M&A OUTLOOK: PwC reviews 2014, sees tough times ahead

TORONTO – Pricewaterhouse Coopers has published its annual look at mergers and acquisitions among metals producers, "Metals Deals: Forging Ahead 2015 outlook and 2014 review." Not surprisingly the report finds that the total deal value in...

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TORONTO – Pricewaterhouse Coopers has published its annual look at mergers and acquisitions among metals producers, "Metals Deals: Forging Ahead 2015 outlook and 2014 review." Not surprisingly the report finds that the total deal value in 2014 fell down to levels last seen in 2009 and 2003. In fact, the value of last year's deals was less than half of that recorded in seven of the last 11 years.

The outlook for 2015 is no better. Economic growth forecasts are being adjusted downwards, and commodity prices are uncertain. What deals are made this year will be driven by specific country, industry or company considerations rather than by the global metals cycle, suggest the experts at PwC.

" We anticipate that slow momentum is likely to remain the case in 2015. On a global level, we are still waiting for the kind of convincing, strong and sustainable growth outlook that would give the confidence needed to agree on future earnings and valuations. The macro-economic context does not provide sufficient signals to suggest such a climate will become established, at least not in the near term," is the gloomy outlook from the report.

The review of 2014 M&A activity is thorough, with numerous tables comparing those deals that were made or are still pending. Analysis also includes the shifting geography – the Americas, Asia Pacific and Europe (including Russia) – of where deals are made.

Readers can download a PDF copy of the report by clicking here

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