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Global Agribusiness Deal Activity
July 2016 Table of contents
Section Overview Page
1 Agribusiness news & multiples 1
2 Food trust 6
3 Markets update 8
4 Our team 13 Agribusiness news & multiples
Global Agribusiness • Deal Activity July 2016 PwC 1 Section 1 – Agribusiness news & multiples Dairy Red meat Pork
Dairy
M&A News US: French dairy giant Danone is to acquire US organic food group WhiteWave in a cash deal worth $12.5bn. Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA) Switzerland: Emmi is to acquire the remaining 40% Median: 12.4x 2015A NTM stake in Mittelland Molkerei AG in a cash and stock 30.0x Nestlé S.A. 1 4.9x 1 4.6x deal. 25.0x Unilever PLC 1 8.0x 1 3.6x 20.0x Unilever N.V. 1 5.2x 1 3.2x Australia/South Korea: Taekyung Food & Mondelez International, Inc. 1 7 .5x 1 6.1 x 15.0x Processing has proposed a strategic alliance with Danone 1 3.5x 1 2.4x 10.0x Fonterra Co-Operative Group Ltd. 1 0.6x n.a. Beston Global Food to distribute its food products into General Mills, Inc. 1 4.7 x 1 4.3x 5.0x the Korean market. Mead Johnson Nutrition Company 1 6.1 x 1 6.2x 0.0x Dean Foods Company 6.1 x 5.4x Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Pakistan: Royal FrieslandCapina is to acquire a 51% Want Want China Holdings Ltd. 8.4x 8.3x stake in Engro Foods, Pakistan’s second largest dairy Bidder/Target 1: Pershing Square Capital/Mondelez, 2: Groupe Lactalis/Lactalis Puleva, Median 14.8x 13.6x 3: Pepsi-Cola/Wimm-Bill-Dann Food, 4: Bank Hapoalim/Parmalat, 5: Société pour le Average 13.5x 12.7x company. Financement de l'Industrie Laitière/Parmalat, 6: Suntory/Cerebos Pacific, 7: Savola Group/Almarai , 8: Trian Fund Management/ Danone, 9: Saputo Cheese Morningstar Foods, 10: Prominent Achiever / China Mengniu Dairy Co., 11: China Mengniu Dairy Management News Co./Yashili International, 12: FB Participações/Vigor Alimentos, 13: Qurain Petrochemical Industries/Saudia Dairy & Foodstuff, 14: First Pacific & Wilmar No relevant news. International /Goodman Fielder, 15: Qurain Petrochemical Industries/Saudia Dairy & Foodstuff.16: Qurain Petrochemical Industries/Saudia Dairy & Foodstuff.17: First Pacific Company / Goofman Fielder Ltd. 18: Warrnambool Cheese and Butter / Lion Dairy & Drinks, Everyday cheese business, 19: Management / China Huishan Dairy, 20: Centre Laboratories / Ausnutria Dairy. Red meat
M&A News China: Tsing Capital is to establish a new US$1bn Food and Agritech fund to invest in Australian food Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA) production facilities. Median: 9.5x 2015A NTM 25.0x Associated British Foods plc 1 6.0x 1 4.6x Australia: Hancock Prospecting has acquired two The Kraft Heinz Company 27 .5x 1 6.3x 20.0x BRF S.A. 1 0.0x 9.9x cattle stations in the Northern Territory totalling 1 0.3x 9.6x 15.0x Ty son Foods, Inc. 550,000ha, adding to its growing agriculture portfolio. Henan Shuanghui Investment & 1 2.9x 1 1 .2x 10.0x Kerry Group plc 1 8.1 x 1 6.4x Management News Hormel Foods Corporation 1 4.8x 1 3.3x 5.0x JBS S.A. 6.4x 5.7 x Uni-President Enterprises Corporation 1 2.0x 1 0.9x Australia: The Australian Livestock Exporters’ 0.0x Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Universal Robina Corporation 20.2x 1 7 .7 x Council (ALEC) has appointed Simon Westaway to 13.8x 12.2x Bidder/Target 1: West Face Capital/Maple Leaf Foods, 2: Boparan Holdings/Northern Median CEO. Foods, 3: NA/Astarta Holding, 4: Leucadia/National Beef Packing, 5: TMK Holding/ Average 14.8x 12.6x National Beef Packing, 6: NA/Zhongpin, 7: Henan Shineway/Smithfield Foods, 8: Darling Ingredients/VION Ingredients, 9: NA/People's Food Holdings, 10: Sigma Alimentos/Campofrio Food Group, 11: L Sigma Alimentos/Campofrio Food Group, 12: JBS S.A , 13: Condorcet Opportunity / Campofrio Food Group, 14: Tyson Foods / The Hillshire Brands, 15: Nutresa / Aldage. 16: ITOCHU Corporation / C. P. Pokphand Co. 17: H. J Heinz Holding Corp / Kraft Foods Group, 18. Bright Foods / Silver Fern Pork Farms. Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA) M&A News Median: 7.5x 2015A NTM China: Aoxin Tianli is to acquire a majority stake in 25.0x Ty son Foods, Inc. 1 0.3x 9.6x Guangdong Wen's Foodstuffs Group 20.8x 1 2.6x Hainan Chengmai Zaohuaxiang Hog Industry in a cash 20.0x and stock deal. WH Group Limited 7 .9x 7 .0x 15.0x BRF S.A. 1 0.0x 9.9x Seaboard Corp. 1 3.0x n.a. Management News 10.0x Maple Leaf Foods Inc. 21 .5x 1 0.1 x Public Joint Stock Company 5.6x 6.5x 5.0x No relevant news. Shandong Longda Meat Foodstuff Co., 38.5x n.a. 0.0x Muy uan Foods Co., Ltd. 34.3x 1 0.4x Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Marudai Food Co., Ltd. 7 .2x n.a. Bidder/Target 1:Talleys Group/ AFFCO Holdings, 2: Premium Brings Holdings / Piller Median 11.7x 9.9x Sausages & Delicatessens, 3: Harim Holdings/ Sunjin Holdings Co. 4: LBO / Zhongpin Average 16.9x 9.4x Sources: S&P Capital IQ, Factiva, PwC research Inc. 5: Mitsubishi Corp / Yonekyu Corp. 6: Henan Shineway Industry Group / Smithfield Foods Inc. 7: LBO / People’s Food Holdings Ltd. 8: Sigma Alimentos / Global Agribusiness • Deal Activity Campofrio Food Group, SA. 9: JBS Australia Pty / P&M Smallgoods Pty. 10: Swift Pork July 2016 (JBS) / Cargill Pork. 11: Cedrob SA / Polski Koncern, 12: JBS S.A. / Moy Park Ltd., 13: PwC Itoham Foods / Yonekyo Corp. 2 Section 1 – Agribusiness news & multiples
Poultry Forestry Fruit, vegetables & nuts
Poultry Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)
M&A News Median: 7.9x 2015A NTM 20.0x Ty son Foods, Inc. 1 0.3x 9.6x Germany: Sprehe Gruppe acquired turkey producer JBS S.A. 6.4x 5.7 x 15.0x Hormel Foods Corporation 1 4.8x 1 3.3x Bernard Matthews Oldenburg. BRF S.A. 1 0.0x 9.9x 10.0x Pilgrim's Pride Corporation 5.8x 6.8x Russia: Rusgrain Holding has acquired poultry farm Fujian Sunner Development Co., Ltd. 1 53.8x n.a. 5.3x 5.6x Singyavinskaya, Russia’s largest producer of 5.0x MHP S.A. Industrias Bachoco S.A.B. de C.V. 4.3x 6.3x commercial eggs. Sanderson Farms, Inc. 5.4x 4.0x 0.0x Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 L.D.C. S.A. 5.0x 4.7 x Management News Bidder/Target 1: Old Mutual Investment Group / Sovereign Food Investment , 2: West Median 6.1x 6.3x Face Capital / Maple Leaf Foods, 3: EASY BIO & FarmStory / Maniker Co., 4: Cherrybro Average 22.1x 7.3x No relevant news. Co ., 5: Sadia Alimentos / Avex S.A., 6: PT Japfa Comfeed / PT Multibreeder Adirama, 7: The Chefs' Warehouse Mid-Atlantic / Michael's Finer Meats & Seafoods, 8: Savola Group / Almarai, 9: Mitsubishi / Yonekyu, 10: Bellisio Foods / Overhill Farms. 11: QL Resources Berhad / Lay Hong Berhad, 12: Hassad Food / A’Saffa Foods, 13: JBS S.A. / Moy Park, 14: Charoen Pokphand Foods / CJSC Poultry, 15: Yonekyu Corp / Itoham Foods, 16: Cranswick plc / Crown Chicken, 17: KKR & Co / PT Japfa Comfeed.
Forestry Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA) Median: 6.8x M&A News 25.0x 2015A NTM West Fraser Timber Co. Ltd. 9.4x 6.2x No relevant news. 20.0x Canfor Corp. 7 .4x 5.3x Duratex SA 1 1 .7 x 9.7 x 15.0x Deltic Timber Corporation 35.2x n.a. 6.3x n.a. 10.0x Sonae Indústria, S.G.P.S., S.A. Management News Stella-Jones Inc. 1 5.9x 1 2.5x 5.0x Interfor Corporation 1 6.9x 6.9x Boise Cascade Company 9.2x 7 .6x No relevant news. 0.0x Norbord, Inc. 25.6x 6.8x Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Suzano Papel e Celulose S.A. 4.5x 5.0x Bidder/Target 1: Placas do Parana /Arauco do Brasil, 2: FV S.A./Fiplasto S.A., 3: Median 10.6x 6.9x Meerwind/Rörvik Timber, 4: BC Investment management / Timber West Forest Corp, Average 14.2x 7.5x 5: LIXIL Group/Hivic Co., 6: Viking Investments Group/China Wood, 7: Viking Investments Group/China Wood, 8: Brookfield Asset Management / Western Forest Products, 9: Samling Strategic / Samling Global, 10: Samling Global / Lingui Developments, 11: Mill Road Capital / PRT Growing Service, 12: Rentech /Fulghum Fibres, 13: Weyerhaeuser / Longview Timber, 14: Boise Cascade Wood Products / Chester Wood & Moncure Plywood, 15: Louisiana-Pacific / Ainsworth Lumber, 16: Interfor / Tolleson Lumber, 17: Rentech / New England Wood. 18: Keshav Kantamneni / Uniply Industries, 19: Management / TFS Corporation, 20: Private Investors / Hong Wei Holdings. Fruit, vegetables & nuts Trading multiples (EV/EBITDA) M&A News Transaction multiples (EV/EBITDA) 2015A NTM Median: 11.9x Felda Global Ventures Holdings Berhad 1 9.6x 1 5.5x New Zealand: China’s Golden Wing Mau has 35 Fresh Del Monte Produce Inc. 1 4.1 x 1 0.1 x 30 acquired a 20% stake in T&G Global for US$28m. Gansu Yasheng Industrial (Group) Co., 32.2x n.a. 25 Hortifrut S.A. 1 6.8x n.a. UK: Florette acquired beetroot specialist Axgro Foods. 20 United Plantations Bhd 1 2.2x n.a. 15 Costa Group Holdings Limited 26.5x 1 1 .7 x Hokuto Corporation 8.7 x n.a. US: NewStar Fresh Foods announced it has been 10 bought by President and long time employee, Anthony Dongfang Modern Agriculture Holding 3.1 x n.a. 5 T&G Global Limited 1 0.3x n.a. Vasquez. Société Internationale de Plantations 1 1 .0x 1 3.5x Aug-12 Aug-13 Aug-14 Aug-15 Median 13.1x 12.6x Management News Bidder/Target 1: Eco-Trade Corp/YaSheng Group, 2: Bonduelle SA/France Average 15.4x 12.7x Champignon, 3: Inversiones Frutícolas / Copefrut, 4: ITOCHU/ Dole, Worldwide Packaged Foods and Asia Fresh Produce Businesses, 5: Dramd Participações e US: T&G Global appointed Joe Barsi to President of its Administração / Rasip Agro Pastoril, 6: Golden Target Pacific / Camposol Holding, 7: Almarai / Continental Farmers Group, 8: Walden International / Le Gaga Holding, 9: American pipfruit business. D&C Group/ Camposol Holding, 10: Grupo Nutresa/ Setas Colombianas, 11: D&C Group/ Camposol Holding, 12: Valles Del Sur/ Hortifrut S.A., 13: Arlon Group/ Alico Inc., 14: FMR Rentas Generales/ Fruticola Viconto S.A., 15: D&C Group/ Camposol Holding, 16: Property & Building Corp./ Mehadrin, 17: NA/ Hortifrut. 18: Sucocitrico Cutrale Ltda / Chiquita Brands. 19: Private investor / Lontrue Co, 20: Private investor / Lontrue Co, 21: Private investor / Hortifruit S.A., 22: Nomad Holdings / Iglo Foods Sources: S&P Capital IQ, Factiva, PwC research Holdings, 23: Snyder’s-Lance / Diamond Foods. Global Agribusiness • Deal Activity July 2016 PwC 3 Section 1 – Agribusiness news & multiples
Grains & beans Fertiliser & agricultural chemicals
Grains & beans
M&A News Australia: Archer Daniels Midland is to sell its 19.85% stake in GrainCorp after its failed attempt to take it over. Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA) US: Monsanto turned down Bayer’s improved $64bn Median: 11.9x acquisition offer, but said it was open to further talks 35.0x 2015A NTM with Bayer and other parties. 30.0x Archer-Daniels-Midland Company 1 1 .1 x 1 0.3x 25.0x Wilmar International Limited 1 1 .2x 1 2.9x Specialty seed producer Suba Seeds acquired 20.0x Bunge Limited 8.5x 7 .6x 1 8.7 x 1 7 .1 x Brotherton Seed Company. 15.0x IOI Corp.Bhd GrainCorp. Ltd. 1 6.3x 1 2.8x 10.0x Land O’Lakes is to acquire Ceres Inc for $17m. ShanDongDenghai Seeds Co., LTD. 23.0x 1 5.5x 5.0x PT Astra Agro Lestari Tbk 1 2.0x 9.3x South Africa: Nutreco acquired Advit Animal 0.0x First Resources Limited 1 0.7 x 9.4x Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Genting Plantations Berhad 26.3x 1 7 .6x Nutrition. KWS Saat SE 1 2.9x 1 1 .8x Bidder/Target 1: GrainCorp. / GrainCorp Malt, 2: Tradewinds Malaysia / Padiberas Median 12.5x 12.3x Nasional Bhd, 3: Felda Global Ventures / Tradewinds Malaysia, 4: NA/ Kernel Holding, Average 15.1x 12.4x Vietnam: Bunge and Wilmar International announced 5: PT Salim Ivomas Pratama / PT Perusahaan Perkebunan London Sumatra, 6: PT Bakrie plans to form a JV with soybean producer Quang Dung Sumatera Plantations / Agri International Resources, 7: Vertical Capacity / IOI Corp., 8: Seaport Terminal (Johor), Acara Kreatif Sdn, Kelana Ventures/Padiberas Nasional, 9: to market oils and soybean meal in Vietnam. Seaport Terminal (Johor), Acara Kreatif Sdn, Kelana Ventures / Tradewinds Malaysia , 10: Bollore/ Plantations Des Terres Rouges, 11: Seaport Terminal (Johor), Acara Kreatif Management News Sdn, Kelana Ventures / Padiberas Nasional Bhd, 12: , PT Krishna Kapital/ PT Dharma Satya Nusantara. 13: SPC Kappa Co / Kappa Create Holdings Co. 14: Private investor / Longtrue Co, 15: Post Holdings / MOM Brands Company. 16: Private investor / Longtrue Australia: Australian Grain Technologies promoted Co, 17: Sime Darby Plantation Sdn / New Britain Palm Oil Ltd, 18: Associated British Foods / Illovo Sugar, 19: Canada Pension Plan Investment Board / Glencore, Agricultural Haydn Kuchel to CEO. Products. Hong Kong: COFCO International appointed Matt Jansen to CEO. Jansen will continue to serve as CEO of subsidiary COFCO Agri.
Fertiliser & agricultural chemicals
M&A News US: Shareholders of DuPont and The Dow Chemical Company voted to approve all proposals to complete Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA) their merger of equals. The deal is due to close in the Median: 9.8x 2015A NTM second half of 2016. 25.0x Monsanto Company 1 2.8x 1 4.5x Syngenta AG 1 4.6x 1 4.1 x 20.0x Switzerland: Syngenta expects its takeover by Potash Corporation of Saskatchewan 7 .6x 1 1 .8x 5.9x 1 0.1 x ChemChina to be completed by the end of the year. 15.0x The Mosaic Company K+S Aktiengesellschaft 4.7 x 6.5x 10.0x CF Industries Holdings, Inc. 6.5x 8.1 x Spain: Brandt acquired the assets of Tratamientos Agrium Inc. 9.0x 9.8x Guadalquivir, a producer and distributor of specialty 5.0x Yara International ASA 5.0x 5.8x Israel Chemicals Ltd. 6.9x 8.2x fertilisers. 0.0x Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 The Dow Chemical Company 9.3x 8.1 x Median 7.3x 9.0x Bidder/Target 1: Koor Industries/ADAMA , 2: CF Industries/Terra Industries, 3: China Management News Average 8.2x 9.7x National Chemical / ADAMA, 4: Uralkali /Silvinit, 5: Sumitomo Chemical / Nufarm, 6: Mineracao Naque/ Vale Fertilizantes, 7: Menoza Trading / OJSC PhosAgro, 8: CJSC US: AgroFresh Solutions appointed Jordi Ferre to Holding / SBU Azot, 8: EuroChem/K+S Aktiengesellschaft, 10: Youngor CEO. Investment/Kingenta Ecologic Engineering, 11: Norica /Grupa Azoty, 12: Grupa Azoty Spólka Akcyjna/Zaklady Azotowe Pulawy Spolka Akcyjna, 13: ADAMA /Hubei Sanonda Co., 14: Jiang Yin Hanying/Jiangsu ChengXing Phosph-Chemicals, 15: Yara International/OFD Holding, 16: EDAILY Co./ KG Chemical, 17: Adorabella/OJSC PhosAgro, 18: Platform Specialty Products/ Chemtura AgroSolutions, 19: Yara International/Galvani Indústria, Comércio E Serviços, 20: Boulevard Acquisiton / AgroFresh. 21: CF Industries / GrowHow UK. 22: Dow Chemical / DuPont. 23: Compass Minerals / Produquimica, 24: Sumitomo Chemical / Excel Crop Care. Sources: S&P Capital IQ, Factiva, PwC research Global Agribusiness • Deal Activity July 2016 PwC 4 Section 1 – Agribusiness news & multiples
Viticulture Agricultural products & machinery Fishery
Viticulture Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA)
M&A News Median: 11.3x 2015A NTM 40.0x Diageo plc 20.0x 1 6.4x No relevant news. 35.0x Pernod-Ricard SA 1 4.3x 1 4.0x 30.0x Brown-Forman Corporation 1 8.6x 1 9.1 x 25.0x Constellation Brands Inc. 20.5x 1 6.2x 20.0x Yantai Changyu Pioneer Wine 1 3.7 x 1 3.2x Management News 15.0x Davide Campari - Milano SpA 1 8.0x 1 6.3x 10.0x Treasury Wine Estates Limited 24.8x 1 3.0x Anhui Kouzi Distillery Co., Ltd. 22.0x n.a. No relevant news. 5.0x 0.0x Vranken Pommery Monopole 23.4x 21 .3x Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Lanson-BCC 21 .6x 1 8.9x Bidder/Target 1: Advini/Laroche, 2: Nikora/JSC Teliani Valley, 3: Remgro and Zeder Median 20.3x 16.3x Investment /Capevin Holdings, 4: Kirin/Mercian, 5: SVL/Abrau-Durso, 6: Majority Average 19.7x 16.5x shareholders/Magnotta Winery, 7: Sogrape Vinho/Bodegas Lan, 8: Tempo Beverages/Barkan Wine Cellars, 9: FMR Rentas Generales/Viñedos Emiliana, 10: FMR Rentas Generales/ Treasury Wine Estates, 11: Kohlberg Kravis Roberts & Co / Treasury Wine Estates, 12: Private investor/ Schlumberger, 13: Private investor/ Pincon Spirit Ltd. Agricultural products & machinery
M&A News Denmark: AGCO is to acquire Cimbria Holdings for US$340m from Silverfleet Capital. Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA) US: Agrium acquired 18 ag retail locations from Cargill Median: 8.1x 2015A NTM 20.0x Deere & Company 1 5.9x n.a. AgHorizons. CNH Industrial N.V. 1 4.0x 1 6.2x 15.0x Kubota Corporation 8.9x 8.8x UK: Royal Reesink completed the acquisition of Lely AGCO Corporation 7 .9x 1 0.1 x Holding, a turfcare activities company operating in the 10.0x The Toro Company 1 4.1 x 1 2.5x Lindsay Corporation 1 1 .1 x 1 1 .9x UK, Ireland and Denmark. 5.0x Turk Traktor ve Ziraat Makineleri 1 1 .5x 9.3x First Tractor Co. Ltd. 1 6.0x 9.7 x 1 5.5x n.a. Germany: The Big Dutchman group is to acquire PAL- 0.0x Iseki & Co. Ltd. Bullermann, a leading supplier of poultry equipment, Feb-12 Feb-13 Feb-14 Feb-15 Jain Irrigation Systems Limited 8.5x 7 .5x Bidder/Target 1: Woodstream/Zareba Systems, 2: Ag Growth International/Mepu Oy, 3: Median 12.7x 9.9x subject to regulatory approval. Converted Organics/TerraSphere Systems, 4: Blount/SpeeCo, 5: Kubota/Kverneland Average 12.3x 10.7x ASA, 6: Paine & Partners/Eurodrip SA, 7: Seoul Moongo Co. / Daedong Industrial Co., Management News 8: Danfoss/ Sauer-Danfoss Inc., 9: NA/ China Farm Equipment, 10: Silverfleet Capital / Cimbria, 11: P&P Water Holding / Eurodrip S A, 12: MHR Fund Management / Titan International. 13: Private investors / Xinjiang Machinery Research, 14: Bain Capital / No relevant news. Yukiguni Maitake Co. 15: SHV Holdings / Nutreco NV.16: Paine & Partners / Spearhead International.
Fishery Transaction multiples (EV/EBITDA) Trading multiples (EV/EBITDA) Median: 12.2x 2015A NTM M&A News 30.0x Charoen Pokphand Foods Public Co. 1 6.2x 1 2.7 x 1 .9x 8.4x 25.0x Marine Harvest ASA Denmark: Bakkafrost Group is to acquire the PT Indofood CBP Sukses Makmur Tbk 21 .2x 1 8.0x 20.0x remaining 51% stake in P/F Faroe Farming for NH Foods Limited 8.4x 7 .8x 15.0x CALBEE, Inc. 1 5.2x 1 2.6x US$11.2m. Toy o Suisan Kaisha Ltd. 8.2x 7 .8x 10.0x Thai Union Group Public Company 1 4.4x 1 1 .7 x Management News 5.0x SalMar ASA 1 7 .5x 9.1 x Lerøy Seafood Group Asa 1 3.8x 6.9x 0.0x UK: Pete Ward stepped down as CEO of Young’s Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Guangdong Haid Group Co., Limited 1 7 .2x 1 1 .2x Bidder/Target 1: Thai Union Frozen Products/MW Brands, 2: Boparan Median 14.8x 10.2x Seafood. Bill Showalter, CEO of Young’s parent Holdings/Northern Foods, 3: Corporacion Economica Damm / Pescanova, 4: Average 13.4x 10.6x Luxempart / Pescanova, 5: Orkla Brands / Rieber & Søn, 6: Tiger Brands / Oceana company, will fill the role on an interim basis. Group, 7: Geveran Trading Co ./ Marine Harvest ASA, 8: Profond Holding / Marine Harvest, 9: China Fishery Group / Copeinca, 10: Geveran Trading Co. / Marine Harvest, 11: RCL Foods / Foodcorp, 12: China Fishery Group/Copeinca, 13: CFG Investment / Copeinca. 14: Hassad Food / A’Saffa Foods, 15: Marine Harvest / Havfisk ASA, 16: Oceana Group / Daybrook Fisheries, 17: Private investors / Sajo Industries, 18: Private investors / Grieg Seafood. Sources: S&P Capital IQ, Factiva, PwC research Global Agribusiness • Deal Activity July 2016 PwC 5 Food trust
Global Agribusiness • Deal Activity July 2016 PwC 6 Section 2 – Food trust
Food trust Food supply and integrity case study
When beef goes horse. A lesson in managing supplier risk How did we help?
The rising cost of food production, coupled We also developed a detailed understanding We developed a range of options for our with fierce competition in the retail sector, of retailers’ requirements so our client could client, which included: has driven food companies to aggressively focus on the key drivers that were pertinent • Risk profiling to identify and quantify seek cost savings and increase the to their relationships. risk in their supply chain, complexity of their food supply chains. This is an industry where customer trust • Forensic investigations to identify what This is the backstory to the 2013 scandal and confidence is paramount, and a food may have gone wrong and why, that saw horsemeat passed off as beef mince safety scare can soon become a high profile and supplied to food producers all over and brand damaging scandal threatening a • Performing controls and supplier audits Europe – a problem that continues to afflict food company’s reputation and viability. and due diligence work to provide the food industry today. assurance as required, Successful food companies must The scandal sparked an international demonstrate transparency and reliability by • Deploying risk monitoring solutions to investigation, prosecutions and questions understanding their customers’ ensure compliance with standard, and over regulator effectiveness. There were requirements and effectively manage their • Redesigning the supply chain structure, allegations of criminal activity and supply chain risks to reduce their exposure. strategy and organisation to optimise questions about whether European between cost and resilience. regulators are capable of coping with an industry whose supply chain has become more complex and international. It caused consumers to question whether they can trust the labels on supermarket shelves. Our client, an international FMCG company, asked us for help in understanding the key economic, social and environmental risks facing its food and commodity supply chains. This was a focus on mitigating the risks of food fraud as much as it was assessing food safety and quality across the supply chain. So, how did we help and improve their processes? Increasingly complex and extended supply chains bringing new and expanded risks, such as reduced traceability and fraud, required a new approach to supply chain management. We supported our client by redesigning their strategy, structure and processes to create a robust supplier risk framework.
Global Agribusiness • Deal Activity July 2016 PwC 7 Markets update
Global Agribusiness • Deal Activity July 2016 PwC 8 Section 3 – Markets update
Macroeconomic & foreign exchange data
Macroeconomic indicators
Indicator Australia Brazil China Germany India Japan U.K. U.S. Real GDP Growth (YoY) 3.0% -5.1 % 6.7 % 1 .6% 8.2% 0.0% 2.1 % 2.0% Industrial Production Index (YoY) 1 .9% -1 1 .7 % 5.9% 2.9% 0.2% -3.2% 0.8% 0.2% Unemployment rate 5.8% 1 0.9% n/a 4.3% n/a 3.2% 5.1 % 5.1 % CPI Inflation (YoY) 1 .3% 1 0.1 % 2.2% 0.1 % 5.3% 0.1 % 0.4% 0.4% Producer Price Index (YoY) -1 .1 % -8.3% n/a -2.7 % 0.0% -3.4% -1 .0% -0.1 % Exports ($US bn) 42.3 40.6 464.1 332.5 64.7 1 7 0.4 1 07 .1 352.8 Trade Balance ($US bn) -3.7 8.4 1 25.7 69.4 -1 8.3 3.3 -50.2 -1 82.6 Notes: Figures are the most recently reported quarterly data, as reported by the Economist Intelligence Unit by 21 July 2016 • Current data is for 2016Q1 or 2016Q2 where available • Real GDP growth is calculated as % change year on year • CPI Inflation is calculated as % change year on year • Unemployment rate represents the actual unemployment as a percentage of the labour force • Industrial Production Index is calculated as % change year on year for the index • Producer Price Index in calculated as the % change year on year for the index of prices faced by firms, with the exception of Brazil whose index is based on a general prices • Exports fob in $US bn • Trade balance is calculated as Exports fob less imports cif in $US bn • Reported currencies for Exports and Trade Balances converted to $US at most recent conversion rates at time of writing •
Crude Oil - Brent ($ per Bbl. – ICE: ^B) Gold ($ per troy oz. – COMEX: ^GC)
60.00 1,440.00 55.00 1,390.00 50.00 1,340.00 45.00 1,290.00 40.00 1,240.00 35.00 1,190.00 30.00 1,140.00 25.00 1,090.00 20.00 1,040.00 Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017 Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017
Development - Crude Oil Dev elopm ent - Gold Latest price 4 4 .2 9 Week-to-date 1 .7 5 % Latest price 1 ,3 6 2 .7 0 Week-to-date 0.7 1 % 52-week low 2 8.5 5 Month-to-date -1 3 .7 0% 52-week low 1 ,04 9 .6 0 Month-to-date -0.3 2 % 52-week high 5 5 .80 Year-to-date 1 7 .5 7 % 52-week high 1 ,3 6 8.2 0 Year-to-date 2 8.5 3 %
Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract. FX – Spot rates FX – Week-to-date % change
EUR USD BRL CNY GBP EUR USD BRL CNY GBP 1 EUR - 1 .1 082 3.5287 7 .37 24 0.847 7 1 EUR - -0.83% -3.27 % -0.69% 0.1 5% 1 USD 0.9024 - 3.1 841 6.6525 0.7 649 1 USD 0.84% - -2.46% 0.1 5% 0.99% 1 BRL 0.2834 0.31 41 - 2.0893 0.2402 1 BRL 3.38% 2.52% - 2.67 % 3.53% 1 CNY 0.1 356 0.1 503 0.47 86 - 0.1 1 50 1 CNY 0.69% -0.1 5% -2.60% - 0.84% 1 GBP 1 .1 7 97 1 .307 4 4.1 627 8.697 2 - 1 GBP -0.1 5% -0.98% -3.41 % -0.83% -
FX – Month-to-date % change FX – Year-to-date % change
EUR USD BRL CNY GBP EUR USD BRL CNY GBP 1 EUR - -0.82% -2.47 % -0.69% 0.7 4% 1 EUR - 2.04% -1 7 .98% 4.55% 1 5.1 0% 1 USD 0.83% - -1 .66% 0.1 3% 1 .57 % 1 USD -2.00% - -1 9.62% 2.46% 1 2.80% 1 BRL 2.53% 1 .69% - 1 .82% 3.28% 1 BRL 21 .92% 24.41 % - 27 .47 % 40.33% 1 CNY 0.7 0% -0.1 3% -1 .7 8% - 1 .44% 1 CNY -4.36% -2.41 % -21 .55% - 1 0.09% 1 GBP -0.7 3% -1 .54% -3.1 8% -1 .42% - 1 GBP -1 3.1 2% -1 1 .35% -28.7 4% -9.1 6% -
Source: S&P Capital IQ
Global Agribusiness • Deal Activity July 2016 PwC 9 Section 3 – Markets update
Commodities (1/2)
Corn ($ per bu. – CBOT: ^C) Wheat ($ per bu. – CBOT: ^W) 4.60 5.50 4.40 5.30 4.20 5.10 4.00 4.90 3.80 4.70 3.60 4.50 3.40 4.30 3.20 4.10 3.00 3.90 Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017 Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017
Development - Corn Development - Wheat Latest price 3 .3 1 Week-to-date -3 .3 2 % Latest price 4 .03 Week-to-date -1 .04 % 52-week low 3 .3 1 Month-to-date -8.06 % 52-week low 4 .01 Month-to-date -6 .2 8% 52-week high 4 .4 2 Year-to-date -7 .6 4 % 52-week high 5 .2 6 Year-to-date -1 4 .2 3 %
Oats ($ per bu. – CBOT: ^O) Soybeans ($ per bu. – CBOT: ^S) 12.00 2.60 2.50 11.50 2.40 11.00 2.30 10.50 2.20 10.00 2.10 9.50 2.00 9.00 1.90 8.50 1.80 8.00 1.70 Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017 Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017
Development - Oats Development - Soybean Latest price 1 .85 Week-to-date -6 .9 1 % Latest price 9 .5 6 Week-to-date -4 .6 5 % 52-week low 1 .7 8 Month-to-date -3 .6 4 % 52-week low 8.5 5 Month-to-date -1 5 .3 2 % 52-week high 2 .4 7 Year-to-date -1 4 .6 2 % 52-week high 1 1 .7 8 Year-to-date 1 0.6 8%
Soybean Meal ($ per T – CBOT: ^SM) Sugar #11 ($ per lb – ICE: ^SB) 430.00 0.22 410.00 0.20 390.00 370.00 0.18 350.00 0.16 330.00 310.00 0.14 290.00 270.00 0.12 250.00 0.10 Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017 Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017
Development - Soybean Development - Sugar Latest price 3 2 8.00 Week-to-date -6 .2 6 % Latest price 0.2 0 Week-to-date 3 .4 1 % 52-week low 2 6 0.6 0 Month-to-date -1 4 .6 3 % 52-week low 0.1 0 Month-to-date -5 .2 0% 52-week high 4 1 8.3 0 Year-to-date 2 3 .5 4 % 52-week high 0.2 1 Year-to-date 2 9 .2 7 %
Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract.
Source: S&P Capital IQ
Global Agribusiness • Deal Activity July 2016 PwC 10 Section 3 – Markets update
Commodities (2/2)
Cocoa ($ per MT – ICE: ^CC) Coffee – Columbian ($ per lb – ICE: ^KC) 3,500.00 1.55 3,400.00 1.50 3,300.00 1.45 3,200.00 1.40 3,100.00 1.35 3,000.00 1.30 2,900.00 1.25 1.20 2,800.00 1.15 2,700.00 Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017 1.10 Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017
Development - Cocoa Development - Coffee Latest price 2 ,9 9 1 .00 Week-to-date 5 .5 0% Latest price 1 .4 2 Week-to-date -2 .80% 52-week low 2 ,7 6 1 .00 Month-to-date -0.1 3 % 52-week low 1 .1 2 Month-to-date -2 .9 4 % 52-week high 3 ,4 1 7 .00 Year-to-date -6 .85 % 52-week high 1 .5 2 Year-to-date 1 2 .1 5 %
Rice – Rough #2 ($ per cwt. – CBOT: ^RR) Soybean Oil ($ per lb – CME: ^BO) 14.00 0.36
13.00 0.34
12.00 0.32
11.00 0.30
10.00 0.28
9.00 0.26 Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017 Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017
Development - Rough Rice Development - Soybean Latest price 9 .3 3 Week-to-date -6 .1 9 % Latest price 0.3 1 Week-to-date 0.5 2 % 52-week low 9 .3 3 Month-to-date -1 4 .4 5 % 52-week low 0.2 6 Month-to-date -3 .9 5 % 52-week high 1 3 .4 0 Year-to-date -2 1 .2 1 % 52-week high 0.3 5 Year-to-date -0.3 6 %
Crude Palm Kernel Oil ($ per MT – KLSE: ^QF) Milk – Class III ($ per lb – CME: ^DA) 0.18 700.00 0.17 650.00 0.16 600.00
550.00 0.15
500.00 0.14
450.00 0.13
400.00 0.12 Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017 Aug-2015 Dec-2015 Apr-2016 Aug-2016 Dec-2016 Apr-2017 Aug-2017
Development - Palm Oil Development - Milk Latest price 6 1 9 .5 0 Week-to-date 6 .3 5 % Latest price 0.1 7 Week-to-date 1 1 .3 4 % 52-week low 4 2 3 .2 5 Month-to-date 3 .04 % 52-week low 0.1 2 Month-to-date 1 2 .7 4 % 52-week high 7 01 .2 5 Year-to-date 1 0.9 2 % 52-week high 0.1 7 Year-to-date 2 3 .5 6 %
Note: Straight line shows historical spot prices, dotted marked line shows futures prices. Price development table is based on most actively traded futures contract.
Source: S&P Capital IQ
Global Agribusiness • Deal Activity July 2016 PwC 11 Section 3 – Markets update
Equity indices
MSCI USA MSCI Europe
2,200 1,900 1,800 2,000 1,700 1,800 1,600 1,500 1,600 1,400 1,400 1,300 1,200 1,200 1,100 1,000 1,000 Jul-2011 Jul-2012 Jul-2013 Jul-2014 Jul-2015 Jul-2016 Jul-2011 Jul-2012 Jul-2013 Jul-2014 Jul-2015 Jul-2016
Dev elopm ent - MSCI USA Dev elopm ent - MSCI Europe Latest value 2 ,07 9 .1 9 Week-to-date 0.4 1 % Latest value 1 ,4 5 2 .5 2 Week-to-date -1 .1 9 % 52-week low 1 ,7 3 4 .2 4 Month-to-date 0.5 4 % 52-week low 1 ,3 05 .7 6 Month-to-date -0.4 9 % 52-week high 2 ,07 9 .1 9 Year-to-date 6 .6 4 % 52-week high 1 ,7 04 .9 0 Year-to-date -4 .6 1 %
MSCI Pacific MSCI BRIC
2,700 370
2,500 320 2,300 270 2,100 220 1,900 1,700 170 1,500 120 Jul-2011 Jul-2012 Jul-2013 Jul-2014 Jul-2015 Jul-2016 Jul-2011 Jul-2012 Jul-2013 Jul-2014 Jul-2015 Jul-2016
Development - MSCI Pacific Dev elopm ent - MSCI BRIC Latest value 2 ,3 1 9 .9 9 Week-to-date -1 .80% Latest value 2 4 1 .00 Week-to-date 1 .4 6 % 52-week low 1 ,9 4 2 .5 4 Month-to-date -1 .9 4 % 52-week low 1 85 .1 4 Month-to-date 0.9 3 % 52-week high 2 ,4 7 7 .4 8 Year-to-date 0.2 4 % 52-week high 2 5 5 .00 Year-to-date 9 .05 %
MSCI World/Food Products (Industry Index) MSCI World/Retailing (Industry Group Index)
280 350 260 300 240 220 250 200 180 200 160 150 140 120 100 Jul-2011 Jul-2012 Jul-2013 Jul-2014 Jul-2015 Jul-2016 Jul-2011 Jul-2012 Jul-2013 Jul-2014 Jul-2015 Jul-2016
Development - MSCI World/Food Products (Industry Index) Dev elopm ent - MSCI World/Ret ailing (Indu st ry Grou p Index) Latest value 2 5 4 .08 Week-to-date -1 .05 % Latest value 3 3 0.7 2 Week-to-date 0.00% 52-week low 2 1 5 .1 6 Month-to-date -0.7 3 % 52-week low 2 6 7 .3 9 Month-to-date -0.3 9 % 52-week high 2 5 6 .7 8 Year-to-date 9 .3 6 % 52-week high 3 3 2 .01 Year-to-date 4 .3 6 %
Source: S&P Capital IQ
Global Agribusiness • Deal Activity July 2016 PwC 12 Section 4 – Our team
Credentials
Financial advisor to Oji Vendor due diligence Undertook a strategic Advisor on acquisition Financial due diligence Holdings and for GKN identifying key review; of Coop Farms estate for GrainCorp for their Innovation Network on drivers of investment in Commodity risk for £249m in one of the acquisition of Allied their US$890m agriculture tractors and analysis; largest land sales in Mills acquisition of Carter machinery in Europe, buy-side assistance to Britain Holt Harvey the US, Brazil, Russia Shanghai Maling for Buy-side advisory Financial Advisory and China their 50% stake in SFF Buy-side advisory
Bright Sugar Co. Ltd. Lead advisory for Advised DLG on Sale of 100% of equity Assisted KS Oils raise Acquisition of 60% Marlborough Lines in acquisition of 43% stake in Manuka Health NZ to second round stake in Yunnan Yin their acquisition of 80% in Team Pacific Equity Partners US$110m of Private More Sugar Co. Ltd of Yealands Estate for NZ$110m. Equity funds Sell-side advisory Buy-side advisory Financial advisory Buy-side advisory Buy-side advisory
Advisor to management Commercial due Commercial due Financial and due on the sale of Provimi to Advisor to management diligence of Cimbria, diligence of Haarslev, diligence services on a Cargill of Heiploeg on its manufacturer of grain one of the leading transaction for capital structure handling and seed global meat rendering Syngenta Total debt 130m processing equipment machinery suppliers on behalf of Silverfleet Sell-side advisory Financial advisory Capital Financial Advisory
Global Agribusiness • Deal Activity July 2016 PwC 13 Section 4 – Our team
PwC was the number one global M&A advisor for 2015, achieved through a strong international network
PwC currently has approximately 480 live sale mandates and we advise on average over 300 deals globally per year
2015
Global Rank Advisor Deal Count 1 PwC 389 2 Goldman Sachs 349 3 Morgan Stanley 329 4 KPMG 323 5 JP Morgan 303
Americas Asia-Pacific Rank Advisor Deal Count Rank Advisor Deal Count 1 Goldman Sachs 253 1 PwC 132 2 Morgan Stanley 210 2 Morgan Stanley 117 3 JP Morgan 198 3 KPMG 113 4 Bank of America Merrill Lynch 171 4 EY 86 15 PwC 96 5 Nomura 83
Europe Rank Advisor Deal Count 1 PwC 262 2 Rothschild 242 3 KPMG 205 4 EY 196 5 Deloitte 175
Source: MergerMarket M&A Trend Report 2015
PwC M&A Ranking 2015 • Global: 1st • Global buyouts 1st • Europe: 1st • European buyouts: 1st • Iberia: 1st • Nordics: 1st • Asia-Pacific (excl. Japan): 1st • South Korea: 1st
Global Agribusiness • Deal Activity July 2016 PwC 14 Section 4 – Our team
Global Agribusiness Deals report Agribusiness network Elisha Nuttall E: [email protected]
Global CF leader Denmark New Zealand Stuart Mckee Thomas Krantz Craig Armitage T: +44 20 7213 4321 T: +45 3 945 3140 T: +64 (3) 374 3052 E: [email protected] E: [email protected] E: [email protected] Argentina France Justin Liddell Mariano Tomatis Yves Pelle T: +64 (9) 355 8330 T: +54 11 4850 4757 T: +33 (0) 299 231 705 E: [email protected] E: [email protected] E: [email protected] Romania Australia Germany Anca Scurtescu Craig Heraghty Norbert Niedenhof T: +40 21 22 53 871 T: +61 282 661 458 T: +49 (0) 541 330 4330 E: [email protected] E: [email protected] E: [email protected] Singapore Ryan Jordan India Richard Skinner T: +61 732 575 641 Ajay Kakra T: +65 9823 3771 E: [email protected] T: +91 124 330 6029 E: [email protected] Brazil E: [email protected] South Africa Ana Malvestio Sunjay VS Frans Weilbach T: +55 16 3516 6624 T: +91 124 330 6171 T: +27 (21) 815 3204 E: [email protected] E: [email protected] E: [email protected] Alessandro Ribeiro Indonesia Switzerland T: +55 11 3674 2651 Rizal Satar Dr. Martin Frey E: [email protected] T: +62 21 5289 0350 T: +41 58 792 15 37 E: [email protected] Daniela Coco E: [email protected] T: +55 19 3794 5321 Ireland Ukraine E: [email protected] Jimmy Maher Olena Volkova Luiz Barbosa T: +353 (0) 1 792 6326 T: +38 (0) 56 733 5010 T: +55 16 3516 6694 E: [email protected] E: [email protected] E: [email protected] Japan UK Canada Matthew J Wyborn Mark James Clinton L. Roberts T: +81 (3) 3546 8570 T: +44 (0) 7803 858721 T: +1 403 509 7307 E: [email protected] E: [email protected] E: [email protected] Taizo Iwashima Thomas Sengbusch CEE T: +81 (3) 6266 5572 T: +44 (0) 7725 069448 E: [email protected] Stephen Oldfield E: [email protected] T: +44 (0) 771 038 8792 MENA USA E: [email protected] Mark Webster Thomas Johnson China T: +966 (11) 211 0400 (Ext. 1555) T: +1 612 596 4846 Frank Lyn E: [email protected] E: [email protected] T: +86 10 6533 2388 Netherland Christopher Nolan E: [email protected] Ruud Kok T: +1 646 4717387 Gabriel Wong T: +31 (0) 88792 6382 E: [email protected] T: +86 21 2323 2609 E: [email protected] Sean Gaffney E: [email protected] Guido Emanuels T: +1 216 875 3275 T: +31 (6) 2042 0533 E: [email protected] E: [email protected] Global Agribusiness • Deal Activity July 2016 PwC 15 Section 4 – Our team
Food Supply & Integrity Services team
Global Leader Gerd Bovensiepen Qatar Craig Armitage E: [email protected] Michael Ferguson E: [email protected] Marcus Messerschmidt E: [email protected] E: [email protected] Australia Russia Clare Power India Tim Clough E: [email protected] Ashok Varma E: [email protected] E: [email protected] Andrew Wilson Singapore E: [email protected] Ajay Kakra E: [email protected] Julia Leong Christopher Daniell E: [email protected] E: [email protected] Italy Desiree Beeren Rick Crethar Gianluca Sacchi E: [email protected] E: [email protected] E: [email protected] Richard Skinner Belgium Japan E: [email protected] Marc Daelman Kazu Miyamura Switzerland E: [email protected] E: [email protected] Michael Ruble Yogesh Nayak Yukinori Morishita E: [email protected] E: [email protected] E: [email protected] Turkey Yoshiaki Yoneyama Brazil E: [email protected] Tumin Gultekin Ana Malvestio E: [email protected] E: [email protected] Malaysia Taiwan Daniela Coco Josephine Phan Paul Liu E: [email protected] E: [email protected] E: [email protected] Khoon Yean Soo Hoo China E: [email protected] Garry King Shirley Xie E: [email protected] Netherlands E: [email protected] United Kingdom Janice Lee Hans Schoolderman E: [email protected] Marco Amitrano E: [email protected] E: [email protected] Catherine Barie Onno Nillesen E: [email protected] Fran Marwood E: [email protected] E: [email protected] Tom Berendsen Michelle Meng E: [email protected] Madeleine Thompson E: [email protected] E: [email protected] New Zealand France United States Bruce Baillie Baptisete Bannier E: [email protected] Sally Bernstein E: [email protected] E: [email protected] Kader Garnier Mark Bramley E: [email protected] Kelvin Harris E: [email protected] E: [email protected] Scott Mitchell Sabine Durand-Hayes Thomas Johnson E: [email protected] E: [email protected] Richard Polson E: [email protected] Germany E: [email protected] Don Reed Hendrik Fink E: [email protected] Norway E: [email protected] Per Røhnebæk Vietnam Barbara Johanna Wieler E: [email protected] Xavier Potier E: [email protected] E: [email protected] Global Agribusiness • Deal Activity July 2016 PwC 16