从制药商艾伯维(AbbVie)到国防承包商联合技术(United Technologies)，再到西方石油公司(Occidental Petroleum)，大型公司雄心勃勃的交易推升了美国的并购活动。高歌猛进的股票市场和债券市场的廉价融资帮助推动今年上半年的美国并购活动创下历史最高纪录，美国公司的并购交易价值达到1.1万亿美元。
路孚特的数据显示，这一趋势对美国投行来说是一个福音，摩根大通(JPMorgan)、高盛(Goldman Sachs)、花旗集团和美国银行(Bank of America)都从亚洲和欧洲竞争对手那里抢走了市场份额。
德意志银行(Deutsche Bank)、巴克莱银行(Barclays)和瑞银(UBS)上半年的并购交易份额均出现了下降，德意志银行未能挤入前10大并购顾问之列，精品投行Evercore和PJT Partners则强势晋升。
在欧洲开展并购交易的努力遭遇障碍。菲亚特克莱斯勒汽车公司(Fiat Chrysler Automobile，简称FCA)和法国雷诺(Renault)拟议的价值330亿欧元的合并交易，本来可以打造世界第三大汽车制造商，但在FCA董事长对雷诺董事会迟迟不批准该交易感到沮丧之后告吹。
德意志银行与其国内竞争对手德国商业银行(Commerzbank)期盼已久的合并在经过数周的谈判后泡汤，这两家德国银行警告称，这样一项复杂的交易存在着太多的障碍。在股东出于对价格的担忧而阻止赫尔曼•弗雷德曼(Hellman & Friedman)和黑石(Blackstone)收购Scout24之后，德国公司发起的最大杠杆收购之一也在今年5月失败。
瑞信(Credit Suisse)欧洲并购业务负责人卡塔尔•迪西(Cathal Deasy)表示：“当你研究100亿美元或以下的交易时，欧洲的并购活动是健康的。但是超过这个规模的大型跨境欧洲交易就是没有。如果你看看过去几年的跨国并购交易，就会发现它一直由日本和美国买家进入该地区的入境交易主导。它们现在不见了。”
美银美林(Bank of America Merrill Lynch)亚太区并购联席主管汤姆•巴尔沙(Tom Barsha)表示：“亚太地区并购活动上升的一个领域是区域内跨国并购，而亚洲的对外并购活动受到谨慎程度提升的影响。”
富而德律师事务所(Freshfields Bruckhaus Deringer)驻香港合伙人李谦一(Philip Li)表示：“许多中国企业现在都非常谨慎，信贷额度也不再那么宽裕。”
原文：Trump’s America leads charge in global dealmaking
Donald Trump likes to claim that the US is always winning. But when it comes to the business of dealmaking, there is no dispute.
The record-breaking boom in global mergers and acquisitions has extended into the first half of 2019, yet unlike the past five years, bankers in Europe and Asia have been left as envious observers while the US takes a dominant role.
Ambitious deals by large companies ranging from drugmaker AbbVie to defence contractor United Technologies, to oil group Occidental Petroleum, have driven US activity. Buoyant stock markets and cheap financing in the debt markets have helped oil the wheels of a record first half in which $1.1tn worth of US corporate takeovers have been struck.
The volume of deals, up almost a fifth from a year ago, accounts for more than half of the activity this year, according to data provider Refinitiv. America’s share of the global takeover pie has not been this big since before the dotcom boom and bust.
The striking concentration of M&A within US borders — at the expense of cross-border deals — was in part a consequence of the Trump administration’s more protectionist approach, including its trade war against China, multiple top M&A advisers told the Financial Times.
“We are heading into a more mercantile world, with protectionism [and] the trade dispute with China,” said Mark Shafir, the co-head of global M&A at Citigroup. “It is logical the transactions you see are more local in nature. It is not the most hospitable environment for cross-border deals.”
Although the level of global dealmaking in the first half was still the third-highest on record, the $2tn total was down 13 per cent from last year and included a sharp slowdown outside the US. European transactions tumbled 57 per cent to $287bn, marking the weakest first half in six years. Activity in Japan dropped 23 per cent to $38bn, with the value of deals in the rest of Asia Pacific coming in at $342bn, down 28 per cent from the first half of 2018.
Africa and the Middle East was the only region outside the Americas to see a pick-up in activity. A single $69bn deal engineered by Saudi Arabia to bolster the prospects of its state oil company Saudi Aramco was chiefly responsible, underlining the outsized impact large deals can have.
Across the world, companies are increasingly steering away from deals that are likely to face scrutiny from newly emboldened national security panels that last year blocked several high profile transactions.
Less than a quarter of the $2tn worth of deals struck this year have been cross border, the lowest level in more than two decades. By contrast, the 10 largest transactions have all been between companies located within the same country. The US has accounted for eight of them.
The trend has been a boon for American investment banks, with JPMorgan, Goldman Sachs, Citigroup and Bank of America all gaining market share over Asian and European rivals, the Refinitiv data showed.
Deutsche Bank, Barclays and UBS all saw their share of M&A fall in the first half of the year, with Deutsche failing to make the top 10 merger advisers as boutiques like Evercore and PJT Partners muscled in.
If Trump has cast a shadow over global dealmaking, the US administration faces a different test of its enthusiasm for blockbuster deals when the justice department rules on the merger of wireless carriers Sprint and T-Mobile. Approval of the deal, M&A advisers say, will send a signal that competition authorities in the US are willing to wave through deals over fierce competition concerns.
A green light for the Sprint-T-Mobile combination would stand in contrast to outcomes in the UK and across continental Europe, where regulators have blocked several deals in the first half. UK supermarket chain J Sainsbury’s planned £7.3bn takeover of its Walmart-owned rival, Asda, was blocked, while a proposed tie-up of the train manufacturing arms of Germany’s Siemens and France’s Alstom was scuppered by Brussels.
“The number-one question we get asked is will my deal even get approved?” says Hernan Cristerna, global co-head of M&A at JPMorgan Chase.
“If the trend of North American companies announcing most of the largest deals so far this year continues, European companies will need to react, including creating European champions to challenge an ‘America First’ policy and the threat of an expansionist China strategy,” he added.
Efforts to kick-start dealmaking in Europe have run into roadblocks. An attempted €33bn tie-up between Fiat Chrysler Automobiles and France’s Renault that would have created the third-largest automaker, was abandoned after FCA’s chairman grew frustrated with delays from the board of the French carmaker.
A long hoped for merger between Deutsche Bank and its domestic rival Commerzbank collapsed after weeks of talks, with the two German lenders warning there were too many hurdles to justify such a complex deal. And one of the biggest attempted leveraged buyouts of a German company unravelled in May, after shareholders blocked the takeover of Scout24 by Hellman & Friedman and Blackstone on concerns over the price.
Cathal Deasy, head of European M&A at Credit Suisse, said: “When you look at $10bn or less, the activity in Europe is healthy. But the big cross-border European deals over that size just are not there. If you look at cross-border M&A over the past few years, it’s been dominated by inbound deals into the region by Japanese and US buyers. They just are not there right now.”
A pick-up in activist hedge funds targeting Europe has been one impetus for deals in the region, as companies pursue simplification plans to either address or head off attacks. In Germany, Siemens and Volkswagen both announced plans to hive off large units of their business, while in Switzerland, Novartis did the same. Nestlé sold its skin health business to private equity group EQT for over $10bn.
The deglobalisation of dealmaking has played out in Asia, too, as activity within the region has increased. M&A between countries, including Japan and Australia has remained solid, helped by Nippon Paint’s $2.7bn buyout out of DuluxGroup in April. Japanese companies have also been active across south-east Asia.
“One segment of Asia Pacific M&A activity that’s up is in-region cross-border M&A, while Asia outbound activity has been impacted by a heightened level of cautiousness,” said Tom Barsha, co-head of Asia Pacific M&A at Bank of America Merrill Lynch.
Having led Asian M&A as recently as 2016, the overseas ambitions of Chinese companies have been blunted. The trade war, increasing scrutiny of Chinese technology deals in the US and tougher financing conditions at home have all been headwinds.
“Many Chinese corporations are being very cautious and the credit lines have not been as strong,” said Philip Li, a partner at Freshfields Bruckhaus Deringer in Hong Kong.