Mid-Cap Energy

Australian M&A Quarterly Update - March 2010

PricewaterhouseCoopers Australia's 4th Corporate Finance quarterly M&A publication for the mid-cap energy sector is available for distribution. As with our previous publication, we focus on the largest 50 companies with a market cap below $A1.5bn in the S&P/ASX Energy index, covering the Energy (Including Oil & Gas), Coal and Renewable sectors.

Focus this quarter has been framed by significant losses in equity markets during January on the back of global reaction to potential US banking regulation changes and fears over the pace of, and impact of, the Chinese government removing liquidity from their markets and generally limiting access to domestic credit on the fear of an emerging asset bubble; however, most of these losses were recouped through positive trading activity through both February and March as stability and confidence showed signs of returning.

In this Edition, PwC outlines the recent uptick in IPO activity, provides core observations around the Royal Dutch Shell / PetroChina bid for Arrow Energy, illustrates the Underground Coal Gasification process, and presents a detailed commentary on the need for greater targeted measures to assist existing market-based measures in renewable energy markets. Key analysis of M&A activity across the Energy (Including Oil & Gas), Coal and Renewable sectors features companies: Miclyn Express Offshore, Endocoal, Royal Dutch Shell, PetroChina, Arrow Energy, BG Group, QGC, Tokyo Gas and Cougar Energy.

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