Petaquilla News: Volume of $95.1 B. is the 3° highest year-to-date volume on record as there have been no deals over $10B.
Sept. 7, 2010, 3:16 p.m. EDT
By Sue Chang, MarketWatch
SAN FRANCISCO (MarketWatch) — With more than 1,500 deals reported so far in 2010, this is shaping up to be a banner year for mining mergers and acquisitions, as companies in the sector seek more resources, according to data Tuesday from Dealogic.
As of August, 1,591 deals have been announced, a record count for the sector.
“Volume of $95.1 billion is the third highest year-to-date volume on record as there have been no deals over $10 billion,” said the data provider.
In June, July and August, 564 deals valued at $36.8 billion were announced, the highest number on record for the three-month period, Dealogic said.
Commodities-rich Australia headed the list of most-targeted nations with $27.9 billion so far this year, followed by Canada at $17 billion and China at $14.3 billion.
Some notable recent deals include the $39 billion hostile bid by Anglo-Australian miner BHP Billiton /quotes/comstock/13*!bhp/quotes/nls/bhp (BHP 69.92, +0.20, +0.29%) for Potash Corp. of Saskatchewan Inc. /quotes/comstock/11t!pot (CA:POT 155.67, -0.93, -0.59%) and Goldcorp Inc.’s /quotes/comstock/13*!gg/quotes/nls/gg (GG 42.51, +0.23, +0.54%) $3.4 billion bid for Andean Resources Ltd. /quotes/comstock/11t!and (CA:AND 6.29, -0.10, -1.57%) .
Morgan Stanley /quotes/comstock/13*!ms/quotes/nls/ms (MS 25.96, +0.29, +1.13%) was the most active adviser for such deals, with $16.1 billion, followed by BMO Capital Markets, a unit of BMO Financial Group /quotes/comstock/13*!bmo/quotes/nls/bmo (BMO 57.50, +1.07, +1.90%) , with $15 billion and CIBC World Markets with $13.1 billion.
Sue Chang is a MarketWatch reporter in San Francisco.
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