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4-Traders Homepage  >  Equities  >  Euronext Amsterdam  >  AkzoNobel    AKZA   NL0000009132

AKZONOBEL (AKZA)
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Cross-border M&A between U.S. and European firms at 10 year high

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05/22/2017 | 03:18pm CET

LONDON (Reuters) - Some $171.8 billion (132.14 billion pounds) of cross-border merger and acquisition deals between U.S. and European companies have been announced so far in 2017, the highest figure at this stage of the year for a decade as companies on both sides of the Atlantic hunt for deals to offset sluggish growth.

A $14 billion tie-up between U.S.-based chemicals firm Huntsman Corp (>> Huntsman Corporation) and European rival Swiss Clariant AG (>> Clariant AG), announced on Monday, is the latest example of the spate of big deals between the two regions.

The overall value of cross-border M&A deals between the U.S. and Europe is up 82 percent on the same period last year, according to Thomson Reuters data, and the highest over the same timeframe since at least 2007.

Interest in major cross-border deals was underscored earlier this year when Kraft Heinz Co (>> Kraft Heinz Co) made a surprise $143 billion bid for Unilever (>> Unilever plc) (>> Unilever), only to withdraw it less than 48 hours later, while U.S. healthcare giant Johnson & Johnson (>> Johnson & Johnson) clinched Swiss biotech company Actelion (>> Actelion Ltd) in a $30 billion all-cash deal.

Optimism over U.S. President Donald Trump's economic agenda has buoyed stock markets worldwide, as well as the U.S. dollar, which has made foreign acquisitions cheaper for U.S. companies.

Low interest rates are also keeping down borrowing costs.

Switzerland and the Netherlands have so far been the main shopping destinations for companies on the other side of the Atlantic, with U.S. buyers announcing a combined $70.2 billion worth of deals in those two countries this year, the data shows. 

But some European companies have been fighting hard for their independence.

Shareholders in Dutch paint maker Akzo Nobel (>> Akzo Nobel), angered by its rejection of a 26.3 billion euro ($29.6 billion)takeover proposal from U.S. rival PPG Industries (>> PPG Industries, Inc.), took their fight to an Amsterdam court on Monday.

Britain remains Europe's biggest acquirer in the United States, with deals totalling $21.1 billion so far this year, followed by Switzerland with $11.5 billion.

In February, Reckitt Benckiser (>> Reckitt Benckiser Group Plc) announced a deal to buy U.S. baby formula maker Mead Johnson Nutrition (>> Mead Johnson Nutrition CO) for $16.6 billion, giving the British consumer goods company a new product line and expanding its presence in developing markets where Mead Johnson has a strong footprint.

Bank of America Merrill Lynch, which advised Reckitt Benckiser on that deal, leads the list of financial advisers on cross-border transactions announced between U.S. and European companies, with $83.1 billion worth of deals so far this year.

That represents 48 percent of the total, according to Thomson Reuters data.

(Reporting by Pamela Barbaglia; Editing by Mark Potter)

By Pamela Barbaglia

Stocks mentioned in the article
ChangeLast1st jan.
ACTELION 0.00%-End-of-day quote.27.10%
CLARIANT -1.63% 23.57 Delayed Quote.-12.07%
HUNTSMAN CORPORATION 0.96% 33.64 Delayed Quote.0.09%
JOHNSON & JOHNSON 1.62% 132.02 Delayed Quote.-7.02%
MEAD JOHNSON NUTRITION CO 0.00%-End-of-day quote.0.00%
PPG INDUSTRIES 1.38% 117.46 Delayed Quote.-0.82%
RECKITT BENCKISER 0.87% 5920 Delayed Quote.-14.44%
THE KRAFT HEINZ COMPANY 2.04% 69.02 Delayed Quote.-13.01%
UNILEVER 0.59% 3760.5 Delayed Quote.-8.85%
UNILEVER (NL) 0.75% 43.485 Delayed Quote.-7.39%
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Financials (€)
Sales 2017 14 595 M
EBIT 2017 1 522 M
Net income 2017 893 M
Debt 2017 1 932 M
Yield 2017 7,83%
P/E ratio 2017 22,66
P/E ratio 2018 20,48
EV / Sales 2017 1,51x
EV / Sales 2018 1,49x
Capitalization 20 154 M
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Mean consensus HOLD
Number of Analysts 18
Average target price 82,1 €
Spread / Average Target 2,9%
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Managers
NameTitle
Thierry F. J. Vanlancker Chief Executive Officer
Antony Burgmans Chairman-Supervisory Board
Maarten de Vries Chief Financial Officer
Peggy Bertha Bruzelius Member-Supervisory Board
Louis R. Hughes Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
AKZONOBEL8.57%24 777
SHERWIN-WILLIAMS-2.72%37 137
PPG INDUSTRIES-0.82%29 423
ASIAN PAINTS-3.71%16 528
NIPPON PAINT HOLDINGS CO LTD4.93%11 420
AXALTA COATING SYSTEMS LTD-4.51%7 623