綜觀2014年，全球化學產業業者藉由調整產品組合 (portfolio realignment)以強健公司體質，同時因低利率創造有利的公司債市場，促使化學產業的併購數量與金額創下新高，預期此熱潮將持續，於2015年達到新高點
Global chemical mergers and acquisitions (M&A) activity in 2018 is expected to remain strong, as high valuations continue to be mitigated by improving global economic conditions, continued inexpensive financing, and an appetite among industry participants for growth and transformative M&A transactions.
- Executive Summary
- Regional outlook
- Sub-segment outlook
- Deloitte’s 360˚M&A experience
- View video on M&A interactions in the chemicals industry
The global chemical industry has experienced several years of strong M&A activity, as companies pursued growth, realigned their portfolios, and focused on core competencies. Questions abound: Have consolidation and portfolio realignment achieved their goals for the industry? Will activist investors drive the course of the M&A activities? Will state-owned enterprises begin to impact deal activity? Have valuations driven acquirers out of the market? The 2018 Global chemical industry M&A outlook answers these questions and others.
- A robust M&A market in the US chemical industry is expected in the coming years as the new tax legislation will provide US-based companies with additional cash flow for investment or other purposes.
- China outbound activity in 2018 is expected to be at the same level or slightly higher than 2017 due to new opportunities arising from the “Belt & Road” initiative; domestic transactions are expected to remain strong as smaller players are acquired in efforts to reduce capacity and increase profitability.
- Despite the uncertainties of Brexit, the UK is expected to remain an attractive market for both corporate and financial buyers in the near-term.
- Deal volume in Germany is anticipated to continue at high levels as companies use their strong earnings to increase their competitiveness through expanding scale, closing portfolio or technology gaps or entering into new customer groups.
- In the Netherlands, 2018 may be an active year for some larger transactions as large Dutch players have shown an appetite for both divestitures and acquisitions.
- Despite uncertainties such as the entry of shale gas-based chemical products and business into the Japanese market, high levels of M&A activity are expected to continue among Japanese chemical manufacturers in 2018.
- Economic and political uncertainty are likely to have kept foreign buyers from investing in Brazil. Yet, the overall growth forecast, expected favorable exchange rates, higher infrastructure investments and favorable tax rates have started to rekindle investor interest in Brazil´s long-term potential. Activity in 2018 may be higher than in prior years.
- In the commodity chemicals sector, the continued emergence of state-owned enterprises and traditional oil and gas companies moving downstream is likely to propel scale and synergy-driven M&A plays as well as portfolio rebalancing amongst traditional commodity chemical players to stay competitive. This and other factors will likely drive another active year in M&A in 2018 in this sector.
- In the coatings sub-sector, the flurry of activity highlighted the strong M&A appetite among some of the largest players, despite it being an already comparatively consolidated sub-sector. It is likely that 2018 will see further M&A activity, potentially with involvement from private equity.
- With the adhesive and sealants sub-sector still relatively fragmented, there is likely to be continued consolidation in 2018.
- In industrial gases, 2018 will likely be a fairly quiet year, with the exception of some potentially significant regulatory driven divestitures.
- While the fertilizer and agricultural chemicals sector is largely consolidated, 2018 is likely to hold continued competition regulator mandated divestitures and portfolio realignment arising from past mega-deals, however, further mega-deals in this sector are likely to be limited.
Deloitte’s 360˚M&A experience
Bringing organizations together through mergers and acquisitions, or carving them out through separations and divestitures, are among the most complex business activities an organization will ever undertake. Deloitte is the only professional services firm that can advise strategic corporate buyers and private equity investors throughout the entire M&A deal life cycle with over 6000 advisors in over 150 countries. From conceiving strategy to selecting the right partner. From conducting thorough due diligence to closing the deal. From beginning to end, we align our services to address transactions, integration, and separation needs, all with the goal of generating value for our clients.
M&A integrations in the chemicals industry
In order to generate value from M&A activity, the ability to successfully integrate acquired businesses becomes an increasingly important capability.
2014年全球化學產業併購交易表現強勁，共計635件的交易量創造了778億美金的交易價值。展望2015年，勤業眾信製造產業團隊發布了《2015 全球化學併購展望 (Global chemical industry mergers and acquisitions outlook)》，預測今年的化學產業的併購交易百尺竿頭，更進一步，廠商將持續調整產品組合與追求非有機類商品獲利機會以強健公司體質，同時，低利率環境更有利於透過公司債籌資，亦使併購交易變得更加誘人。
放眼2015，報告預期關鍵化學市場的併購交易將可維持成長態勢，包括大宗化學品(commodities)、化學中介品(intermediates)與特用化學品(specialties)、肥料(fertilizers)與農用化學品(agricultural chemical)，以及工業用氣體(industrial gases)。此外，化學產業益發重視應用生物科技(biotechnology)和可再生品(renewables)的趨勢亦是促進併購交易的催化劑。企業傾向在原有商品的製程與新商品開發過程中採用生物技術，預測這些公司將會透過企業合資或是併購的途徑來獲得此類高新技術。
- 亞太：因應糧食生產需求，農化品市場的併購交易將在中國市場扮演重大角色；日本企業為了擺脫低毛利的大宗化學品，預估將透過精密與生科化學品市場(fine and life science chemicals)的併購尋求更高獲利；印度的產業併購活動也將增加，預期多數將來自海外買主的跨境併購。