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A mergermArket report on globAl m&A Activity EDITION Monthly M&A InsIder JULY 2012 CONTENTS GLOBAL OVERVIEW 01 AMERICAS: L A TIN AMERICA 09 N ORTH AMERICA 18 ASIA-PACIFIC 29 EUROPE 40 MIDDLE EAST & AFRICA 52 ABOUT MERRILL CORPORATION 63 MERGERMARKET MONTHLY M&A INSIDER Part of The Mergermarket Group www.mergermarket.com 80 Strand 11 West 19th Street Suite 2401-3 London, WC2R 0RL 2nd fl. Grand Millennium Plaza United Kingdom New York, NY 10011 181 Queen’s Road, Central USA Hong Kong t: +44 (0)20 7059 6100 t: +1 212 686-5606 t: +852 2158 9700 f: +44 (0)20 7059 6101 f: +1 212 686-2664 f: +852 2158 9701 [email protected] [email protected] [email protected] global OvErvIEW hAlf wAy throuGh 2012: where we cAn use the terM IncreAse glob AS WE HIT THE MIDPOINT OF 2012, WE takE THE OPPOrTUNITY to look back OvEr THE past SIx A MONTHS to analyzE M&A activITY AS A WHOLE INSTEAD OF INDIvIDUAL MONTHS WHICH can PEAk l overvie AND TrOUGH AND lack AN OvErALL picturE OF M&A activITY. ComparED to H1 2011, WHICH saw 6,849 DEALS globally WITH A total DEAL vALUE OF US$1.2 TrILLION, H1 2012 NUMBErS WErE W DOWN WITH 5,747 DEALS worTH A total vALUE OF US$981.6BN. Explanations ABOUND FrOM THE GLOBAL ECONOMIC instability to THE UNCErtainty IN THE EUrOzONE. BUT WE takE THIS TIME to HIGHLIGHT THE rEGIONS AND sectorS that HAvE Grown, EITHEr BY vALUE Or vOLUME OF M&A. latin America Japan was one of the few countries to see an increase in deal volume as well as deal value when comparing H1 2011 While overall deal volume in the region decreased slightly (179 deals worth US$28.7bn) to H1 2012 (191 deals worth in H1 2012 (301 deals versus 320 in H1 2011) deal value US$38.1bn). The country has witnessed several bulge bracket increased from US$57.5bn in H1 2011 to US$66.1bn for the deals including the US$12.6bn acquisition of Nuclear Damage first half of this year. Indeed the Latin America region is Compensation Facilitation Corporation by Tokyo Electric the only region to post an increase in comparisons of that Power Company Inc. This capital injection will enable TEPCO timeframe. The largest deal year-to-date in Latin America, as to develop the Fukushima nuclear plant which underwent a well as the main reason for the increase in value, is attributed series of equipment failures, nuclear meltdowns, and releases to the 49.7% stake in the Mexican brewer Grupo Modelo by of radioactive materials following the Tohoku earthquake and Anheuser-Busch InBev for US$20.1bn. This consumer deal, tsunami in March of 2011. announced in June 2012, expects the amalgamation to yield annual cost-savings of at least US$600m through combined China saw an increase in overall deal value, however, its purchasing opportunities, sharing best practices and overall number of deals are down. H1 2011 saw 321 deals efficiencies in overhead and systems costs, while claiming the worth US$51.3bn while H1 2012 saw only 272 deals but was largest beer deal since 2008 when InBev acquired Anheuser- worth US$52.3bn. In terms of the largest deal size, the Busch for US$52bn. biggest deal for China in H1 2011 totaled US$4.4bn while H1 2012 saw an even larger deal totaling US$7.1bn. This deal All eyes are on the Latin American consumer sector which involved Alibaba Group Holding Limited entering a definitive accounted for 40% of the total activity in terms of value worth agreement to repurchase a 20% stake in itself from Yahoo! Inc. US$26bn, a significant increase from H1 2011 total deal value worth US$2.5bn. A growing middle class with increasing purchasing power has made the region ripe for domestic and outlook foreign acquirers looking to tap into the lucrative market. After steady M&A activity in North America in 2011, H1 2012 experienced a decrease in M&A activity seeing only 1,830 Asia-pacific deals worth a combined US$342.7bn. This represents a 14.5% decrease in volume, and a 28.3% decrease in value from M&A activity in Asia-Pacific remained strong amidst troubling H1 2011 which had 2,140 deals worth US$477.8bn. Despite markets during H1 2012, however M&A activity still decreased this muted activity, Q1 to Q2 of this year showed an increase in deal size and total deal value from H1 2011 to H1 2012. H1 in deal value from US$147.2bn to US$195.5bn respectively 2011 saw a total of 1,279 deals worth US$193.7bn while H1 presenting possible signs of a rebound. 2012 only saw 1,078 deals worth US$181.7bn. Success stories of the region include Japan’s increase in deal value and volume and China’s increase in value. head of research: Elias Latsis Global overview: Laura resetar editor: Gwen Ceton latin America: Fabio Lopes and Jennifer ruiz For advertising opportunities contact: north America: Ashley klepach and Urna Chakraborty erik wickman Asia-pacific:Sophie kim tel: + (1) 212 6863329 europe: Darragh riordan [email protected] Middle east & Africa: k irsty Wilson and Yannis Papacostas Monthly M&A Insider 01 lEAGUE TablES top 20 fInAncIAl AdvIsers – GlobAl glob valUE A l overvie ranking h1 2012 h1 2011 h1 2012 h1 2011 company name value deal count value value change (us$m) (us$m) (%) 1 2 Morgan Stanley 247,484 122 235,474 5.1% W 2 1 goldman Sachs 222,708 140 298,600 -25.4% 3 7 Deutsche bank 207,217 95 152,480 35.9% 4 3 JPMorgan 198,161 108 221,529 -10.5% 5 6 barclays 185,550 91 165,810 11.9% 6 9 Citigroup 159,267 74 137,550 15.8% 7 4 Credit Suisse 155,576 88 209,193 -25.6% 8 5 bank of america Merrill lynch 115,443 77 171,070 -32.5% 9 13 Nomura Holdings 110,888 61 58,161 90.7% 10 11 rothschild 104,629 105 73,055 43.2% 11 8 lazard 99,259 86 151,503 -34.5% 12 16 bNP Paribas 83,093 24 43,443 91.3% 13 10 UbS Investment bank 63,806 69 109,013 -41.5% 14 17 rbC Capital Markets 50,238 71 31,843 57.8% 15 12 HSbC 34,198 33 63,055 -45.8% 16 29 Centerview Partners 27,024 11 17,887 51.1% 17 18 Jefferies & Company 23,134 50 31,182 -25.8% 18 15 Evercore Partners 23,034 42 47,223 -51.2% 19 47 banco Itau bba 22,432 23 9,399 138.7% 20 31 bMO Capital Markets 21,593 26 17,591 22.8% Source: mergermarket top 20 fInAncIAl AdvIsers – GlobAl vOlUME ranking h1 2012 h1 2011 h1 2012 h1 2011 company name value deal count deal count deal count (us$m) change 1 1 goldman Sachs 222,708 140 172 -32 2 3 Morgan Stanley 247,085 122 132 -10 3 10 JPMorgan 198,161 108 113 -5 4 7 rothschild 104,629 105 116 -11 5 12 Deutsche bank 207,217 95 97 -2 6 16 barclays 185,550 91 69 22 7 6 Credit Suisse 155,576 88 118 -30 8 13 lazard 99,259 86 85 1 9 4 PwC 8,039 78 132 -54 10 5 bank of america Merrill lynch 115,443 77 126 -49 11 8 Deloitte 5,495 76 114 -38 12 14 Citigroup 159,267 74 85 -11 13 2 KPMg 7,908 72 155 -83 14 18 rbC Capital Markets 50,238 71 56 15 15 11 UbS Investment bank 63,806 69 113 -44 16 17 Nomura Holdings 110,888 61 61 0 17 15 Jefferies & Company 23,134 50 71 -21 18 23 Houlihan lokey 4,499 50 43 7 19 9 Ernst & Young 8,219 45 114 -69 20 19 M&a International 1,179 44 53 -9 Source: mergermarket The financial adviser league tables by value and volume have been run from 01-Jan-12 to 30-Jun-12. The tables cover all sectors and are based on the geography of either the target, bidder or seller being global. Monthly M&A Insider 02 lEagUE TablES top 20 leGAl AdvIsers – GlobAl glob VAlUE A l overvie ranking h1 2012 h1 2011 h1 2012 h1 2011 company name value deal count value value change (us$m) (us$m) (%) 1 17 Clifford Chance 162,169 103 73,855 119.6% W 2 5 Freshfieldsb ruckhaus Deringer 141,694 85 161,783 -12.4% 3 7 Skadden arps Slate Meagher & Flom 132,388 91 142,405 -7.0% 4 3 linklaters 118,176 111 167,978 -29.6% 5 1 Sullivan & Cromwell 84,464 63 212,672 -60.3% 6 82 King & wood Mallesons 81,998 39 13,291 516.9% 7 4 latham & watkins 62,780 109 163,700 -61.6% 8 21 Kirkland & Ellis 61,896 104 53,371 16.0% 9 10 allen & Overy 61,706 89 126,073 -51.1% 10 18 Jones Day 59,622 124 64,286 -7.3% 11 13 weil gotshal & Manges 58,751 73 101,131 -41.9% 12 11 Cleary gottlieb Steen & Hamilton 55,433 50 115,262 -51.9% 13 2 Simpson Thacher & bartlett 53,478 44 190,783 -72.0% 14 6 wachtell, lipton, rosen & Katz 49,453 22 156,351 -68.4% 15 14 Davis Polk & wardwell 47,428 44 95,592 -50.4% 16 16 blake, Cassels & graydon 40,074 56 75,180 -46.7% 17 24 white & Case 39,712 70 46,688 -14.9% 18 22 baker & McKenzie 38,426 95 51,133 -24.9% 19 39 gibson Dunn & Crutcher 35,423 41 29,748 19.1% 20 33 vinson & Elkins 33,651 49 32,481 3.6% Source: mergermarket top 20 leGAl AdvIsers – GlobAl vOlUME ranking h1 2012 h1 2011 h1 2012 h1 2011 company name value deal count deal count deal count (us$m) change 1 4 Jones Day 59,622 124 147 -23 2 2 Dla Piper 27,462 118 160 -42 3 3 linklaters 118,176 111 147 -36 4 1 latham & watkins 62,780 109 162 -53 5 9 Kirkland & Ellis 61,896 104 127 -23 6 7 Clifford Chance 162,169 103 137 -34 7 5 baker & McKenzie 38,426 95 144 -49 8 10 Skadden arps Slate Meagher & Flom 132,388 91 118 -27 9 8 allen & Overy 61,706 89 127 -38 10 6 Freshfieldsb ruckhaus Deringer 141,694 85 142 -57 11 13 weil gotshal & Manges 58,751 73 96 -23 12 12 Hogan lovells 22,666 71 101 -30 13 16 white & Case 39,712 70 77 -7 14 15 Sullivan & Cromwell 84,464 63 85 -22 15 11 CMS 3,383 60 113 -53 16 26 blake, Cassels & graydon 40,074 56 59 -3 17 25 Mayer brown 17,803 51 60 -9 18 22 Cleary gottlieb Steen & Hamilton 55,433 50 65 -15 19 59 vinson & Elkins 33,651 49 36 13 20 29 Morgan lewis & bockius 3,463 48 55 -7 Source: mergermarket The legal adviser league tables by value and volume have been run from 01-Jan-12 to 30-Jun-12 and include lapsed and withdrawn deals.
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