Research
M&A report | M&A | Fats and oils market | United States | Natural gas market | M&A activity
Three megadeals executed in the US made up for more than a third of the total global transaction volume in 2015.

Three megadeals closed in the US within the past year ensured that the global transaction volume for merger and acquisition activities in the oil and gas sector remained high. With a global transaction volume of 151 billion euros, 2014 has been a record-breaking year but with 148 billion euros the year 2015 remains only close behind. With deal volumes of 20, 18 and 16 billion euros respectively, the three megadeals executed in the US made up for more than a third of the total global transaction volume in 2015. Indeed, these transactions were the third, fourth and fifth largest transactions ever recorded in the American market. These are the results of recent studies accomplished by the Centre for European Economic Research (ZEW), based on the Zephyr database of Bureau van Dijk (BvD).

China Economic Panel
China Economic Panel | Business survey | Short-term forecast | Cyclical indicator | China
China Economic Panel (CEP) - April 2016

Expectations regarding the development of the Chinese economy have slightly improved in the current survey period (19/04 – 03/05/2016). Rising to a level of 9.4 points, the CEP Indicator, which reflects the expectations of international financial market experts regarding China’s macroeconomic development over the coming twelve months, has exceeded its long-term average of 6.2 points for the first time in many months.

Research
M&A activity | Real estate market | Real Estate Services | Merger | Takeover | Germany | M&A | M&A report
Whilst the number of mergers and takeovers is stagnating, the transaction volume in the German property market has significantly increased.

German property companies' tendency to engage in increasingly large acquisitions seems to have come to an at least temporary end. In February 2016, a majority of the shareholders of the Frankfurt-based property company Deutsche Wohnen voted against a takeover offer from the market leader Vonovia, based in Bochum (formerly Deutsche Annington). The takeover of the second largest property company would have been the largest transaction of all time in the German property market, and would have seen further expansion of the market leader Vonovia. These are the findings of studies carried out by the Centre for European Economic Research (ZEW) on the basis of the Zephyr database of Bureau van Dijk (BvD).

Firm Foundations
Start-Up | Baden-Württemberg | Venture capital | Corporate Finance | Start-up dynamism

Venture capital (VC) is no mass product to finance young businesses. The type and volume of a VC offer must always be considered in view of the whole range of financing options available in a federal state. If there are good financing options for start-ups, as is the case in Baden-Württemberg, a lack of risk capital can be partially compensated for. A new study carried out by the Centre for European Economic Research (ZEW) on behalf of the L-Bank is the first study to comprehensively analyse the supply of venture capital in the State of Baden-Württemberg.

China Economic Barometer
ZEW survey | Macroeconomic performance | China | ZEW-PwC Indicator of Economic Sentiment China

The executive directors of German companies located in China expect to see continued weak economic growth in the world's second largest national economy in the second quarter of 2016. They consider the likelihood of an economic slowdown occurring within the coming twelve months to be slightly higher than it was in the previous quarter, with the indicator now at 37, as opposed to 35 per cent. An improvement in economic dynamism, however, is considered less likely, with the indicator now at 21 per cent (previous quarter: 23 per cent). This is the outcome of the latest ZEW-PwC China Economic Barometer for the second quarter of 2016, which surveyed executives from German companies in China.

Research
M&A activity | Russia | Takeover | Merger | OECD countries | OECD | M&A report
In 2015, only 43 M&A transactions took place between Western and Russian businesses, fewer than ever since data collection began.

The number of mergers and acquisitions (M&A) taking place between Russian companies and companies located in countries included in the Organisation for Economic Co-Operation and Development (OECD) have come to an almost complete standstill as a result of the latest political events surrounding the crisis in Crimea. In 2015, only 43 M&A transactions took place between Western and Russian businesses, fewer than ever since data collection began. These are the findings of calculations by the Centre for European Economic Research (ZEW) based on the Zephyr database of Bureau van Dijk (BvD).

Information Economy
Information Services | Germany | Business survey
Sentiment Indicator for Information Economy

In the first quarter of 2016, the economic sentiment among companies in the information economy is positive, as shown by the ZEW Sentiment Indicator for Information Economy. Although slightly decreasing, its current level of 62.3 points is still a very positive value, far above the critical 50 per cent mark. The majority of companies still hold positive assessments of both their current business situation and the economic outlook for the second quarter of 2016. This is the result of a survey conducted by the Centre for European Economic Research (ZEW) in March 2016 within the information economy (further information regarding the Sentiment Indicator and the survey at the bottom of the press release).

M&A Index
Index construction | Takeover | Merger | Germany | ZEW-ZEPHYR M&A-Index
The current ZEW-ZEPHYR M&A Index for Germany including twelve-month moving average.

The latest ZEW-ZEPHYR M&A Index indicates that when it comes to mergers and acquisitions (M&A) involving German companies, things are continuing to go well. In January, the index had a value of 123 points, indicating a dynamic start to 2016. Indeed, 96 transactions took place in January 2016 – more mergers and acquisitions (M&A) have not been achieved in the same period since January 2013. These are the findings of calculations by the Centre for European Economic Research (ZEW) based on the Zephyr database of Bureau van Dijk (BvD).

CEE Indicator of Economic Sentiment
ZEW-Erste Group Bank Economic Sentiment Indicator for Central and Eastern Europe (CEE) | Turkey | Eastern Europe | Short-term forecast | Cyclical indicator | Business survey | Central Europe | East European financial markets
In April 2016 financial market experts’ expectations for the Czech Republic and Hungary are the most negatigve.

Economic expectations for Central and Eastern Europe including Turkey (CEE region) have deteriorated in April 2016. In the current survey, the ZEW-Erste Group Bank Economic Sentiment Indicator for the CEE region has decreased by 13.1 points to a level of minus 8.4 points. Among the individual countries, the indicators for the Czech Republic (down by 16.0 points) and Hungary (down by 12.8 points) have seen the largest decreases.

Dates and News
ZEW-CS-Indicator | Switzerland | Short-term forecast | Cyclical indicator | Business survey
Economic expectations for Switzerland keep rising for the second consecutive time since March 2016.

The The ZEW-CS-Indicator for the economic sentiment in Switzerland has risen by 9.0 points to a reading of 11.5 points in April 2016. This increase further widens the gap between the indicator’s current positive value and negative territory, thereby continuing the trend seen in the previous month. The current economic situation is also assessed as being slightly more positive in comparison to that of the previous month, with a reading of minus 0.1 points. The ZEW-CS-Indicator reflects the expectations of the surveyed financial market experts regarding the economic development in Switzerland on a six-month time horizon. It is calculated on a monthly basis by the Mannheim Centre for European Economic Research (ZEW) in cooperation with Credit Suisse (CS), Zurich.

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