2016年12大并购，LinkedIn不是最大的

许多市场观察家们预测，2016年将是并购交易异常活跃的一年，主要推动力来自一系列小规模交易。观察家们预测，今年的并购规模不会超过2015年，因为去年在多笔大规模交易的推动下，并购交易规模超过了5万亿美元——其中数笔交易已经失败。

到目前为止的数据显示，预测有可能成真。据跟踪并购的分析公司Dealogic统计，2016年，美国的并购交易总价值约为6,420亿美元，比2015年同期的7,860亿美元下降了18%。

下面这些公司参与了今年规模最大的并购交易：

Dealogic提供的交易价值，也包括交易目标的净债务。

12. 3月，宣伟（Sherwin-Williams）以113亿美元的价格收购威士伯（Valspar）

行业：基础材料

宣伟在三月份同意与竞争对手威士伯合并。该笔交易使宣伟获得了更好的大卖场零售商渠道，如家得宝（Home Depot）和劳氏（Lowes）等，因为威士伯在这些卖场已经有强大的影响力。而宣伟主要通过自己的店铺开展业务。

此外，该笔交易也将加快宣伟在国际市场的增长，如亚洲、欧洲和中东市场等。

11. 6月北极星资产管理集团（NorthStar Asset Management Group）、其前母公司北极星地产金融公司（NorthStar Realty Finance）和柯罗尼资本集团（Colony Capital）合并，交易规模113亿美元

行业：金融

据《华尔街日报》（ Wall Street Journal）报道，三家公司在六月初同意合并成一家房地产投资公司。合并后的公司将命名为柯罗尼北极星（Colony NorthStar）。

北极星资产管理公司执行总裁戴维•浜本在声明中表示：“我们相信，柯罗尼北极星凭借其低杠杆率、更强大的资产负债表和更完善的资产流动性，将继续进行有意义的扩张，持续提高股东的长期收益。”北极星资产管理公司于2013年从北极星地产金融公司拆分。

10. 2月，Fortis宣布以114亿美元收购ITC Holdings

行业：公用电力事业

加拿大公用事业运营商Fortis，在二月份宣布计划收购密歇根州诺维的ITC Holdings公司。此次收购，将使Fortis在美国中西部站稳脚跟，也将为合并后的公司提供扩张机会。

9. Great Plains Energy以122亿美元竞购Westar Energy

行业：公用电力事业

密苏里州堪萨斯城的Great Plains Energy和堪萨斯之外的Westar Energy，在五月底宣布了该笔交易，交易采取了现金和股份结合的方式。

Great Plains Energy董事长兼首席执行官特里•巴沙姆表示：“公用事业行业目前面临着日益提高的客户预期，日益严格的环境标准和新出现的网络安全威胁。这些因素以及用电需求增长放缓等原因，推高了我们的成本和客户费率。”通过收购Westar，公司希望可以减少开支，合并两家公司的业务。

8. Protection 1以124亿美元收购ADT

行业：安全

2月，住宅与小企业财产安全服务ADT同意接受阿波罗全球管理公司（Apollo Global Management）子公司的收购计划，与另外一家住宅安全公司Protection 1合并。此次合并之后的公司，将扩大在美国和加拿大影响力，并可帮助ADT加快向商业部门扩张。

7. IMS Health Holdings与昆泰跨国控股公司（Quintiles Transnational Holdings）合并，规模128亿美元

行业：生物科技

委托医疗研究提供商昆泰跨国控股公司，同意与医疗保健信息公司IMS Health合并为昆泰IMS（Quintiles IMS），将成为医疗保健行业的又一家巨头企业。此次合并为全股份交易。

IMS Health董事长兼CEO博安睿在声明中表示：“此次合并解决了生物科技公司最迫切的需求：改变创新药物的临床开发，证明这些药物在真实世界中的价值，加快取得商业成功。”

6. 横加公司（TransCanada）以132亿美元收购哥伦比亚管道集团（Columbia Pipeline Group）

行业：石油天然气

横加公司拥有颇具争议的Keystone XL输油管道。该公司在三月份同意以132亿美元收购哥伦比亚管道集团，合并后的公司将成为北美洲最大的管制天然气传输公司之一。此次收购为全现金交易。

此次收购哥伦比亚，不仅为横加公司减少了一家竞争对手，也使公司可以获得马塞洛斯和尤提卡页岩区域更廉价的天然气。此前，来自哥伦比亚的竞争一直在侵蚀横加公司的收入。

5. 万豪国际（Marriott International）136亿美元收购喜达屋（Starwood）

行业：服务业

这或许是2016年最为紧张的并购交易，最终以喜达屋最高出价者安邦保险（Anbang Insurance）退出而结束。万豪国际收购喜达屋的交易规模，在榜单中排名第五。经过数月的竞价之后，两家公司在三月份同意合并，成为全球最大的连锁酒店。交易采取了现金和股份结合的方式。

此次交易将帮助合并后的公司扩大规模，应对规模更小但增长迅速的竞争对手，如Airbnb。更大的规模，也让新公司可以与Expedia等在线预订网站谈判更有利的费用。

4. 江森自控（Johnson Controls）166亿美元收购泰科国际（Tyco International）

行业：汽车零部件

1月，汽车零部件制造商江森自控与爱尔兰安全系统制造商泰科国际同意合并。通过该笔交易，江森自控将把公司总部迁往爱尔兰，以逃避美国35%的高企业所得税。

公司表示，该笔交易在前三年至少可节省税赋5亿美元，每年至少可减少税赋1.5亿美元。

3. 微软（Microsoft）281亿美元收购LinkedIn

行业：科技

周一，微软宣布以262亿美元全现金方式收购社交网络公司LinkedIn。在交易时段，LinkedIn的股票应声上涨47%。微软此次豪掷200亿美元，是公司史上规模最大的一次交易，微软CEO萨蒂亚•纳德拉表示：“该笔交易将加快LinkedIn以及Mocrosoft Office 365和Dynamics的增长。”

据Dealogic统计，该笔交易也是有史以来第六大科技行业并购交易。

2. 雅培制药（Abbott Laboratories）306亿美元收购圣犹达医疗（St Jude Medical）

行业：医疗器械与设备

4月，雅培制药宣布，以250亿美元现金和股份交易的形式，收购圣犹达医疗，并承担圣犹达约57亿美元的净债务，或进行债务再融资。

这是今年医疗保健行业最轰动的并购交易之一，合并后的公司将在竞争日益激烈的市场，拥有更强大的医疗器械业务。规模的扩大，也将使雅培制药拥有更多的市场定价权。

1. Shire以320亿美元收购Baxalta

行业：制药

经过长达六个月的谈判之后，伦敦制药商Shire最终宣布，计划以320亿美元现金和股份交易的方式，收购Baxalta，此次交易将让Shire在治疗罕见病方面占据更大优势。

但今年才刚刚过去了一半。有一笔重大交易可能会取而代之，成为今年规模最大的并购交易——目前德国制药业巨头拜耳（Bayer）与其意向收购目标孟山都，正在反复进行谈判。拜耳在五月份对后者提出的收购要约是令人瞠目的620亿美元。但孟山都拒绝了这一要约，称这一价格“不完善，且经济条件不足。”目前有关该笔交易的谈判仍在进行当中。 （财富中文网）

译者：刘进龙/汪皓

Many market watchers have predicted that 2016 will still be a robust year for mergers and acquisitions, largely boosted by a series of smaller deals. It’s not expected to beat 2015’s figures, when deal volumed skyrocketed above $5 trillion, buoyed by several mega-deals—some of which have since fallen through.

So far, numbers suggest the predictions are on track. In 2016, U.S. mergers and acquisitions value total about $642 billion, 18% lower from the same period in 2015—$786 billion, according to Dealogic, an analytics firm tracking mergers and acquisitions.

Deal value, courtesy of Dealogic, also includes the target’s net debt.

12. Sherwin-Williams takeover of Valspar for $11.3 billion in March

Sector: Basic materials

Sherwin-Williams agreed to snap up its competitor, Valspar, in March. The deal would give Sherwin-Williams better access to big box retailers such as Home Depot and Lowes, where Valspar already has a strong presence. Sherwin though, has made its way mainly through its own stores.

The transaction would also accelerate Sherwin’s growth into international markets in Asia, Europe, and the Middle East.

11. The merger between NorthStar Asset Management Group, its former parent NorthStar Realty Finance, and Colony Capital for $11.3 billion in June

Sector: Finance

The three companies agreed to merge into a single real-estate investment in early June, according to the Wall Street Journal. The combined companyis to be named Colony NorthStar.

“We are confident that Colony NorthStar with its lower leverage, larger balance sheet and improved liquidity profile is poised for meaningful multiple expansion and substantially enhanced long-term returns for shareholders,” David Hamamoto, executive chairman of NorthStar Asset Management, which spun off from NorthStar Reality Finance in 2013, said in a statement.

10. The $11.4 billion acquisition of Fortis by ITC Holdings announced in February

Sector: Electric Utility

Canadian utility operator Fortis announced plans to buy Novi-Mich.-based ITC Holdings in February. For Fortis, the acquisition would give the company a foothold in the Midwest, and give the combined company a chance to expand.

9. Great Plains Energy’s Bid for Westar Energy Worth $12.2 billion

Sector: Electrical Utilities

Great Plains Energy, based out of Kansas City, Mo., and Westar Energy, based out of Kansas, announced the deal late May in a cash and stock transaction.

“The utility industry is facing rising customer expectations, increasing environmental standards and emerging cyber security threats. These factors, coupled with slower demand growth for electricity, are driving our costs and customer rates higher,” said Terry Bassham, chairman and chief executive officer of Great Plains Energy. By buying Westar however, the company hopes to reduce expenses and combine operations.

8. The $12.4 billion acquisition of ADT by Protection 1

Sector: Security

In February, a security service for residential and small business properties, ADT, agreed to be acquired by an affiliate of Apollo Global Management, and merged with another home security firm, Protection 1. The merger would give the combined company greater reach throughout the U.S. and Canada, and also help ADT accelerate its expansion into the commerical sector.

7. A $12.8 billion merger between IMS Health Holdings and Quintiles Transnational Holdings

Sector: Biotech

Contract medical research provider, Quintiles, agreed to merge with healthcare information company, IMS Health to make a giant known as Quintiles IMS in an all-stock deal.

“This combination addresses life-science companies’ most pressing needs: to transform the clinical development of innovative medicines, demonstrate the value of these medicines in the real world, and drive commercial success,” Ari Bousbib, chairman and CEO of IMS Health said in a statement.

6. The $13.2 billion acquisition of Columbia Pipeline Group by TransCanada

Sector: Oil and Gas

The company behind the controversial Keystone XL oil pipeline, TransCanada, agreed to buy Columbia Pipeline Group for $13.2 billion in March, making the combined giant one of North America’s largest regulated natural gas transmission businesses in an all cash deal.

For TransCanada, the deal allows them to take Columbia off its list of rivals, and also access the cheaper gas from Marcellus and Utica shale regions. Competition from the latter has been eating away at TransCanada’s revenue.

5. The $13.6 billion bid to buy Starwood by Marriott International

Sector: Service

Perhaps one of the most tense mergers and acquisitions of 2016 that ended with Starwood’s top bidder, Anbang Insurance, calling it quits, the acquisition of Starwood by Marriott International takes number five on the list. After several months of bidding, the two companies agreed to merge in March, becoming the world’s largest hotel chain in a cash and stock deal.

The merger would give the combined company scale to combat smaller, and rapidly growing competitors such as Airbnb. Its new size would also allow the company to negotiate better fees with online booking sites includingExpedia.

4. The $16.6 billion deal for Tyco International by Johnson Controls

Sector: Auto Parts

In January, car parks manufacturer, Johnson Controlsand Ireland-based security systems maker, Tyco International agreed to merge in a deal that would help Johnson Controls dodge the high, about 35%, corporate tax rate in the U.S. by moving headquarters to Ireland.

The deal will lead to at least $500 million in savings in the first three years, and at least $150 million in annual tax savings, the companies said.

3. The $28.1 billion acquisition of LinkedIn by Microsoft

Sector: Tech

On Monday, Microsoft announced it would buy social networking company, LinkedIn for a smooth $26.2 billion in an all-cash deal. That took LinkedIn’s stock up 47% in trading. The deal, Microsoft’s’ largest ever by a $20 billion long shot, will “accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics,” according to Microsoft CEO Satya Nadella.

The deal is also sixth largest tech merger and acquisition on record, according to Dealogic.

2. The $30.6 billion bid for St Jude Medical by Abbott Laboratories

Industry: Medical Appliances and Equipment

In April, Abbot Labs announced plans to buy St. Jude Medical for $25 billion in a cash and stock deal, and assume or refinance St. Jude’s net debt of about $5.7 billion.

One of the flurry of mergers and acquisitions in the healthcare space this year, the combined company will have a stronger medical-devices business in an increasingly competitive market. Increased scale will also give Abbot Labs more pricing power in the market.

1. The $32 billion deal between Shire and Baxalta

Industry: Pharmaceuticals

After a lengthy six month courtship, London-based drugmaker Shire announced plans to buy Baxalta in a $32 billion cash and stock offer, giving Shire a better foothold in treating rare diseases.

The year though, is just halfway through. One major deal that could supplant the crown is the back-and-forth between German pharmaceutical giant, Bayer, and its intended target, Monsanto. Bayer offered a whopping $62 billion to the latter in May. Monsanto then rejected the offer, calling the proposal “incomplete and financially inadequate.” Discussions for that deal are still ongoing.