The number of deals announced in the global metals industry during the second quarter of 2009 declined from the first quarter and remained far below the pace seen in 2008. However, the value of deals through the first half of 2009 is on track to be 85 per cent higher by the end of the year than the total deal value for all of 2008, according to a new PricewaterhouseCoopers (PwC) report, Forging ahead: Second-quarter 2009 global metals industry mergers and acquisitions analysis.
During the first half of 2009, there were 34 deals announced worth US $50 million or more, compared with 139 deals for all of 2008.
Based on current deal volume, 2009 is on pace to fall short of 2008 numbers by 50 per cent.
These findings contrast with a relatively high level of deal value announced during the first half of 2009, almost equaling the deal value announced during all of 2008. However, the primary contributor to this level of value was the announcement of one large deal, a US$58 billion 50-50 iron ore joint venture between BHP Billiton and Rio Tinto.
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