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Corporate Activity: A review of 2012 and outlook on 2013

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30 January 2013

Corporate Activity: A review of 2012 and outlook on 2013

Report summary

Total global spend for coal deals in 2012 declined 78% to US$8 billion, from the 2011 high of US$36 billion. The number of deals announced also fell significantly, from 61 in 2011 to 37 in 2012. Average deal size in 2012 was also the smallest of the last four years, reflecting a big drop off in high-value deals. The year was characterised by a significant slide in coal prices leading to a major fall in company deal activity across North America and Australasia.

Table of contents

  • Executive summary
  • Spending down US$28 billion to US$8 billion in 2012
  • Company and asset activity down across most regions
  • Buyer location shifts from US and Australia to Europe and Asia in 2012
  • Metallurgical coal spending by miners falls significantly in 2012
  • Premiums paid in Australia and South Africa, discounts achieved elsewhere
  • Deal implied prices follow coal prices down in 2012
  • Slight improvement expected in 2013

Tables and charts

This report includes 10 images and tables including:

  • Chart: Disclosed acquisition spend by value (by target region)
  • Chart: Disclosed acquisition spend by number (by target region)
  • Table: Disclosed acquisition spend by target region (by value) (US$ million)
  • Table: Disclosed acquisition spend by target region (by number of deals)
  • Chart: Company and asset deal activity by target region
  • Chart: Disclosed acquisition spend by deal by target region
  • Chart: Share of disclosed acquisition spend by buyer location
  • Chart: Average premiums/discounts paid by region compared to GEM valuation
  • Chart: Implied long-term (adjusted) coal price (deal by deal) vs. Newcastle export thermal coal spot price
  • Chart: Implied long-term (adjusted) coal price (deal by deal) vs. Coking Coal Queensland Index (CCQ)

What's included

This report contains:

  • Document

    Corporate Activity: A review of 2012 and outlook on 2013

    PDF 605.93 KB

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