Hunger for auto M&As highest in 6 years
Print Edition
THE appetite among automotive companies’ appetite for mergers and acquisitions is the highest in six years, driven by an economic recovery and a relentless push for innovation, Ernst & Young said in a report yesterday.
It found 70 percent of the respondents in the automotive sector said they will pursue acquisitions in the coming 12 months, the highest since the survey started in 2008.
The report, part of EY’s Global Capital Confidence Barometer, surveyed 1,600 businesses in February and March on their merger and acquisition intention.
The automotive companies are pursuing M&As in product innovation and emerging technologies such as driverless cars and advanced materials, the report said.
Nearly 70 percent of those said their planned M&As could be innovative investment in another sector to help the company maintain its competitive advantage.
The report found 83 percent of the respondents expect the global economy to improve, up from 59 percent recorded in a survey last October.
EY expects Chinese component makers and carmakers to continue acquiring patents and market access overseas, while domestic acquisitions will also be active as the industry consolidates.
“The eurozone remains an ideal place due to its advantage in technology and recent weakness in the currency. North America is another popular destination because of its research and development capacity,” said Mark Short, global automotive sector leader of EY’s transaction advisory services.
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