Mergers & Acquisitions activity: Swiss Mergers & Acquisitions activity has slightly increased in 2008 in terms of numbers (+4%). This increase is contrary to the worldwide trend (-10%) or European one (-11%). The total known value of Swiss deals has decreased by 24%, which is only half of the general trend (World: -44%; Europe: -46). The valuation of Swiss deals has decreased by 29%, while the SMI has decreased only by 21%. National vs. Cross-border M&A: The share of Swiss national deals in the total number has increased by 5%. This increase in national deals can also be noticed in neighboring countries such as Germany and Austria and seems to be logical in a downturn situation. The share of Swiss cross-border deals in the total value of deals however has increased to 94% which is a value last reached in 2000. This is contrary to the German or Austrian experience. Especially the significance of the value of Swiss acquisitions abroad has increased. Swiss companies prefer Western Europe and North America for acquisitions. Industry: With respect to the number, the majority of deals has taken place in the sectors consumers, industrials and high technology. By value, more than half of all transactions took place in the heathcare sector – driven by Roche´s planned acquisition of the remaining stake in Genentech, Nestlé‘s acquisition of Alcon and a share repurchase program by Novartis. Top deals: Cross-border deals dominate the list of top deals in 2008. 2 out of the top 15 deals are share buy backs, taking advantage of lower valuations.
Table of contents
Executive Summary
1) Mergers & Acquisitions Activity in Switzerland
2) Valuation of Swiss M&A
3) National and Cross-border M&A in Switzerland
4) M&A in Switzerland by industry
5) Top Swiss Deals
6) M&A Worldwide & Europe
