kommt, denn wir werden schon in Kürze enorme Übernahmen sehen, da der Aufkauf von Firmen momentan noch wesentlich billiger ist als deren Aufbau. Und das ist auch ein deutliches Zeichen dafür, dass die Aktien noch stark unterbewertet sind.
2010 to be the year of 'mergers of productivity'
There have been "signs of life" in the deal market during the second half of 2009, and mergers and acquisitions (M&A) activity is expected to pick up in 2010, experts predict.
PricewaterhouseCoopers' (PwC) Transaction Services practice notes that, while credit markets are easing for some participants, financing will remain the "dominant challenge" to M&A activity next year, increasing the pressure on middle market deals.
Strategic buyers with strong balance sheets and robust cash reserves will be well-positioned for strategic M&A opportunities, according to PwC. As these strategic buyers take advantage of their ability to manoeuvre in the face of a challenging deal environment, PwC predicts they will pursue deals with a focus on synergies - including enhancing productivity, providing cost-savings and adding revenue volume to their businesses.
"Those who have built their balance sheets for a rainy day might come out of last year's storm to find the rainbow, and at the end of it, nicely-valued acquisition targets that provide opportunities for revenue growth and enhanced productivity," said Bob Filek, partner with PricewaterhouseCoopers Transaction Services.
"As a result, M&A activity in 2010 will be driven by strategic buyers who have access to capital and the strategic vision to capitalise on some of the best values we have seen in recent times."
"Companies have taken aggressive actions on costs; the low hanging fruit is gone, and to drive further efficiency they will look to combine with similar players to drive scale and enhance productivity. The 'merger of productivity' will be a driving force in 2010 as companies look to drive revenue growth and enhance margins," added Filek.
Through the first eleven months of 2009, there were 6,772 deals worth a total of $614bn, compared with 8,890 transactions worth a total of $1tn during the same period last year, according to financial data provider Thomson Reuters.
"There is still in excess of $1tn of capital committed to alternative investment funds sitting on the sidelines, waiting for the appropriate opportunities. The diversified private equity players have been bulking up their debt, hedge and distressed funds to take advantage of opportunities in distressed, reflecting their ability to evolve and successfully navigate choppy waters," said Greg Peterson, partner with PricewaterhouseCoopers Transaction Services.
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