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Gunter Grittmann
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E-mail: grittmann@zew.de
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Kathrin Böhmer
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Phone: +49 (0)621-1235-103
Fax: +49 (0)621-1235-255
In the course of 2013, the German M&A market (mergers and acquisitions) will likely recover. Displaying 81 points in January, the ZEW-ZEPHYR M&A Index Germany had a promising start into 2013. According to a forecast of the Centre for European Economic Research (ZEW) in Mannheim, the index is likely to rise even further over the coming months. Although the recent development indicates a change of trend, the initial value of the M&A Index Germany of 100 points in the year 2000 is still far from the indicator’s current level. read more
Worldwide M&A activities were regressive again in 2012. The moving average of the ZEW-ZEPHYR M&A-Index, which reflects the mergers and acquisitions concluded worldwide, continued its downward trend and clearly lost ground compared to 2011. Altogether there were some 1,000 M&A transactions less in 2012 than during 2011, and the aggregated transaction volume fell by 74 billion euros compared to the previous year. For 2013, no significant upturn is expected at the moment. This is shown by the calculations made by the Centre for European Economic Research (ZEW) on the basis of the ZEPHYR database of Bureau van Dijk (BvD). read more
A recovery of the German M&A market is still not in sight. The ZEW-ZEPHYR Index for Germany has been manoeuvring at the 60-points mark since the beginning of 2011. Until mid-2013, M&A activities will stagnate at this level. This is the result of a forecast conducted by the Centre for European Economic Research (ZEW) in Mannheim. The current level of the M&A Index Germany is considerably below its initial value of 100 points in 2000. read more
The worldwide M&A activities caused an emotional roller coaster during the first six months of 2012. The ZEW-ZEPHYR M&A Index, which reflects the development of mergers and acquisitions completed worldwide, dropped to 105 points in February 2012. That is the lowest level since August 2009 of this indicator calculated by the Centre for European Economic Research (ZEW) and Bureau van Dijk (BvD) on a monthly basis. In fact, the indicator recovered to a level of 119 points until May 2012 just to drop back to 110 points in June. For the second half of 2012, despite an upcoming mega merger, no stimulation of the worldwide M&A activities can by now be identified. read more
The German economy is developing well in 2011, causing an upturn of the mergers and acquisitions (M&A). The negative trend observed in Germany during the last two years appears to be overcome. This is the result of a forecast by the Centre for European Economic Research (ZEW) Mannheim. read more
According to the ZEW-ZEPHYR M&A Index, the global M&A activity has reached this year’s lowest value in November with 97 points. With this value, the indicator in November ranges about 3 points below its initial level of 100 points in January 2000, and nearly on the same level as in May 2009, when it had reached its lowest level so far. A calculated forecast of the further course of the indicator shows that a worldwide decreasing M&A activity can be seen to emerge. A rapid recovery of the global economy and an on-going positive development of the worldwide stock market indexes could imply a trend reversal for the M&A activity. The ZEW-ZEPHYR M&A Index is calculated every month by the Centre for European Economic Research (ZEW) in cooperation with Bureau van Dijk (BvD), and provides an overview of the development of global mergers and acquisitions concluded. read more
In the years after a cartel has been detected, the number of mergers and acquisitions (M&A) in the respective economic sector increase considerably. This indicates a causal relationship between the detection of illegal cartel agreements and the number of M&A activities in the respective sectors. These are the findings of an analysis conducted by the Centre for European Economic Research (ZEW). The analysis is based on decisions on cartels by the European Commission as well as the Zephyr data base by Bureau van Dijk (BvD), which contains information on mergers and acquisitions worldwide. read more
The economic and financial crisis has lead to heavy losses in the worldwide mergers and acquisitions (M&A). However, this development did not stop the buying mood of Chinese firms. In the second half of 2009 alone, Chinese investors engaged in 145 M&A transactions on all continents. Since 2000, this has been the highest number of transactions made by Chinese investors. Regarding their M&A activities abroad, firms in China are particularly interested in companies with access to raw material and industrial engineering companies. Moreover, M&A activities of Russian and Indian investors are gathering momentum again. Acquisition candidates for these investors are, in particular, investment houses, banks and firms in the chemical industry and engineering. These are the findings of a survey conducted by the Centre for European Economic Research (ZEW). The survey is based on the ZEPHYR database by Bureau van Dijk, which includes detailed information on mergers and acquisitions worldwide, initial public offerings and private equity transactions. read more
During the second quarter of 2010, worldwide M&A activities have still not yet recovered from their sharp decline following the outbreak of the financial crisis in 2008. The ZEW-Zephyr M&A Index stands at 118 points in June 2010, standing above its starting point of 100 points in January 2000. However, it is still considerably below its long-time average of 126 points. By the end of the first quarter 2010, the Index had reached even 123 points. "Despite positive economic forecasts, M&A activities have not taken off yet", says Dr. Christoph Grimpe, Senior Researcher at ZEW. "There are no signs for an immediate recovery either." The ZEW-Zephyr M&A-Index is calculated every month by the Centre for European Economic Research (ZEW) and Bureau van Dijk (BvD). The index tracks the development of mergers and acquisitions transactions conducted worldwide. (Further information on how the Index is calculated can be found at the end of press release). read more
The ZEW-Zephyr M&A-Index declines to 110 points in March 2010, standing above its starting point of 100 points in January 2000. However, it now stands considerably below its long-time average of 126 points. In December 2009, the index stood at 134 points. read more
The number and the volume of mergers and acquisitions (M&A) in Greece are declining considerably. In 2008, there were 153 M&A transactions with a value of seven billion euros. In 2009, however, the number of transaction has declined to 102 and the volume has decreased to four billion euros. These are the findings of a survey conducted by the Centre for European Economic Research (ZEW). The survey is based on the Zephyr database by Bureau van Dijk (BvD), which includes detailed information on mergers and acquisitions worldwide. read more
Worldwide activities in mergers and acquisitions (M&A) collapsed dramatically in 2009. Only about 18,500 mergers and acquisitions with majority interests and a total capacity of almost one trillion euro took place in 2009. Therefore, 2009 was the year with the lowest turnovers in this decade. In 2007, more than 22,800 mergers and acquisitions with a total capacity of 1.8 trillion euro took place due to the good economic situation. "In total, the M&A activities increased considerably in the forth quarter of 2009 and therefore improved the bad balance sheet of 2009", explains Dr. Christoph Grimpe, Senior Researcher at ZEW. read more
The global financial crisis has slowed world-wide M&A activity in the banking sector. In Germany, the volume of transactions will regress as well. "The economic downturn and the strong competition could lead to a number of smaller acquisitions, above all in the consumer credit market", says Matthias Köhler, banking expert at the Centre for European Economic Research (ZEW), Mannheim. read more
The global financial market crisis has significantly affected merger and acquisition (M&A) activities on a worldwide basis in the third quarter 2008. The ZEW-ZEPHYR M&A-Index fell to 113 points in September 2008. This is the lowest level in more than four years. Although the Index is still above its launch-level in January 2000, it was for the second month in a row clearly below its long-time mean of 125 points. read more
Sovereign wealth funds from the Middle East and Asia are increasingly buying stakes of European and U.S. companies. Due to the global financial market crisis the shares are available at low prices. Therefore they are very popular among investors from the Middle and Far East. Those state-owned funds run by oil-exporting as well as Asian countries invested more than 43 billion Euros mostly in European and U.S. financial institutions in the year 2007. In the first half of 2008 they had already acquired stakes, worth 21.6 billion Euros. This is the result of a survey conducted by the Centre for European Economic Re-search (ZEW), Mannheim, and Bureau van Dijk Electronic Publishing. read more
Worldwide mergers and acquisitions (M&A) activities remain sluggish in the second quarter of 2008. The ZEW-ZEPHYR-M&A-Index finished at only 117 points in June 2008. In December 2007, the Index was standing at 142 points. At the moment, the Index is still above its launch-level of 100 points in January 2000. Nevertheless, in May 2008, it reached its lowest level in four years – 110 points – and it was obviously below its longtime mean of 125 points in June. read more
Worldwide mergers and acquisitions (M&A) activities have decreased considerably in the first quarter of 2008. The ZEW-ZEPHYR-M&A-Index finished at 113 points in March 2008. In December 2007 the Index had been at 138 points. This is equivalent to a drop by 18 percent. read more
China’s share of the international M&A market has markedly increased since the turn of the century. Both the value and the number of transactions in which Chinese enterprises participated, either as a buyer or as the target company, have increased. This development is, however, driven by a considerable increase in acquisitions made by foreign companies in China rather than by acquisitions made by Chinese companies abroad. This is highlighted by comparing the around 1000 acquisitions in China with a total value of EUR 38 billion in the period between 2000 and 2007 with the 161 transactions made by Chinese companies abroad with a total value of around EUR 18 billion. The targets of Chinese bidders are thus on average significantly larger than the targets of foreign companies in China. There is also evidence that M&A transactions in the raw materials sector worldwide are of major interest for Chinese firms. This is the result of a new study by the Centre for European Economic Research (ZEW), Mannheim, Germany and Bureau van Dijk Electronic Publishing. read more
Worldwide mergers and acquisitions (M&A) activities have decreased in the year 2007. The ZEW-ZEPHYR-M&A-Index finished at 131 points in December 2007. In December 2006 the Index had been at 149 points. This is equivalent to a drop by 12 percent. read more
Mergers and acquisitions not only increase concentration in product markets and therefore reduce competition to the detriment of consumers, they also result in a bundling of important technologies of corporate acquirers. This can block the development of competing technologies in other firms. These are the findings of a study conducted by the Centre for European Economic Research (ZEW) Mannheim, which analysed 1,204 European M&A transactions between 1999 and 2003. read more
Worldwide mergers and acquisitions activities have further decreased in the third quarter of 2007. The ZEW-ZEPHYR M&A Index regressed by 17 points and stands at 120 points in September 2007. In August 2007 the Index was at 137 points, in July it was even up to 143 points. read more
The wave of acquisitions in the German energy industry has subsided. Current examinations by Dr. Patrick Beschorner and Martina Lauk of the Centre for European Economic Research (ZEW) in Mannheim suggest that in the period from the beginning of 2004 to August 2007, only eight public utility services were taken over by major energy suppliers. From the beginning of 1999 until the end of 2003, however, 130 acquisitions of local suppliers by interconnected firms had taken place. According to the ZEW researchers, the decreasing number of acquisitions in the energy sector is largely due to the German Federal Cartel Office's decision in 2003 to prohibit the merger between E.ON AG, one of the two major vertical players, and a public utility service, this was the first ruling of its kind. read more
Worldwide merger and acquisition (M&A) activities remained almost unchanged on a high level in the second quarter of 2007. The ZEW-ZEPHYR M&A Index is at 125 points in June and has slightly decreased compared to 134 points in March 2007. read more
The extraordinary growth of international private equity transactions in recent years already earned private equity investors a reputation as the secret multinational companies of the new millennium. European private equity investors actively participate in this internationalization wave. read more
The worldwide mergers and acquisitions (M&A) climate went through something of a cooling-off period in 2006. The ZEW-ZEPHYR M&A Index experienced a corresponding low between the start of 2006 and December 2006, sinking by around 11 per cent to 125.8 points (see graph below). Compared with the high reached in January 2001, M&A activity was well down, by a total of around 20 per cent. The ZEW ZEPHYR M&A Index, which the Centre for European Economic Research (ZEW) and Bureau van Dijk Electronic Publishing (BvDEP) are presenting this month for the first time, tracks the development of merger and acquisition transactions concluded worldwide from the start of the year 2000 onwards. read more
Since the year 2002 foreign investors have on average acquired about 200 German firms per year. That is, the number of foreign acquisitions in Germany exceeds the number of German acquisitions abroad by about 50 firms per year. This is the result of the M&A balance presented by the Centre for European Economic Research (ZEW) and Bureau van Dijk Electronic Publishing as part of the latest M&A Report. read more
The number of mergers and acquisitions carried out by acquiring firms from the European Union in the last twelve months reached a new peak at more than 20,000 transactions. The number of transactions thus even exceeds the boom of the new economy about five years ago by more than twice its magnitude. read more