Resurging Q1 mining M&A bodes well for upswing – PwC
TORONTO (miningweekly.com) – Despite Canadian first-quarter merger and acquisition (M&A) activity declining in value and volume when compared with the fourth quarter, a report released on Thursday by professional services firm PwC expected that owing to encouraging signs in the resources sector, there is reason to be optimistic.
According to PwC's ‘Capital Markets Flash’, overall deal volume in the three months ended March 31 was down 5% from the previous quarter, while deal value sank by 6%.
Year-over-year comparisons, however, were much more positive in both areas, with volume up nearly 20% from the first quarter of 2013 and value increasing by 12%.
While the first quarter’s largest deal came out of the pharmaceuticals sector, with Forest Labs’ C$2.9-billion acquisition of Quebec-based Aptalis Holdings, PwC said that the resource industries ultimately claimed the spotlight.
Of the top ten deals by value, three were in energy, making it the strongest sector of the quarter for the first time since the fourth quarter of 2012, adding that the battle for control of Osisko Mining between hostile Goldcorp and ‘white knight’ Yamana Gold showed a resurgence of mining activity after a slow period.
"Although the numbers for this quarter are not great, strength in energy and a potential resurgence in mining suggest that M&A activity may finally be looking at the upswing we've been anticipating for some time. However, predicting the impact of the falling Loonie on M&A activity is a little more complex,” PwC’s Canadian deals leader, Nicolas Marcoux, said.
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