The global financial crisis has had a profound impact on almost every aspect of the global economy. The Swiss M&A market is certainly no exception in this regard with 2009 witnessing a sustained decline in the volume and value of transactions coming to the market. Over the last 12 months, 276 such deals were announced worth a combined USD78.6 billion. Compared to 2008 this represents a 14% decline in deal volume and an even more pronounced 50% fall in total transaction values, where such values were disclosed.
The continued reluctance of banks to finance M&A deals has meant that cash continues to be king in the Swiss market. Indeed, companies are currently hoarding cash in a bid to strengthen balance sheets and as a result, M&A is not on the agenda for many corporates. Continued uncertainty around the market's emergence from the effects of the economic downturn has heightened firms' cautiousness, significantly restricting deal flow with companies still reticent to broker a transaction. Consequently, the majority of deals that have come to the market have either been very strategic in nature or driven by corporate survival and a fundamental need to get the transaction done. Against this gloomy backdrop, it has to be noted that strong corporate players have in fact used the period of economic downturn to re-evaluate their strategy and are, now that the market is recovering, able to take strategic initiatives in a considered and confident manner. Deals are being done, albeit in a very different style than in 2007.
Table of Contents
Overview
Introduction
Deal Trends/Executive Summary
Industries
Healthcare & Life Sciences
Chemicals & Processing Materials
Financial Services
Industrial Markets
Consumer Markets
Information, Communication & Entertainment
Other Industries
Other Aspects
Real Estate
Private Equity
IPOs
Appendix
List of 2009 Swiss M&A Transactions
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