In the past year, executives in the global chemical industry began to adjust their corporate strategy, moving from a defensive strategy to a growth strategy, including large-scale mergers and acquisitions. Billions of dollars of mega-buy deals began to emerge. Analysts said that while private equity firms are still actively participating in chemical companies' acquisitions, the main force in the M&A market is strategic buyers.
The 2011 multibillion-dollar deal deals that took place included DuPont's acquisition of Danisco, Accor’s acquisition of Nalco, Ashland’s acquisition of International Specialty Chemicals (ISP), and Solvay’s acquisition of Rhodia. Eastman spent US$4.7 billion to acquire Solutia and unveiled the prelude to the 2012 global massive industrial M&A deal. Other major M&A transactions are also underway. DuPont is planning to sell its automotive coatings business. The amount of this transaction may be as large as 4 billion to 5 billion US dollars.
Telly Zachariades, a New York-based Velenz Group partner, said: "In the event of a chemical asset auction, if strategic buyers want assets, they will win assets." John Beagle, general manager of Grace Matthews in Milwaukee, United States, said: "For strategic buyers, they can quickly recover costs or achieve business growth."
Ken Grahame, general manager of chemical mergers and acquisitions at Barclays Capital, said that strategic buyers will not simply wait to acquire assets that will be brought to market, but will do sufficient preparation in advance and they will be able to identify what they need. Assets acquired, and then go close to acquisition targets. Some experienced companies will choose the most suitable acquisition targets from multiple objectives, and will continue to assess business prospects and available capital.
Ashland’s CFO, Lamar Chambers, stated that the deal announced in May 2011 by Ashland’s $3.2 billion acquisition of ISPs was determined in this way. Ashland has been seeking acquisition targets. Although most of them are between 300 million and 500 million U.S. dollars, they have also considered some large acquisition targets and eventually chose ISPs. ISPs have medical and personal care products, especially oral and skin care products, which are very attractive to Ashland because the company's long-term strategy is to accelerate the development of the specialty chemicals business. Chambers said that ISP is very suitable for our business transformation strategy.
Yi Kang's $8.1 billion acquisition of Nalco's transaction was due to a meeting between the CEOs of the two companies at the World Economic Forum held in Davos, Switzerland, in January 2011. In April 2011, Yikang Corporation made initial intentions. In July of that year, the two companies announced M&A matters and concluded the transaction in early December.
Eastman Chemical's $4.7 billion acquisition of Solutia's transaction began at the meeting of the CEOs of the two companies at the annual meeting of the American Chemical Industry Council (ACC) held in Spring City, Colo., USA in June 2010. The company did not conduct in-depth discussions until one year later, it began to conduct substantive negotiations, and continued until the end of 2011. The two companies announced the transaction in January this year and are expected to be completed in the middle of this year.
In recent years, Eastman Chemical Company has made large-scale adjustments to its business and withdrew from the operations of polyethylene terephthalate and polyethylene. At the same time, it purchased plasticizer manufacturers such as Genovique and Sterling Chemical . Eastman Chemical stated that the restructuring of the business and the abundant cash flow allowed the company to take an advantage in the acquisition transaction. Company CEO James Rogers (James Rogers) said: "We are ready for a variety of conditions for large-scale mergers and acquisitions, we need to achieve growth, and mergers and acquisitions is one of the best ways."
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