科尔尼发布2026年全球化工行业并购报告：运营执行重于金融杠杆

Core Insights - The global chemical industry is experiencing a structural transformation in M&A activities, driven by portfolio pressures and operational execution capabilities rather than cyclical recovery or financial leverage [1][5][32] - In 2025, global chemical M&A activity showed signs of stabilization, with a year-on-year growth of 18%, surpassing the seven-year historical average [1][3] - The recovery in M&A is characterized by a concentration of large strategic transactions, with the top four deals accounting for 40% of the total M&A volume [3][4] Group 1: M&A Trends and Dynamics - The M&A landscape is increasingly selective, with a few large transactions driving overall growth while basic transaction activities remain stable [3][4] - Financial investors have seen a significant rebound in transaction activity, nearly doubling year-on-year, but this growth is primarily due to a few large investment projects [4][10] - North America and Europe dominate M&A activity, driven by restructuring and asset divestiture transactions, while Asia continues to support non-large transactions through local industry consolidation [4][15] Group 2: Regional Performance and Outlook - North America saw a 9% year-on-year increase in M&A activity, reaching $51.5 billion, with financial investors accounting for 23% of the total [19][21] - Europe experienced a 14% increase in M&A activity, totaling $38.8 billion, with financial investors leading 56% of the transactions [21][22] - Asia's M&A activity grew by 16% to $34 billion, primarily driven by local players, with over 90% of transactions coming from domestic buyers [25][26] Group 3: Strategic Focus and Value Creation - The focus for M&A in 2026 will shift towards operational improvements, with 61% to 84% of executives identifying product pricing optimization and structural adjustments as key value creation methods [13][14] - The success of M&A transactions will increasingly depend on the ability to manage complex situations and execute operational changes effectively [14][32] - Investors are advised to focus on assets with improvement potential, particularly those that can enhance profitability through operational management and strategic positioning [33][34]