INDUSTRIES

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MARKETSChemicalindustrymergersandacquisitionsworldwideCHAPTER

01OverviewTotalrevenueofthechemicalindustryworldwidefrom2005to2022(inbillionU.S.dollars)Revenueoftheglobalchemicalindustry2005-20227,0006,0005,0004,0003,0002,0001,00002005200620072008200920102011201220132014201520162017201820192020202120223Description:In2022,thechemicalindustry’stotalworldwiderevenuestoodatsome5.72trillionU.S.dollars.Inthatyear,thechemicalindustryrevenuereachedthehighestvalueofthelast15years.

ReadmoreNote(s):Worldwide;2005to2022Source(s):AmericanChemistryCouncilRevenueofthechemicalindustryworldwidefrom2017to2022,byregion(inbillioneuros)Globalrevenueofthechemicalindustry2017-2022,byregionEU27RestofEurope*U.S.LatinAmericaRestofAsiaChinaJapanIndiaSouthKoreaRestoftheWorld6,0005,0004,0003,0002,0001,00002017201820192020202120224Description:In2022,thechemicalindustrygeneratedatotalrevenueofmorethanfivetrillioneurosglobally.Outofthisfigure,nearly2.4trillioneurosweregeneratedinChina,whichaccountedforaround44percentoftheoverallrevenuethatyear.Meanwhile,theEuropeanchemicalindustrygeneratedsome760billioneurosofrevenuein2022.ReadmoreNote(s):Worldwide;2017to2022;*IncludingtheUnitedKingdom,Switzerland,Norway,Turkey,Russia,andUkraine.ReadmoreSource(s):CEFIC2023rankingofthegloballeadingchemicalcompaniesbasedonrevenue(inbillionU.S.dollars)2023globallistofleadingchemicalcompaniesbasedonrevenueRevenueinbillionU.S.dollars30

40010205060708090100BASF,GermanyDow,U.S.94.8356.9LyondellBasellIndustries,U.S.LGChem,SouthKoreaNutrien,Canada50.4539.2737.87MitsubishiChemicalHoldings,JapanLinde,Ireland33.5533.3632.51AirLiquide,FranceUmicore,Belgium31.5231.52HengliPetrochemical,China5Description:TheGermanchemicalcompanyBASFwasrankednumberoneintherankingoftheworld'sleadingchemicalcompaniesbasedonrevenue,generatingarevenueofapproximately94.85billionU.S.dollarsin2022.Followthislinktogetaccesstothetop100chemicalcompanieslist.ReadmoreNote(s):Worldwide;2022and2023Source(s):ThomsonReuters;Varioussources(companydata)Numberofglobalchemicalmergerandacquisitiondealsfrom2010to2023NumberofdealsinchemicalsectorM&As2010-20231,4001,2001,2511,1511,1331,1271,1141,1171,0629869799779719671,0008006004002000883870201020112012201320142015201620172018201920202021202220236Description:In2023,therewasatotalof971mergerandacquisition(M&A)dealsannouncedwithintheglobalchemicalindustry.Thisisandecreaseincomparisonwiththepreviousyear,whenthenumberofM&Adealsstoodat977.

ReadmoreNote(s):Worldwide;2010to2023Source(s):KPMG;ThomsonReuters(ThomsonOne)Totalvalueofglobalchemicalmergerandacquisitiondealsfrom2010to2023(inbillionU.S.dollars)ValueofdealsinchemicalsectorM&As2010-202325020015023321513910410510010110050084686858544642201020112012201320142015201620172018201920202021202220237Description:In2023,thetotalvalueofmergerandacquisition(M&A)dealsworldwideinthechemicalindustrywas101billionU.S.dollars,whichrepresentsanincreaseof49percentfromthetotalchemicalM&Avalueworldwidein2022of68billionU.S.dollars.ReadmoreNote(s):Worldwide;2010to2023Source(s):KPMG;ThomsonReuters(ThomsonOne)CHAPTER

02DealsNumberofchemicalindustrytransactionsworldwideworthmorethanonebillionU.S.dollarsfrom2010to2023GlobalchemicaldealvolumeoveronebillionU.S.dollars2010-20233530253020161516141413131211111110105880201020112012201320142015201620172018201920202021202220239/statistics/818628/chemical-deal-volume-over-one-billion-dollars-worldwideIn2023,therewasatotalof11dealsintheglobalchemicalsmarketthatwereworthmorethanonebillionU.S.dollars.Thisfigurerepresentsanincreaseincomparisontothenumberofthesekindoftransactionscompletedduringthepreviousyear.ReadmoreNote(s):Worldwide;2010to2023Source(s):Deloitte;S&PCapitalIQValueofchemicalindustrytransactionsworldwideworthmorethanonebillionU.S.dollarsfrom2010to2023(inbillionU.S.dollars)GlobalchemicalindustrydealvalueoveronebillionU.S.dollars2010-2023250205.7200158.5150126.310082.568.858.852.641.250039.236.729.223.821.713.62010201120122013201420152016201720182019202020212022202310Description:In2023,therewasatotalof11mergerandacquisitiondealsworthmorethanonebillionU.S.dollarsintheglobalchemicalsmarketandhadatotalvalueof41.2billionU.S.dollars.ReadmoreNote(s):Worldwide;2010to2023Source(s):Deloitte;S&PCapitalIQQuarterlynumberofglobalchemicalmergerandacquisitiondealsfromthefirstquarterof2017tothefourthquarterof2023QuarterlynumberofM&AdealsintheglobalchemicalsectorQ12017-Q42023350300273270250

23423623122321721219919319420015010050167159137011Description:Thisstatisticdisplaysthenumberofcompletedglobalchemicalindustrymergerandacquisition(M&A)dealsfromthefirstquarterof2017(1Q17)tothefourthquarterof2023(4Q23*).Inthefourthquarterof2023,theestimatednumberofM&Adealsinthechemicalindustryworldwidewas140basedontherun-ratethroughNovember15,2023.ReadmoreNote(s):Worldwide;Q42017toQ42023;*Estimatedbasedonrun-ratethroughNovember15,2023.?Thisstatisticwasassembledusingseveraleditionsofthereport.Figureshavebeenrestatedinthefirstquarterof2020editionofthereport.

ReadmoreSource(s):PwC;Refinitiv;S&PCapitalIQQuarterlyvalueofglobalchemicalmergerandacquisitiondealsfromthefirstquarterof2017tothefourthquarterof2023(inbillionU.S.dollars)QuarterlyvalueofM&AdealsintheglobalchemicalsectorQ42017-Q420231008990807060504030201007239252525242121161412111112Description:Thisstatisticdisplaysthetotalvalueofallofthechemicalindustrymergerandacquisition(M&A)dealsworldwidefromthefirstquarterof2017(1Q17)totheNovember15thofthefourthquarterof2023(4Q23).Inthethirdquarterof2023,thetotalvalueoftheM&Adealsinthechemicalindustryworldwidewasestimatedtobe21billionU.S.dollars,whileinthefirstquarterof2023itwas21billionU.S.dollars.ReadmoreNote(s):Worldwide;Q42017toQ42023;*Totaldiscloseddealvalue.?

**Estimatedbasedontherun-ratethroughNovember15,2023.?Thisstatisticwasassembledusingseveraleditionsofthereport.

ReadmoreSource(s):PwC;Refinitiv;S&PCapitalIQLeadingchemicalindustrydealsworldwidebasedonvaluein2023(inbillionU.S.dollars)Valueofleadingchemicalindustrydealsworldwidein2023ValueinbillionU.S.dollars0123456789ApolloGlobalManagement,LLCandAbuDhabiInvestmentAuthority(UnivarSolutionsInc.)8.2HangzhouOxygenPlantGroup(ZhejiangYingdeHoldingGroupCo.Ltd.)7.2JapanInvestmentCorp.(JSRCorp.)6.3SolenisInternationalLLC(DiverseyHoldingsLtd.)AllkemLtd.(LiventCorp.)4.63.8AbuDhabiNationalOilCo.P.J.S.C.(FertiglobePLC)KochFertilizer,LLC(IowaFertilizerCoLLC)AramcoOverseasCo.BV(RongshengPetrochemicalCo.Ltd.)EQTAB(ZeusCompanyInc.)3.63.63.63.4GICCapital(MesserSE&CoKGaA)2.113Description:Asof2023,theacquisitionofUnivarSolutionsInc.byApolloGlobalManagement,LLCandAbuDhabiInvestmentAuthoritywasthemostvaluabledealinthechemicalindustry,withavalueof8.2billionU.S.dollars.ThesecondmostvaluabledealwasthependingbidbyHangzhouOxygenPlantGrouptoacquireZhejiangYingdeHoldingGroupCo.Ltd.withavalueof7.2billionU.S.dollars.ReadmoreNote(s):Worldwide;2023Source(s):KPMG;ThomsonReuters(ThomsonOne)CHAPTER

03SectorsChemicaldealvolumeworldwidein2023,bytargetsectorGlobalchemicaldealvolumebytargetsector2023Dealvolume050100150200250300CommoditychemicalsSpecialtychemicals282127FertilizersandagriculturalchemicalsIndustrialgases43315Description:In2023,therewasatotalof282mergersandacquisitions(deals)inthecommoditychemicalssectorworldwide.Thiswasthetargetsectorwithinthechemicalindustrywiththelargestnumberofdealsgloballyinthatyear.

ReadmoreNote(s):Worldwide;2022Source(s):Deloitte;S&PCapitalIQValuesharesofleadingchemicalmergerandacquisitiondealsworldwidein2022and2023,bysubsector(inbillionU.S.dollars)GlobalvalueshareofleadingdealsinchemicalsubsectorsM&As2022&2023Base&petrochemicalsDistributors&othersSpecialitychemicals120%100%80%60%40%20%0%9%16.42%29.85%45%53.73%202246%202316Description:In2022and2023,mergerandacquisitiondealsintheglobalchemicalindustryreportedatotalvalueofapproximately70billionU.S.dollarsandaproximately101billionU.S.dollarsrespectively.Inbothyears,transactionswithinthebaseandpetrochemicalschemicalssubsectorwerethemostvaluable,accountingfora54percentshareoftotalchemicalindustryM&Avalueworldwidein2022,and46percentin2023.

ReadmoreNote(s):WorldwideSource(s):KPMG;ThomsonReuters(ThomsonOne)Commoditychemicalsmergerandacquisitiondealvolumeworldwidefrom2011to2023GlobalcommoditychemicalsnumberofM&Adeals2011-2023450401394391391390400350300250200150100503793653583573463423122820201120122013201420152016201720182019202020212022202317Description:In2023,therewasatotalof282mergersandacquisitions(M&A)inthecommoditychemicalssectorworldwide.Throughoutthe2010s,commoditychemicalM&Aactivitywasveryactive,withover300dealseachyear.?Commoditychemicalsarechemicalsthatareproducedandconsumedingreatquantitiesaroundtheworld,oftentoproduceother,morecomplexchemicalproducts.ReadmoreNote(s):Worldwide;2011to2023Source(s):Deloitte;S&PCapitalIQSpecialtychemicalchemicalmergerandacquisitiondealvolumeworldwidefrom2010to2023GlobalspecialtychemicalsnumberofM&Adeals2010-20232502002021851741711721591571471481451501005013913213012702010201120122013201420152016201720182019202020212022202318Description:In2023,therewasatotalof127mergersandacquisitionsinthespecialtychemicalssectorworldwide.?Specialtychemicalsrefertochemicalsthatareusedonthebasisoftheirfunctionorperformance,andwhichareusedinparticularbycertainindustrysectors.Examplesofspecialtychemicalsincludeadhesives,agrochemicals,cosmeticadditive,elastomers,foodadditives,andmore.

ReadmoreNote(s):Worldwide;2010to2023Source(s):Deloitte;S&PCapitalIQFertilizersandagriculturalchemicalsmergerandacquisitiondealvolumeworldwidefrom2010to2023Globalfertilizersandagriculturalchemicalstransactionvolume2010-2023907780727169677060504030201006665646161514843432010201120122013201420152016201720182019202020212022202319Description:In2023,therewasatotalof43mergersandacquisitionsinthefertilizersandagriculturalchemicalssectorworldwide.Thisrepresentedadecreaseincomparisontothepreviousyear.

ReadmoreNote(s):Worldwide;2010to2023Source(s):Deloitte;S&PCapitalIQIndustrialgasesmergerandacquisitiondealvolumeworldwidefrom2010to2023Globalindustrialgasestransactionvolume2010-20231816161412108151414141312121110998643202010201120122013201420152016201720182019202020212022202320/statistics/978360/industrial-gases-deal-volume-worldwideIn2023,therewasatotalofthreemergersandacquisitionsintheindustrialgasessectorworldwide.Thefigurewentdownfrom13mergersandacquisitionsoneyearearlier.Thelowestamountoftransactionswithinthisindustryinthereportedperiod.ReadmoreNote(s):Worldwide;2010to2022Source(s):Deloitte;S&PCapitalIQDiversifiedchemicalmergerandacquisitiondealvolumeworldwidefrom2010to2020Globaldiversifiedchemicaltransactionvolume2010-2020161514121081199877666543202010201120122013201420152016201720182019202021Description:In2020,therewasatotalofsevenmergersandacquisitions(M&A)inthediversifiedchemicalssectorworldwide.Ofallchemicalsectors,thediversifiedchemicalssectorhadtheleastamountofM&Aactivity.

ReadmoreNote(s):Worldwide;2010to2020Source(s):Deloitte;S&PCapitalIQCHAPTER

04RegionalbreakdownNumberofchemicalindustrymergersandacquisitionsdealsworldwidein2023,byregionGlobalchemicalmergersandacquisitionsbyregion202360049850040030020010002451644024AsiaPacificEuropeNorthAmericaRegionLatinAmericaAfrica23Description:Thisstatisticshowsthenumberofchemicalindustrymergersandacquisitionsworldwidein2023,brokendownbyregion.Inthatyear,some246chemicalmergersandacquisitionstookplaceintheregionofAsiaPacific.

ReadmoreNote(s):Worldwide;2023Source(s):KPMGValueofchemicalmergersandacquisitionsdealsworldwidein2023,byregion(inbillionU.S.dollars)Chemicalmergersandacquisitionsvaluebyworldregion20235043.74540353025201510535.512.7720AsiaPacificNorthAmericaEuropeLatinAmericaAfrica24/statistics/801658/chemical-mergers-and-acquisition-value-by-world-regionThisstatisticshowsthetotalvalueoflocalchemicalmergersandacquisitionsworldwidein2023,brokendownbyregion.Inthatyear,thetotalvalueoflocalchemicalmergersandacquisitionsinNorthAmericaamountedto35.5billionU.S.dollars.

ReadmoreNote(s):Worldwide;2023Source(s):KPMGNumberofchemicalindustrymergersandacquisitions(M&A)worldwidein2023,bycountryGlobalnumberofchemicalindustrymergersandacquisitionsbycountry2023Numberofdeals800204060100120140160UnitedStatesChina14043India2423UnitedKingdomGermanyJapan1919France18Brazil12NetherlandsRestofworld514225Description:In2023,therewere140chemicalindustrymergersandacquisitionsthatinvolvedacompanyoranoperationintheUnitedStates.TheU.S.accordinglyhadbyfarthelargestamountofchemicalindustrymergersandacquisitionsofanycountryintheworld.ReadmoreNote(s):Worldwide;2022Source(s):Deloitte;S&PCapitalIQCHAPTER

05OutlookDoyouanticipateyourcompanyundertakinganymergersoracquisitionsoverthenext12months?SentimentofglobalchemicalindustryexecutivesonfutureM&Aplans2022-202420222023202490%78.79%80%70%60%50%40%30%20%10%0%64.81%42.86%42.86%25.93%21.21%10.2%5.56%3.7%4.08%0%0%Yes,verylikelySomewhatlikelyLikelynotNo,veryunlikely27Description:In2024,86percentofchemicalindustryexecutivessurveyedindicatedalikelihoodofconsideringmergersoracquisitions,markingadeclinefrom91percentinthepreviousyearandanotabledropfrom100percentin2022.Additionally,thepercentageofrespondentswhofelt'verylikely'topursuesuchactionshasdecreasedsteadily,from79?percentin2022to43percentin2024.ReadmoreNote(s):Worldwide;January11to26,2024*;49*;Chemicalcompanyexecutives*;*Thesurveypolled49corporateexecutivesatchemicalcompaniesacrosssectorsandgeographiestoevaluateM&Asentiment.Previoussurveyspolled54[...]

ReadmoreSource(s):DeloitteDoyouanticipateyourcompanyundertakinganydivestituresorspin-offsoverthenext12months?Sentimentofglobalchemicalindustryexecutivesondivestitureprospects2022-202420222023202435%30%25%20%15%10%5%33.33%33.33%30.61%27.78%27.78%27.78%26.53%26.53%21.21%16.67%16.33%12.12%0%No,veryunlikelyLikelynotSomewhatlikelyYes,verylikely28Description:InJanuary2024,42percentofcorporateexecutivesatchemicalcompaniessuggestedthattheircompanyisverylikelyorsomewhat