Forging Ahead 2009 Annual Review
Mergers & acquisitions activity in the metals industry
The steep fall in metals deal value continued in 2009 with total value charting a course which took it back to below levels last seen in 2003. A distinguishing characteristic of this recession, however, has been the lack of major bankruptcies. Companies instead moved swiftly to conserve cash and protect margins. Partly in consequence, the number of M&A deals in 2009 remained high but for much smaller sizes with average deal value at just US$56.2 million compared to US$274.2 million in 2008. Total deal value, at US$15.1bn, was down 75% year on year and was barely a tenth of the record high reached in 2007, according to ‘Forging Ahead’, PwC’s annual review of M&A activity in the metals sector.
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