Insight

Global coal M&A activity: March 2016

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Report summary

In 2015 announced spend on coal transactions increased by 59% to a total of US$5.1 billion compared with 2014, mainly due to distressed selling in the US and the continued divestment of non-core assets in Australia. We estimate that the total number of global coal M&A deals fell from 45 to 36 in 2015, but more than doubled on average in value to US$182 million. So far in 2016 we have seen four deals with a combined total value of US$736 million.

What's included

This report contains

  • Document

    Global coal M&A activity: March 2016

    PDF 339.56 KB

Table of contents

  • Executive summary
  • Coal spend up in 2015 but still a long way off historical highs
  • Operating coal assets still favoured
  • Discounts have eased
  • Implied prices continue to lag spot prices
  • Increased M&A activity in 2016

Tables and charts

This report includes 7 images and tables including:

Images

  • Acquisition spend by region
  • Number of deals by region
  • Acquisition spend by status
  • Number of deals by status
  • Average premiums/discounts paid by region compared with GEM valuation
  • 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. Argus HCC monthly average

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