Emerging markets overtook developed markets both in terms of sales and purchases of foreign acquisitions - accounting for 56% of total cross-border transactions in 2013.
Thompson Reuters data shows that worldwide M&As activity totalled US$2.4 trillion during full year 2013, a drop of 6% from 2012 levels, the number of deals was at an eight year low and that cross-border M&A was down 18% in 2103. Cross-border M&A activity totalled US$737.8 billion during full year 2013, accounting for 31% of overall M&A volume and down 18% compared to full year 2012. M&A involving companies located in emerging markets totalled US$675.2 billion during full year 2013, a 5% decrease from 2012 and accounted for 28% of worldwide announced activity.
Expectations of a rebound in cross-border M&A activity in 2013 did not materialize as transnational corporations (TNCs) maintained a cautious approach. The value of cross-border M&A sales increased only modestly by 5% to reach US$337 billion, in 2013. This increase was mainly driven by deals in East and South-East Asia, particularly in China, Singapore and Thailand, while Latin America’s increase in sales was due to a US$18 billion mega deal in Mexico.
Value by Region/Country: Purchaser Side | Seller Side
# of M&A’s By Region/Country: Purchaser Side | Seller Side
Emerging markets overtook developed markets both in terms of sales and purchases of foreign acquisitions – accounting for 56% of total cross-border transactions in 2013. Emerging market M&A sales value, bounced back to pre-crisis levels in 2013, increasing by 64% to US$88 billion. Almost 68% of the acquisitions were from other developing countries (up from about 50% in 2006) and included some record-breaking acquisitions by Chinese and Russian companies. Africa saw the most rapid increase in appetite among dealmakers, with the share of global M&A activity rising from 4% to 7%.
Cross-border sales in developed countries decreased by about 10% on both sides of the Atlantic. Cross-border M&A sales in NAFTA in 2013 remained at the same level as the previous year, although Unctad’s World Investment Report 2014 suggests this stability hides significant changes in their source regions, with significant increases in acquisitions from developing economies (+63% to US$37 billion) and a decrease from developed countries (-21%). A number of developed countries such as Australia, United Kingdom, France, Ireland and Spain undertook large divestments from NAFTA in 2013.
Unctad believes confidence is returning in Europe. Germany, for example, more than doubled its sales with some major deals including Vodafone’s acquisition of Kabel Deutschland for US$7.7 billion. Increases in FDI flows to Japan in 2013 were mainly owing to a number of mega deals, including United States–based Micron Technology Inc’s merger with Elpida Memory Inc for US$2.5 billion. Europe was the most prominent target market for dealmakers looking outside their home markets in 2013, with 38% of transactions by value taking place in the region. By contrast, North America, which saw the same amount of inbound M&A spending as Europe in 2012, was the target of only one in four deals last year.
Value of cross-border M&As by region/economy of purchaser, 2011-2013 (In Millions of Dollars)
Value by Region/Country: Purchaser Side | Seller Side
# of M&A’s By Region/Country: Purchaser Side | Seller Side
Region/Economy | 2011 | 2012 | 2013 |
|---|---|---|---|
World | 556 051 | 331 651 | 348 755 |
Developed economies | 430 134 | 183 914 | 151 752 |
Europe | 171 902 | 42 035 | 6 798 |
European Union | 140 634 | 19 190 | – 786 |
Austria | 3 733 | 1 835 | 8 813 |
Belgium | 7 841 | – 1 354 | 13 251 |
Bulgaria | – | – | – 0 |
Croatia | – | – | 5 |
Cyprus | 3 738 | 8 060 | 652 |
Czech Republic | 26 | 474 | 4 012 |
Czech Republic | – | – | – |
Denmark | – 133 | 553 | 214 |
Estonia | – 1 | 1 | – 36 |
Finland | 2 353 | 4 116 | 1 754 |
France | 37 090 | – 3 051 | 2 177 |
Germany | 5 656 | 15 674 | 6 829 |
Greece | – 148 | – 1 561 | – 1 015 |
Hungary | 17 | – 7 | – |
Ireland | – 5 648 | 2 629 | – 4 091 |
Italy | 3 902 | – 1 633 | 2 440 |
Latvia | – 3 | – | – |
Lithuania | 4 | – 3 | 10 |
Luxembourg | 1 110 | – 716 | 3 794 |
Malta | – 16 | 25 | 22 |
Netherlands | – 3 841 | – 1 092 | – 3 243 |
Poland | 511 | 3 399 | 243 |
Portugal | 1 642 | – 4 735 | – 603 |
Romania | – | – | – |
Slovakia | – 18 | – 30 | – |
Slovenia | – 10 | – | – |
Spain | 15 505 | – 1 621 | – 7 348 |
Sweden | – 2 381 | 151 | – 4 994 |
United Kingdom | 69 704 | – 1 926 | – 23 671 |
Other developed Europe | 31 268 | 22 845 | 7 584 |
Andorra | 166 | – | – |
Faeroe Islands | – | 13 | 35 |
Gibraltar | 1 757 | – 527 | – 48 |
Guernsey | – 1 183 | 1 968 | – 768 |
Iceland | – 437 | – 2 559 | 126 |
Isle of Man | – 736 | – 162 | – 850 |
Jersey | 5 192 | 3 564 | 2 015 |
Liechtenstein | – | – | – |
Monaco | 16 | – | 2 |
Norway | 5 661 | 4 191 | 87 |
Switzerland | 20 832 | 16 357 | 6 984 |
North America | 173 157 | 109 956 | 89 106 |
Canada | 36 049 | 37 580 | 30 180 |
United States | 137 107 | 72 376 | 58 926 |
Other developed countries | 85 076 | 31 924 | 55 848 |
Australia | 6 453 | – 7 023 | – 5 260 |
Bermuda | 2 468 | 3 249 | 4 412 |
Greenland | – | – | – |
Israel | 8 720 | – 2 210 | 676 |
Japan | 62 372 | 37 795 | 55 122 |
New Zealand | 5 063 | 113 | 899 |
Developing economies | 105 381 | 127 547 | 129 491 |
Africa | 4 393 | 629 | 3 019 |
North Africa | 17 | 85 | 459 |
Algeria | – | – | 312 |
Egypt | – | – 16 | – |
Libya | – | – | – |
Morocco | 17 | 101 | 147 |
Tunisia | – | – | – |
Other Africa | 4 376 | 543 | 2 560 |
Angola | – | 69 | – |
Benin | – | – | – |
Botswana | – 14 | 10 | 3 |
Congo, Democratic Republic of the | – | 19 | – |
Côte d’ Ivoire | – | – | – |
Eritrea | – | – | – |
Gabon | – | – | – |
Ghana | – | – | – |
Kenya | – 3 | – | – |
Liberia | – | – | – |
Mali | – | – | 2 |
Mauritius | – 173 | – 418 | 65 |
Namibia | – | – | – |
Niger | – | – 185 | – |
Nigeria | 1 | 40 | 241 |
Senegal | – | – | – |
Seychelles | – 78 | 189 | 1 |
Sierra Leone | – | – | – |
South Africa | 4 291 | 825 | 2 246 |
Swaziland | – | – | – |
Togo | 353 | – 5 | – |
Uganda | – | – | – |
Zambia | – | – | – |
Zimbabwe | – | – | – |
Asia | 83 013 | 93 230 | 107 915 |
East and South-East Asia | 70 122 | 78 736 | 98 217 |
East Asia | 52 057 | 62 005 | 70 587 |
China | 37 111 | 37 930 | 50 195 |
Hong Kong, China | 10 125 | 16 076 | 16 784 |
Korea, Democratic People’s Republic of | – | – | – |
Korea, Republic of | 4 574 | 5 754 | 3 765 |
Macao, China | – | 10 | – |
Mongolia | – | – | – |
Taiwan | 247 | 2 235 | – 157 |
South-East Asia | 18 065 | 16 731 | 27 630 |
Brunei Darussalam | – | – | – |
Cambodia | 0 | – | – |
Indonesia | 409 | 315 | 2 923 |
Malaysia | 4 137 | 9 251 | 1 862 |
Myanmar | – | – | – |
Philippines | 479 | 682 | 71 |
Singapore | 8 044 | 802 | 6 269 |
Thailand | 4 996 | 5 659 | 16 498 |
Viet Nam | – | 21 | 7 |
South Asia | 6 288 | 3 104 | 1 621 |
Afghanistan | – | – | – |
Bangladesh | – | – | – |
India | 6 282 | 3 103 | 1 619 |
Maldives | – | – | – |
Nepal | – | – | – |
Pakistan | – | – | 2 |
Sri Lanka | 6 | 1 | – |
West Asia | 6 604 | 11 390 | 8 077 |
Bahrain | – 2 691 | 527 | 317 |
Iraq | – | – 14 | 8 |
Jordan | 37 | – 2 | – |
Kuwait | 2 078 | 376 | 258 |
Lebanon | 836 | 80 | – |
Oman | 222 | 354 | – 20 |
Qatar | – 790 | 7 971 | 3 078 |
Saudi Arabia | 107 | 294 | 520 |
State of Palestine | – | – | – |
Turkey | 908 | 2 012 | 590 |
United Arab Emirates | 5 896 | – 207 | 3 326 |
Yemen | – | – | – |
Latin America and the Caribbean | 18 010 | 33 673 | 18 479 |
South and Central America | 15 048 | 30 606 | 16 101 |
South America | 10 312 | 23 719 | 12 516 |
Argentina | 102 | 2 754 | 99 |
Bolivia, Plurinational State of | – | 2 | – |
Brazil | 5 541 | 7 401 | 2 971 |
Chile | 628 | 10 248 | 2 771 |
Colombia | 5 085 | 3 007 | 6 406 |
Ecuador | 40 | – | – |
Guyana | 0 | 3 | – |
Peru | 171 | 319 | 225 |
Suriname | – | – | – |
Uruguay | 13 | 0 | 8 |
Venezuela, Bolivarian Republic of | – 1 268 | – 16 | 35 |
Central America | 4 736 | 6 887 | 3 585 |
Belize | – | – | – |
Costa Rica | – | 354 | 50 |
El Salvador | – | 12 | – |
Guatemala | – | – | – |
Honduras | – | – | 104 |
Mexico | 4 274 | 6 504 | 3 845 |
Panama | 462 | 18 | – 414 |
Caribbean | 2 962 | 3 067 | 2 378 |
Anguilla | 3 | – | – |
Antigua and Barbuda | – | – | – |
Aruba | – | – | – |
Bahamas | – 350 | 228 | – 10 |
Barbados | – | – | – 86 |
British Virgin Islands | 733 | 1 968 | 1 869 |
Cayman Islands | 1 188 | 909 | 444 |
Cuba | – | – | – |
Dominican Republic | – | – | – |
Jamaica | – | – | 15 |
Netherlands Antilles | 52 | – 158 | – |
Puerto Rico | 202 | 120 | – 9 |
Saint Kitts and Nevis | – | – | – |
Saint Vincent and the Grenadines | – | – | – |
Trinidad and Tobago | – 15 | – | – 244 |
Turks and Caicos Islands | – | – | – |
US Virgin Islands | 1 150 | – | 400 |
Oceania | – 35 | 15 | 78 |
American Samoa | – | – 29 | 86 |
Fiji | – | – | – |
French Polynesia | – | 44 | – |
Guam | – | – | – |
Marshall Islands | – 35 | – | 3 |
Micronesia, Federated States of | – | – | 4 |
Nauru | – | – | – |
New Caledonia | – | – | – |
Niue | – | – | – |
Norfolk Island | – | 0 | – |
Papua New Guinea | – | – | – |
Samoa | – | – | – 14 |
Tokelau | – | – | – |
Tuvalu | – | – | – |
Vanuatu | – | – | – |
Transition economies | 13 378 | 9 296 | 56 970 |
South-East Europe | 51 | 2 | – |
Bosnia and Herzegovina | – | 1 | – |
Montenegro | – | – | – |
Serbia | 51 | 1 | – |
Serbia and Montenegro | – | – | – |
The former Yugoslav Republic of Macedonia | – | – | – |
Yugoslavia (former) | – | – | – |
CIS | 13 327 | 9 294 | 56 970 |
Armenia | – | 0 | – |
Azerbaijan | 2 | 748 | – |
Belarus | – | – | 215 |
Georgia | 188 | – | – |
Kazakhstan | 8 088 | – 32 | – |
Russian Federation | 4 943 | 8 302 | 56 158 |
Ukraine | 106 | 276 | 597 |
Uzbekistan | – | – | – |
Unspecified | 7 158 | 10 894 | 10 541 |
Memorandum | |||
Least developed countries (LDCs) | 353 | – 102 | – 12 |
Landlocked countries (LLCs) | 8 076 | 544 | 6 |
Small island developing States (SIDS) | – 651 | – 2 | – 266 |
Value of cross-border M&As by region/economy of seller, 2011-2013 (In Millions of Dollars)
Value by Region/Country: Purchaser Side | Seller Side
# of M&A’s By Region/Country: Purchaser Side | Seller Side
Region/Economy | 2011 | 2012 | 2013 |
|---|---|---|---|
World | 556 051 | 331 651 | 348 755 |
Developed economies | 438 645 | 268 652 | 239 606 |
Europe | 214 420 | 144 651 | 132 963 |
European Union | 185 332 | 128 630 | 120 813 |
Austria | 7 002 | 1 687 | 148 |
Belgium | 3 946 | 1 786 | 6 429 |
Bulgaria | – 96 | 31 | – 52 |
Croatia | 92 | 81 | 100 |
Cyprus | 782 | 51 | 1 417 |
Czech Republic | 725 | 37 | 1 617 |
Czechoslovakia (former) | – | – | – |
Denmark | 7 958 | 4 759 | 1 341 |
Estonia | 239 | 58 | – 39 |
Finland | 1 028 | 1 929 | – 35 |
France | 23 161 | 12 013 | 8 953 |
Germany | 13 440 | 7 793 | 16 739 |
Greece | 1 204 | 35 | 2 488 |
Hungary | 1 714 | 96 | – 1 108 |
Ireland | 1 934 | 12 096 | 11 147 |
Italy | 15 095 | 5 286 | 5 910 |
Latvia | 1 | 1 | 4 |
Lithuania | 386 | 39 | 30 |
Luxembourg | 9 495 | 6 461 | 177 |
Malta | – | 96 | 7 |
Netherlands | 14 076 | 17 637 | 22 896 |
Poland | 9 963 | 824 | 434 |
Portugal | 911 | 8 225 | 7 465 |
Romania | 88 | 151 | – 45 |
Slovakia | 0 | 126 | 541 |
Slovenia | 51 | 330 | 30 |
Spain | 17 716 | 4 978 | 5 185 |
Sweden | 7 647 | 5 086 | – 76 |
United Kingdom | 46 774 | 36 936 | 29 110 |
Other developed Europe | 29 088 | 16 021 | 12 150 |
Andorra | – | 12 | – |
Faeroe Islands | – | – | – |
Gibraltar | – | 19 | 50 |
Guernsey | 25 | 1 294 | 17 |
Iceland | – | 11 | – |
Isle of Man | – 217 | 55 | 1 |
Jersey | 88 | 133 | – |
Liechtenstein | – | – | – |
Monaco | 30 | – | – |
Norway | 9 517 | 5 862 | 7 874 |
Switzerland | 19 647 | 8 635 | 4 208 |
North America | 180 302 | 95 656 | 82 910 |
Canada | 33 344 | 29 484 | 23 342 |
United States | 146 958 | 66 172 | 59 567 |
Other developed countries | 43 923 | 28 345 | 23 733 |
Australia | 34 671 | 23 959 | 11 923 |
Bermuda | 121 | 905 | 3 273 |
Israel | 3 663 | 1 026 | 3 339 |
Japan | 4 671 | 1 791 | 4 271 |
New Zealand | 797 | 664 | 928 |
Developing economies | 84 645 | 56 147 | 112 969 |
Africa | 8 634 | – 1 254 | 3 848 |
North Africa | 1 353 | – 388 | 2 969 |
Algeria | – | – | 10 |
Egypt | 609 | – 705 | 1 836 |
Libya | 20 | – | – |
Morocco | 274 | 296 | 1 092 |
Sudan | 450 | – | – |
Tunisia | – | 21 | 31 |
Other Africa | 7 281 | – 865 | 879 |
Angola | – | – | – |
Botswana | 6 | 7 | – |
Burkina Faso | – | 1 | 0 |
Cabo Verde | – | – | – |
Cameroon | 0 | – | – |
Central African Republic | – | – | – |
Chad | – | – | – |
Congo | – | 7 | – |
Congo, Democratic Republic of the | – | – | – 51 |
Côte d’ Ivoire | – | 0 | – |
Equatorial Guinea | – | – | – |
Eritrea | – 254 | – 54 | – |
Ethiopia | 146 | 366 | – |
Gabon | – | – | – |
Ghana | – 3 | – | 15 |
Guinea | – | – | – |
Kenya | 19 | 86 | 103 |
Lesotho | – | – | – |
Liberia | – | – | – |
Madagascar | – | – | 12 |
Malawi | – | – | 20 |
Mali | – | – | – |
Mauritania | – | – | – |
Mauritius | 6 | 13 | – |
Mozambique | 27 | 3 | 2 |
Namibia | 40 | 15 | 6 |
Niger | – | – | – 1 |
Nigeria | 539 | – 159 | 537 |
Reunion | – | – | – |
Rwanda | – | 69 | 2 |
Senegal | – | – | – |
Seychelles | – | – | – |
Sierra Leone | 52 | – | – |
South Africa | 6 673 | – 968 | 214 |
Uganda | – | – | 15 |
United Republic of Tanzania | 0 | 36 | – |
Zambia | – | 8 | – |
Zimbabwe | 27 | – 296 | 5 |
Asia | 56 732 | 33 418 | 47 504 |
East and South-East Asia | 32 476 | 22 377 | 40 655 |
East Asia | 14 699 | 11 987 | 27 423 |
China | 12 083 | 9 531 | 26 866 |
Hong Kong, China | 2 157 | 2 948 | 459 |
Korea, Democratic People’s Republic of | – | – | – |
Korea, Republic of | 2 550 | – 1 528 | – 615 |
Macao, China | 34 | 30 | 213 |
Mongolia | 88 | 82 | – 77 |
Taiwan Province of China | – 2 212 | 925 | 578 |
South-East Asia | 17 776 | 10 390 | 13 232 |
Brunei Darussalam | – | – | 0 |
Cambodia | 50 | – 100 | 12 |
Indonesia | 6 826 | 477 | 844 |
Lao People’s Democratic Republic | 6 | – | – |
Malaysia | 4 450 | 721 | – 749 |
Myanmar | – | – | – |
Philippines | 2 586 | 411 | 890 |
Singapore | 1 730 | 8 037 | 10 950 |
Thailand | 954 | – 65 | 40 |
Viet Nam | 1 175 | 908 | 1 245 |
South Asia | 13 093 | 2 821 | 4 784 |
Bangladesh | – | – | 13 |
Iran, Islamic Republic of | – | 16 | – |
India | 12 798 | 2 805 | 4 763 |
Maldives | – | – | – |
Nepal | 4 | – | – |
Pakistan | 247 | – 153 | 8 |
Sri Lanka | 44 | 153 | – 0 |
West Asia | 11 163 | 8 219 | 2 065 |
Bahrain | 30 | – | – 111 |
Iraq | 717 | 1 727 | 324 |
Jordan | 183 | 22 | – 5 |
Kuwait | 16 | 2 230 | 414 |
Lebanon | 46 | 317 | – |
Oman | – | – 774 | – |
Qatar | 28 | 169 | – |
Saudi Arabia | 657 | 1 429 | 291 |
Syrian Arab Republic | – | – | – |
Turkey | 8 930 | 2 690 | 867 |
United Arab Emirates | 556 | 366 | 286 |
Yemen | – | 44 | – |
Latin America and the Caribbean | 19 256 | 24 050 | 61 613 |
South and Central America | 16 055 | 22 099 | 33 907 |
South America | 14 833 | 20 259 | 17 063 |
Argentina | – 295 | 360 | – 76 |
Bolivia, Plurinational State of | – | 1 | 74 |
Brazil | 15 112 | 18 087 | 9 996 |
Chile | – 197 | – 78 | 2 299 |
Colombia | – 1 216 | 1 974 | 3 881 |
Ecuador | 167 | 140 | 108 |
Falkland Islands (Malvinas) | – | – | – |
Guyana | 3 | – | – |
Paraguay | 0 | – | – |
Peru | 512 | – 67 | 618 |
Suriname | – | 3 | – |
Uruguay | 747 | 89 | 162 |
Venezuela, Bolivarian Republic of | – | – 249 | – |
Central America | 1 222 | 1 841 | 16 845 |
Belize | – | 60 | – |
Costa Rica | 17 | 120 | 191 |
El Salvador | 103 | – 1 | – |
Guatemala | 100 | – 213 | 411 |
Honduras | 23 | – | – |
Mexico | 1 143 | 1 116 | 15 896 |
Nicaragua | 71 | 0 | 130 |
Panama | – 235 | 758 | 216 |
Caribbean | 3 201 | 1 950 | 27 706 |
Antigua and Barbuda | – | – | – |
Aruba | – | – | – |
Bahamas | 212 | 145 | – |
Barbados | – | – | – |
British Virgin Islands | 631 | 32 | 26 958 |
Cayman Islands | – 112 | 130 | 40 |
Cuba | – | – | – |
Dominican Republic | 39 | 1 264 | 213 |
Haiti | – | – | – |
Jamaica | 9 | – | – |
Netherlands Antilles | 235 | 276 | 16 |
Puerto Rico | 1 214 | 88 | 1 079 |
Saint Kitts and Nevis | – | – | – |
Saint Lucia | – | – | – |
Trinidad and Tobago | 973 | 16 | – 600 |
US Virgin Islands | – | – | – |
Oceania | 23 | – 67 | 4 |
American Samoa | – | 11 | – |
Cook Islands | – | – | – |
Fiji | – | – | 0 |
Guam | – | – | – |
Marshall Islands | – | – | – |
New Caledonia | – | – | – |
Niue | – | – | – |
Papua New Guinea | 5 | – 78 | – |
Samoa | – | – | – |
Solomon Islands | 19 | – | – |
Vanuatu | – | – | 3 |
Transition economies | 32 762 | 6 852 | – 3 820 |
South-East Europe | 1 367 | 3 | 16 |
Albania | – | – | – |
Bosnia and Herzegovina | – | 1 | 6 |
Montenegro | – | – | – |
Serbia | 1 340 | 2 | 9 |
Serbia and Montenegro | – | – | – |
The former Yugoslav Republic of Macedonia | 27 | – | – |
Yugoslavia (former) | – | – | – |
CIS | 31 395 | 6 849 | – 3 836 |
Armenia | 26 | 23 | – |
Azerbaijan | – | – | – |
Belarus | 10 | – | 13 |
Kazakhstan | 293 | – 831 | 217 |
Kyrgyzstan | 72 | – 5 | – |
Moldova, Republic of | – 9 | – | – |
Russian Federation | 29 589 | 7 228 | – 3 901 |
Tajikistan | 14 | – | – |
Turkmenistan | – | – | – |
Ukraine | 1 400 | 434 | – 169 |
Uzbekistan | – | – | 3 |
Georgia | – | 1 | 2 |
Unspecified | – | – | – |
Memorandum | |||
Least developed countries (LDCs) | 501 | 374 | 26 |
Landlocked countries (LLCs) | 700 | – 574 | 258 |
Small island developing States (SIDS) | 1 223 | 97 | – 596 |
Number of cross-border M&As by region/economy of purchaser 2011-2013
Value by Region/Country: Purchaser Side | Seller Side
# of M&A’s By Region/Country: Purchaser Side | Seller Side
Region/Economy | 2011 | 2012 | 2013 |
|---|---|---|---|
World | 10 397 | 9 794 | 8 624 |
Developed economies | 7 719 | 7 121 | 6 281 |
Europe | 4 319 | 3 856 | 3 425 |
European Union | 3 858 | 3 428 | 3 050 |
Austria | 87 | 86 | 102 |
Belgium | 93 | 112 | 84 |
Bulgaria | 5 | 6 | 6 |
Croatia | 1 | 3 | 5 |
Cyprus | 259 | 245 | 184 |
Czech Republic | 22 | 38 | 25 |
Czech Republic | – | – | – |
Denmark | 91 | 92 | 81 |
Estonia | 18 | 17 | 16 |
Finland | 110 | 75 | 76 |
France | 529 | 439 | 401 |
Germany | 521 | 465 | 400 |
Greece | 15 | 13 | 11 |
Hungary | 4 | 6 | 13 |
Ireland | 88 | 114 | 78 |
Italy | 139 | 127 | 132 |
Latvia | 2 | 4 | 7 |
Lithuania | 12 | 11 | 9 |
Luxembourg | 75 | 100 | 89 |
Malta | 3 | 6 | 6 |
Netherlands | 311 | 235 | 195 |
Poland | 38 | 32 | 30 |
Portugal | 24 | 19 | 11 |
Romania | 3 | 4 | 5 |
Slovakia | 4 | 9 | 1 |
Slovenia | 1 | 3 | 1 |
Spain | 149 | 133 | 126 |
Sweden | 333 | 248 | 196 |
United Kingdom | 921 | 786 | 760 |
Other developed Europe | 461 | 428 | 375 |
Andorra | 7 | 7 | 4 |
Faeroe Islands | – | 1 | 1 |
Gibraltar | 2 | 3 | 5 |
Guernsey | 27 | 28 | 23 |
Iceland | 5 | 2 | 7 |
Isle of Man | 13 | 11 | 9 |
Jersey | 18 | 15 | 18 |
Liechtenstein | 4 | 8 | 3 |
Monaco | 2 | 1 | 3 |
Norway | 108 | 117 | 86 |
San Marino | – | 1 | – |
Switzerland | 275 | 234 | 216 |
North America | 2 602 | 2 473 | 2 180 |
Canada | 686 | 580 | 486 |
United States | 1 916 | 1 893 | 1 694 |
Other developed countries | 798 | 792 | 676 |
Australia | 276 | 223 | 193 |
Bermuda | 28 | 35 | 36 |
Greenland | – | – | – |
Israel | 62 | 40 | 38 |
Japan | 402 | 460 | 384 |
New Zealand | 30 | 34 | 25 |
Developing economies | 1 931 | 1 902 | 1 628 |
Africa | 81 | 113 | 96 |
North Africa | 5 | 10 | 12 |
Algeria | – | 1 | 4 |
Egypt | 2 | 5 | 3 |
Libya | – | – | – |
Morocco | 1 | 4 | 5 |
Sudan | – | – | – |
Tunisia | 2 | – | – |
Other Africa | 76 | 103 | 84 |
Benin | – | – | – |
Côte d’ Ivoire | 1 | – | – |
Ghana | 1 | – | 2 |
Guinea | – | – | – |
Liberia | – | – | – |
Mali | – | – | – |
Mauritania | – | – | – |
Niger | 1 | – | 1 |
Nigeria | 4 | 3 | 2 |
Senegal | – | – | – |
Sierra Leone | – | – | – |
Togo | 1 | – | 1 |
Cameroon | – | – | 1 |
Chad | 1 | – | 1 |
Congo | – | – | – |
Congo, Democratic Republic of the | – | 1 | 1 |
Equatorial Guinea | – | – | – |
Gabon | – | – | – |
São Tomé and Principe | – | – | – |
Eritrea | 1 | 1 | – |
Ethiopia | 1 | – | 1 |
Kenya | 5 | 2 | 2 |
Madagascar | – | – | 1 |
Mauritius | 10 | 13 | 11 |
Reunion | – | – | – |
Seychelles | 3 | 5 | 9 |
Uganda | – | – | – |
United Republic of Tanzania | – | – | – |
Malawi | – | – | – |
Zambia | – | – | – |
Zimbabwe | 1 | 3 | 1 |
Botswana | – | 1 | 1 |
Lesotho | – | – | – |
Namibia | – | – | – |
South Africa | 46 | 70 | 48 |
Swaziland | – | 1 | 1 |
Angola | – | 3 | – |
Asia | 1 485 | 1 410 | 1 219 |
South, East and South-East Asia | 1 307 | 1 245 | 1 051 |
East and South-East Asia | 1 138 | 1 116 | 950 |
East Asia | 686 | 663 | 637 |
China | 269 | 296 | 288 |
Hong Kong, China | 265 | 225 | 242 |
Korea, Democratic People’s Republic of | – | – | – |
Korea, Republic of | 121 | 99 | 75 |
Macao, China | 1 | 2 | – |
Mongolia | – | 1 | 2 |
Taiwan Province of China | 30 | 40 | 30 |
South-East Asia | 452 | 453 | 313 |
Brunei Darussalam | – | – | 2 |
Cambodia | – | 1 | 1 |
Indonesia | 30 | 19 | 21 |
Lao People’s Democratic Republic | – | – | – |
Malaysia | 113 | 114 | 73 |
Myanmar | – | – | – |
Philippines | 17 | 29 | 11 |
Singapore | 254 | 236 | 177 |
Thailand | 37 | 47 | 24 |
Viet Nam | 1 | 7 | 4 |
South Asia | 169 | 129 | 101 |
Afghanistan | – | – | – |
Bangladesh | 1 | – | – |
Iran, Islamic Republic of | – | – | – |
India | 164 | 122 | 98 |
Nepal | – | – | – |
Pakistan | – | 3 | 1 |
Sri Lanka | 4 | 4 | 2 |
West Asia | 178 | 165 | 168 |
Bahrain | 24 | 23 | 28 |
Iraq | – | 1 | 2 |
Jordan | 4 | 4 | 1 |
Kuwait | 26 | 14 | 20 |
Lebanon | 7 | 4 | 4 |
Oman | 4 | 12 | 4 |
Qatar | 12 | 28 | 14 |
Saudi Arabia | 24 | 11 | 17 |
State of Palestine | – | – | 1 |
Syrian Arab Republic | 1 | – | – |
Turkey | 24 | 24 | 29 |
United Arab Emirates | 52 | 44 | 48 |
Yemen | – | – | – |
Latin America and the Caribbean | 364 | 373 | 306 |
South and Central America | 273 | 274 | 223 |
South America | 214 | 204 | 168 |
Argentina | 34 | 21 | 21 |
Bolivia, Plurinational State of | – | 2 | 3 |
Brazil | 73 | 70 | 52 |
Chile | 41 | 45 | 37 |
Colombia | 34 | 27 | 27 |
Ecuador | 3 | – | 3 |
Falkland Islands (Malvinas) | – | – | – |
Guyana | 1 | 1 | – |
Paraguay | 1 | – | – |
Peru | 18 | 29 | 16 |
Suriname | – | – | – |
Uruguay | 3 | 4 | 4 |
Venezuela, Bolivarian Republic of | 6 | 5 | 5 |
Central America | 59 | 70 | 55 |
Belize | 3 | 6 | – |
Costa Rica | 6 | 4 | 2 |
El Salvador | 1 | 2 | – |
Guatemala | – | 1 | 1 |
Honduras | 1 | 1 | 2 |
Mexico | 41 | 41 | 42 |
Nicaragua | – | – | – |
Panama | 7 | 15 | 8 |
Caribbean | 91 | 99 | 83 |
Anguilla | 1 | – | – |
Antigua and Barbuda | – | – | – |
Aruba | – | – | – |
Bahamas | 7 | 7 | 10 |
Barbados | – | 1 | 1 |
British Virgin Islands | 53 | 60 | 48 |
Cayman Islands | 15 | 20 | 14 |
Cuba | – | – | – |
Dominican Republic | 1 | 1 | – |
Haiti | – | – | – |
Jamaica | 1 | 1 | 3 |
Martinique | 1 | 1 | 1 |
Netherlands Antilles | 4 | 3 | 1 |
Puerto Rico | 6 | 5 | 2 |
Saint Kitts and Nevis | – | – | – |
Trinidad and Tobago | – | – | 2 |
Turks and Caicos Islands | – | – | – |
US Virgin Islands | 2 | – | 1 |
Oceania | 1 | 6 | 7 |
American Samoa | – | – | 3 |
Cook Islands | – | – | – |
Fiji | – | – | 1 |
French Polynesia | – | 2 | – |
Marshall Islands | – | – | 1 |
Micronesia, Federated States of | – | – | 2 |
New Caledonia | – | – | – |
Niue | – | – | – |
Norfolk Island | – | 1 | – |
Northern Mariana Islands | – | – | – |
Papua New Guinea | – | 2 | – |
Samoa | 1 | 1 | – |
Solomon Islands | – | – | – |
Tokelau | – | – | – |
Tuvalu | – | – | – |
Vanuatu | – | – | – |
Transition economies | 224 | 198 | 179 |
South-East Europe | 4 | 4 | 2 |
Albania | – | – | – |
Bosnia and Herzegovina | 1 | 2 | – |
Montenegro | – | – | – |
Serbia | 3 | 1 | 2 |
Serbia and Montenegro | – | – | – |
The former Yugoslav Republic of Macedonia | – | 1 | – |
Yugoslavia (former) | – | – | – |
CIS | 220 | 194 | 177 |
Armenia | – | 1 | – |
Azerbaijan | 3 | 7 | 1 |
Belarus | – | 1 | 6 |
Kazakhstan | 8 | 5 | 6 |
Kyrgyzstan | – | 2 | 1 |
Moldova, Republic of | 1 | – | – |
Russian Federation | 177 | 154 | 134 |
Ukraine | 29 | 23 | 28 |
Uzbekistan | – | – | – |
Georgia | 2 | 1 | 1 |
Unspecified | 523 | 573 | 536 |
Memorandum | |||
Least developed countries (LDCs) | 7 | 7 | 7 |
Landlocked countries (LLCs) | 17 | 24 | 19 |
Small island developing States (SIDS) | 22 | 30 | 40 |
Number of cross-border M&As by region/economy of seller 2011-2013
Value by Region/Country: Purchaser Side | Seller Side
# of M&A’s By Region/Country: Purchaser Side | Seller Side
Region/Economy | 2011 | 2012 | 2013 |
|---|---|---|---|
World | 10 397 | 9 794 | 8 624 |
Developed economies | 6 915 | 6 658 | 5 890 |
Europe | 4 195 | 3 932 | 3 509 |
European Union | 3 869 | 3 591 | 3 245 |
Austria | 80 | 58 | 66 |
Belgium | 115 | 112 | 96 |
Bulgaria | 14 | 19 | 23 |
Croatia | 18 | 12 | 12 |
Cyprus | 43 | 36 | 18 |
Czech Republic | 93 | 78 | 65 |
Czech Republic | – | – | – |
Denmark | 122 | 106 | 138 |
Estonia | 18 | 26 | 21 |
Finland | 87 | 86 | 78 |
France | 433 | 390 | 347 |
Germany | 587 | 563 | 466 |
Greece | 18 | 11 | 25 |
Hungary | 25 | 26 | 35 |
Ireland | 64 | 85 | 56 |
Italy | 241 | 166 | 180 |
Latvia | 25 | 19 | 15 |
Lithuania | 37 | 22 | 15 |
Luxembourg | 37 | 24 | 23 |
Malta | 4 | 5 | 4 |
Netherlands | 217 | 203 | 197 |
Poland | 112 | 117 | 100 |
Portugal | 28 | 35 | 25 |
Romania | 39 | 45 | 42 |
Slovakia | 11 | 16 | 9 |
Slovenia | 2 | 9 | 7 |
Spain | 277 | 262 | 241 |
Sweden | 268 | 248 | 171 |
United Kingdom | 854 | 812 | 770 |
Other developed Europe | 326 | 341 | 264 |
Andorra | – | 1 | – |
Faeroe Islands | – | – | 2 |
Gibraltar | – | 3 | 3 |
Guernsey | 3 | 11 | 7 |
Iceland | 3 | 6 | 2 |
Isle of Man | 9 | 7 | 6 |
Jersey | 4 | 8 | 4 |
Liechtenstein | – | 1 | – |
Monaco | 3 | 1 | 2 |
Norway | 144 | 162 | 119 |
San Marino | – | 1 | – |
Switzerland | 160 | 140 | 119 |
North America | 2 045 | 1 982 | 1 742 |
Canada | 504 | 542 | 464 |
United States | 1 541 | 1 440 | 1 278 |
Other developed countries | 675 | 744 | 639 |
Australia | 423 | 425 | 410 |
Bermuda | 18 | 11 | 10 |
Greenland | 2 | – | – |
Israel | 37 | 57 | 36 |
Japan | 121 | 174 | 109 |
New Zealand | 74 | 77 | 74 |
Developing economies | 2 853 | 2 574 | 2 237 |
Africa | 217 | 202 | 198 |
North Africa | 35 | 37 | 43 |
Algeria | – | – | 5 |
Egypt | 19 | 23 | 25 |
Libya | 2 | 1 | – |
Morocco | 10 | 8 | 9 |
Sudan | 1 | 1 | – |
Tunisia | 3 | 4 | 4 |
Other Africa | 182 | 165 | 155 |
Benin | 1 | – | – |
Burkina Faso | 3 | 4 | 3 |
Cabo Verde | – | – | – |
Côte d’ Ivoire | 1 | 2 | 3 |
Gambia | – | – | – |
Ghana | 3 | 1 | 6 |
Guinea | – | 1 | 2 |
Liberia | 2 | 3 | 3 |
Mali | 1 | – | 3 |
Mauritania | – | – | – |
Niger | – | – | 1 |
Nigeria | 12 | 10 | 12 |
Senegal | – | – | 1 |
Sierra Leone | 5 | 5 | – |
Togo | 2 | – | 1 |
Burundi | – | – | – |
Rwanda | 2 | 3 | 1 |
Cameroon | 1 | 1 | 3 |
Chad | 1 | – | 2 |
Congo | 3 | 3 | 1 |
Congo, Democratic Republic of the | – | 2 | 6 |
Equatorial Guinea | – | – | – |
Gabon | 1 | 1 | 5 |
Djibouti | 1 | – | – |
Eritrea | 1 | 2 | – |
Ethiopia | 4 | 4 | 1 |
Kenya | 7 | 8 | 6 |
Madagascar | 1 | – | 4 |
Mauritius | 7 | 5 | 3 |
Mayotte | – | – | – |
Reunion | 2 | 1 | 1 |
Seychelles | – | – | – |
Somalia | – | – | 2 |
Uganda | 2 | 3 | 2 |
United Republic of Tanzania | 2 | 6 | 3 |
Malawi | 1 | 1 | 3 |
Mozambique | 10 | 5 | 5 |
Zambia | 4 | 4 | – |
Zimbabwe | 5 | 10 | 3 |
Botswana | 3 | 1 | 2 |
Lesotho | – | – | – |
Namibia | 5 | 11 | 2 |
South Africa | 89 | 68 | 64 |
Swaziland | – | – | – |
Angola | – | – | 1 |
Asia | 1 770 | 1 577 | 1 422 |
East and South-East Asia | 1 305 | 1 126 | 995 |
East Asia | 721 | 624 | 586 |
China | 405 | 365 | 343 |
Hong Kong, China | 154 | 110 | 113 |
Korea, Democratic People’s Republic of | – | – | – |
Korea, Republic of | 106 | 112 | 88 |
Macao, China | 4 | 2 | 7 |
Mongolia | 18 | 7 | 2 |
Taiwan Province of China | 34 | 28 | 33 |
South-East Asia | 584 | 502 | 409 |
Brunei Darussalam | 1 | – | 1 |
Cambodia | 3 | 8 | 5 |
Indonesia | 177 | 118 | 70 |
Lao People’s Democratic Republic | 4 | 1 | – |
Malaysia | 100 | 78 | 76 |
Myanmar | – | 1 | 3 |
Philippines | 41 | 43 | 27 |
Singapore | 153 | 126 | 125 |
Thailand | 54 | 67 | 53 |
Viet Nam | 51 | 60 | 49 |
South Asia | 244 | 231 | 235 |
Afghanistan | – | – | – |
Bangladesh | 1 | 2 | 6 |
Iran, Islamic Republic of | 1 | 2 | – |
India | 226 | 206 | 211 |
Maldives | – | – | 4 |
Nepal | 4 | – | – |
Pakistan | 5 | 5 | 3 |
Sri Lanka | 7 | 16 | 11 |
West Asia | 221 | 220 | 192 |
Bahrain | 2 | 6 | 6 |
Iraq | 8 | 10 | 8 |
Jordan | 12 | 20 | 8 |
Kuwait | 8 | 10 | 12 |
Lebanon | 5 | 6 | 2 |
Oman | 4 | 7 | 8 |
Qatar | 6 | 5 | 1 |
Saudi Arabia | 32 | 19 | 18 |
State of Palestine | – | – | – |
Syrian Arab Republic | – | – | – |
Turkey | 98 | 94 | 86 |
United Arab Emirates | 46 | 41 | 42 |
Yemen | – | 2 | 1 |
Latin America and the Caribbean | 857 | 783 | 610 |
South and Central America | 766 | 716 | 569 |
South America | 637 | 588 | 440 |
Argentina | 123 | 58 | 39 |
Bolivia, Plurinational State of | 1 | 3 | 8 |
Brazil | 246 | 260 | 211 |
Chile | 84 | 84 | 62 |
Colombia | 70 | 61 | 38 |
Ecuador | 14 | 11 | 15 |
Falkland Islands (Malvinas) | – | 1 | – |
Guyana | 8 | 1 | 3 |
Paraguay | 3 | 7 | 6 |
Peru | 67 | 72 | 43 |
Suriname | 4 | 2 | – |
Uruguay | 12 | 22 | 13 |
Venezuela, Bolivarian Republic of | 5 | 6 | 2 |
Central America | 129 | 128 | 129 |
Belize | 1 | 2 | – |
Costa Rica | 15 | 7 | 12 |
El Salvador | 3 | 6 | – |
Guatemala | 3 | 5 | 6 |
Honduras | 2 | 2 | 1 |
Mexico | 86 | 86 | 92 |
Nicaragua | 5 | 5 | 6 |
Panama | 14 | 15 | 12 |
Caribbean | 91 | 67 | 41 |
Anguilla | 1 | 1 | – |
Antigua and Barbuda | – | 1 | 1 |
Aruba | – | – | – |
Bahamas | 4 | 3 | 1 |
Barbados | 1 | 2 | 2 |
British Virgin Islands | 41 | 17 | 12 |
Cayman Islands | 11 | 15 | 7 |
Cuba | – | – | – |
Dominica | – | – | – |
Dominican Republic | 3 | 7 | 2 |
Grenada | – | – | – |
Guadeloupe | 2 | – | – |
Haiti | – | 1 | – |
Jamaica | 3 | 2 | – |
Martinique | 2 | 1 | – |
Netherlands Antilles | 1 | 1 | 2 |
Puerto Rico | 14 | 12 | 11 |
Saint Kitts and Nevis | – | – | 1 |
Saint Lucia | – | 2 | – |
Saint Vincent and the Grenadines | – | – | – |
Trinidad and Tobago | 7 | 2 | 1 |
Turks and Caicos Islands | – | – | – |
US Virgin Islands | 1 | – | – |
Oceania | 9 | 12 | 7 |
American Samoa | – | 1 | – |
Cook Islands | – | – | – |
Fiji | – | 1 | 1 |
French Polynesia | – | 1 | – |
Guam | 1 | – | – |
Kiribati | – | – | – |
Marshall Islands | – | – | 1 |
Micronesia, Federated States of | – | – | – |
New Caledonia | 3 | – | – |
Niue | – | – | – |
Northern Mariana Islands | – | – | – |
Papua New Guinea | 3 | 5 | 3 |
Samoa | – | 3 | – |
Solomon Islands | 1 | 1 | – |
Tonga | – | – | – |
Vanuatu | 1 | – | 2 |
Transition economies | 629 | 562 | 497 |
South-East Europe | 33 | 23 | 19 |
Albania | – | 1 | – |
Bosnia and Herzegovina | 2 | 2 | 3 |
Montenegro | 1 | 2 | – |
Serbia | 21 | 11 | 14 |
Serbia and Montenegro | 1 | – | – |
The former Yugoslav Republic of Macedonia | 8 | 7 | 2 |
Yugoslavia (former) | – | – | – |
CIS | 596 | 539 | 478 |
Armenia | 5 | 5 | 1 |
Azerbaijan | 1 | 1 | 1 |
Belarus | 10 | 9 | 4 |
Kazakhstan | 13 | 9 | 19 |
Kyrgyzstan | 4 | 4 | 4 |
Moldova, Republic of | 5 | 1 | – |
Russian Federation | 473 | 427 | 357 |
Tajikistan | 1 | 1 | 2 |
Turkmenistan | – | – | – |
Ukraine | 77 | 72 | 85 |
Uzbekistan | 3 | 2 | 4 |
Georgia | 4 | 8 | 1 |
Unspecified | – | – | – |
Memorandum | |||
Least developed countries (LDCs) | 58 | 63 | 61 |
Landlocked countries (LLCs) | 96 | 78 | 70 |
Small island developing States (SIDS) | 27 | 27 | 20 |
