We open our report with a discussion of some of the main themes we expect to be at work. Deal activity remained relatively subdued in 2014. Total deal value fell away to levels last seen in 2009 and 2003, the earliest report in our annual series. Indeed, 2014’s total deal value was less than half of that recorded in seven of the last 11 years. With economic growth forecasts being adjusted downwards and the uncertainty over the direction of commodity prices, we don’t expect dealmakers to be rushing to the table in 2015. Looking ahead, we see dealmaking in the sector being primarily driven by specific country, industry or company considerations rather than by the global cycle, the direction of which remains uncertain. The urge to make deals solely to achieve industry consolidation is gone.
This report is the latest annual review edition in our Forging Ahead series on dealmaking in the sector. It sits alongside our quarterly Forging Ahead reports and is one of a range of deals publications from PwC, covering sectors including aerospace & defence, renewable energy, power, and oil & gas. Together, the family of deals reports provides a comprehensive analysis of M&A activity across industries worldwide.
Metals Deals 2014-15 is based on published transactions from the SDC Platinum (Thomson Reuters) database, January 2015. The report includes data from prior years and is the latest in an annual series of metals deals reports.