EDITION Monthly M&A InsIder FebrUAry 2012 - Mergermarket · Monthly M&A InsIder mergermarket GlobAl overvIew 01 AmericAs: LAtin AmericA 09 north AmericA 18 AsiA-PAcific 29 euroPe

Monthly M&A InsIderA mergermArket report on globAl m&A Activity

FebrUAry 2012

EDITION

Monthly M&A InsIdermergermarket

GlobAl overvIew 01

AmericAs:LAtinAmericA 09

northAmericA 18

AsiA-PAcific 29

euroPe 40

middLeeAst&AfricA 51

About MerrIll corporAtIon 61

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CONTENTS

Monthly M&A Insider

globAl overvieW

01

Global M&A deals totalled 12,914 worth US$2,220bn in 2011, a 5% increase in volume and a 6% increase in value from the 12,266 deals worth US$2,094bn registered in 2010. Focusing specifically on private equity, deal value reached its highest level since 2008 last year with 2,136 buyouts worth US$282bn and 1,454 exits worth US$275bn announced globally.

As usual the largest transactions came from the US energy sector, including the US$37.5bn acquisition of El Paso Corporation by Kinder Morgan and the US$7.2bn acquisition of US-based energy group Samson Investment Company by a consortium involving Kohlberg Kravis Roberts & Co. (KKR), Japan’s Itochu Corporation and other investors.

And yet the broader increase in deal activity isn’t limited to blue chip businesses or global buyout shops. Deal value in the mid-market – defined here as US$10m to US$500m – has also been resilient. In 2011 there were 5,279 mid-market deals worth US$538.1bn, up from 5,131 worth US$502.7bn in 2010. Further, average mid-market deal sizes have risen steadily since 2009, and in 2011 reached US$102m – the highest level on record since 2004. The average size of private equity buyouts also increased from US$118m in 2010 to US$132m in 2011, whilst average exit value increased from US$179m to US$189m during the same period. These modest increases should not be taken lightly, given that global buyout and exit values both dipped to all-time lows in 2009.

The M&A market’s strong performance in 2011 can be attributed in part to steady outbound investment flows from Asia. Japanese companies like Itochu Corporation, which participated in the acquisition of Samson Investment

Company, have been particularly active in this respect. Though sometimes overshadowed by state-backed Chinese entities, Japanese conglomerates have put a significant amount of capital into frontier energy industries like shale gas. Japan’s Mitsubishi Corporation provided an even more recent example of this, with its acquisition of a 40% stake in the Cutbank Ridge Partnership shale project, valued at US$1.5bn, announced in mid-February. Japanese buyers have also targeted some of the non-core asset sales in Europe’s banking sector: last month, for example, Sumitomo Mitsui Financial Group announced its US$7.3bn acquisition of RBS Aviation Capital, a Royal Bank of Scotland asset.

Asian investors’ appetite for Western assets has run parallel to Western companies’ appetite for expansion into emerging markets, with Nestle’s US$1.7bn acquisition of Chinese confectionary company Hsu Fu Chi International being one of the largest examples from 2011. More recently, in the first few weeks of 2012, Pfizer, Walmart and Dream Works Animation have all announced new ventures in China.

There are plenty of reasons to be confident in the M&A market’s near term prospects. But financing difficulties will continue to put pressure on deal flow, and companies cannot underestimate the impact of weak economic conditions. For companies and buyout groups with access to sufficient capital, the months ahead should continue to provide ample opportunities.

GlOBAl OvERvIEW

head of research: Elias latsis

editor: Felicity James

For advertising opportunities contact:

erik wickman

tel: + (1) 212 6863329 [email protected]

Global overview: Elizabeth Castro

latin America: Jennifer Ruiz and Jason Cozza

north America: Jason Cozza

Asia-pacific: Timothy Phillips

europe: Peter Kruk and Kirsty Wilson

Middle east & Africa: Silvia Paparello, Peter Kruk and Marie-laure Keyrouz

2011 In revIew

THE GlOBAl M&A MARKET ENDED 2011 ON A SURPRISINGly POSITIvE NOTE: AvERAGE DEAl vAlUES HAvE BEEN RISING STEADIly SINCE 2009, UNDERPINNED By lARGE-SCAlE CONSOlIDATION IN DEFENSIvE INDUSTRIES, COMPANIES’ AGGRESSIvE INTERNATIONAl ExPANSION EFFORTS AND A STEADy STREAM INvESTMENT INTO lUCRATIvE CORNERS OF THE ENERGy SECTOR INClUDING SHAlE GAS.

Monthly M&A Insider 02

globAl overvieW

lEAGUE TABlES


ranking Q4 2011 Q4 2010

Q4 2011 Q4 2010 company name value (us$m)

deal count value (us$m)

value change (%)

1 2 Goldman Sachs 592,928 314 481,698 23.1%

2 1 Morgan Stanley 448,349 249 492,077 -8.9%

3 4 JPMorgan 435,345 230 363,597 19.7%

4 3 Credit Suisse 344,858 212 424,410 -18.7%

5 9 Barclays Capital 337,996 155 263,490 28.3%

6 7 Bank of America Merrill lynch 313,413 215 274,311 14.3%

7 5 Citigroup 291,853 173 316,040 -7.7%

8 6 Deutsche Bank 251,811 183 276,497 -8.9%

9 10 lazard 242,571 186 202,254 19.9%

10 8 UBS Investment Bank 227,219 211 264,581 -14.1%

11 11 Rothschild 128,540 213 198,360 -35.2%

12 13 HSBC 120,373 88 116,520 3.3%

13 17 Evercore Partners 101,590 64 79,210 28.3%

14 14 Nomura Holdings 93,522 122 107,251 -12.8%

15 12 BNP Paribas 84,802 97 124,929 -32.1%

16 15 SG 75,470 72 100,498 -24.9%

17 19 RBC Capital Markets 71,336 117 58,270 22.4%

18 52 Moelis & Company 67,131 52 17,014 294.6%

19 26 Jefferies & Company 56,361 119 39,389 43.1%

20 23 Royal Bank of Scotland Group 47,487 49 50,267 -5.5%Source: mergermarket

The financial adviser league tables by value and volume have been run from 01-Jan-11 to 31-Dec-11. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Global.

top 20 fInAncIAl AdvIsors – GlobAl

vAlUE

ranking Q4 2011 Q4 2010



deal count change

1 2 Goldman Sachs 592,928 314 292 22

2 3 KPMG 34,255 273 262 11

3 1 Morgan Stanley 448,349 249 298 -49

4 5 PwC 17,249 243 243 0

5 6 JPMorgan 435,345 230 219 11

6 12 Bank of America Merrill lynch 313,413 215 182 33

7 9 Rothschild 128,540 213 205 8

8 4 Credit Suisse 344,858 212 249 -37

9 10 UBS Investment Bank 227,219 211 199 12

10 13 Ernst & young 23,794 193 163 30

11 8 lazard 242,571 186 206 -20

12 11 Deutsche Bank 251,811 183 188 -5

13 7 Deloitte 27,827 181 219 -38

14 14 Citigroup 291,853 173 153 20

15 15 Barclays Capital 337,996 155 138 17

16 16 Nomura Holdings 93,522 122 111 11

17 18 Jefferies & Company 56,361 119 101 18

18 17 RBC Capital Markets 71,336 117 106 11

19 22 M&A International 2,288 103 81 22

20 21 BNP Paribas 84,802 97 82 15Source: mergermarket

top 20 fInAncIAl AdvIsors – GlobAl

vOlUME


globAl overvieW

ranking Q4 2011 Q4 2010



deal count change

1 1 DlA Piper 58,140 351 347 4

2 2 latham & Watkins 261,450 301 293 8

3 3 Jones Day 121,253 292 272 20

4 7 Freshfields Bruckhaus Deringer 236,324 249 232 17

5 8 Kirkland & Ellis 89,130 249 215 34

6 4 Baker & McKenzie 81,724 248 254 -6

7 10 Clifford Chance 126,392 238 193 45

8 5 linklaters 236,857 234 248 -14

9 6 Allen & Overy 176,086 215 233 -18

10 9 Skadden Arps Slate Meagher & Flom 282,223 207 209 -2

11 11 CMS 34,908 196 184 12

12 12 Hogan lovells 70,614 171 177 -6

13 13 Weil Gotshal & Manges 163,353 162 166 -4

14 16 Simpson Thacher & Bartlett 326,390 148 149 -1

15 15 White & Case 73,645 145 152 -7

16 20 Shearman & Sterling 232,819 137 130 7

17 22 Dewey & leBoeuf 225,812 130 118 12

18 14 Sullivan & Cromwell 393,283 127 157 -30

19 30 Davis Polk & Wardwell 134,425 122 98 24

20 19 Cleary Gottlieb Steen & Hamilton 199,846 119 130 -11Source: mergermarket

The legal adviser league tables by value and volume have been run from 01-Jan-11 to 31-Dec-11 and include lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Global.

top 20 leGAl AdvIsors – GlobAl

vOlUME

ranking Q4 2011 Q4 2010



value change (%)

1 2 Sullivan & Cromwell 393,283 127 337,250 16.6%

2 6 Simpson Thacher & Bartlett 326,390 148 264,040 23.6%

3 1 Skadden Arps Slate Meagher & Flom 282,223 207 347,107 -18.7%

4 15 Wachtell, lipton, Rosen & Katz 279,849 68 150,114 86.4%

5 4 latham & Watkins 261,450 301 274,623 -4.8%

6 7 linklaters 236,857 234 213,196 11.1%

7 5 Freshfields Bruckhaus Deringer 236,324 249 270,142 -12.5%

8 17 Shearman & Sterling 232,819 137 136,377 70.7%

9 16 Dewey & leBoeuf 225,812 130 140,383 60.9%

10 13 Cravath Swaine & Moore 215,207 60 154,522 39.3%

11 3 Cleary Gottlieb Steen & Hamilton 199,846 119 279,955 -28.6%

12 9 Allen & Overy 176,086 215 175,220 0.5%

13 10 Weil Gotshal & Manges 163,353 162 165,736 -1.4%

14 8 Davis Polk & Wardwell 134,425 122 180,272 -25.4%

15 21 Clifford Chance 126,392 238 104,948 20.4%

16 22 Jones Day 121,253 292 102,661 18.1%

17 23 Fried Frank Harris Shriver & Jacobson 109,384 58 88,790 23.2%

18 26 Gibson Dunn & Crutcher 108,938 97 84,242 29.3%

19 24 vinson & Elkins 101,199 78 88,022 15.0%

20 11 Blake, Cassels & Graydon 94,058 95 159,650 -41.1%Source: mergermarket

top 20 leGAl AdvIsors – GlobAl

vAlUE

lEAGUE TABlES


globAl overvieW

lEAGUE TABlES

vAlUE

vAlUE

rank

Q4 2011 company name value (us$m)

deal count

1 Blackstone Group 20,328 19

2 Kohlberg Kravis Roberts & Co 15,865 12

3 Temasek Holdings Pte 13,518 4

4 Apax Partners 10,907 7

5 The Carlyle Group 8,992 29

6 Bain Capital 8,747 8

7 Hellman & Friedman 8,459 4

8= Crestview Partners 7,200 1

8= Natural Gas Partners 7,200 1

10 AxA Private Equity 6,588 10

11 Silver lake Partners 6,312 5

12 Clayton, Dubilier & Rice 6,256 3

13 Warburg Pincus 5,946 11

14 BC Partners 5,886 4

15 CvC Capital Partners 5,477 7Source: mergermarket

rank

Q4 2011 company name value (us$m)

deal count

1 Nordic Capital 30,557 5

2 Coller Capital 27,509 2

3 Avista Capital Partners 13,740 2

4 Kohlberg Kravis Roberts & Co 12,262 3

5 The Carlyle Group 10,997 22

6 JAFCO Co 10,069 4

7 Silver lake Partners 9,544 2

8 Andreessen Horowitz 9,044 1

9 PAI Partners 8,370 5

10 Blackstone Group 8,163 8

11 EQT Partners 8,023 4

12 Equistone Partners Europe 7,453 12

13 CvC Capital Partners 5,339 8

14 One Equity Partners 5,129 4

15 Providence Equity Partners 4,829 3Source: mergermarket

vOlUME

vOlUME

rank

Q4 2011 company name deal count

value (us$m)

1 The Carlyle Group 29 8,992

2 Blackstone Group 19 20,328

3 Sun Capital Partners 19 727

4 H.I.G. Capital 18 342

5 lloyds TSB Development Capital 17 596

6 The Riverside Company 16 30

7 Bridgepoint Capital 13 4,172

8 Kohlberg Kravis Roberts & Co 12 15,865

9 Advent International 12 4,428

10 Warburg Pincus 11 5,946

11 EQT Partners 11 3,270

12 AxA Private Equity 10 6,588

13 TA Associates 10 1,249

14 BNP Paribas Developpement 9 115

15 Bain Capital 8 8,747Source: mergermarket

rank

Q4 2011 company name deal count

value (us$m)

1 The Carlyle Group 22 10,997

2 Equistone Partners Europe 12 7,453

3 3i Group 12 688

4 Intel Capital 11 295

5 New Enterprise Associates 10 120

6 Bain Capital 9 4,269

7 Redpoint ventures 9 1,848

8 Draper Fisher Jurvetson 9 521

9 lloyds TSB Development Capital 9 181

10 Blackstone Group 8 8,163

11 CvC Capital Partners 8 5,339

12 AxA Private Equity 8 3,762

13 GS Capital Partners 8 2,266

14 Accel Partners 8 1,416

15 AtriA Capital Partenaires 8 989Source: mergermarket

ActIvIty tAble of prIvAte eQuIty fIrMs on GlobAl buyouts

ActIvIty tAble of prIvAte eQuIty fIrMs on GlobAl exIts

The private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is Global. The tables by value and volume have been run from 01-Jan-11 to 30-Sep-11 and exclude lapsed and withdrawn deals.

The private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is Global. The tables by value and volume have been run from 01-Jan-11 to 31-Dec-11 and exclude lapsed and withdrawn deals.


globAl overvieW

TREND GRAPHS

0

200

400

600

800

1,000

1,200

1,400

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Valu

e (U

S$bn

)

Total value Mid-market value

Num

ber of deals

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Total volume Mid-market volume

0

50

100

150

200

250

300

350

400

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Valu

e (U

S$bn

)

Buyout value Exit value

Num

ber of deals

Buyout volume Exit volume

0

100

200

300

400

500

600

700

800

900

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2011201020092008200720062005

Valu

e (U

S$bn

)


Num

ber of deals

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


0

100

200

300

400

500

600

700

800

900

2011201020092008200720062005

Valu

e (U

S$bn

)


Num

ber of deals


0

500

1,000

1,500

2,000

2,500

3,000

3,500

GlobAl M&A QuArterly trend

GlobAl M&A AnnuAl trend GlobAl M&A AnnuAl prIvAte eQuIty trend

GlobAl M&A QuArterly prIvAte eQuIty trend


globAl overvieW

TREND GRAPHS

GlobAl M&A sector breAkdown y/e 2011

GlobAl GeoGrAphIc breAkdown y/e 2011

vAlUE

vAlUE

vOlUME

vOlUME

26.1%

6.6%

0.5%

0.3%

2.4%

2.2%

1.9%

4.8%

8.9%

1.6%

11.8%

15.8%4.6%

8.3%

4.1%

Industrials & Chemicals

Consumer

Business Services

Technology

Energy, Mining & Utilities

Financial Services

Pharma, Medical & Biotech

Leisure

Construction

Media

Transportation

Real Estate

Agriculture

Telecommunications

Defence

1.7% 6.0%

40.8%

32.0%

19.4% Asia-Pacific

Europe

North America

Middle East & Africa

Central & South America

3.2%3.1%

3.6%

1.2% 1.2%1.7%

9.4%

8.7%

0.3%

10.5%

12.5%

13.1%

20.1%

3.7%

7.7%


Consumer

Business Services

Technology


Financial Services


Leisure

Construction

Media

Transportation

Real Estate

Agriculture

Telecommunications

Defence

4.9%2.5%

31.9%

41.6%

19.1% Asia-Pacific

Europe

North America

Middle East & Africa

Central & South America


globAl overvieW

TREND GRAPHS

GlobAl M&A deAl sIze breAkdown

vAlUE vOlUME

0

10

20

30

40

50

60

70

80

90

100

2011201020092008200720062005

38.8%

15.6%

22.1%

8.5%

15.1%

42.3%

16.8%

20.8%

7.5%

12.6%

39.8%

16.9%

23.0%

7.9%

12.5%

42.0%

15.3%

19.3%

8.9%

14.5%

40.6%

16.5%

20.5%

7.9%

14.5%

27.3%

20.9%

27.4%

9.5%

14.9%

30.2%

19.4%

25.9%

10.2%

14.4%

<US$250m or undisclosed value

US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

Per

cent

age

80

82

84

86

88

90

92

94

96

98

100

2011201020092008200720062005


US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

1.0%

4.5%

4.7%

89.2%

1.2%

5.0%

4.7%

88.3%

1.3%

5.5%

5.1%

87.4%

0.6%

0.9%

3.9%

4.6%

90.1%

1.0%

3.8%

3.9%

90.9%

89.2%

4.5%

4.7%

1.1%

0.4%

1.1%

4.7%

4.9%

88.8%

0.7% 0.7% 0.5%0.5%

Per

cent

age

0.7%

SECTOR ANAlySISGlobAl sector AnAlysIssector Q4 2011 Q4 2010 % change

value ($m) Mrk share deal count value ($m) Mrk share deal count value volume

Energy, Mining & Utilities 579,049 26.1% 1,213 537,908 25.7% 1,325 8% -112

Industrials & Chemicals 351,849 15.8% 2,595 255,859 12.2% 2,218 38% 377

Consumer 183,382 8.3% 1,697 179,669 8.6% 1,490 2% 207

Financial Services 262,566 11.8% 1,125 288,376 13.8% 1,202 -9% -77

Pharma, Medical & Biotech 197,187 8.9% 988 182,527 8.7% 940 8% 48

Technology 146,301 6.6% 1,354 95,705 4.6% 1,257 53% 97

Business Services 91,931 4.1% 1,611 120,557 5.8% 1,522 -24% 89

Media 42,418 1.9% 407 33,631 1.6% 368 26% 39

Transportation 52,660 2.4% 403 90,639 4.3% 362 -42% 41

Real Estate 106,640 4.8% 219 55,649 2.7% 264 92% -45

leisure 49,782 2.2% 481 37,134 1.8% 415 34% 66

Telecommunications 102,853 4.6% 152 155,189 7.4% 190 -34% -38

Defence 7,131 0.3% 41 6,590 0.3% 54 8% -13

Construction 36,140 1.6% 469 42,800 2.0% 509 -16% -40

Agriculture 10,065 0.5% 159 12,510 0.6% 150 -20% 9

total 2,219,954 12,914 2,094,743 12,266 6% 648

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M E R R I L L D A T A S I T E

LATIN AM

ERICA

LATIN AMERICAA MERgERMARkET M&A REpoRT oN

09Monthly M&A Insider 09

Brazil continued to lead Latin America as the most active country in the region, with 347 deals worth US$85.8bn accounting for 67.1% of the region’s market share. Mexico and Chile trailed behind in second and third place, representing 11.4% and 10.6%, respectively, of the region’s market. Looking forward, Brazil’s activity is expected to grow modestly compared to 2011 as strategic players and pE firms scale back their purchasing power – mergermarket intelligence suggests.

Telecommunications shakes up top dealsUnderscoring deal activity in the Telecommunications space, the largest deal of the year was Brasil Telecom’s restricting scheme, announced in August 2011. As part of the restructuring, Brasil Telecom agreed to acquire the remaining 55% stake in Tele Norte Leste participacoes which it does not already own. The US$12.5bn transaction is intended to simplify the company’s corporate structure and governance of oi group’s companies under one single entity.

The second most significant Telecommunications deal, also announced in August 2011, took place when America Movil agreed to acquire the remaining 40% stake it did not already own in Telefonos de Mexico SA de CV. The deal fetched a transaction value of US$6.5bn. Telefonica Brasil’s, a competitor of America Movil, followed close behind with the acquisition of a 33% stake in Vivo participacoes for US$6.2bn. Although the Telecommunications sector was not active by deal count, it has been transformational by market share (2010 saw 8 deals worth US$47.3bn while 2011 had 13 deals worth US$32.7bn). In 2012, the sector could potentially be complicated by regulatory hurdles, particularly in Brazil.

Overall activity expected to remain strong in 2012Despite political unrest and global economic uncertainty, M&A activity is expected to favour activity in the Energy, Financial Services and Consumer sectors as liquidity from the Ipo market will help to fund deals, mergermarket intelligence reports. Financial Services is likely to experience consolidation throughout the region due to capital requirements, while Brazil’s natural resources continue to attract interest from foreign buyers as Asian investors seek control over raw material amidst increasing energy demands. Unprecedented growth in consumer retail products is also expected to strengthen and spur deal activity.

2011 deAl vAlues dOwn, buT deAl cOunT up

AFTER A RALLy IN 2010’S DEAL MARkET, M&A jUMpED 28% By DEAL CoUNT BUT FELL 19% By DEAL VALUE IN LATIN AMERICA DURINg 2011, wITh AN AggREgATE 626 DEALS woRTh US$132.5BN. whILE ThE VoLUME oF LARgE-CAp DEALS hAS DECREASED, ThE TELECoMMUNICATIoNS AND ENERgy SECToRS wERE oNCE AgAIN DRIVINg ThE BIggEST DEALS oF ThE yEAR AND REpRESENTED 24.7% AND 26.8 % oF ThE LATIN AMERICAN DEAL MARkET, RESpECTIVELy.

10

LATIN AM

ERICA

Monthly M&A Insider

deal summary

Announced: 9-Nov-11 deal value: US$ 5,390m

Mitsubishi Corporation has agreed to acquire a 24.5% stake in Anglo American Sur S.A. from Anglo American plc.

Anglo American Sur, the Chile based company headquartered in Santiago, is an integrated copper producer. Mitsubishi Corporation, the listed japan based company headquartered in Tokyo, is a conglomerate. Anglo American plc, the listed Uk based company headquartered in London, is a mining firm.

TerMs:Mitsubishi will acquire a 24.5% stake in Anglo American Sur for a consideration of US$5,390m, paid in the form of a promissory note.

AsseTs AcquIred: Anglo American Sur holds a significant portfolio of copper assets in Chile, including the Los Bronces mine, the El Soldado mine, the Chagres smelter, as well as large-scale prospective exploration properties.

These assets produce approximately 260,000 tonnes of copper per annum, and this production will increase to approximately 440,000 tonnes in 2012, once the Los Bronces expansion project is completed.

rATIOnAle:The acquisition will allow Mitsubishi to increase its competitiveness in the copper business and to grow its production in the area.

pOsT deAl deTAIls:After the acquisition, Anglo American plc will continue to hold a 75.5% stake in the target company.

bAckgrOund:The transaction is a result of an option agreement between Anglo American plc, certain of its affiliates, and Codelco, which expressly allowed Anglo American to dispose of its Anglo America Sur shares at any time prior to the exercise date in january 2027.

DEAL oF ThE QUARTER

Advisors

Target/seller bidder

Financial goldman Sachs; UBS Investment Bank Financial CIBC Capital Markets (Neil Johnson, Steve Losty, Mick Oliver)

legal Shearman & Sterling (George Casey Michael McGuinness)

legal Clifford Chance

pr Brunswick group

11

LATIN AM

ERICA

Monthly M&A Insider

DEAL oF ThE QUARTER

Target

Anglo American Sur S.A.

Headquarters: Av. pedro de Valdivia 291Santiago, 6640594Chile

sector: Mining

description: Chile-based copper mining and smelting company

seller

Anglo American Plc

Headquarters: 20 Carlton house TerraceLondon, Sw1y 5ANUnited kingdom

sector: Mining

description: Uk-based mining company

bidder

Mitsubishi Corporation

Headquarters: Marunouchi park Building6-1 Marunouchi 2-ChomeChiyoda-ku, Tokyo 100-8086japan

sector: Industrials & Chemicals

description: japan-based conglomerate

12

LATIN AM

ERICA

Monthly M&A Insider

TOp 10 lATIn AMerIcAn AnnOunced deAls OF q4 2011Announced bidder company Target company Target dominant sector seller company exit multiples (x) bid premia

1-day before

deal value

(us$m)revenue ebITdA p/e

26-Aug-11 Brasil Telecom SA Tele Norte Leste participacoes SA (55.10% stake)

Telecommunications 0.9 2.5 8.5 - 12,459

19-jan-11 LAN Airlines SA TAM SA Transportation 1.0 7.0 8.8 39.1% 7,189

01-Aug-11 America Movil SAB de CV

Telefonos de Mexico SA de CV (40.04% stake)

Telecommunications 2.6 6.4 13.2 19.5% 6,507

25-Mar-11 Telefonica Brasil Vivo participacoes SA (33.38% stake)

Telecommunications 1.8 5.7 11.2 -21.9% 6,277

09-Nov-11 Mitsubishi Corporation Anglo American Sur SA (24.50% stake)


Anglo American plc 16.7 - 5,390

25-jan-11 portugal Telecom SgpS SA

Telemar participacoes SA (25.28% stake)

Telecommunications - 4,963

11-Nov-11 China petrochemical Corporation

petrogal Brasil Lda (30.00% stake)


galp Energia SgpS SA - 4,800

25-jul-11 general Atlantic LLC; International Finance Corporation; grupo de Inversiones Suramericana SA; and grupo Financiero Bolivar

AFp Integra SA (80.00% stake); InVita Seguros de Vida SA (33.70% stake); and INg groep NV (Latin American pensions, life insurance and investment management operations)

Financial Services INg groep NV n/a n/a 14.0 - 3,853

19-jan-11 Iberdrola SA Elektro Eletricidade e Servicos SA


AEI 1.5 5.6 8.7 - 2,925

27-Nov-11 Nippon Steel Corporation; Tenaris SA; and Ternium SA

Usinas Siderurgicas de Minas gerais (14.63% stake)


Votorantim Industrial SA; Caixa dos Empregados da Usiminas; and VBC Energia SA

2.7 13.0 20.9 79.9% 2,871

Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being Latin AmericaData correct as of 15-Feb-12

Source: mergermarket

Top DEALS

13

LATIN AM

ERICA

Monthly M&A Insider

LEAgUE TABLES

The financial adviser league tables by value and volume have been run from 01-jan-11 to 31-Dec-11. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Latin American.

VALUEranking q4 2011 q4 2010

q4 2011 q4 2010 company name value (us$m)


value change (%)

1 6 BTg pactual SA 41,029 38 19,748 107.8%

2 1 Credit Suisse 29,696 33 76,272 -61.1%

3 7 Banco Itau BBA SA 28,801 35 13,199 118.2%

4 20 Banco Bradesco BBI S.A. 26,327 21 6,263 320.4%

5 11 goldman Sachs 26,299 22 11,953 120.0%

6 14 UBS Investment Bank 23,942 14 10,768 122.3%

7 9 Rothschild 20,933 13 12,483 67.7%

8 2 Citigroup Inc 18,081 18 53,993 -66.5%

9 8 jpMorgan 16,873 10 12,585 34.1%

10 5 Morgan Stanley 16,602 17 20,613 -19.5%

11 4 Bank of America Merrill Lynch 15,107 9 25,037 -39.7%

12 57 BNp paribas SA 15,019 11 204 7262.3%

13 22 Barclays Capital 14,880 6 4,655 219.7%

14 3 Santander global Banking and Markets 14,170 14 45,681 -69.0%

15 13 Caixa Banco de Investimento SA 10,343 5 11,038 -6.3%

16 24 hSBC 8,999 6 3,482 158.4%

17 33 Lazard 8,491 8 1,588 434.7%

18 19 Deutsche Bank Ag 7,603 7 7,313 4.0%

19 15 Banco Espirito Santo de Investimento 7,292 11 10,264 -29.0%

20 23 Banco Bilbao Vizcaya Argentaria S.A 7,090 6 4,606 53.9%Source: mergermarket

TOp 20 FInAncIAl AdvIsOrs – lATIn AMerIcA

VoLUMEranking q4 2011 q4 2010


deal count deal count deal count change

1 1 BTg pactual 41,029 38 37 1

2 4 Banco Itau BBA 28,801 35 20 15

3 2 Credit Suisse 29,696 33 35 -2

4 7 goldman Sachs 26,299 22 15 7

5 22 Banco Bradesco BBI 26,327 21 5 16

6 8 Citigroup 18,081 18 14 4

7 9 BR partners 971 18 13 5

8 10 Morgan Stanley 16,602 17 12 5

9 19 pwC 1,252 15 7 8

10 14 UBS Investment Bank 23,942 14 8 6

11 3 Santander global Banking and Markets 14,170 14 22 -8

12 11 Rothschild 20,933 13 12 1

13 29 BNp paribas 15,019 11 4 7

14 13 Banco Espirito Santo de Investimento 7,292 11 9 2

15 5 jpMorgan 16,873 10 17 -7

16 31 Vinci partners 801 10 3 7

17 6 Bank of America Merrill Lynch 15,107 9 16 -7

18 12 Lazard 8,491 8 10 -2

19 16 Deutsche Bank 7,603 7 7 0

20 - Araujo Fontes 170 7 - -Source: mergermarket

TOp 20 FInAncIAl AdvIsOrs – lATIn AMerIcA

14

LATIN AM

ERICA

Monthly M&A Insider

The legal adviser league tables by value and volume have been run from 01-jan-11 to 31-Dec-11 and include lapsed and withdrawn deals. The tables cover all sectors and are based on the geography of either the target, bidder or seller being Latin American.

LEAgUE TABLES

VoLUMEranking q4 2011 q4 2010



1 2 pinheiro Neto Advogados 26,241 49 25 24

2 5 Machado Meyer Sendacz e opice 22,250 47 23 24

3 1 Mattos Filho, Veiga Filho, Marrey jr. e Quiroga Advogados 12,368 41 32 9

4 8 Tozzini Freire Teixeira e Silva Advogados 7,406 29 19 10

5 4 Barbosa, Mussnich & Aragao 16,341 28 24 4

6 7 Souza, Cescon, Barrieu & Flesch Advogados 11,337 26 21 5

7 6 Baker & Mckenzie 5,371 20 22 -2

8 61 Lobo & de Rizzo Advogados 1,258 20 3 17

9 27 Clifford Chance 20,573 17 7 10

10 3 Demarest e Almeida 943 16 24 -8

11 10 Estudio Muniz, Ramirez, perez-Taiman & olaya Abogados 770 16 15 1

12 13 prieto & Carrizosa 6,759 15 14 1

13 20 Rodrigo Elias & Medrano 5,395 15 9 6

14 9 Cleary gottlieb Steen & hamilton 11,243 14 15 -1

15 138 Lefosse Advogados 7,456 14 1 13

16 11 Skadden Arps Slate Meagher & Flom 20,275 13 14 -1

17 15 Latham & watkins 6,163 13 11 2

18 26 gomez-pinzon Zuleta 3,201 13 8 5

19 44 Brigard & Urrutia 2,714 13 5 8

20 19 Sullivan & Cromwell 19,983 12 9 3Source: mergermarket

TOp 20 legAl AdvIsOrs – lATIn AMerIcA

VALUEranking q4 2011 q4 2010



value change (%)

1 33 pinheiro Neto Advogados 26,241 49 7,554 247.4%

2 9 Machado Meyer Sendacz e opice 22,250 47 16,244 37.0%

3 44 Clifford Chance 20,573 17 3,836 436.3%

4 5 Skadden Arps Slate Meagher & Flom 20,275 13 22,349 -9.3%

5 30 Sullivan & Cromwell 19,983 12 7,844 154.8%

6 20 Barbosa, Mussnich & Aragao 16,341 28 10,164 60.8%

7 - Bulhoes pedreira, Bulhoes Carvalho, piva, Rosman e Souza Leao Advogados

13,488 2 0 -

8 39 Shearman & Sterling 13,277 8 4,950 168.2%

9 27 Mattos Filho, Veiga Filho, Marrey jr. e Quiroga Advogados 12,368 41 8,928 38.5%

10 7 Souza, Cescon, Barrieu & Flesch Advogados 11,337 26 18,773 -39.6%

11 1 Cleary gottlieb Steen & hamilton 11,243 14 54,156 -79.2%

12 23 garrigues 11,018 6 10,005 10.1%

13 19 Davis polk & wardwell 9,010 9 10,185 -11.5%

14 84 Cariola Diez perez-Cotapos Abogados 7,947 6 1,281 520.4%

15 107 Lefosse Advogados 7,456 14 699 966.7%

16 100 Claro y Cia 7,407 4 753 883.7%

17 11 Tozzini Freire Teixeira e Silva Advogados 7,406 29 13,938 -46.9%

18 - Turci Advogados Associados 7,189 1 - -

19 75 prieto & Carrizosa 6,759 15 1,579 328.1%

20 22 Cravath Swaine & Moore 6,535 2 10,133 -35.5%Source: mergermarket

TOp 20 legAl AdvIsOrs – lATIn AMerIcA

15

LATIN AM

ERICA

Monthly M&A Insider

TREND gRAphS

0

10

20

30

40

50

60

70

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105


Num

ber of dealsValu

e (U

S$bn

)

0

20

40

60

80

100

120

140

160

180


0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Valu

e (U

S$m

)


Num

ber of deals


0

2

4

6

8

10

12

14

16

18

0

20

40

60

80

100

120

140

160

180

2011201020092008200720062005


Num

ber of dealsValu

e (U

S$bn

)

0

100

200

300

400

500

600

700


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2011201020092008200720062005

Valu

e (U

S$m

)


Num

ber of deals


0

5

10

15

20

25

30

35

40

45

50

lATIn AMerIcAn M&A quArTerly Trend

lATIn AMerIcAn M&A AnnuAl Trend lATIn AMerIcAn M&A AnnuAl prIvATe equITy Trend

lATIn AMerIcAn M&A quArTerly prIvATe equITy Trend

16

LATIN AM

ERICA

Monthly M&A Insider

TREND gRAphS

lATIn AMerIcAn M&A geOgrApHIc breAkdOwn y/e 2011

VALUE VoLUME

67.1%

11.0%

5.9%

0.2%0.1%

0.4%11.8%

0.2%1.9%

1.1%

0.2%

Brazil

Chile

Colombia

Dominican Republic

Ecuador

El Salvador

Guatemala

Mexico

Panama

Peru

Uruguay

9.6%

0.9%

8.4%

9.1%

0.5%0.7%

0.5%

1.1% 7.0%0.7%

60.9%

0.2%

0.4%

Brazil

Chile

Colombia

Costa Rica

Dominican Republic

Ecuador

El Salvador

Guatemala

Honduras

Mexico

Panama

Peru

Uruguay

lATIn AMerIcAn M&A secTOr breAkdOwn y/e 2011

VALUE VoLUME

1.7%

13.4%

26.8%

24.7%

0.3%

0.1%

3.2%1.7% 9.8%

0.5%

8.9%

1.0%

1.2%

6.7%

Consumer



Business Services

Financial Services

Agriculture


Transportation

Technology

Construction

Real Estate

Leisure

Media

Telecommunicatons

18.2%

16.5%

5.9%

5.1%

4.8%

3.7%

3.0%

2.1%

2.2%

2.4%

2.1%

0.5%

7.7%

14.7%11.2%

Consumer



Business Services

Financial Services

Agriculture


Transportation

Technology

Construction

Real Estate

Leisure

Media

Telecommunicatons

Defence

17

LATIN AM

ERICA

Monthly M&A Insider

lATIn AMerIcAn M&A deAl sIze breAkdOwn

VALUE VoLUME

0

10

20

30

40

50

60

70

80

90

100

2011201020092008200720062005


US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

17.6%

7.1%

26.8%

20.9%

27.6%

46.9%

8.3%

21.8%

10.3%

12.7%

16.2%

10.8%

31.3%

16.2%

25.5%

30.5%

20.3%

24.5%

10.0%

14.7%

9.2%

29.3%

36.7%

10.1%

14.8%9.4%

6.9%

24.9%

19.2%

39.6%

28.5%

18.2%

28.1%

11.0%

14.2%

Per

cent

age

20

30

40

50

60

70

80

90

100

2011201020092008200720062005

0.3%

4.4%

7.1%

87.8%

1.0%

5.4%

7.4%

85.1%

0.2%

5.3%

6.3%

87.5%

0.6%

4.7%

5.3%

88.2%

0.3%

6.9%

5.4%

85.7% 82.2%

6.3%

8.2%

1.2%0.3% 1.0% 0.7% 1.2% 1.8% 2.0%

6.2%

6.1%

85.8%

0.8%

Per

cent

age

1.1%


US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

TREND gRAphS

lATIn AMerIcAn secTOr AnAlysIssector q4 2011 q4 2010 % change


Energy, Mining & Utilities 35,572 26.8% 92 44,214 27.0% 90 -20% 2%

Industrials & Chemicals 8,834 6.7% 103 14,469 8.8% 62 -39% 66%

Consumer 17,799 13.4% 114 13,503 8.2% 75 32% 52%

Financial Services 12,982 9.8% 48 18,656 11.4% 48 -30% 0%

pharma, Medical & Biotech 1,600 1.2% 32 4,513 2.8% 28 -65% 14%

Technology 1,268 1.0% 23 1,394 0.9% 23 -9% 0%

Business Services 4,278 3.2% 70 4,278 2.6% 57 0% 23%

Media 163 0.1% 13 1,021 0.6% 12 0% 8%

Transportation 11,728 8.9% 30 4,244 2.6% 23 176% 30%

Real Estate 2,302 1.7% 15 2,612 1.6% 10 -12% 50%

Leisure 420 0.3% 14 753 0.5% 19 -44% -26%

Telecommunications 32,691 24.7% 13 47,300 28.9% 8 0% 100%

Defence 37 0.0% 3 60 0.0% 1 100% 0%

Construction 624 0.5% 19 3,895 2.4% 14 100% 36%

Agriculture 2,215 1.7% 37 2,889 1.8% 20 -23% 85%

Total 132,513 626 163,801 490 -19% 28%

SECToR ANALySIS

NORTH

AMERICA

A mergermArket m&A report on

18Monthly M&A Insider

nortH AmerICA

M&A on three yeAr upswIng; prIvAte equIty deAl flow expAnds

AltHougH m&A ACtIvIty took A downturn durIng tHe seCond HAlf of 2011, botH regIonAlly And globAlly, nortH AmerICAn deAls Held steAdy durIng Q4 2011 wItH 937 deAls wortH us$200.7bn. by AggregAte deAl vAlue, m&A deAls deClIned by 25% CompAred to Q4 2010 (1,092 deAls wortH us$267.7bn). despIte tHe slump, 2011 wrApped up wItH 4,049 deAls wortH us$889.8bn CorrespondIng to An 11% InCreAse by deAl vAlue over 2010 (4,083 deAls wortH us$798.9bn).

A closer look at the m&A deal size breakdown reveals an increase in the number of large-cap transactions. In the us$2bn-5bn range, deal count has increased from 45 deals in 2010 to 60 in 2011. the trend is also present in transactions with a deal value greater than us$5bn, with 24 deals in 2010 increasing to 28 in 2011.

Aggregate north American m&A by deal value has seen an uptick in activity for the past three years. similarly, north American buyouts have also seen a three year increase in activity by deal value. 2011 buyouts saw 741 deals worth us$118.5bn; a slight decrease in deal count but an increase by deal value compared to 2010 (756 deals worth us$105.3bn). A consortium of investors including kohlberg kravis roberts, natural gas partners and Crestview partners acquired oklahoma-based samson Investments Company in the largest buyout transaction in Q4 2011 worth us$7.2bn. the transaction, which closed by the end of the year, underscores kohlberg’s strategy to invest in the shale gas sector.

energy, Mining & utilities dominate deal activity in 2011the energy, mining & utilities dominated m&A activity against other sectors, with 407 deals worth us$290.5bn representing 33% of all sectors by value and 10% by deal count. the sector was most active in the top deals table for north America in 2011, with four of the top 10 deals taking place in the energy, mining & utilities sector. In Q4 2011, texas-based el paso Corp. signed a definitive agreement to merge with texas-based kinder morgan, Inc. in the largest energy related transaction of the year worth us$37.4bn. barclays Capital is underwriting the full amount of cash required to finance the transaction, which is expected to close during Q2 2012.

the energy, mining & utilities sector was the dominant sector for the largest demerger transaction announced last year. In January 2011, texas-based marathon oil Corporation agreed to spin off its downstream business marathon petroleum Corporation, in line with the company’s strategy to create two stand alone energy companies. the demerger, which was completed at the beginning of H2 2011, had a transaction value of approximately us$14.7bn.

energy in 2012looking ahead, tumbling natural gas prices in the us could force producers to pull back production and cut capital expenditures. Acquisition interests could fall on oil-weighted companies. Canada-based Connacher oil and gas recently announced a strategic review process. some of the largest buyout firms, including blackstone, Apollo, tpg and goldman sachs have raised funds specifically committed to the energy sector. In connection to kinder morgan’s acquisition of el paso, pe firms riverstone and Apollo are reportedly considering a bid for certain exploration and production assets of el paso for a valuation of up to us$7bn. divestment opportunities for el paso’s exploration and production assets are expected to occur in texas and off-shore, adding to the pipeline of potential energy deals in north America.

19

NORTH

AMERICA

Monthly M&A Insider

deAl of tHe QuArter

deal summary

Announced: 16-oct-11 deal value: us$ 37,439m

plAn of Merger:el paso Corp. (ep), a delaware corporation, has signed a definitive agreement to be acquired by kinder morgan, Inc. (kmI), a delaware corporation. the boards of directors of both companies have approved the merger.

el paso Corp., a u.s based company headquartered in Houston, texas, operates in the natural gas transmission, and exploration and production sectors of the energy industry primarily in the united states. their core businesses include pipelines and exploration and production.

kinder morgan, Inc., a u.s based company headquartered in Houston, texas, operates more than 37,000 miles of pipelines and 180 terminals in north America. the company is comprised of five business segments – natural gas pipelines, products pipelines, Co2, terminals and kinder morgan Canada.

rAtIonAle & synergIes:the transaction is expected to be immediately accretive to dividends per share at kmI, distributions per unit at kmp, dividends per share at kinder morgan management (nyse: kmr) and distributions per unit at epb. part of these benefits will be driven by cost savings, which are expected to be approximately us$350m per year, or about 5 percent of the combined system’s ebItdA. following is a summary of the plans and benefits for each entity

terMs:us$14.65 in cash plus 0.4187 shares of kmI common stock per ep share; each ep shareholder also receives 0.640 kmI warrants (valued at us$0.96 per ep share)

• this represents a value of us$26.87 based on kmI closing share price on 14-oct-11 of us$26.89.

• the offer provides a premium of 37% based on ep closing share price on 14-oct-11 of us$19.59.

• the implied equity value of the transaction is approx. us$20.697bn.

• If a superior offer were to emerge for ep, the company would be required to give kmI at least 5 business days to make adjustments to its current offer before ep’s board of directors could effect a change of recommendation of the deal.

CondItIons:• Hsr (usA)

• ferC (usA)

• ftC (usA)

• kmI egm (majority affirmative vote required to approve)

• ep egm (majority affirmative vote required to approve)

fInAnCIng:kmI has a commitment letter from barclays Capital underwriting the full amount of cash required for the transaction.

post deAl detAIls:following the closing of the transaction, ep will become a subsidiary of kmI. kmI intends to sell the exploration and production assets of ep. ep’s net operating loss carryforwards will offset taxes associated with this sale and the resulting cash raised will substantially reduce the debt borrowed to fund the cash portion of the transaction. kmI also intends to sell all of ep’s natural gas pipeline assets to kmp and epb over the next few years. each of these transactions will be subject to approval by kmp’s or epb’s independent directors, by the end of 2015, kmI expects its assets to consist almost exclusively of its general partner interests in kmp and epb, and the ownership of kmp units, kmr shares and epb units.

expeCted Close:the transaction is expected to close in the second quarter of 2012.

terMInAtIon dAte:the termination date for the transaction is 30-Jun-12, but it can be extended to 31-dec-11 under certain circumstances.

terMInAtIon fee:us$650m, or 3% based on the implied equity value of the deal. the per-share increase required to cover this fee in a superior offer would be us$0.84.

20

NORTH

AMERICA

Monthly M&A Insider

deAl of tHe QuArter

exit multiples – y/e 31-dec-10 premium analysis

Multiples value (us$m) offer price per share (us$) 25.91

revenue 8.1x 4,616 1 day before 32.26%

eBItdA 11.4x 3,283 1 month before 34.39%

eBIt 28.6x 1,310 1 day after 5.97%

earnings 25.2x 758 pre-rumour -

mergermarket/dealreporter Intelligence

19-oct-11 el paso agrees not to solicit competing acquisition proposals, kinder morgan says

19-oct-11 kinder morgan and el paso to face extended regulatory review; ftC reviewing deal - report

18-oct-11 kinder morgan: el paso oil/gas assets could sell to statoil, reliance - report

17-oct-11 el paso/kinder morgan: ftC review key, kmI bares risk, sources say

17-oct-11 el paso sold on direct kinder morgan approach, Ceo says

17-oct-11 kinder morgan open to selling assets to gain regulatory approval for el paso buy

16-oct-11 el paso Corp. selling to kinder morgan for us$38bn

Bidder

Kinder Morgan, Inc.

headquarters: 500 dallas streetsuite 1000Houston, texas 77002usA

sector: energy

description: us-based operator of natural gas pipelines in the us and Canada

target

El Paso Corporation

headquarters: 1001 louisiana streetHouston, texas 77002usA

sector: energy

description: us based gas exploration and production company and a provider of natural gas transmission services

IrrevoCABles:richard kinder and certain other stockholders who hold at least 75% of the voting power of kmI, on a fully converted basis, agreed to vote their shares of kmI stock in favor of the issuance of Class p common stock and warrants in connection with the transactions.

21

NORTH

AMERICA

Monthly M&A Insider

top deAls & expeCted deAls

top 10 north AMerICAn AnnounCed deAls of q4 2011 Announced Bidder company target company target dominant sector seller company exit multiples (x) Bid premia

1-day before

deal value(us$m)revenue eBItdA p/e

20-mar-11 At&t Inc t-mobile usA Inc telecommunications deutsche telekom Ag

1.8 7.1 28.8 - 39,000

16-oct-11 kinder morgan Inc el paso Corporation energy, mining & utilities

8.1 11.4 25.2 32.3% 37,439

21-Jul-11 express scripts Inc medco Health solutions Inc

pharma, medical & biotech

0.5 11.2 22.6 27.9% 33,430

10-Jan-11 duke energy Corporation progress energy Inc energy, mining & utilities

2.5 8.2 15.7 3.9% 25,825

21-sep-11 united technologies Corporation

goodrich Corporation Industrials & Chemicals

2.6 14.0 28.3 14.0% 17,861

14-Jul-11 bHp billiton ltd petrohawk energy Corporation

energy, mining & utilities

9.7 18.9 49.7 61.9% 15,556

31-Jan-11 Amb property Corporation

prologis real estate 16.3 - - -3.4% 14,833

18-Jan-11 Cargill Inc (shareholders) the mosaic Company (40.00% stake)


Cargill Incorporated

5.1 20.2 44.8 - 14,808

13-Jan-11 marathon oil Corporation (shareholders)

marathon petroleum Corporation


marathon oil Corporation

- - - - 14,667

02-may-11 the nasdaq omx group Inc; and Intercontinental exchange Inc

nyse euronext financial services 3.0 12.5 19.3 6.1% 13,182

based on announced deals, including lapsed and withdrawn bids based on dominant geography of target company being north America (us + Canada) data correct as of 14-feb-12

source: mergermarket

22

NORTH

AMERICA

Monthly M&A Insider

situation target company sector potential bidder company

financial advisor to bidder (B); target (t); seller (s)

seller company

Market cap/ est. value (us$m)

Comments

expected deal Jakks pacific Inc Consumer oaktree Capital rothschild (t) 492 on 13-sep-11, Jakks pacific Inc, the listed us based manufacturer of toy products, received a public unsolicited offer from oaktree Capital, the us based private equity firm, to buy the target at us$20 per share. the bidder already owns a 4.99% stake in Jakks. this offer was unanimously rejected by the target's board of directors on 05-oct-11

expected deal AmAg pharmaceuticals Inc

pharma, medical & biotech

msmb Capital mA 286 on 03-Aug-11, AmAg pharmaceuticals, the listed us based biopharmaceutical company, received an unsolicited proposal from msmb Capital management to acquire the company at us$18 per share in cash. AmAg board of directors has unanimously opposed the proposal and urged stockholders to take no action on the offer. one of the reasons why the board of directors might not support the acquisition is that msmb is proposing to remove six of the seven current members of AmAg's board and to replace them with its own nominees.

expected deal Ithaca energy energy undisclosed bidder 755 on 23-Jan-12, Ithaca energy, the listed Canada based oil and gas exploration and development company, announced that it had received a proposal to acquire all the outstanding shares of the company. the company's board of directors has started preliminary discussions regarding the proposal.

expected deal yahoo! Inc Internet undisclosed bidder 19,360 on 06-sep-11, yahoo! Inc., the listed us based digital media company, announced that the company had formed an executive leadership Council in order to review opportunities for growth, innovation, and value to the shareholders. on 05-nov-11, daniel loeb of third point, an investment advisor and the owner of a 5.15% stake in yahoo!, wrote a letter to the company's board of directors requesting the removal of co-founder Jerry yang and the Chairman roy bostock. on 08-feb-11, yahoo announced that several of its board members will not run for re-election. yahoo! is currently looking to sell a minority stake, and several private equity firms have already made their bids.

expected deals based on confirmed announcements by companies involved

pIpelIne of north AMerICAn expeCted deAls

top deAls & expeCted deAls

23

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AMERICA

Monthly M&A Insider

vAlueranking q4 2011 q4 2010

q4 2011 q4 2010 Company name value (us$m)


value change (%)

1 2 goldman sachs 352,838 190 274,728 28.4%

2 3 Jpmorgan 321,167 145 215,366 49.1%

3 1 morgan stanley 267,679 149 293,100 -8.7%

4 6 barclays Capital 254,455 112 192,244 32.4%

5 4 Credit suisse 230,205 111 194,058 18.6%

6 5 bank of America merrill lynch 220,244 147 192,933 14.2%

7 7 Citigroup 187,544 108 167,615 11.9%

8 10 lazard 174,159 90 98,141 77.5%

9 9 ubs Investment bank 129,358 109 116,188 11.3%

10 8 deutsche bank 113,465 84 142,212 -20.2%

11 12 evercore partners 92,873 49 58,499 58.8%

12 14 rbC Capital markets 60,404 104 49,358 22.4%

13 15 Jefferies & Company 53,581 104 38,810 38.1%

14 47 Qatalyst group 40,177 20 6,939 479.0%

15 13 perella weinberg partners 37,672 16 55,460 -32.1%

16 29 moelis & Compan 35,694 42 15,509 130.2%

17 21 bmo Capital markets 35,296 44 25,809 36.8%

18 66 foros 34,828 5 3,332 945.3%

19 20 Centerview partners 34,753 11 25,991 33.7%

20 22 scotia Capital 31,149 20 25,706 21.2%source: mergermarket

the financial adviser league tables by value and volume have been run from 01-Jan-11 to 31-dec-11. the tables cover all sectors and are based on the geography of either the target, bidder or seller being us or Canadian.

top 20 fInAnCIAl AdvIsors – north AMerICA

leAgue tAbles

volumeranking q4 2011 q4 2010



1 1 goldman sachs 352,838 190 200 -10

2 2 morgan stanley 267,679 149 166 -17

3 4 bank of America merrill lynch 220,244 147 135 12

4 5 Jpmorgan 321,167 145 131 14

5 7 barclays Capital 254,455 112 112 0

6 3 Credit suisse 230,205 111 147 -36

7 6 ubs Investment bank 129,358 109 113 -4

8 13 Citigroup 187,544 108 85 23

9 10 rbC Capital markets 60,404 104 96 8

10 12 Jefferies & Company 53,581 104 91 13

11 8 lazard 174,159 90 108 -18

12 9 deutsche bank 113,465 84 96 -12

13 11 Houlihan lokey 20,543 80 92 -12

14 14 rothschild 28,520 64 72 -8

15 22 lincoln International 4,872 58 43 15

16 26 robert w. baird & Co 5,172 57 38 19

17 29 raymond James & Associates 6,545 52 34 18

18 15 kpmg 5,067 51 53 -2

19 35 evercore partners 92,873 49 27 22

20 24 william blair & Company 3,784 47 40 7source: mergermarket

top 20 fInAnCIAl AdvIsors – north AMerICA

24

NORTH

AMERICA

Monthly M&A Insider

volumeranking q4 2011 q4 2010



1 3 kirkland & ellis 82,699 233 208 25

2 1 latham & watkins 219,891 218 229 -11

3 2 Jones day 111,607 209 216 -7

4 4 dlA piper 31,240 174 185 -11

5 5 skadden Arps slate meagher & flom 239,347 154 162 -8

6 6 simpson thacher & bartlett 285,578 129 133 -4

7 8 weil gotshal & manges 145,748 109 120 -11

8 18 dewey & leboeuf 211,805 108 88 20

9 7 sullivan & Cromwell 325,557 100 129 -29

10 13 Hogan lovells 43,356 100 96 4

11 21 wilson sonsini goodrich & rosati 25,021 100 81 19

12 17 shearman & sterling 175,716 96 89 7

13 22 davis polk & wardwell 109,777 94 80 14

14 11 k&l gates 8,143 93 103 -10

15 9 blake, Cassels & graydon 79,998 91 110 -19

16 15 stikeman elliott 46,706 89 92 -3

17 10 baker & mckenzie 44,913 89 103 -14

18 28 goodwin procter 9,684 88 73 15

19 12 gibson dunn & Crutcher 104,405 86 98 -12

20 16 morgan lewis & bockius 49,241 80 92 -12source: mergermarket

the legal adviser league tables by value and volume have been run from 01-Jan-11 to 31-dec-11 and include lapsed and withdrawn deals. the tables cover all sectors and are based on the geography of either the target, bidder or seller being us or Canadian.

top 20 legAl AdvIsors – north AMerICA

leAgue tAbles

vAlueranking q4 2011 q4 2010



value change (%)

1 3 sullivan & Cromwell 325,557 100 221,730 46.8%

2 1 simpson thacher & bartlett 285,578 129 237,564 20.2%

3 9 wachtell, lipton, rosen & katz 278,299 64 124,364 123.8%

4 2 skadden Arps slate meagher & flom 239,347 154 229,408 4.3%

5 4 latham & watkins 219,891 218 199,723 10.1%

6 14 dewey & leboeuf 211,805 108 99,733 112.4%

7 12 Cravath swaine & moore 203,404 54 102,805 97.9%

8 13 shearman & sterling 175,716 96 102,330 71.7%

9 5 Cleary gottlieb steen & Hamilton 157,736 72 170,382 -7.4%

10 8 weil gotshal & manges 145,748 109 128,239 13.7%

11 16 Jones day 111,607 209 96,974 15.1%

12 6 davis polk & wardwell 109,777 94 162,961 -32.6%

13 17 fried frank Harris shriver & Jacobson 108,804 54 87,305 24.6%

14 21 gibson dunn & Crutcher 104,405 86 75,828 37.7%

15 20 linklaters 102,179 55 77,981 31.0%

16 11 freshfields bruckhaus deringer 85,640 74 103,790 -17.5%

17 19 vinson & elkins 84,159 69 80,472 4.6%

18 28 kirkland & ellis 82,699 233 52,378 57.9%

19 7 blake, Cassels & graydon 79,998 91 131,619 -39.2%

20 35 greenberg traurig 78,027 66 35,262 121.3%source: mergermarket

top 20 legAl AdvIsors – north AMerICA

25

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AMERICA

Monthly M&A Insider

leAgue tAbles

vAlue

vAlue

rank

q4 2011 Company name value (us$m)

deal count

1 blackstone group 16,410 7

2 kohlberg kravis roberts & Co 13,616 8

3 Apax partners 8,518 5

4 Crestview partners 7,200 1

5 natural gas partners 7,200 1

6 Hellman & friedman 5,191 3

7 rrJ Capital 5,000 1

8 temasek Holding 5,000 1

9 the Carlyle group 4,752 11

10 silver lake partners 4,712 4

11 providence equity partners 3,577 3

12 technology Crossover ventures 3,461 4

13 Clayton, dubilier & rice 3,284 2

14 tpg Capital 3,099 4

15 permira 2,889 3source: mergermarket

rank

q4 2011 Company name value (us$m)

deal count



3 Crestview partners 4,687 1

4 midocean partners 4,687 1

5 Clayton, dubilier & rice 4,262 1


7 general Atlantic 3,565 2

8 meritech Capital partners 2,800 4

9 norwest equity partners 2,498 6

10 bain Capital 2,455 5

11 gs Capital partners 2,237 7

12 beringea 2,125 2

13 onex partners 2,100 1

14 JmI equity 2,045 5

15 krg Capital partners 2,045 3source: mergermarket

volume

volume

rank

q4 2011 Company name deal count

value (us$m)


2 the riverside Company 0 10

3 H.I.g. Capital 302 9


5 sun Capital partners 224 8


7 warburg pincu 2,089 7

8 platinum equity 325 7

9 Audax private equity group 0 7

10 golden gate Capital 2,582 6

11 Abry partners 1,000 6

12 tA Associates 100 6

13 the gores group 33 6


15 Ares management 1,967 5source: mergermarket

rank

q4 2011 Company name deal count

value (us$m)


2 new enterprise Associates 120 10

3 redpoint ventures 1,848 9

4 Intel Capital 282 9

5 gs Capital partners 2,237 7

6 sequoia Capital 725 7

7 u.s. venture partners 617 7

8 menlo ventures 564 7


10 norwest equity partners 2,498 6

11 American Capital 563 6

12 venrock 339 6

13 lightspeed venture partners 185 6

14 bain Capital 2,455 5

15 JmI equity 2,045 5source: mergermarket

ACtIvIty tABle of prIvAte equIty fIrMs on north AMerICAn Buyouts

ACtIvIty tABle of prIvAte equIty fIrMs on north AMerICAn exIts

the private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is us or Canadian. the tables by value and volume have been run from 01-Jan-11 to 31-dec-11 and exclude lapsed and withdrawn deals.

the private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is us or Canadian. the tables by value and volume have been run from 01-Jan-11 to 31-dec-11 and exclude lapsed and withdrawn deals.

26

NORTH

AMERICA

Monthly M&A Insider

trend grApHs

0

100

200

300

400

500

600

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Valu

e (U

S$bn

)


Num

ber of deals

0

200

400

600

800

1,000

1,200

1,400

1,600


0

50

100

150

200

250

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Valu

e (U

S$bn

)


Num

ber of deals


0

50

100

150

200

250

300

350

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2011201020092008200720062005


Num

ber of dealsValu

e (U

S$bn

)

0

1,000

2,000

3,000

4,000

5,000

6,000


0

50

100

150

200

250

300

350

400

450

500

2011201020092008200720062005

Valu

e (U

S$bn

)


Num

ber of deals


0

200

400

600

800

1,000

1,200

north AMerICAn M&A quArterly trend

north AMerICAn M&A AnnuAl trend north AMerICAn M&A AnnuAl prIvAte equIty trend

north AMerICAn M&A quArterly prIvAte equIty trend

27

NORTH

AMERICA

Monthly M&A Insider

trend grApHs

north AMerICAn M&A seCtor BreAkdown y/e 2011

vAlue volume

15.6%0.3%1.9%

9.1%

3.4%

7.1%

5.3%

13.8%

32.8%

4.3%0.2%

1.3%

2.0%0.3%

0.7%


Technology

Business Services



Financial Services

Consumer

Media

Leisure

Construction

Transportation

Real Estate

Telecommunications

Agriculture

Defense

17.5%

14.6%

13.1%

0.9%

2.6%1.8%

11.5%

10.1%

3.1%

3.2%

9.5%

10.0%

0.5%

0.1%

0.4%


Technology

Business Services



Financial Services

Consumer

Media

Leisure

Construction

Transportation

Real Estate

Telecommunications

Agriculture

Defence

north AMerICAn M&A deAl sIze BreAkdown

vAlue volume

0

10

20

30

40

50

60

70

80

90

100

2011201020092008200720062005


US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

46.5%

15.8%

18.2%

7.0%

12.6%

52.8%

14.7%

16.8%

6.2%

9.5%

42.9%

19.0%

21.8%

6.6%

9.7%

49.3%

13.8%

17.5%

7.3%

12.2%

58.8%

13.3%

13.2%

5.4%

9.2% 12.5%

9.6%

27.8%

18.0%

32.1%37.6%

21.3%

20.5%

8.9%

11.6%

Per

cent

age

75

80

85

90

95

100

2011201020092008200720062005

0.9%1.3%

4.5%

4.8%

88.5%

1.1%

1.5%

5.3%

5.3%

86.8%

1.1%

1.8%

6.2%

5.3%

85.6%

0.8%

3.7%

4.2%

90.6%

1.0%

3.5%

3.8%

91.0%

87.5%

5.2%

5.6%

1.1% 1.5%

5.0%

5.5%

87.4%

0.7% 0.7% 0.7%0.6%


US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

Per

cent

age

28

NORTH

AMERICA

Monthly M&A Insider

north AMerICAn seCtor AnAlysIssector q4 2011 q4 2010 % change


energy, mining & utilities 291,399 32.8% 408 230,132 28.8% 521 27% -22%

Industrials & Chemicals 138,208 15.6% 709 74,074 9.3% 613 87% 16%

Consumer 30,198 3.4% 385 63,967 8.0% 336 -53% 15%

financial services 62,992 7.1% 406 115,940 14.5% 441 -46% -8%

pharma, medical & biotech 122,677 13.8% 467 92,362 11.6% 415 33% 13%

technology 81,124 9.1% 592 62,089 7.8% 615 31% -4%

business services 47,508 5.3% 532 62,329 7.8% 582 -24% -9%

media 17,067 1.9% 128 12,167 1.5% 125 40% 2%

transportation 4,893 0.6% 71 10,964 1.4% 53 -55% 34%

real estate 38,262 4.3% 38 12,354 1.5% 42 210% -10%

leisure 17,034 1.9% 127 16,152 2.0% 123 5% 3%

telecommunications 17,792 2.0% 33 33,968 4.3% 44 -48% -25%

defence 6,135 0.7% 24 5,272 0.7% 30 16% -20%

Construction 11,446 1.3% 107 6,407 0.8% 121 79% -12%

Agriculture 1,430 0.2% 24 710 0.1% 22 101% 9%

total 888,165 4,051 798,887 4,083 11% -1%

seCtor AnAlysIs

ASIA-PAcIfIc



ASIA-pAcIfIc

Sumitomo metal’s US$22.47bn proposed buy of nippon Steel was the year’s biggest deal by nearly US$10bn, with the second-largest transaction being SABmiller’s US$12.92bn acquisition of Australia’s foster’s group. Indicative of this increasing Japanese heft was the fact that three of the top six deals to come out of the region in 2011 were Japanese. Another headline-grabbing Japanese deal was in the real estate sector as nomura purchased a 39% stake in nomura Land and Building for US$9.97bn. Industrials & chemicals continued to hold the top spot in terms of both deal volume and value, with 540 deals valued at a total of US$81.08bn. At the same time it also gained market share, making up 19% of Asia-pac m&A in 2011, an increase from 13.2% in 2010.

private equity buyout and exit activity roared ahead in 2011. Buyouts totalled US$47.2bn in value, a massive 62% increase on US$29.5bn for 2010 and the largest since buyouts peaked at US$60bn in the halcyon days of 2007. this surge was matched by exits, which came in at US$40bn for 2011, a 74.6% increase on 2010. Blackstone’s US$9.4bn acquisition of centro properties’ US operations came in as the top pe deal for the year.

Looking ahead to 2012, Japanese heavyweights will be looking to europe for assets on the cheap, with Sumitomo mitsui already agreeing in January a US$7.3bn deal with rBS Aviation. And don’t expect chinese companies to stay on the sidelines; cIc, the chinese sovereign wealth fund, has this year already bought an 8.68% stake in the Uk’s thames Water. currencies will continue to weigh in as a mitigating factor for companies. In India’s case this will most likely hinder any thoughts of an overseas spending spree. the rupee’s rapid depreciation in the last quarter (when it fell an eye-watering 16.7% against the dollar) points to wider-ranging issues in the economies of one of the most acclaimed BrIcs.

StrAtegIc AcqUISItIonS And dIveStmentS proved to Be the mAIn theme In 2011 AS eUrozone voLAtILIty In the Second hALf of the yeAr hIt confIdence. hoWever, the yeAr StILL SAW 2,467 deALS vALUed At US$434.3Bn, A 1.66% decreASe In deAL coUnt BUt A 3% IncreASe In deAL vALUe on 2010. JApAn cAme to the fore In 2011 WIth SeverAL megA-deALS AS compAnIeS fLUSh WIth cASh Looked to Spend. the fInAL qUArter provIded drAmA, And tALk of the drAchmA, AS greece’S eUro deBt WoeS took A tUrn for the WorSe. feArS of A defAULt Were reIgnIted. hoWever, ASIAn compAnIeS proved reSILIent In theIr deALmAkIng ABILIty AS confIdence remAIned SUrprISIngLy roBUSt throUghoUt the yeAr. expect thIS to contInUe Into 2012 AS ASIA remAInS A BAStIon of reLAtIve cALm In An IncreASIngLy voLAtILe fInAncIAL cLImAte.

30

ASIA-PAcIfIc

Monthly M&A Insider

Shoei co Ltd, a Japan-listed real estate investment group, signed a merger agreement to acquire hulic co Ltd, its domestic counterpart, via a reverse takeover.

STRUCTURE• the transaction is conducted via a share swap merger to

acquire the remaining 95.93% of hulic.

TERMS• 3 Shoei shares per hulic share

• It values the entire share capital of hulic at Jpy 278.8bn (US$ 3.6bn)

• the exchange ratio values each share at Jpy 1,632 based on the closing price of Shoei at Jpy 544 on dec 19 2011

• It represents a premium of 97.1% over the closing price of Jpy 828 on december 19 2011

FINANCING• Shoei will issue a total of 493,937,154 shares to hulic

shareholders, representing about 92.5% dilution to the share capital of Shoei

SUBSTANTIAL SHAREHOLDERS• tokyo tatemono co Ltd owns 9.25% of hulic

• meiji yasuda Life Insurance company owns 8.93% of hulic

• State Street corp owns 15.44% of Shoei

BACKGROUND & RATIONALEon dec 20, hulic and Shoei signed a merger agreement to combine the two companies and create a strong leasing property portfolio under more efficient management, strengthen operations and improved competitiveness.

the merger is structured such that Shoei will become the surviving company and hulic will be absorbed by Shoei in a reverse takeover. following the merger, the surviving company will adopt the trade name of hulic co Ltd.

POST DEAL OWNERSHIP • following completion, hulic shareholders will own 92.5%

in the merged company

CONDITIONS• Approval from hulic shareholders (minimum 2/3 required)

• Approval from Shoei shareholders (minimum 2/3 required)

• Approval from Japan fair trade commission

deAL of the qUArter

Deal summary

Announced: 20-dec-11 Deal value: US$ 7,722m

Exit multiples – Y/E 31-Dec-11 Premium analysis

Multiples Value (US$m) Offer price per share (US$) 20.89

Revenue 17.9x 413.5 1 day before 97.1%

EBITDA 29.8x 249.1 1 month before 102.48%

EBIT 39.5x 188.1 1 day after 83.4%

Earnings 22.3x 142.2 Pre-rumour -

Advisors

Target/Seller Bidder

Financial mizuho financial group; nomura holdings Financial Bank of America merrill Lynch

Legal nishimura & Asahi Legal mori hamada & matsumoto; Shearman & Sterling

31

ASIA-PAcIfIc

Monthly M&A Insider

deAL of the qUArter

Bidder

Shoei Co Ltd

Headquarters: 2-1 kanda-nishikicho 1-chomechiyoda-kuJapan103-0027

Sector: construction

Description: Japan based company engaged in real estate, marketable securities investment, electronic devices and components and concrete products business

Target

Hulic Co Ltd

Headquarters: nihonbashi fuji Building 2-5-13 nihonbashichuo-kutokyo Japan103-0027

Sector: real estate

Description: Japan based real estate company

mergermarket/dealReporter Intelligence

20-Dec-11 hulic and Shoei reach agreement to merge - report

20-Dec-11 hulic and Shoei announce they have entered into basic agreement to merge on 1 July 2012

21-Dec-11 hulic to pay final and interim div; merger needs Jftc approval

02-Feb-12 hulic and Shoei complete merger contract


ASIA-PAcIfIc

TOP 10 ASIA-PACIFIC ANNOUNCED DEALS FOR 2011Announced Status Bidder company Target company Target dominant sector Seller company Exit multiples (x) Bid premia

1-day beforeDeal value

(US$m)Revenue EBITDA P/E

22-Sep-11 p Sumitomo metal Industries Ltd (90.6% Stake)

Industrials & chemicals

nippon Steel corporation

1.3 9.8 (loss) 1.8% 22,474

17-Aug-11 c foster's group Limited consumer SABmiller plc 5.1 15.1 10.2 12.2% 12,925

22-Sep-11 c Swire properties Ltd real estate Swire pacific Ltd (shareholders)

Swire pacific Ltd n/a n/a 3.7 - 12,599

13-may-11 c nomura Land and Building co Ltd (39% Stake)

real estate nomura holdings Inc JAfco co Ltd; obayashi corporation; and Asahi fire & marine Insurance co Ltd

n/a n/a 32.8 - 9,973

29-Aug-11 c china construction Bank corporation (5.44% Stake)

financial Services

temasek holdings pte Ltd; cItIc Securities co Ltd.; national council for Social Security fund; and State Administration of foreign exchange

Bank of America corporation

n/a n/a 7.2 -12.6% 8,288

20-dec-11 p hulic co Ltd (95.93% Stake)

real estate Shoei co Ltd 17.9 24.4 22.3 97.1% 7,722

21-feb-11 c reliance Industries Limited (23 oil and gas production sharing contracts) (30% Stake)

energy, mining & Utilities

Bp plc reliance Industries Limited

- 7,200

14-nov-11 c china construction Bank corporation (4.14% Stake)

financial Services

temasek holdings pte Ltd; and china Investment corporation

Bank of America corporation

n/a n/a 7.2 -0.1 6,600

15-feb-11 c e-mart consumer Shinsegae co Ltd (Shareholders)

Shinsegae co Ltd 0.6 - 6,222

25-feb-11 c ptt Aromatics and refining public company Ltd

Industrials & chemicals

ptt chemical public company Limited

0.6 12.7 16.9 -1.1% 5,704

c = completed; p = pending; L = Lapsed Source: mergermarket

top deALS & expected deALS


ASIA-PAcIfIc

Situation Target company Sector Potential bidder company

Financial advisor to bidder (B); target (T); seller (S)

Seller company Market cap/ est. value (US$m)

Comments

expected deal cockatoo coal Limited


Sk networks company Ltd

macquarie group (B)

400 cockatoo has repeatedly been to be in negotiation with Sk networks and confirmed in december 2011 that it has discussed options with a number of industry participans including Sk networks.

expected deal new hope corporation Limited


yancoal Australia pty Limited; Aditya Birla minerals

4,600 new hope asked for potential bidders to submit final bids in late february

expected deal pacific Brands Limited

consumer kohlberg kravis roberts & co.

macquarie group (B), flagstaff partners (t)

600 pacific Brands has received an unsolicited approach from kkr regarding a possible full acquisition in January 2012. An update is expected when pacific Brands reports its annual results in late february.

expected deal qSr Brands Bhd Leisure Johor corporation; cvc capital partners; malay chamber of commerce malaysia;

kulim (malaysia) Berhad

650 qSr Brands received offer from Johor corp and cvc capital partners in december at myr 6.80 per share, and from malay chamber of commerce malaysia in January at myr 6.90. the vendor has recected the latter.

Significant m&A

Samsung electronics (Lcd business)

technology Ipo Samsung electronics co Ltd

- Samsung electronics announced that it decided to spin off its Lcd business unit by April 1st 2012. the new division will have an initial capital of krW750 bn

expected deals based on confirmed announcements by companies involved

PIPELINE OF ASIA PACIFIC ExPECTED DEALS

top deALS & expected deALS

34

ASIA-PAcIfIc

Monthly M&A Insider

vALUeRanking 2011 2010

Q4 2011 Q4 2010 Company name Value (US$m)

Deal count Value (US$m)

Value change (%)

1 3 goldman Sachs 108,794 69 62,920 72.9%

2 2 morgan Stanley 71,993 47 63,532 13.3%

3 1 UBS Investment Bank 61,783 67 65,673 -5.9%

4 8 Jpmorgan 60,506 39 41,793 44.8%

5 7 Bank of America merrill Lynch 52,565 37 42,662 23.2%

6 16 citigroup 48,724 43 25,979 87.6%

7 9 Barclays capital 45,093 20 39,330 14.7%

8 13 hSBc 37,980 32 28,121 35.1%

9 128 moelis & company 37,886 9 511 7314.1%

10 4 credit Suisse 37,028 45 61,731 -40.0%

11 5 deutsche Bank 33,662 37 51,984 -35.2%

12 17 royal Bank of Scotland group 26,401 19 24,057 9.7%

13 6 macquarie group 24,180 46 46,784 -48.3%

14 22 Scotia capital 23,874 6 12,573 89.9%

15 12 grant Samuel 21,500 10 28,184 -23.7%

16 20 Lazard 20,890 17 21,903 -4.6%

17 49 gresham Advisory partners 18,008 14 3,542 408.4%

18 21 nomura holdings 15,026 28 15,891 -5.4%

19 66 Bank of china International holdings 14,733 5 2,063 614.2%

20 10 china International capital corporation 14,387 14 37,595 -61.7%Source: mergermarket

TOP 20 FINANCIAL ADVISERS – ASIA-PACIFIC

the financial adviser league tables by value and volume have been run from 01-Jan-11 to 31-dec-11 and exclude lapsed and withdrawn deals. the tables cover all sectors and are based on the geography of either the target, bidder or seller being Asia-pacifc excluding Japan.

LeAgUe tABLeS

voLUmeRanking 2011 2010


Deal count Deal count Deal count change

1 2 goldman Sachs 108,794.0 69 65 4

2 6 UBS Investment Bank 61,783.0 67 55 12

3 3 kpmg 5,782.0 61 61 0

4 1 ernst & young 10,231.0 55 69 -14

5 5 pwc 4,023.0 53 57 -4

6 10 deloitte 8,545.0 52 46 6

7 4 morgan Stanley 71,993.0 47 57 -10

8 8 macquarie group 24,180.0 46 52 -6

9 7 credit Suisse 37,028.0 45 52 -7

10 15 citigroup 48,724.0 43 27 16

11 11 cImB group 12,063.0 42 40 2

12 12 Jpmorgan 60,506.0 39 39 0

13 14 Bank of America merrill Lynch 52,565.0 37 28 9

14 9 deutsche Bank 33,662.0 37 49 -12

15 18 hSBc 37,980.0 32 23 9

16 20 nomura holdings 15,026.0 28 20 8

17 13 rothschild 12,350.0 28 38 -10

18 32 oSk Investment Bank 4,735.0 24 12 12

19 25 Barclays capital 45,093.0 20 17 3

20 23 royal Bank of Scotland group 26,401.0 19 18 1Source: mergermarket

TOP 20 FINANCIAL ADVISERS – ASIA-PACIFIC

35

ASIA-PAcIfIc

Monthly M&A Insider

LeAgUe tABLeS

the legal adviser league tables by value and volume have been run from 01-Jan-11 to 31-dec-11 and include lapsed and withdrawn deals. the tables cover all sectors and are based on the geography of either the target, bidder or seller being Asia-pacifc excluding Japan.

voLUmeRanking 2011 2010



1 3 minter ellison 14,385.0 77 71 6

2 2 freehills 43,347.0 73 73 0

3 1 Baker & mckenzie 27,605.0 72 99 -27

4 6 mallesons Stephen Jaques 18,785.0 59 58 1

5 8 kim & chang 14,858.0 59 54 5

6 14 clayton Utz 25,484.0 54 44 10

7 18 Allen & overy 50,743.0 53 40 13

8 9 Lee & ko 19,361.0 53 53 0

9 13 Allens Arthur robinson 43,349.0 49 44 5

10 22 clifford chance 17,100.0 48 34 14

11 11 desai & diwanji 3,443.0 48 48 0

12 16 Blake dawson 25,691.0 44 41 3

13 4 dLA piper 9,233.0 44 71 -27

14 12 Linklaters 32,488.0 43 46 -3

15 21 Shin & kim 10,090.0 43 34 9

16 10 freshfields Bruckhaus deringer 33,495.0 41 50 -9

17 23 Bae kim & Lee 11,214.0 36 30 6

18 19 Allen & gledhill 10,531.0 35 35 0

19 7 norton rose 7,917.0 35 54 -19

20 15 Jones day 8,415.0 34 43 -9


TOP 20 LEGAL ADVISERS – ASIA-PACIFIC

vALUeRanking 2011 2010


Deal count Value (US$m)

Value change (%)

1 13 Allen & overy 50,743 53 40,646 24.8%

2 14 Allens Arthur robinson 43,349 49 39,650 9.3%

3 5 freehills 43,347 73 63,134 -31.3%

4 12 Simpson thacher & Bartlett 40,938 21 41,832 -2.1%

5 1 freshfields Bruckhaus deringer 33,495 41 77,232 -56.6%

6 10 Linklaters 32,488 43 43,511 -25.3%

7 8 Baker & mckenzie 27,605 72 45,282 -39.0%

8 62 corrs chambers Westgarth 27,457 33 5,377 410.6%

9 23 Blake dawson 25,691 44 20,912 22.9%

10 15 clayton Utz 25,484 54 38,985 -34.6%

11 3 Sullivan & cromwell 25,439 12 68,414 -62.8%

12 76 hogan Lovells 24,363 12 3,823 537.3%

13 19 Skadden Arps Slate meagher & flom 23,173 29 31,419 -26.2%

14 21 Latham & Watkins 22,725 24 24,582 -7.6%

15 29 vinson & elkins 22,663 8 15,149 49.6%

16 99 morgan Lewis & Bockius 20,835 5 2,652 685.6%

17 7 debevoise & plimpton 19,975 8 55,545 -64.0%

18 49 Johnson Winter & Slattery 19,530 13 8,437 131.5%

19 31 Lee & ko 19,361 53 14,608 32.5%

20 6 mallesons Stephen Jaques 18,785 59 59,008 -68.2%Source: mergermarket

TOP 20 LEGAL ADVISERS – ASIA-PACIFIC

36

ASIA-PAcIfIc

Monthly M&A Insider

vALUe

vALUe

Rank

Q4 2011 Company name Value (US$m)

Deal count

1 temasek holdings 13,518 4

2 kohlberg kravis roberts & co 7,359 2

3= crestview partners 7,200 1

3= natural gas partners 7,200 1

5 Bain capital 5,411 6

6 rrJ capital 5,000 1

7 Blackstone group 2,963 8

8 cp2 2,658 1

9 national pension Service of korea 1,950 1

10 mirae Asset financial group 1,747 4Source: mergermarket

Rank

Q4 2011 Company name Value (US$m)

Deal count

1= coller capital 27,479 1

1= nordic capital 27,479 1

3 Avista capital partners 13,740 1

4 JAfco 10,069 3

5 kohlberg kravis roberts & co 8,246 1


7= Allianz capital partners 2,300 1

7= cSfB private equity 2,300 1

7= dubai International capital 2,300 1

7= propel Investments 2,300 1

7= Sofina 2,300 1Source: mergermarket

voLUme

voLUme

Rank

Q4 2011 Company name Deal count

Value (US$m)


2 Bain capital 5,411 6

3 macquarie group 1,299 6

4 Standard chartered private equity 452 6

5 Sequoia capital 136 6

6 the carlyle group 1,149 5

7 Unison capital 571 5

8 temasek holdings 13,518 4

9 mirae Asset financial group 1,747 4

10 Woori private equity fund 1,698 3Source: mergermarket

Rank


Value (US$m)


2 JAfco 10,069 3

3 the carlyle group 1,455 3

4 mizuho capital partners 207 3

5 phoenix capital 104 3

6 pamplona capital management 1,203 2

7 Archer capital 966 2

8= gimv 805 2

8= Walden International Investment group 805 2

10 temasek holdings 715 2Source: mergermarket

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON ASIA-PACIFIC BUYOUTS

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON ASIA-PACIFIC ExITS

LeAgUe tABLeS

the private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is Asia-pacific. the tables by value and volume have been run from 01-Jan-11 to 31-dec-11 and exclude lapsed and withdrawn deals

the private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is Asia-pacific. the tables by value and volume have been run from 01-Jan-11 to 31-dec-11 and exclude lapsed and withdrawn deals

37

ASIA-PAcIfIc

Monthly M&A Insider

trend grAphS

ASIA-PACIFIC M&A QUARTERLY TREND

0

20

40

60

80

100

120

140

160

180

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Valu

e (U

S$bn

)


Num

ber of deals

0

100

200

300

400

500

600

700

800

900


0

5

10

15

20

25

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Valu

e (U

S$bn

)


Num

ber of deals


0

10

20

30

40

50

60

70

80

90

100

ASIA-PACIFIC M&A ANNUAL TREND ASIA PACIFIC M&A ANNUAL PRIVATE EQUITY TREND

0

50

100

150

200

250

300

350

400

450

500

2011201020092008200720062005


Num

ber of dealsValu

e (U

S$bn

)

0

500

1,000

1,500

2,000

2,500

3,000


0

10

20

30

40

50

60

70

2011201020092008200720062005

Valu

e (U

S$bn

)


Num

ber of deals


0

50

100

150

200

250

300

350

ASIA-PACIFIC M&A QUARTERLY PRIVATE EQUITY TREND

38

ASIA-PAcIfIc

Monthly M&A Insider

trend grAphS

ASIA-PACIFIC M&A GEOGRAPHIC BREAKDOWN Y/E 2011

vALUe voLUme

Australia

China

Hong Kong

India

Indonesia

Japan

Kazakhstan

Other

18.0%

8.0%

2.0%7.0%

21.0%

18.0%

1.0%

25.0%

Australia

China

Hong Kong

India

Indonesia

Japan

Kazakhstan

Other

17.0%

5.0%2.0%10.0%

14.0%

1.0%

27.0%

24.0%

ASIA-PACIFIC M&A SECTOR BREAKDOWN Y/E 2011

vALUe voLUme

13.0%

9.0%

2.9%

4.0%

19.0%16.0%

3.0%

15.0%

3.0%

3.0%

3.1%

1.1%

5.0%

3.0%


Financial Services

Consumer

Real Estate

Technology

Leisure

Business Services

Media

Construction


Transportation

Telecommunications

Agriculture


9.0%

13.0%

3.0%

10.0%

4.0%

4.0%

3.0%

10.0%

10.0%

6.1%

3.7%

22.0%

1.5%

<0.1%

1.1%


Financial Services

Consumer

Real Estate

Technology

Leisure

Business Services

Media

Construction


Transportation

Telecommunications

Agriculture

Defence


39

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Monthly M&A Insider

ASIA-PACIFIC M&A DEAL SIzE BREAKDOWN

vALUe voLUme

0

10

20

30

40

50

60

70

80

90

100

2011201020092008200720062005


US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

23.0%

18.7%

28.6%

9.3%

20.4%

19.3%

22.6%

26.8%

10.8%

20.5%

15.6%

17.0%

30.5%

12.5%

24.4%

29.6%

15.8%

22.1%

12.0%

20.5%

19.8%

16.9%

30.7%

11.2%

21.4% 21.5%

10.7%

26.5%

27.8%

13.5%

24.2%

13.8%

30.4%

12.1%

19.5%

Per

cent

age

75

80

85

90

95

100

2011201020092008200720062005

1.0%

5.1%

4.5%

89.1%

1.2%

4.8%

4.8%

88.9%

0.9%

5.1%

5.4%

88.3%

0.9%

4.5%

5.8%

88.4%

1.0%

5.5%

5.3%

87.8% 88.7%

5.0%

4.5%

1.6% 0.9%

5.4%

6.0%

87.2%

0.3% 0.3% 0.3%0.4% 0.4%0.4% 0.4%


US$251m-US$500m

US$501m-US$2,000m

US$2,001m-US$5,000m

>US$5,001m

Per

cent

age

trend grAphS

ASIA-PACIFIC SECTOR ANALYSISSector Q4 2011 Q4 2010 % change

Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count Value Volume

energy, mining & Utilities 19,619 21.9% 58 30,835 22.2% 86 -36.4% -28

financial Services 12,183 13.6% 51 26,964 19.4% 51 -54.8% 0

Industrials & chemicals 10,533 11.7% 132 18,376 13.2% 160 -42.7% -28

consumer 9,722 10.8% 71 16,229 11.7% 80 -40.1% -9

technology 9,188 10.2% 53 1,999 1.4% 54 359.6% -1

real estate 8,246 9.2% 10 3,444 2.5% 28 139.4% -18

Leisure 7,501 8.4% 28 971 0.7% 25 672.5% 3

Agriculture 2,694 3.0% 8 822 0.6% 12 227.7% -4

Business Services 2,679 3.0% 52 4,994 3.6% 75 -46.4% -23

pharma, medical & Biotech 2,381 2.7% 38 4,459 3.2% 53 -46.6% -15

telecom 1,701 1.9% 8 3,106 2.2% 12 -45.2% -4

media 1,143 1.3% 20 2,776 2.0% 21 -58.8% -1

transport 1,124 1.3% 16 11,834 8.5% 37 -90.5% -21

construction 999 1.1% 19 12,016 8.7% 34 -91.7% -15

defence - - - 23 - 1 - -

Total 89,713 100.0% 564 138,848 100.0% 729 -35.4% -165

Sector AnALySIS


europe


eUrope

the Arab Spring, the euro crisis, the struggle to prevent a further recession and consumer fears of energy prices, amounted to a decrease in overall m&A activity in the second half of 2011. the energy, mining and Utilities sector was affected by instability and a 25% decrease in deals between the end of quarter two and the end of quarter four is evident.

Bidders and debt providers are wary of what m&A activities they want to be involved in. Instead, we can see companies divesting and learning from previous rushed mistakes. matthew Lanyon, global Head of Corporate at Clifford Chance says, “debt is available for the right acquisitions... for purchasers and targets that are strong cash generators with good balance sheets.”

Strategic alliancesAccording to a report by mergermarket and rödl & partner, 54% of m&A deals involving the renewable sector will include a traditional energy company as the bidder. tactical energy companies have already begun to invest in renewable energy companies and we can expect more of this in 2012. geographically, out of the expected 72% increase in m&A renewable energy deals, 45% are predicted to have the most activity in europe – the nordics (e.g. wind energy) and Spain (e.g. solar) are known for their consistently active renewable energy sector, therefore they are two geographies that can settle lenders and encourage bidders in future deals. the investment in renewable energies may have slowed down in recent years but they remain consistent. the competition for sustainable energy is high and bidders new to this market are competing with existing renewable energy companies that want to boost their portfolio, for example LDk Solar Co Ltd purchasing german solar manufacturer Sunways Ag in January 2012.

Glencore and XstrataIn the data compiled for this month’s m&A insider, the largest ever mining deal between glencore and Xstrata worth US$90bn, is not included due to the completion date being in February. nonetheless, the deal is so well known by now that it is most appropriate to discuss it in this issue.

this deal is a prime example of strategies being taken by companies to ensure profits. their positions in the African copper-belt, kazakhstan and South America will now be extended, according to mergermarket intelligence. the inherited business model is “fully integrated along the commodities value chain, from mining and processing, storage, freight and logistics, to marketing and shares.” the weight of two leading Ceos and years of business experience is expected to drive further m&A deals by glencore-Xstrata.

EnErGy, MInInG And utIlItIES AnAlySIS

For tHe SeConD yeAr In A row, tHe ComBIneD groUp oF energy, mInIng AnD UtILItIeS wAS tHe moSt ACtIve SeCtor In termS oF DeAL vALUe In 2011 CompAreD to ALL otHer SeCtorS. At €102.1Bn, It SeCUreD An overALL mArket SHAre oF 22.7%. ConSeqUentLy, energy, mInIng AnD UtILItIeS IS on tArget to mAke 2012 AnotHer SUCCeSSFUL yeAr. However, AFter A SHArp InCreASe oF 92 DeALS In q1 to 131 DeALS In q2, 2011 LookeD AS tHoUgH It woULD Be tHrIvIng For m&A IntereSt wItHIn tHeSe SeCtorS. poLItICAL AnD SoCIAL voLAtILIty In tHe SeConD HALF oF tHe yeAr HAS Been A CAUSe For ConCern In tHe mArket AnD tHIS wILL ContInUe In 2012.

41

europe

Monthly M&A Insider

DeAL oF tHe qUArter

deal summmary:

Announced: 22-Dec-11 deal Value: €2,690m

transaction details: • China three gorges Corporation has won the bid to

acquire 21.35% stake in energias de portugal, S.A. from the government of portugal, in an auction with a total consideration of €2,690m.

terms:• offer per share of €3.45 for approximately

780m shares.

• total consideration of €2,690m.

• the implied equity value of the target is €12.6bn.

• the offer price represents a 53.3% premium over eDp's closing share price of €2.25 on 21 December 2011, one day prior to the announcement, and a 51.3% premium over eDp's closing share price of €2.28 on 22 november 2011, one month prior to the announcement

Post-deal details:• China three gorges has agreed to provide €2bn funding in

renewable energy projects by 2015

• the acquisition comes along with funding commitment up to €2bn for maturity up to 20 years from an undisclosed Chinese financial institution

Background:• the transaction is part of government of portugal's plan

of privatisations which serve as source of financing

• Companies who also submitted bid in the auction include e.on Ag, the listed german based industry and energy group, and Centrais elétricas Brasileiras SA, the listed Brazil based energy and utilities company.

Conditions:• Approval from relevant corporate bodies of energias

de portugal

Exit multiples – y/E 31-dec-10 Premium analysis

Multiples Value (€m) Offer price per share (€) 3.45

revenue 2.1 x 14,170.74 1 day before 53.33%

EBItdA 8.1 x 3,613 1 month before 51.32%

EBIt 14.2 x 2,063 1 day after 48.71%

Earnings 11.5 x 1,235 Pre-rumour 53.81%

Advisors

target/Seller Bidder

Financial Citigroup Inc, morgan Stanley, rothschild, UBS Investment Bank, Caixa Banco de Investimento SA, perella weinberg partners Lp

Financial Banco espirito Santo de Investimento, Credit Suisse

legal - legal De Brauw Blackstone westbroek, garrigues,Skadden Arps Slate meagher & Flom LLp

42

europe

Monthly M&A Insider

DeAL oF tHe qUArter

mergermarket/dealreporter Intelligence

15- dec-11 eDp: China three gorges fully confident that eUr 2.7bn bid will win

15- dec-11 eDp could see eletrobras improve offer

16- dec-11 eDp: portuguese pm to select winning bid on 21 December; cabinet to approve decision a day later

21- dec-11 China three gorges is winning in bid to buy 21% stake in portugal’s eDp - report

Bidder

China Three Gorges Corporation

Headquarters: no. 1, yuyuantan South roadBuilding B, China three gorgesHaidian District100038Beijing, China

Sector: energy, mining & Utilities; Construction

description: China based company engaged in the financing, development, construction, operation, and management of hydropower projects.

target

Energias de Portugal, S.A.

Headquarters: praca marques de pombal, 121250-162Lisbon, portugal

Sector: energy, mining & Utilities

description: portugal based energy solutions operator engaged in the generation, supply and distribution of electricity and supply and distribution of gas.

43

europe

Monthly M&A Insider

top DeALS & eXpeCteD DeALS

tOP 10 EurOPEAn AnnOunCEd dEAlS OF Q4 2011Announced Bidder company target company target dominant sector Seller company Exit multiples (x) Bid premia

1-day before

deal value(€m)revenue EBItdA P/E

27-Apr-11 Johnson & Johnson Synthes gmbH pharma, medical & Biotech

3.9 9.0 16.2 8.5% 14,331

19-may-11 takeda pharmaceutical Company Ltd

nycomed A/S (excluding US business)

pharma, medical & Biotech

DLJ merchant Banking partners; Coller International partners Iv; nordic Capital Fund v; Avista Capital partners, L.p.; nordic Capital Fund Iv; Coller International partners v

- 9,600

25-Feb-11 Criteria CaixaHolding SA

La Caixa (banking business)

Financial Services La Caixa n/a n/a - 9,471

03-Apr-11 vivendi SA SFr SA (44.00% stake) telecommunications vodafone group plc 1.4 - 7,750

17-Jun-11 polyus gold International Ltd

oJSC polyus gold energy, mining & Utilities

5.9 15.2 29.5 -21.8% 7,263

18-Aug-11 Hewlett-packard Company

Autonomy Corporation plc

technology 11.8 24.7 47.3 63.7% 7,154

10-may-11 microsoft Corporation

Skype global Sarl technology Silver Lake partners; Canada pension plan Investment Board; ebay International Ag; Andreessen Horowitz; and Joltid Limited

10.5 34.2 - 6,276

17-oct-11 g4S plc ISS A/S Industrials & Chemicals

eqt partners AB; and gS Capital partners

0.6 9.0 - 5,960

14-Jan-11 Bp plc rosneft oil Company oJSC (9.5% Stake)


1.6 5.3 7.8 - 5,908

16-Feb-11 International petroleum Investment Company

Compania espanola de petroleos SA (52.94% stake)


total SA 6.4 17.9 22.8% 5,634

Based on announced deals, including lapsed and withdrawn bids Based on dominant geography of target company being europe Data correct as of 15-Feb-12


44

europe

Monthly M&A Insider

top DeALS & eXpeCteD DeALS

PIPElInE OF EurOPEAn EXPECtEd dEAlSSituation target company Sector Potential bidder

companyFinancial adviser to bidder (B); target (t); seller (S)

Seller company Market cap/est.

value (€m)

Comments

rumoured takeover

transocean Ltd (30.00% stake)


petroleo Brasileiro S.A.

5,379 According to neue Zuercher Zeitung, the market speculates about a possible 30.00%-35.00% stake acquisition of the Swiss transocean Ltd by the Brazilian petroleo Brasileiro.

potential takeover target

ge enea SA (52.13% stake)


ministry of treasury of the republic of poland

1,853 the polish government considers selling its 52.13% stake in the listed energy producer enea to a strategic investor this year.

rumoured takeover

Dexia Crediop Sim Financial Services

Cassa Depositi e prestiti

Dexia SA 1,100 the state owned Cassa Depositi e prestiti considers a takeover proposal for the Italian subsidairy of the financially distressed Dexia group, the bidders consults the topic with the Italian government authorities.


ocado group plc Consumer marks & Spencer group plc; wm morrison Supermarkets plc

586 the reports say that the management of ocado considers several takeover bids the company, marks & Spencer and wm morrison are mentioned as the potential bidders.


enterprise Inns plc

Leisure 214 the company is linked with some bid speculation with an undisclosed bidder. It's expected that the company will have to refinance its €300-360m debts what may also lead to some changes in shareholders structure.

note: expected deals based on confirmed announcements by companies involved Source: mergermarket

45

europe

Monthly M&A Insider

LeAgUe tABLeS

tOP 20 FInAnCIAl AdVISErS – EurOPEAn

the financial adviser league tables by value and volume have been run from 01-Jan-11 to 31-Dec-11. the tables cover all sectors and are based on the geography of either the target, bidder or seller being european.

ranking Q4 2011 Q4 2010

Q4 2011 Q4 2010 Company name Value (€m)

deal count Value (€m)

Value change (%)

1 1 goldman Sachs 191.1 132 187.6 1.9%

2 3 morgan Stanley 123.8 100 175.2 -29.3%

3 4 Jpmorgan 108.4 104 143.5 -24.4%

4 6 Deutsche Bank 107.9 95 110.2 -2.1%

5 2 Credit Suisse 100.3 93 176.7 -43.3%

6 7 Citigroup 87.1 80 108.5 -19.8%

7 12 Barclays Capital 84.7 71 71.3 18.8%

8 8 rothschild 74.3 177 94.5 -21.4%

9 5 UBS Investment Bank 71.6 97 110.4 -35.1%

10 14 HSBC 66.5 59 55.9 19.1%

11 13 Bank of America merrill Lynch 63.4 86 66.8 -5.1%

12 9 Lazard 57.8 116 82.7 -30.2%

13 11 Sg 53.7 70 76.0 -29.4%

14 10 Bnp paribas 49.1 82 82.3 -40.4%

15 18 royal Bank of Scotland group 30.2 39 30.5 -1.0%

16 16 nomura Holdings 30.1 31 35.9 -16.0%

17 17 Credit Agricole CIB 26.0 31 32.6 -20.3%

18 35 Ing 22.6 53 12.1 86.6%

19 33 kpmg 18.5 192 13.5 37.0%

20 25 UniCredit group 17.9 38 19.5 -8.3%Source: mergermarket

ranking Q4 2011 Q4 2010



1 1 kpmg 18.5 192 182 10

2 3 rothschild 74.3 177 161 16

3 2 pwC 8.4 177 168 9

4 8 goldman Sachs 191.1 132 105 27

5 12 ernst & young 8.1 123 89 34

6 4 Deloitte 4.7 117 156 -39

7 7 Lazard 57.8 116 117 -1

8 9 Jpmorgan 108.4 104 101 3

9 5 morgan Stanley 123.8 100 135 -35

10 11 UBS Investment Bank 71.6 97 96 1

11 10 Deutsche Bank 107.9 95 99 -4

12 6 Credit Suisse 100.3 93 124 -31

13 17 Bank of America merrill Lynch 63.4 86 55 31

14 14 Bnp pariba 49.1 82 65 17

15 13 Citigroup 87.1 80 70 10

16 18 Barclays Capital 84.7 71 52 19

17 27 Sg 53.7 70 37 33

18 16 BDo LLp 6.1 69 61 8

19 19 m&A International 0.6 65 52 13

20 44 Leonardo & Co 11.0 63 19 44Source: mergermarket

tOP 20 FInAnCIAl AdVISErS – EurOPEAn

vALUe

voLUme

46

europe

Monthly M&A Insider

LeAgUe tABLeS

voLUmetOP 20 lEGAl AdVISErS – EurOPEAn

the legal adviser league tables by value and volume have been run from 01-Jan-11 to 31-Dec-11 and include lapsed and withdrawn deals. the tables cover all sectors and are based on the geography of either the target, bidder or seller being european.

vALUe

ranking Q4 2011 Q4 2010



1 3 Freshfields Bruckhaus Deringer 158.8 224 191 33

2 4 DLA piper 138.5 204 189 15

3 1 Linklaters 91.5 174 209 -35

4 5 CmS 91.0 43 179 -136

5 6 Clifford Chance 81.6 43 164 -121

6 2 Allen & overy 74.5 191 199 -8

7 7 Baker & mckenzie 68.9 61 136 -75

8 9 Latham & watkins 60.8 38 114 -76

9 11 Jones Day 55.6 17 101 -84

10 10 white & Case 45.9 124 109 15

11 12 Hogan Lovells 44.0 113 96 17

12 8 Herbert Smith/gleiss Lutz/Stibbe 43.5 94 121 -27

13 24 eversheds 42.6 65 62 3

14 13 weil gotshal & manges 41.4 66 81 -15

15 20 Loyens & Loeff 39.1 19 68 -49

16 19 SJ Berwin 36.7 16 69 -53

17 25 mayer Brown 36.3 20 60 -40

18 14 mannheimer Swartling 36.0 44 79 -35

19 17 Slaughter and may 35.3 83 70 13

20 16 vinge 34.3 47 71 -24Source: mergermarket

ranking Q4 2011 Q4 2010


deal count Value (€m)

Value change (%)

1 1 Freshfields Bruckhaus Deringer 158.8 224 169.7 -6.4%

2 3 Linklaters 138.5 204 128.1 8.2%

3 6 Allen & overy 91.5 174 110.0 -16.8%

4 5 Sullivan & Cromwell 91.0 43 118.2 -23.0%

5 42 Shearman & Sterling 81.6 43 19.0 330.0%

6 13 Clifford Chance 74.5 191 69.2 7.6%

7 4 Cleary gottlieb Steen & Hamilton 68.9 61 123.8 -44.4%

8 12 Simpson thacher & Bartlett 60.8 38 78.4 -22.5%

9 22 wachtell, Lipton, rosen & katz 55.6 17 40.8 36.1%

10 9 Latham & watkins 45.9 124 90.1 -49.1%

11 27 white & Case 44.0 113 29.4 49.7%

12 8 Herbert Smith/gleiss Lutz/Stibbe 43.5 94 102.6 -57.6%

13 2 Skadden Arps Slate meagher & Flom 42.6 65 141.0 -69.8%

14 7 Slaughter and may 41.4 66 103.9 -60.2%

15 11 Cravath Swaine & moore 39.1 19 81.4 -52.0%

16 30 Fried Frank Harris Shriver & Jacobson 36.7 16 26.6 37.9%

17 14 Blake, Cassels & graydon 36.3 20 66.3 -45.3%

18 34 Uria menendez 36.0 44 23.4 54.4%

19 10 weil gotshal & manges 35.3 83 82.0 -56.9%

20 31 Dewey & LeBoeuf 34.3 47 26.5 29.1%Source: mergermarket

tOP 20 lEGAl AdVISErS – EurOPEAn

47

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Monthly M&A Insider

vALUe

vALUe

voLUme

voLUmerank

Q4 2011 Company name Value (€m)

deal count

1 nordic Capital 21,429 5

2 Coller Capital 19,222 2

3 Avista Capital partners 9,600 2

4 Silver Lake partners 6,621 2

5 Andreessen Horowitz 6,276 1

6 pAI partners 5,885 5

7 eqt partners 5,643 4

8 equistone partners europe 5,210 11


10 CvC Capital partners 3,645 5

11 providence equity partners 3,360 3

12 LBo France 3,277 4

13 permira 3,255 3

14 one equity partners 2,648 2

15 AXA private equity 2,640 8Source: mergermarket

rank

Q4 2011 Company name Value (€m)

deal count

1 AXA private equity 4,664 10

2 BC partners Limited 4,103 4


4 permira 3,496 6

5 Bridgepoint Capital Limited 2,927 13

6 Advent International Corporation 2,895 7

7 Allianz Capital partners 2,822 2


9 Bain Capital 2,292 1

10 Hellman & Friedman 2,292 1


12 3i group 2,169 8

13 Clayton, Dubilier & rice 2,100 1

14 wL ross & Co 1,985 2

15 gS Capital partners 1,877 2Source: mergermarket

rank

Q4 2011 Company name deal count

Value (€m)

1 Lloyds tSB Development Capital 435 17

2 Bridgepoint Capital 2,927 13



5 Sun Capital partners 358 11


7 Bnp paribas Developpement 80 9

8 H.I.g. Capital 29 9

9 3i group 2,169 8

10 Advent International 2,895 7

11 Altor equity partners 285 7

12 21 partners 228 7

13 parcom Capital management 190 7

14 mid europa partners - 7

15 Apax partners 3,843 6Source: mergermarket

rank

Q4 2011 Company name deal count

Value (€m)

1 equistone partners europe 5,210 11


3 3i group 353 10

4 Lloyds tSB Development Capital 138 9


6 AtriA Capital partenaires 705 8

7 mBo partenaires 75 8

8 penta Investments - 7

9 Credit Agricole private equity 542 6

10 Sigefi private equity 268 6

11 ISIS equity partners 211 6

12 maven Capital partners Uk 41 6

13 nordic Capital 21,429 5

14 pAI partners 5,885 5

15 CvC Capital partners 3,645 5Source: mergermarket

ACtIVIty tABlE OF PrIVAtE EQuIty FIrMS On EurOPEAn BuyOutS

ACtIVIty tABlE OF PrIVAtE EQuIty FIrMS On EurOPEAn EXItS

the private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is european. the tables by value and volume have been run from 01-Jan-11 to 31-Dec-11 and exclude lapsed and withdrawn deals.

the private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is european.the tables by value and volume have been run from 01-Jan-11 to 31-Dec-11 and exclude lapsed and withdrawn deals.

LeAgUe tABLeS

europe


trenD grApHS

EurOPEAn M&A QuArtErly trEnd

0

100

200

300

400

500

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Valu

e (€

bn)


Num

ber of deals

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000


0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Buyout value Exit value Buyout volume Exit volume

Valu

e (€

bn)

Num

ber of deals

0

50

100

150

200

250

300

350

400

450

EurOPEAn M&A AnnuAl trEnd EurOPEAn M&A AnnuAl PrIVAtE EQuIty trEnd

0

200

400

600

800

1,000

1,200

2011201020092008200720062005


Num

ber of deals

Valu

e (€

bn)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000


0

50

100

150

200

250

300

2011201020092008200720062005

Valu

e (€

bn)


Num

ber of deals


0

200

400

600

800

1,000

1,200

1,400

1,600

EurOPEAn M&A QuArtErly PrIVAtE EQuIty trEnd

europe


trenD grApHS

EurOPEAn M&A GEOGrAPHIC BrEAkdOwn y/E 2011

vALUe voLUme

UK

CEE

Iberia

France

Nordic

Germany

Benelux

Italy

Others

5.9%

5.1%

8.5%

17.1%

16.2%

11.2%

14.2%

12.1%9.8%

11.7%

9.3%

9.4%

5.7%19.1%

12.3%

12.5%

6.4%

13.5%

UK

CEE

Iberia

France

Nordic

Germany

Benelux

Italy

Others

EurOPEAn M&A SECtOr BrEAkdOwn y/E 2011

vALUe voLUme

16.3%

10.0%

16.4%

1.5%

8.0%

2.6%2.8% 5.4%

2.2%

3.4%

24.1%

5.3%


Consumer

Business Services

Technology


Financial Services


Construction

Leisure

Transportation

Real Estate

Telecommunications

Defence

0.1% 1.7%

22.0%

1.0%

4.1%

1.2%

4.2%

5.9%

3.6%3.6%

0.2%

15.2%

13.6%8.3%

7.8%

7.5%


Consumer

Business Services

Technology


Financial Services


Construction

Leisure

Transportation

Media

Real Estate

Telecommunications

Agriculture

Defence

europe


trenD grApHS

EurOPEAn M&A dEAl SIzE BrEAkdOwn

vALUe voLUme

0

10

20

30

40

50

60

70

80

90

100

2011201020092008200720062005

<€250m or undisclosed value

€251m-€500m

€501m-€2,000m

€2,001m-€5,000m

>€5,001m

15.1%

23.9%

10.1%

17.9%

33.0%

17.6%

23.5%

8.4%

15.9%

34.6%

16.4%

22.3%

8.4%

13.7%

39.2%

14.8%

20.4%

9.1%

17.0%

38.7%

20.1%

24.2%

9.2%

20.1% 17.5%

9.4%

29.2%

21.5%

26.4% 22.4%17.4%

22.0%

31.0%

11.0%

18.6%

Per

cent

age

88

90

92

94

96

98

100

2011201020092008200720062005

3.3%

0.7%

3.9%

91.6%

3.8%

0.9%

3.5%

91.4%

4.0%

0.9%

3.9%

90.8%

2.7%

0.6%

3.2%

93.1%

2.1%

0.6%

2.3%

94.8%

93.1%

2.7%

3.2%

0.7% 0.7%

3.1%

2.9%

93.1%

0.5% 0.4%0.4% 0.4% 0.2% 0.2% 0.2%

<€250m or undisclosed value

€251m-€500m

€501m-€2,000m

€2,001m-€5,000m

>€5,001m

Per

cent

age

EurOPEAn SECtOr AnAlySISSector Q4 2010 Q4 2011 % change

Value (€m) Mrk share deal count Value (€m) Mrk share deal count Value Volume

energy, mining & Utilities 14,909 16.1% 82 123,490 24.1% 419 728% 411%

Industrials & Chemicals 11,858 12.8% 222 83,501 16.3% 1,186 604% 434%

Consumer 8,581 9.3% 178 51,207 10.0% 820 497% 361%

Financial Services 8,962 9.7% 100 83,941 16.4% 404 837% 304%

pharma, medical & Biotech 26,218 28.4% 86 41,132 8.0% 319 57% 271%

technology 1,730 1.9% 77 27,085 5.3% 450 1466% 484%

Business Services 7,989 8.7% 122 17,493 3.4% 734 119% 502%

media 1,170 1.3% 35 8,473 1.7% 195 624% 457%

transportation 405 0.4% 35 13,083 2.6% 196 3130% 460%

real estate 4,059 4.4% 26 14,465 2.8% 93 256% 258%

Leisure 837 0.9% 46 11,064 2.2% 222 1222% 383%

telecommunications 1,507 1.6% 14 27,377 5.4% 67 1717% 379%

Defence 477 0.5% 6 665 0.1% 10 39% 67%

Construction 2,934 3.2% 54 7,543 1.5% 228 157% 322%

Agriculture 681 0.7% 9 1,057 0.2% 56 55% 522%

total 92,317 1,092 511,576 5,399 454% 394%

SeCtor AnALySIS

51

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Monthly M&A Insider

ME&A M&A ACTIVITY – 2011

the middle eAst & AfricA hAs seen A m&A Activity decreAse in 2011 with A recorded totAl deAl vAlue of us$39.7bn And 328 deAls, down 27% in vAlue And up 3% only in deAl count compAred to 2010. this is A cleAr sign thAt the politicAl instAbility in the region continues to represent A mAjor fActor influencing the up-And-down trend in m&A Activity. looking At the quArterly breAk down, q1 Activity cAme in strong And stood for Almost 40% of 2011 yeArly Activity At us$15.6bn, while Activity in q2 declined to us$6.7bn to bounce bAck to us$7.8bn in the lAst quArter.

the middle eAst & AfricA

this strong activity in q1 was mainly driven by a series of major deals in the energy, mining & utilities sector which included the northam platinum acquisition by mvelaphanda resources shareholders and the acquisition of the downstream businesses of royal dutch shell in Africa by vitol holding and helios investment partners. energy, mining & utilities was the most targeted industry in the middle east & Africa, representing on its own 29% of the m&A sector breakdown in terms of deal value and 15% in terms of deal count, compared to industrials & chemicals which came second with only 18% in value and 14% in deal count.

the top deal of the year in the middle east & Africa region involved the 60% acquisition of makhteshim Agan industries, the israel-based producer of branded off-patent crop protection solutions, by china national chemical, the chinese chemicals company, for us$1.45bn. south Africa and israel were the most active countries in the region, accounting for 41.8% and 16.5% respectively, of annual activity in terms of deal value.

A ray of hope in the Middle East: A rebound in private equity activity the private equity sector is expected to play an important role in the middle east m&A activity recovering process during the upcoming months. jon breach, chief executive of bdo corporate finance middle east, said: “private equity houses are actively reviewing their portfolio investments to see where they can create value through acquisition or disposal,” also adding that local private equity firms will follow the pattern of the more established private equity markets in the u.s. and europe and create many more secondary buy-outs. there are clear signs and several factors that give hope in the

rebound of the region’s private equity activity. private equities are, in fact, looking for exiting their investments in order to return money to shareholders as well as deploying funds for investments given that the diverging perception of companies’ value among players caused first by the financial crisis and secondly by the recent Arab uprisings, has reached a middle meeting point.

one of the major m&A transactions announced in january was the 40% stake acquisition of uAe exchange & financial services ltd., the india-based provider of money transfer and money exchange services, by centurion investment company, the united Arab emirates-based private equity firm, in a deal worth us$2bn. this month, citadel capital s.A.e, the egypt-based private equity firm, has also divested its 15% stake in national petroleum company s.A.e., the egypt-based company engaged in drilling, oil and gas exploration and related services, to sea dragon energy inc, the canada-based energy company, for a consideration of us$147.5m.

Glencore/Xstrata African Plansfollowing the recently announced us$53.5bn merger between switzerland-based glencore and Xstrata, the market tries to anticipate the future plans of the combined group. one of the possible development opportunities is the company’s diversification on the meA market. the company is linked as a bidder to competitors such as first quantum or enrc. the increased risk capability might enable more acquisitions in the future. in late 2011, glencore was linked to some other transactions in Africa, such as a us$600m+ bid for congo-based miner katanga, or creating a joint venture with the south Africa jse-listed shanduka for further south African undertakings.

52

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Monthly M&A Insider

the middle eAst & AfricA

Russian Oil & Gas Activity in the Middle East and North Africathe russian energy giants still prove their interest in the middle east and Africa region. lukoil is just starting its cooperation with uAe-based tech group in iraq. the company will be providing some piling services not only for the energy sector but also construction works. Another field of lukoil’s interest are middle eastern oil fields and deposits. the company is in talks to acquire a part of exxonmobil’s 60% stake in iraq-based west qurna-1 project having up to 9bn barrels of oil reserves (shell co-owns a 15% stake in the project). Another russian oil company, gazprom, is experiencing some difficulties in acquiring eni’s 33% stake in the libyan elephant oil field. After signing an agreement in september 2011, the reports say now that the bidder may face some delays in completing the transaction. gazprom still has one year to execute the deal, however, after the recent political and economical coup d’état in libya the company cannot be certain about future developments.

53

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Monthly M&A Insider

deAl of the quArter

• the coca-cola company, a listed us based manufacturer of soft beverages, has agreed to acquire a 50.00% stake in the beverage business of Aujan industries co llc, the saudi Arabia based company engaged in manufacturing and distributing beverages and confectionery products, and a subsidiary of Aujan group, the saudi Arabia based conglomerate, for a consideration of us$980m.

• under the terms of the agreement, coca-cola will acquire 49% of Aujan’s bottling and distribution company and 50% of Aujan entity that holds the rights to Aujan-owned brands. the acquisition will enable Aujan to double its

current annual revenues, of more than us$85m in coming years. the acquisition will accelerate international growth of the Aujan brands and will unlock new and substantial opportunities for Aujan industries. the transaction is in line with coca-cola strategy to invest us$5bn in the middle east and north Africa over the next decade. the agreement excludes Aujan’s iranian manufacturing and distribution business.

• the transaction is expected to close in the first half of 2012, subject to certain conditions.

Advisers

Target/Seller Bidder

Financial royal bank of scotland plc Financial -

Legal clifford chance Legal Al tamimi & partners

PR AsdA’A public relations PR -

Deal summary

Announced: 14-dec-11 Deal value: us$980m

Bidder

The Coca-Cola Company

Headquarters: one coca-cola plaza Atlanta, usA

Sector: consumer

Description: us-based soft beverages group making soft drinks, juices, sports drinks, bottled water, coffee and tea

Target

Aujan Industries Co LLC

Headquarters: po boX 16458riyadh, 11464, saudi Arabia

Sector: consumer

Description: saudi Arabia-based company engaged in manufacturing, marketing, distributing, and selling beverages and confectionery products

54

Mid

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Monthly M&A Insider

top deAls

TOP 10 MIDDLE EASTERN & AFRICAN ANNOuNCED DEALS OF Q4 2011 Announced Bidder company Target company Target dominated

sectorSeller company Exit multiples (x) Bid premia

1-day before

Deal value(uS$m)Revenue EBITDA P/E

11-jan-11 china national chemical corporation

makhteshim Agan industries limited (60.00% stake)

industrials & chemicals

koor industries ltd 1.5 447.7 9.0% 2,508

25-jan-11 capital property fund pangbourne properties ltd real estate 13.4 24.4 -4.7% 1,770

05-jul-11 jinchuan group international resources co. ltd

metorex limited energy, mining & utilities

3.2 10.0% 1,393

14-feb-11 growthpoint properties ltd; and the public investment corporation

v&A waterfront holdings (pty) ltd

real estate london & regional properties limited; istithmar world capital

1,341

26-sep-11 tronox incorporated namakwa sands and kZn sands mines and smelters (74.00% stake); and tiwest joint venture (50.00% stake)


exxaro resources limited

1,301

08-feb-11 mvelaphanda resources limited (shareholders)

northam platinum ltd (50.40% stake)


mvelaphanda resources limited

3.9 16.8 26.8 1,129

29-mar-11 orascom telecom holding sAe (shareholders)

orascom telecom media and technology holding sAe

tmt orascom telecom holding sAe

1,110

29-jan-11 centurion investment company

nmc healthcare llc (40.00% stake)

medical, pharma & biotech

1,089

19-dec-11 kAp international holdings ltd

unitrans holding (pty) ltd; pg bison; steinhoff raw materials

industrials & chemicals

steinhoff international holdings ltd

1,075

19-feb-11 vitol holding bv; and helios investment partners llp

royal dutch shell plc (downstream businesses in Africa) (80.00% stake)


royal dutch shell plc 1,000

based on announced deals, including lapsed and withdrawn bids based on dominant geography of target being middle east or Africa data correct as of 14-feb-2011

source: mergermarket

55

Mid

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TOP 20 FINANCIAL ADVISERS – MIDDLE EAST & AFRICA

the financial adviser league tables by value and volume have been run from 01-jan-11 to 31-dec-11. the tables cover all sectors and are based on the geography of either the target, bidder or seller being middle east & Africa including israel.

Ranking Q4 2011 Q4 2010

Q4 2011 Q4 2010 Company name Value (uS$m)

Deal count Value (uS$m)

Value change (%)

1 3 goldman sachs 22.8 16 15.9 43.4%

2 23 bank of America merrill lynch 13.5 11 2.3 492.5%

3 10 deutsche bank 12.3 15 9.5 28.9%

4 7 bnp paribas 11.3 4 11.3 -0.1%

5 11 jpmorgan 9.5 11 8.6 10.4%

6 12 credit suisse 9.3 10 6.6 39.9%

7 39 standard bank group 7.7 17 0.6 1188.8%

8 - banco bilbao vizcaya Argentaria 7.6 1 - -

9 1 morgan stanley 6.1 7 22.0 -72.3%

10 2 ubs investment bank 6.0 4 18.9 -68.2%

11 15 royal bank of scotland group 5.8 4 4.9 18.1%

12 5 standard chartered 5.5 5 14.7 -62.4%

13 32 nomura holdings 5.3 3 1.1 373.0%

14 18 citigroup 5.0 5 4.1 21.3%

15 14 rand merchant bank 4.4 18 5.6 -21.5%

16 20 rothschild 3.9 7 2.6 51.2%

17 17 investec 3.7 14 4.1 -9.9%

18 - santander global banking and markets 2.8 1 - -

19 4 hsbc 2.7 5 14.9 -82.0%

20 74 one capital 2.6 4 0.1 2835.6%source: mergermarket

Ranking Q4 2011 Q4 2010



1 1 goldman sachs 22.8 16 15 1

2 23 bank of America merrill lynch 13.5 11 4 7

3 11 deutsche bank 12.3 15 7 8

4 22 bnp paribas 11.3 4 4 0

5 3 jpmorgan 9.5 11 12 -1

6 20 credit suisse 9.3 10 5 5

7 39 standard bank group 7.7 17 2 15

8 - banco bilbao vizcaya Argentaria 7.6 1 - -

9 4 morgan stanley 6.1 7 11 -4

10 8 ubs investment bank 6.0 4 9 -5

11 26 royal bank of scotland group 5.8 4 3 1

12 14 standard chartered 5.5 5 6 -1

13 27 nomura holdings 5.3 3 3 0

14 6 citigroup 5.0 5 11 -6

15 5 rand merchant bank 4.4 18 11 7

16 16 rothschild 3.9 7 6 1

17 15 investec 3.7 14 6 8

18 - santander global banking and markets 2.8 1 - -

19 9 hsbc 2.7 5 9 -4

20 77 one capital 2.6 4 1 3source: mergermarket

TOP 20 FINANCIAL ADVISERS – MIDDLE EAST & AFRICA

leAgue tAbles

vAlue

volume

56

Mid

dle east &

africa

Monthly M&A Insider

leAgue tAbles

volumeTOP 20 LEGAL ADVISERS – MIDDLE EAST & AFRICA

the legal adviser league tables by value and volume have been run from 01-jan-11 to 31-dec-11 and include lapsed and withdrawn deals. the tables cover all sectors and are based on the geography of either the target, bidder or seller being middle east & Africa including israel.

Ranking Q4 2011 Q4 2010



1 4 linklaters 18.3 13 15 -2

2 7 freshfields bruckhaus deringer 14.6 11 11 0

3 30 skadden Arps slate meagher & flom 10.2 6 3 3

4 2 dlA cliffe dekker hofmeyr 10.2 32 17 15

5 18 latham & watkins 9.9 5 6 -1

6 76 kirkland & ellis 8.4 7 1 6

7 6 Allen & overy 7.7 8 12 -4

8 16 dewey & leboeuf 7.2 7 7 0

9 3 werksmans 6.9 31 16 15

10 - fried frank harris shriver & jacobson llp 6.5 3 - -

11 11 norton rose 5.1 12 10 2

12 116 maitland & co 5.1 1 1 0

13 12 clifford chance 4.5 14 9 5

14 9 edward nathan sonnenbergs 4.5 14 10 4

15 5 bowman gilfillan 3.9 19 13 6

16 1 webber wentzel 3.3 14 18 -4

17 8 herzog, fox and neeman 3.3 17 11 6

18 123 goldfarb seligman & co 3.0 3 1 2

19 - uria menendez 2.8 1 - -

20 29 gkh law offices 2.8 5 4 1source: mergermarket

Ranking Q4 2011 Q4 2010


Deal count Value (uS$m)

Value change (%)

1 1 linklaters 18.3 13 18.3 -0.1%

2 10 freshfields bruckhaus deringer 14.6 11 7.5 93.6%

3 11 skadden Arps slate meagher & flom 10.2 6 7.0 44.5%

4 35 dlA cliffe dekker hofmeyr 10.2 32 1.8 472.5%

5 20 latham & watkins 9.9 5 3.1 219.6%

6 16 kirkland & ellis 8.4 7 4.9 70.1%

7 2 Allen & overy 7.7 8 17.8 -56.8%

8 19 dewey & leboeuf 7.2 7 3.2 121.5%

9 21 werksmans 6.9 31 2.9 137.1%

10 - fried frank harris shriver & jacobson 6.5 3 - -

11 47 norton rose 5.1 12 1.0 387.2%

12 114 maitland & co 5.1 1 0.1 9707.7%

13 18 clifford chance 4.5 14 3.6 26.2%

14 5 edward nathan sonnenbergs 4.5 14 11.7 -62.0%

15 28 bowman gilfillan 3.9 19 2.3 69.9%

16 4 webber wentzel 3.3 14 12.9 -74.0%

17 40 herzog, fox and neeman 3.3 17 1.6 102.8%

18 122 goldfarb seligman & co 3.0 3 0.0 9137.5%

19 - uria menendez 2.8 1 - -

20 77 gkh law offices 2.8 5 0.4 669.5%source: mergermarket

TOP 20 LEGAL ADVISERS – MIDDLE EAST & AFRICA

vAlue

57

Mid

dle east &

africa

Monthly M&A Insider

leAgue tAbles

vAlue

vAlue

volume

volumeRank

Q4 2011 Company name Value (uS$m)

Deal count

1 istithmar world capital 1,341 1

2 dubai international capital 300 2

3 old mutual private equity 241 2

4 investec limited 241 1

5 hbd venture capital 110 1

6 jordan dubai capital 94 1

7 tiger global management 57 1

8 first israel mezzanine investors 41 1

9 carmel ventures 40 1

10 sequoia capital 40 1

11 jerusalem venture partners 30 1

12 blackstar group 28 1

13 gemini israel funds 20 1

14 index ventures 20 1

15 yl ventures gp 20 1source: mergermarket

Rank

Q4 2011 Company name Value (uS$m)

Deal count

1 helios investment partners 1,000 1

2 African capital Alliance 750 1

3 permira 519 1

4 Actis 434 1

5 mineworkers investment company 434 1

6 rmb ventures 434 1

7 gtcr 386 1

8 citi venture capital international 314 1

9 sofiproteol 163 1

10 brait private equity 153 1

11 pala investments 141 1

12 citadel capital 40 1

13 compass capital 40 1

14 fipar holding 25 1

15 standard chartered private equity 20 1source: mergermarket

Rank


Value (uS$m)

1 nbk capital 0 2

2 helios investment partners 1,000 1

3 African capital Alliance 750 1

4 permira 519 1

5 Actis 434 1

6 mineworkers investment company 434 1

7 rmb ventures 434 1

8 gtcr 386 1

9 citi venture capital international 314 1

10 sofiproteol 163 1

11 brait private equity 153 1

12 pala investments 141 1

13 citadel capital 40 1

14 compass capital 40 1

15 fipar holding 25 1source: mergermarket

Rank


Value (uS$m)

1 dubai international capital 300 2

2 old mutual private equity 241 2

3 walden israel venture capital 13 2

4 istithmar world capital 1,341 1

5 investec 241 1

6 hbd venture capital 110 1

7 jordan dubai capital 94 1

8 tiger global management 57 1

9 first israel mezzanine investors 41 1

10 carmel ventures 40 1

11 sequoia capital 40 1

12 jerusalem venture partners 30 1

13 blackstar group 28 1

14 gemini israel funds 20 1

15 index ventures 20 1source: mergermarket

ACTIVITY TABLE OF PRIVATE EQuITY FIRMS ON MIDDLE EASTERN & AFRICAN BuYOuTS

ACTIVITY TABLE OF PRIVATE EQuITY FIRMS ON MIDDLE EASTERN & AFRICAN EXITS

the private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is middle east & Africa including israel. the tables by value and volume have been run from 01-jan-11 to 31-dec-11 and exclude lapsed and withdrawn deals.

the private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is middle east & Africa including israel. the tables by value and volume have been run from 01-jan-11 to 31-dec-11 and exclude lapsed and withdrawn deals.

58

Mid

dle east &

africa

Monthly M&A Insider

trend grAphs

MIDDLE EASTERN & AFRICAN M&A QuARTERLY TREND

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Valu

e (U

S$m

)


Num

ber of deals

0

20

40

60

80

100

120

140

160


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105


Num

ber of dealsValu

e (U

S$m

)

0

5

10

15

20

25

MIDDLE EASTERN & AFRICAN M&A ANNuAL TREND

MIDDLE EASTERN & AFRICAN M&A ANNuAL PRIVATE EQuITY TREND

0

10

20

30

40

50

60

70

80

90

100

2011201020092008200720062005


Valu

e (U

S$bn

)

Num

ber of deals

0

50

100

150

200

250

300

350

400

450

500


0

2

4

6

8

10

12

14

2011201020092008200720062005


Valu

e (U

S$bn

)

0

10

20

30

40

50

60

70

Num

ber of deals

MIDDLE EASTERN & AFRICAN M&A QuARTERLY PRIVATE EQuITY TREND

59

Mid

dle east &

africa

Monthly M&A Insider

41.8%4.8%

3.6%

4.9%

16.5%

6.2%

5.6%

2.1%

2.1%

1.9%

2.0%

1.5% 1.4%

5.8%South Africa

Israel

Saudi Arabia

United Arab Emirates

Nigeria

Egypt

Morocco

Kuwait

Ghana

Tunisia

Zimbabwe

Sudan

Cameroon

Others

trend grAphs

MIDDLE EASTERN & AFRICAN M&A GEOGRAPHIC BREAKDOWN Y/E 2011

MIDDLE EASTERN & AFRICAN M&A SECTOR BREAKDOWN Y/E 2011

vAlue

vAlue

volume

volume

0.8%3.7%

0.2%0.1%

9.7%17.6%

10.5%

3.5%

9.7%

1.1%

0.5%

28.6% 14.1%


Financial Services

Business Services

Consumer

Energy, Mining & Utilites

TMT

Leisure

Transportation


Construction

Real Estate

Agriculture

Defence

1.6%

0.3%14.9%

2.2%

2.5%

2.8%

0.3%0.9%

0.9%

35.7%

6.2%

21.4%

6.5%

3.7%

South Africa

Israel

Saudi Arabia

United Arab Emirates

Nigeria

Egypt

Morocco

Kuwait

Ghana

Tunisia

Zimbabwe

Sudan

Cameroon

Others

1.5% 5.5%

7.3%

14.9%

11.6%

14.0%

1.2%

4.0%5.5%

12.5%

2.7%

19.2%


Financial Services

Business Services

Consumer

Energy, Mining & Utilites

TMT

Leisure


Construction

Real Estate

Agriculture

Defence

60

Mid

dle east &

africa

Monthly M&A Insider

trend grAphs

MIDDLE EASTERN & AFRICAN M&A DEAL SIZE BREAKDOWN

vAlue volume

0

10

20

30

40

50

60

70

80

90

100

2011201020092008200720062005

12.1%

21.5%

54.8%

12.5%

12.8%

65.9%

13.2%

11.3%

67.0%

17.5%

19.0%

47.7%

19.2%

13.2%

53.3%

67.9%

12.6%

9.6%

19.8%

10.3% 7.8% 7.5%14.1% 12.6% 8.8%

14.7%

9.8%

3.8%

51.8%

1.3% 1.0% 1.0% 1.7% 1.6% 1.1%

<US$14.9m or undisclosed value

US$15m-US$100m

US$101m-US$250m

US$251m-US$500m

>US$501m

Per

cent

age

0

10

20

30

40

50

60

70

80

90

100

2011201020092008200720062005

34.6%

10.7%

8.5%

5.6%

34.0%

14.2%

6.2%

9.2%

32.5%

15.4%

5.6%

7.2%

36.8%

11.2%

5.7%3.8%

32.2%

13.2%

4.1%3.4% 6.0%

5.7%

33.0%

10.4%11.0%

6.7%

40.6%36.4% 39.3% 42.5%

47.1% 45.0%47.5%

28.2%

6.4%

<US$14.9m or undisclosed value

US$15m-US$100m

US$101m-US$250m

US$251m-US$500m

>US$501m

Per

cent

age

sector AnAlysisMIDDLE EASTERN & AFRICAN SECTOR ANALYSISSector Q4 2011 Q4 2010 % change

Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count Value Volume

Agriculture 34 0.1% 5 176 0.3% 5 -81% 0%

business services 1,404 3.5% 13 3,771 7.0% 27 -63% -52%

construction 331 0.8% 18 1,844 3.4% 19 -82% -5%

consumer 5,612 14.1% 38 4,126 7.6% 32 36% 19%

defence 68 0.2% 18 133 0.2% 4 -49% 350%

energy, mining & utilities 11,344 28.6% 49 9,518 17.6% 47 19% 4%

financial services 4,174 10.5% 4 6,746 12.5% 41 -38% -90%

industrials & chemicals 6,974 17.6% 46 2,562 4.7% 46 172% 0%

leisure 210 0.5% 9 3,299 6.1% 11 -94% -18%

pharma, medical & biotech 1,463 3.7% 41 601 1.1% 16 143% 156%

real estate 3,840 9.7% 24 4,781 8.8% 14 -20% 71%

tmt 3,850 9.7% 63 15,495 28.6% 46 -75% 37%

transportation 416 1.0% 0 1,049 1.9% 7 -60% -100%

Total 39,720 328 54,101 315 -27% 4%


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About merrill corporAtion

Merrill Transaction and Compliance Services through a broad range of tools and services, merrill corporation streamlines document composition, filing, printing, distribution and electronic access to the transaction and regulatory compliance activities of its clients engaged in securities offerings, reorganisations, mergers and acquisitions, sec and other regulatory filings. As a registered, third-party service provider offering public companies expert edgArization and Xbrl filing services, merrill professionals can compose, edit, electronically file, manage and distribute data in printed or electronic format.

Merrill Legal Solutions provide both on-demand and on-site litigation support, information management and electronic and print document management services for law firms, corporate legal departments and professional services firms.

examples of our expertise include the creation of searchable litigation document repositories, management of electronic data discovery and the delivery of real-time court reporting and deposition videography services.

Merrill’s Marketing and Communication Solutions supply brand identity management, customer communication and packaged direct marketing programs for sales professionals in industries such as real estate, mutual funds and insurance. examples of our services include customisable corporate identity materials, direct-mail marketing pieces and promotional programs supported by web-based technologies.

Merrill’s Translations Services provide a range of translation options to help clients achieve the most efficient and cost effective approach to their translation projects. merrill brink offers extensive legal translation services for international litigation, intellectual property, patents, contractual matters, antitrust matters, mergers and acquisitions, arbitration and more.

www.datasite.com

About Merrill DataSiteRevolutionising the due diligence process

merrill datasite is designed for rapid deployment and can be up and running within two hours of a client’s need. our team can scan, upload and organise thousands of pages of content from any source in 24 hours or less. every aspect of the process, from document scanning to vdr hosting and project management is delivered by merrill’s multilingual team, available around the clock worldwide.

with merrill datasite, all documents are captured and indexed to an online database and because all rights are designated by the client, security and control are guaranteed. each user’s ability to view, print or access source documents is set up by the client administrator and can be changed at any time. merrill datasite provides useful tools, including full search, viewer audit capability, q&A, bulk uploads and detailed user activity tracking that help clients maintain tighter control and have greater insight into reviewer behaviour.

Merrill DataSite enhances transaction success

merrill datasite is the industry’s acknowledged leader. more than 61,000 different private and public companies across the globe have leveraged merrill datasite to increase the value of the following types of transactions:

• mergers, acquisitions and divestitures

• private placement transactions

• leveraged buyout transactions

• bankruptcy and reorganisation transactions

• financial restructuring transactions

• initial public offerings and dual-track processes

• Asset purchases and liquidations

• post-merger integration

founded in 1968 And heAdquArtered in st. pAul, minnesotA, merrill corporAtion is A leAding provider of outsourced solutions for compleX business communicAtion And informAtion mAnAgement. merrill’s services include document And dAtA mAnAgement, litigAtion support, lAnguAge trAnslAtion services, fulfillment, imAging And printing. merrill serves the corporAte, legAl, finAnciAl services, insurAnce And reAl estAte mArkets. with more thAn 5,000 people in over 40 domestic And 22 internAtionAl locAtions, merrill empowers the communicAtions of the world’s leAding orgAnisAtions.


About merrill dAtAsite

Merrill DataSite – built with the client in mindmerrill datasite was created to meet its clients’ needs and built to their specifications. since 2002 we have consistently leveraged the experiences of our clients to add leading-edge functionality to the available toolset. merrill datasite allows its users and administrators to:

Examine documents immediately. patented technology ensures you never have to wait for a document to be downloaded. because the data resides on merrill’s servers, you can simultaneously view an unlimited number of documents in multiple windows without having to close out or save to your “temp” file. when faced with hundreds of documents to review, this feature saves significant time and expense.

Designate user permissions. team administrators can control which users will be able to view, print or download specific documents, folders or projects – simply and quickly.

Search every word in every document. with large document collections, sophisticated search features are key to finding critical information and accelerating the due diligence process. merrill datasite performs optical character recognition (ocr) on each and every letter in each and every document. our search capabilities allow users to search tens – if not hundreds – of thousands of pages to find what’s relevant to them. merrill datasite’s search capabilities ensure nothing is missed in any of the posted documents - regardless of where they may be organised within the index (e.g. find every instance of “contract” and “termination” within 5 words of each other, etc.). search results are returned much faster and are unlimited in terms of document results and hits within a document.

using wildcard, fuzzy, proximity, boosting, boolean and grouping modifiers, you can search and find exact matches and near-matches, including misspelled words. potential buyers will enjoy increased confidence knowing they’ve received and seen all materials and documents that are relevant to their decision-making.

Protect confidential information. ”view-only” documents are never downloaded. merrill datasite, not the computer’s browser, controls thecaching process providing unmatched security levels. unlike other vdrproviders, images are never viewable on the pc’s cache after the conclusion of a session.

Track all activity accurately. Auditing and reporting tools provide a verifiable account of each individual’s time spent viewing both documents and specific pages – information that adds negotiating leverage.

Need to work remotely?no problem. whether you’re working in beijing or new york, you can view your documents online without having to navigate through internal firewalls and email restrictions that often exist for outside company connections and which delay the due diligence process.

Security is our highest prioritymerrill has been a trusted provider of secure information to the financial and legal industries for more than 40 years. our employees execute letters of confidentiality and we are audited annually (internal and third-party) to make certain our it infrastructure and processes remain sound.

merrill datasite was the first virtual data room to receive the iso 27001 certification for its comprehensive information security management system (isms).

the iso 27001 standard, developed by the international organisation for standards to establish international requirements for information security and certification of isms, is designed to ensure effective protection of information assets in foreign markets, as well as across national and regional boundaries.

The best tool in the industrymerrill datasite technology allows for the fastest conversion of soft and hard copy documents to the electronic viewing platform. As a result, designated administrators are able to review documents the moment they are available.

through secure, simultaneous access, full text search capabilities and robust reporting tools, both archival and transactional due diligence processes are streamlined. As a result, merrill datasite gives you more insight and control, and dramatically reduces transaction time and costs.

As a leading provider of vdr solutions worldwide, merrill datasite has empowered nearly two million unique visitors to perform electronic due diligence on thousands of transactions totalling trillions of dollars in asset value.

NOW SMARTER, FASTER, EASIER!

PLEASE VISIT OuR WEBSITE: WWW.DATASITE.COM

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About merrill corporAtion

EXECuTIVE MANAGEMENTEd Bifulkpresidenttel: +1 212 229 6563

Paul Hartzellsenior vice presidenttel: +1 212 367 5950

EXECuTIVE SALESChris Beckmannregional director, germany, switzerland and polandtel: +49 69 25617 110

Alex Grossregional director, eastern europe & middle easttel: +49 69 7593 7148

Michael Hinchliffe regional director, u. k. tel: +44 20 7422 6100

Jonathan HughesAccount manager, northern europetel: +44 20 7422 6100

Shashank JainAccount manager, united Arab emiratestel: +971 (0)50 252 3025

Alvaro Ortegaregional director, southern europetel: +44 20 7422 6100

Adam PangAccount manager, europetel: +44 20 7422 6268

Merlin J. Piscitelli regional director, europe tel: +44 20 7422 6100Jérôme Pottierregional director, francetel: +33 (0) 1 40 06 13 12

Colin Schopbach regional director, u. k. tel: +44 20 7422 6100

Anna Scottregional director, u. k. tel: +44 20 7422 6100

Hakema El-Hadadregional director, northern Africatel: +33 (0) 1 40 06 13 10

Mark Finnieregional director, north Asiatel: +852 2536 2534

Ari Leeregional director, north Asiatel: +852 9855 3758

Vincent Lorkregional director, south east Asiatel: +65 6248 4602

Chris Robilliardregional director, Australia & new Zealandtel: +612 8667 3064

Manuel Bentosinos regional director, mexico, columbia and caribbean tel: +52 55 9171 2237

Ana Paula Macêd Távora de Castro regional director, south Americatel: +55 11 9908 0858

Luis Felipe Salles Cunharegional director, braziltel: +55 11 3568 2429

Carlos Nogueiraregional director, braziltel: +55 11-3895-8572

Brian Gilbreathvice president, midwest and latin Americatel: +1 404 934 8085

Hank Gregorysvp, western canada & pacific northwest tel: + 604 603 4360

Ryan MacMillanregional director, canadatel: +1 416 214 2448

Jason Hedgesregional director, canadatel: +1 416-878-3260

Michael Kennedy regional director, new england tel: +1 207 829 4369

Ross Whittakerregional director, new englandtel: +1 617.535.1516

Jon Lenihanregional director, bostontel: +1 617-535-1618

Scott Redikerregional director, mid Atlantictel: +1 443-690-3122

Forrest R. Doaneregional director, new yorktel: +1 212 229 6620

Adam Kuritzkyregional director, new yorktel: +1 917 232 9569

Shelle Martinregional director, new york tel: +1 212 229 6613

John McElroneregional director, new yorktel: +1 212 229 6656

Matthew Mezzancello regional director, ny, nj & pA tel: +1 212 229 6618

Steve Picconevice president, new yorktel: +1 212 229 6883

William Poleseregional director, new yorktel: +1 212 229 6612

Paul Kleinkaufregional director, southeasttel: +1 404 602 3251

Michail Sidorovregional director, ohio & michigantel: +1 216-333-1274

Jessie Sainiregional director, midwesttel: +1 312-386-2293

Scott Haugenregional director, minnesota & wisconsintel: +1 651 632 4375

Anthony Crosbyregional director, chicagotel: +1 312 674 6511

Mark Plaehnregional director, chicagotel: +1 312 674 6527

Kelly-Leigh Keefe,regional director, chicagotel: +1 312-386-2229

Nicholas Renterregional director, texastel: +1 214 754 2100

Andrew Buonincontro regional director, bay Areatel: +1 650 493 1400

Erik Sandieregional director, bay Areatel: +1 650 493 1400

Jay Loyolaregional director, bay Areatel: +1 949 622 0663

Dan Phelanregional director, los Angelestel: +1 213 253 2139

Hans Schumannregional director, san diegotel: +1 760 635 0830

David Yearyvice president, datasite life sciencestel: +1 415 307 4414

James Snazadirector of life sciencestel: +1 651 632 4585

Jon Blue vice president, clean tech tel: +1 206-696-9169

www.mergermarket.comremark, part of the mergermarket group

80 StrandLondon, WC2R 0RLUnited Kingdom

t: +44 (0)20 7059 6100f: +44 (0)20 7059 [email protected]

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t: +1 212 686-5606f: +1 212 [email protected]

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t: +852 2158 9700f: +852 2158 [email protected]

Disclaimer

this publication contains general information and is not intended to be comprehensive nor to provide financial, investment, legal, tax or other professional advice or services. this publication is not a substitute for such professional advice or services, and it should not be acted on or relied upon or used as a basis for any investment or other decision or action that may affect you or your business. before taking any such decision you should consult a suitably qualified professional adviser. whilst reasonable effort has been made to ensure the accuracy of the information contained in this publication, this cannot be guaranteed and neither mergermarket nor any of its subsidiaries nor any affiliate thereof or other related entity shall have any liability to any person or entity which relies on the information contained in this publication, including incidental or consequential damages arising from errors or omissions. Any such reliance is solely at the user’s risk.

remark, the events and publications arm of the mergermarket group, offers a range of publishing, research and events services that enable clients to enhance their own profile, and to develop new business opportunities with their target audience.

The following notes pertain to data contained in this publication:

• deals are included where the deal value is greater than or equal to €5m.

• where no deal value has been disclosed, deals are included if the turnover of the target is greater than or equal to €10m.

• deals are included in the graphs and top deals in each section based on the dominant geography and dominant sector of the target company. data underlying the league tables are based on deals where the bidder, target or parent geography of either is that of the geography in focus.

• 2011 refers to the period 01-jan-11 to 31-dec-11. q4 2011 refers to the period 01-oct-11 to 31-dec-11.

Documents

EDITION Monthly M&A InsIder FebrUAry 2012 - Mergermarket · Monthly M&A InsIder mergermarket GlobAl overvIew 01 AmericAs: LAtin AmericA 09 north AmericA 18 AsiA-PAcific 29 euroPe