagement Group
Co Limited(Singapore)
Greenland Holding
Corp Limited – Assets(China)
Hotel and
Casinos 3,227 11 Mar 2016
PVH Corp(United States)
TH Asia Ltd(Hong Kong)
Textile and ApparelProducts
172 2 Feb 2016
Malaysia(Malaysia)
WeLab Holdings Ltd(Hong Kong)
Investment &Commodity
Firms, Dealers,Exchanges
160 21 Jan 2016
Vallourec SA(France)
Anhui Tianda Oil PipeCo Ltd (China)
Metal and MetalProducts
157 3 Feb 2016
Capital Union Inc (British Virgin Islands)
Mind StoneInvestments Ltd(Hong Kong)
Investment &Commodity
Firms, Dealers,Exchanges
155 30 Mar 2016
Cooper Tire & RubberCo(United States)
Qingdao Ge Rui DaRubber Co(China)
Rubber andMiscellaneous
Plastic Products93 6 Jan 2016
Infinity FortuneDevelopment Limited(British Virgin Islands)
Jinan Tianhong Yongyi Real EstateDevelopment(China)
Real Estate;Mortgage
Bankers andBrokers
57 18 Mar 2016
Blommer ChocolateCo(United States)
ChocolateManufacturing Plant(China)
Food andKindredProducts
40 24 Feb 2016
Yanlord Land GroupLtd(Singapore)
Shenzhen HengmingCommercial Co Ltd(China)
Real Estate;Mortgage
Bankers andBrokers
24 28 Jan 2016
Asia-Pacific StrategicInvestments(Singapore)
Zhongfang UnitedProperty Group Co(China)
Real Estate;Mortgage
Bankers andBrokers
23 14 Jan 2016
*Company nationality determined by location of headquarters or location of target assets.
Source: Thoms
Aggregate Value of Inbound Chinese Deals
All figures are inflation-adjusted to 2016 dollars.
0
10
20
30
40
50
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
U S $ b i l l i o n s
Quarter 4
Quarter 3
Quarter 2
Quarter 1
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Acquirer* Target*Target
Industry Value of Deal
(US$ mil)Date
Announced
China NationalChemical Corp(China)
Syngenta AG
(Switzerland)
Chemicals and
Allied Products46,597 3 Feb 2016
Tianjin TianhaiInvestment Co Ltd(China)
Ingram Micro Inc(United States)
WholesaleTrade – Durable
Goods6,258 17 Feb 2016
Qingdao Haier Co Ltd(China)
General Electric Co – Appliances Business
(United States)
Electronic andElectrical
Equipment5,400 15 Jan 2016
Dalian Hexing InvestCo Ltd(China)
Legend Pictures LLC(United States)
Motion PictureProduction and
Distribution3,500 11 Jan 2016
SamsoniteInternational SA(Hong Kong)
Tumi Holdings Inc (United States)
Leather and
LeatherProducts
1,715 3 Mar 2016
Beijing EnterprisesGroup Co Ltd(China)
EEW Energy from Waste GmbH(Germany)
SanitaryServices
1,594 4 Feb 2016
Golden Brick CapitalManagement Ltd(China)
Opera Software ASA(Norway)
PrepackagedSoftware
1,258 10 Feb 2016
Dalian HexingInvestment Co Ltd(China)
Carmike Cinemas Inc(United States)
Motion PictureProduction and
Distribution1,102 3 Mar 2016
Yinyi InvestmentHolding Group Ltd(Hong Kong)
Punch Powertrain NV(Belgium)
TransportationEquipment
1,100 10 Mar 2016
Investor Group(China)
Kraussmaffei GroupGmbH(Germany)
Machinery 1,012 11 Jan 2016
19
Top 10 Outbound ChineseDeals Announced in Q1 2016
*Company nationality determined by location of headquarters or location of target assets.
Source: Thoms
Aggregate Value of Outbound Chinese Deals
All figures are inflation-adjusted to 2016 dollars.
0
20
40
60
80
100
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
U S $ b i l l i o n s
Quarter 4
Quarter 3
Quarter 2
Quarter 1
-
8/18/2019 XBMA 2016 Q1 Quarterly Review
21/22XBMA – 20
Top 10 Inbound Indian Deals Announced in Q1 2016
Source: Thoms
Acquirer* Target*Target
Industry Value of Deal
(US$ mil)Date
Announced
Siemens AG
(Germany)
Siemens Ltd –
Healthcare Unit(India)Health Services 455 4 Mar 2016
Fairfax IndiaHoldings Corp(Canada)
BIAL(India)
AirTransportation
and Shipping322 28 Mar 2016
Abraaj Capital Ltd(United Arab Emirates)
Care Hospitals Pvt Ltd(India)
Health Services300
12 Jan 2016
Naspers Ltd(South Africa)
ibibo Web Pvt Ltd(India)
BusinessServices
25023 Feb 2016
Abraaj Capital Ltd(United Arab Emirates)
Innovative RetailConcepts Pvt(India)
BusinessServices
150 22 Mar 2016
KKR & Co LP(United States)
Max FinancialServices Ltd(India)
Insurance 140 19 Feb 2016
First Reserve Corp(United States)
Crompton GreavesLtd – InternationalPower Business(India)
Electronic andElectrical
Equipment126 9 Mar 2016
Singapore(Singapore)
MXC Solutions IndiaPvt Ltd
(India)
BusinessServices
110 1 Jan 2016
Goldman SachsGroup Inc(United States)
SAMHI Hotels Pvt Ltd(India)
Hotels andCasinos
66 5 Jan 2016
Goldman SachsGroup Inc (United States)
Amber Enterprises(India) Pvt(India)
Measuring,Medical, Photo
Equipment;Clocks
32 19 Jan 2016
*Company nationality determined by location of headquarters or location of target assets.
Aggregate Value of Inbound Indian Deals
All figures are inflation-adjusted to 2016 dollars.
0
10
20
30
40
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
U S $ b i l l i o n s
Quarter 4
Quarter 3
Quarter 2
Quarter 1
-
8/18/2019 XBMA 2016 Q1 Quarterly Review
22/22
Top 10 Outbound Indian Deals Announced in Q1 2016
Company nationality determined by location of headquarters or location of target assets.
Acquirer* Target*Target
Industry Value of Deal
(US$ mil)Date
Announced
Wipro Ltd
(India)
HealthPlan HoldingsInc(United States)
Insurance 460 11 Feb 2016
Aditya BirlaManagement Corp Pvt(India)
Thai Carbon BlackPCL(Thailand)
Chemicals and Allied Products
149 16 Mar 2016
Bharat PetroleumCorp Ltd(India)
OffshoreHydrocarbons Asset(Mozambique)
Oil and Gas;PetroleumRefining
75 29 Mar 2016
Premier CapitalServices Ltd(India)
McDonalds System ofRomania Inc(United States)
Retail Trade-Eating and
Drinking Places65 25 Jan 2016
MindTree Ltd(India)
Magnet 360 LLC(United States)
BusinessServices
50 18 Jan 2016
Mahindra &Mahindra Ltd(India)
Sampo Rosenlew Oy(Finland)
Machinery 20 31 Mar 2016
Strides Shasun Ltd(India)
Generic Partners PtyLtd(Australia)
Drugs 18 8 Feb 2016
Strides Shasun Ltd(India)
UniversalCorporation Ltd(Kenya)
Drugs 14 8 Feb 2016
HCL Technologies Ltd(India)
Point to Point Ltd(United Kingdom)
BusinessServices
11 27 Jan 2016
BeltronTelecommunicationsLtd(India)
PiMON GmbH(Germany)
Electronic andElectrical
Equipment11 30 Mar 2016
Aggregate Value of Outbound Indian Deals
All figures are inflation-adjusted to 2016 dollars.
0
10
20
30
40
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
U S $ b i l l i o n s
Quarter 4
Quarter 3
Quarter 2
Quarter 1