Italian Any Involvement M&A Increases 30%
Merger and acquisition activity involving Italian companies totals $30.6 billion for year-to-date 2013, a 30% increase compared to the same time last year. This week's $2.6 billion deal from LVMH to acquire an 80% stake in cashmere apparel manufacturer, Loro Piana SpA, brings consumer staples deal making involving Italian companies to 9% of overall activity, up from 2% last year at this time. Energy & power, financials and industrials account for 72% of overall Italian any involvement M&A this year, down slightly from a year ago (74%).
Goldman Sachs leads the financial advisory rankings for any Italian involvement M&A so far this year, up from second place last year, followed by Deutsche Bank and Mediobanca, which ranked first during year-to-date 2012.
US Retail M&A Falls 31%
Kroger's $2.5 billion bid for North Carolina-based Harris Teeter Supermarkets pushed the level of US retail M&A to $12.7 billion for year-to-date 2013, a decline of 31% compared to last year at this time. Overall US target M&A totals $457.3 billion so far this year, up 21% compared to year-to-date 2012. US acquirors account for 88% of all US target M&A this year, up from 75% during a year ago. Healthcare deal making leads US target activity for year-to-date 2013, with 18% of overall M&A, followed by energy & power (15%) and real estate (12%).
JP Morgan, which advised Harris Teeter, maintains the top ranking for US target M&A financial advisors, followed by Goldman Sachs and Bank of America Merrill Lynch, sole advisor to Kroger.
Global Investment Grade Debt Down 3%
This week's $3.5 billion corporate bond offering from General Electric Capital Corp ranks as the largest global investment grade corporate new issue since Chevron raised $6.0 billion on June 17th, and brings the weekly total of global investment grade debt to $14.4 billion, the strongest weekly total since the first week of June. Overall global investment grade corporate debt issuance totals $1.5 billion for year-to-date 2013, a decline of 3% compared to a year ago.
European issuers, which account for 34% of global investment grade debt issuance this year, registered an 18% decline compared to year-to-date 2012. US investment grade issuance has increased 19% compared to a year ago and accounts for 27% of overall high grade new issues this year.
Morgan Stanley leads the ranking for BRIC involvement M&A financial advisors, up from sixth place last year at this time.