Forging ahead: Global metals industry mergers and acquisitions analysis: 3Q 2009





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Welcome to Forging ahead, PricewaterhouseCoopers’ quarterly analysis of mergers and acquisitions (M&A) in the global metals industry. In addition to a detailed summary of M&A activity in the third quarter of 2009, we supplement this issue with a special report that addresses the impact prospective energy and climate policies may have in business transactions. Included in the discussion is the role of cap-and-trade in climate change legislation, how the deal market is responding, company brand and reputation considerations, and the interests of increasingly environmentally-aware stakeholders.

Third-quarter analysis of global metals deal activity indicates that although the pace of mergers and acquisitions for metals targets has not yet experienced a sustained improvement, it has not slowed further during 2009 when measured by the number of announced deals.

The pace of deal activity as measured by the number of announced deals for metal targets has picked up only slightly in 2009. Twenty deals were announced in the third quarter, compared with 18 deals and 16 deals announced in the first and second quarters, respectively.