法律专家称2020年并购活动将放缓的三个原因
3 reasons why mergers and acquisitions will slow down in 2020, according to a legal expert
366字
2020-01-01 22:11
10阅读
火星译客

The amount of mergers and acquisitions in 2020 will trail the previous two years, transactions lawyer Michael Nemeroff told CNBC on Monday. 

并购交易律师Michael Nemeroff周一对CNBC表示,2020年的并购交易数量将落后于前两年。

"We still think 2020 will be robust, but not quite as robust as 2019 and 2018," Nemeroff, the CEO of law firm Vedder Price, said on "Closing Bell."

律师事务所Vedder Price的首席执行官内Nemeroff在收盘时表示,我们仍然认为2020年将是强劲的,但不会像2019年和2018年那样强劲。

The value of deals across the globe in 2019 was $3.8 trillion through Friday, according to Dealogic data reported by the Wall Street Journal. While it is down 4% from 2018, it is the fourth-highest amount on record.

据《华尔街日报》(The Wall Street Journal)报道,Dealogic的数据显示,截至上周五,2019年全球交易总额为3.8万亿美元。虽然较2018年下降了4%,但这是有记录以来第四高的金额。

Nemeroff said there are three main factors that he believes will lead to the slow down, the first of which is high stock valuations alongside slow earnings growth.

Nemeroff 认为有三个主要因素将导致经济放缓,第一个是股票高估值和收益低增长。

Pair them together and the result is "not really a juicy environment for big-deal M&A," said Nemeroff, who is chairman of the law firm's finance and transaction's group. 

律师事务所金融和并购交易部门主席Nemeroff说,将它们结合在一起,结果可想而知“这不是一个真正适合大规模并购的环境。”

Nemeroff also pointed to the 2020 presidential election and the possibility of a   such as Sens. Elizabeth Warren or Bernie Sanders winning the party's nomination and November's general election. 

Nemeroff还提到了2020年的总统大选,以及像赢得党内提名和11月的大选的参议员Elizabeth Warren或Bernie Sanders这样的进步民主党人当选的可能性。

That political risk extends to progressives increasing their representation in the U.S. Congress, Nemeroff said. Those possibilities, he argued, may change the "viewpoint of corporations around America in terms of growth and M&A." 

Nemeroff说,这种政治风险扩大到进步人士增加他们在美国国会的代表。他认为,这些可能性可能会改变美国各地公司在增长和并购方面的观点。

And third, Nemeroff said regulatory uncertainty associated with the myriad antitrust investigations of Big Tech firms such as Facebook, Alphabet and Amazon could hinder some potential acquisitions. 

第三,Nemeroff表示,对于Facebook、Alphabet和亚马逊(Amazon)等大型科技公司的无数反垄断调查所带来的监管不确定性,可能会阻碍一些潜在的收购。

Some of 2019's notable deals include a proposed merger between Raytheon and United Technologies

2019年的一些著名交易包括雷神公司(Raytheon)和联合技术公司(United Technologies)合并的提案。

Charles Schwab announced plans to buy discount brokerage rival    TD Ameritrade, and LVMH also struck a deal to buy Tiffany & Co. in the fall. 

嘉信理财(Charles Schwab)宣布了与TD Ameritrade竞争收购折扣经纪公司的计划,路易威登(LVMH)去年秋天也达成了收购蒂芙尼(Tiffany & Co.)的协议。

Looking generally at 2020, Nemeroff said he believes legacy companies will continue to target deals that will increase their competitiveness in the technology era.

Nemeroff表示,展望2020年,他认为老牌公司将继续瞄准那些会提高其在科技时代竞争力的交易。

As an example, he pointed to PetSmart's $3 billion acquisition in 2017 of Chewy, which went public earlier this year

他以宠物动物产品零售服务商PetSmart在2017年以30亿美元收购宠物用品商城Chewy为例,后者于今年早些时候上市。

Those types of deals "will continue in a major way ... in 2020 as a business necessity, regardless of the other factors we've been talking about like valuations," he said. 

他说:“这些类型的交易将继续以一种主要的方式进行……到2020年,我们将把它作为一种商业需要,而不考虑估值等其他因素。”

0 条评论
评论不能为空