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Chemical compounds, fusions-acquistions dans le secteur de la chimie T2 2012

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L’enquête de PwC regroupe toutes les fusions et acquisitions en cours entre le 1er janvier 2008 et le 30 juin 2012. Les chiffres, les transactions et les données financières ont été prélevées sur Thomson Reuters.

Retrouvez nos publications : http://www.pwc.com/publications

L’enquête de PwC regroupe toutes les fusions et acquisitions en cours entre le 1er janvier 2008 et le 30 juin 2012. Les chiffres, les transactions et les données financières ont été prélevées sur Thomson Reuters.

Retrouvez nos publications : http://www.pwc.com/publications

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Chemical compounds, fusions-acquistions dans le secteur de la chimie T2 2012

  1. 1. www.pwc.com/us/chemicals Chemical compounds Second-quarter 2012 global chemicals mergers and acquisitions analysis
  2. 2. Welcome to the latest edition of Chemical compounds, PwC’s analysis of mergers and acquisitions in the global chemicals industry. In this report, you’ll find an overview of M&A in the sector during the second quarter of 2012, as well as potential expectations for deal activity in the near future. PwC analysts are monitoring several trends expected to affect the values and locations of deals in the chemicals sector: • Deal volume improved slightly during the second quarter. Deal value, however, declined, driven largely by a decrease in mega-deals. Additionally, the global economy continued to slow, particularly in the Eurozone and other advanced economies. Emerging markets, Antoine Westerman including China and India, slowed as well. • EBITDA multiples, as measured by median transaction value to EBITDA, improved during the second quarter, driven by healthcare-related deals. • Asia & Oceania drove local deal value and volume during the first half of the year, and most of these deals were China-based. • The outlook for the near term remains unpredictable, given the economic uncertainty exhibited during the second quarter. Europe remains a potential concern, as growth in the region’s chemicals output in 2012 may be weaker than expected due to a slowing economy and inventory trimming. On the plus side, interest rates remain low, and companies have strong balance sheets, particularly cash. We’re pleased to present the second-quarter 2012 edition of Chemical compounds as a part of our ongoing commitment to provide a better understanding of M&A trends and prospects in the industry. Anthony J. Scamuffa Antoine Westerman Anthony J. Scamuffa Global Chemical leader US Chemical leader Chemical compounds 1
  3. 3. Perspective: Thoughts on deal activity in the second quarter of 2012 The second quarter saw some improvement in deal volume; On a regional basis, Asia & Oceania continued to drive local however, deal value declined compared with the first quarter. deal value and volume in the first half, with 24 deals valued This decline in value was due primarily to a decrease in at $7.4 billion. A large proportion of these deals was China- mega-deals, which fell almost two-thirds in value. Also, related (16 deals). This strong showing was aided by the the outlook for the global economy has continued to slow, largest mega-deal, a local-market Chinese transaction valued particularly in the advanced economies such as the Eurozone. at $2.8 billion, in which Yunnan Yuntianhua acquired The emerging markets are seeing slower growth as well. For Yunnan Yuntianhua International Chemical, making it the example, China’s GDP growth rate declined to 7.6% in the largest phosphorous-based fertilizer manufacturer in Asia. second quarter, the slowest pace in three years. Given the uncertainty in the economy this quarter, the Over the past year, liquidity has remained strong. We have outlook for the near term remains unpredictable. According seen an increase in cash balances while debt-to-equity levels to the European Chemical Industry Council, growth in have declined. Normally, this bodes well for deals because it chemicals output in 2012 will be weaker than expected, indicates that potential acquirers are becoming better driven by a slowing economy and inventory trimming. capitalized over the long term. Although deals are being However, there are some positives: interest rates remain low, negotiated, they are, on average, smaller than we have and companies have strong balance sheets, particularly cash. seen recently. If M&A totals continue at this pace for the remainder of Despite the decrease in average deal size, EBITDA multiples, 2012, we could see a year-over-year decline of as much as as measured by median transaction value to EBITDA, 45% in deal value. Given this scenario, we may see the increased this quarter. Healthcare-related deals such as lowest annual deal value since 2009. This decline may not be Koninklijke DSM/Kensey Nash and Air Liquide/LVL Medical surprising, given the slowing of the Chinese economy and Group helped contribute to the higher multiple. Additionally, the double-dip recession in the United Kingdom and parts of we are seeing that, despite the current deal environment, the Eurozone. buyers may be seeing value in their acquisitions, particularly those that allow them to achieve economies of scale, realize synergies, or gain control over downstream products. 2 PwC
  4. 4. Commentary Deal value declines in the wake of economic uncertainty For the second quarter, the volume of deals increased; however, value declined, falling more than 13% compared with the first quarter. This decline in value is due in part to fewer mega-deals this quarter. The two mega-deals, valued at $3.91 billion, comprised only a third of this quarter’s value. This compares with the first quarter, in which six mega-deals were responsible for more than 80% of value. Despite solid liquidity positions for many producers, factors such as volatile energy prices may have created a challenging deal environment—particularly for large investors—and an uncertain economic environment—particularly in the Eurozone. Quarterly chemicals deal activity Measured by number and value of deals worth $50 million or more 2009 2010 2011 2012 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Number of deals 25 29 24 31 30 33 36 30 27 29 22 32 Total deal value ($ bil) 8.6 8.5 27.4 16.3 50.8 24.8 41.2 14.6 26.2 8.0 13.5 11.8 Average deal value ($ bil) 0.3 0.3 1.1 0.5 1.7 0.8 1.1 0.5 1.0 0.3 0.6 0.4 Deal activity by number of deals Deal activity by total deal value Measured by number of deals worth $50 million or more Measured by value of deals worth $50 million or more 140 100 6 120 10.9 80 100 28 5.1 Number of deals 80 60 U$S billions 60 2 88 40 40 74.1 36 1.2 20 25 20 16 17.6 0 7 10.3 2011 1H12 2Q12 6.5 1.5 0 (122 total deals) (54 total deals) (32 total deals) 2011 1H12 2Q12 ($90 billion ($25.3 billion ($11.8 billion Completed or partially completed total deal value) total deal value) total deal value) Pending, unconditional, or intended Withdrawn Completed or partially completed Pending, unconditional, or intended Withdrawn Chemical compounds 3
  5. 5. Historical transaction value and volume Strong EBITDA multiple growth despite (1987–2012 annualized) low deal value 160 1,400 Similar to the decrease in total deal value in the second quarter, the decline in average deal value reflects the 140 1,200 announcement of only two mega-deals. Despite the decrease in average deal size, EBITDA multiples increased Total annual deal value ($ billions) 120 this quarter. One driver of this higher multiple was two Total annual number of deals 1,000 100 healthcare-related deals, Koninklijke DSM/Kensey Nash 800 and Air Liquide/LVL Medical Group, both of which were 80 looking to achieve economies of scope and/or economies 600 of scale. Two acquisitions in the second quarter were by 60 financial investors, one of which was the approximately 40 400 $300 million purchase of a majority (50.7%) ownership of Zaklady Azotowe Pulawy SA, a Poland-based manufacturer 20 200 and wholesaler of chemicals and fertilizers. Additionally, we are seeing that buyers may be seeing value in their 0 0 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 acquisitions—particularly those that allow them to achieve 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 1H12 economies of scale or gain control over downstream products. Deal value Number of deals Deal activity by average deal value Measured by value of announced deals worth $50 million or more 2.0 1.8 1.6 1.4 1.2 US$ billions 1.0 1.8 0.8 0.6 0.4 0.8 0.7 0.6 0.5 0.4 0.5 0.4 0.4 0.2 0.2 0.2 0.0 2011 1H12 2Q12 Total Completed Pending, unconditional, or intended Withdrawn 4 PwC
  6. 6. Mega-deal activity sees decline Deal valuation by median value/EBITDA Measured by value/EBITDA for deals worth $50 million or more As mentioned previously, mega-deal activity declined in which target EBITDA was available this quarter, driving only approximately one-third of deal value. Ten of 18 mega-deals in 2011 involved a European entity, but only 1 of 8 mega deals in the first half of 2012 12 involved a European entity. It appears that the economic downturn in that region seems to have stalled large deal activity in the subsector. 9 In June, Yunnan Yuntianhua Co. Ltd. announced its plan to acquire the entire share capital in Yunnan Yuntianhua International Chemical Co. Ltd., a Kunming-based 6 manufacturer and wholesaler of chemicals, from Chinese 8.0x 11.0x state-owned Yuntianhua Group Co. Ltd. for $2.8 billion. 9.7x After completing this and several smaller acquisitions, 3 Yunnan Yuntianhua Co. Ltd. will be the largest phosphorous compound fertilizer producer in Asia and the second-largest producer globally. 0 2011 1H12 2Q12 Also in June, Cabot Corp., a Boston-based specialty chemicals maker, agreed to acquire Norit NV, a Netherlands- based manufacturer and wholesaler of purification solutions, products, and systems, from Doughty Hanson & Co. Ltd. and Euroland Investments BV, for $ 1.1 billion. Norit is a global leader in activated carbon purification, and the acquisition strengthens Cabot’s specialty chemicals portfolio with a non-cyclical, high-growth and high-margin business. Mega-deals Cabot plans to sell $600 million in debt securities to fund the acquisition. $100 $90 $80 Value of deals (# in labels) $70 2 $60 $50 $40 1 5 2 $30 1 $20 12 1 14 $10 13 6 8 $0 2008 2009 2010 2011 1H12 $10+ billion $5–10 billion $1–5 billion Chemical compounds 5
  7. 7. Mega-deals in 2011 (value of $1 billion or more) Value of transaction Month Target Acquirer in US$ announced Target name nation Acquirer name nation Status billion Category Jul The Clorox Co United Icahn Enterprises LP United Withdrawn 9.42 Commodity Chemicals States States Jan The Mosaic Co United Creditors United Completed 8.88 Fertilizers & States States Agricultural Chemicals Mar Lubrizol Corp United Berkshire Hathaway United Completed 8.79 Commodity Chemicals States Inc States Jul Nalco Holding Co United Ecolab Inc United Completed 8.11 Specialty Chemicals States States Jan Danisco A/S Denmark DuPont Denmark Denmark Completed 7.21 Other Holding ApS Apr Rhodia SA France Solvay SA Belgium Completed 4.64 Commodity Chemicals Feb PTT Aromatics & Refining Thailand PTT Chemical PCL Thailand Completed 3.78 Commodity Chemicals PCL May International Specialty United Ashland Inc United Completed 3.20 Commodity Chemicals Products Inc States States Feb Sued Chemie AG Germany Clariant AG Switzerland Completed 2.63 Specialty Chemicals Jan Elkem AS Norway China National China Completed 2.18 Other Bluestar(Group) Co Ltd Dec Taminco NV Belgium Apollo Global United Completed 1.43 Commodity Chemicals Management LLC States Sep Exxaro Resources Ltd- Australia Tronox Inc United Completed 1.33 Other Mineral Sands Operations States Apr Evonik Industries AG- Germany Investor Group United Completed 1.30 Commodity Chemicals Carbon Black Business States Jul Arch Chemicals Inc United Lonza Group Ltd Switzerland Completed 1.20 Specialty Chemicals States Sep BASF Antwerpen NV- Belgium OAO "Mineral'no- Russian Fed Completed 1.13 Fertilizers & Fertilizer Production Plant khimicheskaya Agricultural Chemicals kompaniya YevroKhim" Jun Vale Fertilizantes SA Brazil Mineracao Naque SA Brazil Completed 1.13 Fertilizers & Agricultural Chemicals Feb Sued Chemie AG Germany Clariant AG Switzerland Completed 1.08 Specialty Chemicals Jul Vacuumschmelze GmbH & Germany OM Group Inc United Completed 1.01 Other Co KG States 6 PwC
  8. 8. Mega-deals in 1H12 (value of $1 billion or more) Value of transaction Month Target Acquirer in US$ announced Target name nation Acquirer name nation Status billion Category Jan Solutia Inc United Eastman Chemical Co United Pending 3.40 Specialty Chemicals States States Jun Yunnan Yuntianhua China Yunnan Yuntianhua Co China Pending 2.81 Fertilizers & International Chemical Co Ltd{YYTH} Agricultural Chemicals Ltd Mar ZOLL Medical Corp United Asahi Kasei Corp Japan Completed 2.20 Other States Mar Viterra Inc-Agri Products Canada Agrium Inc Canada Pending 1.81 Commodity Chemicals Business Mar Neo Material Technologies Canada Molycorp Inc United Completed 1.29 Commodity Chemicals Inc States Feb New Energy Mining Co Ltd China Hebei Veyong China Pending 1.19 Other Bio-chemical Co Ltd Jan Georgia Gulf Corp United Westlake Chemical United Withdrawn 1.14 Commodity Chemicals States Corp States Jun Norit NV Netherlands Cabot Corp United Pending 1.10 Specialty Chemicals States Mega-deals in 2Q12 (value of $1 billion or more) Value of transaction Month Target Acquirer in US$ announced Target name nation Acquirer name nation Status billion Category Jun Yunnan Yuntianhua China Yunnan Yuntianhua China Pending 2.81 Fertilizers & International Chemical Co Co Ltd {YYTH} Agricultural Chemicals Ltd Jun Norit NV Netherlands Cabot Corp United Pending 1.10 Specialty Chemicals States Chemical compounds 7
  9. 9. Financial leverage 5 largest 2Q deals involve divestitures; Measured by average of top 50 global public chemical competitors stock swaps up A review of the financial statements of the top 50 publicly 25% $1.8 traded global chemical producers reveals that, on average, these companies have increased their cash balances over the $1.6 past two years. At the same time, debt to capital has declined $1.4 270 basis points since just one year ago, suggesting that potential chemicals acquirers have become financially $1.2 stronger within the past year. $1.0 $0.8 The five largest deals (valued at $5.9 billion) were divestitures. The divestitures this quarter were primarily the 15.4 $0.6 sale of assets by chemical manufacturers, as companies 12.1 12.7 $0.4 eliminated non-core and/or underperforming operations. This is a way to improve overall EBITDA margin (by $0.2 eliminating lower margin, non-core businesses) amid slower 0% $0.0 revenue growth for the core business. Two years ago One year ago Most recent quarter Stock swaps increased this quarter. These transactions allow a company to acquire the assets of another without reducing Cash and equivalents $ billions (right axis) its cash balances or increasing its debts. Some equity Total debt/total capital (left axis) markets have performed relatively well this year, so their stock becomes better “currency.” It also allows them to maintain their liquidity. For example, in May, Hubei Sanonda Co. Ltd. announced plans to acquire an 80.93% interest in Jiangsu Anpon Electrochemical Co. Ltd., a Huaian-based chemical manufacturing firm. This deal was Acquisition characteristics valued at $120.4 million. Measured by percent of number of deals worth $50 million or more (2011, 1H12, 2Q12) 60% 50% 40% 30% 48.4 46.9 20% 42.6 10% 7.4 10.7 9.3 11.1 9.4 9.4 0% 2011 1H12 2Q12 Divestiture Stock swap Tender Offer 8 PwC
  10. 10. Recently, deals have largely been by strategic investors. Deals by investor group These deals allow a company to enter more specialized Measured by value of deals worth $50 million or more markets and to diversify their product portfolios. There is evidence that fundraising has been relatively weak this year, which could be limiting financial investors’ involvement in value in data labels in $ billions) 1.0 0.7 % of deal value (absolute deal 100% the deal environment. For example, there were only four 23.5 deals by non-strategic investors this quarter, one of which 80% was by a labor union. 60% 24.3 11.1 40% 66.5 20% 0% 2011 1H12 2Q12 Strategic investors Financial investors Chemical compounds 9
  11. 11. Distribution of BRIC deals by target nation BRIC-affiliated transactions increase as Measured by number of announced deals worth $50 million producers in China continue to consolidate or more Despite a 45% increase in deal value in the second quarter, the level of activity related to Brazil, Russia, India, and China (the Total Completed Pending or Intended Withdrawn Total Completed Pending or Intended Withdrawn BRIC countries) for deals valued greater than $50 million increased only 25%. This quarter all 10 announced BRIC deals 20 were for China-based targets and acquirers. These deals were 18 responsible for almost one-third of total volume for the 16 14 quarter. In the Chinese government’s most recent five-year 12 plan, the focus for chemical manufacturers is increased 15 10 14 innovation and improved manufacturing efficiencies. By 8 combining smaller producers, the new, larger companies may 6 4 10 9 be better able to meet these goals, while extending their reach 2 1 1 1 1 and increasing their product lines. For example, Yunnan 0 1 1 2011 1 1 2Q12 Yuntianhua’s recent acquisitions will position it to become the largest phosphorous-based fertilizer manufacturer in Asia. China India Russia Brazil Greater China deals Measured by number of announced deals worth $50 million or more 12,000 10,000 8,000 US $ millions 252 6,000 4,000 103 63 2,000 44 8 4 43 8 5 0 2011 1H12 2Q12 Greater China Outbound Inbound 10 PwC
  12. 12. Asia & Oceania region drives deal value Regional distribution of deals by target region and volume in second quarter During the second quarter, targets in the Asia & Oceania 2.5 region drove deal volume and value, with the UK and 100% 7.4 9.38 5.7 Eurozone responsible for a significant portion of the balance. The two regions combined were responsible for almost 80% 21.3 18.75 27.8 two-thirds of deal value. This strong showing was aided by the two mega-deals, a local market Chinese transaction 4.1 9.38 valued at $2.8 billion and the acquisition of Netherlands- 60% 7.4 12.50 based Norit for $1.1 billion. For acquirers, deal volume was 26.2 9.3 also driven by Asia & Oceania. Activity in North America was also strong, driven by Cabot’s $1.1 billion acquisition. 40% 48.1 50 Half of the acquisitions were from emerging economies this 20% 40.2 quarter, the same as in the first quarter, which is up from 2011. Chinese targets played a major part in activity for emerging economies. The majority of this activity involved 0% local market deals, particularly in China, where Chinese 2010 2011 2Q12 companies sought controlling interests in local operations. Africa/Undisclosed Europe ex-UK & Eurozone However, China’s GDP slowed to a three-year low of 7.6% South America UK & Eurozone last quarter, raising concerns that the economy may continue to decelerate. India is also showing signs of a slowdown, North America Asia & Oceania with Asia’s third-biggest economy expected to grow only 6.5% this year, compared with a previous estimate of 7%, according to the Asian Development Bank. While the Asia & Oceania region could continue to be a driver of overall deal activity, it may be at a slower pace, as the economies of China and other countries cool. Regional distribution of deals by acquirer region 1.6 1.9 3.1 100% 4.9 5.6 6.3 24.6 22.2 15.6 80% 6.3 4.9 5.6 60% 21.9 18.0 16.7 40% 45.9 48.1 46.9 20% 0% 2010 2011 2Q12 Africa/Undisclosed Europe ex-UK & Eurozone South America UK & Eurozone North America Asia & Oceania Chemical compounds 11
  13. 13. North America drives local deal value North America drove local deal value in the first half of 2012, Of the eight mega-deals so far this year, five were for North as chemical companies continued to seek growth and other American targets, four of the deals were local market, and synergies through consolidation. However, Asia & Oceania two were inbounds. drove local deal volume; potentially due to the smaller, more fragmented market in this region. A significant portion of the Outbound deal value was driven by the Asia-Pacific region, deals was by fertilizer and agricultural acquirers; however, with two deals during the first half of 2012 valued at $3.0 commodity chemicals and construction-related industries billion. Outbound deal volume is increasing (12 deals), and (e.g., cement and explosives) were also represented. The Europe had the most activity, with five deals. There were majority of these deals were smaller in nature (i.e., deals also two outbound deals involving North America, including valued at less than $250 million). Similarly, North America the second-quarter acquisition of Netherland-based Norit by also drove inbound deals, assisted by the first quarter’s Cabot Co. for $1.1 billion. Japan-based Asahi Kasei’s acquisition of Canada-based ZOLL. Global chemicals M&A activity Measured by number and value of deals worth $50 million or more (1H12) North America Europe Local—9 deals, $8.81 bil. Local—7 deals, $2.21 bil. Inbound—7 deals, $4.16 bil. Inbound—2 deals, $1.16 bil. Outbound—3 deals, $2.07 bil. Outbound—5 deals, $1.19 bil. Middle East and Africa Local—0 deals Asia & Oceania Inbound—0 deals Local—24 deals, $7.37 bil. Outbound—1 deal, $0.33 bil. Inbound—2 deals, $0.47 bil. Outbound—2 deals, $3.00 bil. South America Local—2 deals, $0.20 bil. Inbound—1 deal, $0.90 bil. Outbound—1 deal, $0.12 bil. Note: In the regional chart local-market means within region, not within country 12 PwC
  14. 14. PwC’s chemicals experience Deep chemicals experience Quality deal professionals Our Chemicals Industry practice is comprised of a global PwC’s Transaction Services practice, with more than 6,500 network of more than 3,500 partners and client service dedicated deal professionals worldwide, has the right professionals. Our chemicals team encourages dialogue on industry and functional experience to advise you on all emerging trends and issues by holding conferences for factors that could affect the transaction, including market, industry executives. PwC is also a sponsor of leading financial accounting, tax, human resources, operating, IT, industry conferences and frequently authors articles for, or and supply chain considerations. Teamed with our is quoted in, leading industry publications. Our involvement Chemicals Industry practice, our professionals can bring a with these organizations represents PwC’s commitment to unique perspective to your deal, addressing it from a furthering industry dialogue with chemicals industry technical aspect as well as from a chemicals industry point leaders. Our professionals are concentrated in areas where of view. the chemicals industry operates today and in the emerging markets where the industry will likely operate in the future. Global connection PwC’s Chemicals Industry practice is part of an Industrial Products group that consists of more than 31,500 professionals, including more than 18,600 providing Assurance services, 7,700 providing Tax services, and 5,200 providing Advisory services. Europe Asia North America & 12,700 Industrial Products professionals 9,000 Industrial Products professionals the Caribbean 885 Chemicals industry professionals 1,900 Chemicals industry professionals 5,700 Industrial Products professionals 530 Chemicals industry professionals Middle East & Africa 1,360 Industrial Products professionals 85 Chemicals industry professionals South America Australia & Pacific Islands 1,960 Industrial Products professionals 1,000 Industrial Products professionals 135 Chemicals industry professionals 60 Chemicals industry professionals Chemical compounds 13
  15. 15. Contacts PwC’s Chemicals Industry practice PwC’s Chemicals Industry practice is a global network of professionals who provide industry-focused Assurance, Tax, and Advisory services to public and private chemical companies. Our leadership team consists of: Global Chemicals leader US Chemicals Transaction Services director Antoine Westerman—+31.088.792.39.46 Simon Bradford—+1.646.471.8290 antoine.westerman@nl.pwc.com simon.bradford@us.pwc.com Global Chemicals Tax leader US Industrial Products marketing director Michael Burak—+1.973.236.4459 Thomas Waller—+1.973.236.4530 michael.burak@us.pwc.com thomas.a.waller@us.pwc.com Global Chemicals Advisory leader US Industrial Products marketing manager Volker Fitzner—+49.69.9585.5602 Gina Reynolds—+1.973.236.4648 volker.fitzner@de.pwc.com gina.reynolds@us.pwc.com Global Chemicals client service advisor Central and Eastern Europe Chemicals leader Christy Robeson—+1.267.330.2408 Pawel Peplinski—+48.22.523.4433 christy.l.robeson@us.pwc.com pawel.peplinski@pl.pwc.com US Chemicals leader France Chemicals leader Anthony J. Scamuffa—+1.267.330.2421 Stephane Basset—+33.01.56.57.7906 anthony.j.scamuffa@us.pwc.com stephane.basset@fr.pwc.com US Chemicals Tax leader Germany Chemicals leader Matthew Bruhn—+1.973.236.5588 Eckhard Sprinkmeier—+49.0211.981.7418 matthew.bruhn@us.pwc.com eckhard.sprinkmeier@de.pwc.com US Advisory leader Greater China Chemicals leader Venkatesh Jayaraman—+1.214.754.5158 Jean Sun—+86.10.6533.2693 venkatesh.jayaraman@us.pwc.com jean.sun@cn.pwc.com US Chemicals Transaction Services partner United Kingdom Chemicals leader Tom Hudspeth—1-678-419-4155 Richard Bunter—+44.0.191.269.4375 tom.hudspeth@us.pwc.com richard.bunter@uk.pwc.com US Chemicals Transaction Services director Seamus Jiang—+1.267.330.1862 seamus.jiang@us.pwc.com 14 PwC
  16. 16. PwC’s global Transaction Services practice PwC’s Transaction Services practice offers a full range of tax financial, business, Assurance, and Advisory capabilities covering acquisitions, disposals, private equity, and strategic M&A advice on listed company transactions, financing, and public/private partnerships. The team consists of: Global Transaction Services leader Europe Transaction Services Leader John Dwyer—+44.0.20.721.31133 Volker Strack—+49.69.9585.1297 john.p.dwyer@uk.pwc.com volker.strack@de.pwc.com US Transaction Services leader Greater China Chemicals Transaction Services partner Martyn Curragh—+1.646.471.2622 Roland Xu—+86.21.2323.2588 martyn.curragh@us.pwc.com roland.b.xu@cn.pwc.com Asia-Pacific Transaction Services leader United Kingdom Chemicals Transaction Services director Chao Choon Ong—+65.6236.3018 Mike Clements—+44.0.113.289.4493 chao.choon.ong@sg.pwc.com mike.clements@uk.pwc.com PwC’s Research and Analysis group Industrial Products Research and Analysis manager Sean Gaffney—+1.216.875.3275 sean.gaffney@us.pwc.com PwC’s Corporate Finance group Senior Managing Director, Corporate Finance Rakesh Kotecha—+1.312.298.2895 rakesh.r.kotecha@us.pwc.com Chemical compounds 15
  17. 17. Methodology Chemical compounds is an analysis of deals in the global withdrawn, unconditional (i.e., initial conditions set forth chemicals industry. Deal and financial information was by the acquirer have been met but deal has not been sourced from Thomson Reuters using the Thomson-defined completed) or withdrawn. Geographic categories generally industry sector of Chemicals and Allied Products for target, correspond to continents with exceptions for Australia and other selected industries acquired by companies that are (included in the Asia Pacific category), Europe (divided into part of the Thomson-defined Chemicals and Allied Products Western and Eastern categories based upon UN definitions) designation. This analysis includes all mergers and and the Middle East (defined as a separate category based acquisitions for disclosed or undisclosed values, leveraged upon US CIA World Factbook). Where China is referenced in buyouts, privatizations, minority stake purchases and this analysis, it includes both the Peoples Republic of China acquisitions of remaining interest announced between and Hong Kong, unless otherwise indicated. Where the January 1, 2008, and March 31, 2012, with a deal status of number of deals is referenced in this analysis it means the completed, intended, partially completed, pending, pending number of all deals with disclosed or undisclosed values, regulatory approval, seeking buyer, seeking buyer unless otherwise noted. 16 PwC
  18. 18. Chemical compounds 17
  19. 19. Visit our chemicals industry website at www.pwc.com/us/industrialproducts © 2012 PricewaterhouseCoopers LLP. All rights reserved. “PricewaterhouseCoopers” and “PwC” refer to PricewaterhouseCoopers LLP, a Delaware limited liability partnership, or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate legal entity. This document is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. MW-12-0438 jp

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