HONG KONG (REUTERS) - Asia's dealmakers are looking to distressed sales and a pick-up in take-private deals after fallout from the coronavirus outbreak sent first-quarter M&A activity to a seven-year low.. Read more at straitstimes.com.
HONG KONG - Asia's dealmakers are looking to distressed sales and a pick-up in take-private deals after fallout from the coronavirus outbreak sent first-quarter merger and acquisition activity to a seven-year low.
"I'm seeing significant disruption in our business," said a senior Hong Kong-based M&A banker."Volatility, earnings, predictability - all in the wrong direction. I am not seeing any signs of rushing for deals." Japan's benchmark Nikkei 255 and Hong Kong's Hang Seng are both down more than 15 per cent this year, while China's blue-chip CSI 300 is down nearly 10 per cent.
Singapore Press Holdings, which last month struck a deal to acquire a portfolio of senior housing properties in Canada for C$232.9 million , said this month it had agreed not to proceed with the transaction due to"global market instabilities" caused by the outbreak. Take-privates rose nearly 60 per cent year-on-year to US$42.8 billion in the first quarter, including Singapore developer CapitaLand's US$6.1 billion merger of two trust units, and the US$6.2 billion offer for Hong Kong's Wheelock & Co by its controlling shareholder.
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