Die Krise in der Minenbranche trifft natürlich auch den M&A Sektor hart. Aufgrund der zahlreichen Probleme, Belastungen und Hiobsbotschaften inkl. der harten Kosteninflation, sind die Financials bei den großen Gesellschaften, die stets die M&A Aktivitäten maßgeblich beeinflussen, sehr angespannt. Die Kostenreduzierungen und Sparprogramme sorgen dafür, dass die finanziellen Ressourcen für anorganisches Wachstum zunehmend begrenzt werden. Dazu kommt der Druck von der Aktionärsseite, denn sämtliche der größeren Übernahmen im Rohstoffsektor während der letzten Jahre haben sich als schwerwiegende Fails erwiesen. Ebenfalls eine Ursache der grenzenlose Gier nach Wachstum vor 2007/2008, die weite Kreise zieht. Dennoch gab es im vergangenen Jahr einige interessante Trends und Deals zu verfolgen. Der generelle Konsolidierungstrend wird sich in der angeschlagenen Branche mittel- und langfristig gewiss fortsetzen.
Global Mining Deals – Analysis of Top 2012 Deals and 2013 Deal Outlook
It was far from the most active year for mining mergers and acquisitions (M&A), but 2012 had its share of exciting transactions and trends.
The obvious deal-of-the-year was the $54-billion blockbuster merger between Switzerland-based Glencore International plc and United Kingdom-based Xstrata plc to form the world's fourth-largest diversified miner. There was some controversy around the deal in terms of offer price and retention bonuses, but as it works its way through final regulatory approvals, “Glenstrata” is expected to go down in history as one of the largest mining marriages in history.
There was some concern when the deal was announced in February 2012 that it might have cursed commodity prices, which took a dive in the first half of the year. However, as 2012 wound down, prices of gold, silver, copper, zinc and other metals rebounded. Market volatility is expected to continue, but miners are confident that demand from resource-hungry nations such as China will continue to feed demand for years to come.
While “Glenstrata” dominated news headlines, 2012 was not a one-hit wonder for M&A activity. Copper was the most sought-after metal when measured by deal value in 2012, and evident in First Quantum Minerals Ltd.’s $6.7 billion hostile bid for Inmet Mining Corp. That said, copper couldn’t outpace gold in terms M&A deal volume. While 2012 didn’t yield any blockbuster gold deals, the mining community did witness plenty of interest in the gold space. The two largest gold deals in 2012 included Pan American Silver Corp.’s $1.4-billion purchase of Minefinders Corp. Ltd. and B2Gold Corp.’s $1.2-billion purchase of CGA Mining Ltd.
M&A activity across the sector was driven by a drop in equities prices as a result of general market jitters, as well as the rising costs for construction, labour and raw materials that have squeezed profit margins, in some cases causing billion dollar write-downs and project delays.
On the flip side, for some major miners with money to spend, the lower valuations created buying opportunities. Consider U.S. silver producer Coeur d’Alene Mines Corp.’s decision in early 2013 to buy Vancouver’s Orko Silver Corp. For $350-million, breaking up a deal Orko had made previously with First Majestic Silver Corp. At the time the deal was announced, CEO Mitchell Krebs noted that lower valuations and tight finance markets made it an attractive time to make a move..
Link: http://www.pwc.com/ca/miningdeals
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