Rekordmange M&A transaktioner i 2015

men kun gevinster til det opkøbte selskab: McKinsey har opgjort, at 2015 blev et nyt rekordår med hensyn til M&A transaktioner. For det opkøbende selskab har børsværdien efter opkøb i gennemsnit været negativ, men konsulenthusets analyse viser, at værdiændringerne efter opkøb i gennemsnit er neutral: ”But the big story in 2015 is around big deals. Megadeals—those valued at more than $10 billion—were up by nearly 130 percent by value year on year during the first 11 months of the year. Large deals, with a value between $5 billion and $10 billion, were up 24 percent, while small deals increased by about 10 percent. Announcement effects for acquirers in large deals, which went positive in 2013 for the first time in our records, dipped only slightly in 2015 as many investors continued to welcome announcements of large deals (Exhibit 2). Traditionally, such announcement effects have been a poor indicator of a deal’s eventual value. For instance, our analysis of past deals has found no correlation between share-price movement in the days after a deal is announced and a company’s excess total return to shareholders two years after a deal, when most synergies are captured.”