press release mergermarket League Tables of Legal Advisers to Global M&A - Year End 2010 January 13 2011, for immediate release
PRESS CONTACTS
EMEA: Flora Wilke Americas: Hannah Bagshawe Asia-Pacifi c: Michel Chau fl [email protected] [email protected] [email protected] Tel: +44 207 059 6348 Tel: +1 646 378 3194 Tel: +852 2158 9706
www.mergermarket.com mergermarket League Tables of Legal Advisers to Global M&A Year End 2010
CONTENTS: Global M&A up 25% from 2009 2 mergermarket M&A Round-up Global M&A totalled US$ 2,122.7bn for 2010, up 24.7% from 2009 (US$ 1,702.1bn). Deal count was also up by 23.4% at 11,921 announced deals 3 Global M&A Overview compared to 9,659 for 2009. 4 - Industry & Geography Breakdown 5 - Top Deals Skadden Arps tops the 2010 legal adviser rankings 6 - Mid-market M&A Activity Skadden Arps Slate Meagher & Flom retained top position in the Global M&A legal advisery tables by total deal value for 2010 despite a drop of 6.2% 7 - Private Equity in total deal value compared to 2009. Six European fi rms made it into the top 20 rankings by value, compared to four in 2009. 8 - Emerging Markets; Hostile vs Contested 10 - Premia and Multiples Analysis Strongest year for private equity buyouts since 2007 11 - Deal Value & Consideration Structure Buyout deals represent 11.1% of global M&A in 2010, up from 7.2% in 2009, making it the strongest year for buyouts (as percentage of total M&A 12 - Legal Adviser rankings activity) since 2007, when they accounted for 22.9%. 14 European M&A Overview 15 - Industry & Geography Breakdown Cross-border deal fl ow up 73% from 2009 16 - Top Deals Cross-border M&A values totalled US$ 808.3bn in 2010, up 72.5% compared to 2009 (US$ 468.5bn). Activity in Q4 2010 reached US$ 280.1bn, the 17 - Legal Adviser Rankings highest since Q3 2008 (US$ 328.5bn). Cross-border M&A made up 38.1% of all global activity in 2010, the highest since 2008 (42.4%). 26 US M&A Overview 27 - Industry & Geography Breakdown Most active year by value for emerging markets M&A 28 - Top Deals In 2010, emerging markets saw 2,812 deals worth US$ 563.9bn, up 22% by deal count and 60.4% by deal value from 2009. It was the busiest year 29 - Legal Adviser Rankings by value on record, surpassing the previous high in 2007 of US$ 499.3bn. The emerging markets accounted for 26.6% of total global M&A in 2010, 35 Asia-Pacifi c M&A Overview continuing the steady increase since 2003 (8.3%), and up from the previous high of 20.7% in 2009. 36 - Industry & Geography Breakdown 37 - Top Deals Average EBITDA multiples highest since 2008 38 - Legal Adviser Rankings The average EBITDA multiple across global M&A for 2010 was 14x, up from 12x in 2009 and the highest since 2008 which saw 15.4x. Premia paid 44 Africa & ME M&A Overview on announced deals reached 21.9% on average. 47 Criteria/About mergermarket Drop in mega deals in 2010 PRESS CONTACTS: Mega deals (over US$ 10bn) represented a total of 15.3% of the value of global M&A announced in 2010, the lowest percentage since 2003, where EMEA: Flora Wilke they represented 14% of total deal value. 2010 saw 18 mega deals announced, the lowest number since 2004 when 14 deals over US$ 10bn were fl [email protected] recorded. Tel: +44 207 059 6348 Americas: Hannah Bagshawe European M&A up 41% by value reaching $645.7bn in 2010, up from $459.4bn in 2009 [email protected] Tel: +1 646 378 3194 US M&A reached $72.9bn in 2010, a 4% increase from the $695.1bn recorded in 2009 Asia-Pacifi c: Michel Chau [email protected] M&A reached $396.6bn in Asia-Pacifi c in 2010, the highest value on record for the region. Q4 2010 was also the highest quarter on record Tel: +852 2158 9706
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 2 www.mergermarket.com Global M&A Overview
Global M&A Activity - Quarterly Global M&A totalled US$ 2,122.7bn for 2010, up 24.7% from 2009 (US$ 1,702.1bn). Deal count was also up by 1,300 4,500 4,250 23.4% at 11,921 announced deals compared to 9,659 for 2009. However, activity continued to remain below the 1,200 RoW M&A 4,000 Asia-Pacific ex Jp M&A 1,100 3,750 levels reached in 2005-2008. Q4 2010 fi nished at US$ 698.7bn, up 23.8% from Q4 2009 (US$ 564.2bn), and was the US M&A highest quarter since Q3 2008 which saw activity valuing US$ 707.3bn. 1,000 European M&A 3,500 Volume 3,250 900 Emerging markets had their best year on record and made up 26.6% of total global M&A. 2010’s second largest 3,000 800 2,750 announced (non-lapsed) deal was within the emerging markets, with America Movil acquiring Carso Global 2,500 700 Telecom for US$ 28.1bn. 2,250 600 2,000 Cross-border M&A values totalled US$ 808.3bn in 2010, up 72.5% compared to 2009 (US$ 468.5bn). Activity in 500 1,750 Volume of Deals
Value of Deals ($bn) 1,500 Q4 2010 reached US$ 280.1bn, the highest since Q3 2008 (US$ 328.5bn). Cross-border M&A made up 38.1% of all 400 1,250 global activity in 2010, the highest since 2008 (42.4%). The Energy, Mining and Utilities sector accounted for US$ 300 1,000
226.5bn or 28%, with Europe the most active cross-border investor in the sector. 200 750 500 100 Skadden Arps Slate Meagher & Flom retained top position in the Global M&A legal advisery tables by total deal 250 0 0 value for 2010 despite a drop of 6.2% in total deal value compared to 2009. Six European fi rms made it into the top 3 3 3 3 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr 20 rankings by value, compared to four in 2009. DLA Piper moved up four spots to take top ranking by deal count, Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q having worked on 131 more deals than in 2009.
Global M&A Deal Size Breakdown - Value 1,400 Global Cross Border M&A Analysis - Value 4,000 1,300 Global Cross Border (regions) Global M&A 3,500 1,200 Global Cross Border (individual countries) 1,100 3,000 1,000
900 2,500 800
2,000 700
600 1,500 Value (US$bn) 500
1,000 400 Value of Deals ($bn) 300 500 200
100 0 2003 2004 2005 2006 2007 2008 2009 2010 0 3 3 3 3 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 $0m - $500m $501m - $2,000m $2,001 - $10,000m over $10,001bn tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 3 www.mergermarket.com Global M&A Overview: Industry and Geography Breakdown
2010 2009 Change Sector Value ($bn) mrk share Deal count Value ($bn) mrk share Deal count Value (%) Deal count Energy, Mining & Utilities 544.0 25.6% 1,301 378.0 22.2% 1,084 43.9% 217 Financial Services 293.0 13.8% 1,193 296.4 17.4% 1,059 -1.2% 134 Industrials & Chemicals 243.4 11.5% 2,155 177.9 10.5% 1,759 36.8% 396 Pharma, Medical & Biotech 186.3 8.8% 912 223.7 13.1% 635 -16.7% 277 Consumer 181.3 8.5% 1,440 148.6 8.7% 1,278 22.1% 162 Telecommunications 176.8 8.3% 205 79.7 4.7% 176 121.9% 29 Business Services 119.5 5.6% 1,455 64.6 3.8% 1,081 85.0% 374 Technology 93.8 4.4% 1,212 77.7 4.6% 865 20.7% 347 Transport 88.4 4.2% 348 70.6 4.1% 286 25.3% 62 Real Estate 60.5 2.8% 261 48.6 2.9% 235 24.5% 26 Construction 44.9 2.1% 491 44.7 2.6% 376 0.5% 115 Leisure 36.1 1.7% 397 18.7 1.1% 343 93.6% 54 Media 35.9 1.7% 360 59.8 3.5% 341 -40.0% 19 Agriculture 12.1 0.6% 139 9.4 0.6% 108 28.5% 31 Defence 6.6 0.3% 52 4.2 0.2% 33 57.0% 19 Total 2,122.7 11,921 1,702.4 9,659 24.7% 2,262
Mix of Announced Deals by Geographic Region 2010 - Value
South East Asia Mix of Announced Deals by Geographic Region 2010 - Volume South & Central Asia 3.3% South East Asia 2.6% Africa & Middle East South & Central Asia 2.6% 2.5% 2.6% Africa & Middle East 2.5% Australasia 5.0% Australasia 3.6% Japan Japan 2.8% 2.7% North America North America 37.9% 33.5% North Asia North Asia 7.7% 9.4%
Central & Eastern Europe 4.3% Central & Eastern Europe 4.9% Northern Europe 1.8% Northern Europe 5.4%
Southern Europe Central & South America 6.4% Southern Europe 4.0% Central & South America 6.3% 8.0% Western Europe 17.6% Western Europe 22.3%
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 4 www.mergermarket.com Global M&A Overview: Top Deals
Activity Table of Global M&A for Year End 2010 Announced Bidder Company Bidder Legal Adviser Target Company Target/Seller Legal Adviser Seller Company Deal Value Date (US$m) 08-Dec-10 United States Department of Davis Polk & Wardwell American International Group Sullivan & Cromwell 48,001 the Treasury Inc (60.8% Stake)
18-Aug10* BHP Billiton Plc Blake Dawson; Blake, Cassels & Graydon; Cleary Potash Corporation of Jones Day; Skadden Arps Slate Meagher & 41,908 Gottlieb Steen & Hamilton; Mayer Brown; Saskatchewan Inc Flom (Advising Bank of America Merrill Lynch; Slaughter and May Goldman Sachs; RBC Capital Markets); Stikeman Elliott 01-Mar-10* Prudential Plc Cleary Gottlieb Steen & Hamilton; Herbert American International Advisng seller: Cravath Swaine & Moore (Advising American International 35,500 Smith/Gleiss Lutz/Stibbe (Advising Credit Assurance Company Limited Citigroup; Goldman Sachs); Davis Polk & Group Inc Suisse; HSBC Bank; Lazard); Slaughter and May Wardwell; Debevoise & Plimpton; Freshfi elds Bruckhaus Deringer; Norton Rose; Simpson Thacher & Bartlett; Sullivan & Cromwell; Weil Gotshal & Manges 13-Jan-10 America Movil SA de CV Cleary Gottlieb Steen & Hamilton; Dewey & Carso Global Telecom SAB 28,055 LeBoeuf (Advising Credit Suisse); Mayer Brown; de CV Robles Miaja Abogados
10-Aug-10 International Power Plc Cliff ord Chance; Herbert Smith/Gleiss Lutz/ GDF Suez Energy Advising seller: Bredin Prat; Freshfi elds Bruckhaus GDF Suez SA 27,278 Stibbe (Advising JPMorgan Cazenove; Morgan International Deringer (Advising Blackstone Group Holdings); Stanley; Nomura Holdings) Linklaters; Stikeman Elliott
04-Jan-10 Novartis AG Allen & Overy; Baer & Karrer; Kim & Chang; Alcon Inc (52% stake) Skadden Arps Slate Meagher & Flom (Advising Nestle SA 25,750 Wachtell, Lipton, Rosen & Katz Greenhill & Co); Sullivan & Cromwell; Advising seller: Blake, Cassels & Graydon; Cravath Swaine & Moore; Homburger 22-Apr-10 CenturyLink Jones Walker; Latham & Watkins; Paul Hastings Qwest Communications Debevoise & Plimpton (Advising Lazard); 22,153 Janofsky & Walker (Advising Barclays Capital); International Inc Shearman & Sterling (Advising Perella Weinberg Paul Weiss Rifkind Wharton & Garrison (Advising Partners); Skadden Arps Slate Meagher & Flom Evercore Partners); Simpson Thacher & Bartlett (Advising JPMorgan); Wachtell, Lipton, Rosen & Katz 04-Oct-10 VimpelCom Ltd Akin Gump Strauss Hauer & Feld; Gianni, Weather Investments SpA Bonelli Erede Pappalardo; Cleary Gottlieb Steen 21,993 Origoni, Grippo & Partners; Skadden Arps & Hamilton Slate Meagher & Flom; Weil Gotshal & Manges (Advising Citigroup) 04-Oct-10 Sanofi -Aventis SA Linklaters; Simpson Thacher & Bartlett (Advising Genzyme Corporation Fried Frank Harris Shriver & Jacobson (Advising 17,864 JPMorgan); Weil Gotshal & Manges Credit Suisse; Goldman Sachs); Ropes & Gray; Wachtell, Lipton, Rosen & Katz
08-Mar-10 MetLife Inc Alston & Bird (Advising Credit Suisse); CMS; American Life Insurance Advising seller: Cleary Gottlieb Steen & Hamilton American International 15,544 Dewey & LeBoeuf; Nishimura & Asahi; Uria Company (Advising Citigroup; Goldman Sachs); Davis Polk Group Inc Menendez & Wardwell; Freshfi elds Bruckhaus Deringer; Simpson Thacher & Bartlett; Sullivan & Cromwell; Weil Gotshal & Manges; White & Case *Lapsed Deal Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 5 www.mergermarket.com Global M&A Overview
Mid-market M&A Activity (US$ 250m - US$ 2bn) Global Mid-Market M&A Activity - Quarterly Mid-market M&A in 2010 was up 62% by value and 52.9% by deal count compared to 2009. Deal values for 2010 350 50% totalled US$ 779.7bn, the highest since 2007 (US$ 1,136.5bn). Value ($bn) 45% % of Global M&A Activity peaked in the fourth quarter of 2010, with US$ 240bn worth of mid-market deals, 40.6% more than Q4 300 40% 2009 (US$ 170.7bn) and up 25.3% compared to Q3 2010 (US$ 191.5bn). Q4 2010 also accounted for the highest quarterly value since Q4 2007 (US$ 274.6bn). 250 35%
Mid-market M&A was a driver of overall M&A activity for 2010, making up 36.7% of all global M&A, the highest 30% 200 since 2003 when mid-market M&A contributed 38.7% of total M&A activity. 25% Japan suff ered a steep decline in mid-market M&A values in 2010, dropping from US$ 24.1bn in 2009 to US$ 150 20%
13.5bn in 2010, a 44.2% decrease. Japan’s deal values have witnessed a gradual decrease since the third quarter of % of Global M&A Value of Deals ($bn) 15% 2009 (US$ 8.9bn) to Q4 2010 which recorded US$ 3.8bn. 100
10% The US accounted for 32.6% of global mid-market M&A activity in 2010, up from 25.2% in 2009. Europe also 50 increased its share, from 28% in 2009 to 31.5% in 2010. 5%
Energy, Mining & Utilities was the most active sector in the mid-market with a 24.1% market share. The Consumer 0 0% 3 3 3 3 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 sector, with a 9.4% mid-market share, is likely to see an increase in 2011 driven by private equity activity. 2010 tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q witnessed an increase in private equity buyout activity in the consumer sector, compared to 2009, including the US$ 1.7bn acquisition of Gymboree by Bain Capital in the US. Possible future acquisitions in the mid-market area include Kenneth Cole, Destiny Maternity and BCBG. Mid Market M&A Industry Breakdown - Value
Business Services Pharma, Medical & Biotech Legal Advisers to Mid-Market M&A: Value 6.6% 6.4% Consumer Technology 9.4% Ranking 2010 2009 6.1% Value Value % Val. Y/E 2009 Y/E 2010 Company Name (US$bn) Deal Count (US$bn) Change Telecommunications 5.8%
2 1 Skadden Arps Slate Meagher & Flom 69.5 88 43.2 60.8% Financial Services 11.9% 3 2 Linklaters 52.6 70 40.3 30.4% Real Estate 4.5% 1 3 Freshfi elds Bruckhaus Deringer 51.1 61 53.4 -4.4% Transport 13 4 Simpson Thacher & Bartlett 49.7 63 19.2 158.9% 3.7% 7 5 Sullivan & Cromwell 48.8 62 30.6 59.3% Construction 2.7% 4 6 Latham & Watkins 47.3 71 33.8 40.1% Industrials & Chemicals Media 13.0% 5 7 Cleary Gottlieb Steen & Hamilton 40.0 46 32.2 24.2% 2.2% Leisure 6 8 Shearman & Sterling 39.9 51 31.2 28.1% 2.0% 17 9 Weil Gotshal & Manges 37.3 48 15.1 147.3% Agriculture 1.0% 11 10 Cliff ord Chance 36.3 53 21.5 69.3% Defence Energy, Mining & Utilities 0.6% 24.1%
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 6 www.mergermarket.com Global M&A Overview
Private Equity
Private Equity-backed buyouts continued to grow, with Q4 2010 seeing buyouts valuing US$ 81.5bn, the strongest Global Private Equity Buyout Activity - Quarterly fourth quarter since Q4 2007 (US$ 139.2bn). Buyout activity for the year 2010 was valued at US$ 235.5bn, up 92.5% 400 35% compared to 2009 (US$ 122.3bn). Buyout deals represent 11.1% of global M&A in 2010, up from 7.2% in 2009, RoW Buyouts (Value) 350 30% making it the strongest year for buyouts (as percentage of total M&A activity) since 2007, when they accounted US Buyouts (Value) for 22.9%. 300 Europe Buyouts (Value) 25% Buyouts (% of Total M&A) 118 buyout deals valued at over US$ 500m were announced in 2010, 79 more than 2009. On large cap buyouts 250 (US$1bn+), private equity fi rms raised, on average, debt fi nancing of 5.4x EBITDA in 2010 – a recovery from 3.8x in 20% 2009, but still lower than the 5.5x of 2008 and the 9.9x peak in 2007. Meanwhile, the average debt fi nancing on 200 large cap buyouts has reached 59.6% of total funding per deal, making 2010 the most leveraged year since 2007, 15% Percentage 150 when it was 67.6%. Value of Deals ($bn) 10% Private equity exits via secondary buyouts (SBO) and trade sales were up from US$ 87.4bn in 2009 to US$ 205.4bn 100 in 2010 (135% increase), the highest since 2007 (US$ 375.7bn). SBOs made up 30% of all exits in 2010, up from 5% 50 16.3% in 2009 and again the highest proportion since 2007 (45.8%).
0 0% Private equity fi rms exited their holdings at the enterprise valuation of 11.1x EBITDA on average, up from 10x in 3 3 3 3 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr 2009 and the highest since 2008, but still a long way from the 17.7x peak in 2007. Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
Debt Financing Ratios Trend Trade Sales vs SBO Exit Activity - Quarterly 12 80% 150 100% Debt/EBITDA Multiple (x) Trade Sales (Value) 140 Debt/Total Funding (%) SBOs (Value) 90% 70% 130 SBOs (% of total exits) 10 Trade Sales (% of total exits) 120 80% 60% 110 70% 8 100 50% 90 60%
80 6 40% 50% 70
60 40% Debt/EBITDA (x) 30%
4 Value of Deals ($bn) 50 30% 40 20% Debt/Total Funding (%) 30 20% 2 10% 20 10% 10
0 0% 0 0% 3 4 5 6 7 8 9 0 3 3 3 3 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 2 2 2 2 2 2 2 2 tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 7 www.mergermarket.com Global M&A Overview
Emerging Markets Hostile vs Recommended In 2010, emerging markets saw 2,812 deals worth US$ 563.9bn, up 22% by deal count and 60.4% by deal value 2010 saw 906 announced public off ers with a combined value of US$ 745.5bn. This was an increase of 2% and from 2009. It was the busiest year by value on record, surpassing the previous high in 2007 of US$ 499.3bn. 3.7%, respectively, compared to 2009 (888 deals valued at US$ 718.6bn), but an all-time low as a proportion of total The emerging markets accounted for 26.6% of total global M&A in 2010, continuing the steady increase since 2003 global M&A (34.6% in 2010, compared with 38.8% in 2009, well below the high of almost 60% in 2006). (8.3%), and up from the previous high of 20.7% in 2009. Over half of this deal value came from the BRIC countries With 67 unsolicited deals, 2010 witnessed a 42.5% increase in unsolicited deal activity compared to the previous (which on their own accounted for 13.7% of global M&A transactions by value in 2010) although this was down year, which saw 47 unsolicited deals. These deals were however of a friendlier nature in 2010, with hostile from the 2009 peak of 62.2%. unsolicited bids making up only 52.2% (35) of all unsolicited deals, compared to 76.6% (36) in 2009. Inbound deals into the emerging markets more than doubled in 2010, from US$ 55.9bn to US$ 127.4bn. Investment The trend towards a friendlier M&A environment is underlined by the fact that the 32 unsolicited deals that were came from 40 countries, but the US, the UK, Spain and Japan were the biggest buyers, accounting between them later recommended is the second highest number for unsolicited recommended deals on mergermarket record for 65.6% of inbound M&A deal value. BRIC countries were the most popular targets, particularly China (110 deals), (since 2001). Valued at US$ 61.2bn, the deals are second only (by both value and volume of deals) to the 49 deals India (107 deals) and Brazil (93 deals). recorded in 2007 (US$ 133.1bn). Outbound deals also almost doubled in value in 2010, increasing from US$ 55.8bn to US$ 110.6bn. Targets for 53.7% of all unsolicited deals were announced in the Asia-Pacifi c region (36), which marks a threefold increase emerging countries shifted signifi cantly towards Europe, which accounted for 34.5% of total outbound investment, in the region from the previous year (12) by volume and, at US$ 38.7bn, more than fourteen times by value (US$ up from 23.2% in 2009. 2.7bn). Energy, Mining & Utilities was the most active sector in 2010, representing 25% of emerging markets activity. The next most active sector was Telecoms, which accounted for 15.8%, quadrupling its share since 2009. Cleary Gottlieb Steen & Hamilton was the most active legal adviser on emerging markets M&A by deal value, with 100% US$ 98.2bn worth of deals in 2010. Baker & McKenzie was the most active legal adviser by deal count with 93 deals. 90% Public Offers Vs Total M&A - Value Emerging Markets M&A Activity Trend - Quarterly 200 35% 80% 180 Other EM (Value) 30% BRIC (Value) 70% 160 EM M&A as % of Global M&A (Value) 42.0% 50.4% 48.5% 54.1% 25% 60% 56.0% 140 60.8% 61.2% 65.4%
120 50% 20% 8.3% 100 2.4% 40% 2.7% 6.6% 2.4% 15% 1.7% 10.5% 80 4.1% 1.4% 6.0% 10.9% 0.5% 30% 5.0% 6.1% 1.3% % of Global M&A 4.3% 60 10% Share of total M&A - Deal Values Value of Deals ($bn) 20% 46.4% 40 36.2% 38.9% 39.3% 31.8% 32.6% 33.2% 5% 28.9% 10% 20
0 0% 0%
03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 2003 2004 2005 2006 2007 2008 2009 2010 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Recommended Hostile Contested Non-public M&A
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 8 www.mergermarket.com Global M&A Overview: Top Emerging Markets Deals
Activity Table of Emerging Markets M&A for Year End 2010 Announced Bidder Company Bidder Legal Adviser Target Company Target/Seller Legal Adviser Seller Company Deal Value Date (US$m) 13-Jan-10 America Movil SA de CV Cleary Gottlieb Steen & Hamilton; Carso Global Telecom SAB de CV 28,055 Dewey & LeBoeuf (Advising Credit Suisse); Mayer Brown; Robles Miaja Abogados 21-Dec-10 Jelas Ulung Sdn Bhd PLUS Expressways Berhad 10,732
30-Jun-10* KazakhGold Group Limited Debevoise & Plimpton; Mourant OJSC Polyus Gold Internal 10,238 Ozannes; Skadden Arps Slate Meagher & Flom (Advising BMO Capital Markets )
28-Jul-10 Telefonica SA Cravath Swaine & Moore; Brasilcel NV (50% Stake) Advising seller: Garrigues; Houthoff Portugal Telecom SGPS SA 9,746 Cuatrecasas, Goncalves Pereira; Buruma; Skadden Arps Slate De Brauw Blackstone Westbroek; Meagher & Flom; Souza, Cescon Demarest e Almeida; KPMG Avedissian, Barrieu e Flesch Abogados; Machado Meyer Sendacz e Opice; Uria Menendez Advogados 20-Dec-10 JSC Uralkali Debevoise & Plimpton JSC Silvinit Linklaters 9,702
16-Aug-10 Vedanta Resources Plc Allen & Overy; AZB & Partners; Cairn India Limited (60% Stake) S&R Associates; Shepherd & 9,177 Freshfi elds Bruckhaus Deringer Wedderburn (Advising JPMorgan Cazenove; Morgan Stanley); Latham & Watkins 11-Jan-10 Heineken NV Allen & Overy; Gibson Dunn & FEMSA Cerveza SA de CV Advising seller: Cleary Gottlieb Steen Fomento Economico Mexicano SAB 7,692 Crutcher; Loyens & Loeff ; Mundie e & Hamilton; Freshfi elds Bruckhaus de CV Advogados Deringer; Tozzini Freire Teixeira E Silva Advogados
01-Oct-10 China Petroleum & Chemical Vinson & Elkins Repsol Brazil (40% Stake) Advising seller: Latham & Watkins Repsol YPF SA 7,109 Corporation
28-Nov-10 Bridas Corporation Akin Gump Strauss Hauer & Feld; Pan American Energy LLC (60% Advising seller: Freshfi elds Bruckhaus BP plc 7,059 Baker & McKenzie Stake) Deringer; Sullivan & Cromwell
05-Jan-10 Mikhail Gutseriyev (Private Investor) NK Russneft OAO Advising seller: Egorov, Puginsky, En+ Group Ltd 6,600 Afanasiev & Partners
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 9 www.mergermarket.com Global M&A Overview
Global Premium Analysis - Average Premia and Multiples Analysis 60% Europe
The average EBITDA multiple across global M&A for 2010 was 14x, up from 12x in 2009 and the highest North America 50% Asia-Pacific (excl. Japan) since 2008 which saw 15.4x. In North America, the EBITDA multiple reached 17.1x in 2010, the highest Japan in over fi ve years, beating the 16.7x peak in 2007. 40% The Energy, Mining & Utilities sector had the highest EBITDA multiple of 16.6x on average in 2010, replacing 2009’s leading sector Transportation which saw 18.4x. Having had a relatively high EBITDA 30% multiple in 2009, Transportation becomes in 2010 the only sector having an EBITDA multiple lower than in 2009. Premiums % 20%
Premia paid on announced deals reached 21.9% on average, lower than that of 2008 and 2009, but higher than the pre-crisis years. North American fi rms attracted the highest premiums in 2010 – an 10% average of 32%, down from 42.4% in 2009.
0% 2005 2006 2007 2008 2009 2010
Global EBITDA Multiple Analysis - Average 30 Europe
North America
25 Asia-Pacific (excl. Japan)
Japan
20
15
10 EBITDA Multiple (x) - Average
5
0 2005 2006 2007 2008 2009 2010
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Deal Value Breakdown Consideration Structure
Mega deals (over US$ 10bn) represented a total of 15.6% of the value of global M&A announced in Transactions paid with equity have been rising steadily, accounting for 20.9% in value and 8.5% in 2010, the lowest percentage since 2003, where they represented 14% of total deal value. volume of total M&A deals in 2010, compared to 17.3% in value and 6.5% in volume in 2007. Although cash transactions are still relatively important, companies tend to pay less in cash than they used to, 2010 saw 18 mega deals announced, the lowest number since 2004 when 14 deals over US$ 10bn (65.4% in value and 84.3% in volume in 2010 as opposed to 70.5% in value and 85.9% in volume in were recorded. Whilst there was a steady decrease in the number of mega deals (over US$ 10bn) since 2008): cash is still not as easily accessible as before the crisis. 2006, there was however an approximately 60.5% increase in the number of deals valued between US$ 501m – US$ 2bn which went up to 581 in 2010 from 362 in 2009. Equity-only considerations globally slightly increased (by 7.4%) in 2010: US$ 350bn worth of deals were announced in 2010 compared to 2009. Cash only bids increased by 39.9% to US$ 1,096.2bn, Deal values in the US dropped in 2010, with just 19.6% of total deal value in the region being over though cash + equity transactions have dropped by 23.7% value in 2010. US$10bn, compared to 53.1% in 2009. Meanwhile the number of deals valued between US$ 501m- US$ 2bn was more than doubled, with 192 deals announced in this size bracket in 2010, compared to Equity consideration transactions have seen a signifi cant increase in Europe (up 117.2%) compared to 90 deals in 2009. The number of deals valued over US$ 10bn almost halved compared to 2009 with 2009 – US$ 43.87bn worth of deals; However US equity deals are down 4.4% from US$128.3bn worth seven in 2010 against 12 in 2009. of deals in 2009.
The largest equity-only deal in 2010 was the acquisition of Carso Global Telecom by
America Movil for US$ 28.06bn, announced in January 2010.
% cash & equity deals Global consideration breakdown - Value Global M&A Deal Size Breakdown - Value % equity only deals 100%% cash only deals 100%
90% 6.7% 14.8% 13.7% 14.0% 15.4% 15.6% 18.4% 21.2% 21.9% 24.4% 22.8% 24.6% 80% 80% 26.8% 29.7% 31.6% 30.8% 22.8%
70% 17.3% 20.9% 28.1% 25.7% 27.4% 33.5% 18.6% 19.2% 23.1% 60% 25.6% 60% 29.8% 29.7% 27.7% 27.3% 27.0% 50%
40% 27.3% 24.5% 40% 27.4%
22.0% % of Global M&A 70.5% 23.0% 19.1% 20.3% 67.2% 21.0% 30% 65.4% 58.0% 59.4% 54.2% 56.9% 55.7% 20% 20% 30.6% 28.0% 23.6% 23.5% 20.2% 20.4% 23.2% 22.3% 10%
0% 2003 2004 2005 2006 2007 2008 2009 2010 0% $0m - $500m $501m - $2,000m $2,001 - $10,000m mega deals (over $10,001bn) 2003 2004 2005 2006 2007 2008 2009 2010
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 11 www.mergermarket.com Global M&A Overview: League Tables of Legal Advisers
League Table of Legal Advisers to Global M&A: Value League Table of Legal Advisers to Global M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Deal Value % Value Value Deal Deal Count Y/E 2009 Y/E 2010 House (US$m) Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Count Count Change 1 1 Skadden Arps Slate Meagher & Flom 337,358 206 359,569 -6.2% 5 1 DLA Piper 40,701 333 202 131 6 2 Sullivan & Cromwell 324,262 156 258,205 25.6% 4 2 Latham & Watkins 229,288 275 207 68 2 3 Freshfi elds Bruckhaus Deringer 273,540 216 342,198 -20.1% 1 3 Jones Day 98,108 264 227 37 4 4 Cleary Gottlieb Steen & Hamilton 267,922 116 262,462 2.1% 3 4 Linklaters 197,353 239 208 31 8 5 Simpson Thacher & Bartlett 262,273 147 245,509 6.8% 6 5 Baker & McKenzie 70,036 232 195 37 11 6 Latham & Watkins 229,288 275 182,950 25.3% 7 6 Allen & Overy 156,563 219 193 26 7 7 Linklaters 197,353 239 250,058 -21.1% 2 7 Freshfi elds Bruckhaus Deringer 273,540 216 219 -3 5 8 Davis Polk & Wardwell 179,784 94 260,243 -30.9% 8 8 Skadden Arps Slate Meagher & Flom 337,358 206 177 29 12 9 Weil Gotshal & Manges 162,738 159 172,687 -5.8% 12 9 Kirkland & Ellis 57,377 197 125 72 19 10 Blake, Cassels & Graydon 159,019 110 118,167 34.6% 11 10 CMS 42,325 177 144 33 29 11 Allen & Overy 156,563 219 77,937 100.9% 10 11 Hogan Lovells 48,594 170 147 23 3 12 Cravath Swaine & Moore 154,101 55 307,307 -49.9% 9 12 Cliff ord Chance 105,861 165 161 4 24 13 Herbert Smith/Gleiss Lutz/Stibbe 150,890 125 89,169 69.2% 15 13 Weil Gotshal & Manges 162,738 159 112 47 14 14 Slaughter and May 149,775 78 162,676 -7.9% 20 14 Sullivan & Cromwell 324,262 156 90 66 13 15 Wachtell, Lipton, Rosen & Katz 148,701 61 171,358 -13.2% 21 15 Simpson Thacher & Bartlett 262,273 147 89 58 15 16 Dewey & LeBoeuf 138,130 116 152,480 -9.4% 18 16 White & Case 77,912 139 106 33 23 17 Stikeman Elliott 124,999 96 94,086 32.9% 17 17 Herbert Smith/Gleiss Lutz/Stibbe 150,890 125 107 18 17 18 Debevoise & Plimpton 121,195 65 121,364 -0.1% 13 18 Shearman & Sterling 120,681 122 122 0 9 19 Shearman & Sterling 120,681 122 210,992 -42.8% 45 19 Mayer Brown 102,975 117 56 61 10 20 Cliff ord Chance 105,861 165 198,142 -46.6% 14 20 Cleary Gottlieb Steen & Hamilton 267,922 116 113 3
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League Table of Legal Advisers to Global Buyouts: Value League Table of Legal Advisers to Global Buyouts: Volume Ranking 2010 2009 Ranking 2010 2009 Value Deal Value % Value Value Deal Deal Count Y/E 2009 Y/E 2010 House (US$m) Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Count Count Change 2 1 Simpson Thacher & Bartlett 33,345 39 15,193 119.5% 1 1 Kirkland & Ellis 18,288 78 45 33 12 2 Latham & Watkins 28,543 51 4,658 512.8% 4 2 Latham & Watkins 28,543 51 27 24 23 3 Kirkland & Ellis 18,288 78 3,009 507.8% 5 3 DLA Piper 3,970 51 20 31 9 4 Freshfi elds Bruckhaus Deringer 15,345 34 6,289 144.0% 3 4 Jones Day 1,281 40 28 12 6 5 Linklaters 13,834 31 7,794 77.5% 10 5 Simpson Thacher & Bartlett 33,345 39 17 22 1 6 Cleary Gottlieb Steen & Hamilton 11,631 11 19,855 -41.4% 15 6 Weil Gotshal & Manges 10,067 39 14 25 19 7 Cliff ord Chance 10,206 37 3,405 199.7% 9 7 Cliff ord Chance 10,206 37 18 19 27 8 Skadden Arps Slate Meagher & Flom 10,097 26 2,480 307.1% 6 8 Freshfi elds Bruckhaus Deringer 15,345 34 19 15 14 9 Weil Gotshal & Manges 10,067 39 4,338 132.1% 7 9 Allen & Overy 6,676 33 19 14 7 10 Ropes & Gray 8,883 22 6,726 32.1% 2 10 Linklaters 13,834 31 28 3 24 11 Herbert Smith/Gleiss Lutz/Stibbe 7,501 15 2,879 160.5% 12 11 Skadden Arps Slate Meagher & Flom 10,097 26 16 10 16 12 Allen & Overy 6,676 33 3,782 76.5% 13 12 CMS 717 25 16 9 33 13 Debevoise & Plimpton 5,855 15 2,105 178.1% 11 13 SJ Berwin 3,302 24 16 8 60 14 Lee & Ko 5,849 6 744 686.2% 16 14 White & Case 3,239 24 13 11 4 15 Sullivan & Cromwell 5,479 14 9,051 -39.5% 50 15 Ropes & Gray 8,883 22 5 17 38 16 Ashurst 4,894 11 1,793 173.0% 24 16 Paul Weiss Rifkind Wharton & Garrison 3,211 21 10 11 104 17 Mallesons Stephen Jaques 4,672 4 288 1,522.2% 34 17 Mayer Brown 1,967 20 7 13 173 18 Baker Botts 4,139 2 78 5,206.4% 60 18 Paul Hastings Janofsky & Walker 95 20 5 15 - 19 Richards Layton & Finger 4,078 2 - - 36 19 Travers Smith 2,039 19 7 12 17 20 Fried Frank Harris Shriver & 4,059 14 3,603 12.7% 33 20 Baker & McKenzie 1,917 19 8 11 Jacobson
*Based on the dominant geography of the target company only and where the adviser is advising the buyside only
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 13 www.mergermarket.com European M&A Overview
4,644 M&A deals with a total value of US$ 645.7bn were announced in Europe in 2010. This was a European M&A Activity - Quarterly 40.5% increase on 2009’s US$ 459.4bn, though still only 42.6% of the peak reached in 2007, which saw 600 1,800 over US$ 1.5tr-worth of deals. 1,700 550 Value ($bn) 1,600 Volume Q4 saw the announcement of US$ 221.9bn-worth of European M&A, 18.8% more activity than the 500 1,500 1,400 same period in 2009 and the highest quarter since Q3 2008 (US$ 319.1bn). 450 1,300 Europe’s share of global M&A for 2010 increased to 30.4% - up from 27% in 2009. The UK & Ireland 400 1,200 1,100 350 continued to see the most M&A in the region, with US$ 133.5bn-worth of deals announced, followed 1,000 closely by the Germanic region with US$ 130.2bn. Activity in Turkey jumped to US$ 21.3bn in 2010, up 300 900 800 from US$ 3.1bn in 2009. Sweden, Switzerland, Russia, Italy and Belgium also saw signifi cant increases 250 700 Volume of Deals
in 2010 whilst M&A activity in the UK, Spain and the Netherlands dropped by 3.9%, 23.6% and 35.5% Value of Deals ($bn) 200 600 500 respectively when compared to 2009 by deal value. 150 400 In 2010 European companies invested a total of US$ 178.8bn outside the continent, the highest value 100 300 200 50 since 2008 (US$ 207.9bn). Inbound M&A into Europe in 2010 reached US$ 139.7bn, up 44.8% from 100 US$ 96.5bn in 2009. 0 0 3 3 3 3 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr Freshfi elds Bruckhaus Deringer retained top ranking on the legal advisory league tables for European Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q M&A for 2010 by deal value. Linklaters regained top ranking by deal count having come in at second in the 2009 rankings.
European Inbound/Outbound M&A 130 European Private Equity Buyout Activity - Quarterly 400 130 300 375 120 120 Inbound Value ($bn) 275 Value ($bn) 350 Outbound Value ($bn) 110 110 Volume 250 325 Inbound Volume 100 100 Outbound Volume 300 225
90 275 90 200 80 250 80 175 225 70 70 200 150 60 60 175 125 50 150 50 Volume of Deals
Volume of Deals 100 Value of Deals ($bn) 40 125 40
100 Value of Deals ($bn) 75 30 30 75 20 20 50 50 25 10 25 10
0 0 0 0 3 3 3 3 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 3 3 3 3 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 14 www.mergermarket.com European M&A Overview : Industry and Geography Breakdown
2010 2009 Change Sector Value ($bn) mrk share Deal count Value ($bn) mrk share Deal count Value (%) Deal count Energy, Mining & Utilities 159.7 24.7% 370 116.2 25.3% 310 37.4% 60 Industrials & Chemicals 95.0 14.7% 932 28.0 6.1% 725 239.7% 207 Financial Services 74.0 11.5% 434 121.6 26.5% 349 -39.2% 85 Pharma, Medical & Biotech 63.4 9.8% 313 22.3 4.9% 224 184.3% 89 Consumer 60.9 9.4% 709 49.3 10.7% 585 23.6% 124 Telecommunications 52.7 8.2% 95 28.5 6.2% 72 85.0% 23 Business Services 32.2 5.0% 586 11.2 2.4% 446 187.9% 140 Transport 30.4 4.7% 153 10.8 2.4% 120 180.5% 33 Construction 19.4 3.0% 228 15.1 3.3% 173 28.5% 55 Technology 18.6 2.9% 349 14.6 3.2% 241 27.5% 108 Real Estate 16.3 2.5% 87 24.1 5.2% 81 -32.3% 6 Leisure 12.6 2.0% 177 5.3 1.2% 153 137.0% 24 Media 7.3 1.1% 149 10.0 2.2% 160 -27.6% -11 Agriculture 2.3 0.3% 45 0.3 0.1% 33 548.4% 12 Defence 1.1 0.2% 17 2.2 0.5% 9 -49.1% 8 Total 645.7 4,644 459.5 3,681 40.5% 963
Mix of Announced European Deals by Geographic Region 2010 - Value Mix of Announced European Deals by Geographic Region 2010 - Volume
South Eastern Europe Other South Eastern Europe Other 3.2% 0.1% 4.5% 0.1%
UK & Ireland Central & Eastern Europe UK & Ireland Central & Eastern Europe 20.8% 11.9% 21.4% 14.0%
Nordic Nordic 6.1% 14.0%
Germanic Benelux 15.5% 9.7% Germanic 20.3% Benelux 8.7%
Iberia 6.6% France France Iberia 7.5% 11.7% Italy 7.6% Italy 10.3% 6.1%
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Activity Table of European M&A for Year End 2010 Announced Bidder Company Bidder Legal Adviser Target Company Target/Seller Legal Adviser Seller Company Deal Value Date (US$m) 10-Aug-10 International Power Plc Cliff ord Chance; Herbert Smith/ GDF Suez Energy International Advising seller: Bredin Prat; GDF Suez SA 27,278 Gleiss Lutz/Stibbe (Advising Freshfi elds Bruckhaus Deringer JPMorgan Cazenove; Morgan (Advising Blackstone Group Stanley; Nomura Holdings) Holdings); Linklaters; Stikeman Elliott
04-Jan-10 Novartis AG Allen & Overy; Baer & Karrer; Kim & Alcon Inc (52% stake) Skadden Arps Slate Meagher & Flom Nestle SA 25,750 Chang; Wachtell, Lipton, Rosen & (Advising Greenhill & Co); Sullivan Katz & Cromwell; Advising seller: Blake, Cassels & Graydon; Cravath Swaine & Moore; Homburger 04-Oct-10 VimpelCom Ltd Akin Gump Strauss Hauer & Feld; Weather Investments SpA Bonelli Erede Pappalardo; Cleary 21,993 Gianni, Origoni, Grippo & Partners; Gottlieb Steen & Hamilton Skadden Arps Slate Meagher & Flom; Weil Gotshal & Manges (Advising Citigroup) 03-Dec-10 Cassa depositi e Prestiti SpA Eni SpA (16.38% Stake) Italian Ministry for the Economy and 14,362 Finance
06-Dec-10 Land of Baden-Wuerttemberg Herbert Smith/Gleiss Lutz/Stibbe EnBW Energie Baden-Wuerttemberg Freshfi elds Bruckhaus Deringer; Electricite de France SA 14,076 AG (54.99% Stake) Advising seller: Cleary Gottlieb Steen & Hamilton
15-Dec-10 Novartis AG Allen & Overy; Baer & Karrer; Willkie Alcon Inc (23% Stake) Cravath Swaine & Moore; 12,900 Farr & Gallagher (Advising Credit Homburger; Pestalozzi Lachenal Suisse) Patry; Skadden Arps Slate Meagher & Flom (Advising Greenhill & Co); Sullivan & Cromwell 21-Jul-10 Fiat SpA (Shareholders) Fiat Industrial SpA Advising seller: Studio Legale Grande Fiat SpA 12,552 Stevens; Legance Studio Legale Associato; Sullivan & Cromwell
30-Jun-10* KazakhGold Group Limited Debevoise & Plimpton; Mourant OJSC Polyus Gold Internal 10,238 Ozannes; Skadden Arps Slate Meagher & Flom (Advising BMO Capital Markets) 20-Dec-10 JSC Uralkali Debevoise & Plimpton JSC Silvinit Linklaters 9,702
07-Sep-10 Cheung Kong Infrastructure Allen & Overy (Advising Royal Bank Electricite de France SA (UK based Advising seller: Herbert Smith/Gleiss EDF Energy plc 8,870 Holdings Limited; Hongkong Electric of Scotland Group); DLA Piper distribution network) Lutz/Stibbe Holdings Limited; Li Ka Shing (Overseas) Foundation; and Li Ka Shing Foundation Limited *Lapsed Deal Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 16 www.mergermarket.com European M&A Overview: League Tables of Legal Advisers
League Table of Legal Advisers to European M&A: Value League Table of Legal Advisers to European M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Deal Value % Value Value Deal Deal Count Y/E 2009 Y/E 2010 House (US$m) Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Count Count Change 1 1 Freshfi elds Bruckhaus Deringer 231,014 180 236,746 -2.4% 2 1 Linklaters 157,382 203 169 34 8 2 Skadden Arps Slate Meagher & Flom 179,467 67 80,638 122.6% 3 2 Allen & Overy 129,553 187 163 24 2 3 Linklaters 157,382 203 161,605 -2.6% 1 3 Freshfi elds Bruckhaus Deringer 231,014 180 184 -4 12 4 Cleary Gottlieb Steen & Hamilton 155,210 61 64,591 140.3% 6 4 DLA Piper 25,452 180 96 84 5 5 Sullivan & Cromwell 144,404 47 88,590 63.0% 4 5 CMS 26,497 172 142 30 3 6 Slaughter and May 134,845 70 116,989 15.3% 5 6 Cliff ord Chance 98,901 150 127 23 10 7 Herbert Smith/Gleiss Lutz/Stibbe 133,884 116 75,891 76.4% 7 7 Baker & McKenzie 35,900 124 90 34 15 8 Allen & Overy 129,553 187 60,522 114.1% 9 8 Herbert Smith/Gleiss Lutz/Stibbe 133,884 116 86 30 7 9 Cravath Swaine & Moore 110,595 16 81,399 35.9% 12 9 Latham & Watkins 78,512 102 68 34 36 10 Weil Gotshal & Manges 108,238 74 18,774 476.5% 11 10 White & Case 36,778 99 79 20 23 11 Simpson Thacher & Bartlett 102,241 36 35,375 189.0% 10 11 Jones Day 59,484 97 83 14 4 12 Cliff ord Chance 98,901 150 96,326 2.7% 8 12 Hogan Lovells 31,763 92 88 4 35 13 Blake, Cassels & Graydon 88,892 27 20,067 343.0% 34 13 Mannheimer Swartling 13,446 78 35 43 59 14 Stikeman Elliott 79,004 22 9,548 727.4% 16 14 Weil Gotshal & Manges 108,238 74 52 22 9 15 Latham & Watkins 78,512 102 76,399 2.8% 13 15 Slaughter and May 134,845 70 59 11 66 16 Debevoise & Plimpton 64,381 18 7,139 801.8% 17 16 Loyens & Loeff 24,384 68 51 17 43 17 Norton Rose 63,439 58 13,837 358.5% 26 17 Vinge 6,751 68 41 27 55 18 Jones Day 59,484 97 10,850 448.2% 20 18 Skadden Arps Slate Meagher & Flom 179,467 67 44 23 14 19 Davis Polk & Wardwell 55,860 20 61,288 -8.9% 23 19 SJ Berwin 12,577 65 43 22 28 20 Wachtell, Lipton, Rosen & Katz 54,618 9 26,758 104.1% 14 20 Cleary Gottlieb Steen & Hamilton 155,210 61 56 5
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League Table of Legal Advisers to European Buyouts: Value League Table of Legal Advisers to European Buyouts: Volume Ranking 2010 2009 Ranking 2010 2009 Value Deal Value % Value Value Deal Deal Count Y/E 2009 Y/E 2010 House (US$m) Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Count Count Change 2 1 Freshfi elds Bruckhaus Deringer 13,977 28 4,569 205.9% 7 1 Cliff ord Chance 9,786 33 11 22 15 2 Cliff ord Chance 9,786 33 1,911 412.1% 4 2 Allen & Overy 5,938 30 14 16 43 3 Latham & Watkins 9,625 18 407 2,264.9% 2 3 Freshfi elds Bruckhaus Deringer 13,977 28 16 12 1 4 Linklaters 9,560 27 5,915 61.6% 1 4 Linklaters 9,560 27 20 7 11 5 Simpson Thacher & Bartlett 6,187 7 2,025 205.5% 19 5 DLA Piper 3,768 24 7 17 58 6 Weil Gotshal & Manges 5,953 20 248 2,300.4% 5 6 SJ Berwin 3,272 23 14 9 6 7 Allen & Overy 5,938 30 2,983 99.1% 3 7 CMS 717 23 15 8 16 8 Ashurst 4,894 11 1,793 173.0% 28 8 Weil Gotshal & Manges 5,953 20 5 15 47 9 Herbert Smith/Gleiss Lutz/Stibbe 4,312 13 347 1,142.7% 21 9 Travers Smith 2,039 19 6 13 35 10 Kirkland & Ellis 3,902 9 549 610.7% 22 10 Latham & Watkins 9,625 18 6 12 59 11 DLA Piper 3,768 24 243 1,450.6% 10 11 White & Case 3,177 18 9 9 - 12 Homburger 3,306 1 - - 51 12 Herbert Smith/Gleiss Lutz/Stibbe 4,312 13 3 10 28 13 SJ Berwin 3,272 23 841 289.1% 8 13 Ashurst 4,894 11 11 0 33 14 White & Case 3,177 18 583 444.9% 13 14 Hogan Lovells 1,376 11 8 3 226 15 Van Doorne 3,172 3 - - 15 15 Vinge 710 11 7 4 55 16 Skadden Arps Slate Meagher & Flom 3,027 6 284 965.8% 24 16 De Pardieu Brocas Maff ei 648 11 6 5 29 17 Garrigues 2,791 8 769 262.9% 54 17 Eversheds 77 11 3 8 65 18 Bugge Arentz-Hansen and Rasmussen 2,713 4 205 1,223.4% 6 18 Loyens & Loeff 1,280 10 12 -2 32 19 Debevoise & Plimpton 2,630 3 612 329.7% 64 19 Baker & McKenzie 995 10 3 7 30 20 Uria Menendez 2,453 5 760 222.8% 20 20 Kirkland & Ellis 3,902 9 6 3
*Based on the dominant geography of the target company only and where the adviser is advising the buyside only
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Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 3 1 Freshfi elds Bruckhaus Deringer 129,536 75 137,163 -5.6% 5 1 DLA Piper 19,549 112 42 70 2 2 Slaughter and May 127,385 61 157,770 -19.3% 1 2 Linklaters 81,678 84 63 21 9 3 Herbert Smith/Gleiss Lutz/Stibbe 106,113 47 43,331 144.9% 2 3 Freshfi elds Bruckhaus Deringer 129,536 75 58 17 11 4 Cleary Gottlieb Steen & Hamilton 87,352 11 27,570 216.8% 3 4 Allen & Overy 46,298 69 58 11 1 5 Linklaters 81,678 84 169,011 -51.7% 9 5 CMS 22,191 66 29 37 189 6 Stikeman Elliott 70,280 9 176 39,831.8% 4 6 Slaughter and May 127,385 61 52 9 20 7 Sullivan & Cromwell 67,718 23 22,128 206.0% 8 7 Cliff ord Chance 57,030 61 34 27 24 8 Simpson Thacher & Bartlett 65,862 23 16,547 298.0% 24 8 Travers Smith 11,646 51 15 36 8 9 Cliff ord Chance 57,030 61 57,767 -1.3% 14 9 Herbert Smith/Gleiss Lutz/Stibbe 106,113 47 25 22 25 10 Skadden Arps Slate Meagher & Flom 56,015 20 16,033 249.4% 6 10 Eversheds 2,461 47 40 7 78 11 Mayer Brown 49,544 35 1,368 3,521.6% 12 11 Hammonds 4,572 38 27 11 66 12 Norton Rose 48,333 26 1,907 2,434.5% 15 12 Latham & Watkins 36,873 37 23 14 71 13 Weil Gotshal & Manges 47,805 34 1,672 2,759.2% 11 13 Hogan Lovells 11,976 37 27 10 48 14 Jones Day 46,893 33 3,682 1,173.6% 17 14 Ashurst 10,489 36 22 14 27 15 Allen & Overy 46,298 69 14,430 220.8% 32 15 Mayer Brown 49,544 35 12 23
Legal Advisers to French M&A: Value Legal Advisers to French M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 1 1 Linklaters 68,038 41 15,300 344.7% 1 1 Linklaters 68,038 41 31 10 9 2 Freshfi elds Bruckhaus Deringer 46,254 20 6,455 616.6% 2 2 Gide Loyrette Nouel 9,242 32 28 4 14 3 Herbert Smith/Gleiss Lutz/Stibbe 41,506 8 4,408 841.6% 7 3 De Pardieu Brocas Maff ei 6,426 30 21 9 47 4 Bredin Prat 39,716 24 783 4,972.3% 5 4 Weil Gotshal & Manges 37,069 29 23 6 2 5 Weil Gotshal & Manges 37,069 29 13,886 167.0% 9 5 SJ Berwin 4,700 28 20 8 5 6 Cliff ord Chance 35,318 26 9,731 262.9% 8 6 Cliff ord Chance 35,318 26 20 6 6 7 Cleary Gottlieb Steen & Hamilton 29,301 17 9,144 220.4% 4 7 CMS 2,585 25 24 1 87 8 Stikeman Elliott 27,790 5 409 6,694.6% 14 8 Bredin Prat 39,716 24 15 9 20 9 Fried Frank Harris Shriver & Jacobson 26,167 6 4,000 554.2% 6 9 Hogan Lovells 10,474 24 23 1 - 10= Freehills 21,739 2 - - 10 10 White & Case 4,728 24 18 6 - 10= Mallesons Stephen Jaques 21,739 2 - - 11 11 Freshfi elds Bruckhaus Deringer 46,254 20 16 4 - 12 Ropes & Gray 18,292 2 - - 29 12 Baker & McKenzie 6,402 19 8 11 272 13 Norton Rose 17,975 16 - - 3 13 Jones Day 2,367 19 28 -9 4 14= Simpson Thacher & Bartlett 17,864 1 10,106 76.8% 12 14 Allen & Overy 6,057 18 15 3 76 14= Wachtell, Lipton, Rosen & Katz 17,864 1 530 3,270.6% 15 15 Cleary Gottlieb Steen & Hamilton 29,301 17 13 4
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Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 1 1 Freshfi elds Bruckhaus Deringer 62,652 63 49,777 25.9% 2 1 Freshfi elds Bruckhaus Deringer 62,652 63 66 -3 6 2 Cliff ord Chance 25,499 38 13,668 86.6% 1 2 CMS 1,211 62 68 -6 4 3 Herbert Smith/Gleiss Lutz/Stibbe 24,128 38 16,438 46.8% 3 3 Cliff ord Chance 25,499 38 42 -4 18 4 Sullivan & Cromwell 20,276 8 4,393 361.6% 8 4 Herbert Smith/Gleiss Lutz/Stibbe 24,128 38 21 17 2 5 Hengeler Mueller 19,521 32 29,362 -33.5% 10 5 Noerr 6,172 38 17 21 27 6 Cleary Gottlieb Steen & Hamilton 16,478 9 2,507 557.3% 4 6 Hengeler Mueller 19,521 32 36 -4 11 7 Shearman & Sterling 14,791 15 7,496 97.3% 5 7 Linklaters 12,925 32 34 -2 10 8 Allen & Overy 13,158 20 7,496 75.5% 6 8 Hogan Lovells 5,202 21 32 -11 160 9 Dewey & LeBoeuf 13,138 5 - - 9 9 Allen & Overy 13,158 20 18 2 3 10 Linklaters 12,925 32 21,092 -38.7% 15 10 Jones Day 5,667 20 11 9 13 11 White & Case 12,536 14 6,833 83.5% 12 11 DLA Piper 857 20 15 5 72 12 Cuatrecasas, Goncalves Pereira 9,123 4 224 3,972.8% 13 12 Latham & Watkins 815 19 14 5 23 13 Skadden Arps Slate Meagher & Flom 8,716 8 3,085 182.5% 11 13 Shearman & Sterling 14,791 15 15 0 127 14 Mallesons Stephen Jaques 8,475 1 32 26,384.4% 7 14 White & Case 12,536 14 24 -10 82 15 K&L Gates 7,900 8 146 5,311.0% 14 15 Baker & McKenzie 7,865 14 12 2
Legal Advisers to Germanic M&A: Value Legal Advisers to Germanic M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 1 1 Freshfi elds Bruckhaus Deringer 70,358 70 107,624 -34.6% 1 1 Freshfi elds Bruckhaus Deringer 70,358 70 78 -8 5 2 Sullivan & Cromwell 60,547 13 50,494 19.9% 2 2 CMS 1,234 65 76 -11 20 3 Allen & Overy 53,380 29 7,515 610.3% 3 3 Cliff ord Chance 27,466 41 47 -6 2 4 Cravath Swaine & Moore 50,010 5 54,045 -7.5% 10 4 Herbert Smith/Gleiss Lutz/Stibbe 26,695 40 24 16 3 5 Skadden Arps Slate Meagher & Flom 49,303 15 52,930 -6.9% 4 5 Linklaters 13,552 40 42 -2 6 6 Homburger 46,899 14 48,529 -3.4% 16 6 Noerr 6,172 39 18 21 34 7 Baer & Karrer 40,383 19 3,417 1,081.8% 6 7 Hengeler Mueller 19,521 32 37 -5 126 8 Blake, Cassels & Graydon 37,629 8 208 17,990.9% 9 8 Baker & McKenzie 9,388 31 25 6 13 9 Cliff ord Chance 27,466 41 14,652 87.5% 8 9 Allen & Overy 53,380 29 25 4 11 10 Herbert Smith/Gleiss Lutz/Stibbe 26,695 40 17,840 49.6% 13 10 DLA Piper 4,124 28 21 7 160 11 Kim & Chang 26,315 7 96 27,311.5% 18 11 Jones Day 8,237 26 14 12 - 12 Wachtell, Lipton, Rosen & Katz 26,050 2 - - 11 12 Latham & Watkins 9,042 25 22 3 9 13 Hengeler Mueller 19,521 32 29,942 -34.8% 5 13 Hogan Lovells 5,313 25 38 -13 47 14 Willkie Farr & Gallagher 19,086 8 2,125 798.2% 26 14 Baer & Karrer 40,383 19 9 10 27 15 Cleary Gottlieb Steen & Hamilton 18,192 14 4,799 279.1% 14 15 Shearman & Sterling 15,758 17 19 -2
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Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 1 1 Freshfi elds Bruckhaus Deringer 43,946 23 35,274 24.6% 1 1 Allen & Overy 20,706 77 71 6 3 2 Herbert Smith/Gleiss Lutz/Stibbe 36,543 34 25,936 40.9% 2 2 Loyens & Loeff 15,616 53 43 10 16 3 Cleary Gottlieb Steen & Hamilton 36,138 13 7,531 379.9% 3 3 Linklaters 32,536 38 35 3 15 4 Cliff ord Chance 33,647 26 7,734 335.1% 11 4 DLA Piper 874 38 18 20 2 5 Linklaters 32,536 38 33,962 -4.2% 4 5 NautaDutilh 10,020 37 34 3 52 6 Skadden Arps Slate Meagher & Flom 28,122 10 1,385 1,930.5% 6 6 Herbert Smith/Gleiss Lutz/Stibbe 36,543 34 33 1 38 7 Bredin Prat 27,760 3 1,879 1,377.4% 7 7 De Brauw Blackstone Westbroek 15,810 33 31 2 17 8 Stikeman Elliott 27,720 4 6,961 298.2% 8 8 CMS 2,847 31 22 9 51 9 Weil Gotshal & Manges 25,084 6 1,398 1,694.3% 9 9 Baker & McKenzie 6,338 27 21 6 33 10 Gianni, Origoni, Grippo & Partners 21,993 2 2,104 945.3% 12 10 Cliff ord Chance 33,647 26 16 10 32 11 Akin Gump Strauss Hauer & Feld 21,993 1 2,200 899.7% 5 11 Freshfi elds Bruckhaus Deringer 43,946 23 33 -10 5 12 Allen & Overy 20,706 77 19,372 6.9% 10 12 Houthoff Buruma 1,757 23 20 3 8 13 De Brauw Blackstone Westbroek 15,810 33 12,613 25.3% 23 13 Eubelius 1,714 17 7 10 20 14 Loyens & Loeff 15,616 53 6,259 149.5% 15 14 Van Doorne 778 17 9 8 4 15 NautaDutilh 10,020 37 20,289 -50.6% 33 15 White & Case 2,806 15 5 10
Legal Advisers to Italian M&A: Value Legal Advisers to Italian M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 10 1 Gianni, Origoni, Grippo & Partners 24,301 23 4,780 408.4% 1 1 Chiomenti Studio Legale 3,035 28 36 -8 8 2 Cleary Gottlieb Steen & Hamilton 23,249 8 5,947 290.9% 3 2 Bonelli Erede Pappalardo 10,483 24 24 0 - 3= Akin Gump Strauss Hauer & Feld 21,993 1 - - 2 3 Gianni, Origoni, Grippo & Partners 24,301 23 25 -2 - 3= Skadden Arps Slate Meagher & Flom 21,993 1 - - 7 4 d'Urso Gatti e Bianchi - Studio Legale Associato 1,319 22 13 9 87 3= Weil Gotshal & Manges 21,993 1 35 62,737.1% 12 5 Dewey & LeBoeuf 1,684 16 9 7 13 6 Legance Studio Legale Associato 14,130 10 3,997 253.5% 10 6 Linklaters 2,649 15 11 4 93 7= Studio Legale Grande Stevens 12,552 1 26 48,176.9% 15 7 NCTM Studio Legale Associato 241 13 8 5 25 7= Sullivan & Cromwell 12,552 1 2,000 527.6% 6 8 Legance Studio Legale Associato 14,130 10 13 -3 3 9 Bonelli Erede Pappalardo 10,483 24 17,375 -39.7% 16 9 Latham & Watkins 1,168 10 6 4 2 10 Chiomenti Studio Legale 3,035 28 20,968 -85.5% 4 10 Cliff ord Chance 1,911 9 15 -6 7 11 Freshfi elds Bruckhaus Deringer 2,894 7 6,786 -57.4% 21 11 Studio Legale Lombardi Molinari e Associati 216 9 5 4 15 12 Linklaters 2,649 15 3,245 -18.4% 23 12 Pirola Pennuto Zei & Associati 148 9 5 4 12 13 Allen & Overy 2,199 8 4,118 -46.6% 9 13 Cleary Gottlieb Steen & Hamilton 23,249 8 11 -3 6 14 Cuatrecasas, Goncalves Pereira 2,028 4 14,283 -85.8% 5 14 Allen & Overy 2,199 8 15 -7 1 15 Cliff ord Chance 1,911 9 23,252 -91.8% 8 15 Studio Pedersoli e Associati 1,485 8 12 -4
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Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 2 1 Cuatrecasas, Goncalves Pereira 28,638 59 33,126 -13.5% 1 1 Cuatrecasas, Goncalves Pereira 28,638 59 43 16 9 2 Garrigues 28,239 44 12,228 130.9% 3 2 Uria Menendez 27,432 45 32 13 1 3 Uria Menendez 27,432 45 36,191 -24.2% 2 3 Garrigues 28,239 44 37 7 3 4 Freshfi elds Bruckhaus Deringer 23,300 19 24,198 -3.7% 5 4 Deloitte & Touche Legal 1,895 29 19 10 5 5 Cliff ord Chance 19,961 15 19,430 2.7% 6 5 KPMG Abogados 13,024 21 19 2 8 6 Linklaters 14,126 18 13,289 6.3% 4 6 Freshfi elds Bruckhaus Deringer 23,300 19 22 -3 - 7 Skadden Arps Slate Meagher & Flom 13,484 2 - - 7 7 Linklaters 14,126 18 17 1 28 8 KPMG Abogados 13,024 21 873 1,391.9% 8 8 Gomez-Acebo & Pombo Abogados 384 16 13 3 - 9 Slaughter and May 12,848 5 - - 9 9 Raposo Bernardo & Associados 225 16 12 4 - 10 De Brauw Blackstone Westbroek 11,957 2 - - 12 10 Cliff ord Chance 19,961 15 9 6 - 11 Demarest e Almeida 10,967 3 - - 11 11 DLA Piper 2,627 15 10 5 - 12 Souza, Cescon Avedissian, Barrieu e Flesch Advogados 10,005 3 - - 19 12 Baker & McKenzie 356 11 6 5 59 13 Machado Meyer Sendacz e Opice 9,937 2 96 10,251.0% 21 13 CMS 435 10 4 6 - 14= Cravath Swaine & Moore 9,746 1 - - 14 14 Allen & Overy 5,099 7 8 -1 92 14= Houthoff Buruma 9,746 1 - - 10 15 Araoz & Rueda 346 7 11 -4
Legal Advisers to Spanish M&A: Value Legal Advisers to Spanish M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 2 1 Cuatrecasas, Goncalves Pereira 28,563 53 32,734 -12.7% 1 1 Cuatrecasas, Goncalves Pereira 28,563 53 40 13 13 2 Garrigues 27,822 41 3,737 644.5% 3 2 Uria Menendez 26,264 42 32 10 1 3 Uria Menendez 26,264 42 36,191 -27.4% 2 3 Garrigues 27,822 41 35 6 3 4 Freshfi elds Bruckhaus Deringer 23,222 17 24,198 -4.0% 5 4 Deloitte & Touche Legal 1,895 29 19 10 5 5 Cliff ord Chance 19,961 15 19,330 3.3% 6 5 KPMG Abogados 13,024 21 19 2 8 6 Linklaters 14,126 18 13,189 7.1% 7 6 Linklaters 14,126 18 16 2 - 7 Skadden Arps Slate Meagher & Flom 13,484 2 - - 4 7 Freshfi elds Bruckhaus Deringer 23,222 17 22 -5 25 8 KPMG Abogados 13,024 21 873 1,391.9% 8 8 Gomez-Acebo & Pombo Abogados 384 16 13 3 - 9 Slaughter and May 12,848 5 - - 12 9 Cliff ord Chance 19,961 15 8 7 - 10 De Brauw Blackstone Westbroek 11,957 2 - - 10 10 DLA Piper 2,622 14 10 4 - 11= Cravath Swaine & Moore 9,746 1 - - 15 11 Baker & McKenzie 335 10 6 4 - 11= Demarest e Almeida 9,746 1 - - 17 12 CMS 418 9 4 5 83 11= Houthoff Buruma 9,746 1 - - 9 13 Araoz & Rueda 346 7 11 -4 52 11= Machado Meyer Sendacz e Opice 9,746 1 96 10,052.1% 13 14 Allen & Overy 5,014 6 7 -1 - 11= Souza, Cescon Avedissian, Barrieu e Flesch Advogados 9,746 1 - - 26 15 SJ Berwin 1,501 6 2 4
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Legal Advisers to Nordic M&A: Value Legal Advisers to Nordic M&A: Volume Ranking 2010 2009 Ranking 2010 2009
Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 12 1 Thommessen 15,149 26 4,659 225.2% 3 1 Mannheimer Swartling 13,433 76 33 43 10 2 Freshfi elds Bruckhaus Deringer 14,219 19 5,159 175.6% 1 2 Vinge 6,573 65 40 25 35 3 Mannheimer Swartling 13,433 76 1,401 858.8% 12 3 Schjodt 5,662 41 21 20 19 4 Wikborg Rein & Co 13,179 29 3,442 282.9% 2 4 Wiersholm 6,057 34 35 -1 108 5 Latham & Watkins 11,358 8 83 13,584.3% 17 5 Linklaters 10,843 31 17 14 1 6 Linklaters 10,843 31 12,175 -10.9% 8 6 Wikborg Rein & Co 13,179 29 23 6 38 7 Simpson Thacher & Bartlett 8,478 4 1,251 577.7% 15 7 Selmer 6,056 29 19 10 27 8 Bugge Arentz-Hansen and Rasmussen 7,277 24 2,824 157.7% 16 8 Lindahl 1,605 29 18 11 14 9 Vinge 6,573 65 4,054 62.1% 7 9 Cederquist 5,273 27 24 3 3 10 Allen & Overy 6,270 16 11,081 -43.4% 9 10 Hannes Snellman 4,730 27 22 5 9 11 Wiersholm 6,057 34 5,556 9.0% 13 11 Roschier 2,756 27 20 7 34 12 Selmer 6,056 29 1,421 326.2% 4 12 Thommessen 15,149 26 26 0 48 13 Schjodt 5,662 41 840 574.0% 19 13 Accura 1,036 25 15 10 52 14 Cederquist 5,273 27 688 666.4% 14 14 Bugge Arentz-Hansen and Rasmussen 7,277 24 19 5 - 15 Veirano Advogados 4,900 1 - - 20 15 Bruun & Hjejle 1,184 24 14 10
Legal Advisers to Swedish M&A: Value Legal Advisers to Swedish M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 12 1 Mannheimer Swartling 12,413 70 1,401 786.0% 2 1 Mannheimer Swartling 12,413 70 33 37 2 2 Linklaters 8,796 28 11,641 -24.4% 1 2 Vinge 6,545 64 40 24 7 3 Vinge 6,545 64 4,054 61.4% 6 3 Linklaters 8,796 28 13 15 21 4 Cederquist 5,183 26 688 653.3% 4 4 Lindahl 1,577 28 18 10 8 5 Freshfi elds Bruckhaus Deringer 3,315 7 3,829 -13.4% 3 5 Cederquist 5,183 26 24 2 - 6 Simpson Thacher & Bartlett 3,273 2 - - 5 6 Gernandt & Danielsson 1,756 21 17 4 45 7 Wikborg Rein & Co 2,954 5 101 2,824.8% 9 7 Setterwalls 319 16 9 7 18 8 Hannes Snellman 2,801 12 1,142 145.3% 7 8 White & Case 1,891 15 12 3 - 9 K&L Gates 2,494 5 - - 8 9 Wistrand Advokatbyra 75 14 11 3 20 10 Roschier 2,411 13 739 226.2% 12 10 Roschier 2,411 13 6 7 14 11 Blake, Cassels & Graydon 2,383 5 1,295 84.0% 10 11 Hannes Snellman 2,801 12 7 5 - 12 Bass Berry & Sims 2,125 1 - - 18 12 Allen & Overy 945 10 4 6 30 13 Thommessen 1,980 5 303 553.5% 25 13 Delphi 291 9 4 5 11 14 White & Case 1,891 15 1,588 19.1% 86 14 Advokatfi rman Torngren Magnell 212 9 1 8 - 15 Hogan Lovells 1,800 2 - - 32 15 Wiersholm 360 8 3 5
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Legal Advisers to CEE M&A: Value Legal Advisers to CEE M&A: Volume Ranking 2010 2009 Ranking 2010 2009
Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 6 1 Skadden Arps Slate Meagher & Flom 27,066 14 3,545 663.5% 6 1 White & Case 6,209 28 15 13 8 2 Linklaters 23,863 23 3,273 629.1% 2 2 Allen & Overy 3,602 25 21 4 41 3 Debevoise & Plimpton 20,587 4 789 2,509.3% 7 3 Linklaters 23,863 23 13 10 - 4 Mourant Ozannes 10,238 1 - - 3 4 Cliff ord Chance 2,535 16 20 -4 7 5 Latham & Watkins 7,453 11 3,510 112.3% 1 5 CMS 1,680 16 21 -5 10 6 Egorov, Puginsky, Afanasiev & Partners 6,600 3 3,010 119.3% 9 6 Baker & McKenzie 310 15 13 2 87 7 Dechert 6,495 2 57 11,294.7% 20 7 Skadden Arps Slate Meagher & Flom 27,066 14 5 9 28 8 White & Case 6,209 28 1,821 241.0% 5 8 Herbert Smith/Gleiss Lutz/Stibbe 5,411 14 15 -1 14 9= Cravath Swaine & Moore 6,127 1 2,564 139.0% 31 9 Noerr - 12 4 8 - 9= Davis Polk & Wardwell 6,127 1 - - 17 10 Latham & Watkins 7,453 11 9 2 13 11 Herbert Smith/Gleiss Lutz/Stibbe 5,411 14 2,898 86.7% 14 11 DLA Piper 629 11 10 1 4 12 Freshfi elds Bruckhaus Deringer 4,252 9 5,586 -23.9% 13 12 Cleary Gottlieb Steen & Hamilton 2,520 10 10 0 27 13 Allen & Overy 3,602 25 1,833 96.5% 4 13 Freshfi elds Bruckhaus Deringer 4,252 9 16 -7 - 14 PricewaterhouseCoopers legal 3,315 3 - - 8 14 Weil Gotshal & Manges 1,506 9 13 -4 80 15 SALANS 2,931 7 92 3,085.9% 28 15 SALANS 2,931 7 5 2
Legal Advisers to Russian M&A: Value Legal Advisers to Russian M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 4 1 Skadden Arps Slate Meagher & Flom 27,066 14 3,545 663.5% 11 1 Skadden Arps Slate Meagher & Flom 27,066 14 5 9 30 2 Debevoise & Plimpton 20,287 3 501 3,949.3% 9 2 Linklaters 18,779 12 7 5 32 3 Linklaters 18,779 12 483 3,788.0% 20 3 White & Case 3,925 11 3 8 - 4 Mourant Ozannes 10,238 1 - - 2 4 Herbert Smith/Gleiss Lutz/Stibbe 4,729 10 11 -1 16 5 Latham & Watkins 7,453 9 2,153 246.2% 7 5 Latham & Watkins 7,453 9 7 2 6 6 Egorov, Puginsky, Afanasiev & Partners 6,600 3 3,010 119.3% 5 6 Cleary Gottlieb Steen & Hamilton 1,296 7 8 -1 55 7 Dechert 6,495 2 57 11,294.7% - 7 Noerr - 7 - - 13 8= Cravath Swaine & Moore 6,127 1 2,274 169.4% 1 8 Freshfi elds Bruckhaus Deringer 3,961 4 12 -8 - 8= Davis Polk & Wardwell 6,127 1 - - 8 9 Allen & Overy 1,742 4 7 -3 10 10 Herbert Smith/Gleiss Lutz/Stibbe 4,729 10 2,554 85.2% 28 10 Jones Day 500 4 2 2 5 11 Freshfi elds Bruckhaus Deringer 3,961 4 3,055 29.7% 37 11 Liniya Prava 262 4 1 3 40 12 White & Case 3,925 11 240 1,535.4% 31 12 SALANS 140 4 2 2 - 13 PricewaterhouseCoopers legal 2,836 2 - - 17 13 Debevoise & Plimpton 20,287 3 3 0 34 14 Stikeman Elliott 2,137 3 430 397.0% 21 14 Egorov, Puginsky, Afanasiev & Partners 6,600 3 2 1 22 15 Hogan Lovells 1,780 3 920 93.5% 19 15 Stikeman Elliott 2,137 3 3 0
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Legal Advisers to Irish M&A: Value Legal Advisers to Irish M&A: Volume Ranking 2010 2009 Ranking 2010 2009
Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 26 1 William Fry 7,700 26 184 4,084.8% 1 1 Matheson Ormsby Prentice 1,280 31 28 3 4 2 Arthur Cox 7,253 30 1,685 330.4% 2 2 Arthur Cox 7,253 30 20 10 - 3 Skadden Arps Slate Meagher & Flom 6,494 6 - - 4 3 William Fry 7,700 26 10 16 2 4 A&L Goodbody 4,812 17 2,338 105.8% 3 4 A&L Goodbody 4,812 17 14 3 17 5 Ropes & Gray 3,656 2 650 462.5% 78 5 Mason Hayes & Curran 1,777 9 1 8 50 6 Linklaters 3,421 4 46 7,337.0% - 6 Skadden Arps Slate Meagher & Flom 6,494 6 - - - 7 Slaughter and May 3,416 3 - - 67 7 Cliff ord Chance 954 6 1 5 16 8 Freshfi elds Bruckhaus Deringer 3,376 4 802 320.9% 6 8 Maples & Calder 928 5 7 -2 20 9 Latham & Watkins 2,797 4 396 606.3% 5 9 McCann FitzGerald 738 5 8 -3 65 10 DLA Piper 2,783 4 - - 17 10 Linklaters 3,421 4 3 1 53 11 CMS 2,578 2 39 6,510.3% 7 11 Freshfi elds Bruckhaus Deringer 3,376 4 4 0 76 12= K&L Gates 2,453 1 - - 39 12 Latham & Watkins 2,797 4 1 3 - 12= Oppenheimer Wolff & Donnelly 2,453 1 - - 31 13 DLA Piper 2,783 4 2 2 - 12= Willkie Farr & Gallagher 2,453 1 - - 46 14 Allen & Overy 831 4 1 3 - 15= De Brauw Blackstone Westbroek 2,294 1 - - - 15 Slaughter and May 3,416 3 - - - 15= Shearman & Sterling 2,294 1 - -
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A strong second half in 2010 allowed total M&A activity in the US to tally up US$ 722.9bn-worth of US M&A Activity - Quarterly deals, a 4% increase from 2009’s US$ 695.1bn. Deal count was also up by 29.7% at 3,496 announced 500 1,300 deals compared to 2,695 in 2009. 2010 was not far off the levels reached in 2008 which stood at US$ 1,200 450 Value ($bn) Volume 738.3bn from 3,635 deals. 1,100 400 However, the US contributed a lower proportion of global M&A in 2010 than in 2009 – 34.1% as 1,000 opposed to 40.8% in 2009. 350 900 800 Q4 2010 fi nished at US$ 235.8bn and was up 15%, or US$ 30.8bn, from the levels reached for the 300 700 same period in 2009. It was also the highest Q4 period since Q4 2006 which saw US$ 439.8bn-worth 250 600 of M&A. 200 500 Volume of Deals Value of Deals ($bn) One of the largest deals in Q4 was France-based Sanofi -Aventis’ unsolicited off er for Genzyme 150 400
Corporation, valued at US$ 17.9bn – the only non-domestic US deal in the top 10 biggest deals. 300 100 200 Simpson Thacher & Bartlett took top ranking in the US legal advisory league tables by deal value, the 50 100 fi rst time it has done so since 2005. Latham & Watkins was the most active fi rm by deal count. 0 0 3 3 3 3 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
US Private Equity Buyout Activity - Quarterly US Inbound/Outbound M&A 220 280 140 300
260 130 200 Value ($bn) Inbound Value ($bn) 275 Volume 240 120 Outbound Value ($bn) 250 180 Inbound Volume 220 110 Outbound Volume 225 160 200 100 200 140 180 90
160 80 175 120 140 70 150 100 120 60 125
80 Volume of Deals 100 Volume of Deals 50
Value of Deals ($bn) 100
60 80 40 Value of Deals ($bn) 75 60 30 40 50 40 20 20 20 10 25
0 0 0 0 3 3 3 3 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 3 3 3 3 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
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2010 2009 Change Sector Value ($bn) mrk share Deal count Value ($bn) mrk share Deal count Value (%) Deal count Energy, Mining & Utilities 180.0 24.9% 336 92.0 13.2% 229 95.6% 107 Financial Services 105.2 14.6% 414 91.9 13.2% 370 14.6% 44 Pharma, Medical & Biotech 97.5 13.5% 379 189.7 27.3% 267 -48.6% 112 Industrials & Chemicals 70.0 9.7% 536 79.1 11.4% 453 -11.5% 83 Business Services 61.7 8.5% 503 42.4 6.1% 340 45.3% 163 Consumer 61.6 8.5% 296 43.3 6.2% 257 42.4% 39 Technology 60.0 8.3% 540 33.9 4.9% 361 77.1% 179 Telecommunications 32.9 4.5% 38 18.6 2.7% 35 76.4% 3 Leisure 15.0 2.1% 114 8.5 1.2% 96 76.6% 18 Real Estate 11.0 1.5% 36 3.8 0.5% 20 193.8% 16 Transport 10.1 1.4% 46 36.7 5.3% 49 -72.5% -3 Media 6.6 0.9% 108 46.6 6.7% 112 -85.9% -4 Construction 5.8 0.8% 105 5.2 0.7% 72 11.7% 33 Defence 5.3 0.7% 29 1.9 0.3% 21 172.7% 8 Agriculture 0.3 0.0% 16 1.4 0.2% 14 -80.4% 2 Total 722.9 3,496 695.1 2,696 4.0% 800
Mix of Announced Americas Deals by Geographic Region 2010 - Value Mix of Announced Americas Deals by Geographic Region 2010 - Volume
Central & South America 10.8% US (North East) Central & South America 16.3% US (North East) 17.5% 21.1%
Canada 10.6%
Canada 8.1% US (Mid West) 15.3%
US (Mid West) 12.3%
US (West) US (West) 14.1% 21.3%
US (South) US (South) 25.7% 26.9%
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Activity Table of US M&A for Year End 2010 Announced Bidder Company Bidder Legal Adviser Target Company Target/Seller Legal Adviser Seller Company Deal Value Date (US$m) 08-Dec-10 United States Department of Davis Polk & Wardwell American International Group Sullivan & Cromwell 48,001 the Treasury Inc (60.8% Stake)
22-Apr-10 CenturyLink Jones Walker; Latham & Watkins; Paul Qwest Communications Debevoise & Plimpton (Advising Lazard); 22,153 Hastings Janofsky & Walker (Advising International Inc Shearman & Sterling (Advising Perella Weinberg Barclays Capital); Paul Weiss Rifkind Wharton Partners); Skadden Arps Slate Meagher & Flom & Garrison (Advising Evercore Partners); Simpson Thacher & Bartlett (Advising JPMorgan); Wachtell, Lipton, Rosen & Katz 04-Oct-10 Sanofi -Aventis SA Linklaters; Simpson Thacher & Bartlett Genzyme Corporation Fried Frank Harris Shriver & Jacobson (Advising 17,864 (Advising JPMorgan); Weil Gotshal & Manges Credit Suisse; Goldman Sachs); Ropes & Gray; Wachtell, Lipton, Rosen & Katz
08-Mar-10 MetLife Inc Alston & Bird (Advising Credit Suisse); CMS; American Life Insurance Advising seller: Cleary Gottlieb Steen & Hamilton American International 15,544 Dewey & LeBoeuf; Nishimura & Asahi; Uria Company (Advising Citigroup; Goldman Sachs); Davis Polk Group Inc Menendez & Wardwell; Freshfi elds Bruckhaus Deringer; Simpson Thacher & Bartlett; Sullivan & Cromwell; Weil Gotshal & Manges; White & Case 25-Feb-10 The Coca-Cola Company Cleary Gottlieb Steen & Hamilton; Skadden Coca-Cola Enterprises Inc Advising seller: Cahill Gordon & Reindel; Coca-Cola Enterprises Inc 12,280 Arps Slate Meagher & Flom; Wachtell, Lipton, (North American operations) Covington & Burling (Advising Greenhill & Rosen & Katz (Advising Allen & Company); Co); Dewey & LeBoeuf (Advising Credit Suisse; White & Case Lazard); McKenna Long & Aldridge; Stikeman Elliott
21-Feb-10 Schlumberger Limited Baker Botts; Latham & Watkins; Vinson & Smith International Inc Blake, Cassels & Graydon; O'Melveny & Myers 12,198 Elkins (Advising Goldman Sachs) (Advising UBS Investment Bank); Wachtell, Lipton, Rosen & Katz
19-Jan-10 Williams Partners LP Baker Botts The Williams Companies Advising seller: Bracewell & Giuliani (Advising The Williams Companies 11,750 Inc (certain gas pipeline Citigroup); Gibson Dunn & Crutcher Inc and domestic midstream businesses) 07-Sep-10 Enterprise Products Partners LP Alston & Bird (Advising Credit Suisse); Enterprise GP Holdings LP Baker & Hostetler; Simpson Thacher & Bartlett 9,121 Andrews Kurth; Morris Nichols Arsht & (Advising Morgan Stanley); Vinson & Elkins Tunnell; Skadden Arps Slate Meagher & Flom
11-Feb-10 FirstEnergy Corp Akin Gump Strauss Hauer & Feld Allegheny Energy Inc Latham & Watkins (Advising Goldman Sachs); 8,960 Skadden Arps Slate Meagher & Flom
15-Nov-10 Caterpillar Inc Blake, Cassels & Graydon; Howrey; Mallesons Bucyrus International Inc Arnold & Porter; Greenberg Traurig (Advising 8,609 Stephen Jaques; Mayer Brown; Sidley Austin; Deutsche Bank); Sullivan & Cromwell Simpson Thacher & Bartlett (Advising JPMorgan)
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League Table of Legal Advisers to Americas M&A: Value League Table of Legal Advisers to Americas M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Deal Value % Value Value Deal Deal Count Y/E 2009 Y/E 2010 House (US$m) Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Count Count Change 5 1 Simpson Thacher & Bartlett 243,386 135 213,060 14.2% 2 1 Latham & Watkins 207,403 225 158 67 1 2 Skadden Arps Slate Meagher & Flom 237,466 170 331,744 -28.4% 1 2 Jones Day 93,935 214 177 37 6 3 Sullivan & Cromwell 229,240 132 209,670 9.3% 5 3 Kirkland & Ellis 51,900 190 119 71 3 4 Cleary Gottlieb Steen & Hamilton 209,223 82 237,792 -12.0% 4 4 DLA Piper 13,485 181 121 60 10 5 Latham & Watkins 207,403 225 153,599 35.0% 3 5 Skadden Arps Slate Meagher & Flom 237,466 170 146 24 4 6 Davis Polk & Wardwell 162,829 79 226,159 -28.0% 12 6 Simpson Thacher & Bartlett 243,386 135 80 55 11 7 Dewey & LeBoeuf 133,321 90 143,157 -6.9% 17 7 Sullivan & Cromwell 229,240 132 68 64 16 8 Blake, Cassels & Graydon 130,960 107 117,923 11.1% 13 8 Weil Gotshal & Manges 128,805 122 80 42 8 9 Weil Gotshal & Manges 128,805 122 162,472 -20.7% 7 9 Baker & McKenzie 38,367 108 91 17 9 10 Wachtell, Lipton, Rosen & Katz 122,951 60 159,344 -22.8% 6 10 Blake, Cassels & Graydon 130,960 107 93 14 13 11 Freshfi elds Bruckhaus Deringer 122,259 72 119,355 2.4% 21 11 Gibson Dunn & Crutcher 83,499 99 65 34 41 12 Slaughter and May 112,893 33 35,261 220.2% 23 12 K&L Gates 16,965 98 62 36 2 13 Cravath Swaine & Moore 112,728 50 294,889 -61.8% 16 13 Hogan Lovells 21,524 96 72 24 45 14 Mayer Brown 99,672 81 30,828 223.3% 32 14 Morgan Lewis & Bockius 18,706 93 54 39 14 15 Debevoise & Plimpton 97,178 57 119,138 -18.4% 22 15 Stikeman Elliott 83,232 91 63 28 48 16 Jones Day 93,935 214 24,489 283.6% 8 16 Dewey & LeBoeuf 133,321 90 85 5 38 17 Vinson & Elkins 87,009 74 37,388 132.7% 48 17 Paul Hastings Janofsky & Walker 25,979 86 39 47 21 18 Fried Frank Harris Shriver & 86,752 49 74,412 16.6% 11 18 Shearman & Sterling 85,625 85 81 4 Jacobson 9 19 Cleary Gottlieb Steen & Hamilton 209,223 82 83 -1 7 19 Shearman & Sterling 85,625 85 168,662 -49.2% 10 20 Wilson Sonsini Goodrich & Rosati 20,004 82 82 0 26 20 Gibson Dunn & Crutcher 83,499 99 58,327 43.2%
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League Table of Legal Advisers to US M&A: Value League Table of Legal Advisers to US M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Deal Value % Value Value Deal Deal Count Y/E 2009 Y/E 2010 House (US$m) Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Count Count Change 6 1 Simpson Thacher & Bartlett 235,804 130 202,279 16.6% 2 1 Latham & Watkins 190,378 215 154 61 5 2 Sullivan & Cromwell 214,953 124 207,601 3.5% 1 2 Jones Day 50,582 205 172 33 9 3 Latham & Watkins 190,378 215 152,953 24.5% 4 3 Kirkland & Ellis 51,555 189 119 70 1 4 Skadden Arps Slate Meagher & Flom 177,752 158 322,557 -44.9% 5 4 DLA Piper 13,231 176 118 58 4 5 Davis Polk & Wardwell 161,198 76 223,563 -27.9% 3 5 Skadden Arps Slate Meagher & Flom 177,752 158 132 26 7 6 Weil Gotshal & Manges 126,035 116 162,472 -22.4% 12 6 Simpson Thacher & Bartlett 235,804 130 73 57 8 7 Wachtell, Lipton, Rosen & Katz 122,951 60 157,050 -21.7% 15 7 Sullivan & Cromwell 214,953 124 66 58 3 8 Cleary Gottlieb Steen & Hamilton 120,385 71 228,976 -47.4% 9 8 Weil Gotshal & Manges 126,035 116 80 36 2 9 Cravath Swaine & Moore 102,632 47 294,889 -65.2% 17 9 Gibson Dunn & Crutcher 75,807 98 63 35 10 10 Dewey & LeBoeuf 97,998 84 142,578 -31.3% 19 10 K&L Gates 16,965 97 59 38 13 11 Debevoise & Plimpton 95,383 53 119,092 -19.9% 13 11 Hogan Lovells 19,086 90 70 20 15 12 Freshfi elds Bruckhaus Deringer 95,230 60 113,580 -16.2% 23 12 Morgan Lewis & Bockius 14,494 89 53 36 21 13 Fried Frank Harris Shriver & Jacobson 85,267 48 74,412 14.6% 7 13 Baker & McKenzie 25,841 88 83 5 11 14 Shearman & Sterling 79,982 80 131,735 -39.3% 44 14 Paul Hastings Janofsky & Walker 25,979 86 37 49 44 15 Vinson & Elkins 77,359 70 24,549 215.1% 6 15 Dewey & LeBoeuf 97,998 84 83 1 26 16 Gibson Dunn & Crutcher 75,807 98 56,283 34.7% 8 16 Wilson Sonsini Goodrich & Rosati 20,004 81 82 -1 18 17 Blake, Cassels & Graydon 69,530 51 89,435 -22.3% 16 17 Shearman & Sterling 79,982 80 65 15 41 18 Linklaters 69,015 60 31,709 117.7% 18 18 Davis Polk & Wardwell 161,198 76 62 14 40 19 Slaughter and May 63,234 24 31,920 98.1% 50 19 Mayer Brown 28,709 73 33 40 62 20 White & Case 59,771 53 12,640 372.9% 10 20 Cleary Gottlieb Steen & Hamilton 120,385 71 76 -5
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League Table of Legal Advisers to US Buyouts: Value League Table of Legal Advisers to US Buyouts: Volume Ranking 2010 2009 Ranking 2010 2009 Value Deal Value % Value Value Deal Deal Count Y/E 2009 Y/E 2010 House (US$m) Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Count Count Change 3 1 Simpson Thacher & Bartlett 26,389 27 11,638 126.7% 1 1 Kirkland & Ellis 13,771 61 37 24 11 2 Latham & Watkins 18,613 26 4,251 337.8% 4 2 Simpson Thacher & Bartlett 26,389 27 13 14 18 3 Kirkland & Ellis 13,771 61 2,130 546.5% 3 3 Latham & Watkins 18,613 26 19 7 1 4 Cleary Gottlieb Steen & Hamilton 9,073 6 19,745 -54.0% 2 4 Jones Day 973 24 21 3 6 5 Ropes & Gray 6,836 19 5,606 21.9% 23 5 Ropes & Gray 6,836 19 4 15 21 6 Skadden Arps Slate Meagher & Flom 5,081 15 1,657 206.6% 5 6 Skadden Arps Slate Meagher & Flom 5,081 15 11 4 62 7 Baker Botts 4,139 2 78 5,206.4% 16 7 Paul Weiss Rifkind Wharton & 2,433 15 6 9 Garrison - 8 Richards Layton & Finger 4,078 2 - - 37 8 Paul Hastings Janofsky & Walker 43 15 3 12 66 9 Alston & Bird 4,021 4 57 6,954.4% 6 9 Weil Gotshal & Manges 3,352 14 9 5 25 10 Greenberg Traurig 3,905 3 1,460 167.5% 68 10 Fried Frank Harris Shriver & Jacobson 3,839 13 1 12 13 11 Fried Frank Harris Shriver & Jacobson 3,839 13 3,474 10.5% 13 11 Gibson Dunn & Crutcher 1,614 12 7 5 - 12 Cahill Gordon & Reindel 3,671 1 - - 10 12 DLA Piper 60 12 8 4 12 13 Weil Gotshal & Manges 3,352 14 4,090 -18.0% 11 13 Sullivan & Cromwell 3,256 10 7 3 4 14 Sullivan & Cromwell 3,256 10 6,651 -51.0% 20 14 Morgan Lewis & Bockius 1,051 10 5 5 - 15 Herbert Smith/Gleiss Lutz/Stibbe 3,189 2 - - 12 15 Dechert 2,870 9 7 2 8 16 Dechert 2,870 9 4,700 -38.9% 18 16 Debevoise & Plimpton 2,793 9 5 4 19 17 Willkie Farr & Gallagher 2,834 6 1,791 58.2% 22 17 McDermott Will & Emery 587 9 5 4 23 18 Debevoise & Plimpton 2,793 9 1,493 87.1% 127 18 Mayer Brown 326 9 1 8 24 19 Paul Weiss Rifkind Wharton & 2,433 15 1,462 66.4% Garrison 27 19 Goodwin Procter 150 8 4 4 108 20 Vinson & Elkins 1,930 5 - - 34 20 Schulte Roth & Zabel 1,515 7 3 4
*Based on the dominant geography of the target company only and where the adviser is advising the buyside only
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Legal Advisers to Canadian M&A: Value Legal Advisers to Canadian M&A: Volume Ranking 2010 2009 Ranking 2010 2009
Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 1 1 Blake, Cassels & Graydon 73,252 78 35,296 107.5% 4 1 Stikeman Elliott 62,753 81 50 31 7 2 Stikeman Elliott 62,753 81 17,414 260.4% 1 2 Blake, Cassels & Graydon 73,252 78 76 2 39 3 Slaughter and May 50,181 6 1,659 2,924.8% 2 3 Osler, Hoskin & Harcourt 40,787 71 61 10 24 4 Cleary Gottlieb Steen & Hamilton 47,270 6 3,334 1,317.8% 3 4 McCarthy Tetrault 21,166 48 57 -9 14 5 Skadden Arps Slate Meagher & Flom 46,751 7 9,187 408.9% 5 5 Fasken Martineau 11,999 37 37 0 92 6 Jones Day 43,561 11 252 17,186.1% 9 6 Ogilvy Renault 8,335 37 26 11 54 7 Blake Dawson 43,041 3 770 5,489.7% 6 7 Torys 20,031 36 34 2 59 8 Mayer Brown 42,727 5 703 5,977.8% 12 8 Davies Ward Phillips & Vineberg 15,112 33 24 9 6 9 Osler, Hoskin & Harcourt 40,787 71 20,264 101.3% 13 9 Goodmans 11,712 25 21 4 57 10 Sullivan & Cromwell 21,407 14 760 2,716.7% 8 10 Burnet Duckworth & Palmer 5,883 24 29 -5 10 11 McCarthy Tetrault 21,166 48 14,289 48.1% 15 11 Bennett Jones 5,137 23 17 6 2 12 Torys 20,031 36 30,336 -34.0% 7 12 Borden Ladner Gervais 2,214 22 30 -8 26 13 Davies Ward Phillips & Vineberg 15,112 33 2,473 511.1% 19 13 Fraser Milner Casgrain 10,236 19 12 7 50 14 Simpson Thacher & Bartlett 14,711 11 1,042 1,311.8% 10 14 Cassels Brock & Blackwell 8,969 19 25 -6 8 15 Fasken Martineau 11,999 37 15,836 -24.2% 11 15 Dorsey & Whitney 5,367 16 24 -8
Legal Advisers to Central & South American M&A: Value Legal Advisers to Central & South American M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Deal Value % Value Value Deal Deal Count Y/E 2009 Y/E 2010 Company Name (US$m) Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Count Count Change 13 1 Cleary Gottlieb Steen & Hamilton 53,882 13 8,028 571.2% 1 1 Mattos Filho, Veiga Filho, Marrey Jr. e 8,559 29 30 -1 Quiroga Advogados 24 2 Dewey & LeBoeuf 34,640 4 2,816 1,130.1% 4 2 Pinheiro Neto Advogados 7,777 25 21 4 - 3 Mayer Brown 28,459 6 - - 3 3 Barbosa, Mussnich & Aragao 10,124 24 21 3 - 4 Robles Miaja Abogados 28,055 1 - - 2 4 Machado Meyer Sendacz e Opice 16,244 23 24 -1 17 5 Skadden Arps Slate Meagher & Flom 22,309 15 5,251 324.9% 19 5 Demarest e Almeida 12,605 23 6 17 16 6 Freshfi elds Bruckhaus Deringer 20,149 5 5,736 251.3% 26 6 Baker & McKenzie 12,699 21 5 16 8 7 Souza, Cescon Avedissian, Barrieu e Flesch 18,514 18 11,718 58.0% Advogados 6 7 Tozzini Freire Teixeira E Silva Advogados 13,638 19 12 7 5 8 Allen & Overy 16,367 6 14,641 11.8% 5 8 Souza, Cescon Avedissian, Barrieu e Flesch 18,514 18 17 1 Advogados 1 9 Machado Meyer Sendacz e Opice 16,244 23 26,086 -37.7% 13 9 Skadden Arps Slate Meagher & Flom 22,309 15 9 6 87 10 Latham & Watkins 14,591 12 307 4,652.8% 8 10 Estudio Muniz, Ramirez, Perez-Taiman & 1,023 15 11 4 10 11 Tozzini Freire Teixeira E Silva Advogados 13,638 19 10,312 32.3% Olaya Abogados 75 12 Uria Menendez 13,269 7 374 3,447.9% 22 11 Cleary Gottlieb Steen & Hamilton 53,882 13 5 8 64 13 Baker & McKenzie 12,699 21 564 22 33 12 Latham & Watkins 14,591 12 4 8 38 14 Demarest e Almeida 12,605 23 1,662 658.4% 14 13 Linklaters 5,813 12 9 3 97 15 Vinson & Elkins 12,179 5 250 48 15 14 Azevedo Sette Advogados 3,425 12 9 3 7 15 Prieto & Carrizosa 1,429 12 11 1 Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 32 www.mergermarket.com Americas: League Tables of Legal Advisers
Legal Advisers to US (North East) M&A: Value Legal Advisers to US (North East) M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 8 1 Sullivan & Cromwell 162,628 71 93,470 74.0% 2 1 Latham & Watkins 91,334 101 57 44 2 2 Simpson Thacher & Bartlett 154,313 80 169,375 -8.9% 3 2 Kirkland & Ellis 27,950 98 56 42 4 3 Davis Polk & Wardwell 126,409 43 129,411 -2.3% 1 3 Jones Day 18,232 84 62 22 21 4 Weil Gotshal & Manges 114,634 77 50,332 127.8% 6 4 Simpson Thacher & Bartlett 154,313 80 51 29 26 5 Latham & Watkins 91,334 101 29,818 206.3% 4 5 Skadden Arps Slate Meagher & Flom 78,357 80 55 25 6 6 Cleary Gottlieb Steen & Hamilton 83,315 28 104,524 -20.3% 5 6 Weil Gotshal & Manges 114,634 77 52 25 1 7 Skadden Arps Slate Meagher & Flom 78,357 80 178,458 -56.1% 8 7 Sullivan & Cromwell 162,628 71 38 33 14 8 Fried Frank Harris Shriver & Jacobson 75,780 41 70,480 7.5% 19 8 DLA Piper 7,718 60 30 30 13 9 Cravath Swaine & Moore 73,981 33 75,197 -1.6% 30 9 Ropes & Gray 52,317 52 21 31 22 10 Freshfi elds Bruckhaus Deringer 62,341 33 49,185 26.7% 25 10 Goodwin Procter 5,072 51 27 24 3 11 Wachtell, Lipton, Rosen & Katz 57,439 33 130,632 -56.0% 14 11 Morgan Lewis & Bockius 8,525 46 32 14 34 12 Ropes & Gray 52,317 52 16,866 210.2% 13 12 Davis Polk & Wardwell 126,409 43 32 11 5 13 Debevoise & Plimpton 51,795 28 114,715 -54.8% 33 13 Gibson Dunn & Crutcher 30,276 42 19 23 10 14 Dewey & LeBoeuf 50,045 35 86,590 -42.2% 51 14 Fried Frank Harris Shriver & Jacobson 75,780 41 14 27 27 15 Linklaters 49,094 32 28,996 69.3% 23 15 Dechert 15,399 37 28 9
Legal Advisers to US (Mid-West) M&A: Value Legal Advisers to US (Mid-West) M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 30 1 Latham & Watkins 42,747 46 7,986 435.3% 2 1 Kirkland & Ellis 14,827 74 46 28 2 2 Sullivan & Cromwell 37,634 29 58,205 -35.3% 1 2 Jones Day 13,984 66 75 -9 14 3 Skadden Arps Slate Meagher & Flom 36,296 44 28,391 27.8% 5 3 Latham & Watkins 42,747 46 28 18 22 4 Simpson Thacher & Bartlett 31,522 21 16,020 96.8% 3 4 Skadden Arps Slate Meagher & Flom 36,296 44 36 8 45 5 Blake, Cassels & Graydon 29,674 16 4,369 579.2% 4 5 Baker & McKenzie 18,608 38 31 7 1 6 Cravath Swaine & Moore 26,351 15 120,821 -78.2% 13 6 Sidley Austin 25,810 35 18 17 44 7 Sidley Austin 25,810 35 4,408 485.5% 6 7 DLA Piper 2,072 35 25 10 11 8 Dewey & LeBoeuf 23,819 20 37,178 -35.9% 12 8 Mayer Brown 15,663 30 18 12 23 9 Davis Polk & Wardwell 19,109 16 15,732 21.5% 17 9 Sullivan & Cromwell 37,634 29 15 14 21 10 Freshfi elds Bruckhaus Deringer 18,923 11 17,083 10.8% 69 10 Paul Hastings Janofsky & Walker 1,078 28 5 23 25 11 Baker & McKenzie 18,608 38 12,377 50.3% 8 11 Dorsey & Whitney 2,762 25 21 4 40 12 Debevoise & Plimpton 17,947 16 5,368 234.3% 10 12 McDermott Will & Emery 2,084 25 19 6 13 13 Gibson Dunn & Crutcher 16,871 20 34,622 -51.3% 15 13 Weil Gotshal & Manges 14,889 23 16 7 26 14 Mayer Brown 15,663 30 10,647 47.1% 23 14 K&L Gates 11,754 23 13 10
3 15 Weil Gotshal & Manges 14,889 23 56,876 -73.8% 25 15 Simpson Thacher & Bartlett 31,522 21 12 9
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 33 www.mergermarket.com Americas: League Tables of Legal Advisers
Legal Advisers to US (South) M&A: Value Legal Advisers to US (South) M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 6 1 Sullivan & Cromwell 109,122 42 72,514 50.5% 2 1 Kirkland & Ellis 28,516 79 56 23 9 2 Simpson Thacher & Bartlett 103,935 55 50,518 105.7% 1 2 Jones Day 26,162 79 61 18 7 3 Latham & Watkins 83,787 71 70,545 18.8% 5 3 Latham & Watkins 83,787 71 43 28 5 4 Davis Polk & Wardwell 79,317 21 84,814 -6.5% 4 4 DLA Piper 7,748 66 47 19 18 5 Wachtell, Lipton, Rosen & Katz 73,845 29 21,673 240.7% 6 5 Vinson & Elkins 69,344 57 40 17 2 6 Skadden Arps Slate Meagher & Flom 71,114 50 107,159 -33.6% 23 6 Simpson Thacher & Bartlett 103,935 55 20 35 17 7 Vinson & Elkins 69,344 57 24,019 188.7% 3 7 Skadden Arps Slate Meagher & Flom 71,114 50 54 -4 19 8 Dewey & LeBoeuf 55,677 36 20,092 177.1% 24 8 Fulbright and Jaworski 6,251 48 20 28 27 9 Alston & Bird 50,947 39 12,217 317.0% 15 9 Hogan Lovells 11,707 46 27 19 20 10 Baker Botts 50,167 32 19,516 157.1% 17 10 Sullivan & Cromwell 109,122 42 25 17 4 11 Cleary Gottlieb Steen & Hamilton 48,963 22 102,595 -52.3% 8 11 K&L Gates 4,795 42 33 9 50 12 Gibson Dunn & Crutcher 43,884 34 5,352 720.0% 38 12 Paul Hastings Janofsky & Walker 23,096 41 16 25 3 13 Weil Gotshal & Manges 41,487 38 103,196 -59.8% 13 13 Alston & Bird 50,947 39 28 11 24 14 Shearman & Sterling 38,482 20 13,002 196.0% 11 14 Weil Gotshal & Manges 41,487 38 30 8 31 15 Fried Frank Harris Shriver & Jacobson 37,279 19 9,652 286.2% 12 15 Dewey & LeBoeuf 55,677 36 29 7
Legal Advisers to US (West) M&A: Value Legal Advisers to US (West) M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 1 1 Skadden Arps Slate Meagher & Flom 68,278 53 78,717 -13.3% 1 1 Latham & Watkins 58,599 103 87 16 3 2 Latham & Watkins 58,599 103 75,056 -21.9% 4 2 DLA Piper 3,825 82 56 26 8 3 Simpson Thacher & Bartlett 50,267 33 45,947 9.4% 2 3 Wilson Sonsini Goodrich & Rosati 18,977 73 70 3 14 4 Shearman & Sterling 45,808 37 21,581 112.3% 5 4 Jones Day 18,786 71 55 16 17 5 Wachtell, Lipton, Rosen & Katz 32,754 12 19,621 66.9% 11 5 Kirkland & Ellis 12,692 65 35 30 12 6 Paul Weiss Rifkind Wharton & Garrison 30,507 24 25,214 21.0% 7 6 Gibson Dunn & Crutcher 19,623 59 42 17 4 7 Sullivan & Cromwell 28,558 43 73,583 -61.2% 8 7 Skadden Arps Slate Meagher & Flom 68,278 53 41 12 22 8 Debevoise & Plimpton 25,631 9 14,723 74.1% 12 8 Fenwick & West 8,090 53 34 19 44 9 Paul Hastings Janofsky & Walker 24,303 36 5,076 378.8% 10 9 Morrison & Foerster 19,793 46 36 10 - 10 Jones Walker 22,153 2 - - 24 10 Sullivan & Cromwell 28,558 43 18 25 54 11 Morrison & Foerster 19,793 46 3,787 422.7% 3 11 Cooley 5,684 42 58 -16 21 12 Gibson Dunn & Crutcher 19,623 59 15,163 29.4% 35 12 K&L Gates 3,257 42 14 28 5 13 Wilson Sonsini Goodrich & Rosati 18,977 73 64,126 -70.4% 6 13 O'Melveny & Myers 2,505 41 48 -7 39 14 Jones Day 18,786 71 6,022 212.0% 9 14 Shearman & Sterling 45,808 37 36 1 9 15 Cleary Gottlieb Steen & Hamilton 17,149 27 44,660 -61.6% 21 15 Paul Hastings Janofsky & Walker 24,303 36 20 16
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 34 www.mergermarket.com Asia-Pacifi c (ex. Japan) M&A Overview
Total M&A in the region in 2010 totalled US$ 396.6bn, the highest value on record and 15.7% greater than the previous peak achieved in 2008 which stood at US$ 342.8bn. Deal count is also up by 20.4% compared to 2009. Asia-Pacific M&A Activity - Quarterly 170 (excluding Japan) 700 M&A activity in Q4 2010 in Asia-Pacifi c stood at US$ 152.6bn, the highest quarter on record. Q4 2010 was 49.3% 160 650 Value ($bn) 150 higher than Q4 2009 (US$ 102.2bn). Volume 600 140 550 The region accounted for 18.7% of global M&A in 2010, up from 16.8% in 2009. 2010 saw the the Asia-Pacifi c region 130 accounting for the highest proportion of global M&A on mergermarket record (since 2001). 120 500 110 450 Australia was the most active M&A market in the region, accounting for 22.9% (US$ 106.3bn) of M&A in Asia-Pacifi c, 100 400 followed closely by China. Malaysia saw M&A increase from US$ 3.5bn in 2009 to US$ 32.5bn in 2010. Australia and 90 350 India saw activity more than double in 2010 compared to 2009 whereas large drops were seen in some countries 80 300 including China (-25.2%), Japan (-25.3%) and Taiwan (-61%). 70
60 250 Volume of Deals Value of Deals ($bn) Notwithstanding a slight dip in Q2, outbound Asian M&A remained strong in 2010, totalling US$ 103.5bn, the 50 200 40 second highest value after 2007 (US$ 126.1bn). Q4 2010, at US$ 35.9bn, was the highest quarter since Q1 2008 150 30 (US$ 36bn) for outbound activity. Inbound deal fl ow into Asia Pacifi c was up by 81.7% to US$ 83.4bn worth of deals 100 20 in 2010, compared to US$ 45.9bn in 2009. 10 50 Freshfi elds Bruckhaus Deringer took top ranking in the 2010 legal advisory league tables for Asia-Pacifi c (excluding 0 0 3 3 3 3 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr Japan) M&A by deal value – the last time the fi rm achieved top ranking was in 2003. Only fi ve Asia-Pacifi c law fi rms Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q made the top 20 rankings compared to eleven in 2009. Baker & McKenzie retained top ranking by deal count, having worked on 17 more deals than in 2009.
Asia-Pacific Private Equity Buyout Activity - Quarterly Asia-Pacific (excluding Japan) Inbound/Outbound M&A 20 (excluding Japan) 75 60 175 70 55 18 Value ($bn) Inbound Value ($bn) Volume 65 Outbound Value ($bn) 150 50 Inbound Volume 16 60 Outbound Volume 55 45 14 125 50 40
12 45 35 100 40 10 30 35 75 8 30 25 Volume of Deals 25 Volume of Deals Value of Deals ($bn) 20 6 20 50 Value of Deals ($bn) 15 4 15 10 10 25 2 5 5
0 0 0 0 3 3 3 3 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 3 3 3 3 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t t tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 35 www.mergermarket.com Asia-Pacifi c M&A Overview: Industry and Geography Breakdown
2010 2009 Change Sector Value ($bn) mrk share Deal count Value ($bn) mrk share Deal count Value (%) Deal count Energy, Mining & Utilities 94.4 23.8% 275 78.8 27.5% 288 19.8% -13 Financial Services 65.0 16.4% 191 37.0 12.9% 175 75.6% 16 Industrials & Chemicals 44.3 11.2% 445 40.2 14.0% 357 10.3% 88 Transport 38.0 9.6% 102 20.8 7.2% 74 82.8% 28 Consumer 34.4 8.7% 244 28.2 9.8% 226 21.9% 18 Telecommunications 24.5 6.2% 40 11.3 3.9% 36 117.4% 4 Real Estate 22.7 5.7% 101 12.0 4.2% 93 88.9% 8 Pharma, Medical & Biotech 18.3 4.6% 139 6.2 2.2% 75 196.9% 64 Construction 16.2 4.1% 104 19.5 6.8% 63 -17.3% 41 Business Services 13.5 3.4% 189 6.8 2.4% 161 100.4% 28 Technology 8.2 2.1% 178 18.7 6.5% 141 -56.1% 37 Media 7.2 1.8% 65 2.4 0.8% 38 196.3% 27 Agriculture 6.0 1.5% 49 3.0 1.0% 35 101.0% 14 Leisure 3.7 0.9% 58 1.9 0.7% 48 91.8% 10 Defence 0.0 0.0% 1 0.1 0.0% 1 -100.0% 0 Total 396.6 2,181 286.9 1,811 38.2% 370
Mix of Announced Asia-Pacific Deals by Geographic Region 2010 - Value Mix of Announced Asia-Pacific Deals by Geographic Region 2010 - Volume
Other Other 6.5% Indonesia Indonesia 8.2% 2.4% 2.2% China Malaysia 20.3% Malaysia 7.1% 3.5% China 26.2% Singapore Singapore 4.1% 2.9%
Hong Kong Hong Kong 4.8% 5.2%
India 11.2% India 11.2% Australia 22.9% Australia 15.1%
South Korea South Korea 8.6% 11.6%
Japan Japan 12.9% 13.0%
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 36 www.mergermarket.com Asia-Pacifi c M&A Overview: Top Deals
Activity Table of Asia-Pacifi c (ex. Japan) M&A for Year End 2010 Announced Bidder Company Bidder Legal Adviser Target Company Target/Seller Legal Adviser Seller Company Deal Value Date (US$m) 01-Mar-10* Prudential Plc Cleary Gottlieb Steen & Hamilton; American International Assurance Advisng seller: Cravath Swaine & American International Group Inc 35,500 Herbert Smith/Gleiss Lutz/Stibbe Company Limited Moore (Advising Citigroup; Goldman (Advising Credit Suisse; HSBC Bank; Sachs); Davis Polk & Wardwell; Lazard); Slaughter and May Debevoise & Plimpton; Freshfi elds Bruckhaus Deringer; Norton Rose; Simpson Thacher & Bartlett; Sullivan & Cromwell; Weil Gotshal & Manges
15-Nov-10 AMP Limited Clayton Utz AXA Asia Pacifi c Holdings Limited Mallesons Stephen Jaques; Advising AXA SA 13,094 seller: Freehills; Norton Rose
21-Dec-10 Jelas Ulung Sdn Bhd PLUS Expressways Berhad 10,732
16-Aug-10 Vedanta Resources Plc Allen & Overy; AZB & Partners; Cairn India Limited (60% Stake) S&R Associates; Shepherd & 9,177 Freshfi elds Bruckhaus Deringer Wedderburn (Advising JPMorgan Cazenove; Morgan Stanley); Latham & Watkins
30-Mar-10* AXA SA Freehills AXA Asia Pacifi c Holdings (Asian Advising seller: Allens Arthur AXA Asia Pacifi c Holdings Limited 8,645 businesses) Robinson; Mallesons Stephen Jaques
04-May-10 Newcrest Mining Limited Allens Arthur Robinson; Mallesons Lihir Gold Limited Blake Dawson; Stikeman Elliott; 8,286 Stephen Jaques (Advising Bank of Sullivan & Cromwell America Merrill Lynch); Sidley Austin
03-Nov-10 Westfi eld Group (securityholders) Westfi eld Retail Trust (90.05% Stake) Advising seller: Freehills (Advising Westfi eld Group 7,278 Citigroup; Credit Suisse; Morgan Stanley); Mallesons Stephen Jaques; Sidley Austin 25-Oct-10 Singapore Exchange Limited Allen & Gledhill; Clayton Utz; Shook ASX Ltd Freehills; Stamford Law 7,246 Lin & Bok Singapore (Advising Morgan Stanley)
10-Mar-10 China Mobile Limited Haiwen & Partners; Linklaters Shanghai Pudong Development Shanghai United Law Firm 5,781 Bank (20% stake)
30-Mar-10* National Australia Bank Limited Allens Arthur Robinson; Johnson AXA Asia Pacifi c Holdings Limited Freehills; Mallesons Stephen Jaques; 5,635 Winter & Slattery Norton Rose
*Lapsed Deal
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 37 www.mergermarket.com Asia-Pacifi c M&A Overview: League Tables of Legal Advisers
League Table of Legal Advisers to Asia-Pacifi c (ex. Japan) M&A: Value League Table of Legal Advisers to Asia-Pacifi c (ex. Japan) M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Deal Value % Value Value Deal Deal Count Y/E 2009 Y/E 2010 House (US$m) Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Count Count Change 2 1 Freshfi elds Bruckhaus Deringer 74,552 44 86,715 -14.0% 1 1 Baker & McKenzie 42,981 91 74 17 4 2 Freehills 69,328 71 76,480 -9.4% 2 2 Freehills 69,328 71 60 11 10 3 Mallesons Stephen Jaques 65,997 57 23,916 176.0% 9 3 DLA Piper 15,991 67 41 26 43 4 Herbert Smith/Gleiss Lutz/Stibbe 65,717 17 7,005 838.1% 28 4 AZB & Partners 31,311 63 21 42 46 5 Norton Rose 61,353 49 6,146 898.3% 10 5 Minter Ellison 19,511 63 40 23 74 6 Debevoise & Plimpton 55,545 8 2,928 1,797.0% 6 6 Mallesons Stephen Jaques 65,997 57 46 11 40 7 Sullivan & Cromwell 55,360 14 7,450 643.1% 3 7 Kim & Chang 20,824 53 48 5 1 8 Linklaters 44,113 46 90,781 -51.4% 11 8 Lee & Ko 10,913 51 37 14 6 9 Slaughter and May 43,843 14 62,220 -29.5% 43 9 Norton Rose 61,353 49 13 36 9 10 Baker & McKenzie 42,981 91 28,712 49.7% 4 10 Linklaters 44,113 46 46 0 20 11 Cleary Gottlieb Steen & Hamilton 42,544 10 13,405 217.4% 16 11 Desai & Diwanji 1,634 46 26 20 15 12 Simpson Thacher & Bartlett 41,832 15 15,720 166.1% 7 12 Freshfi elds Bruckhaus Deringer 74,552 44 45 -1 71 13 Allen & Overy 40,449 37 3,333 1,113.6% 8 13 Clayton Utz 35,163 42 43 -1 3 14 Allens Arthur Robinson 39,124 41 81,085 -51.7% 22 14 Allens Arthur Robinson 39,124 41 21 20 69 15 Weil Gotshal & Manges 38,645 11 3,881 895.7% 14 15 WongPartnership 9,709 39 30 9 58 16 Davis Polk & Wardwell 38,345 15 4,523 747.8% 5 16 Blake Dawson 19,544 38 46 -8 216 17 Cravath Swaine & Moore 36,988 2 348 - 18 17 Jones Day 5,521 38 24 14 34 18 Clayton Utz 35,163 42 9,232 280.9% 19 18 Allen & Overy 40,449 37 24 13 24 19 Skadden Arps Slate Meagher & Flom 31,419 34 12,626 148.8% 15 19 Skadden Arps Slate Meagher & Flom 31,419 34 27 7 73 20 AZB & Partners 31,311 63 2,977 951.8% 13 20 Allen & Gledhill 17,541 34 30 4
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 38 www.mergermarket.com Asia-Pacifi c M&A Overview: League Tables of Legal Advisers
League Table of Legal Advisers to Asia-Pacifi c (ex. Japan) Buyouts: Value League Table of Legal Advisers to Asia-Pacifi c (ex. Japan) Buyouts: Volume Ranking 2010 2009 Ranking 2010 2009 Value Deal Value % Value Value Deal Deal Count Y/E 2009 Y/E 2010 House (US$m) Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Count Count Change 8 1 Lee & Ko 5,349 5 744 619.0% 5 1 AZB & Partners 658 17 4 13 40 2 Mallesons Stephen Jaques 4,672 4 57 8,096.5% 6 2 DLA Piper 142 15 4 11 24 3 Gilbert + Tobin 2,641 2 172 1,435.5% 12 3 Desai & Diwanji 400 8 3 5 10 4 WongPartnership 2,630 4 429 513.1% - 4 Freehills 1,593 7 - - - 5 Jingtian & Gongcheng 2,473 1 - - - 5 Kirkland & Ellis 615 7 - - 2 6 Linklaters 2,350 1 1,808 30.0% 3 6 Lee & Ko 5,349 5 5 0 - 7 Allens Arthur Robinson 2,111 2 - - 21 7 Baker & McKenzie 793 5 2 3 - 8 Logos Law 1,914 1 - - 47 8 Mallesons Stephen Jaques 4,672 4 1 3 - 9 Freehills 1,593 7 - - 10 9 WongPartnership 2,630 4 3 1 15 10 Allen & Gledhill 1,419 3 294 382.7% 2 10 Kim & Chang 1,232 4 5 -1 4 11 Kim & Chang 1,232 4 1,262 -2.4% 20 11 Fangda Partners 1,145 4 2 2 25 12 Fangda Partners 1,145 4 162 606.8% - 12 Jones Day 71 4 - - 19 13 Freshfi elds Bruckhaus Deringer 886 3 260 240.8% 17 13 Allen & Gledhill 1,419 3 2 1 - 14 Kim Chang & Lee 812 1 - - 31 14 Freshfi elds Bruckhaus Deringer 886 3 1 2 37 15 Baker & McKenzie 793 5 62 1,179.0% - 15 Weil Gotshal & Manges 757 3 - - - 16 Weil Gotshal & Manges 757 3 - - 49 16 Skadden Arps Slate Meagher & Flom 651 3 1 2 36 17 AZB & Partners 658 17 62 961.3% 9 17 Cliff ord Chance 370 3 3 0 46 18 Skadden Arps Slate Meagher & Flom 651 3 42 1,450.0% 16 18 Paul Weiss Rifkind Wharton & Garrison 278 3 2 1 - 19 Kirkland & Ellis 615 7 - - 26 19 Simpson Thacher & Bartlett 240 3 1 2 - 20 Blake Dawson 557 1 - - 60 20 Chapman Tripp 66 3 1 2
*Based on the dominant geography of the target company only and where the adviser is advising the buyside only
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 39 www.mergermarket.com Asia-Pacifi c M&A Overview: League Tables of Legal Advisers
Legal Advisers to Asian (ex. Japan, Australasia) M&A: Value Legal Advisers to Asian (ex. Japan, Australasia) M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 4 1 Freshfi elds Bruckhaus Deringer 68,629 41 26,163 162.3% 1 1 Baker & McKenzie 34,094 64 50 14 37 2 Herbert Smith/Gleiss Lutz/Stibbe 65,717 17 6,331 938.0% 19 2 AZB & Partners 31,311 63 21 42 68 3 Debevoise & Plimpton 48,760 6 2,928 1,565.3% 2 3 Kim & Chang 20,824 53 48 5 42 4 Sullivan & Cromwell 43,990 7 5,278 733.5% 5 4 Lee & Ko 10,913 51 37 14 39 5 Norton Rose 43,959 23 5,551 691.9% 10 5 Desai & Diwanji 1,634 46 26 20 56 6 Slaughter and May 42,902 11 4,127 939.5% 8 6 DLA Piper 14,688 43 28 15 14 7 Cleary Gottlieb Steen & Hamilton 42,544 10 13,405 217.4% 4 7 Freshfi elds Bruckhaus Deringer 68,629 41 39 2 9 8 Simpson Thacher & Bartlett 40,617 14 15,720 158.4% 3 8 Linklaters 38,473 39 39 0 66 9 Allen & Overy 39,189 31 3,048 1,185.7% 6 9 WongPartnership 7,359 38 30 8 2 10 Linklaters 38,473 39 27,309 40.9% 7 10 Allen & Gledhill 17,541 34 28 6 273 11 Cravath Swaine & Moore 36,988 2 100 36,888.0% 17 11 Shin & Kim 10,315 33 21 12 64 12 Weil Gotshal & Manges 36,873 9 3,453 967.9% 18 12 Allen & Overy 39,189 31 21 10 3 13 Baker & McKenzie 34,094 64 26,429 29.0% 16 13 Jones Day 5,275 31 21 10 51 14 Davis Polk & Wardwell 32,449 13 4,523 617.4% 21 14 Skadden Arps Slate Meagher & Flom 24,119 30 20 10 67 15 AZB & Partners 31,311 63 2,977 951.8% 15 15 Bae Kim & Lee 11,244 30 21 9
Legal Advisers to Greater China M&A: Value Legal Advisers to Greater China M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 2 1 Freshfi elds Bruckhaus Deringer 55,541 34 23,847 132.9% 2 1 Baker & McKenzie 17,406 35 28 7 39 2 Herbert Smith/Gleiss Lutz/Stibbe 51,397 12 4,606 1,015.9% 6 2 DLA Piper 14,050 35 21 14 49 3 Sullivan & Cromwell 43,181 5 2,888 1,395.2% 1 3 Freshfi elds Bruckhaus Deringer 55,541 34 29 5 13 4 Cleary Gottlieb Steen & Hamilton 41,119 7 12,572 227.1% 17 4 Jones Day 3,352 25 11 14 41 5 Slaughter and May 40,428 10 4,002 910.2% 4 5 Linklaters 14,020 19 22 -3 10 6 Simpson Thacher & Bartlett 39,306 10 14,528 170.6% 9 6 Skadden Arps Slate Meagher & Flom 11,242 18 17 1 45 7 Norton Rose 38,242 9 3,728 925.8% 5 7 Grandall Legal Group 12,058 17 21 -4 187 8 Cravath Swaine & Moore 36,988 2 100 36,888.0% 7 8 King & Wood 3,511 17 20 -3 155 9 Weil Gotshal & Manges 36,518 6 165 22,032.1% 36 9 Allen & Overy 12,957 15 7 8 53 10 Debevoise & Plimpton 35,625 2 2,427 1,367.9% 13 10 Fangda Partners 3,478 14 13 1 42 11 Davis Polk & Wardwell 30,946 8 3,990 675.6% 46 11 Mayer Brown 2,481 14 6 8 4 12 Baker & McKenzie 17,406 35 20,392 -14.6% 12 12 Richards Butler in association with Reed Smith 3,919 13 13 0 30 13 DLA Piper 14,050 35 5,775 143.3% 14 13 Herbert Smith/Gleiss Lutz/Stibbe 51,397 12 13 -1 3 14 Linklaters 14,020 19 22,533 -37.8% 22 14 Hogan Lovells 3,818 12 9 3 29 15 Haiwen & Partners 13,487 7 5,932 127.4% 8 15 Lee and Li Attorneys at Law 2,257 11 18 -7
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 40 www.mergermarket.com Asia-Pacifi c M&A Overview: League Tables of Legal Advisers
Legal Advisers to Australasian M&A: Value Legal Advisers to Australasian M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 2 1 Freehills 69,328 71 76,480 -9.4% 1 1 Freehills 69,328 71 60 11 8 2 Mallesons Stephen Jaques 64,221 52 23,879 168.9% 5 2 Minter Ellison 19,511 63 37 26 1 3 Allens Arthur Robinson 39,124 41 81,085 -51.7% 4 3 Mallesons Stephen Jaques 64,221 52 41 11 16 4 Clayton Utz 35,062 41 9,232 279.8% 7 4 Allens Arthur Robinson 39,124 41 21 20 59 5 Norton Rose 19,892 29 595 3,243.2% 3 5 Clayton Utz 35,062 41 43 -2 4 6 Blake Dawson 19,544 37 70,704 -72.4% 2 6 Blake Dawson 19,544 37 44 -7 22 7 Minter Ellison 19,511 63 3,944 394.7% 6 7 Baker & McKenzie 9,041 30 33 -3 100 8 Sidley Austin 15,784 3 231 6,732.9% 40 8 Norton Rose 19,892 29 3 26 19 9 Gilbert + Tobin 15,190 23 5,090 198.4% 12 9 DLA Piper 1,533 27 14 13 39 10 Stikeman Elliott 13,253 6 1,707 676.4% 9 10 Corrs Chambers Westgarth 4,800 24 20 4 27 11 Sullivan & Cromwell 11,707 8 2,172 439.0% 8 11 Gilbert + Tobin 15,190 23 21 2 18 12 Baker & McKenzie 9,041 30 6,365 42.0% 26 12 Johnson Winter & Slattery 8,437 15 5 10 9 13 Johnson Winter & Slattery 8,437 15 13,645 -38.2% 13 13 Bell Gully 1,639 15 13 2 3 14 Linklaters 7,865 10 75,939 -89.6% 15 14 Chapman Tripp 805 15 10 5 47 15 Skadden Arps Slate Meagher & Flom 7,660 5 1,216 529.9% 22 15 McCullough Robertson 675 15 7 8
Legal Advisers to Japanese M&A: Value Legal Advisers to Japanese M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 1 1 Mori Hamada & Matsumoto 36,327 80 40,950 -11.3% 1 1 Mori Hamada & Matsumoto 36,327 80 63 17 5 2 Nagashima Ohno & Tsunematsu 35,487 36 24,529 44.7% 3 2 Nagashima Ohno & Tsunematsu 35,487 36 41 -5 4 3 Shearman & Sterling 22,743 15 25,629 -11.3% 2 3 Nishimura & Asahi 16,596 34 56 -22 6 4 Sullivan & Cromwell 20,608 12 24,432 -15.7% 4 4 TMI Associates 3,608 23 35 -12 2 5 Nishimura & Asahi 16,596 34 38,849 -57.3% 7 5 Baker & McKenzie 2,338 21 18 3 3 6 Simpson Thacher & Bartlett 15,858 6 28,809 -45.0% 6 6 Morrison & Foerster 7,487 18 28 -10 9 7 Davis Polk & Wardwell 14,948 11 21,045 -29.0% 9 7 Shearman & Sterling 22,743 15 14 1 8 8 Skadden Arps Slate Meagher & Flom 10,514 13 21,142 -50.3% 5 8 Anderson Mori & Tomotsune 7,095 15 33 -18 43 9 Gibson Dunn & Crutcher 9,331 4 1,057 782.8% 11 9 Skadden Arps Slate Meagher & Flom 10,514 13 10 3 7 10 Morrison & Foerster 7,487 18 22,766 -67.1% 19 10 Linklaters 4,632 13 6 7 13 11 Anderson Mori & Tomotsune 7,095 15 11,312 -37.3% 14 11 Sullivan & Cromwell 20,608 12 9 3 - 12 Kikkawa Law Offi ces 6,192 4 - - 8 12 Davis Polk & Wardwell 14,948 11 15 -4 20 13 Latham & Watkins 5,598 11 3,939 42.1% 15 13 Latham & Watkins 5,598 11 9 2 144 14 Abe, Ikubo & Katayama 5,041 4 8 62,912.5% 18 14 Freshfi elds Bruckhaus Deringer 3,706 10 6 4 53 15 Linklaters 4,632 13 708 554.2% 23 15 Oh-Ebashi LPC & Partners 630 10 5 5
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 41 www.mergermarket.com Asia-Pacifi c M&A Overview: League Tables of Legal Advisers
Legal Advisers to Indian M&A: Value Legal Advisers to Indian M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 4 1 AZB & Partners 31,311 63 2,977 951.8% 3 1 AZB & Partners 31,311 63 21 42 52 2 Allen & Overy 22,545 7 74 30,366.2% 1 2 Desai & Diwanji 1,634 46 26 20 50 3 Linklaters 12,444 6 75 16,492.0% 4 3 Amarchand & Mangaldas & Suresh A 9,503 29 18 11 19 4 Trilegal 11,446 13 473 2,319.9% Shroff & Co 16 5 Talwar, Thakore and Associates 10,956 4 578 1,795.5% 91 4 Tatva Legal 661 17 1 16 82 6 Herbert Smith/Gleiss Lutz/Stibbe 10,700 1 9 - 2 5 Khaitan & Co 3,401 14 22 -8 1 7 Amarchand & Mangaldas & Suresh A 9,503 29 6,534 45.4% 5 6 Trilegal 11,446 13 13 0 Shroff & Co 8 7 Nishith Desai Associates 462 10 10 0 10 8 Freshfi elds Bruckhaus Deringer 9,438 3 737 1,180.6% 17 8 Allen & Overy 22,545 7 3 4 38 9 S&R Associates 9,332 4 179 5,113.4% 26 9 Linklaters 12,444 6 2 4 24 10 Latham & Watkins 9,297 2 400 2,224.3% 18 10 DLA Piper 270 6 3 3 - 11 Shepherd & Wedderburn 9,177 1 - - - 11 White & Case 1,430 5 - - 17 12 Crawford Bayley & Company 4,779 2 501 853.9% 6 12 J Sagar Associates 322 5 11 -6 7 13 Luthra & Luthra Law Offi ces 4,445 4 869 411.5% 14 13 DSK Legal 89 5 4 1 12 14 Baker & McKenzie 3,730 2 630 492.1% 36 14 Talwar, Thakore and Associates 10,956 4 1 3 - 15 Stephenson Harwood 3,720 1 - - 48 15 S&R Associates 9,332 4 1 3
Legal Advisers to South East Asian M&A: Value Legal Advisers to South East Asian M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 1 1 Allen & Gledhill 16,489 32 9,554 72.6% 1 1 WongPartnership 7,359 38 26 12 3 2 Baker & McKenzie 12,635 26 7,507 68.3% 2 2 Allen & Gledhill 16,489 32 23 9 38 3 Freehills 11,113 5 499 2,127.1% 3 3 Baker & McKenzie 12,635 26 18 8 12 4 Stamford Law 10,390 16 3,189 225.8% 4 4 Stamford Law 10,390 16 16 0 5 5 Shook Lin & Bok Singapore 10,194 10 4,931 106.7% 6 5 Cliff ord Chance 4,242 14 10 4 2 6 WongPartnership 7,359 38 8,967 -17.9% 8 6 Shook Lin & Bok Singapore 10,194 10 8 2 54 7 Clayton Utz 7,347 2 303 2,324.8% 10 7 Rajah & Tann 4,986 10 7 3 - 8 Kadir, Andri & Partners 5,490 4 - - 7 8 Linklaters 4,371 10 9 1 129 9 Zul Rafi que & partners 5,035 1 - - 34 9 Norton Rose 3,360 10 2 8 28 10 Rajah & Tann 4,986 10 1,324 276.6% 5 10 Allen & Overy 873 9 14 -5 15 11 Linklaters 4,371 10 1,902 129.8% - 11 AZB & Partners 4,055 8 - - 9 12 Cliff ord Chance 4,242 14 3,356 26.4% 11 12 Drew & Napier 3,772 8 6 2 - 13 AZB & Partners 4,055 8 - - 31 13 Skadden Arps Slate Meagher & Flom 1,973 6 2 4 6 14 Drew & Napier 3,772 8 4,387 -14.0% 12 14 Latham & Watkins 1,526 6 5 1 25 15 Herbert Smith/Gleiss Lutz/Stibbe 3,620 4 1,466 146.9% 54 15 Colin Ng & Partners 172 6 2 4
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 42 www.mergermarket.com Asia-Pacifi c M&A Overview: League Tables of Legal Advisers
Legal Advisers to South Korean M&A: Value Legal Advisers to South Korean M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Value % Value Value Count Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Deal Count Deal Count Change 1 1 Kim & Chang 20,824 51 11,880 75.3% 1 1 Kim & Chang 20,824 51 45 6 3 2 Bae Kim & Lee 11,179 28 4,593 143.4% 2 2 Lee & Ko 10,913 51 37 14 2 3 Lee & Ko 10,913 51 9,264 17.8% 4 3 Shin & Kim 10,315 33 21 12 8 4 Shin & Kim 10,315 33 3,518 193.2% 3 4 Bae Kim & Lee 11,179 28 21 7 12 5 Linklaters 8,305 6 1,173 608.0% 5 5 Yulchon 4,170 22 14 8 4 6 Yulchon 4,170 22 3,960 5.3% 6 6 Yoon & Yang 1,187 17 8 9 - 7 Baker & McKenzie 3,640 4 - - - 7 KCL Law 549 13 1 12 29 8 DR&AJU International Law Firm 3,563 3 378 842.6% 9 8 Linklaters 8,305 6 3 3 - 9 Latham & Watkins 3,547 1 - - - 9 Hyun Attorneys At Law 242 5 - - - 10 Allen & Overy 2,905 2 - - - 10 Baker & McKenzie 3,640 4 - - - 11 Debevoise & Plimpton 2,637 2 - - 15 11 Skadden Arps Slate Meagher & Flom 666 4 2 2 27 12 Shearman & Sterling 2,630 3 450 484.4% 21 12 Hwang Mok Park 99 4 1 3 14 13 Orrick Herrington & Sutcliff e 2,407 2 1,147 109.9% 31 13 DR&AJU International Law Firm 3,563 3 1 2 59 14 Morgan Lewis & Bockius 2,400 1 - - 29 14 Shearman & Sterling 2,630 3 1 2 53 15 Logos Law 1,914 1 12 15,850.0% - 15 Paul Hastings Janofsky & Walker 509 3 - -
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 43 www.mergermarket.com Africa & Middle East M&A Overview 36 140 34 Africa & Middle East M&A Activity - Quarterly 130 32 120 30 Value ($bn) 110 M&A in Africa and the Middle East saw 306 deals worth a total of US$ 49.7bn in 2010, up 28 Volume 26 100 54.2% by value and 7.7% by deal count - the highest annual deal value since 2007. 24 90 22 80 The Telecommunications sector accounted for the largest percentage of deal value in the 20 region in 2010, with 27.7% of the market share. Industrials & Chemicals was the most active 18 70 16 60 industry by deal count, recording 44 deals. 14 50 12 Volume of Deals Bharti Airtel’s US$ 10.7bn bid for Zain Africa was the largest deal of 2010 putting Linklaters, Value of Deals ($bn) 10 40 8 30 advisers to the sellers, at the top of the fi nancial adviser rankings by deal value for 2010. 6 20 The fi rm jumped sixteen places from the year end 2009 advising on 14 deals worth a total 4 10 of US$ 18.1bn. 2 0 0 3 3 3 3 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr tr Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
2010 2009 Change Sector Value ($bn) mrk share Deal count Value ($bn) mrk share Deal count Value (%) Deal count Telecommunications 13.8 27.7% 11 15.1 46.9% 19 -9.0% -8 Financial Services 7.0 14.0% 42 0.1 0.4% 3 5,057.8% 39 Energy, Mining & Utilities 6.6 13.2% 43 5.3 16.3% 51 25.1% -8 Real Estate 4.3 8.6% 14 1.8 5.6% 13 138.8% 1 Consumer 4.1 8.3% 30 0.9 2.8% 22 359.5% 8 Business Services 3.7 7.5% 27 0.7 2.2% 29 438.1% -2 Leisure 3.3 6.6% 11 0.2 0.6% 7 1,712.6% 4 Industrials & Chemicals 2.4 4.9% 44 0.9 2.8% 30 171.6% 14 Technology 1.6 3.1% 35 1.6 5.0% 32 -3.4% 3 Construction 1.1 2.1% 17 0.8 2.3% 13 39.6% 4 Transport 1.0 1.9% 6 0.3 0.8% 6 267.7% 0 Pharma, Medical & Biotech 0.6 1.2% 15 2.2 7.0% 28 -73.3% -13 Agriculture 0.2 0.4% 5 0.3 0.9% 7 -40.3% -2 Defence 0.1 0.3% 4 1.6 5.0% 17 -91.8% -13 Media 0.0 0.1% 2 0.5 1.4% 7 -90.3% -5 Total 49.7 306 32.2 284 54.2% 22
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 44 www.mergermarket.com Africa & Middle East M&A Overview: Top Deals
Activity Table of Africa & Middle East M&A for Year End 2010 Announced Bidder Company Bidder Legal Adviser Target Company Target/Seller Legal Adviser Seller Company Deal Value Date (US$m) 30-Mar-10 Bharti Airtel Limited Allen & Overy (Advising Standard Zain Africa BV Advising seller: Linklaters; Talwar, Mobile Telecommunications 10,700 Chartered); AZB & Partners; Herbert Thakore and Associates Company KSC Smith/Gleiss Lutz/Stibbe; Trilegal (Advising Standard Chartered)
15-Jul-10 Nippon Telegraph and Telephone Allen & Overy (Advising Morgan Dimension Data Holdings Plc Eversheds 2,822 Corporation Stanley); Edward Nathan Sonnenbergs (Advising Morgan Stanley); Linklaters; Webber Wentzel
18-Feb-10 Gold Reef Resorts Limited Edward Nathan Sonnenbergs Tsogo Sun Holdings Pty Ltd Tabacks; Advising sellers: Bowman Hosken Consolidated Investments 2,721 Gilfi llan; Edward Nathan Limited; and SABMiller Plc Sonnenbergs
28-Mar-10 China Petroleum & Chemical Allen & Overy; Herbert Smith/Gleiss Sonangol Sinopec International Sinopec Overseas Oil & Gas Limited 2,457 Corporation Lutz/Stibbe; Skadden Arps Slate Limited (55% stake) Meagher & Flom
31-Mar-10 Metropolitan Life Limited Edward Nathan Sonnenbergs Momentum Group Limited Advising seller: Webber Wentzel FirstRand Limited 2,408
29-Nov-10 Wal-Mart Stores Inc Webber Wentzel Massmart Holdings Limited (51% Edward Nathan Sonnenbergs 2,083 Stake)
14-Oct-10 Melisron Ltd; and Ofer Investments British Israel Investment Ltd (70.65% Advising sellers: Herzog, Fox and Leo Noe; and Pujo Zabludowicz 1,998 Stake) Neeman
10-May-10 Hindustan Zinc Limited Corpus Legal Practitioners; Dewey & Anglo American Zinc Advising seller: A&L Goodbody; Anglo American Plc 1,338 LeBoeuf; Mason Hayes & Curran Linklaters; Webber Wentzel
22-Nov-10 Qatar Telecom QSC Gianni, Origoni, Grippo & Partners Orascom Telecom Tunisie SA (50% Orascom Telecom Holding SAE 1,200 Stake)
25-Mar-10 Redefi ne Income Fund Limited Hyprop Investments Limited (66.70% 942 stake)
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 45 www.mergermarket.com Africa & Middle East: League Tables of Legal Advisers
League Table of Legal Advisers to Africa & Middle East M&A: Value League Table of Legal Advisers to Africa & Middle East M&A: Volume Ranking 2010 2009 Ranking 2010 2009 Value Deal Value % Value Value Deal Deal Count Y/E 2009 Y/E 2010 Company Name (US$m) Count (US$m) Change Y/E 2009 Y/E 2010 Company Name (US$m) Count Count Change 17 1 Linklaters 18,106 14 2,389 657.9% 13 1 Webber Wentzel 9,704 16 6 10 3 2 Allen & Overy 17,363 11 5,029 245.3% 1 2 Werksmans 2,898 16 22 -6 24 3 Herbert Smith/Gleiss Lutz/Stibbe 15,660 8 1,891 728.1% 2 3 DLA Cliff e Dekker Hofmeyer Inc 1,746 16 20 -4 16 4 Edward Nathan Sonnenbergs 11,720 10 2,667 339.4% 10 4 Linklaters 18,106 14 7 7 139 5 AZB & Partners 11,495 6 20 - 25 5 Bowman Gilfi llan 2,311 13 4 9 - 6 Trilegal 10,726 2 - - 4 6 Allen & Overy 17,363 11 15 -4 - 7 Talwar, Thakore and Associates 10,700 1 - - 6 7 Freshfi elds Bruckhaus Deringer 7,534 11 10 1 42 8 Webber Wentzel 9,704 16 942 930.1% 3 8 Edward Nathan Sonnenbergs 11,720 10 18 -8 2 9 Freshfi elds Bruckhaus Deringer 7,534 11 9,250 -18.6% 18 9 DLA Piper 1,084 10 5 5 32 10 Sullivan & Cromwell 5,583 3 1,277 337.2% 16 10 Herbert Smith/Gleiss Lutz/Stibbe 15,660 8 5 3 119 11 Willkie Farr & Gallagher 5,302 2 74 7,064.9% 26 11 Herzog, Fox and Neeman 850 8 4 4 - 12 Stikeman Elliott 4,966 2 - - 30 12 Norton Rose 758 8 3 5 - 13= GOERG Rechtsanwaelte 4,933 1 - - 8 13 Baker & McKenzie 349 8 9 -1 97 13= Kirkland & Ellis 4,933 1 138 3,474.6% 14 14 Dewey & LeBoeuf 3,244 7 6 1 - 13= Noerr 4,933 1 - - 9 15 Cliff ord Chance 806 7 7 0 1 16 Shearman & Sterling 4,912 6 11,461 -57.1% 37 16 AZB & Partners 11,495 6 3 3 44 17 Dewey & LeBoeuf 3,244 7 614 428.3% 5 17 Shearman & Sterling 4,912 6 10 -4 13 18 Latham & Watkins 3,224 5 3,535 -8.8% 17 18 White & Case 2,272 6 5 1 41 19 Werksmans 2,898 16 981 195.4% 7 19 Latham & Watkins 3,224 5 10 -5 122 20 Eversheds 2,853 2 60 4,655.0% 43 20 Gibson Dunn & Crutcher 735 5 2 3
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 46 www.mergermarket.com Criteria
The global Year End 2010 house league tables are based on announced transactions over US$5m in the period from 1 January 2010 to 31 December 2010. Deals with undisclosed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders’ interests are not changed. League tables are based on the dominant geography of the target, bidder or seller.
The trend graphs and pie charts are based on the dominant industry and/or dominant geography of the target and include announced transactions over US$ 5m in the given time period. Deals with undis- closed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded from the graphs and charts include property transactions and restructurings where the ultimate shareholders’ interests are not changed.
The top deals tables are based on announced transactions between 1 January 2010 and 31 December 2010 and are based on dominant geography of the target only.
All data excludes minority stake deals (10% - 30%) where dominant target geography is Asia-Pacifi c and the deal value is less than US$ 100m.
All league tables and top deals tables include lapsed and withdrawn bids. All other data excludes lapsed and withdrawn bids.
All data correct as of 13 January 2011.
Germanic: Germany, Austria and Switzerland Nordic: Denmark, Sweden, Finland, Norway, Faroe Islands, Greenland and Iceland Benelux: Belgium, the Netherlands and Luxembourg Iberia: Portugal and Spain CEE: Armenia, Azerbaijan, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania, Macedonia, Moldova, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine
US (Mid-West): llinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin US (North East): Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont US (South): Alabama, Arkansas, Delaware, District of Columbia, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, West Virginia US (West): Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming
Greater China: China, Hong Kong, Macau, Taiwan South East Asia: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam
Criteria: http://www.mergermarket.com/pdf/deal_criteria.pdf
Press Release: mergermarket League Tables of Legal Advisers for Year End 2010 47 www.mergermarket.com About mergermarket
mergermarket is a mergers & acquisitions (M&A) intelligence service.
mergermarket is part of The Mergermarket Group which has over 450 employees worldwide and regional head offi ces in New York, London and Hong Kong.
In any market, the life blood of advisers is deal fl ow. mergermarket is unique in the provision of origination intelligence to the investment banking, legal, private equity, acquisition fi nance, public relations (PR) and corporate markets.
With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa and Asia-Pacifi c, mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its mergermarket.com platform and by real-time email alerts to subscribers.
This wealth of intelligence, together with a series of deal databases, individual and house league tables, profi les and editorial have proven time and time again that this product can and Contact: does generate real revenues for clients. This is apparent when you see that mergermarket is used by over 1500 of the world’s foremost advisery fi rms to assist in their origination process. Europe: Flora Wilke fl [email protected] Tel: +44 207 059 6348
Americas: Hannah Bagshawe [email protected] Tel: +1 646 378 3194
Asia-Pacifi c: Michel Chau [email protected] Tel: +852 2158 9706
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