Informe m&a Allen Overy

M&A Index, H1 2012

Wary investors watch and wait as M&A markets fail

www.allenovery.com

Contents

The Allen & Overy M&A Index | H1 20122

© Allen & Overy LLP 2012

Introduction – Global M&A trends – Q2 2012 4 Executive summary – The global picture 6– Top 20 global outbound acquirers and inbound target markets 8 In focus – Distressed M&A 10 – Turkey 12 Regional analysis – U.S. 18 – Latin America 20 – Western Europe 22 – CEE and CIS 24 – Middle East and North Africa 26 – India 28

A global snapshot

Sector analysis

– Infrastructure & utilities 40 – Life sciences 42 – Private equity 44 – Telecoms, media and technology 46 Top ten acquiring countries 48

About the research 67

www.allenovery.com/maindex

Global M&A trends in Q2 2012

In all but a very few markets, M&A activity remains at a low ebb, with even well capitalised investors reluctant to do deals until economic and political uncertainties abate. We had hoped for better news in the second quarter of 2012 in this, our latest quarterly report on the state of the global M&A market, charting the

worth USD100 million and above.

But Q2 followed the same depressed pattern we saw in Q1 and at the end of 2011. Investors across the world seem caught by the same stubborn mood of economic and political uncertainty and that has eclipsed some pretty good fundamentals in key economies.

period for M&A activity.

the year has seen the value of deals

with USD1,101bn in the same period last year. The number of deals shrank

in 2012.

To get a measure of how bad that is,

numbers have not been this low since

its height and just 705 deals closed.

The Eurozone crisis is the main cause for concern among potential dealmakers. Fears that it could trigger another global downturn seem to have poleaxed all but a very few markets, notably Latin America, Turkey and the ASEAN region of Southeast Asia, which remain relatively buoyant.

Investors simply cannot get a handle on where the crisis is going or how it will be resolved. So they are stuck in

Greek election ended in a narrow and fairly shaky victory for

respite, then more worry. Spain concludes a hasty bailout for its banks, but the details are vague and interest

rates there, and in Italy, continue to hover at danger levels and Cyprus calls for an EU rescue.

But other factors are at play, too. The U.S. and China, the world’s two

in fascinating alignment.

They share the same fears and frustrations about Europe. They are contending with weaker economic growth at home (although the U.S. would like to have China’s growth problems). And they are also both gripped by domestic political stalemate set to last until November, when the U.S. goes to the polls and changes in the leadership of China’s

The global M&A market cannot be expected to be moving forward very quickly when two of its main engines are running on slow.



55

33% decrease in the value of deals compared to the same period last year (H1)

34% of activity in H1 by value was in Western Europe

USD741bn total value of deals in H1 2012

960 deals in H1 2012, the lowest half-yearly total since 2009 (705 deals)

Dirk Meeus

Co-head of the Global

Allen & Overy

5

30% decrease in the volume of deals

compared to the same

period last year (H1)

And yet, as our sector and regional analyses show, market fundamentals are actually a great deal better than

economy was overhung with the shadow of Lehmans.

Many companies have strong balance sheets and there are plenty of good deals to be done, often at attractive prices. Private equity investors, too,

If the right strategic opportunities arise, some are prepared to do major

energy and life sciences sectors, but also in other areas such as infrastructure, telecoms, technology

But activity remains relatively sporadic, as many investors conclude it is probably wise to hang on to their cash until some of the uncertainty

clears. And, as we note in this report, investors have given up on the idea that one or two big deals might help to break the ice.

But the fact that those fundamental strengths are in place at least gives us hope that investors will be ready to up the pace of transactions pretty swiftly when conditions improve.

Calling a turn in the market, though, remains a very tricky business and dependent on the Eurozone crisis being brought to an end. That does not look very likely in the immediate term and it is probably wise to assume that the current state of nerves will continue to prevail for much, if not all, of the second half of 2012.


5

Executive summary

A number of key themes emerge from the statistics and analysis contained in this report. Having reviewed each region and sector in depth, here are our key observations about the state of the global M&A market in Q2 2012.

The global picture – our key observations

The legal and financial tools for carrying out distressed M&A transactions are becoming more sophisticated, encouraging more and more companies to seek this route in trying to save valuable assets and jobs. With banks

underperforming assets and selling them to debt funds, we expect some lively activity across several sectors, particularly property, retail and construction. Page 10.

Turkey, now the world’s 18th largest economy, is one of the few places currently enjoying extraordinarily strong growth.

reforms have shielded it from exposure to the Eurozone crisis and now an ambitious privatisation programme, focused mostly on energy and infrastructure, is making Turkey a leading destination for inbound investment. Page 12.

Deal volumes in the U.S. remain weak despite strong economic fundamentals – not least companies and PE funds with plenty of cash to spend and historically low interest rates. These should pep up the market once current distractions are out of the way. And there are some good signs of life, with hostile bids making a return and some sectors, notably energy, life sciences and technology, proving resilient. Page 18.

Largely sheltered from current global economic problems, Latin America remains a vibrant and busy M&A market. Companies within the region are using strong economic tailwinds to do deals at home, across the region and increasingly abroad, particularly Europe. International investors still see this as a growth region, despite political concerns in Argentina, Venezuela and Bolivia. Page 20.

Western Europe has seen some sizeable deals in Q2 – notably in Germany, the Netherlands

and the UK – but the theory that these might break the ice on an otherwise pretty frozen market has been proved wrong. Further south and closer to the epicentre of the Eurozone crisis, Spain and Italy remain in a dire state and hoping planned privatisation programmes will get things moving again. Page 22.

With the exception of Poland – which remains busy in key sectors like financial services and telecoms and technology – most of the CEE region appears to be heading for something of a lull in activity. Russia could be in for

is expected to include some very big names like Rosneft, Aeroflot, Russian Railways and Sberbank. Page 24.

in the Middle East and North Africa region,

since the Arab Spring. However, dealmakers report a healthy pipeline of deals, which we should see come to fruition later in the year. Turkey and Saudi Arabia remain the most attractive markets for investors. Page 26.

High inflation, devaluation and an immense programme of regulatory change have not dented India’s strong economic fundamentals, and M&A activity, both outbound and inbound, is holding up quite strongly. Key growth areas remain mining, energy and life sciences, but telecoms has been hit by important government and Supreme Court rulings. Page 28.

Current economic conditions should favour Chinese companies looking to make outbound investments. But they have been slowed by a combination of global and local economic fears of a hiatus in

leadership of the Communist Party emerges. Increasing sophistication in dealmaking techniques is evident, with implications for outbound Chinese companies and inbound multinationals looking to do joint ventures. Page 30.

Activity across the rest of Asia remains relatively subdued, although Japanese investors were busy doing some significant outbound deals, and activity continues to grow in the ASEAN region, led by Malaysia, Singapore and Indonesia. Australia’s newspaper sector has sprung into life, although energy and natural resources remains the hottest sector. Page 32.

M&A activity in the energy sector continues to slow down both in terms of deal volumes and values, although we have seen a return of hostile public bids and the search for natural resources continues to support activity in the Asia Pacific region and Africa. Efforts by

some activity in the exchanges segment have prevented the financial services sector from stalling, but overall activity is at a low ebb. Infrastructure deals done in recent months show there is plenty of funding available when good assets come to the market, particularly in water, energy and airports. Life sciences stood out as the most vibrant sector in Q2, with deals growing in both value and volume. PE investors have growing amounts of firepower, but appear to be keeping their powder dry and concentrating on secondary transactions. Despite lively activity in European telecoms, and the continued prominence of cloud computing and social networks, the telecoms, media and technology sector was mixed, with deal volumes down, but deal values up. Pages 36-49.



Take private

Public recommended acquisition

Other private M&A

Public hostile acquisition

Merger

Divestment

NUMBER OF DEALS FOR H1 2012

Demerger

Total

960

19

355

8

380

184

11

deals

3

See Appendix for large format tables


7

Top 20 global outbound acquirers Top 20 global inbound target markets

Outbound acquisitions

Inbound target markets

of deals for H1 2012.

84 65U.S.

Brazil

Canada

France

Switzerland

UK

Germany

Netherlands

40 4323 28

17

12 19

16

11

10

8

8

6

6

6

66

7

Belgium

Mexico

Denmark

8



Luxembourg

4224

13

15

14 13

13

8

8

12

8

7

7

7

5

5

5

5

4

Australia

Japan

India

Singapore

Hong Kong

ChinaIsraelItaly

Sweden

Poland

Norway

United Arab Emirates

Taiwan

Russia

Rank Country Volume of deals

Value of deals USDm

1 U.S. 84 69,140

2 Japan 42 34,563

3 UK 40 20,598

4 China 24 20,279

5 Canada 23 16,965

6 France 17 17,849

7 Singapore 13 4,990

8 Germany 12 11,429

9 Sweden 12 4,413

10 Switzerland 10 24,551

11 Hong Kong 8 3,004

12 Netherlands 8 2,258

13 Brazil 6 7,442

14 Denmark 6 2,476

15 Russia 5 4,805

16 Australia 5 4,752

17 Taiwan 5 2,238

18 Norway 5 1,663

19 Luxembourg 5 1,623

20 United Arab Emirates 4 4,457


Value of deals USDm

1 U.S. 65 62,663

2 UK 43 41,486

3 Canada 28 23,764

4 Germany 19 14,319

5 Brazil 16 7,477

6 Australia 15 6,691

7 Italy 14 8,536

8 China 13 5,317

9 India 13 4,296

10 France 11 7,961

11 Israel 8 3,708

12 Poland 8 2,834

13 Belgium 8 1,919

14 Norway 7 5,287

15 Hong Kong 7 4,974

16 Denmark 7 3,889

17 Japan 7 2,856


19 Mexico 6 1,895

20 Switzerland 6 1,484

5


Distressed M&A

have struggled to survive. Finding a buyer for distressed assets is often the best way to save businesses and preserve jobs and the transaction tools are becoming more sophisticated.

At times of deep downturn, newspapers sometimes launch “recession watch” columns to track, day by day, all the businesses forced to go to the wall or struggling to fend off bankruptcy. They make for bleak but powerful reading.

In the wake of the worst financial crisis for 60 years and with many Western economies still limping in and out of recession, the roll call of troubled companies has been long.

But increasingly there’s a developing culture to rescue these businesses through distressed M&A transactions, saving valuable assets and jobs. And the tools available to carry out deals are becoming more sophisticated in leading jurisdictions.

In the last four years a number of sectors have been particularly hard hit, threatening some

The UK retail sector has seen a number of big high street names – saddled with too many expensive stores and struggling to cope with plummeting consumer spending – brought back from the brink through distressed transactions or restructurings, including Blacks Leisure, Game, Peacocks, La Senza and Clinton Cards. Sometimes these

used to parcel up and spin out the better assets and businesses.

In the travel sector Thomas Cook’s debt has recently been restructured through a complex

deal in the public arena, while in the health sector Four Seasons Health Care Group, the UK’s largest independent healthcare operator, and USP Hospitales, Spain’s third largest private hospital group, have been acquired by private equity groups – in contrast to the fate of care home provider, Southern Cross, whose business was wound up.

Property remains a hot area for transactions as banks try to clear their balance sheets of bad loans, made in the boom years. Ireland established a National Asset Management

EUR74bn of bad property loans from its struggling banks, many connected with hotels and properties in the UK. NAMA has ten years to try to achieve good returns from these assets for the state.

Private equity funds are both big buyers and big sellers of distressed assets, as houses that bought at the top of the market now try to rationalise their portfolios through secondary sales.

Different tools are available in different jurisdictions to carry out transactions and companies will often shop for the best forum for a restructuring of debt, based either on their Centre of Main Interest (COMI) or seeking to establish jurisdiction before the English courts based on the governing law of their financing arrangements. Creditor schemes of arrangements and company voluntary arrangements – allowing companies

to bind dissenting creditors into a deal – are also becoming more common, often acting as an incentive to creditors for a deal to be done on a consensual basis.

La Seda de Barcelona, the Spanish packaging group, is just one of a number of Spanish and German companies that have come to London to implement debt restructuring under English law. Recognising this trend, Germany has recently amended its own insolvency laws to allow a “cram down” of creditors resisting a restructuring plan.

Buyers of distressed assets are also increasingly acquiring debt positions in distressed corporates as a way to exert greater control over the outcome of a restructuring and to secure the assets they want, as American Greetings have recently demonstrated over Clinton Cards. The success of these “loan to own” strategies is dependent on being able to control a sufficient amount of the debt and having access to effective cram down procedures to be able to execute that strategy.

With debt funds now proliferating to buy distressed assets from banks and banks becoming more willing to sell debt at distressed prices, we expect this part of the M&A market to remain busy in the next 24 months with retail, real estate and construction remaining at the fore.

Investors seem already to have decided that Europe, the Middle East and Africa are more likely to provide opportunities to snap up

From the ashes



assets at attractive prices than the U.S., partly because U.S. banks moved faster to rid themselves of bad debts after the crash and the continued pressure on European banks to manage their balance sheets.

But what are the implications for business owners? Owners now should recognise that,

with increased debt trading, lenient “extend and amend” relations that have become common during the downturn between banks and the companies they lend to are under threat from the arrival of more aggressive funds eager to acquire distressed debt from banks who might otherwise be more supportive of their borrower.

With funds likely to take a more aggressive stance in looking to fix, once and for all, the

fundamentally good companies by restructuring the financial and capital structures of those companies via

will be at play.

“Owners now should recognise that with increased debt trading, lenient ‘extend and amend’ relations that have become common during the downturn between banks and the companies they lend to are under threat from the arrival of more aggressive funds.”


11

– including a major privatisation programme – are now driving M&A transactions at an accelerating pace.

At a time when so many of the world’s M&A

Europe, it’s surprising that one European economy is bucking the trend in such spectacular fashion.

before the Lehman collapse in 2008 sent the rest of the world into a devastating downward spiral.

In 2001, backed by the IMF, the country

reforms that have left its banking sector strong, resilient and free of exposure to bad corporate and sovereign debts.

So Turkey was able to come through the banking and the ongoing Eurozone crises relatively unscathed. While much of the rest of

recession, it began a spurt of extraordinary growth that has continued ever since.

Growth potential

over the last nine years. In 2010 it reached

economy but also the 18th largest economy

Although expectations are that growth will

is still robust compared to most other economies and represents, by anybody’s standards, a very comfortable soft landing.

The slowdown is also expected to be

It is also expected to be lifted to investment grade in the short to medium term, opening the market to a much larger pool of investors.

The process of reform that began this growth story is continuing. Turkey is in the middle of an extensive privatisation programme covering power projects, infrastructure projects, such as motorways, bridges and tunnels and even the national lottery.

This year the government introduced a new Turkish Commercial Code which is expected to change the dynamics of M&A in Turkey – the Commercial Code is due to come into

the IPO market have been less successful, however, and equity capital market deals remain sporadic.

One other area of concern remains a

access to credit within Turkey is propelling a consumer boom and fuelling demand for imported goods. In the current climate, Turkey is unlikely to be able to correct that imbalance, not least because its most important export market remains Europe, where demand has shrunk radically.

Deals grow strongly

So how has Turkey’s M&A market fared in recent years?

to just nine, worth an aggregate USD2.2bn. But the market has since recovered strongly. In 2010 there were 21 deals valued at just over USD20bn in total and that growth is ongoing.

Take big inbound deals, for example. There

value of USD5.5bn.

the acquisition of Dexia’s Turkish banking business, DenizBank, by Russia’s Sberbank for

services remains a key area for deals.

TurkeyCrisis? What crisis?



Healthcare too is a growing area of interest. Turkey is growing its capacity in this sector rapidly with many new build projects planned, many of them likely to be done as

procurement process has been put in place to support this expansion.

That explains why healthcare remains a key area for deals, as we saw with the recent acquisition of part of Acibadem by Integrated Healthcare Holdings and Khazanah Nasional Berhad.

emanated from Europe – particularly the UK, the Netherlands, France and Germany. But U.S. investors have taken a good share too, closely followed by Russia.

Gulf investment is growing fast and Korean companies are very active in the market, particularly in big construction projects. One

attracted four competing consortia, each one involving a Korean company. Otherwise, Asian investors remain relatively scarce.

Ambitious privatisation plans

The scale of Turkey’s privatisation project is of necessity ambitious, not least in the energy sector. A dire shortage of electricity generating capacity means the country has no safety margin at times of peak demand, resulting in frequent blackouts or brownouts.

A projected 84 gigawatts of new installed capacity is needed to support the country’s growing economy. Hydroelectric power will play an important role and there is likely to be some investment in nuclear. But the vast majority of demand will be met by coal and natural gas, one reason why Gulf investment

likely to grow sharply.

Other key privatisation schemes include a third bridge over the Bosphorus and a new tunnel beneath it, plus plans to bring in investors to build, upgrade and manage major highways. The programme should continue to drive an increase in M&A activity over the next 12 months, with an estimated USD50bn

2015. An abundance of attractive targets will also continue to support deal activity.

One outstanding question is whether we will see private equity play a bigger role in the market. PE investment peaked at USD2.8bn

2011 – although we have seen some major divestments by PE houses, including TPG’s sale of Mey Içki, the drinks business, to Diageo for USD2.1bn in 2011.

Concerns about taxation are thought to be acting as a major deterrent for PE investors.

“Turkey’s economy is growing at a healthy rate, spurred on

programme, and the need for huge investment in infrastructure and energy. We’re convinced this will lead to a big increase in M&A activity in the next few years.”Charles Lindsay, Managing Partner, Istanbul

Charles LindsayPartner Istanbul


(USD100m+) for Turkey from 1 January 2007 to 15 June 2012.

Top outbound M&A


Value of deals USDm

1 Russia 2 2,443

2 Netherlands 2 800

3 Iraq 2 234

4 USA 1 850

5 Belarus 1 500 6 South Africa 1 324 7 Hungary 1 270 8 Azerbaijan 1 180 9 Albania 1 161

Total 12 5,762

Top inbound M&A


Value of deals USDm

1 United Kingdom 9 10,229


3 USA 6 1,458

4 Germany 6 1,356

5 France 5 2,417

6 Russia 4 4,905

7 Czech Republic 3 1,312

8 Italy 3 641

9 Kuwait 3 622

Total 47 27,018

Turkey




Take private


Other private M&A

Merger

Divestment

20112010200920082007

77

.42

%6

5.2

2%

77

.78

%8

0.9

5%

48

.15

%

3.7

0%

26.09%

37.0

4%

9.52%

11.11%19.35%

11.11% 9.52%11.11%

3.2

3%

4.3

5%4.35%

20112012

2010200920082007

86

.67

%6

1.5

4%

10

0.0

0%

10

0.0

0%

47

.06

%3

3.3

3%

55.56%

47.06%

30.77%

13.3

3%

7.6

9%

5.8

8%

11.1

1%

FULL YEAR DEALS 2007-2011 HALF YEAR DEALS 2007-2012

FULL YEAR DEAL TOTALS

2007: 31

2008: 23

2009: 9

2010: 21

2011: 27

HALF YEAR DEAL TOTALS

2007: 15

2008: 13

2009: 3

2010: 7

2011: 17

2012: 9


15

DEAL VOLUME AND VALUES FOR TURKEY BY SECTOR – 1 JANUARY 2007-15 JUNE 2012

0 3000 6000 9000 12000 15000 18000 21000

Financial services

Energy

Consumer

Utilities (other)

Industrials & chemicals

Pharma, medical & biotech

Construction

Telecoms, media and technology

Business services

Leisure

Transportation

Real estate

Mining

Infrastructure

24

17

13

12

12

11

7

6

5

4

3

3

2

1

21,000

Deal values in USDm

Total no of deals: 120

3,000 6,000 9,000 12,000 15,000 18,0000

Number of deals




0

10

20

30

40

50

2005

OVERALL DEAL VOLUME AND VALUES FOR TURKEY – 2005 TO DATE*

2006 2007 2008 2009 2010 2011 2012

* including deals under USD100m

50

40

30

20

10

De

al vo

lum

e

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Total no of deals: 763

De

al va

lue

US

Dm

442

344

408

404

990


17

U.S.

The underlying macroeconomic fundamentals for M&A remain supportive, but deal volume remains weak.

distractions, we believe that the U.S. M&A market will eventually respond to the stimulus of low interest rates

Dealmaking conditions remained strong through the second quarter of 2012, with

sheets and historically low interest rates cultivating a healthy environment for

regulatory uncertainty still spooks investors and companies and inhibits U.S. deal activity,

pending financial regulation overhauls such as

financial institutions and escalating fallout from the ongoing Eurozone crisis. The well publicised ratings downgrade of 15 global banks isn’t helping either.

Despite this uncertainty and the sustained sluggishness of the overall deal market, there are signs of life, with hostile bids becoming more common and opportunistic U.S. companies beginning to bargain shop in Europe. In addition, certain sectors have continued to build on a fast start to the year, with the energy, life sciences and tech sectors proving resilient.

Unconventional oil and natural gas transactions continue to be prevalent on the U.S. M&A scene despite relatively low gas prices in the U.S. Notable announced transactions include KKR’s acquisition of

shale properties from WPX Energy for

In addition, for around USD1bn, Penn Virginia Resource Partners agreed to acquire Chief Gathering, Concho Resources agreed to acquire Three Rivers Operating Company and Linn Energy agreed to acquire certain

The life sciences arena also remained active with several significant domestic, inbound and outbound deals. On one exciting Monday in April, Nestlé agreed to purchase the infant

purchase Ardea Biosciences for USD1.26bn

Reuters agreed to sell its healthcare business to an affiliate of Veritas Capital for USD1.25bn in cash.

Finally, the tech sector, while nonetheless being somewhat overhyped, has maintained a notable presence. Cloud computing and patents are still in vogue, but only produced a few notable deals this quarter, namely SAP’s acquisition of Ariba for USD4.5bn, Splunk’s IPO and Microsoft’s patent portfolio purchase from AOL. In addition, while social media IPOs have failed to live up to

expectations (evidenced by the falling stock prices of Facebook, LinkedIn and Groupon), social media companies remained attractive targets, with Microsoft, Facebook, Oracle, Salesforce.com and Google all bolstering their social media capability through acquisitions.

Despite the glimmers of hope discussed above, the current M&A markets in the U.S. have failed to reach their potential.

are resulting in jerky market turns and the U.S. financial regulatory landscape is in flux and will remain so at least until the November presidential election. Companies also seem to be proceeding cautiously. We are optimistic, however, that the U.S. M&A market will not

macroeconomic conditions indefinitely.

Failure to launch ( for now)



The diagram above represents the breakdown of the total number of deals in H1 from 2007 to 2012.

H1 DEAL TOTALS

2007: 586

2008: 397

2009: 170

2010: 332

2011: 415

2012: 329

Take private


Other private M&A


Merger

Joint venture

Divestment

Demerger

1.02%

0.59%

0.59%

0.24%

0.50%

0.25%

0.34%

27.9

6%

2.7

7%

45.2

9%

27.4

1%

29.6

4%

0.6

0%

1.4

5%

29.7

9%

3.6

5%

1.1

8%

3.0

1%

5.3

0%

2.7

7%

24.12%

1.18%23.49%

18.31%

0.61%

16.72%

1.7

6%

25.2

9%

43.98%

43.83%

1.45%

43.61%

48.63%

0.61%

0.60%0.90%

0.68%

28.1

6%

7.17%

21.91%

24.74% 37.71%

20112012

2010

2009

2008

2007

0.17%


Latin America

Largely sheltered from current global economic problems, Latin America continues to thrive. But international investors are growing concerned about some key markets.

Latin America’s relative lack of integration into the global economy was once its biggest weakness. These days it has become a major advantage.

Deal activity remains very strong in the region and at many levels. International investors continue to see this as an important growth market. But companies within the region are also taking advantage of powerful economic tailwinds to speed their acquisition of businesses at home, across the region and, increasingly in key foreign markets, notably Europe.

The Mexican billionaire, Carlos Slim, is perhaps not typical. But he demonstrates the sense of confidence that is growing in businesses across Latin America as they look for well priced assets in Europe.

Having apparently exhausted opportunities to expand his América Móvil cell phone business in his home continent, he is pursuing an ambitious expansion strategy in Europe, taking his stake in the Dutch operator, KPN,

sized interest in Telekom Austria.

In return we are seeing some key European businesses reduce their exposure in Latin America as they try to focus on their more troubled interests back home. The financial services sector is the main, but not the only, focus for this activity. Santander, for instance, is proposing to sell much of its stake in its

profitable Banco Santander, Brazil’s fifth biggest bank, to Banco do Brasil.

Investors in three key countries – Argentina, Venezuela and Bolivia – are constantly rethinking their strategies for entirely different reasons;; the threat that assets will be effectively expropriated through nationalisation.

The dispute between Argentina and Spain over the sudden nationalisation of Repsol’s

taken under state control – has particularly provoked fears. But it’s not all about nationalisation. Investors also fear they will not be able to repatriate dollars from these important subsidiaries, forcing them to rethink their business models.

Although investors, free of the immediate threat of nationalisation, are prepared

Venezuela, they are decidedly less sanguine about Argentina and we expect to see more investors sell up. By contrast these countries are becoming increasingly interesting to both Chinese and Russian investors.

In key sectors, including insurance and retail, inbound investors are increasingly looking at Latin America as a whole, with opportunities to consolidate across borders. Brazil however – thanks to language differences, the relative strength of its economy and a fairly unique regulatory environment – tends to be seen as a distinct market.

Despite localised political risk, we expect the market to continue growing throughout the rest of the year. Key sectors across the region remain energy and natural resources, telecoms, financial services and retail, with a strong additional focus on life sciences and technology in Brazil.

Most deals are not going to require major international bank financing, so are not likely to be troubled by the shrinking availability of credit elsewhere in the world.

Regional and local banks are in very good health and are looking to lend as we’ve seen at first hand in a number of deals between Peruvian companies in recent months. Chile, Colombia and Mexico remain liquid and buoyant too. Here relatively stable economic, political and regulatory environments – together with access to good finance – continue to make these markets very attractive to investors.

Regional opportunities, localised risk




H1 DEAL TOTALS

2007: 67

2008: 64

2009: 43

2010: 66

2011: 76

2012: 57

20112012

2010

2009

2008

2007

5.2

6%

3.5

1%

45.6

1%

39.4

7%

39.3

9%

44.1

9%

40.6

3%

35.8

2%

23.26%

19.70%

1.5

2%

14.47%

17.19%

10.45%

Take private


Other private M&A

Merger

Joint venture

Divestment

Demerger

53.73%

1.56%

40.6

3%

1.52%37.88%43.42%

32.5

6%

1.32%1.32%

45.6

1%


21

Western Europe

The theory that a few big transactions might be enough

this quarter, and, so far, found to be wanting.

Activity in Western Europe remains at a relatively low level, but it is not the same mood we saw immediately after the Lehmans crash when players were frozen with fear and didn’t dare make a move. The market is more

not dead;; just rumbling along.

Companies have strong balance sheets and, often, plenty of cash to do deals. There’s no scarcity of good assets to buy. But it seems that little can shake them out of a state of persistent underconfidence. Worried about how the Eurozone crisis might impact bank lending, companies are happier to hoard cash than spend.

Strategic deals still get done in the region, even though it is at the epicentre of the Eurozone crisis. BP for instance has said it wants to sell its stake in the Russian oil and

for control of Cove Energy, with both focused on East African offshore gas interests.

In Germany, E.ON sold its gas transmission business, Open Grid Europe, to a consortium

acquired U.S. cloud computing firm, Ariba,

Real estate continues to be a lively sector in Germany, with several sizeable portfolio deals going through in Q2, including Deutsche Wohnen’s EUR1.2bn acquisition of a large

Barclays portfolio, and Cerberus and Corpus Sireo buying some 22,000 units from Speymill

The same continuation of Q1 trends was seen in the Netherlands, where cable operator

(capitalised at EUR4.2bn) and shares in DE Master Blenders, the makers of Douwe Egberts coffee, have now begun trading on the exchange after the company was spun off by Sara Lee. We also saw foreign investors close in on public M&A deals, including América Móvil building its interest in KPN and the EUR5.2bn public offer for TNT by UPS.

In more robust times, such bids might be enough to act as icebreakers, inspiring others to follow suit – particularly in Europe’s stronger markets such as the Netherlands, France, the UK and Germany. Currently there’s no sign of that happening.

Private equity continues to be steadily busy in the UK, the Netherlands and even Spain, but the majority of deals tend to be about managing portfolios with a strong accent on secondary transactions.

The second round of elections in Greece left investors wary, although the victory of

Spain’s hasty negotiation of a EUR100bn bailout for its banks has once again unsettled markets and the call by Cyprus for an EU rescue has reawakened fears of contagion.

The effects of that are felt most acutely in countries most threatened by the crisis. Spain and Italy’s M&A markets remain in a

mostly on privatisations that governments may use to reduce their deficits.

energy and real estate. U.S. funds are said to be interested. There’s growing interest too in undervalued listed companies and Russian investors are circling the financial services sector. Spain’s privatisation programme is on hold but sales of state assets, including airports, may be revived.

Bankia – with the government taking stakes in it and parent company Banco Financiero y de Ahorros – underlines the crucial role banks are now playing in the M&A market.

Spanish banks and corporates want to

their margins, creating a range of M&A opportunities. Well capitalised acquirers may be a main buying force in 2012 and inbound investment interest from emerging countries and sovereign wealth funds is growing.

But as Europe heads into its traditionally quiet summer period, some investors may be happy to see the holidays arrive. Barring a meltdown in the Eurozone, the M&A market is likely to continue travelling in the same direction – sideways.

Some big deals, but no ice broken




H1 DEAL TOTALS

2007: 565

2008: 454

2009: 182

2010: 280

2011: 386

2012: 237

20112012

2010

2009

2008

2007Take private


Other private M&A


Merger

Joint venture

Divestment

Demerger

1.5

5%

37.9

7%

47.8

0%

37.4

4%

38.0

5%

37.88%

19.12%

16.08%

14.29%

15.28%

1.2

7%

1.3

0%

2.1

4%

1.9

8%

3.1

9%

16.46%

2.11%

19.78%

42.95%

29.1

2%

41.4

3%

41.71%

41.35%

1.43%

1.1

0%

0.78%

1.4

3%

38.2

1%

38.6

0%

0.42%

1.10%

0.44%

0.53%

0.18%

0.66%

0.71%

0.52%

0.42%

0.88%

0.55%

0.36%

0.26%

0.44%

0.55%

0.18%


CEE and CIS

With the exception of Poland, which remains active, many markets in the region may be in for something of a lull. Internal politics and external economics will probably decide how long that lasts.

Activity across Central and Eastern Europe and Russia and the CIS continues to divide geographically. While key markets continue to thrive, notably Poland and to some extent the Czech Republic, Russia awaits some key political decisions, and many parts of Southern and Eastern Europe have (after an extremely busy second quarter) again recently shown signs of falling victim to general Eurojitters.

Investor sentiment can often be disproportionately hit by big political events – even when the betting looks pretty safe.

in very much doubt, but ahead of the poll investors held fire.

In the CIS, after a relatively quiet Q1, we saw a slight uplift in activity in the second three months, but many of the deals completed were initiated in 2011, before the electoral distractions took hold. Headline deals included Rosneft and Itera’s formation of a gas exploration joint venture, a deal which should be completed in the second half of this year. AFK Sistema and InterRAO have also announced the reorganisation of Bashkirenergo (a major Russian producer of electricity and heat operating in Bashkortostan) under the terms of which InterRAO will control the power generation assets of Bashkirenergo and AFK Sistema will control the power grid assets of Bashkirenergo.

The election result has now bought a sense of stability to the business sector in Russia. But three big factors will decide how quickly transactions pick up – the Eurozone crisis;; a privatisation programme expected to involve some big names, such as Sberbank, Rosneft, ALROSA, VTB, Aeroflot, RusHydro,

Russian Railways and some others;; and how far controls over key strategic sectors, such as energy, power, infrastructure and financial services, are relaxed. The last of these could have a big bearing on whether Asian investors take their interest in the CIS to the next level.

Outbound investors are also active and likely

companies have made it clear they want to invest overseas, particularly in downstream assets. Europe remains the top target market, but others are being explored. Gunvor, the Russian oil trader, bought two refineries in Germany and Belgium from Petroplus in the first half of the year.

The Polish market remains relatively active although perhaps not as active as last year. We saw quite a lot of activity in the financial services sector with KBC agreeing the terms of its exit from Kredyt Bank in favour of Santander and the Dutch Rabobank

owned by it.

Another sector which attracts quite a lot of activity is telecoms, media and technology with the main transaction being TVN agreeing to sell Onet.pl, the leading Polish internet portal, to Ringer Axel Springer. We have also seen an increase in public M&A activity with two listed chemical companies, Azoty Tarnów and Pulawy, attracting unsolicited bids from the Russian group Acron and Polish company Synthos, respectively.

After a busy few months, investors in much of the rest of the CEE region now look set to stand on the sidelines for a couple of months,

much as they did last autumn. The Eurozone crisis is again affecting sentiment. Last year these Eurojitters lasted until investors felt that they could not realistically sit on the sidelines any longer, and (some) sellers became desperate for cash.

The standout deal in Q2 was CVC’s sale of StarBev – a significant group of breweries in the C&SEE region (including the Czech “Staropramen” brewery) with operations in nine countries across the region – to U.S./Canadian company Molson Coors for EUR2.7bn. The auction attracted bidders from across Europe, North America and Asia.

At the smaller end of the market, there’s a growing tendency for deals to be held up as sellers hold out (often in vain) for relatively small improvements in price. This “nickel and diming” is a particular trend in sales of distressed assets. Poorly managed sale processes also often delay deal timetables.

We’re expecting to see one specific area that

across the Balkans, notably Bulgaria and

and put assets up for sale. Slovakia remains very slow following a change of government, but perhaps when the government is back on track some processes and projects may revive.

Chinese investors remain very interested in the region, especially where they can acquire technology and distribution. In some cases, a combination of perceived regional and local risk continues to stay some investors’ hands. Investors more used to operating in the region are less likely to be fazed by some of these uncertainties.

Time in the sidelines




H1 DEAL TOTALS

2007: 210

2008: 206

2009: 76

2010: 102

2011: 130

2012: 72

20112012

2010

2009

2008

2007Take private

Other private M&A


Merger

Joint venture

Divestment

Demerger

23.6

1%

23.8

5%

26.4

7%

19.7

4%

22.3

3%

22.8

6%

50.0

0%

50.0

0%

50.0

0%

50.0

0%

50.0

0%

50.0

0%

21.84%

1.43%

22.38%

23.63%

18.46%

14.71%

1.39%

15.28%

1.39%8.33%

7.69%8.82%

6.5

8%

5.3

4%

3.3

3%

0.49%


25

Middle East and North Africa

that investors are planning to do deals in the near future which should boost activity.

Deal activity in Q2 in the MENA region has largely been consistent with Q1. There have been some notable deals but we have not yet seen a significant increase in the volume of transactions. As the region heads towards Ramadan and the generally quieter summer period, there is however a flurry of activity as parties try to get deals done. In addition, market participants have pointed to a stronger pipeline of transactions compared to this time last year.

The region has seen a marked decrease in investment banking fees on M&A deals this

since the Arab Spring. Q1 however saw the takeover offer by Mannai Corporation of Damas, a rare example of a public bid in the region, which was followed in Q2 by the

Aldar Properties and Sorouh Real Estate Co., Abu Dhabi’s two biggest developers. Apart from these big standout deals, the market continues to be dominated by small and

Saudi Arabia and Turkey continue to attract greatest attention from investors, sponsors and corporates alike, thanks to their strong economic fundamentals. The Saudi market offers attractive opportunities, particularly in

challenges for regional and international investors in structuring deals. Turkey remains a focus for investment from the region,

although assets in Turkey are generally regarded as expensive.

The region continues to attract investment

Following News Corporation’s acquisition of a minority stake in MOBY, a media company headquartered in Dubai and active in Afghanistan, this quarter has seen Thomson

service based in Dubai.

Frontier markets such as Iraq increasingly attract interest and private equity houses are considering raising funds specifically to target deals in these markets. Following News Corporation’s acquisition in Afghanistan,

telecommunications company, during Q2.

There are also signs of deals in Egypt beginning to come to market, particularly in the construction and building materials sector. These include Orascom Construction

construction business from its fertiliser business. Also, EFG Hermes has entered into a joint venture with QInvest, the Qatari investor, to establish a regional investment bank.

The EFG Hermes deal was one of a number of deals in the financial services sector which saw increased activity this quarter.Transactions included the offer by National

Bank of Kuwait to acquire Boubyan Bank,

acquisition by Saham Finances, the

We have also seen Oman International Bank

Although the private equity market in MENA is smaller than in more established markets, PE houses in the region are seeing a strong pipeline of deals. Q2 Deals included Abraaj’s acquisition of a stake in Kuwait Energy

exploration and production company.

A major challenge for PE houses in the region has been the need to demonstrate a successful track record of deals – from initial investment through to exit – so that they can go back to investors and raise new funds. Constraints on deals include foreign investment restrictions and illiquid capital markets.

However we are seeing the more successful PE houses ramp up their efforts to raise new funds from investors across the region, including sovereign wealth funds and family offices.

Deal pipeline improving




H1 DEAL TOTALS

2007: 34

2008: 31

2009: 15

2010: 14

2011: 20

2012: 18

20112012

2010

2009

2008

2007Take private


Other private M&A


Merger

Joint venture

Divestment

Demerger

44.4

4%

5.0

0%

40.0

0%

53.33%

5.0

0%

11.1

1%

54.84%

32.3

5%

33.3

3%

25.00%

28.57%

20.00%

14.71%

3.23%

9.68%

11.11%

5.0

0%

50.0

0%

26.6

7%

32.2

6%

52.9

4%

21.4

3%

20.0

0%


27

India

remain intact and M&A activity is holding up in the face of a raft of important changes in regulation.

While the target location for M&A activity may be evolving, for many businesses M&A remains the simplest and most effective way to gain a footprint and build scale in new geographies. Although rating agencies lowered their overall outlook on India as an investment destination, dealmaking continued apace.Mining activity dominated the M&A landscape. The restructuring of Sterlite Industries, one of the largest natural resource companies, remained the single biggest transaction this year, valued at USD12.8bn.

NMDC Limited is planning to acquire overseas mines in Russia, Australia, Brazil and Mozambique involving an initial investment of USD500m.The government has set up a sovereign wealth

units to acquire oil and mineral assets abroad, as part of its larger goal for achieving energy security. India’s dependence on imported oil is driving outbound investment in key markets including Africa, Australia, Canada and the U.S. Both ONGC and Oil India are looking to buy sizeable stakes in ConocoPhillips’ Canadian oil sands holdings with Oil India also targeting Chesapeake Energy’s Mississippi lime basin.

The life sciences sector was also hectic in H1. Outbound deals included Piramal Healthcare’s

building a global presence, and Fortis Healthcare’s purchase of Radlink Asia of Singapore.

The Indian life sciences market is expected to be worth USD74bn by 2020 compared to USD11bn now. Indian life sciences groups are gaining global leadership and Indian generics

today constitute nearly a fifth of global supplies. Six producers – Aurobindo, Dr Reddy’s, Glenmark, Lupin, Torrent and Wockhardt – have been cleared to enter the U.S. generic market for Levaquin (levofloxacin), an antibiotic approved for treating bacterial infections. Although there were few inbound deals, GlaxoSmithKline is in talks to acquire

other significant deals are being held up thanks to delayed decisions from the Foreign Investment Promotion Board, a move to restrict foreign direct investment, subsequently quashed, and a new proposal, the timing of which is uncertain, for the Competition Commission to scrutinise all inbound M&A in the sector. Major inbound financial services deals included

in Max New York Life Insurance for

assets for USD1.8bn. HCL Group is now

DLF Pramerica Life Insurance Company. Significant deals in the hospitality, travel and leisure sector included Sahara India’s USD570m acquisition of New York’s Plaza Hotel and Canada’s Fairfax Financial’s

Indian operations for USD150m.

markets and the government is sticking to plans to open up the market to foreign

brands will be allowed although there is some

supermarket brands remains intense. But a

good sign of improving investor confidence came when IKEA announced plans to invest EUR1.5bn in India in two phases.Activity in telecoms has however been hit hard by a controversial change in the Indian tax

transactions retrospectively – this could land Vodafone with a huge tax demand over its purchase of Hutchison’s Indian mobile operations – and the revocation of 122 licences which the Supreme Court has ruled were rigged and underpriced. This is bad news for Telenor, Sistema, Etisalat and Batelco, the last two of which have called it a day in India. But a new auction process should trigger consolidation and deal activity.In the IT sector, India’s Genpact is poised to

players Apax Partners and Bain Capital. Earlier

Satyam merger was finalised, creating an entity with combined revenues of USD2.4bn.

India’s M&A market is becoming much more sophisticated, with significant changes in the regulatory environment across key areas including competition policy, taxation, corporate governance and stock market and takeover rules.

The sheer level of change, coupled with current economic uncertainties, is bound to slow M&A activity. But we still expect

sciences in the next 12 months, with retail, manufacturing and financial services also prominent. The fundamentals are robust and, with Western economies remaining weak, it’s a good time for Indian corporates to strengthen their position both at home and abroad.

Huge regulatory change on the way




H1 DEAL TOTALS

2007: 48

2008: 68

2009: 40

2010: 58

2011: 64

2012: 44

2011

2012

2010

2009

2008

2007


Other private M&A


Merger

Joint venture

Divestment

Demerger

15.9

1%

18.7

5%

1.7

2%

20.6

9%

10.0

0%

16.1

8%

4.1

7%

8.3

3%

50.0

0%

50.0

0%

50.0

0%

50.0

0%

50.0

0%

50.0

0%

2.08%

20.83%

17.65%1.47%

25.0

0%

15.52%

10.94%

9.09%

12.07%

2.50%

12.50%

14.71%

14.58%

20.31%

25.00%


China’s increasingly sophisticated M&A market is as vulnerable to global economic swings as any other. Add in political stalemate at home, and it’s a recipe for investor caution that belies strong fundamentals.

Current economic conditions should, in many ways, favour Chinese companies looking to make outbound investments. The currency is strong and assets in certain key markets – notably Europe – are in reasonable supply, at increasingly attractive prices.

But three main issues continue to hold back

global effects of the Eurozone crisis;; a slowdown in domestic growth after years of rapid expansion;; and continuing political uncertainty caused by changes in the Communist Party leadership.

With so much uncertainty hanging over the global economy, and with the shape of China’s new political leadership unlikely to become clear before late autumn, investors remain, understandably, cautious in judging when to put their heads above the parapet.

As in Q1, the number of transactions was again significantly down on the same period last year. Measured by value, the numbers look slightly better, thanks to some hefty transactions.

The largest of these was Alibaba’s agreement

stake for USD7.1bn, a move which, many believe, is a precursor to an IPO for China’s biggest internet company. Telefónica also

Unicom to its parent company, China United Network, for USD1.4bn.

But perhaps the most significant statement of confidence in China came from Singapore’s

which is continuing to buy into some of China’s biggest financial institutions. In April, it bought USD2.4bn of shares in ICBC from Goldman Sachs, adding to stakes it already holds in China Construction Bank and Bank of China.

Chinese investors continue to search for deals, but their targets are relatively narrowly focused.

Energy and natural resources remain a priority, although investors, concerned about price volatility, are now viewing deals with a more critical eye. That provides an interesting context for the Hong Kong Stock Exchange’s GBP1.4bn bid for the London Metal Exchange (LME) in June – a clear diversification play.

Global brands continue to appeal to Chinese investors, as we saw in Bright Food’s

deal valuing the UK company at GBP1.2bn.

to businesses offering access to technology, intellectual property and distribution so that they can compete more effectively at home and abroad. Although valuing such assets remains hard in the current climate, deals are being done and Germany’s SME sector –

that appear less wary of Chinese investment these days – is proving fertile ground.

The West’s financial services sector remains

however. Some painful lessons have been learned in the past and we are unlikely to see China piling into Western banks in large numbers in the current climate.

But there was one small but very significant

U.S. Fed approved the ICBC acquisition of

marking the first time a PRC bank has been allowed to take control of a U.S. bank.

China itself remains a key market for multinational companies across all sectors, and joint venturing remains the optimum route in. But inbound investors are also having to structure deals in a more sophisticated way.

The days when Chinese companies primarily needed access to Western funding are long gone. Joint venture deals are now much more likely to include agreements to share technology or distribution as the price for access to this important market.

This holds particularly true in the chemicals sector. Chinese companies know that they occupy the world’s major growth market. They are prepared to share a bit of it in return for intellectual property and opportunities to expand internationally.

A tricky question of timing




H1 DEAL TOTALS

2007: 108

2008: 95

2009: 80

2010: 90

2011: 121

2012: 71

20112012

2010

2009

2008

2007Take private


Other private M&A


Merger

Joint venture

Divestment

Demerger

43.6

6%

41.3

2%

38.8

9%

1.2

5%

52.5

0%

46.3

2%

37.0

4%

35.19%

26.3

2%

21.2

5%

34.44%

25.00%

20.66%

25.35%25.26%

23.15%

3.7

0%

3.3

1%

32.2

3%

26.67%

0.83%

1.65%

1.4

1%

29.5

8%

2.1

1%

0.93%


Despite some lively activity from Japan and the buoyant

Worries that the Eurozone crisis might yet spark a new global slowdown continue to beset investors in the Asia Pacific region, with periodic concerns about China’s economy acting as a second handbrake on M&A activity.

Deal activity remained subdued in the second quarter even compared to an already sluggish Q1. The backdrop of falling global equity markets certainly did not help overall sentiment. That looks to be a possible pattern for the rest of the year, even though corporate balance sheets remain strong and the wider Asia Pacific economy is in relatively good shape.

But it was not all doom and gloom in Q2, with some significant activity from Japan’s big trading houses and some big deals in key ASEAN economies including Malaysia, Singapore and Indonesia.

The strength of the yen and a stagnant domestic economy continue to encourage Japanese investors to look overseas for opportunities, exemplified by Marubeni’s

commodities group.

Following Japan’s decision to abandon nuclear power, energy remains another key investment area, particularly shale and liquefied natural gas (LNG). Mitsubishi has joined forces with Mitsui to invest USD2bn in the Browse LNG project in Australia, and NYK and TEPCO have also invested in the Wheatstone scheme there. But with U.S. gas trading at a sixth of Australian prices, focus has shifted to North American reserves and liquefaction and export facilities.

Europe continues to be a nervy destination for Japanese investors, although we’ve

where investors are looking to gain access to technology and distribution. India by contrast has increasingly become a key target market and Japan is also expected to be in the vanguard of investors looking to make inroads in Myanmar as its economy opens up.

Myanmar is another country which is generating a significant amount of interest for international companies as it opens up to the world. While the EU has suspended and Australia has repealed sanctions, the U.S. has not yet moved on this despite announcing that it will do so. International companies are looking keenly at the market but many are waiting before taking the plunge as they want clarity on the U.S. sanctions position and

Investment Law.

Three years ahead of the creation of a single economic community with some 600 million consumers, ASEAN is emerging as an investment region in its own right. It’s still attracting big interest from investors outside the region, but most activity in Q2 focused

Malaysia is a particularly busy market. Standout deals in the quarter included the USD2.8bn disposal of Tanjong Energy –

East, India and North Africa. The seller was Malaysian tycoon, Ananda Krishnan;; the buyer, a Malaysian government fund. KLK sold cosmetics group, Crabtree & Evelyn, to

Two big Malaysian IPOs are also pricing now – Felda, one of the world’s largest palm oil producers, and IHH Healthcare.

The former is expected to reach one of the year’s highest market caps, second only to that of Facebook. Malaysian Investors also beat Chelsea Football Club in the race to buy the iconic Battersea Power Station in London, and rumours have surfaced that Charoen Pokphand Foods is about to buy Birds Eye from the PE group, Permira, for GBP2.5bn.

The imposition of caps on mining and potentially banking investments by the Indonesian government does not appear to have deterred potential buyers in either sector.

Bank Danamon is being seen as a test case.

One significant ongoing deal will test the appetite for Asian financial assets – the sale of ING’s insurance and asset management businesses across Asia, with combined price

Energy and natural resources remains a strong sector in Australia, although activity has tempered in recent months. But media and gaming has shown real signs of new life. The main talking points are the AUD2bn News Corp bid for Consolidated Media, which would lift Rupert Murdoch’s stake in

Rinehart, the mining billionaire, has also taken

group and is seeking board representation, raising concerns about editorial independence at a time when the print media is facing major rationalisation. Shareholder activism, once the domain of certain hedge funds, is now making its way into the mainstream through proposals to make board changes in the absence of a full bid.




H1 DEAL TOTALS

2007: 219

2008: 211

2009: 129

2010: 174

2011: 196

2012: 147

Take private


Other private M&A


Merger

Joint venture

Divestment

Demerger

1.37%

0.78%

0.47%

0.91%

0.46%

0.46%

30.5

9%

40.2

3%

32.2

3%

35.6

6%

2.8

7%

32.6

5%

2.0

4%

1.0

2%

0.5

7%

2.0

4%

40.1

4%

1.5

5%

0.9

5%

3.2

0%

2.04%

25.85%

31.63%

0.51%

31.03%

1.15%

28.68%

1.55%

29.38%

1.42%

33.79% 1.90%

1.02%

0.51%

29.22%

33.65%

31.01%

0.78%

24.1

4%

30.61%

29.93%

20112012

2010

2009

2008

2007


A global snapshotTop target markets for the world’s largest acquiring countries

Volume of deals 2

UKCanadaFrance

IsraelBrazil

GermanyDenmarkAustralia

IndiaJapan

12,820 8,855 7,441 2,316 1,838 1,068 3,059 1,244 344 898

U.S.

Value of deals (USDm)

17

15

7

74

4

3

3

3

2

U.S.Italy

BrazilNorwaySwedenEthiopiaPoland

Congo, the Democratic Republic ofSpain

Germany

8,606 2,957 813 761 4,425 343 222 1,250 471 184

UK


17

3

3

32

2

2

1

1

1

Hong KongAustralia

U.S.Canada

UKBrazil

ItalyGermanyPortugal

Colombia

4,493 2,7185,520 1,817 1,944 942 663 661 513 438


5

4

3

32

1

1

1

1

1

U.S.Switzerland

IndiaCanada

UKItaly

Ireland (Republic)South Korea

FinlandBelgium

14,462 1,262 1,214 3,952 2,112 685 7,300 685 619 596


1

14

4

4

33

2

1

1

1

KEY



3

2

2

111

1

1

1

U.S.ChinaIndia

BelgiumMexicoNigeria

ThailandGermany

Brazil

1,110 2,584 237 255209 167 158141 129


Canada

Panama

Brazil

Poland

Austria

Indonesia

Japan

7,347

480

279

272

132

130

116

1

1

1

1 1

1

1


U.S.UK

AustraliaNorway

GermanyMexicoAustriaRussia

PeruChina

5,228 5,918 966 3,726 298 200 183 180 150 116

CANADA


1

8

6

2

11

1

1

1

1

UKVietnamMexico

U.S.Italy

TurkeyIndia

LuxembourgCanada

Germany

10,8671,290 988 945924874 501 428 360 318

FRANCE


11

1

2

3

11

3

1

1

U.S.

UK

Italy

Poland

Canada

Brazil

Netherlands

7,091

1,272

1,128

996

401

346

195

GERMANY

4

4

1

1

1

1

1


Denmark

Taiwan

Finland

Germany

Norway

U.S.

Malta

830

580

338

2,249

180

125

111

SWEDEN

4

2

2

1

1

1

1



Energy

– We have seen an increase in public hostile bid activity. A number of corporates are sitting on significant cash piles and no doubt are looking for strategic acquisitions, which a number of target boards are perhaps seeing as “opportunistic”.

– In Asia Pacific, demand for secure energy supply continues to drive investment from Japan, including in the Browse and Wheatstone LNG projects in Australia.

– East Africa is emerging as a “new” hydrocarbon region, attracting strong interest as the prolonged contest for Cove Energy attests. Further exploration success by Tullow in Kenya adds to the growing optimism in the East African story. However, in the M&A context, buyers need to be mindful as governments look to share in M&A profits via capital gains taxes, which has been an issue in the Cove deal and the earlier Tullow acquisition from Heritage Oil in Uganda.

– There is also significant interest in the “Kwanza” basin offshore Angola, which explorers are hoping will yield similar discoveries to the Santos Basin offshore Brazil.

– It will be interesting to see whether the softening oil price sparks an increase in M&A, although price volatility is usually a dampener on deal activity.

– Downstream M&A, particularly in Europe, remains a buyer’s market, though with few buyers as evidenced by closure of the Coryton refinery. The Petroplus insolvency is a symptom of the difficult refining environment in Europe, with falling demand and increasing competition from emerging markets. Downstream M&A is likely to remain very difficult for sellers, and we could see more refinery closures.

– It will be interesting to see whether there is further consolidation of strategic

energy assets into state ownership in Russia following Mr Putin’s return to the presidency. This could lead to a number of sales and potentially new joint venture arrangements with Russian state enterprises.

could have a number of significant

both in Russia and elsewhere.

– Until there is an improvement in the macroeconomic outlook, it seems probable that the M&A market will remain depressed as the accompanying volatility and uncertainty mean that participants continue with a “wait and see” approach.

– With a softening oil price, difficult debt and equity capital markets, we could see an increase in distressed M&A, which could mean great buying opportunities for those corporates with large cash reserves.

Deceleration quickens

The continuing Eurozone crisis and the bearish macroeconomic



2.1

5%

1.0

8% 186

0.4

6%

H1 2011

H1 2010

H1 2009

H1 2008

H1 2007

0

0

55 110 220

100755025

Deal number

Deal type (proportion of 100%)

203

33.8

0%

H1 2012

165

MergerJoint ventureDivestmentDemerger Public hostile acquisitionOther private M&A Take privatePublic recommended acquisition

145

194

32.0

6%

49.7

6%

52

.31%

12.9

6%

132

0.4

6%

0.9

6%

17.4

2%

60

.61

%

0.7

6%

1.5

2%

18

.94

%

25

.81

%

53

.23

%

54

%

26

.29

%

1.5

5%

52

.41

%

31

.03

%

0.6

9%

13

.10

%

1.5

5%

55

.15

%

1.3

8%

0.6

9%

0.6

9%

0.9

6%

0.9

6%

0.5

2%

0.5

2%

209

216

17.7

4%

14

.43

%

0.7

6%

15

.31%

34% decrease in value of deals

compared to H1 2011

145 deals in H1 2012

25% decrease in volume of deals

compared to H1 2011

Total


Financial services

– Exchange consolidation is still in vogue.

mergers being thwarted at the last hurdle, Hong Kong Exchanges & Clearing Limited (HKEx) persisted in its interest in the London Metal Exchange. HKEx made a GBP1.4bn recommended cash offer

exchanges in the world and the world’s leading exchange for the trading of base metal futures and options contracts.

– Bidders are shying away from Europe and

U.S., Canada, Turkey and selected Asian jurisdictions (China, Taiwan, Japan and

activity. The biggest deal of the quarter was in Turkey, where Sberbank of Russia

biggest acquisition in the sector this year, eclipsed only by Deutsche Bank’s USD5.1bn acquisition of an additional

dropped out of the talks to buy DenizBank in November 2011, but returned to the negotiation table in May 2012.

– Western financial institutions continue to exit businesses and geographies. The sale of DenizBank is part of Dexia’s commitment to sell businesses and assets as a consequence of its second rescue plan in

in RBC Dexia Investor Services to

only other transaction in Western Europe worth over USD1bn in the quarter. That leaves just Dexia Asset Management to sell. Elsewhere, Julius Baer is reportedly in talks to acquire the international wealth management business of Bank of America Merrill Lynch, signalling wealth management as one of the attractive segments in the sector.

Financial services M&A activity is still struggling to rebound, with the market stuck in the moribund state we saw in Q4 2011

continued to seek bidders for assets and businesses, activity in the exchanges sector and in North America and Asia kept the sector from stalling.



1.4

7%

0.7

4%

3.1

6%

H1 2011

H1 2010

H1 2009

H1 2008

H1 2007

0

0

50 150 300

100755025

Deal number


34.7

8%

H1 2012

200

101

159

32.6

6%

36.6

8%

29.2

5%

29.6

4%

0.7

9%

28.1

4%

35

.48

%

36.5

6%

1.0

8%

24

.73

%

37.5

0%

54

%

30

.82

%

1.2

6%

45

.54

%

31

.68

%

0.9

9%

20

.79

%

37

.11

%

0.9

9%

1.5

8%

0.5

0%

0.5

0%

0.6

3%

2.5

2%

199

253

24

.26

%

27

.67

%

2.1

5%

1.4

7%

1.0

1%

0.4

0%

0.4

0%

0.5

0%

100 250

93

136

34

.56

%


compared to H1 2011



compared to H1 2011

Total



Infrastructure & utilities

– Continued interest in UK assets – in particular the water sector with the sale of a further Thames Water stake to Hermes and the auction of Veolia Water UK – is likely to continue with further assets changing hands over the next few months.

– Following close on the heels of the OGE auction, we expect high interest in the Czech Net4Gas asset which is about to come to market. These opportunities are influenced by varying factors including

sheet and the pressures of ownership unbundling restrictions.

– Potential investors (including the Manchester Airport Group) continue to prepare for the possible sale of Stansted Airport. The timing of any sale remains uncertain after BAA won the latest stage

of their appeal against forced disposal. We expect to see continued activity in

UK airports, the Spanish airports and Hochtief ’s airport stakes are all assets attracting interest.

– In the Americas there has been a flurry of activity in the roads sector. CPPIB acquired

toll road operator, from Atlantia, and ICA

road concession in Mexico from Grupo Omega. Deal activity looks set to continue with a host of other toll roads expected to come to market later in 2012.

– We are seeing an increasing role and power of direct investors (in particular from Asia). This is increasing the number of bidders for assets and the complexity of consortium

arrangements. Major fund raising efforts in the last 12 to 24 months has left a number of global funds with significant money to spend in a world where competition for limited available assets is increasing.

– But there is a growing number of

as a result of the refinancing wall and the need to reset capital structures. Financing and refinancing structures are becoming increasingly flexible and opportunistic as markets open and close.

A few standout deals in a quiet quarter

Some closely fought auctions – attracting fully equity and

available when good assets come to the market. Edinburgh Airport was sold to Gatwick owner, Global Infrastructure Partners, E.ON’s Open Grid Europe business was sold to Macquarie, and Veolia

Stanley Infrastructure Partners.



2.9

4%

11.7

6%34

H1 2011

H1 2010

H1 2009

H1 2008

H1 2007

0

0

10 20 40

100755025

Deal number


203

255

54%

50%

25.7

1%

H1 2012

30

9

18

35

55.5

6%

44.4

4%

51.4

3%

22.8

6%

37.5

0%

56.2

5%

6.2

5%

32

.35

%

50%

54

%

41

.94

%

12

.90

%

55

.56

%

33

.33

%

11

.11

%

2.9

4%

45

.16

%

31

16


compared to H1 2011

9 deals in H1 2012


compared to H1 2011

Total



41

Life sciences

– The Actavis acquisition is the second

demonstrating the continued vibrancy of the generics market. Actavis also gives Watson new capabilities in the

– The acquisition by Piramal Healthcare

Group is representative of a growing trend for corporate India to diversify away from the political and regulatory challenges of the domestic market and we expect to see more Indian outbound acquisitions this year.

– Piramal is also an example of another trend – M&A in the “connected health” space. We expect to see M&A activity in this area grow. Exploiting opportunities arising from the systematic accessing and sharing of data (as well as subsequent analysis of that data) is something that many of our clients in the life sciences sector tell us is a priority. At the same time, we see service providers sharpening up their offerings in this area and telecoms operators focusing

on M2M communications in the healthcare sector. We predict consolidation among the providers, as well as M&A, as some of the big players in the sector develop their own IT solutions and offerings.

– Filling the pipeline is still a clear driver

investment levels in R&D are on the rise, which is a good sign for the stability of the sector as a whole. As well as buying innovation, big pharma companies are looking at new ways to stimulate their own

year review of its “Discovery Performance Unit” approach, declared itself quietly satisfied with the outputs of these small multidisciplinary discovery teams.

– Expansion into emerging markets is another theme, with M&A targets over the last quarter located in Turkey (one), Thailand (one), India (one), China (two) and Brazil (three).

– We expect to see continuing interest in corporate restructuring and divestments in the sector, with companies assessing options just as Pfizer has done through the sale of its baby formula business to Nestlé and its plans to spin off its veterinary business. In particular, we expect R&D to be a focus of these efforts and routes to streamlining this area of the business may

or contributing assets to a joint venture.

– Finally – not a new trend but one that continues to grow – we see the increasing emphasis placed on regulatory considerations as part of due diligence in M&A. Companies in the sector place tremendous importance on legal and reputational risk. They appreciate that building trust with the patient, prescriber and payer is absolutely key and that falling foul of the regulatory environment does huge damage to this. Issues such as

among the top industry concerns.

Strong pick-up from Q1

After a lacklustre start to the year, Q2 2012 impressed

well as an increase in deal volume. Watson’s deal to acquire Actavis was the largest last quarter at USD5.6bn,



0.6

5%

16

.88

%

1.3

0%

50%

H1 2011

H1 2010

H1 2009

H1 2008

H1 2007

0

0

50 100 250

100755025

Deal number


50

%

0.4

3%

H1 2012

150

0.6

0%

5.9

5%

11.9

7%

2.9

9%

0.4

3%

20.0

9%

1.2

7%

23

.21%

16.6

7%

2.3

8%

15

.28

%

15.2

8%

1.3

9%

8.4

4%

54

%

25

.44

%

0.8

8%

10

.76

%

0.6

3%

24

.05

%

1.2

7%

22

.73

%

11

.84

%

12

.03

%

50

%

1.1

9%

14.1

0%

50

%5

0%

50%

50%

11

.84

%

154

168

234

228

72

158

200

2.7

8%

15.2

8%


compared to H1 2011



compared to H1 2011

Total



Private equity

– The level of exits is holding up, but down on the recent high points in the months up to and including Q4 2011.

– Raising debt finance continues to be an issue, with larger deals frequently being marketed on both sides of the Atlantic and a number of European borrowers opting to raise all their debt funding in the U.S. The reopening of the European high yield market in early 2012 enabled a number of issuers to raise bonds to ameliorate looming amortisation issues, but the Eurozone crisis has now shut the door on further European market issuance for the time being;; however, mezzanine finance continues to be available for the right borrower. Concerns about the “maturity wall” affecting deals done before the financial crisis, which had receded during the first

half of 2011 as a number of borrowers

requests, are beginning to surface again.

– In Western Europe, the UK continues to be the most active market;; Scandinavia continues to be home to a number of notable transactions. Germany saw two of the largest deals, including one primary

Europe buyout from E.ON. A rarity. Lack of primary buyout opportunities continues to be the story in Western Europe, where secondary buyouts continue to dominate the larger deals.

– Elsewhere, Asia Pacific new investment activity has held up, with sizeable transactions in Australia and PRC.

– Most of the traditional sectors are covered, with strong showing in healthcare and energy, but most activity in the telecoms, media and technology space. The telecoms industry is at a critical juncture. The sector carries large debt and yet it needs to invest to upgrade networks. In some countries (most recently in the UK) operators are seeking to form joint ventures to achieve various forms of network sharing. Private equity sponsors have been reported to be looking into opportunities. Their participation in joint ventures or in any consolidation is, in principle, attractive from a regulatory perspective to the extent that it does give rise to some degree of consolidation.

Private equity funds continue to play the waiting game

Overall, new investment deal volumes and value continue their slide. In volume terms, we are at a level seen at the low

more resilient, showing increased activity compared to the



0

0

100 200 300 400 600

100755025

Deal number


273

114

421

600

50.9

2%

46

.56

%59.6

5%

52.9

7%

47

.67%

15.3

8%

14

.50

%

14.4

9%

19.6

7%

33

.70

%

38

.93

%

33.3

3%

32

.54%

32.6

7%

Secondary buyoutsTotal buyouts Trade exits

7.0

2%

41

.51

%

500

265

13

.96

%

44

.53

%

H1 2011

H1 2010

H1 2009

H1 2008

H1 2007

H1 2012

393


compared to H1 2011



compared to H1 2011

Total


45

Telecoms, media and technology

– Familiar trends continue to dominate. These include cloud computing – SAP’s proposed acquisition of Ariba was the third biggest deal this quarter – and social media where we saw the USD1bn acquisition of Instagram by Facebook in April and Microsoft’s similarly priced

Yammer, in June.

– The telecoms sector, which had been relatively quiet, has been a hotbed of activity, particularly in Europe. Deals ranging from Carlos Slim (América

Tata Communications’ bid for Cable & Wireless Worldwide (a prize ultimately won by Vodafone), Hutchison’s bid for Eircom and the news that Naguib Sawiris has backed a group formed by former telco executives to buy underperforming telecoms businesses in Europe.

Lower valuations for European telcos, caused by falling revenue and fierce competition, are probably driving this activity, particularly for

– Telcos have also increasingly been using commercial agreements to deliver the sorts of economies of scale a merger may present. For example, Telefónica O2 and Vodafone announced in June that they will further share their network infrastructure, enabling both operators to deliver 4G services faster.

– Staying with opportunities for telcos, the news that Verizon will buy Hughes Telematics for USD612m is worth noting. Hughes has solutions in the healthcare and automotive spaces and the acquisition by Verizon illustrates how telcos are seeking new sources of revenue by focusing on mobility.

– On the media side, the big news is that News Corporation has announced that its board intends to recommend splitting the company in two. One unit will contain its entertainment business;; the other its newspaper and book publishing business. Meanwhile another media giant, Vivendi, is also reportedly considering either asset

split between its telecoms and media operations. In both cases the driver for change seems to be to isolate less profitable assets and maximise returns on those parts of the business which flourish, in both cases questioning the merits of integrating a large group of diverse media (and media and telecoms) assets.

Slow progress

While Q2 saw a decline in number of deals compared to the previous quarter, deal value rose from USD41.2bn to USD60.6bn. This increase compares very favourably with the decline seen across the M&A market as a whole where



0.5

0%

2.5

6%

1.2

8%

25

.64

%

156

4.5

1%

H1 2011

H1 2010

H1 2009

H1 2008

H1 2007

0

0

75 150 300

100755025

Deal number


203

255

35

.34%

H1 2012

225

143

202

266

44.5

5%

30.8

3%

28.2

0%

1.1

4%

0.7

5%

0.5

0%

0.5

0%

22

.28%

27.2

7%

40.9

1%

28.4

1%

41.0

3%

29

.49

%

54

%

48

.91

%

0.5

4%

20

.65

%

24

.48

%

51

.05

%

1.4

0%

17

.48

%

1.0

9%

21

.74

%

2.1

0%

3.5

0%

29

.70%

1.9

8%

2.2

7%

0.3

8%

0.5

4%

6.5

2%184

88


compared to H1 2011



compared to H1 2011

Total



47

84U.S.USD69,140m

42USD34,563m

40UKUSD20,598m

24ChinaUSD20,279m

23CanadaUSD16,965m

17FranceUSD17,849m

13USD4,990m

12GermanyUSD11,429m

12SwedenUSD4,413m

10Switzerland

USD24,551m

Top ten global outbound acquirers, H1 2012

Japan is the world’s second largest outbound

deals in H1 2012;; countries can be assigned a “net score” based on volume of outbound (+)



Data tables

Overview 50

Regional analysis – Turkey 51 – U.S. 52 – Latin America – Western Europe 54 – CEE and CIS 55 – Middle East and North Africa 56 – India 57

58 – Sector analysis – Energy 60 – Financial services 61 – Infrastructure & utilities 62

– Private equity 64 – Telecoms, media and technology 65


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Q1

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169,9

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27,8

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289

139,0

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3

1,8

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201

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Q2

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207,0

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2

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219

444,9

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182,7

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23,4

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Q3

20

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5

20,2

10

285

173,9

20

7

4,0

95

6

7,5

74

316

132,7

46

6

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58

179

408,2

19

19

46,1

91

823

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Q4

20

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10

29,9

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335

209,6

50

4

1,8

23

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2,8

76

327

157,3

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235,4

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118

Q1

20

08

5

120,0

42

244

124,8

39

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118

3

11,3

31

299

142,5

74

4

2,3

56

138

126,7

92

13

15,7

59

707

543,8

11

Q2

20

08

9

56,1

15

265

152,1

70

6

3,2

29

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5,5

04

272

152,8

37

4

3,3

44

168

256,5

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69

738

641,8

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Q3

20

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86

246

161,3

61

4

1,6

16

2

1,7

57

230

103,3

55

4

64,4

72

143

307,2

98

8

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93

645

671,2

38

Q4

20

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3

4,4

07

158

142,4

11

3

1,6

58

1

282

138

123,4

83

2

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154,2

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385

427,7

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L 2

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913

14

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939

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527

33

Q1

20

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96

130

75,4

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1

679

2

941

107

95,2

75

3

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82

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175,6

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73

318

396,6

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Q2

20

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89

173

182,5

87

1

128

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24

101

44,5

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100

120,3

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387

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Q3

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119

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126,6

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192

187,8

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Q1

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Q2

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Q3

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340,9

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11

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L 1

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281

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TO

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L 2

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6

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57

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3

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20

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TO

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L 6

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30

Q1

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20

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TO

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L 5

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4

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31

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TO

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2

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Q2

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16

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2

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1

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Q3

20

07

20

7,6

63

1

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9

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11

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Q4

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37

15,3

02

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74

26

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07

17

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92

81

3

2,5

75

20

07

TO

TA

L 9

7

2

1

73

53

5

23

1

Q1

20

08

23

7,1

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10

2,2

88

8

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27

41

1

3,0

57

Q2

20

08

21

9,8

99

2

1,2

86

15

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15

16

39,9

85

54

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Q3

20

08

26

14,9

61

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7

1,7

65

7

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Q4

20

08

26

18,5

56

14

29,2

24

9

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49

5

8,4

63

20

08

TO

TA

L 9

6

3

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40

18

5

Q1

20

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1

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16

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32

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Q2

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26

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Q3

20

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Q4

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5,7

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20

16,9

40

74

5

4,5

51

20

09

TO

TA

L 5

1

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1

407

1

48

53

22

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Q1

20

10

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10,2

95

10

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Q2

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21

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10

22

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67

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11

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39

Q4

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10

41

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89

13

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81

12

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20

10

TO

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L 9

8

1

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53

1

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54

20

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Q1

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11

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1

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20

11,2

16

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3

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62

2

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20

Q2

20

11

25

14,2

45

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19

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78

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43

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81

Q3

20

11

1

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19

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67

17

14,0

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297

12

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50

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Q4

20

11

19

8,7

08

1

385

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65

12

7,9

22

46

3

1,7

80

20

11

TO

TA

L 1

8

8

2

787

2

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70

1

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49

4

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Q1

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12

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2

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19

Q2

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12

15

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11

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64

35

2

6,6

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20

12

TO

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71

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TO

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L 3

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3

,58

7

42

2

9,4

28

4

2

16

4,8

40

5

8

,41

6

13

4

26

9,9

29

Q3

20

07

40

2

8,5

68

2

7

20

4

0

17

,39

1

32

3

6,6

88

2

1

,70

9

11

6

85

,07

6

Q4

20

07

51

4

0,0

44

3

4

18

,36

4

31

5

1,1

54

2

2

,38

1

11

8

11

1,9

43

20

07

TO

TA

L 4

1

65

2

3

8

44

1

62

1

8

71

1

38

1

2

48

7

Q1

20

08

1

1,5

64

3

4

16

,47

2

1

7,3

20

3

1

32

,57

1

28

2

6,5

20

1

1

,36

2

96

8

5,8

09

Q2

20

08

39

2

8,6

31

1

1

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3

34

2

0,1

85

1

1

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6

28

4

3,3

75

1

03

9

5,1

20

Q3

20

08

1

1,3

68

4

5

42

,92

5

31

1

7,7

29

3

0

94

,30

5

10

7

15

6,3

27

Q4

20

08

27

5

4,1

62

3

6

87

,53

6

18

8

6,6

76

8

1

22

8,3

74

20

08

TO

TA

L 2

1

45

2

1

32

1

1

04

1

3

87

Q1

20

09

11

3

,67

5

19

2

9,7

83

9

1

9,7

49

3

9

53

,20

7

Q2

20

09

2

7,5

22

2

3

34

,33

3

1

1,2

09

1

4

10

,51

1

14

3

7,2

63

5

4

90

,83

8

Q3

20

09

33

1

6,0

39

1

3

93

1

8

7,6

41

2

1

,85

6

16

1

9,5

66

1

3

66

7

1

45

,86

1

Q4

20

09

38

1

9,8

59

2

6

06

2

8

10

1,5

12

1

7

8,5

64

8

5

13

0,5

41

20

09

TO

TA

L 2

1

05

4

7

9

2

56

1

3

66

2

49

Q1

20

10

30

3

0,2

02

1

1

,48

5

22

1

0,3

03

1

1

10

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3

64

5

2,9

23

Q2

20

10

1

29

1

21

9

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5

2

3,2

14

1

1

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1

25

9

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7

22

1

2,3

09

7

2

36

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7

Q3

20

10

29

1

8,6

07

1

1

,47

7

15

5

,20

2

1

42

5

16

2

5,9

15

1

2

72

6

3

51

,89

8

Q4

20

10

34

2

8,2

60

4

3

,30

1

28

7

4,8

95

2

3

23

,32

0

4

4,2

62

9

3

13

4,0

38

20

10

TO

TA

L 1

2

91

1

14

2

7

9

0

1

42

5

72

5

2

92

Q1

20

11

24

3

5,6

69

1

6

00

2

4

10

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7

19

1

1,4

59

1

1

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0

69

5

9,3

05

Q2

20

11

35

2

9,6

29

2

1

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7

25

1

6,4

38

2

5

14

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9

3

4,1

94

9

0

65

,86

7

Q3

20

11

30

2

1,6

88

2

9

36

,97

2

14

1

5,1

29

7

3

73

,78

9

Q4

20

11

26

2

1,9

81

1

8

11

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0

14

1

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12

5

8

52

,88

3

20

11

TO

TA

L 1

15

1

6

00

2

9

6

72

4

2

90

Q1

20

12

20

2

2,1

12

1

1

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4

15

6

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7

15

1

0,3

07

5

1

39

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0

Q2

20

12

26

1

2,6

90

1

7

9,0

10

6

4

,27

3

1

26

2

50

2

6,2

35

20

12

TO

TA

L 4

6

1

32

2

1

1

26

2

10

1

TO

TA

L 9

6

90

5

1

9

59

1

5

46

3

24


61

De

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6

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3

3,4

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1

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15

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3

Q2

20

07

11

7

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7

5

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4

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8

2,8

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Q3

20

07

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6

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5

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5

Q4

20

07

6

10

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5

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74

3

1

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0

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6,8

78

1

1

1,4

52

1

3

31

,52

9

20

07

TO

TA

L 3

2

1

17

1

1

1

62

Q1

20

08

5

1,3

36

7

2

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5

12

3

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1

Q2

20

08

3

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3

1

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8

6

2,9

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Q3

20

08

12

6

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4

2

54

9

1

31

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7

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3

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Q4

20

08

6

12

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9

5

1,7

41

2

1

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1

13

1

6,1

31

20

08

TO

TA

L 2

6

17

3

4

6

Q1

20

09

3

10

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5

3

15

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2

6

26

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7

Q2

20

09

6

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3

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7

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4

Q3

20

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11

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Q4

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1

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14

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4

1

40

7

5

1,5

89

2

3

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23

2

1

54

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7

20

09

TO

TA

L 1

3

2

1

40

7

13

4

5

1

Q1

20

10

9

3,8

19

4

6

23

3

1

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1

6

15

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5

Q2

20

10

8

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7

1

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87

7

3

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7

1

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1

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19

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Q3

20

10

9

4,3

96

1

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1

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3,8

46

2

3

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9

16

1

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Q4

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20

1

6

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9

5

2,0

88

3

7

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2

22

3

1,3

79

20

10

TO

TA

L 3

9

3

20

1

4

17

9

7

2

Q1

20

11

7

2,5

97

9

2

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6

3

27

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9

19

3

2,6

52

Q2

20

11

7

4,6

67

4

1

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3

1

28

0

12

6

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Q3

20

11

6

3,9

37

4

8

42

1

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6

1

2,6

58

1

2

15

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3

Q4

20

11

6

4,1

62

1

3

85

4

4

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4

3

36

8

14

9

,42

9

20

11

TO

TA

L 2

6

1

38

5

21

8

1

5

7

Q1

20

12

3

62

6

1

77

9

1

1,4

69

5

2

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4

Q2

20

12

2

4,6

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2

3

81

4

4

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1

20

12

TO

TA

L 5

3

1

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TO

TA

L 1

1

60

2

7

92

4

9

1

1

41

7

36

2

2

97



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1

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5

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Q2

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Q3

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Q4

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3

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6

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5

12

2

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0

20

07

TO

TA

L 5

2

2

98

1

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6

12

2

31

4

62

Q1

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08

6

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2

3

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3

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11

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2

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Q2

20

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2

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Q3

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14

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5

40

2

1,8

30

20

08

TO

TA

L 4

2

8

56

2

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6

4

14

0

28

0

Q1

20

09

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7

2

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Q2

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2

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Q3

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Q4

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4

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8

20

09

TO

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L 1

1

73

3

2

47

2

2

3

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11

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Q1

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Q2

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6,5

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20

10

TO

TA

L 1

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3

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3

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37

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Q3

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Q4

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7

36

3

0,4

76

7

2

60

,95

2

20

11

TO

TA

L 5

0

1

97

1

3

77

4

4

7

20

0

40

0

Q1

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12

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5

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5

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6

Q2

20

12

5

2,9

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2

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3,4

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1

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7

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4

5,1

99

8

4

90

,39

8

20

12

TO

TA

L 1

7

2

38

1

1

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2

41

2

79

1

58

TO

TA

L 6

2

18

5

4

24

1

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Tota

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Se

co

nd

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bu

yo

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Tra

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Q1

20

07

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5

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Q2

20

07

158

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Q3

20

07

129

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53

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4,3

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Q4

20

07

144

101,6

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56

30,8

41

78

35,8

13

27

8

16

8,2

88

20

07

TO

TA

L 5

59

227

359

Q1

20

08

109

52,5

00

29

10,3

83

65

46,8

48

20

3

10

9,7

31

Q2

20

08

114

75,0

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32

13,8

66

72

62,1

92

21

8

15

1,0

59

Q3

20

08

93

38,3

87

25

13,7

27

52

28,0

18

17

0

80

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2

Q4

20

08

42

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69

8

2,2

92

23

10,5

63

73

2

6,0

24

20

08

TO

TA

L 3

58

94

212

66

4

Q1

20

09

38

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Q2

20

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Q2

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5


65

DivestmentA disposal where the seller is a corporate selling a controlling

businesses. This excludes private equity exits and disposals made by high net worth private individuals and families.

financial investors, such as investment holding companies.

A transaction that is conducted across national boundaries. The deal involves parties from at least two different countries.

DemergerA transaction where a company

resulting in the creation of a separate listed business independent from the activities or influence of the former parent. The shareholders ultimately hold shares in each company and neither the former parent company nor shareholders receive any cash as a result of the deal (as opposed to a flotation/IPO).

DomesticA transaction conducted within a national boundary. The deal involves parties that are incumbent nationals of that country.

A transaction where a company has filed for bankruptcy or is subject to another insolvency process or procedure, and sells off part or all of its assets to generate the cash necessary to pay creditors.

Joint ventureA transaction that involves the pooling of assets between different companies, whereby the ownership of the new joint venture is shared between the parent companies involved. Does not

a company’s sole contribution is cash rather than assets.

MergerA transaction that involves the combination of two or more separate businesses into one, with broadly equal holding and governance rights assigned to the respective shareholders of each company.

Other private M&AAcquisitions or disposals not covered by the other classifications. Includes PE exits and disposals made by high net worth individuals and families.


take privates)A friendly acquisition where the parties involved reach agreement over the terms of the deal, normally prior to the acquisition being formally announced. The transaction requires approval from either the bidder, target or vendor shareholders in a public forum.


take privates)

target where the target management does not recommend the offer within two weeks.

Take privates (hostile and recommended)

company by financial investors such as private equity houses or venture capital firms (as opposed to a trade buyer). The target company is subsequently delisted.



The underlying data to this research comes from Remark’s sister product, Mergermarket. Both products are part of the

market research and events division of The Mergermarket Group,

Remark publishes over 50 thought leadership reports and holds over 70 events across the globe each year which enable its clients to demonstrate their expertise and underline their credentials in a given market, sector or product.

Remark is part of The Mergermarket Group, a division of the Financial Times Group.

www.mergermarket.com/remark/ or www.mergermarket.com/events/

– This report only includes deals worth USD100m and over.

– The data contained in H1 2012 results spans 1 January 2012 to 15 June 2012 inclusive.

In this brochure Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. The term partner is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP’s affiliated undertakings. Allen & Overy maintains a database of business contact details in order to develop and improve its services to its clients. The information is not traded with any external bodies or organisations. If any of your details are incorrect or you no longer wish to receive marketing materials from Allen & Overy, please email [email protected].

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Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. The term partner is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP’s affiliated undertakings.

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