Tag Archives | M&A

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M&A deals get more complex

As always, the blog gained some key insights into the current M&A landscape this month, at the annual Pilko & Associates Round Table, co-organised with Shell Chemicals and leading law firm Allen & Overy. Financing deals has become superficially much easier, as ‘risk-appetite’ has returned. In some areas, the market is more buoyant than in […]

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Deepwater Horizon to lead to more regulation

The blog gained some key insights into the current M&A landscape this week, at the annual Pilko & Associates Round Table, co-organised with Shell Chemicals and leading law firm Allen & Overy: • M&A has become a ‘buyer’s market’, and this is not expected to change in the near future. • Credit markets remain cautious. […]

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V-shaped sellers meet L-shaped buyers

Picture: www.businessoffashion.com A senior figure in the investment community told the blog recently that companies’ views on the outlook for the economy seemed to vary according to their own financial position: “the stronger the balance sheet, the more realistic (and worse) the view on the economy”. This analysis was confirmed at an interesting M&A Round […]

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M&A focus to change in 2009

The recession will have a major impact on M&A activity next year, according to a new analysis by Pilko & Co. Their key conclusions are: • Increasingly,deals will be the result of financial restructurings, workouts or bankruptcies. • Buyers with cash and debt capacity will be able to dictate terms. • Asian/Middle East buyers will […]

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Private Equity and the credit crunch

I recently had the opportunity to attend a workshop organised by Pilko & Associates with leading figures from the private equity (PE) industry. It was fascinating to hear their views on how the current credit crunch is affecting M&A activity. The days when some PE players were acclaimed as geniuses simply for loading up a […]

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A tale of two outlooks

If you read the financial pages of your newspaper, everything sounds rosy. But if you turn to the news section, its all gloom. Both views can’t continue to exist alongside each other for ever. Whichever scenario comes out on top, will have major implications for the chemical industry. My own view is that this week’s […]

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Chemical company valuations

The prices paid for Petkim and for Lustran reflect two very different perspectives on the current market:

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ICI and Akzo

ICI has experience of fighting off unwelcome acquisitions. And Akzo may find itself in a difficult position if ICI wins again. Unless this bid, like Hanson’s in 1991, marks the ‘top’ in the currrent M&A cycle.

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