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Legal Rankings 1H 2016 1H 2016 GLOBAL M&A MARKET REVIEW LEGAL RANKINGS 1H 2016 1H 2016 GLOBAL M&A LEGAL ADVISORY RANKINGS The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The CONTENTS tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity- 1. Introduction swaps, joint ventures, private placements of common equity and convertible securities, and the cash 2. Global M&A Heat Map injection component of recapitalization according to Bloomberg standards. 3. Global M&A Regional Review Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We 4. Global M&A League Tables provide a global perspective and local insight into unique deal structures in various markets through a 6. Americas M&A Regional Review network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. 7. Americas M&A League Tables Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, 9. EMEA M&A Regional Review and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends. 10. EMEA M&A League Tables 14. APAC M&A Regional Review Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league 15. APAC M&A League Tables table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/. 20. Disclaimer Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone Email Global Rachel Campanelli +1-646-324-4657 [email protected] North America Meaghan Burke +1-646-324-1537 [email protected] EMEA Madeeha Ahmad +44-20-3525-3754 [email protected] Asia Pacific Ee Wen Tay +65-6231-3404 [email protected] General M&A queries may be submitted to: [email protected], [email protected], [email protected] ©2016 Bloomberg Finance L.P. All rights r eserved. Global M&A Heat Map Western Europe Eastern Europe USD 483.2B USD 23.8B 1. Cravath Swaine & Moore LLP 32.9% 1. Skadden Arps Meagher & Flom LLP 13.9% 2. White & Case LLP 24.0% 2. Weil Gotshal & Manges LLP 8.5% 3. Allen & Overy LLPllen 16.0% 3. Studio Legale Pedersoli e Associati 5.0% North America USD 920.3B Asia Pacific 1. Sullivan & Cromwell LLP 25.3% USD 612.2B 2. White & Case LLP 23.2% 1. White & Case LLP 12.2% 3. Wachtell Lipton Rosen & Katz 19.9% 2. Simpson Thacher & Bartlett LLP 11.7% 3. Fangda Partners 11.2% Middle East & Africa USD 45.5B Scale in USD Bln. Latin America & Caribbean 1. Skadden Arps Slate Meagher & Flom LLP 10.0% 0 - 18 USD 65.6B 2. King & Wood Mallesons 7.7% 3. Osler Hoskin & Harcourt LLP 6.9% 19 - 46 1. Skadden Arps Meagher & Flom LLP 7.1% Global M&A Review | 1H 2016 47 - 92 2. O'Melveny & Myers LLP 5.5% 93 - 138 3. Pinheiro Neto Advogados 5.2% 139 - 230 231 - 368 369 - 552 553 - 782 783 - 828 829 - Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1H 2016. 2 Global M&A Regional Review Global M&A: Premium Breakdown • Global M&A volume at $1.6 trillion in 1H2016, declined 11.5% compared to the same period last year. 3% 1% 4% 0-10% Volume for European-based targets decreased 26.5%, the most substantial decrease across all regions. • Due to heightened regulatory scrutiny, government oversight and financial uncertainty, almost 100 deals 16% 10-25% were terminated in 1H2016, the largest number of failed deals since the financial crisis in 2007. 25-50% • Deals targeting the basic materials space increased 195.7% from the same period last year. Bayer AG’s $61.7 billion unsolicited offer for Monsanto Co contributed to 35.5% of the industry’s volume. 50-75% 27% • Venture capital investments increased 29.3% compared to 1H2015 with Zhejiang Ant Small & Micro 49% 75-100% Financial Services Group Co’s series B financing round for $4.5 billion representing the largest financing round on record. 100%+ Global M&A: Highlights of 1H 2016 Global M&A: Industry Breakdown Total Value Amount % YoY Summary Date Target Acquirer Seller (Mln.) Industry (Bln.) % of Total Change Number of deals 18,868 Financial $323.7 20.3% -10.3% 5/18/2016 Monsanto Co Bayer AG - $61,697.8 Volume (Bln.) $1,568.9 Consumer Non-cyclical $287.2 18.0% -18.8% Avg Deal Size (Mln.) $83.2 China National Chemical Consumer Cyclical $192.8 12.1% 38.2% 2/3/2016 Syngenta AG - $46,311.7 Corp Basic Materials $173.8 10.9% 189.0% Top Adviser Communications $154.9 9.7% -34.7% 1/11/2016 Baxalta Inc Shire PLC - $35,563.4 White & Case LLP Industrial $147.5 9.3% -16.8% Number of deals 138 Technology $123.5 7.8% -15.0% 4/28/2016 St Jude Medical Inc Abbott Laboratories - $30,108.2 Volume (Bln.) $277.7 Energy $93.1 5.8% -56.2% Global M&A Review | 1H 2016 Avg Deal Size (Bln.) $2.0 Utilities $76.7 4.8% 105.8% 1/25/2016 Johnson Controls Inc Tyco International Plc - $28,667.3 Diversified $19.6 1.2% -68.8% Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown Amount % Change % Change $1,400 12,000 Deal Type (Bln.) Deal Count Volume $1,200 10,000 Company Takeover $1,004.9 1.8% -12.6% $1,000 Cross Border $691.5 2.2% -2.2% 8,000 $800 Private Equity $335.9 2.5% -8.5% 6,000 $600 Asset Sale $239.7 0.7% -10.0% 4,000 $400 Tender Offer $199.8 -6.2% 48.5% Venture Capital $70.3 -1.0% 28.6% $200 2,000 Spin-off $26.5 -10.6% -43.1% $0 0 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 Minority Purchase $171.9 4.0% 0.0% Majority Purchase $104.3 -6.7% -1.9% Volume (Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). 3 Global Announced Deals (By Volume) 01/01/2016 - 06/30/2016 Global Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016 2016 2015 2016 2015 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE White & Case LLP 1 17.7 277,737 138 8 9.5 8.2 Jones Day 1 7.0 110,330 234 1 2.9 4.1 Sullivan & Cromwell LLP 2 15.5 242,758 74 2 16.5 -1.0 Latham & Watkins LLP 2 7.0 110,434 181 2 14.9 -7.8 Davis Polk & Wardwell LLP 3 13.7 214,551 77 3 16.2 -2.6 Kirkland & Ellis LLP 3 7.3 113,716 155 3 9.4 -2.1 Cravath Swaine & Moore LLP 4 12.9 201,709 36 6 11.9 0.9 White & Case LLP 4 17.7 277,737 138 5 9.5 8.2 Simpson Thacher & Bartlett LLP 5 12.6 197,870 66 13 8.4 4.3 Baker & McKenzie LLP 5 1.4 22,241 124 5 3.6 -2.2 Wachtell Lipton Rosen & Katz 6 11.8 185,330 45 7 10.4 1.5 CMS Legal Services EEIG 6 0.2 3,810 114 8 0.9 -0.7 Skadden Arps Slate Meagher & Flom LLP 7 10.8 169,854 104 1 20.2 -9.3 Allen & Overy LLP 7 5.8 90,328 113 7 3.6 2.2 Cleary Gottlieb Steen & Hamilton LLP 8 10.2 160,111 42 26 4.3 5.9 Hogan Lovells US LLP 8 3.1 48,316 110 10 2.6 0.5 Osler Hoskin & Harcourt LLP 9 8.9 139,208 51 40 2.8 6.1 DLA Piper LLP 8 0.9 13,469 110 12 4.3 -3.4 Kirkland & Ellis LLP 10 7.3 113,716 155 10 9.4 -2.1 Morgan Lewis & Bockius LLP 10 1.8 27,594 105 20 1.3 0.5 Latham & Watkins LLP 11 7.0 110,434 181 4 14.9 -7.8 Skadden Arps Slate Meagher & Flom LLP 11 10.8 169,854 104 4 20.2 -9.3 Jones Day 12 7.0 110,330 234 38 2.9 4.1 Linklaters LLP 12 3.1 48,123 94 10 6.4 -3.4 Stikeman Elliott LLP 13 6.6 103,474 72 23 5.1 1.5 Weil Gotshal & Manges LLP 13 5.3 83,416 91 13 6.5 -1.2 Gibson Dunn & Crutcher LLP 14 6.3 99,461 69 27 4.3 2.0 Clifford Chance LLP 13 1.3 21,076 91 9 3.4 -2.1 Allen & Overy LLP 15 5.8 90,328 113 34 3.6 2.2 Freshfields Bruckhaus Deringer LLP 15 3.6 56,735 82 15 13.1 -9.5 Weil Gotshal & Manges LLP 16 5.3 83,416 91 16 6.5 -1.2 Davis Polk & Wardwell LLP 16 13.7 214,551 77 16 16.2 -2.6 Fangda Partners 17 4.4 68,695 38 73 0.9 3.5 Goodwin Procter LLP 16 1.8 27,892 77 76 1.8 0.0 Freshfields Bruckhaus Deringer LLP 18 3.6 56,735 82 5 13.1 -9.5 Norton Rose Fulbright LLP 16 1.1 17,358 77 17 2.7 -1.6 Wilson Sonsini Goodrich & Rosati PC 19 3.5 54,957 65 24 4.9 -1.4 Sullivan & Cromwell LLP 19 15.5 242,758 74 28 16.5 -1.0 Anderson Mori & Tomotsune 20 3.3 51,612 58 63 1.1 2.2 King & Wood Mallesons 19 3.0 47,428 74 26 9.4 -6.4 TOTAL 1,568,941 18,868 1,772,031 TOTAL 1,568,941 18,868 1,772,031 Global Announced Deals- Principals (By Volume) 01/01/2016 - 06/30/2016 Global Announced Deals- Principals (By Deal Count) 01/01/2016 - 06/30/2016 2016 2015 2016 2015 MKT SHR VOLUME USD DEAL MKT SHR MKT SHR MKT SHR VOLUME USD DEAL MKT SHR MKT SHR FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE FIRM RANK (%) (Mln) COUNT RANK (%) CHANGE Wachtell Lipton Rosen & Katz 1 15.9 185,008 44 6 11.9 4.0 Jones Day 1 9.4 109,970 233 1 3.4 6.0 Simpson Thacher & Bartlett LLP 2 14.5 168,491 59 22 5.5 9.0 Latham & Watkins LLP 2 7.9 92,376 171 3 12.8 -4.9 Davis Polk & Wardwell LLP 3 12.1 140,417 62 13 7.7 4.3 Kirkland & Ellis LLP 3 7.8 90,499 152 2 11.5 -3.7 Osler Hoskin & Harcourt LLP 4 10.7 125,050 47 47 2.1 8.6 Baker & McKenzie LLP 4 1.9 22,241 124 5 4.4 -2.5 Skadden Arps Slate Meagher & Flom LLP 5 10.2 119,162 96 1 22.5 -12.2 CMS Legal Services EEIG 5 0.3 3,810 114 7 1.1 -0.8 Sullivan & Cromwell LLP 6 10.1 117,309 51 3 13.2 -3.1 Allen & Overy LLP 6 7.8 90,328 113 6 4.3 3.4 Jones Day 7 9.4 109,970 233 30 3.4 6.0 Hogan Lovells US LLP 7 4.2 48,316 110 10 3.1 1.0 Stikeman Elliott LLP 8 8.9 103,474 72 19 6.2 2.7 DLA Piper LLP 7 1.2 13,469 110 11 1.0 0.2 Latham & Watkins LLP 9 7.9 92,376 171 4 12.8 -4.9 White & Case LLP 9 7.2 83,821 109 13 3.5 3.8 Kirkland
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