Insight
Global coal corporate activity - A review of 2013 and outlook for 2014
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Report summary
Announced coal transaction spend increased 10% in 2013 to US$8.6 billion, after a stronger second-half that accounted for 80% of the total. The recovery however, is still fragile - had it not been for two deals in excess of a billion dollars in the United States and Australia, deal spend would have halved. The continued fall in thermal and metallurgical coal prices weighed on confidence to undertake deals. The number of deals announced however, increased significantly.
Table of contents
- Executive Summary
- Global spending up 10% in 2013, smaller deals in focus
- Thermal coal operating asset sales dominate, project acquisition spend at five year low
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Asset deals dominate, company activity at five year low
- Share of disclosed acquisition spend by buyer location
- Strategic/end-user buyer activity spend at five-year low, however activity increases
- Price discounts for the taking, if you can secure a deal
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Deal implied prices fall further in 2013
- Implied long-term (adjusted) coal price (deal by deal) vs. Newcastle export thermal coal spot price
- Implied long-term (adjusted) coal price (deal by deal) vs. Coking Coal Queensland Index (CCQ) and Argus
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M&A to remain subdued in 2014, but are we at a turning point?
- Non-core asset sales still in focus
- Buyers will remain hard to find
- Currency movements, cost cutting create regional opportunities
Tables and charts
This report includes 18 images and tables including:
- Global coal corporate activity - A review of 2013 and outlook for 2014: Image 1
- Global coal corporate activity - A review of 2013 and outlook for 2014: Image 2
- Global coal corporate activity - A review of 2013 and outlook for 2014: Image 3
- Global coal corporate activity - A review of 2013 and outlook for 2014: Image 4
- Global coal corporate activity - A review of 2013 and outlook for 2014: Image 5
- Global coal corporate activity - A review of 2013 and outlook for 2014: Image 6
- Global coal corporate activity - A review of 2013 and outlook for 2014: Image 7
- Global coal corporate activity - A review of 2013 and outlook for 2014: Image 8
- Global coal corporate activity - A review of 2013 and outlook for 2014: Image 9
- Disclosed acquisition spend by deal by target region
- Global coal corporate activity - A review of 2013 and outlook for 2014: Image 12
- Global coal corporate activity - A review of 2013 and outlook for 2014: Image 13
- Global coal corporate activity - A review of 2013 and outlook for 2014: Image 14
- Global coal corporate activity - A review of 2013 and outlook for 2014: Image 15
- Global coal corporate activity - A review of 2013 and outlook for 2014: Image 16
- Global coal corporate activity - A review of 2013 and outlook for 2014: Image 11
- Global coal corporate activity - A review of 2013 and outlook for 2014: Image 17
- Global coal corporate activity - A review of 2013 and outlook for 2014: Image 18
What's included
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