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Y&P stated that the trading price of the specialty chemicals business continues to increase. The average of the first three quarters of this year was 10.7 times Ebitda (profit before depreciation and amortization), while the average annual rate in 2005 was 9.6 times. However, the trading price of the basic chemicals business began to decline. In the first three quarters of 2006, the average was 7.2 times that of Ebitda, and in 2005 it was an average of 8.2 times. Y & P President Peter Young said: "We seem to have passed the peak period of the daily chemicals business acquisition." In 2005, basic chemicals business transactions accounted for 59% of all transactions, while the first three quarters of this year accounted for only 35%.
Y&P said that the participation of financial buyers has also declined. In 2005, financial buyers participated in 28% of all transactions, compared with only 19% in the first three quarters of this year. The more active participation of industry buyers and rising interest rates have caused the loss of financial buyers’ share.
According to Y&P, in the first three quarters of this year, the total amount of transactions with a single transaction volume exceeding US$1 billion accounted for 3/4 of the total transaction amount, while the number only accounted for 7% of all transactions. Linde’s acquisition of BOC, BASF’s acquisition of Engelhard and BASF's acquisition of Degussa’s construction chemicals business are the three largest deals. BASF's acquisitions this year totaled more than $8.5 billion, including the acquisition of Johnson Polymer.
Y&P said that Europe is still the most active region in the M&A market. In the first three quarters of this year, transactions involving European companies accounted for 42% of all transactions, compared to 40% in the same period of last year.
Acceleration of mergers and acquisitions in the global chemical industry
According to the “Chemical Weekly†report of the United States, the latest statistical analysis of New York-based investment bank Young & Partners shows that the pace of mergers and acquisitions in the global chemical industry continues to accelerate in the third quarter of this year. In the first three quarters of this year, the number of deals with transactions exceeding 25 million U.S. dollars was 57, with a total transaction volume of 34 billion U.S. dollars, compared with 53 transactions in the same period last year, with a total transaction volume of 19 billion U.S. dollars. In the third quarter of this year, due to the impact of Linde's acquisition of BOC at a price of 16.4 billion U.S. dollars, the transaction volume rose rapidly.