Mergers & acquisitions report vietnam 2011

858 views

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
858
On SlideShare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
25
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Mergers & acquisitions report vietnam 2011

  1. 1. Mergers & Acquisitions Report: Vietnam 2011 Zurich, 22 January 2012
  2. 2. Executive SummaryMergers & Acquisitions activity (see Section 1)• Mergers & Acquisitions with Vietnamese participation has increased in 2011 to hit a new record.• While the number of deals has only slightly increased to 413 transactions (+7%), while the value has more than doubled to 4.7 bil. USD (+103%).National vs. Cross-border M&A (see Section 2)• The majority of all transactions have been national transactions (77%). By value however especially foreign acquisitions in Vietnam played a major role (66%).• The new record in Vietnamese M&A is due to a increase in the number of national combinations, while the number of foreign acquisitions in Vietnam has decreased.• The new record in value of M&A is caused by an increase in value of national M&A as well as by foreign acquisitions in Vietnam.• The most important foreign acquiror in Vietnam – in both, number and value – are companies from Japan.Industry (see Section 3)• With respect to the number of transactions, the majority of M&A transactions took place in the industrials, consumer goods, and materials sector.• By value of deals, transactions in the financial sector, media & entertainment and consumer goods ranked first.Top deals (Section 4)• The biggest M&A deal in 2011 was a national transaction. All other deals in the top ten were done by foreign acquirors in Vietnam. 22 January 2012 (C) 2012 IMAA 2
  3. 3. Content1) M&A Activity in Vietnam2) National and Cross-border M&A in Vietnam3) M&A in Vietnam by Industry4) Top Vietnames Deals 22 January 2012 (C) 2012 IMAA 3
  4. 4. 1) M&A ACTIVITY IN VIETNAM22 January 2012 (C) 2012 IMAA 4
  5. 5. Vietnamese M&A Activity in 2011 Number Value 400 4000 350 3500 300 3000 Value (in mil. USD) 250 2500 Number 200 2000 150 1500 100 1000 50 500 0 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 YearIn 2011, there have been 413 transactions valued at 4.7 Trend in Vietnamese M&Abil. USD with Vietnamese participation. Number ValueThe number of M&A have increased (+7%). Comparedwith the 2010, the value of deals has more than doubled +7% +103%(+103%) – its highest level ever.22 January 2012 (C) 2012 IMAA 5
  6. 6. Vietnames M&A Activity in 2011: Comparison with Asia-Pacific Vietnam Asia-Pacific Vietnam Asia-Pacific 400 14000 4000.0 900 Value (Asia-Pacific; in bil. USD) Value (Vietnam; in mil. USD) 350 12000 3500.0 800 Number (Asia-Pacific) 700Number (Vietnam) 300 10000 3000.0 600 250 2500.0 8000 500 200 2000.0 6000 400 150 1500.0 300 100 4000 1000.0 200 50 2000 500.0 100 0 0 0.0 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Year Year The number of transactions in Asia Pacific (see left figure) has Trend in Asia-Pacific M&A decreased compared to 2010, while Vietnamese M&A has continued to increase. The value of transactions in Asia-Pacific Number Value (see right figure) has decreased as well, but value of Vietnamese transactions has drastically increased. -9% -24% 22 January 2012 (C) 2012 IMAA 6
  7. 7. Vietname M&A Activity: 2nd Half of 2012 Number Value 250 2500 200 2000 Value (in mil. USD) 150 1500 Number 100 1000 50 500 0 0 H1 - 2000 H2 H1 - 2001 H2 H1 - 2002 H2 H1 - 2003 H2 H1 - 2004 H2 H1 - 2005 H2 H1 - 2006 H2 H1 - 2007 H2 H1 - 2008 H2 H1 - 2009 H2 H1 - 2010 H2 H1 - 2011 H2 Half YearIn the second half of 2011, there have been 165 Trend in Vietnamese M&Atransactions valued at 2.0 bil. USD with Vietnameseparticipation. compared to Number Value H2 - 2010 -8.8% +104.8%While the value of M&A has increased compared to the H1 - 2011 -21.8% +16.8%2nd half of 2010 and the first half of 2011, the numberhowever has decreased.22 January 2012 (C) 2012 IMAA 7
  8. 8. Vietnamese M&A Activity: Q4, 2011 Number Value 140 1600 120 1400 Value (in mil. USD) 100 1200 1000 Number 80 800 60 600 40 400 20 200 0 0 Q1 - 2006 Q2 Q3 Q4 Q1 - 2007 Q2 Q3 Q4 Q1 - 2008 Q2 Q3 Q4 Q1 - 2009 Q2 Q3 Q4 Q1 - 2010 Q2 Q3 Q4 Q1 - 2011 Q2 Q3 Q4 QuarterIn the fourth quarter of 2011, there have been 85 Trend in Vietnamese M&Atransactions valued at 842 mil. USD with Vietnameseparticipation. compared to Number Value 2010 - Q4 -8.6% +87.4%The number of M&A compared to the 3rd quarter of 2011 - Q3 +6.3% -27.4%2011 has increased slightly, but is below the 4th quarterof 2010. The value has decreased compared to thequarter before, but increased over the 4th quarter 2010.22 January 2012 (C) 2012 IMAA 8
  9. 9. 2) NATIONAL AND CROSS-BORDER M&A ACTIVITY IN VIETNAM22 January 2012 (C) 2012 IMAA 9
  10. 10. Vietnamese M&A Deals 2011: National vs. Crossborder By number By value 22% 34% 1% 66% 0% 77% National Outbound Inbound National Outbound InboundThe majority of all transactions in 2011 have been national transactions (see figure on the left side). By value (see right) howeverespecially foreign acquisitions in Vietnam played a major role, contributing two thirds to the total value.17 January 2011 (C) 2011 IMAA 10
  11. 11. National Vietnamese M&A Deals, 2000-2011 Share of Vietnamese national deals in total M&A activity Number Value 90% 60% 80% 50% 70% 60% 40% Number 50% Value 30% 40% 30% 20% 20% 10% 10% 0% 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Half YearIn 2011, there have been 290 national transactions valued at 1.2 bil USD - the highest number ever.The share of national M&A in total Vietnamese M&A has increased to 77% (a new record) and the share of value hasdecreased to roughly one third (34%).National combinations in Vietnam have played a significant role in 2011.22 January 2012 (C) 2012 IMAA 11
  12. 12. Acquisitions by foreign companies in Vietnam in 2011 by countriesTop 10 – By numbers Top 10 – By valueRank Country Number Value of deals Rank Country Value of deals Number of deals (in mil. USD) (in mil. USD) 1 Japan 19 596 1 Japan 596 19 2 Singapore 10 54 2 Netherlands 502 3 3 South Korea 9 461 3 South Korea 461 9 4 United States 5 259 4 United States 259 5 5 Netherlands 3 502 5 Thailand 208 2 6 Thailand 2 208 6 Germany 110 2 7 Germany 2 110 7 Denmark 86 1 8 India 2 64 8 India 64 2 9 Australia 2 55 9 Australia 55 2 10 Hong Kong 2 25 10 Singapore 54 10 17 January 2011 (C) 2011 IMAA 12
  13. 13. 3) M&A IN VIETNAM BY INDUSTRY22 January 2012 (C) 2012 IMAA 13
  14. 14. Vietnamese Transactions by Industry in 2011 By number By value Industrials Financials 11% 7% 24% Consumer Staples, 5% 24% Media and 6% 5% Products and Entertainment 7% 8% Services 8% Materials Consumer Staples, 18% 15% 20% 10% Products and 16% 16% Services Financials Telecommunications Real Estate Energy and Power• With respect to the number of transactions, the majority of M&A transactions took place in the industrials, consumer goods, and materials sector.• By value of deals, transactions in the financial sector, media & entertainment and consumer goods ranked first. 22 January 2012 (C) 2012 IMAA 14
  15. 15. 4) TOP VIETNAMESE M&A DEALS22 January 2012 (C) 2012 IMAA 15
  16. 16. Vietnamese Top Deals 2011Rank Target Company Target Acquiror Company Acquiror Value Status Country Country (in mil. USD) 1 Vinpearl JSC Vietnam Vincom JSC Vietnam 649 Completed 2 Vietcombank Vietnam Mizuho Corporate Bank Ltd Japan 567 Completed 3 GTEL Mobile JSC Vietnam VimpelCom Ltd Netherlands 502 Pending 4 Diana JSC Vietnam Uni-Charm (Thailand) Co Ltd Thailand 187 Completed 5 Masan Consumer Corp Vietnam Kohlberg Kravis Roberts & Co US 159 Completed 6 AES-VCM Mong Duong Power Co Vietnam PSC Energy Global Co Ltd South Korea 153 Pending 7 Thao Dien Investment JSC Vietnam Lotte Asset Development Co Ltd South Korea 151 Completed 8 Masan Resources Corp Vietnam Mount Kellet Capital Mgt LP US 100 Completed 9 PVI Holdings Vietnam HDI-Gerling Industrie AG Germany 92 Completed 10 Hue Brewery Ltd Vietnam Carlsberg Breweries A/S Denmark 86 Completed 22 January 2012 (C) 2012 IMAA 16
  17. 17. AppendixUnless otherwise stated:• All sources of data have been: Thomson Financial, Institute of Mergers, Acquisitions and Alliances (IMAA) analysis.• Deals analyzed have been "announced" which is the standard of analysis for most reports. Announced means that we have included deals with the status: Completed, Unconditional, Intended, Pending Due to Regulatory Reasons, and Pending, Partially Completed, Status Unknown, and Withdrawn. This explicitly excludes the deals with the status: Seeking Buyer, Rumor, Discontinued Rumor, and Seeking Buyer.22 January 2012 (C) 2012 IMAA 17
  18. 18. ContactInstitute of Mergers, Acquisitions and Alliances (IMAA) Kummer & Company AGWebster University Olgastrasse 10Berchtoldgasse 1 8024 Zurich1220 Vienna SwitzerlandAustriaPhone +43 1 2699293 - 54 Phone +41 44 586 75 99Fax +41 44 5002864 Fax +41 44 575 31 09E-Mail info@imaa-institute.org E-Mail info@kummerco.comHomepage www.imaa-institute.org Homepage www.kummerco.comPresident: Prof. Dr. Christopher Kummer kummer@imaa-institute.org 22 January 2012 (C) 2012 IMAA 18

×