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奥纬咨询:欧洲并购动能:2026年十大交易主题前瞻报告(中译版)(15页).pdf

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1、Momentum in European M&ATop ten deal themes for 2026CAPITAL CURRENTS Oliver Wyman2Capital Currents is a cross-industry series focused on distilling the key trends in M&A and identifying how management teams can capture value.Oliver Wyman3Despite the turmoil and economic uncertainty,dealmaking return

2、ed in force in 2025,and we expect the momentum to continue into 2026.Global M&A was up more than 30%last year,while Europe also saw strong growth,up 12%in deal value to about$820 billion,as investors rotated asset allocation to Europe.The last 12 months heralded a new-found conviction that Europe mu

3、st go faster to consolidate and build sovereign scale,in many sectors including in defense,banking and technology.While volatility seems likely to remain elevated in 2026,with geopolitics,rates and tariffs remaining uncertain,what is certain is that the case for consolidation for many European secto

4、rs remains strong.Corporate profitability continues to be robust across sectors,up 50%from pre-2008 levels,yet European companies remain sub-scale and European industries more fragmented than the US.The case for acquiring critical capabilities remains and with elevated valuations the Eurostoxx 600 w

5、as up 15%year-on-year during 2025 many European corporates have the acquisition currency to act boldly.The strong pipeline of announced but not yet completed deals,combined with global capital availability and easing regulatory dynamics,suggests sustained M&A activity in 2026.This edition of Capital

6、 Currents distills the top 10 themes expected to shape European M&A in 2026.It outlines our conviction and the views of industry experts we interviewed,the conditions for success,and how management teams can create value out of opportunity.Exhibit 1:European M&A volumes continue to recover,yet remai

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1. **欧洲M&A趋势**:2025年欧洲M&A交易价值增长12%至约8200亿美元,预计2026年势头持续,核心驱动力为行业整合与主权规模建设。 2. **银行业加速整合**:银行盈利恢复,未来三年将超5000亿超额资本用于并购,聚焦财富管理等能力,跨境交易增加(如Erste Bank收购Santander波兰业务)。 3. **电信业转向经济修复**:5G和光纤投资需求与碎片化结构冲突,欧盟运营商平均用户数(500万)远低于美国(1.07亿),推动国内整合与主权数字基建。 4. **PE退出潮与企业机会**:2026年欧洲PE支持资产潜在退出超1500家(价值7600亿美元),科技、工业及服务业占60%,企业可借此获取战略资产。 5. **行业主题**:包括资产管理业整合(2030年数量或减少20%)、制药业聚焦少数高价值资产、化学业转向特种品及循环技术等。
欧洲并购趋势? 2026热门行业? 企业如何把握机遇?
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