Market Briefing: Mergers & Acquisitions World, Region, & Country January 2, 217 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-36 jabbott@ Please visit our sites at www. blog. thinking outside the box
Table Of Contents Table Of Contents World & Regions World 1 World ex-us 2 Asia 3 Australasia 4 Europe Latin America 6 Middle East & Africa 7 North America 8 World By Region & Top 7 Countries World By Region & Top 7 Countries 9-1 Countries Australia 11 Brazil 12 Canada 13 China 14 France Germany 16 India 17 Italy 18 Japan 19 Netherlands 2 Russia 21 South Korea 22 Spain 23 Sweden 24 Switzerland United Kingdom 26 United States 27 Major Countries By Sector United States: M&A by Sector 28 United States: Sector % Share of M&A 29 World: M&A by Sector 3 World: Sector % Share of M&A 31 January 2, 217 / Mergers & Acquisitions www.
World 17 Figure 1. M&A ACTIVITY: WORLD* 17 1 Quarterly (1212.9) 1 1 7 1 7 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 7 6 4 Figure 2. M&A ACTIVITY: WORLD* 7 6 4 3 3 4-Quarter Sum (369.4) Annualized Quarterly (481.) 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 Page 1 / January 2, 217 / Mergers & Acquisitions www.
1 Figure 3. M&A ACTIVITY: WORLD EX-US* World ex-us 1 7 Quarterly (63.9) 7 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 37 3 27 Figure 4. M&A ACTIVITY: WORLD EX-US* 37 3 27 2 17 2 17 1 1 7 4-Quarter Sum (238.1) Annualized Quarterly (23.7) 7 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 Page 2 / January 2, 217 / Mergers & Acquisitions www.
4 3 Figure. Asia M&A ACTIVITY: ASIA (North Asia, SouthEast Asia, India, Japan)* 4 3 3 Quarterly (24.1) 3 2 2 1 1 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 2 122 92 Figure 6. M&A ACTIVITY: ASIA (North Asia, SouthEast Asia, India, Japan)* 2 122 92 62 62 32 32 4-Quarter Sum (79.3) Annualized Quarterly (816.) 2 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 2 Page 3 / January 2, 217 / Mergers & Acquisitions www.
6 Figure 7. M&A ACTIVITY: AUSTRALASIA* Australasia 6 4 Quarterly (.6) 4 3 3 2 2 1 1 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 218 188 8 Figure 8. M&A ACTIVITY: AUSTRALASIA* 218 188 8 128 98 128 98 68 68 38 38 4-Quarter Sum (16.4) Annualized Quarterly (22.6) 8 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 8 Page 4 / January 2, 217 / Mergers & Acquisitions www.
Europe 8 Figure 9. M&A ACTIVITY: EUROPE* 8 6 Quarterly (32.7) 6 4 4 2 2 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 3 26 2 16 Figure 1. M&A ACTIVITY: EUROPE* 4-Quarter Sum (87.) Annualized Quarterly (1282.9) 3 26 2 16 1 1 6 6 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 Page / January 2, 217 / Mergers & Acquisitions www.
1 Figure 11. Latin America M&A ACTIVITY: LATIN AMERICA (including Carribean)* 1 7 Quarterly (22.1) 7 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 43 33 23 Figure 12. M&A ACTIVITY: LATIN AMERICA (including Carribean)* 43 33 23 13 13 4-Quarter Sum (8.2) Annualized Quarterly (88.) 3 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 3 Page 6 / January 2, 217 / Mergers & Acquisitions www.
4 4 Figure 13. M&A ACTIVITY: MIDDLE EAST & AFRICA* Middle East & Africa 4 4 3 3 Quarterly (22.8) 3 3 2 2 1 1 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 2. 16. 12. 8. Figure 14. M&A ACTIVITY: MIDDLE EAST & AFRICA* 2. 16. 12. 8. 4. 4. 4-Quarter Sum (93.9) Annualized Quarterly (91.1). 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218. Page 7 / January 2, 217 / Mergers & Acquisitions www.
North America 8 7 Figure. M&A ACTIVITY: NORTH AMERICA* 8 7 6 Quarterly (92.) 6 4 3 4 3 2 2 1 1 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 33 28 23 Figure 16. M&A ACTIVITY: NORTH AMERICA* 33 28 23 18 18 13 13 8 8 3 4-Quarter Sum (1739.7) Annualized Quarterly (237.) 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 3 Page 8 / January 2, 217 / Mergers & Acquisitions www.
World By Region & Top 7 Countries 1.2 1.2 7.2.2 Figure 17. M&A ACTIVITY: TOTAL BY REGION* (billion US$, quarterly, ratio scale) 1.2 1.2 7.2.2.2.2.2 Asia (24.1) Australasia (.6) Europe (32.7) Latin America (22.1) Middle East & Africa (22.8) North America (92.) 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218.2 9 8 7 6 Figure 18. M&A ACTIVITY: REGION % SHARE OF WORLD* (percent, quarterly) Asia (16.8) Australasia (4.2) Europe (26.4) Latin America (1.8) Middle East & Africa (1.9) North America (48.9) 9 8 7 6 4 4 3 3 2 2 1 1 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 Page 9 / January 2, 217 / Mergers & Acquisitions www.
17 Figure 19. World By Region & Top 7 Countries M&A ACTIVITY: WORLD & TOP 7 COUNTRIES* World (1212.9) Top 7 Countries (891.4) 17 1 1 1 7 1 7 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 Top seven countries: US, UK, China, Germany, Japan, France, & Canada. 8 7 6 4 Figure 2. M&A ACTIVITY: TOP 7 COUNTRIES % SHARE OF WORLD* (percent, quarterly) Canada (.8) China (9.9) France (.9) Germany (.8) Japan (1.) United Kingdom (6.6) United States (48.) 8 7 6 4 3 3 2 2 1 1 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 Top seven countries: US, UK, China, Germany, Japan, France, & Canada. Page 1 / January 2, 217 / Mergers & Acquisitions www.
Australia Figure 21. M&A ACTIVITY: AUSTRALIA* 4 4 Quarterly (48.4) 3 2 3 2 1 1 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 16 1 Figure 22. M&A ACTIVITY: AUSTRALIA* 16 1 8 8 4 4 4-Quarter Sum (98.) Annualized Quarterly (193.8) 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 Page 11 / January 2, 217 / Mergers & Acquisitions www.
8 Figure 23. M&A ACTIVITY: BRAZIL* Brazil 8 6 Quarterly (14.3) 6 4 4 2 2 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 4. 32. 24. 16. Figure 24. M&A ACTIVITY: BRAZIL* 4. 32. 24. 16. 8. 8. 4-Quarter Sum (47.2) Annualized Quarterly (7.2). 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218. Page 12 / January 2, 217 / Mergers & Acquisitions www.
1 Figure. M&A ACTIVITY: CANADA* Canada 1 7 Quarterly (9.) 7 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 4 3 Figure 26. M&A ACTIVITY: CANADA* 4 3 4-Quarter Sum (8.3) Annualized Quarterly (38.1) 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 Page 13 / January 2, 217 / Mergers & Acquisitions www.
China Figure 27. M&A ACTIVITY: CHINA* 2 2 Quarterly (12.4) 1 1 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 1.4 8.4 6.4 4.4 Figure 28. M&A ACTIVITY: CHINA* 1.4 8.4 6.4 4.4 2.4 2.4 4-Quarter Sum (467.) Annualized Quarterly (481.6).4 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218.4 Page 14 / January 2, 217 / Mergers & Acquisitions www.
France 1 Figure 29. M&A ACTIVITY: FRANCE* 1 1 1 Quarterly (1.8) 7 7 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 6 4 3 Figure 3. M&A ACTIVITY: FRANCE* 4-Quarter Sum (8.9) Annualized Quarterly (43.) 6 4 3 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 Page / January 2, 217 / Mergers & Acquisitions www.
Germany Figure 31. M&A ACTIVITY: GERMANY* 2 2 Quarterly (7.4) 1 1 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 3 13 13 73 3 Figure 32. M&A ACTIVITY: GERMANY* 4-Quarter Sum (1.) Annualized Quarterly (281.7) 3 13 13 73 3 3 3 3 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 3 Page 16 / January 2, 217 / Mergers & Acquisitions www.
India 3 Figure 33. M&A ACTIVITY: INDIA* 3 3 3 Quarterly (22.7) 2 2 1 1 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218.1 12.1 9.1 6.1 Figure 34. M&A ACTIVITY: INDIA*.1 12.1 9.1 6.1 3.1 3.1 4-Quarter Sum (6.9) Annualized Quarterly (9.6).1 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218.1 Page 17 / January 2, 217 / Mergers & Acquisitions www.
7 Figure 3. M&A ACTIVITY: ITALY* Italy 7 6 6 Quarterly (13.) 4 3 4 3 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 4 3 28 2 14 Figure 36. M&A ACTIVITY: ITALY* 4 3 28 2 14 7 7 4-Quarter Sum (48.9) Annualized Quarterly (3.8) 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 Page 18 / January 2, 217 / Mergers & Acquisitions www.
1 Figure 37. M&A ACTIVITY: JAPAN* Japan 1 1 1 Quarterly (17.7) 7 7 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 1 41 31 21 Figure 38. M&A ACTIVITY: JAPAN* 1 41 31 21 11 11 4-Quarter Sum (89.) Annualized Quarterly (7.9) 1 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 1 Page 19 / January 2, 217 / Mergers & Acquisitions www.
Figure 39. M&A ACTIVITY: NETHERLANDS* Netherlands 1 1 1 Quarterly (3.4) 1 7 7 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 63 3 43 33 23 Figure 4. M&A ACTIVITY: NETHERLANDS* 63 3 43 33 23 13 13 3 4-Quarter Sum (72.) Annualized Quarterly (213.4) 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 3 Page 2 / January 2, 217 / Mergers & Acquisitions www.
1 Figure 41. M&A ACTIVITY: RUSSIA* Russia 1 8 8 Quarterly (29.) 6 4 6 4 2 2 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218.1 4.1 3.1 2.1 1.1 Figure 42. M&A ACTIVITY: RUSSIA*.1 4.1 3.1 2.1 1.1.1 4-Quarter Sum (4.8) Annualized Quarterly (117.9) 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218.1 Page 21 / January 2, 217 / Mergers & Acquisitions www.
6 Figure 43. M&A ACTIVITY: SOUTH KOREA* South Korea 6 4 Quarterly (13.) 4 3 3 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 24.4 2.4 16.4 12.4 Figure 44. M&A ACTIVITY: SOUTH KOREA* 24.4 2.4 16.4 12.4 8.4 4.4 8.4 4.4 4-Quarter Sum (6.8) Annualized Quarterly (4.).4 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218.4 Page 22 / January 2, 217 / Mergers & Acquisitions www.
1 Figure 4. M&A ACTIVITY: SPAIN* Spain 1 8 8 Quarterly (6.4) 6 4 6 4 2 2 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218.3 4.3 3.3 2.3 Figure 46. M&A ACTIVITY: SPAIN*.3 4.3 3.3 2.3 1.3 1.3 4-Quarter Sum (62.4) Annualized Quarterly (.7).3 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218.3 Page 23 / January 2, 217 / Mergers & Acquisitions www.
Sweden Figure 47. M&A ACTIVITY: SWEDEN* 4 4 Quarterly (3.2) 3 2 3 2 1 1 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 281 211 141 Figure 48. M&A ACTIVITY: SWEDEN* 4-Quarter Sum (26.8) Annualized Quarterly (12.6) 281 211 141 71 71 1 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 1 Page 24 / January 2, 217 / Mergers & Acquisitions www.
6 Figure 49. M&A ACTIVITY: SWITZERLAND* Switzerland 6 4 Quarterly (.9) 4 3 3 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218. 2.. Figure. M&A ACTIVITY: SWITZERLAND*. 2.. 1.. 1... 4-Quarter Sum (72.6) Annualized Quarterly (23.4) 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218. Page / January 2, 217 / Mergers & Acquisitions www.
Figure 1. M&A ACTIVITY: UNITED KINGDOM* United Kingdom 2 Quarterly (8.6) 2 1 1 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 9 8 6 Figure 2. M&A ACTIVITY: UNITED KINGDOM* 4-Quarter Sum (219.6) Annualized Quarterly (322.) 9 8 6 3 3 2 2 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 Page 26 / January 2, 217 / Mergers & Acquisitions www.
United States 7 Figure 3. M&A ACTIVITY: UNITED STATES* 7 6 6 Quarterly (81.9) 4 3 4 3 2 2 1 1 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 33 28 23 Figure 4. M&A ACTIVITY: UNITED STATES* 4-Quarter Sum (162.3) Annualized Quarterly (2327.8) 33 28 23 18 18 13 13 8 8 3 199 1996 1997 1998 1999 2 21 22 23 24 26 27 28 29 21 211 212 213 214 2 216 217 218 3 Page 27 / January 2, 217 / Mergers & Acquisitions www.
United States: M&A by Sector 2 1 Figure 3. CONSUMER DISCRETIONARY SECTOR* Quarterly M&A (9.) INDUSTRIALS (16.8) 6 4 3 9 97 99 1 3 7 9 11 13 17 19 9 97 99 1 3 7 9 11 13 17 19 1 1 7 CONSUMER STAPLES (63.8) 9 97 99 1 3 7 9 11 13 17 19 INFORMATION TECHNOLOGY (2.3) 9 97 99 1 3 7 9 11 13 17 19 17 1 1 7 1 1 ENERGY MATERIALS 1 8 7 (67.2) (.4) 6 4 2 9 97 99 1 3 7 9 11 13 17 19 9 97 99 1 3 7 9 11 13 17 19 2 FINANCIALS (7.7) TELECOMMUNICATION SERVICES (41.6) 12 9 1 6 3 9 97 99 1 3 7 9 11 13 17 19 9 97 99 1 3 7 9 11 13 17 19 2 1 HEALTH CARE (27.) 9 97 99 1 3 7 9 11 13 17 19 UTILITIES (8.8) 9 97 99 1 3 7 9 11 13 17 19 1 8 6 4 2 Page 28 / January 2, 217 / Mergers & Acquisitions www.
United States: Sector % Share of M&A 6 4 3 Figure 4. CONSUMER DISCRETIONARY SECTOR* (% share, quarterly) (27.4) INDUSTRIALS (2.9) 2 1 9 97 99 1 3 7 9 11 13 17 19 9 97 99 1 3 7 9 11 13 17 19 3 2 1 CONSUMER STAPLES (11.) 9 97 99 1 3 7 9 11 13 17 19 INFORMATION TECHNOLOGY (9.) 9 97 99 1 3 7 9 11 13 17 19 3 3 2 1 4 ENERGY MATERIALS 2 3 2 (11.) (2.6) 1 1 9 97 99 1 3 7 9 11 13 17 19 9 97 99 1 3 7 9 11 13 17 19 4 FINANCIALS (13.) TELECOMMUNICATION SERVICES 4 3 (7.1) 3 2 1 9 97 99 1 3 7 9 11 13 17 19 9 97 99 1 3 7 9 11 13 17 19 2 1 6 4 3 2 1 HEALTH CARE (4.7) 9 97 99 1 3 7 9 11 13 17 19 UTILITIES (1.1) 9 97 99 1 3 7 9 11 13 17 19 2 1 Page 29 / January 2, 217 / Mergers & Acquisitions www.
4 3 2 1 Figure. CONSUMER DISCRETIONARY SECTOR* Quarterly M&A (7.2) 9 97 99 1 3 7 9 11 13 17 19 World: M&A by Sector INDUSTRIALS (47.1) 9 97 99 1 3 7 9 11 13 17 19 3 2 1 2 CONSUMER STAPLES (94.9) INFORMATION TECHNOLOGY 2 (144.) 1 1 9 97 99 1 3 7 9 11 13 17 19 9 97 99 1 3 7 9 11 13 17 19 2 16 12 8 4 ENERGY (1.) MATERIALS (1.7) 18 12 9 6 3 9 97 99 1 3 7 9 11 13 17 19 9 97 99 1 3 7 9 11 13 17 19 4 FINANCIALS (21.2) TELECOMMUNICATION SERVICES (1.6) 2 3 2 1 1 9 97 99 1 3 7 9 11 13 17 19 9 97 99 1 3 7 9 11 13 17 19 2 1 HEALTH CARE (62.6) UTILITIES (128.) 12 9 6 3 9 97 99 1 3 7 9 11 13 17 19 9 97 99 1 3 7 9 11 13 17 19 Page 3 / January 2, 217 / Mergers & Acquisitions www.
4 3 2 1 Figure 6. World: Sector % Share of M&A CONSUMER DISCRETIONARY SECTOR* (% share, quarterly) (21.2) 9 97 99 1 3 7 9 11 13 17 19 INDUSTRIALS (3.9) 9 97 99 1 3 7 9 11 13 17 19 3 2 1 2 16 12 8 CONSUMER STAPLES (7.8) INFORMATION TECHNOLOGY (11.9) 2 1 4 9 97 99 1 3 7 9 11 13 17 19 9 97 99 1 3 7 9 11 13 17 19 2 ENERGY (1.3) MATERIALS (8.3) 2 1 1 9 97 99 1 3 7 9 11 13 17 19 9 97 99 1 3 7 9 11 13 17 19 6 4 FINANCIALS (16.6) TELECOMMUNICATION SERVICES (4.3) 3 2 3 2 1 9 97 99 1 3 7 9 11 13 17 19 9 97 99 1 3 7 9 11 13 17 19 1 2 1 HEALTH CARE (.2) UTILITIES (1.6) 2 1 9 97 99 1 3 7 9 11 13 17 19 9 97 99 1 3 7 9 11 13 17 19 Page 31 / January 2, 217 / Mergers & Acquisitions www.
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