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Slow, but pricey, M&A year

机译:并购年缓慢但代价高昂

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摘要

Year-to-date 2005 has been a slow year for mergers and acquisition activity in the banking space. As of Nov. 3, 165 bank deals have been announced, with an aggregate deal value of $15.5 billion, compared to 220 in 2004 with an aggregate deal value of $117.9 billion. The latter includes $59 billion for the JPMorgan Chase acquisition of Bank One Corp. The slowdown comes at a time when earnings are being adversely affected by a flattening yield curve, de novo branching activity is being pinched in some markets because of the real estate market, and deal pricing multiples are at near record levels. Consider, for example, that the average price to tangible book for a bank deal in 2005 is 233% compared to 183% in 2001. Banks are paying up to buy one another these days.
机译:迄今为止,2005年对于银行领域的并购活动来说是缓慢的一年。截至11月3日,已经宣布了165笔银行交易,总交易金额为155亿美元,而2004年为220笔,交易总金额为1179亿美元。后者包括以590亿美元的价格收购摩根大通(JPMorgan Chase)对Bank One Corp的收购。正值收益率曲线趋平,某些房地产市场从头开始开展新的分支机构活动之际,经济增速放缓之时,交易价格的倍数接近创纪录水平。例如,考虑到2005年银行交易的有形账本平均价格为233%,而2001年为183%。这些天,银行为买入彼此买单。

著录项

  • 来源
    《ABA Banking Journal》 |2005年第12期|p.7-8|共2页
  • 作者

    John McCune;

  • 作者单位

    Financial Institutions Group, SNL Financial LC, Charlottesville, Va.;

  • 收录信息
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 财政、金融;
  • 关键词

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