M&A Discussion Highlights
 
- Positive Attitude To 2H20 In China.
-“In China for China”: Strengthening Rationale For Inorganic Growth.
-  Main Drivers: Participate in Chinese Consolidation & Localization Of The Complete Value Chain.
- M&A into Joint Venture Structures Trump Full Buyouts.
- Although More Motivated Sellers…Finding Good Targets Is The Key Challenge.
-  Valuations are becoming more reasonable.
- Uptick In Divestment Interests.