Global coal M&A activity: Australia drives rebound

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Global coal M&A spend (ex. China and India) rebounded strongly in H1 2017, but the number of deals continued to fall. While we do not presently report on China specific transactions, the potential mega merger between Shenhua and China Goudian to create a coal-power titan would dwarf coal transactions worldwide. Early signs of competition and price escalation for prized assets re-emerged following Yancoal and Glencore's short bidding duel for Rio Tinto's Coal & Allied operations.

Table of contents

    • 2017 M&A activity rebounds surpassing global spend in 2016, but focus remains on buyers
    • Spot prices surge above deal implied prices
    • Narrowing premiums in Australia, higher premiums in Indonesia
    • Operating asset purchases preferred ahead of project acquisition or development

Tables and charts

This report includes 7 images and tables including:

  • Acquisition spend by region
  • Number of deals by region
  • Deal-implied long-term benchmark thermal coal prices v Newcastle (6,000 nar) export thermal coal spot price
  • Deal-implied long-term benchmark metallurgical coal prices v Queensland HCC coal spot price
  • Average premiums/discounts paid by region compared with GEM valuation
  • Acquisition spend by status
  • Number of deals by status

What's included

This report contains:

  • Document

    global coal m&a activity June 2017.xls

    XLS 2.41 MB

  • Document

    Global coal M&A activity: Australia drives rebound

    PDF 347.71 KB