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A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY EDITION MONTHLY M&A INSIDER OCTOBER 2012 CONTENTS GLOBAL OVERVIEW 01 AMERICAS: L A TIN AMERICA 09 N ORTH AMERICA 18 ASIA-PACIFIC 29 EUROPE 41 MIDDLE EAST & AFRICA 52 ABOUT MERRILL CORPORATION 62 MERGERMARKET MONTHLY M&A INSIDER Part of The Mergermarket Group www.mergermarket.com 80 Strand 11 West 19th Street Suite 2401-3 London, WC2R 0RL 2nd fl. Grand Millennium Plaza United Kingdom New York, NY 10011 181 Queen’s Road, Central USA Hong Kong t: +44 (0)20 7059 6100 t: +1 212 686-5606 t: +852 2158 9700 f: +44 (0)20 7059 6101 f: +1 212 686-2664 f: +852 2158 9701 [email protected] [email protected] [email protected] GLOBAL OVERVIEW GLOBAL M&A ACTIVITY DISAPPOINTED IN Q3 WITH DEAL VOLUME FALLING BY 16% FROM 3,203 IN GLOB Q3 2011 TO 2,679 IN Q3 2012. DEAL VALUE PAINTS A SIMILAR PICTURE, DROPPING BY A FIFTH FROM A US$579BN TO US$461BN OVER THE SAME PERIOD. L OVERVIE Robust deal values in North America a Singapore-based conglomerate with extensive food and W brewing operations. In a related transaction, Dutch brewer Casting a look to regional activity, North America stands out Heineken moved to acquire a majority stake in Asia-Pacific as a global bright spot: while Q3 has seen a decline in overall Breweries (APB) for US$6.6bn in July – indeed, as F&N holds M&A, aggregate deal value climbed to the highest level a 40% stake in APB, Heineken’s move may well have made since the first quarter of last year at US$235.7bn. Even in F&N a more attractive target for TCC. the private equity arena – a space hard hit by the slowdown of the past year – buyout and exit values witnessed healthy Turning to deals in the pipeline, Richard Schulze, who owns year-on-year increases. It appears that fewer, higher-value a 20.3% stake of Best Buy Co Inc, voiced his plans to take the deals are boosting dealmaking among both financial and company private – a move with a projected value of US$6.2bn. strategic investors. Certainly, this recent trend is evident in the consumer sector – Outlook particularly in relation to North American Kraft Foods’ spinoff Traditionally, after the seasonal slowdown in the summer of its snacks business. The deal, valued at US$26bn, ranks holiday period, M&A activity picks up in the final quarter of as the largest North American transaction in the quarter and the year, with a particularly strong showing in December. forms part of a string of spinoffs by international food groups Admittedly, the early weeks of the fourth quarter have not over the past year. inspired much confidence. It was widely expected that the In the consumer sector itself, the spinoff comprised 74% US$45bn merger of BAE Systems and EADS – the defence of North American consumer deal value, and contributed sector’s biggest deal in a decade – would trigger a rush of heavily to the sector’s eight-fold increase in deal value deal-making in the industry. But with the deal failing, these between Q3 2011 and Q3 2012. With 16.6% of global M&A hopes have been dashed. value, the consumer sector outstripped a number of other Yet with corporate reorganisation taking place among some industries to become Q3’s second biggest in North America of the world’s largest consumer groups and other strategic – in comparison, the space accounted for just 2% of global investors expanding into emerging markets to seize new deal value in Q3 2011. opportunities through M&A, it shows that despite the climate of slowed deal-making and general economic malaise, there A growing appetite for Consumer deals remain opportunities for growth. While the Kraft demerger accounts for the bulk of consumer activity in North America, there are a number of other recent, high-value consumer deals that have come to market across the globe. For instance, TCC Assets announced in September its US$10bn acquisition of Fraser & Neave (F&N), Head of Research: Elias Latsis Global overview: Kristina Thompson and Fabio Lopes Editor: Gwen Ceton Latin America: Jennifer Ruiz For advertising opportunities contact: North America: Urna Chakraborty and Ashley Klepach Erik Wickman Asia-Pacific: Raza Hussain Tel: + (1) 212 686-3329 Europe: Peter Kruk & Kirsty Wilson [email protected] Middle East & Africa: Darragh Riordan & Silvia Paparello Monthly M&A Insider 01 LEAGUE TABLES TOP 20 FINANCIAL ADVISERS – GLOBAL GLOB VALUE A L OVERVIE Ranking Q1-Q3 2012 Q1-Q3 2011 Q1-Q3 2012 Q1-Q3 2011 Company name Value Deal count Value Value change (US$bn) (US$bn) (%) 1 1 Goldman Sachs 377,755 220 467,150 -19.1% W 2 3 Morgan Stanley 331,661 188 357,517 -7.2% 3 2 JPMorgan 295,608 161 372,174 -20.6% 4 9 Deutsche Bank 256,118 139 213,890 19.7% 5 6 Barclays 254,610 137 249,164 2.2% 6 7 Citigroup 233,166 118 243,254 -4.1% 7 4 Credit Suisse 226,178 131 299,405 -24.5% 8 5 Bank of America Merrill Lynch 178,746 116 250,474 -28.6% 9 12 Rothschild 144,412 166 108,572 33.0% 10 14 Nomura Holdings 135,877 91 72,644 87.0% 11 10 UBS Investment Bank 117,619 110 170,795 -31.1% 12 8 Lazard 113,179 135 216,762 -47.8% 13 13 BNP Paribas 86,908 44 72,823 19.3% 14 18 RBC Capital Markets 79,913 105 54,139 47.6% 15 11 HSBC 46,764 45 111,492 -58.1% 16 20 Jefferies & Company 41,425 78 38,353 8.0% 17 40 BMO Capital Markets 41,190 32 22,882 80.0% 18 58 Greenhill & Co 40,773 31 12,087 237.3% 19 15 Evercore Partners 37,510 59 66,624 -43.7% 20 16 SG 37,299 40 60,181 -38.0% Source: mergermarket TOP 20 FINANCIAL ADVISERS – GLOBAL VOLUME Ranking Q1-Q3 2012 Q1-Q3 2011 Q1-Q3 2012 Q1-Q3 2011 Company name Value Deal count Deal count Deal count (US$bn) change 1 1 Goldman Sachs 377,755 220 251 -31 2 3 Morgan Stanley 331,661 188 198 -10 3 6 Rothschild 144,412 166 173 -7 4 5 JPMorgan 295,608 161 183 -22 5 13 Deutsche Bank 256,118 139 143 -4 6 15 Barclays 254,610 137 108 29 7 4 PwC 13,529 136 194 -58 8 12 Lazard 113,179 135 145 -10 9 8 Credit Suisse 226,178 131 165 -34 10 11 Deloitte 11,156 130 147 -17 11 2 KPMG 14,278 122 207 -85 12 14 Citigroup 233,166 118 124 -6 13 7 Bank of America Merrill Lynch 178,746 116 170 -54 14 9 UBS Investment Bank 117,619 110 163 -53 15 18 RBC Capital Markets 79,913 105 84 21 16 17 Nomura Holdings 135,877 91 89 2 17 10 Ernst & Young 11,441 90 163 -73 18 16 Jefferies & Company 41,425 78 94 -16 19 19 M&A International 1,378 75 80 -5 20 24 Houlihan Lokey 13,164 69 64 5 Source: mergermarket The financial adviser league tables by value and volume have been run from 01-Jan-12 to 30-Sep-12. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Global. Monthly M&A Insider 02 LEAGUE TABLES TOP 20 LEGAL ADVISERS – GLOBAL GLOB VALUE A L OVERVIE Ranking Q1-Q3 2012 Q1-Q3 2011 Q1-Q3 2012 Q1-Q3 2011 Company name Value Deal count Value Value change (US$bn) (US$bn) (%) 1 16 Clifford Chance 219,543 152 96,240 128.1% W 2 7 Freshfields Bruckhaus Deringer 205,564 131 204,391 0.6% 3 3 Skadden Arps Slate Meagher & Flom 190,993 143 233,530 -18.2% 4 5 Linklaters 151,048 166 213,931 -29.4% 5 9 Latham & Watkins 126,483 192 195,603 -35.3% 6 1 Sullivan & Cromwell 126,419 87 318,424 -60.3% 7 11 Cleary Gottlieb Steen & Hamilton 120,576 77 166,396 -27.5% 8 14 Davis Polk & Wardwell 104,111 75 116,746 -10.8% 9 2 Simpson Thacher & Bartlett 103,593 83 295,246 -64.9% 10 13 Weil Gotshal & Manges 98,470 118 116,904 -15.8% 11 23 White & Case 95,043 122 67,604 40.6% 12 66 King & Wood Mallesons 91,176 61 24,487 272.3% 13 20 Kirkland & Ellis 90,859 186 74,507 21.9% 14 4 Wachtell, Lipton, Rosen & Katz 87,526 43 225,418 -61.2% 15 17 Jones Day 87,333 204 93,855 -6.9% 16 12 Allen & Overy 76,250 137 161,672 -52.8% 17 10 Cravath Swaine & Moore 74,670 34 167,170 -55.3% 18 19 Blake, Cassels & Graydon 72,479 76 79,845 -9.2% 19 8 Shearman & Sterling 66,622 74 199,800 -66.7% 20 21 Baker & McKenzie 53,283 149 72,206 -26.2% Source: mergermarket TOP 20 LEGAL ADVISERS – GLOBAL VOLUME Ranking Q1-Q3 2012 Q1-Q3 2011 Q1-Q3 2012 Q1-Q3 2011 Company name Value Deal count Deal count Deal count (US$bn) change 1 1 DLA Piper 34,041 206 259 -53 2 3 Jones Day 87,333 204 229 -25 3 2 Latham & Watkins 126,483 192 232 -40 4 8 Kirkland & Ellis 90,859 186 196 -10 5 4 Linklaters 151,048 166 205 -39 6 7 Clifford Chance 219,543 152 196 -44 7 5 Baker & McKenzie 53,283 149 198 -49 8 10 Skadden Arps Slate Meagher & Flom 190,993 143 169 -26 9 9 Allen & Overy 76,250 137 189 -52 10 6 Freshfields Bruckhaus Deringer 205,564 131 196 -65 11 15 White & Case 95,043 122 115 7 12 13 Weil Gotshal & Manges 98,470 118 133 -15 13 11 CMS 9,174 110 161 -51 14 12 Hogan Lovells 46,225 101 152 -51 15 18 Sullivan & Cromwell 126,419 87 106 -19 16 17 Ashurst 31,911 86 107 -21 17 14 Simpson Thacher & Bartlett 103,593 83 116 -33 18 26 Paul Hastings 13,932 78 87 -9 19 21 Cleary Gottlieb Steen & Hamilton 120,576 77 97 -20 20 32 Stikeman Elliott 51,063 77 75 2 Source: mergermarket The legal adviser league tables by value and volume have been run from 01-Jan-12 to 30-Sep-12 and include lapsed and withdrawn deals.
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