Download PDF Introduction The past year has been difficult for the global automotive industry. Profitability has fallen, share prices have weakened, and several leading manufacturers have struggled to meet expectations. In this article, we explore the factors that led to this downturn and the reasons why even large-scale, multi-brand groups Read more…
Download PDF Introduction The global mining industry has recently been under the spotlight with the announcement of a $53bn merger deal between Anglo American [LSE: AAL] and Teck Resources [TSX: TECK.A], the largest deal in the sector in over a decade. Mining remains a cornerstone of the global economy. From Read more…
Download PDF Introduction 2025 began with cautious optimism about an uptick in M&A over the course of the year, however, it was challenged by higher than expected uncertainty around trade policies, geopolitical tensions and economic growth. Global M&A volumes declined by 9% in H1 2025 compared to H1 2024, while Read more…
Download PDF Introduction In today’s fast-evolving mergers and acquisitions landscape, a hidden battleground is emerging—one where minority shareholders can challenge the terms of a merger and potentially unlock significant hidden value. This arena is defined by appraisal rights, a legal mechanism that empowers investors who oppose a deal to bypass Read more…
Download PDF What has happened in the last 5 years? Over the past five years, M&A activity has experienced dramatic fluctuations, reaching both record highs and record lows. The onset of the Covid-19 pandemic in 2020 brought deal activity to a near standstill as companies prioritised safeguarding employees’ health and Read more…
Download PDF Introduction A hostile takeover is defined as the sum of the actions of an entity to take control of a company, by acquiring more than 50% of its voting shares without the knowledge of or against the will of the acquired company’s management. Hostile takeovers are often attempted Read more…
Download PDF Introduction In the last two decades, the American skies underwent a radical transformation shaped by significant mergers. Southwest [LUV: NYSE], Delta [DAL: NYSE], United [UAL: NASDAQ] and American Airlines [AAL: NASDAQ] emerged as dominant players, holding 71.5% of the U.S. market. Contrastingly, Europe has faced a more fragmented Read more…
Download PDF Introduction Since Joe Biden was elected President of the United States in late 2020, antitrust enforcement action has, in the general population’s mind, moved from something we read about in history textbooks to something dominating the headlines. Whether it is through challenging the latest multi-billion dollar merger or Read more…
Download PDF Introduction The potential $23bn hostile takeover of Teck Resources (NYSE: TECK) by the commodities behemoth, Glencore (LON: GLEN), would mark a significant moment in the industry. The Canadian family-controlled company has long been a prized asset eyed by the biggest industry players; however, its organisational structure was thought Read more…
Download PDF Introduction The healthcare industry saw a surge in M&A activity post-pandemic in 2021 which stretched across geographies and was driven by an incentive to consolidate healthcare systems to exploit economies of scale, fill pipelines, and boost top-line growth. In 2022, macroeconomic conditions, namely uncertainty, inflation, and high labour Read more…
Download PDF Introduction This week Merck & Co. announced one of the biggest healthcare deals disclosed so far in 2023. The US drug maker reached an agreement with Prometheus Biosciences to acquire the company in an all-cash transaction that values Prometheus at $10.8bn, a 75% premium to its market cap Read more…
Download PDF Introduction On April 3rd, 2023, L’Oréal agreed to buy Australian high-end cosmetics brand Aesop from its Brazilian owner, Natura & Co, for an enterprise value of $2.5bn. The transaction is still subject to regulatory approvals and is expected to close in Q3 2023. This deal is widely considered Read more…
Download PDF Introduction On March 6th Altria [NYSE: MO], one of the largest cigarette companies in the world, announced their agreement to acquire e-cigarette startup NJOY for approximately $2.75 billion, making it the largest transaction up to date in the Consumer segment for 2023. The deal comes a couple of Read more…
Download PDF Introduction Global asset manager and disposition company Ritchie Bros. Auctioneers recently announced an amended agreement to acquire salvage-yard operator IAA, valuing the company at $5.94bn. The improved cash-and-stock offer comes after an initial bid, that included 28% less cash but more equity, was met with concerns from shareholders Read more…
Download PDF Introduction CVS Health has agreed to buy Oak Street Health in a $10.6bn deal, to further integrate primary care into the healthcare conglomerate, through the acquisition of the Medicare-focused company. According to CVS management statements, the deal is expected to close by the end of this year and will be Read more…