Chinese firms lose M&A taste in first half
Print Edition
THE appetite for Chinese companies for mergers and acquisitions fell 6 percent in the first half of 2014, but experts expect a pickup in the coming months due to state reforms and changes in the macro-economic environment, KPMG said yesterday.
“Sentiment in China has been hit by a combination of factors recently, impacting both local investor appetite and the market’s relative attractiveness for global fund allocators,” said Rupert Chamberlain, head of transaction service for KPMG China. “A well documented anti-graft drive, measures to maintain property prices at affordable levels and export competitiveness have dampened broad demand and impacted profitability of enterprises,” he said.
“We still maintain a positive near-term outlook for the China M&A market,” said Chamberlain.
KPMG found the hunger for M&As by Chinese companies, as measured by their prediction for earnings from a deal, fell 6 percent between January and June. On an annual basis, the June reading added 8 percent, below the average rise of 16 percent globally.
KPMG found the value of Chinese outbound M&As eased 4 percent year on year to US$35.6 billion in the first half of 2014. The value of inbound M&As fell 24 percent to US$10.8 billion.
The outbound M&A deals included several in natural resources in Australia, Canada and Peru. Consumer goods and services led inbound M&A deals in the first half.
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