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8 Pages

Corporate Activity: A review of 2012 and outlook on 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.

What's included?

This report includes 2 file(s)

  • Corporate Activity: A review of 2012 and outlook on 2013 PDF - 605.93 KB 8 Pages, 2 Tables, 8 Figures
  • Corporate activity A review of 2012 and outlook on 2013.xls XLS - 6.02 MB

Description

This Coal Insight report highlights the key issues surrounding this topic, and draws out the implications for those involved.

Participants, suppliers and advisors can use it to look at the trends, risks and issues within the coal industry and gain an alternative point of view when making decisions.

Wood Mackenzie is the only coal industry service provider that offers a market outlook integrated with other sector analyses, including macroeconomics, coal supply, steel markets and gas and power markets.

Our coal analysts are based in the markets they analyse. They work with objective, proprietary data to help you maximise your current and future decision making. From market dynamics to trade patterns, we give you confidence in your strategic planning.

  • 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

In this report there are 10 tables or charts, including:

  • Executive summary
  • Spending down US$28 billion to US$8 billion in 2012
    • Chart: Disclosed acquisition spend by value (by target region)
    • Chart: Disclosed acquisition spend by number (by target region)
    • Table: Disclosed acquisition spend by target region (by value) (US$ million)
    • Table: Disclosed acquisition spend by target region (by number of deals)
  • Company and asset activity down across most regions
    • Chart: Company and asset deal activity by target region
    • Chart: Disclosed acquisition spend by deal by target region
  • Buyer location shifts from US and Australia to Europe and Asia in 2012
    • Chart: Share of disclosed acquisition spend by buyer location
  • Metallurgical coal spending by miners falls significantly in 2012
  • Premiums paid in Australia and South Africa, discounts achieved elsewhere
    • Chart: Average premiums/discounts paid by region compared to GEM valuation
  • Deal implied prices follow coal prices down in 2012
    • 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)
  • Slight improvement expected in 2013
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