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August 17, 2010

China M&A deal activity rebounding strongly

M&A activity in China, including domestic, inbound and outbound deals, has rebounded strongly in the first half of 2010, according to PricewaterhouseCoopers China.

Outbound M&A activity has reached record levels and is up more than 50% compared with the same period last year.

Seven outbound deals in the first half of 2010 exceeded $1bn in value compared with three in the first of half of 2009.

Natural resources is the main industry target for Chinese investors overseas with 14 deals announced in the first half of 2010, the largest being Sinopec’s $4.7bn acquisition of a 9% stake in Synacrude from ConocoPhillips.

Domestic and inbound M&A activity has reached levels comparable to those seen before the global financial crisis with deal volumes increasing 26% in the first half of 2010 compared with same period in 2009.

Thus far, 2010 has seen 1,884 announced deals with 22 deals exceeding $500m – the largest being China Mobile’s acquisition of a 20% stake in Shanghai Pudong Development Bank for $5.8bn – compared with 17 deals in 2009.

 

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