AM Directory 2009 cover:ISR DIRECTORY 30/10/2008 14:16 Page 3
REUTERS THE INTERNATIONAL M&A AND BUYOUTS MAGAZINE
ACQUISITIONS MONTHLY International M&A and Buyouts Directory 2009 International M&A and Buyouts Directory 2009 01 Contents p1:ISR DIRECTORY 18/09/2008 15:54 Page 1
ACQUISITIONS MONTHLY Directory 2009 | 1 Acquisitions CONTENTS Monthly Directory 2009
Acquisitions Monthly Aldgate House, 33 Aldgate High Street, London EC3N 1DL FEATURES website: www.acquisitions-monthly.com Foreword 2 Editorial Editor Henry Gibbon Cross-border regulation 6 tel: +44 (0) 20 7369 7845 e-mail: [email protected] Returning to fundamentalists in France 13 Contributors Christopher Spink, Robert Venes, Sarah Young Doing LBO deals 21 Data Enquiries League Table Enquiries India goes global 24 [email protected] Advertising Pharmaceuticals sector report 31 Advertising Director Stephen Howard Regional league tables 225 tel: +44(0)20 7369 7762 fax: +44(0)20 7369 7766 e-mail: [email protected] Directories Co-ordinator Gloria Balbastro tel: +44(0)20 7369 7539 e-mail: [email protected] Production Head of Production Clive George tel: +44(0)207 369 7577 e-mail: [email protected] COUNTRIES Assistant Production Manager Nita Webb tel: +44(0)207 369 7331 e-mail: [email protected] Argentina 37 Japan 116 Senior Production Executive Gavin White Australia 39 Latvia 120 tel: +44(0)207 369 7261 e-mail: [email protected] Sales & Marketing Austria 41 Lithuania 122 Marketing Manager Neil Clasper Belarus 43 Mexico 123 tel: +44(0)20 7369 7454 fax: +44(0)20 7369 7333 Belgium 44 Netherlands 126 e-mail: [email protected] Subscription Sales Iain Kitsell Brazil 48 Norway 133 tel: +44(0)20 7369 7616 fax: +44(0)20 7369 7394 Canada 52 Peru 136 e-mail: [email protected] Subscription Sales (Asia Pacific) Central America 55 Poland 137 Ramon Angeles tel: +632 878 5825 Chile 56 Romania 141 Subscription Sales (Japan) Edwin Coronia China 58 Russia 142 tel: +632 830 4158 Colombia 65 Serbia and Montenegro 145 Subscription Sales (USA) Noelle Nichols tel: +1 (917) 408 5258 Czech Republic 68 Singapore 146 Marketing Manager (Hong Kong) Calum Watson Denmark 70 Slovakia 147 tel: +852 2533 5440 Dubai 73 Slovenia 148 Publishing Associate Publisher Ann Worsley Estonia 74 South Africa 149 Editor-in-Cheif, IFR Keith Mullin Finland 76 Spain 152 Director of Publishing David Hurst ISSN 0952-3618 France 79 Sweden 160 © 2008 Thomson Reuters. All rights reserved. Reproduction in any GCC and Yemen 87 Switzerland 163 form is prohibited without the written permission of the publisher. Germany 88 Thailand 165 Registered office: Thomson Financial Ltd, Aldgate House, 33 Aldgate High Street, London, EC3N 1DL Hungary 98 Turkey 166 Printed in the UK by Wyndeham Grange Limited Iceland 100 Ukraine 170 India 101 UAE 169 Ireland 104 UK 172 Israel 108 USA 200 Italy 109 Vietnam 224 02 Exec Summary P2-5:ISR DIRECTORY 18/09/2008 15:52 Page 2
2 | ACQUISITIONS MONTHLY Directory 2009 FOREWORD
Expect Q4 2007 to be peak in M&A 2007 saw a record US$4trn of completed M&A activity, easily surpassing 2006’s and 2000’s US$3.2trn. Q4 2007 was the biggest ever quarter for M&A (US$1.25trn) and in all, 16,269 deals were completed in 2007. Contrary to expectations, there was a strong finish to the year: 7 out of the 13 deals worth more than US$25bn were completed post-September.
gainst the odds, MONTHLY M&A VOLUME BY STAKE ACQUISITION 2007 proved to Volume Minority stake be the biggest (US$bn) Majority stake M&A volume deals (%) Minority stake M&A volume 600 100 year ever for % minority stake deals A 85 global M&A by 500 70 value, with deals worth 400 55 US$4,025bn being complet- 300 ed, easily surpassing the 2006 40 200 and 2000 records. This new 25 peak was created by a strong 100 10 finish to the year. At 0 (5) July July May May June June April April US$1,254bn, Q4 2007 was the April March March March August August October October February February biggest quarter ever and 7 of February December December November November September September January 06 January 07 the 13 deals in 2007 worth January 08 Source: Thomson Reuters US$25bn+ were completed post-September: this defied M&A VOLUMES BY TARGET REGION many expectations but not Volume the normal seasonality of (US$bn) Americas 600 Europe M&A. Asia-Pacific (Japan) By number of deals 2007 500 was the second biggest year 400 ever – it’s 16,269 completed 300 deals did not match the 200 19,180 seen in 2006. This meant that the average deal 100 size rose to US$247m in 2007, 0 July
compared to the US$169m May June April April March March August seen in 2006 and the post- October February February December November September 1995 average of US$164m. January 07 January 08 As is normal with M&A Source: Thomson Reuters 02 Exec Summary P2-5:ISR DIRECTORY 18/09/2008 15:52 Page 3
ACQUISITIONS MONTHLY Directory 2009 | 3
booms, bigger deals are done GLOBAL M&A BY TARGET INDUSTRY in the late-cycle. M&A is highly seasonal and Value of target Q3 and Q4 are the biggest (US$m) Financials Telecommunications quarters by value and vol- 100 Media and ume of M&A, and 2007 was 90 entertainment 80 High technology no different. However the Energy and power 70 Materials momentum of M&A is fad- 60 Consumer staples 50 Industrials ing – the year-on-year change Healthcare in the number of deals has 40 Real estate 30 Consumer products been negative ever since Q4 20 and services 10 Retail 2006 and by value was in 0 Government and decline through the second 2000 2001 2002 2003 2004 2005 2006 2007 2008 agencies half of last year. Moreover,
Source: Thomson Reuters looking at announced activi- ty, there isn’t the pipeline to GLOBAL FINANCIAL SPONSOR AND STRATEGIC M&A VOLUME replace or replicate 2007 lev- els of activity. Boom M&A requires buoy- Value of target % of ant economies, buoyant (US$bn) Financial sponsor M&A volume volume Strategic M&A volume stockmarkets and banks with 600 Financial sponsor % to global M&A 70 500 60 too much money to lend. Add 50 in the bursting of the credit 400 40 Bubble (and tighter credit con- 300 30 ditions and an higher cost of 200 20 finance) and M&A has lost its 100 10 chief sponsors and its chief currency. 0 0 J J J J F F F S S A A A A A D D O O N N M M M M M Even though take-out mul- J 06 J 07 J 08 tiples and take-over premi- Source: Thomson Reuters ums are relatively low, the
ANNOUNCED M&A VOLUMES
Global M&A European target M&A US target M&A 14.8% -9.8% -15.6% -23.2% -15.5% -26.5% -42.7% -11.8% -11.3% -47.4% -38.7% -44.0% -50.3% -24.2% -6.7% -29.0% -27.2% -73.3% -53.6% -23.5% -76.3% -27.2% -73.6% -47.8% 78.5 40.7 71.1 63.5 46.7 154.3 171.5 136.8 76.2 89.6 182.5 47.9 61.8 84.4 203.7 231.2 150.8 62.6 103.5 177.5 166.5 135.4 154.9 44.4 213.6 180.6 138.8 197.3 152.6 406.0 212.9 61.1 200.2 242.3 530.0 56.3 359.3 276.8 489.1 274.6 526.4 447.8 242.7 323.9 367.2 181.1 172.3 364.7 J F M A M J J A J F M A M J J A J F M A M J J A 3,180.8 1,197.9 1,251.3 2,149.9 -32.4% 758.1 -36.7% 816.7 -34.7%
2007 (US$bn) 2008 (US$bn)
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4 | ACQUISITIONS MONTHLY Directory 2009
US TARGET HOSTILE AND UNSOLICITED nese acquirers purchased TRANSACTIONS, 1999 - 2008 YTD 14.4% of all cross-border Euro- pean target M&A volume, a significant increase compared Volume Deal volume No. of (US$bn) deals to just 2% last year-to-date. Number of deals 120 25 US Target hostile or unso- 100 licited M&A volume reached 20 $82.1bn from 24 deals year-to- 80 date, the highest level since 60 15 1999 when volume was 40 10 US$100.7bn. Top deals 20 include the acquisition of 0 5 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Genetech by Roche Holding, NRG Energy's offer for
Source: Thomson Reuters Calpine Corporation, and this month's proposed acquisition THE RISE OF BRIC ACQUIRERS, 1995-2008 YTD of Alpharma by King Phar- maceuticals for US$1.4bn. Acquisitions by BR