1、每日微信群内分享7+最新重磅报告； 4、行研报告均为公开版，权利归原作者 所有，起点财经仅分发做内部学习。。This work is based on secondary market research, analysis ofnancial information available or provided to Bain & Company and a range of interviewswith industry participants. Bain & Company has not independently veri ed any such information provided or available to Bain and makes no representationor warranty, expressed or implied, that such information is accurate or complete. Projected market andnancial information, analyses and conclusionscontained herein are based on the information described above and on Bain & Company’s judgment, and should not be construed as de nitive forecastsor guarantees of future performance or results. The information and analysis herein does not constitute advice of any kind, is not intended to be used forinvestment purposes, and neither Bain & Company nor any of its subsidiaries or their respective of cers, directors, shareholders, employees or agents acceptany responsibility or liability with respect to the use of or reliance on any information or analysis contained in this document. This work is copyright Bain& Company and may not be published, transmitted, broadcast, copied, reproduced or reprinted in whole or in part without the explicit written permissionof Bain & Company Promoter, Net Promoter Score and NPS are registered trademarks of Bain & Company, Inc.,Fred Reichheld and Satmetrix Systems, Inc. Copyright2019 Bain & Company, Inc. All rights reserved. AcknowledgmentsThis report was prepared by Les Baird, who leads Bain & Company’s Global Mergers & Acquisitionspractice; David Harding, an advisory partner with Bain based in the Boston of ce; Peter Horsley, aBain partner in the London of ce; and a team led by Shikha Dhar, a practice manager with Bain’sMergers & Acquisitions practice. The authors thank Dale Stafford, Arnaud Leroi, Phil Leung and Suzanne Kumar for their contributions.They are also grateful to Karen Harris for her insights as managing director of Bain’s Macro TrendsGroup; Hugh MacArthur, Dan Haas, Mike McKay and Brenda Rainey for their perspectives on theM&A activity ofnancial sponsors; Nicolas Bloch for his perspectives on M&A strategy; MartinHolzapfel and Richard Lichtenstein for their perspectives on due diligence; Allison Snider, MatthewMeacham, Jean-Charles van den Branden and Charlotte Apps for their perspectives on M&A inconsumer products; Eric Garton, Sarah Elk, Marc Berman and Ludovica Mottura for their perspectiveson operating model and culture; Adam Borchert and Joost Spits for their perspectives on M&A inretail; Jim Wininger for his reviews and perspectives on divestitures; Sachin Shah, Laurent Hermoyeand Rajesh Narayan for their perspectives on business process and systems integration; AndrewSchwedel, Julien Faye and Tom De Waele for their perspectives on M&A innancial services; TinaStrasse and a team led by Vinayak Jain at the Bain Capability Network for their analytic support;Mateusz Kaminski, Emily Lane and John Peverley for their research assistance; and David Diamondfor his editorial support. 1 M&A in Disruption: 2018 in Review Contents Letter to readers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 3 Section 1:2018—the year of disruption. . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 5 Section 2: Key M&A trends of 2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 10 Beyond scale—scope M&A accelerates . . . . . . . . . . . . . . . . . . . . . pg. 11 Financial sponsors behave like strategics . . . . . . . . . . . . . . . . . . . . pg. 17 Activists play the M&A card to great effect . . . . . . . . . . . . . . . . . . . pg. 21 Governments intervene on grounds of national interest . . . . . . . . . . . pg. 24 Cross-regional deal making loses momentum . . . . . . . . . . . . . . . . . . pg. 26 Section 3: Implications for strategic deal makers. . . . . . . . . . . . . . . . . . . . . . . pg. 30 Due diligence—the bar is rising . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 31 Operating model in the spotlight . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 36 Process and systems integration— a new source of competitive advantage . . . . . . . . . . . . . . . . . . . . . pg. 41 Section 4: Industry focus—M&A in consumer products. . . . . . . . . . . . . . . . . . . pg. 46 Section 5: Bain’s bedrock beliefs on how to create value from M&A. . . . . . . . . . pg. 55 What mountain climbers do differently . . . . . . . . . . . . . . . . . . . . . . pg. 58Methodology and approach. . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 61 2 M&A in Disruption: 2018 in Review 。。。。。。