Download - Entering Overseas Markets - An M&A Overview
Entering Overseas Markets- An M&A Overview
Nick HorrocksDirector
尼克 .可勒基斯总监
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Contents
About Clearwater Corporate Finance LLP & IMAP Current M&A Environment Current Issues for overseas M&A Challenges for 2012 Clearwater China Desk China Overview Case Study - India Summary Links to useful websites Appendix
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Current Issues for European M&A
Eurozone Sovereign debt crisis Confidence in economic growth
However Requirement to diversify geographically Access growth markets Mitigate against localised risks Access to talent Develop scale and position quickly Innovation
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Global M&A Challenges for 2012
Macroeconomic conditions, particularly uncertainties in the Eurozone Volatile market conditions in the equity and financial markets Unknown impact of political environment – leadership changes in Europe,
forthcoming Presidential election in the US, and leadership transition in China Protectionist measures may impact deal flows Shareholder pressure and activism an increasing influence Antitrust regulation on the rise – now over 100 merger control regimes across the
globe
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Our Clients Mid-market focused Multi-national groups, private equity-backed companies and
owner-managed companies 500 strategy projects in China 150 M&A transactions in China 500 M&A transactions in the UK
Clearwater China Desk
Our Expertise China and UK focused Strategy and M&A advisory services Sector-focused Transactions valued at between $50m and $500m Largest independent mid-market M&A advisor in the UK 16 years of experience in China
Our People Bicultural partnership with Chinese and UK nationals 65 M&A professionals and strategy consultants in China 40 M&A professionals in the UK
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China Overview
Chinese Inbound M&A “No business is global without exposure to the Chinese market” Overseas groups have traditionally sought a Chinese presence through
representative offices The inbound M&A market has recently been driven by corporate minority
investments and private equity Statistics are limited but it is clear that inbound M&A is growing dramatically as
overseas groups seek Chinese presence Increasingly overseas groups are seeking wholly-owned operations in China in order
to control their activities
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Case StudyUK-based software developer acquires in India
Background
Small deal
Same sector, access to Indian market and development resource
Company has gone from 10% overseas sales to 45% overseas – first acquisition
Owner is vendor and exiting the business
Issues
Time
Tax & structure
Language & culture
Management / leadership
Integration
Commercial history of the business
Personal relationships in local markets
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Links to useful websites
UK Trade & Investment (UKTI) www.ukti.gov.uk
IMAP www.imap.com
Clearwater Corporate Finance LLP www.clearwatercf.com
Office for National Statistics (ONS) www.ons.gov.uk
Institute of Mergers, Acquisitions and Alliances (IMAA) www.imaa-institute.org
InterChina Consulting www.interchinaconsulting.com
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Appendix
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InterChina 2011 Leading Strategy and M&A advisory firm in China
• Our Value• China specialist.• Strategy and M&A advisory• Sector expertise.• Retained 17 years experience.
• Our People• Bicultural partnership.• 60 consultants & advisors.• Chinese, senior, industrial, technical.• Located in China, EU, US offices.
• Strategy Practice• 22 Strategy Projects• Healthcare: 30%• Machinery: 25%• Chemical: 20%• Others: 25%
• M&A- Transaction Practice• 35 Mandates under process. • 5 successful closings in 2011, representing 600
million USD • CEPSA (Petrochemical)• KUO (Petrochemical)• BOBST (Machinery)• AVIC (Aeronautical)• Undisclosed (Chemical)
• In process to closing another 5 transactions.
Nick Horrocks 尼克 .可勒基斯Director 总监Tel: +44 (0)7788 144 475Email: [email protected]
www.clearwatercf.com
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