2018年全球并购市场年度报告​

M&A in Disruption: 2018 in Review Using M&A to ride the tide of disruption. This work is based on secondary market research, analysis of fi nancial information available or provided to Bain & Company and a range of interviews with industry participants. Bain & Company has not independently verifi ed any such information provided or available to Bain and makes no representation or warranty, expressed or implied, that such information is accurate or complete. Projected market and fi nancial information, analyses and conclusions contained herein are based on the information described above and on Bain & Company’s judgment, and should not be construed as defi nitive forecasts or guarantees of future performance or results. The information and analysis herein does not constitute advice of any kind, is not intended to be used for investment purposes, and neither Bain & Company nor any of its subsidiaries or their respective offi cers, directors, shareholders, employees or agents accept any responsibility or liability with respect to the use of or reliance on any information or analysis contained in this document. This work is copyright Bain & Company and may not be published, transmitted, broadcast, copied, reproduced or reprinted in whole or in part without the explicit written permission of Bain & Company. Net Promoter®, Net Promoter Score® and NPS® are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.Copyright © 2019 Bain & Company, Inc. All rights reserved.Acknowledgments This report was prepared by Les Baird, who leads Bain & Company’s Global Mergers & Acquisitions practice; David Harding, an advisory partner with Bain based in the Boston offi ce; Peter Horsley, a Bain partner in the London offi ce; and a team led by Shikha Dhar, a practice manager with Bain’s Mergers & Acquisitions practice.The authors thank Dale Stafford, Arnaud Leroi, Phil Leung and Suzanne Kumar for their contributions. They are also grateful to Karen Harris for her insights as managing director of Bain’s Macro Trends Group; Hugh MacArthur, Dan Haas, Mike McKay and Brenda Rainey for their perspectives on the M&A activity of fi nancial sponsors; Nicolas Bloch for his perspectives on M&A strategy; Martin Holzapfel and Richard Lichtenstein for their perspectives on due diligence; Allison Snider, Matthew Meacham, Jean-Charles van den Branden and Charlotte Apps for their perspectives on M&A in consumer products; Eric Garton, Sarah Elk, Marc Berman and Ludovica Mottura for their perspectives on operating model and culture; Adam Borchert and Joost Spits for their perspectives on M&A in retail; Jim Wininger for his reviews and perspectives on divestitures; Sachin Shah, Laurent Hermoye and Rajesh Narayan for their perspectives on business process and systems integration; Andrew Schwedel, Julien Faye and Tom De Waele for their perspectives on M&A in fi nancial services; Tina Strasse and a team led by Vinayak Jain at the Bain Capability Network for their analytic support; Mateusz Kaminski, Emily Lane and John Peverley for their research assistance; and David Diamond for his editorial support. 1M&A in Disruption: 2018 in ReviewContentsLetter to readers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 3Section 1: 2018—the year of disruption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 5Section 2: Key M&A trends of 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 10Beyond scale—scope M&A accelerates . . . . . . . . . . . . . . . . . . . . . pg. 11Financial sponsors behave like strategics . . . . . . . . . . . . . . . . . . . . pg. 17Activists play the M&A card to great effect . . . . . . . . . . . . . . . . . . . pg. 21Governments intervene on grounds of national interest . . . . . . . . . . . pg. 24Cross-regional deal making loses momentum . . . . . . . . . . . . . . . . . . pg. 26Section 3: Implications for strategic deal makers . . . . . . . . . . . . . . . . . . . . . . . pg. 30Due diligence—the bar is rising . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 31Operating model in the spotlight . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 36Process and systems integration—a new source of competitive advantage . . . . . . . . . . . . . . . . . . . . . pg. 41Section 4: Industry focus—M&A in consumer products . . . . . . . . . . . . . . . . . . . pg. 46Section 5: Bain’s bedrock beliefs on how to create value from M&A . . . . . . . . . . pg. 55What mountain climbers do differently . . . . . . . . . . . . . . . . . . . . . . pg. 58 Methodology and approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 61 2M&A in Disruption: 2018 in Review 3M&A in Disruption: 2018 in ReviewLetter to readersDear friends,This is Bain & Company’s inaugural M&A annual report. And yes, we know, the world doesn’t need another retelling of how great the past 12 months were for deal makers.We have been studyin