国际化工并购活动降温

Core Insights - Global chemical industry M&A activity is significantly slowing down in 2024, with total completed transactions valued over $2.5 million dropping from $57.1 billion in 2023 to $45.3 billion in 2024, a decline of 21% [1] - The number of transactions decreased from 75 to 50, reflecting a broader challenge faced by the chemical industry [1] - Factors such as declining profitability, uncertain market outlook, and rising interest rates have severely weakened investor confidence [1] Group 1: Market Trends - The current market slowdown indicates that the chemical industry is facing wider challenges, with general chemical valuations remaining low and specialty chemical valuations continuing a downward trend since 2021 [1] - By the end of 2024, there are 29 announced but uncompleted transactions totaling $24 billion, a trend expected to continue into 2025 [1] Group 2: Regional Distribution - Asia's share of global chemical M&A activity decreased from 55.4% in 2023 to 48% in 2024, yet it remains the leader [2] - The United States saw a significant increase in share from 25.7% in 2023 to 40% in 2024, while Europe’s share fell from 18.9% to 12% due to weak investor interest [2] Group 3: Private Equity and Corporate Actions - Despite high financing costs, private equity firms remain active, completing 9 transactions in 2024, increasing their market share from 13.5% in 2023 to 18% in 2024 [2] - There is a noticeable increase in corporate spin-off cases in 2024, with major companies like DuPont and Honeywell advancing related plans [2] - The share of general chemical transactions continues to shrink, accounting for only 36% in 2024, significantly below the historical average of 50%, with no general chemical M&A transactions occurring in Europe throughout the year [2]