Welcome to Forging ahead, PwC's analysis of mergers and acquisitions (M&A) in the global metals sector. Although deal volume and total deal value declined compared to the third quarter, activity remained relatively strong compared to both the earlier part of the year and most of 2009. Overall deal volume for the year exceeded 2009 as did the number of mega-deals—deals with a disclosed value of over $1 billion—while total deal value was roughly comparable to the previous year.
In addition to a detailed summary of M&A activity in the quarter, this edition features a special report that discusses potential growth opportunities in emerging markets that may not have already been considered. As company executives analyze the long-term risks and benefits associated with such an endeavor, it is particularly important to understand each region's tax liabilities and advantages. In repositioning for growth, tax strategy may be the deciding factor.