In the midst of the economic slowdown, to major merger and acquisition deals in India and China brought life to the Asian market in March, a report by global deal tracking firm Dealogic said on Friday. The earlier two months of the year were rather dull.
Amid the gloomy economic scenario, the $1.8-billion merger of China's Tianjin Port Development Holdings' merger with Tianjin Port Co topped the list of transactions, with the $1.7-billion merger of Mukesh Ambani-controlled Reliance Industries Ltd with Reliance Petroleum Ltd came a close second.
"In Asia, excluding Japan, M&A volume totalled $16.2 billion in March 2009, making it the most active month so far this year, but still down by 44 per cent compared to March 2008," the report said.
China was the most targeted nation, with M&A volume of $8.2 billion via 226 deals, accounting for over half of volume in the Asian region. However, the volume fell by 29 per cent compared to March 2008, the report said.
Besides, Asian utility and energy emerged as the most active sector with transactions totalling $2.7 billion via 26 deals.