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CONSOLIDATION * Worldwide - Slowdown boosts growth of M&A
With the world’s big economies wobbling and credit markets tightening, big mergers and acquisitions might appear to be off the agenda for most automotive companies
London,England,UK -The Financial Times, by John Reed -March 4 2008: -- ... Yet despite the slowdown – or, more accurately, because of it – the industry’s relentless search for profitable partnerships and lucrative asset sales remains intense... Europe’s truckmakers also remain ripe for consolidation, analysts say. MAN’s bid to take over Scania last year failed, but analysts still expect a deal of some kind involving the two truckmakers and Volkswagen’s commercial vehicles operation... Daimler, after decoupling its disastrous nine-year merger with Chrysler, is in no rush for a big new capital tie-up, according to Dieter Zetsche, its chief executive. Still, some shareholders have floated the idea of spinning off Daimler’s trucks division... Daimler is one of the sector’s biggest companies without a dominant family or other shareholder, putting it at the centre of industry speculation about future mergers. Fiat’s name also figures prominently on the industry’s rumour mill whenever M&As or alliances are discussed... Some analysts think Sergio Marchionne, chief executive, could spin off Fiat’s autos division for a sale to unlock value from the group’s more profitable truckmaking and other operations. The company’s relationship with Tata in India has prompted speculation of a deeper partnership... Away from the big automakers, Europe’s busmakers – some of which struggle to break even – could be ripe for consolidation... Emerging manufacturers from China, India and Russia are keen to buy paint lines, engineers, and other capacity as they seek to build their own knowhow and operations...
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posted by Unknown @ 7:57 AM
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