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Chemical Week Magazine :: Viewpoint

M&A Down, Not Out

2:40 PM MDT | March 10, 2008 | Robert Westervelt Robw@Chemweek.Com

Tighter credit and concerns over the economy may take some of the fizz out of M&A markets this year but activity should remain decent, as our cover story shows (p. 24). M&A fever has broken since last spring and summer when it seemed like any company was a potential target. Indulgent lenders and easy credit terms fueled a liquidity bubble that sparked fierce bidding on several industry franchises. That helped inflate some valuations attached to last year’s announced mega-deals, including Sabic’s $11.6-billion deal to acquire GE Plastics...

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Comments (1) for M&A Down, Not Out
1.
I agree that M&A is by no means out in 2008. We are seeing increased activity in the lower to middle market across several industries and, obviously, in the chemical industry. Valuations from Q3 2007 to Q2 2008 will be lower by about a turn to a turn and a half depending on sector. One major reason for lower average valuations is a surge in smaller deals, which typically are discounted for size. From our view point in the middle market, the number of deals have and will continue to increase, despite the recent retreat due to credit difficulties.
Posted by Jay Kuo on Wednesday, May 14, 2008 @ 11:52 PM










 
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