Music; Modern
Transactions 2012
Maturing M&A markets
Contents
Foreword 05
FY12 M&A deals: highlights
Slump in mega deals
07
Natural resources top the deal table again
08
Resource nationalism blitz
08
Increasing interest from Japan
09
Cross-border deals fizzle out
10
FY12: the year of regulatory action
2
06
11
Transactions 2012
Sector focus
12
Conclusion 30
1. Metals and mining
12
Appendix 31
2. Oil and gas
14
Methodology 33
3. Retail and consumer products
16
About Ernst & Young’s Transaction Advisory Services
4. Media and entertainment
18
34
5. Chemicals 20
6. Diversified industrial products (DIP)
22
7. Telecommunications 24
8. Technology 26
9. Financial services
28
Transactions 2012
3
4
Transactions 2012
Foreword
Welcome to the third edition of our annual thought leadership,
Transactions 2012. The report puts forward Ernst & Young’s analysis of the current M&A scenario in India, providing insights and perspectives on the M&A activities of domestic companies.
FY12 has been not so encouraging for the global economy, which faced multiple challenges such as the Eurozone crisis and slow recovery in the US. The Indian economy was also impacted by the global economic headwinds.
Under these circumstances, M&A activity in India in FY12 remained subdued and plunged from its levels in FY11.
However, it was better as compared to FY10, when M&A activity suffered due to the sub-prime crisis. Indian companies, which were enthusiastic about acquiring assets abroad, have restrained their investments. FY12 also witnessed a decline in the number of billion dollar deals as compared to FY11.
continue in natural resources, especially coal, iron ore and shale gas. On the domestic front, we may witness a consolidation in segments such as media and entertainment (regional media and multi system operators), retail and consumer
Maturing M&A markets
Contents
Foreword 05
FY12 M&A deals: highlights
Slump in mega deals
07
Natural resources top the deal table again
08
Resource nationalism blitz
08
Increasing interest from Japan
09
Cross-border deals fizzle out
10
FY12: the year of regulatory action
2
06
11
Transactions 2012
Sector focus
12
Conclusion 30
1. Metals and mining
12
Appendix 31
2. Oil and gas
14
Methodology 33
3. Retail and consumer products
16
About Ernst & Young’s Transaction Advisory Services
4. Media and entertainment
18
34
5. Chemicals 20
6. Diversified industrial products (DIP)
22
7. Telecommunications 24
8. Technology 26
9. Financial services
28
Transactions 2012
3
4
Transactions 2012
Foreword
Welcome to the third edition of our annual thought leadership,
Transactions 2012. The report puts forward Ernst & Young’s analysis of the current M&A scenario in India, providing insights and perspectives on the M&A activities of domestic companies.
FY12 has been not so encouraging for the global economy, which faced multiple challenges such as the Eurozone crisis and slow recovery in the US. The Indian economy was also impacted by the global economic headwinds.
Under these circumstances, M&A activity in India in FY12 remained subdued and plunged from its levels in FY11.
However, it was better as compared to FY10, when M&A activity suffered due to the sub-prime crisis. Indian companies, which were enthusiastic about acquiring assets abroad, have restrained their investments. FY12 also witnessed a decline in the number of billion dollar deals as compared to FY11.
continue in natural resources, especially coal, iron ore and shale gas. On the domestic front, we may witness a consolidation in segments such as media and entertainment (regional media and multi system operators), retail and consumer