Market Briefing: Mergers & Aquisitions World, Region, & Country Yardeni Research, Inc.
April 11, 2016
Dr. Edward Yardeni 516-972-7683
[email protected]
Joe Abbott 732-497-5306
[email protected]
Please visit our sites at www.yardeni.com blog.yardeni.com
thinking outside the box
Table Of Contents
Table Of Contents
World & Regions World World ex-US Asia Australasia Europe Latin America Middle East & Africa North America World By Region & Top 7 Countries World By Region & Top 7 Countries Countries Australia Brazil Canada China France Germany India Italy Japan Netherlands Russia South Korea Spain Sweden Switzerland United Kingdom United States Major Countries By Sector United States: M&A by Sector United States: Sector % Share of M&A World: M&A by Sector World: Sector % Share of M&A
April 11, 2016 / Mergers & Acquisitions
1 2 3 4 5 6 7 8 9-10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
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World Figure 1. 1750
1750
M&A ACTIVITY: WORLD* (billion US dollars, quarterly)
1500
1500
Quarterly (728.2)
1250
1250
750
Q1
yardeni.com
1000
1000
750
500
500
250
250
0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 2. 7500 6500
7500
M&A ACTIVITY: WORLD*
6500
(billion US dollars, ratio scale)
5500
5500 Q1
4500
4500
3500
3500
2500
2500
4-Quarter Sum (4502.4) Annualized Quarterly (2912.6)
1500
1500
yardeni.com
500
500
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
Page 1 / April 11, 2016 / Mergers & Acquisitions
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World ex-US Figure 3. 1000
1000
M&A ACTIVITY: WORLD EX-US* (billion US dollars, quarterly)
750
750
Quarterly (474.1)
Q1
yardeni.com
500
250
500
250
0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 4. 3750 3250
3750
M&A ACTIVITY: WORLD EX-US*
3250
(billion US dollars, ratio scale)
2750
2750 Q1
2250
2250
1750
1750
1250
1250
4-Quarter Sum (2383.2) Annualized Quarterly (1896.3)
750
750
yardeni.com
250
250
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
Page 2 / April 11, 2016 / Mergers & Acquisitions
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Asia Figure 5. 400
400
M&A ACTIVITY: ASIA (North Asia, SouthEast Asia, India, Japan)* (billion US dollars, quarterly)
350
350
300
300
Quarterly (203.1)
250
250 yardeni.com
Q1
200
200
150
150
100
100
50
50
0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 6. 1520 1220
1520
M&A ACTIVITY: ASIA (North Asia, SouthEast Asia, India, Japan)* (billion US dollars, ratio scale)
Q1
1220
920
920
620
620
320
320
4-Quarter Sum (1059.2) Annualized Quarterly (812.5)
yardeni.com
20
20
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
Page 3 / April 11, 2016 / Mergers & Acquisitions
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Australasia Figure 7. 50
50
M&A ACTIVITY: AUSTRALASIA* (billion US dollars, quarterly)
40
40
Quarterly (20.0)
Q1
20
yardeni.com
30
10
30
20
10
0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 8. 218 188 158
218 188
M&A ACTIVITY: AUSTRALASIA* (billion US dollars, ratio scale)
158
128
128
98
Q1
98
68
68
38
38
4-Quarter Sum (91.1) Annualized Quarterly (79.9)
yardeni.com
8
8
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
Page 4 / April 11, 2016 / Mergers & Acquisitions
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Europe Figure 9. 800
800
M&A ACTIVITY: EUROPE* (billion US dollars, quarterly)
600
600
Quarterly (199.1)
yardeni.com
400
Q1
200
0
400
200
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 10. 3150 2650
3150
M&A ACTIVITY: EUROPE*
2650
(billion US dollars, ratio scale)
2150
4-Quarter Sum (1007.2) Annualized Quarterly (796.3)
1650
1150
2150 1650
1150 Q1
650
650
yardeni.com
150
150
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
Page 5 / April 11, 2016 / Mergers & Acquisitions
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Latin America Figure 11. 100
100
M&A ACTIVITY: LATIN AMERICA (including Carribean)* (billion US dollars, quarterly)
75
75
Quarterly (12.4)
yardeni.com
50
25
50
25
Q1
0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 12. 403 303
403
M&A ACTIVITY: LATIN AMERICA (including Carribean)*
303
(billion US dollars, ratio scale)
203
203
103
103 Q1
4-Quarter Sum (78.6) Annualized Quarterly (49.7)
yardeni.com
3
3
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
Page 6 / April 11, 2016 / Mergers & Acquisitions
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Middle East & Africa Figure 13. 45
45
M&A ACTIVITY: MIDDLE EAST & AFRICA* (billion US dollars, quarterly)
40
40
35
35
Quarterly (17.4) 30
30
20 Q1
yardeni.com
25
25
20
15
15
10
10
5
5
0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 14. 160.5 120.5
160.5
M&A ACTIVITY: MIDDLE EAST & AFRICA*
120.5
(billion US dollars, ratio scale)
80.5
80.5 Q1
40.5
40.5
4-Quarter Sum (55.7) Annualized Quarterly (69.6)
yardeni.com
.5
.5
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
Page 7 / April 11, 2016 / Mergers & Acquisitions
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North America Figure 15. 800
800
M&A ACTIVITY: NORTH AMERICA* (billion US dollars, quarterly)
700
700
600
600
Quarterly (276.1)
500
500 yardeni.com
400
300
Q1
400
300
200
200
100
100
0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 16. 3300 2800
3300
M&A ACTIVITY: NORTH AMERICA* (billion US dollars, ratio scale)
2800
2300
Q1
2300
1800
1800
1300
1300
800
800
4-Quarter Sum (2210.7) Annualized Quarterly (1104.6) yardeni.com
300
300
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
Page 8 / April 11, 2016 / Mergers & Acquisitions
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World By Region & Top 7 Countries Figure 17. 1250.2 1000.2 750.2 500.2
1250.2 1000.2 750.2 500.2
M&A ACTIVITY: TOTAL BY REGION* (billion US$, quarterly, ratio scale)
Q1
250.2
250.2
yardeni.com
Asia (203.1) Australasia (20.0) Europe (199.1) Latin America (12.4) Middle East & Africa (17.4) North America (276.1) .2
.2 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 18. 90
90
M&A ACTIVITY: REGION % SHARE OF WORLD* (percent, quarterly)
80
80
Asia (27.9) Australasia (2.7) Europe (27.3) Latin America (1.7) Middle East & Africa (2.4) North America (37.9)
70
60
70
60
40
Q1
yardeni.com
50
50
40
30
30
20
20
10
10
0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
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World By Region & Top 7 Countries Figure 19. 1750
1750
M&A ACTIVITY: WORLD & TOP 7 COUNTRIES* (billion US dollars, quarterly)
World (728.2)
1500
1500
Top 7 Countries (502.4) 1250
1250
750
Q1
yardeni.com
1000
1000
750
500
500
250
250
0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Top seven countries: US, UK, China, Germany, Japan, France, & Canada. Source: Dealogic.
Figure 20. 80
80
M&A ACTIVITY: TOP 7 COUNTRIES % SHARE OF WORLD* (percent, quarterly)
70
70
Canada (3.0) China (16.5) France (2.8) Germany (1.1) Japan (4.1) United Kingdom (6.5) United States (34.9)
60
50
60
50
Q1
yardeni.com
40
40
30
30
20
20
10
10
0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Top seven countries: US, UK, China, Germany, Japan, France, & Canada. Source: Dealogic.
Page 10 / April 11, 2016 / Mergers & Acquisitions
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Australia Figure 21. 50
50
M&A ACTIVITY: AUSTRALIA* (billion US dollars, quarterly)
40
40
Quarterly (18.8)
yardeni.com
30
20
Q1
10
30
20
10
0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 22. 205 165
205
M&A ACTIVITY: AUSTRALIA*
165
(billion US dollars, ratio scale)
125
125 Q1
85
45
85
45
4-Quarter Sum (85.3) Annualized Quarterly (75.2)
yardeni.com
5
5
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
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Brazil Figure 23. 80
80
M&A ACTIVITY: BRAZIL* (billion US dollars, quarterly)
60
60
Quarterly (3.2)
yardeni.com
40
20
40
20
Q1 0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 24. 400.5 320.5 240.5
400.5 320.5 240.5
M&A ACTIVITY: BRAZIL*
(billion US dollars, ratio scale)
160.5
160.5
80.5
80.5 Q1
4-Quarter Sum (41.0) Annualized Quarterly (12.9)
yardeni.com
.5
.5
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
Page 12 / April 11, 2016 / Mergers & Acquisitions
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Canada Figure 25. 100
100
M&A ACTIVITY: CANADA* (billion US dollars, quarterly)
75
75
Quarterly (22.1)
yardeni.com
50
25
Q1
0
50
25
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 26. 505 405
505
M&A ACTIVITY: CANADA*
405
(billion US dollars, ratio scale)
305
305
205
205
105
105 Q1
4-Quarter Sum (81.9) Annualized Quarterly (88.3)
yardeni.com
5
5
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
Page 13 / April 11, 2016 / Mergers & Acquisitions
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China Figure 27. 250
250
M&A ACTIVITY: CHINA*
(billion US dollars, quarterly)
200
200
Quarterly (120.5)
Q1 100
yardeni.com
150
50
150
100
50
0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 28. 1000.4 800.4 600.4
M&A ACTIVITY: CHINA*
Q1
(billion US dollars, ratio scale)
1000.4 800.4 600.4
400.4
400.4
200.4
200.4
4-Quarter Sum (681.9) Annualized Quarterly (482.0)
yardeni.com
.4
.4
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
Page 14 / April 11, 2016 / Mergers & Acquisitions
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France Figure 29. 125
125
M&A ACTIVITY: FRANCE* (billion US dollars, quarterly)
100
100
Quarterly (20.2)
yardeni.com
75
50
25
75
50
25 Q1
0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 30. 605 505 405
605 505 405
M&A ACTIVITY: FRANCE* (billion US dollars, ratio scale)
4-Quarter Sum (94.5) Annualized Quarterly (81.0)
305
305
205
205
105
Q1
yardeni.com
5
105
5
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
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Germany Figure 31. 250
250
M&A ACTIVITY: GERMANY* (billion US dollars, quarterly)
200
200
Quarterly (8.0)
yardeni.com
150
100
50
150
100
50
Q1 0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 32. 1503 1253 1003 753
1503 1253 1003 753
M&A ACTIVITY: GERMANY* (billion US dollars, ratio scale)
4-Quarter Sum (77.4) Annualized Quarterly (32.1)
503
503
253
253
Q1
yardeni.com
3
3
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
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India Figure 33. 35
35
M&A ACTIVITY: INDIA*
(billion US dollars, quarterly) 30
30
Quarterly (8.2)
25
25
yardeni.com
20
15
10
20
15
10 Q1
5
5
0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 34. 150.1 120.1 90.1
150.1 120.1 90.1
M&A ACTIVITY: INDIA*
(billion US dollars, ratio scale)
60.1
60.1 Q1
30.1
30.1
4-Quarter Sum (35.3) Annualized Quarterly (32.8)
yardeni.com
.1
.1
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
Page 17 / April 11, 2016 / Mergers & Acquisitions
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Italy Figure 35. 75
75
M&A ACTIVITY: ITALY*
(billion US dollars, quarterly)
60
60
Quarterly (8.8)
yardeni.com
45
30
15
45
30
15 Q1
0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 36. 425 355 285
425 355
M&A ACTIVITY: ITALY*
(billion US dollars, ratio scale)
285
215
215
145
145
75
75 Q1
4-Quarter Sum (60.6) Annualized Quarterly (35.1)
yardeni.com
5
5
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
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Japan Figure 37. 125
125
M&A ACTIVITY: JAPAN* (billion US dollars, quarterly)
100
100
Quarterly (30.0)
yardeni.com
75
50
75
50
Q1 25
25
0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 38. 501 401 301
501 401 301
M&A ACTIVITY: JAPAN*
(billion US dollars, ratio scale)
201
201 Q1
101
101
4-Quarter Sum (111.5) Annualized Quarterly (120.0)
yardeni.com
1
1
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
Page 19 / April 11, 2016 / Mergers & Acquisitions
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Netherlands Figure 39. 150
150
M&A ACTIVITY: NETHERLANDS* (billion US dollars, quarterly)
125
125
Quarterly (8.3) 100
100 yardeni.com
75
75
50
50
25
25 Q1
0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 40. 603 503 403
603 503 403
M&A ACTIVITY: NETHERLANDS* (billion US dollars, ratio scale)
303
303
203
203
103
103
Q1
4-Quarter Sum (50.2) Annualized Quarterly (33.0) yardeni.com
3
3
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
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Russia Figure 41. 100
100
M&A ACTIVITY: RUSSIA* (billion US dollars, quarterly)
80
80
Quarterly (5.4)
yardeni.com
60
40
20
60
40
20
Q1 0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 42. 500.1 400.1 300.1 200.1
500.1 400.1 300.1 200.1
M&A ACTIVITY: RUSSIA*
(billion US dollars, ratio scale)
100.1
100.1
Q1
4-Quarter Sum (36.1) Annualized Quarterly (21.7) yardeni.com
.1
.1
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
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South Korea Figure 43. 60
60
M&A ACTIVITY: SOUTH KOREA* (billion US dollars, quarterly)
45
45
Quarterly (14.6)
yardeni.com
30
Q1
15
0
30
15
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 44. 240.4 200.4 160.4 120.4
M&A ACTIVITY: SOUTH KOREA* (billion US dollars, ratio scale)
Q1
240.4 200.4 160.4 120.4
80.4
80.4
40.4
40.4
4-Quarter Sum (100.8) Annualized Quarterly (58.5)
yardeni.com
.4
.4
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
Page 22 / April 11, 2016 / Mergers & Acquisitions
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Spain Figure 45. 100
100
M&A ACTIVITY: SPAIN*
(billion US dollars, quarterly)
80
80
Quarterly (13.8)
yardeni.com
60
40
20
60
40
20 Q1
0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 46. 420.3 350.3 280.3 210.3
420.3 350.3 280.3 210.3
M&A ACTIVITY: SPAIN*
(billion US dollars, ratio scale)
140.3
140.3 Q1
70.3
70.3
4-Quarter Sum (71.7) Annualized Quarterly (55.1)
yardeni.com
.3
.3
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
Page 23 / April 11, 2016 / Mergers & Acquisitions
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Sweden Figure 47. 50
M&A ACTIVITY: SWEDEN* (billion US dollars, quarterly)
40
Quarterly (11.0)
yardeni.com
30
20
Q1
10
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
Figure 48. 281 211
281
M&A ACTIVITY: SWEDEN*
211
(billion US dollars, ratio scale)
141
141
4-Quarter Sum (19.5) Annualized Quarterly (44.1)
71
71
Q1
yardeni.com
1
1
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
Page 24 / April 11, 2016 / Mergers & Acquisitions
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Switzerland Figure 49. 60
60
M&A ACTIVITY: SWITZERLAND* (billion US dollars, quarterly)
45
Q1
45
Quarterly (53.9)
yardeni.com
30
15
30
15
0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 50. 250.5 200.5 150.5
250.5 200.5 150.5
M&A ACTIVITY: SWITZERLAND* (billion US dollars, ratio scale)
100.5
100.5 Q1
50.5
50.5
4-Quarter Sum (62.8) Annualized Quarterly (215.5) yardeni.com
.5
.5
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
Page 25 / April 11, 2016 / Mergers & Acquisitions
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United Kingdom Figure 51. 200
200
M&A ACTIVITY: UNITED KINGDOM* (billion US dollars, quarterly)
150
150
Quarterly (47.5)
yardeni.com
100
50
Q1
0
100
50
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 52. 950 800
950
M&A ACTIVITY: UNITED KINGDOM*
800
(billion US dollars, ratio scale)
4-Quarter Sum (410.5) Annualized Quarterly (190.0)
650
650
500
500 Q1
350
350
200
200
yardeni.com
50
50
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
Page 26 / April 11, 2016 / Mergers & Acquisitions
Yardeni Research, Inc. www.yardeni.com
United States Figure 53. 800
800
M&A ACTIVITY: UNITED STATES* (billion US dollars, quarterly)
600
600
Quarterly (254.1)
yardeni.com
400
400
Q1 200
200
0
0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Excludes spinoffs. Source: Dealogic.
Figure 54. 3300 2800
3300
M&A ACTIVITY: UNITED STATES* (billion US dollars, ratio scale)
2800
4-Quarter Sum (2119.2) Annualized Quarterly (1016.3)
2300
Q1
2300
1800
1800
1300
1300
800
800
yardeni.com
300
300
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * Excludes spinoffs. Source: Dealogic.
Page 27 / April 11, 2016 / Mergers & Acquisitions
Yardeni Research, Inc. www.yardeni.com
United States: M&A by Sector Figure 53. 250 200
CONSUMER DISCRETIONARY SECTOR* (billion US dollars, quarterly)
45
Quarterly M&A (39.5)
150
60
INDUSTRIALS (9.3)
30 100 50
Q1
Q1
0
0 95
100
97
99
01
03
05
07
09
11
13
15
17
CONSUMER STAPLES
95
97
99
01
03
05
07
09
11
13
15
17 175
INFORMATION TECHNOLOGY
(3.0)
80
150 125
(60.8)
60
100
40
Q1
20 95
97
99
01
03
05
07
09
11
13
Q1 15 17
50
ENERGY
0 95
97
99
01
03
05
07
09
11
13
15
17 100
MATERIALS
100
80
(15.0)
75
(18.7)
60
50
40
25
Q1
Q1
0
20 0
95 250
75 25
0
125
15
97
99
01
03
FINANCIALS
05
07
09
11
13
15
17
97
99
01
03
05
07
09
11
13
15
17 150
TELECOMMUNICATION SERVICES
(37.2)
200
95
(1.8)
120
150
90
100
60
50
30
Q1
0
250
97
99
01
03
HEALTH CARE
05
07
09
11
13
15
17
97
99
01
03
05
07
09
11
13
15
Q1 17
150 100 50
0
100
UTILITIES
(24.9)
200
95
80
yardeni.com
95
(43.8)
60 Q1
40 20
Q1
0
0 95
97
99
01
03
05
07
09
11
13
15
17
95
97
99
01
03
05
07
09
11
13
15
17
Source: Dealogic.
Page 28 / April 11, 2016 / Mergers & Acquisitions
Yardeni Research, Inc. www.yardeni.com
United States: Sector % Share of M&A Figure 54. 60 45
CONSUMER DISCRETIONARY SECTOR* (% share, quarterly)
25
INDUSTRIALS
20
(15.6) (3.7)
15
30 10 Q1
15
Q1 0
0 95
30
5
97
99
01
03
05
07
09
11
13
15
17
CONSUMER STAPLES
95
97
99
01
03
05
07
09
11
13
15
17 35
INFORMATION TECHNOLOGY
(1.2)
30
(23.9)
20
Q1
25 20 15
10
10 5
0 95 40
97
99
01
03
05
07
09
11
13
Q1 15 17
ENERGY
0 95
97
99
01
03
05
07
09
11
13
15
17 20
MATERIALS
30
15
(5.9)
(7.4)
20
10 Q1
10
5 Q1
0
0 95
50
97
99
01
03
05
07
09
11
FINANCIALS
13
15
17
97
99
01
03
05
07
09
11
13
15
17 50
TELECOMMUNICATION SERVICES
(14.6)
40
95
40
(0.7)
30
30
20
20 Q1
10
10
0 95 60 50
97
99
01
03
HEALTH CARE
05
07
09
11
13
15
17
95
97
99
01
03
05
07
09
11
UTILITIES
(9.8)
13
15
Q1 17
yardeni.com
25 20
(17.2)
40
0
Q1 15
30 10
20
5
Q1
10 0
0 95
97
99
01
03
05
07
09
11
13
15
17
95
97
99
01
03
05
07
09
11
13
15
17
Source: Dealogic.
Page 29 / April 11, 2016 / Mergers & Acquisitions
Yardeni Research, Inc. www.yardeni.com
World: M&A by Sector Figure 55. 400 300
CONSUMER DISCRETIONARY SECTOR* (billion US dollars, quarterly)
300
INDUSTRIALS
250
Quarterly M&A (125.5)
200
(56.7) 200
150 Q1
100
100 Q1
0
0 95
200
97
99
01
03
05
07
09
11
13
15
17
CONSUMER STAPLES
95
97
99
01
03
05
07
09
11
13
15
17 250
INFORMATION TECHNOLOGY
(74.9)
150
200
(127.4)
Q1
100
150 100
Q1 50
50
0
0 95
200
50
97
99
01
03
05
07
09
11
13
15
17
ENERGY
95
97
99
01
03
05
07
09
11
13
15
17 180
MATERIALS
150
160
(26.3)
120
120
(48.9)
90 80 Q1
40
30
Q1
0
0 95
500
60
97
99
01
03
05
07
09
11
13
15
17
FINANCIALS
97
99
01
03
05
07
09
11
13
15
17 200
TELECOMMUNICATION SERVICES
(137.0)
400
95
(10.6)
150
300 100 200 Q1
100
50 Q1
0
250
97
99
01
03
HEALTH CARE
05
07
09
11
13
15
17
97
99
01
03
05
07
09
11
13
15
150 100 Q1
50
0
17 150
UTILITIES
(59.3)
200
95
120
yardeni.com
95
(61.6)
90 Q1
60 30
0
0 95
97
99
01
03
05
07
09
11
13
15
17
95
97
99
01
03
05
07
09
11
13
15
17
Source: Dealogic.
Page 30 / April 11, 2016 / Mergers & Acquisitions
Yardeni Research, Inc. www.yardeni.com
World: Sector % Share of M&A Figure 56. 50 40
CONSUMER DISCRETIONARY SECTOR* (% share, quarterly)
30
INDUSTRIALS
25
(17.2)
20
(7.8)
30
15 20
Q1
Q1
10
5
0
0 95
20
10
97
99
01
03
05
07
09
11
13
15
17
CONSUMER STAPLES
97
99
01
03
05
07
09
11
13
15
17 25
INFORMATION TECHNOLOGY
(10.3)
16
95
(17.5)
12
Q1
20 15
Q1
8
10
4
5
0
0 95
25
97
99
01
03
05
07
09
11
13
15
17
ENERGY
95
97
99
01
03
05
07
09
11
13
15
17 25
MATERIALS
20
20
(6.7) (3.6)
15
15
10
10 Q1
5
Q1
0
0 95
60 50
5
97
99
01
03
05
07
09
11
FINANCIALS
13
15
17
95
97
99
01
03
05
07
09
11
13
15
17 30
TELECOMMUNICATION SERVICES
(18.8)
(1.5)
40
20
30 Q1
20
10
10 0 95 25
97
99
01
03
05
HEALTH CARE
07
09
11
13
15
17
97
99
01
03
05
07
09
11
UTILITIES
(8.1)
20
95
13
15
Q1 17
yardeni.com
0
20 15
(8.5)
15 10
Q1
Q1
10 5
5 0
0 95
97
99
01
03
05
07
09
11
13
15
17
95
97
99
01
03
05
07
09
11
13
15
17
Source: Dealogic.
Page 31 / April 11, 2016 / Mergers & Acquisitions
Yardeni Research, Inc. www.yardeni.com
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