波士顿咨询公司-2015年欧洲公司并购重组方案调查.pdfVIP

MA: Ready for Liftoff? A Survey of European Companies’ Merger and Acquisition Plans for 2010 André Kronimus, Alexander Roos, and Daniel Stelter December 2009 This report was prepared by The Boston Consulting Group, based on a survey of corporate executives in Europe conducted jointly with UBS Investment Bank. Contents Introduction 1 Confidence in MA Is Growing 2 One in Five Companies Plans a Major Deal 2 Private Equity Will Also Return, Particularly on the Sell Side 4 Crisis-Related Constraints to Deals Are Diminishing 5 Clearer Economic Signals Could Trigger the Next Major Upsurge 6 Doubts About Valuations Indicate Lingering Uncertainty 6 Views of Valuations Diverge Sharply 6 Expectations of Long-Term Industry Performance Are Decisive 7 Acquirers Plan Safer Types of Transactions 10 Growth Returns as a Key Driver 10 Acquirers Plan to Focus on Consolidation, Not Transformation 11 Buyers Will Avoid Debt in Financing Transactions 12 Financial Strength Will Separate the Winners from the Losers 13 Deal-Based Restructuring Will Increase 14 Restructuring Pressure Is Mounting