Name: Global coal M&A activity January 2020: thermal divisions under scrutiny
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Insight 10 January 2020

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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The 2019 collapse in coal sector deal-making surprised, although a decline was expected following a US$14 billion splurge over the previous two years. We estimate global coal spend (ex. China and India) fell to US$1.8 billion, a staggering 77% decline, while the number of deals nearly halved to 19. Falling coal prices and growing uncertainty in the outlook made it more difficult for sellers to realise target values and secure deals for the fewer, but lower quality assets that remained in the pipeline. Buyers remained wary, with M&A remaining lower in the capital allocation pecking order as investors called for higher returns, dividends and share buybacks. 2020 could see further announcements of planned divestment or spinoff of thermal coal assets or divisions by BHP, Anglo American, Sasol and others in an accelerated and strategic shift away from the commodity. Read the report to find out about: • 2019 deal list • Potential buyers and sellers in the pipeline</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

<li class="list__item-toggle font-semibold">
        Thermal coal: US companies trade liabilities
    </li>

<li class="list__item-toggle font-semibold">
        Coking coal: project investment remains in focus
    </li>

<li class="list__item-toggle font-semibold">
        Outlook for 2020: thermal coal divisions under scrutiny in energy transition
    </li>

</ul>

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<p class="push-half--bottom">This report includes the following images and tables:</p>

<ul class="list list--bullets">
        <li class="list__item push-quarter--bottom">Deal-implied long-term benchmark thermal coal prices v Newcastle (6,000 nar) export thermal coal spot price</li><li class="list__item push-quarter--bottom">Deal-implied long-term benchmark metallurgical coal prices v Queensland HCC coal spot price</li><li class="list__item push-quarter--bottom">Deal pipeline value (by region)</li><li class="list__item push-quarter--bottom">Number of assets in pipeline by coal type and region</li>
    </ul>

</div>

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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
<ul class="list"><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >global coal ma activity December 2019.xls</p>
<p class="uppercase delta">
    <span>XLS</span>
    <span>2.66 MB</span>
</p>
</li><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Global_coal_deal_pipeline_December_2019.xls</p>
<p class="uppercase delta">
    <span>XLS</span>
    <span>9.14 MB</span>
</p>
</li><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Global coal M&A activity January 2020: thermal divisions under scrutiny</p>
<p class="uppercase delta">
    <span>PDF</span>
    <span>939.47 KB</span>
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