With investors' concerns about the uncertainty of the global economic outlook and the intensification of financing difficulties, this year's market is expected to slow down after the global chemical industry has experienced rapid development of mergers and acquisitions.

In fact, the momentum in the second half of this year has weakened. Although the atmosphere of the acquisition transaction market is good, the transaction assets are limited.

Due to the volatile prospects of the economic situation and the plight of the high-yield financing market, the peak period of the M&A transactions in the chemical market, both quantitative and quantitative, has become a thing of the past. The number of M&A deals has decreased significantly and is falling every quarter.

Peter Youngung, president and managing director of Young & Partners, analyzed that in the third quarter of this year, the publicly traded share price of M&A transactions was 64 billion U.S. dollars, compared to the total amount of 39 billion U.S. dollars last year. Although the momentum of M&A transactions in the first three quarters was strong, due to the persistence of the European debt crisis, another round of economic recession may have occurred and the volume of transactions fell every quarter. In the 16 mergers and acquisitions announced in the third quarter of this year, the total amount was 11.3 billion U.S. dollars, far lower than the 34 billion U.S. dollars in 23 cases in the second quarter. And the trend of reduction did not stop. From the end of September to mid-November, there were only five cases totaling 506 million US dollars worth of M&A transactions completed. The haze brought by the European debt has suppressed the buyer and delayed its trading activities.

The financial transactions faced by financial buyers in 2011 were the most challenging. In the first three quarters of this year, the share of private equity companies fell from 21% in 2010 to 5%.

In 2011, transactions between companies in Asian and European markets further promoted mergers and acquisitions. China played a leading role and approved some of the larger trading activities. China Bluestar purchased Norwegian silicon dioxide maker Aiken for US$2 billion and Sinopec acquired 50% of Swiss Erich Refining Company for US$1 billion.

Although the acquisition activity in the Asian market was active, the transactions of more than 50 million U.S. dollars in Brazil, Russia, India, and China (the four gold diamond countries) weakened in the third quarter.

China's drop was most noticeable. Compared with the second quarter, trading volume and transaction volume have fallen by 55%. China's economic growth will decline to below double digits.

Due to the weak international market demand for Chinese products and China's policy issues (such as economic growth rate of 7%), these have caused certain pressure on economic growth. However, the economic recovery is still continuing. Although the economy may experience another recession, strategic investors hope to make full use of merger and acquisition opportunities. Unless there is a major economic crisis, it is expected that the volume of mergers and acquisitions will weaken in early 2012, but the overall situation is still optimistic. Chemical manufacturers have responded to the financial liquidity crisis.

The first degree of chemical industry in 2009 has rebounded from the downturn and profitability has returned to the highest level in mid-2008.

However, the high stock price in the third quarter led to a drop in trading volume, while the limited issuance of bank bonds in the fourth quarter intensified the weakening trend.

Many bankers said that although the M&A activity has slowed down, the demand for purchasing chemical assets has been strong.

The insider’s desire to facilitate the transaction is strong. In addition, the company has a large amount of cash, and the level of leverage is low. There are fewer and fewer public auctions, and more one-on-one consultations. Buying desires are still strong but there is no opportunity. Even companies with large assets and liabilities have no intention of selling.

In the first half of 2011, market participants were optimistic about the outlook for the market outlook. Markets including open trading were well-sought. Among them are the purchase of Nalco by the American Yikang Chemicals and the purchase of Danish Danisco by DuPont.

According to industry insiders, there may be more major mergers and acquisitions of similar size in 2012, but before the global situation becomes more stable, real M&A operations may not occur.

The shale gas phenomenon in North America has deepened market confidence in the recovery of chemical manufacturing and stimulated more buying interest.

The people in the venue are confident in the development of the chemical industry in the North American market. In the next few years, the chemical industry is likely to have swept away over the past 10 years and revitalize the market.

Compared with the European and Asian markets, the benefits of low-cost energy and raw materials in the US market are sufficient to offset its labor expenditures. North American products will likely be exported to all parts of the world.

Leland Harrs, general manager of investment bank and financial co-head of the PrinceRidge Group, said: “The company’s capital is sufficient, there is still a lot of room for development, and financial investors also have a keen interest. It is expected that the transaction status in 2012 will be good and there will be no big difference. fluctuation."

Because many private equity firms’ assets will soon exceed the holding period, these companies may be acquired or merged next year.

The rating agency Oppenheimer is expected to disclose the chemical assets of private equity firms on the first public offering: “Private equity firms can choose to raise equity through the open market.” Chemical companies that participated in the initial public offering include US Momentive Performance Materials and MacDermid .

Since the second half of 2011, the global economic growth has slowed down significantly, and the European debt crisis has also brought about more uncertainties. Therefore, the buyers and sellers' views on the late-stage market have become the main factor hindering M&A activities in the short term.

Daimon Warmack, VP of Eastman Development and Strategy, said: “When we entered 2012, sellers wanted to sell more, and buyers lowered expected revenue under the influence of uncertainties in the environment, which resulted in an inquiry between the buyer and the buyer. The disc gap is also widening."

The drop in trade between China and China this year has had a significant negative impact on the M&A market. Michael McGovern, head of the PrinceRidge debt capital market, pointed out that the US debt limit crisis and the European debt crisis also inhibited the debt market. The Valenz Group’s Zachariades stated: “The degree of market panic caused by the European debt crisis and other macroeconomic negative factors is about to disappear in the chemical industry. In 2012, the mergers and acquisitions in the chemical industry will remain strong, and mergers and acquisitions activities will become a group and The preferred development strategy for private equity firms."

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