Monthly M&A Insider - Mergermarket

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Mid-market league tables Top 5 mid-market financial advisers – Germany (€10m to €250m) YTD 31-Mar-09 Value: Volume: House Value (€m) Deal count 1 Bank Degroof 187 1 2= Compass Advisers 152 1 2= JPMorgan 152 1 2= Rothschild 152 1 5 Deutsche Bank 79 1 1 Bank Degroof 187 1 2= Compass Advisers 152 1 2= JPMorgan 152 1 2= Rothschild 152 1 5 Deutsche Bank 79 1 Source: mergermarket The financial adviser league tables by value and volume have been run from 01 January 2009 to 31 March 2009 and exclude lapsed and withdrawn deals.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 Germany Top 5 mid-market legal advisers – Germany (€10m to € 250m) YTD 31-Mar-09 Value: Volume: Germany House Value (€m) Deal count 1 Clifford Chance 265 2 2 Freshfields Bruckhaus Deringer 187 2 3= Macfarlanes 152 1 3= Oppenhoff & Partner 152 1 5 Alston & Bird 89 1 1 Clifford Chance 265 2 2 Freshfields Bruckhaus Deringer 187 2 3= Macfarlanes 152 1 3= Oppenhoff & Partner 152 1 5 Alston & Bird 89 1 Source: mergermarket The legal adviser league tables by value and volume have been run from 01 January 2009 to 31 March 2009 and include lapsed and withdrawn deals.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 Germany <strong>Monthly</strong> M&A report – 120
France M&A in Q1 • The M&A activity in France for the first quarter of 2009 is, as expected, slowing down. The total deal value was only about €2bn, which represents a fall of approximately 69% compared to the total deal value of the last quarter of 2008 (€6.6bn). The downfall in the total deal volume is not as dramatic at 72 deals. The figure represents a cut of 11% from the last quarter of 2008 where 81 deals were completed. This dramatic drop in total deal value is not too surprising. Indeed, excluding a few megadeals, the M&A world has very been quiet. • However, there is one market in the French M&A activity that seems less affected by the economic turmoil. The midmarket trend in France for Q1 2009 is almost at the same level than for the 3 past quarters. 26 deals were reported on this market on Q1 2009. These are 9 more deals than in Q4 2008 (+52%), 11 deals less than in Q3 2008 (-30%), and 5 deals less than in Q2 2008 (-16%). €1.4bn had been exchanged on this market in Q1 2009, which is about 73% of the total deal value on the French market. Yet, the average deal size on this market tends to be smaller. It is €57m for Q1 2009, but was €98m on Q4 2008, €65m on Q3 2008 and €60m on Q2 2008. • In the league table ranking, the financials advisers are dominated in value and volume by Lazard on the first quarter 2009. Linklaters are on top of the legal advisers table in volume and are second in the value ranking, while Cleary Gottlieb Steen & Hamilton hold the first rank in the total value ranking. Will Nestlé invest or divest L’Oreal? • A joint statement, published on 9 April on the Paris stock exchange, stated: “The Bettencourt family and the Nestlé company will continue on acting in concert towards the L’Oréal company beyond 29 April 2009”. It is understood that Nestlé, the Swiss food group, would be able to sell its 31% stake in L’Oréal when its lock-up agreement with the Bettencourt family, main shareholders of the France based cosmetics group, will expire. • Under the terms of the 5-year agreement between the shareholders, Nestlé cannot raise its holding during the lifetime of Liliane Bettencourt, the 86-year old billionaire daughter of the L’Oreal founder, and also the French richest woman, who holds a 31.78% stake in the cosmetics company. This agreement is due to expire on 29 April 2009. • However, if the arrangement deflecting Nestlé and the Bettencourt family from selling their L’Oréal holding will soon expire, the rest of the agreement remains intact. It includes a mutual right of first refusal on their holdings. It also allows for the two sides either to tender their shares, or make a counter offer, if L’Oréal receives an offer from a third party. • Nestlé released that they are not under any pressure to do anything at the time being and will continue to take a long term view. If the statement suggests the status quo will continue for the time being (Nestlé does not need cash and has very little to gain from acquiring L’Oréal), speculation about Nestlé’s new intention regarding its L’Oréal stake has changed. • While Nestlé was initially understood to be a likely buyer for L’Oréal, it is now believe than Nestlé is more likely to sell its stake than to raise it, as its strategy is now to focus on operational excellence and to avoid big takeovers. Moreover, L’Oréal, like many other groups, has become much less attractive in the downturn. <strong>Monthly</strong> M&A Report – 121
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Monthly M&A Insider A mergermarket
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Introduction Despite a reasonably s
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M&A faces Q&A: Non-European Investm
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Video-sharing websites face consoli
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The rising importance of mid-market
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Signs that a sick market is returni
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The Potential Impact of the Energy,
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Deal of the month RATIONALE & SYNER
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Top deals Top 15 North American ann
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Expected deals Pipeline of North Am
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League tables Top 20 financial advi
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Trend graphs North American M&A qua
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Trend graphs North American M&A dea
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Mid-market deals North American M&A
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Latin America Odebrecht Group consi
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Deal of the month Advisers Target/s
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Top deals Top 5 Latin American anno
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Expected deals Pipeline of Latin Am
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Trend graphs Latin American M&A qua
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Mid-market deals Top 5 Latin Americ
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Asia-Pacific SOUTH KOREA LG Innotek
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Top deals Top 15 Asia-Pacific annou
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Monthly M&A report - 47 Asia-Pacifi
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Trend graphs Asia-Pacific M&A Geogr
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Mid-market deals Asia-Pacific M&A q
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Greater China Tech deals lead Taiwa
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Deal of the month Target: Tianjin P
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Top deals Top 15 Greater China anno
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Expected deals Pipeline of Greater
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value ($m) Trend graphs Greater Chi
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Mid-market deals Top 10 Greater Chi
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Mid-market league tables Top 10 mid
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Deal of the month Target: USJ Co.,
Page 69 and 70: Top deals Top 15 Japanese announced
Page 71 and 72: League tables Top 15 financial advi
Page 73 and 74: Trend graphs Japanese M&A quarterly
Page 75 and 76: value ($m) Mid-market deals Top 10
Page 77 and 78: Australia Looming recession keeps A
Page 79 and 80: Top deals Top 15 Australian announc
Page 81 and 82: Expected deals Pipeline of Australi
Page 83 and 84: value ($m) Trend graphs Australian
Page 85 and 86: Mid-market deals Top 10 Australian
Page 87 and 88: Mid-market league tables Top 10 Mid
Page 89 and 90: Top deals Top 5 European announced
Page 91 and 92: League tables Activity table of pri
Page 93 and 94: Trend graphs European M&A annual tr
Page 95 and 96: Trend graphs Transatlantic deals va
Page 97 and 98: Mid-market deals Announced Status T
Page 99 and 100: Mid-market league tables Top 15 mid
Page 101 and 102: Deal of the month Target: Venture P
Page 103 and 104: Expected deals Pipeline of UK expec
Page 107 and 108: Trend graphs UK M&A annual trends v
Page 109 and 110: Mid-market deals UK M&A quarterly M
Page 111 and 112: Germany Consolidating the German ne
Page 113 and 114: Deal of the month Target: Daimler A
Page 115 and 116: Expected deals Situation Target com
Page 117 and 118: value (€m) Trend graphs German M&
Page 119: Mid-market deals German M&A quarter
Page 123 and 124: Top Deals Top 15 French announced d
Page 125 and 126: Expected deals Pipeline of French e
Page 129 and 130: Trend graphs French M&A annual tren
Page 131 and 132: Mid-market deals French M&A Quarter
Page 133 and 134: Italy M&A in Italy in 2009 • The
Page 135 and 136: Deal of the month Exit multiples -
Page 137 and 138: Top deals Top 5 Italian announced d
Page 139 and 140: League tables Top 15 financial advi
Page 141 and 142: Trend graphs Italian M&A quarterly
Page 143 and 144: value (€m) Mid-market deals Top 5
Page 145 and 146: Benelux Solvay: possible divestment
Page 147 and 148: Deal of the month Target: Vanderlan
Page 149 and 150: Top deals Top 5 Benelux announced d
Page 151 and 152: Expected deals Pipeline of Benelux
Page 155 and 156: Trend graphs Benelux M&A Annual Tre
Page 157 and 158: Mid-market league tables Top Mid-ma
Page 159 and 160: Deal of the month Target: Compania
Page 161 and 162: Top deals Top 15 Iberian announced
Page 163 and 164: Expected deals Pipeline of Iberian
Page 167 and 168: Trend graphs Iberian M&A Annual Tre
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Deal of the month Target: Roxar ASA
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Top deals Top 15 Nordic announced d
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Top deals Top 3 Danish announced de
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Trend graphs Nordic M&A quarterly t
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Mid-market deals Nordic M&A quarter
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CEE and CIS Russian Oil producer bu
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Top deals Top 15 CEE & CIS announce
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Top Deals Top 5 Poland announced de
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Trend graphs CEE and CIS M&A quarte
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Mid-market deals Top 10 CEE & CIS a
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Russia • During the first quarter
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Top deals Top 10 Russian announced
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Expected deals Pipeline of Russian
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Trend graphs Russian M&A quarterly
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Mid-market deals Top 10 Russia anno
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The stage is yours. Which role will
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