德勤：2016年全球化工并購展望報告（22頁）.pdf

1、2016 Global chemical industry mergers and acquisitions outlook A quest for focus January 2016 2 2016 Global chemical industry mergers and acquisitions outlookA quest for focus 3 Contents 4 Global activity 8 Mergers and acquisitions activity by chemical segment 11 Chemical mergers and acquisitions ac

2、tivity in key geographies 16 Summary outlook for 2016 mergers and acquisitions activity 17 Contacts 18 Acknowledgements 19 Endnotes 4 Global activity In the Deloitte Touche Tohmatsu Limited (Deloitte Global) 2015 Global chemical industry mergers and acquisitions outlook, record levels of chemical me

3、rgers and acquisitions (M23 and Platform Specialty Products Corporations US$2.3 billion acquisition of UK based Alent Plc, which is expected to combine complementary product portfolios and geographical footprints of the two companies.24 In 2016, it is expected that further core strengthening plays w

4、ill be evident with buyers interested in those companies exposed to industry sectors, such as automotive and aerospace, which have stringent quality requirements and require materials with specific high performance characteristics. Fertilizers and agriculture chemicals: A focus on growth and profita

5、bility in a down agricultural cycle A continued downturn in crop prices, amid expectations of record harvests by US farmers, is expected to cause a 38 percent decline in 2015 US farm income to its lowest level since 2002.25 This, in turn, impacts farmers purchasing decisions, putting pressure on pri

6、cing and reducing the demand for certain agricultural chemicals and fertilizers. Given the relatively low topline growth rate, several companies in the fertilizer and agriculture chemicals segment have undertaken cost-cutting strategies in 2015, including closing older and less-efficient plants, cut

7、ting employment, and refocusing their product portfolios. For instance, Potash Corporation of Saskatchewan reduced its potash production late in 2015 and subsequently announced operational changes to divert production to lower cost facilities, from which annualized cost savings of US$40 to US$50 mil

8、lion are expected in 2016.26 It also appears that the segment may be on the brink of significant consolidation, as agricultural chemical companies look to gain cost and research and development (R and the sale of Alfa Aesar by Johnson Matthey plc to Thermo Fisher Scientific for US$405m.35 UK chemica

9、l businesses have continued to present attractive targets to international buyers, particularly from the US, who have acquired UK-based companies for, among other things, growing their technology and market footprint. Overseas acquirers have included RPM, Clariant, Lehman the acquisition of Kleiss G

10、ears (Germany) by Victrex in July; and Crodas takeover of Incotec (Netherlands) in November.37 There have also been a number of smaller takeovers and buy-outs of privately owned businesses in the paints and coatings, private label, fuel additives, and rubber productssegments. Looking forward, invest

11、or sentiment is expected to remain strong, which will continue to drive both inbound and outbound M over 90 percent of the Chinese chemical deals in 2015 were driven by local buyers.40 Domestic activity in China also included 15 transactions above US$500 million, comprising 54 percent of the (announ

12、ced) global deal values of US$25 billion.41 Driven by the anticipated Chinese economic slowdown in 2016, valuations are expected to move slightly downwards, but remain substantially higher than those in the US or Europe. In terms of segments, coatings, rubber, and agricultural chemicals were the mos

13、t active, followed by deals in the cosmetics and construction chemicals segments. Observations and analysis indicate that M Dan Avramovic, Deloitte United States (Deloitte David Tutrone, Deloitte United States (Deloitte Corporate Finance LLC); Jia Ming Lee, Deloitte China; Rebone Mofulatsi and Adhee

14、sh Ori, both with Deloitte South Africa; Thomas Frankum, Deloitte UK and Switzerland; and Christoph Sohn, Deloitte Germany. Also, special thanks to Jennifer McHugh, Deloitte Touche Tohmatsu Limited. Acknowledgements 2016 Global chemical industry mergers and acquisitions outlookA quest for focus 19 1

15、 Deloitte Touche Tohmatsu Limited (Deloitte Global) Consumer and Reuters, “World Bank cuts global economic growth outlook,” 6 January 2016, worldbank-economy-idINKBN0UK2JK20160107. 6 Deloitte Touche Tohmatsu Limited Global Consumer Yahoo Finance, “CF Industries Completes Acquisition of Remaining 50

16、Percent Interest in GrowHow from Yara for $580 million,” 31 July 2015, and Yahoo Finance, “Thermo Fisher Scientific Signs Agreement to Acquire Research Chemicals Leader Alfa Aes,” 25 June 2015, thermo-fisher-scientific-signs-agreement-132400739.html. 36 Keybanc Capital Markets, Specialty Chemicals Q

17、uarterly, Third Quarter 2015, 30 September 2015, responsysimages/kyb1/_RS_CP_/KBCM_SpecialtyChemicals.pdf; Bloomberg Business, “Deal Chemistry in the Air for Revamped Clariant: Real M and Lehmann Victrex, “Victrex further enhances solution provider capability following acquisition of Kleiss Gears,”

18、21 July 2015, victrex-acquires-kleiss-gears; and Croda, “Croda Acquires Innovative Seed Enhancement Company Incotec,” 1 December 2015, http:/www.croda. com/home.aspx?d=content and Taiyo Nippon Sanso Corporation, “Acquisition of an industrial gas producer in Thailand,” 4 June 2015, https:/www.tn-sans

19、o.co.jp/en/_documents/news_96041220.pdf. 45 The World Bank, Global Economic Perspective, January 2016. http:/www.worldbank.org/content/dam/Worldbank/GEP/GEP2015b/Global- Economic-Prospects-January-2015-Table1.pdf. 46 Wall Street Journal, “Foreign Investors Buy Into Brazil, Lead M automotive; chemica

20、ls and specialty materials, including metals, forest, paper and packaging; consumer products; industrial products and services; retail, wholesale and distribution; as well as travel, hospitality and business services. For more information about the Global C&IP Industry group, please visit and www. A

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