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Clifford Chance

Clifford Chance


Clifford Chance/FinanceAsia Asian M&A Survey 2011

9 December 2011

Despite current uncertainty, Asia Pacific M&A advisers are predicting relatively positive prospects for the region's acquisition markets in the year ahead.

Most respondents to this year's Clifford Chance/Finance Asia M&A Survey expect an increase in the levels of intra-Asia and Asia outbound acquisitions - 66% and 71% respectively - although only 42% predict inbound acquisitions will increase.

Although slightly down on last year's figures, the 2011 figures remain materially higher for intra Asia and Asia outbound M&A activity than those recorded by the first Asia Pacific M&A survey in 2007.

Survey headlines in 2011 are:

  • Acquirers in the region are most likely to come from, in order: mainland China, the US, Japan, India, Eurozone and Singapore.
  • Top target countries for these acquirers are, in order: mainland China, Indonesia, the US, Eurozone, India and Australasia.
  • Favourite industry sectors for acquisitions are, in order: mining and resources, oil and gas, consumer goods and retail, technology/media/telecoms, manufacturing and financial services.
  • Deals size will be concentrated in the US$100-500 million range, according to over half of respondents.
  • Market volatility will see Western investors increase their focus on emerging markets for growth, while Asia Pacific acquirers will view the uncertainty in the West as an opportunity for acquisitions there.
  • Protectionism is one of the most significant concerns for buyers.

How the survey was conducted

This is the fifth year in which Clifford Chance and Finance Asia have collaborated on a regional M&A survey. 184 respondents were surveyed between 31 August and 14 September 2011 so after the start of volatility in the Euro zone, with 47% working at CEO, COO, MD, CFO or director level. 36% of respondents came from the banking sector, 17% from investment management and alternative funds, and 17% from companies and manufacturers. 29% of respondents were based in Hong Kong, 19% in Japan, 11% in Singapore and 7% in mainland China.

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Clifford Chance/FinanceAsia Asian M&A Survey 2011

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