Asian companies are paying more than double the price of European assets relative to earnings as they did three years ago in their determination to secure brands, technology and resources in western economies.
Price multiples paid by Chinese, Japanese and Indian buyers for European groups have risen from 3.3 times earnings before interest, tax, depreciation and amortisation in 2010 to 9.9 times ebitda in 2012, even as global multiples have fallen over the period.
the increase blah di blah di blahThe Chinese have become the most frequent buyers, revealing a voracious appetite for an increasingly diverse range of industries, according to a study from valuation advisory group American Appraisal.
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