Monthly M&A Insider - Mergermarket

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Mid-market league tables Mid-market financial Advisers – Italy (€10m to €250m) YTD 31-Mar-2009 Value: Volume: House Value (€m) Deal count 1 Mediobanca 233 2 2 Rothschild 219 2 3 Deloitte 208 4 4 Morgan Stanley 174 1 5= Deutsche Bank 118 1 5= JPMorgan 118 1 7 KPMG 117 2 8 Banca IMI/Intesa Sanpaolo 30 2 9= Hadley Partners 25 1 9= Tamburi & Associati 25 1 1 Deloitte 208 4 2 Mediobanca 233 2 3 Rothschild 219 2 4 KPMG 117 2 5 Banca IMI/Intesa Sanpaolo 30 2 6 Morgan Stanley 174 1 7= Deutsche Bank 118 1 7= JPMorgan 118 1 9= Hadley Partners 25 1 9= Tamburi & Associati 25 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adviser league tables by value and volume have been run from 01 January 2009 to 31 March 2009 and exclude lapsed and withdrawn deals.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 Italy Mid-market legal Advisers – Italy (€10m to €250m) YTD 31-Mar-2009 Value: Volume: Italy House Value (€m) Deal count 1 Chiomenti Studio Legale 515 7 2= Bonelli Erede Pappalardo 200 1 2= Giliberti Pappalettera Triscornia e Associati 200 1 2= Linklaters 200 1 2= SJ Berwin 200 1 6 Studio Legale Pavesi Gitti Verzoni 174 1 7= Foley & Lardner 118 1 7= Willkie Farr & Gallagher 118 1 9 Dewey & LeBoeuf 115 2 10 d'Urso Gatti e Associati Studio Legale 82 1 1 Chiomenti Studio Legale 515 7 2 Dewey & LeBoeuf 115 2 3 Baker & McKenzie 74 2 4= Bonelli Erede Pappalardo 200 1 4= Giliberti Pappalettera Triscornia e Associati 200 1 4= Linklaters 200 1 4= SJ Berwin 200 1 8= Studio Legale Pavesi Gitti Verzoni 174 1 9= Foley & Lardner 120 1 9= Willkie Farr & Gallagher 120 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adviser league tables by value and volume have been run from 01 January 2009 to 31 March 2009 and include lapsed and withdrawn deals.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 Italy <strong>Monthly</strong> M&A report – 144
Benelux Solvay: possible divestment of pharma division • Solvay, the Belgium-listed pharmaceutical and chemicals business, could attract a bidding war by pursuing a break up of its pharmaceutical division. An auction will most likely take place rather soon. Numerous European entities have expressed interest in different parts of the group’s pharmaceutical business in the past and this could now be revived. Although several sources believed a full division sale was more likely, they agreed only a few entities would bid due to the unit’s unfocused business nature and size. • Early April, Solvay confirmed it was in talks with third parties and considering various options for its pharmaceutical division. Solvac, the family-owned 30% shareholder in Solvay, has denied a report suggesting it had any contact with third parties about the sale of any of its stake in Solvay. The statement followed a report claiming Solvac had last month rejected a €7.2bn (€85 per share) bid from French drug giant Sanofi-Aventis. Solvac would be holding out for a €100 per share bid. • The division pharma, valued at around €5bn, includes a cardiometabolics and neuroscience franchise – the two which are considered by the company to be core – along with flu vaccines, pancreatic enzymes, gastroenterology and hormone treatments. Solvay may however want to hold on to its core franchises as they are the most profitable, and sell off the non-core parts of the business. Bayer Schering could be a potential contender for the hormone treatments. Solvay is partnering with Russian company Petrovax on flu vaccines, while other companies in this niche space are Baxter, Novartis’ Chiron, GSK Biologicals, Sanofi Pasteur and Intercell. However, sources familiar with the sector said a full sale of the division was the expected result of Solvay’s pharma division review. They said a sale of Solvay’s pharma division would continue the recent trend in the sector of buyers looking for access to emerging markets. Sanofi is looking for deals such as this in the Solvay price range, as is GSK which was identified as another potential bidder. • A more limited deal could be struck with a bidder for access to Solvay’s generics portfolio in emerging markets, following the recent GSK purchase of part of UCB’s portfolio and Sanofi-Aventis’ acquisition of Zentiva, as examples of deals with the same strategic rationale. Benelux Solvay is one of the last European businesses with a combined chemical/pharma model and, as per a UK based analyst familiar with the sector, may feel the current round of pharma industry consolidation is its last chance to offload the pharma division and pocket the cash or reinvest in its remaining business, which are facing tough times. • The need to replenish the pipeline and grow the number of patents could be the driver behind Sanofi’s reported approach to Solvay Pharmaceuticals. Other interested bidders for the division as a whole could be Takeda and AstraZeneca. Players said not to be in the running included Pfizer and Merck, which are both involved in large-scale M&A and would have no reason to divert resources to smaller-scale activity in Europe. Mid-market sector players such as Abbott Laboratories - a partner to Solvay – would be unlikely to bid for the pharma division either. Mid-market players stand to gain little from acquiring the division. Solvay Pharmaceuticals is too small a player to convert an acquirer into a major company. At the same time, the business, while offering an interesting pipeline, is too generalist to offer the niche dominance required by mid- or small-cap pharma company. Dutch TMT sector on the look-out: Ortec • Ortec, the privately owned Dutch time and resources planning solutions provider, could be consider bolt-on acquisitions this year. Opportunities among distressed competitors may arise in the wake of the current financial crisis and Ortec could seize the opportunities to take over ailing competitors if they fit with its organisation and if the price is reasonable. Potential acquisitions would be aimed at getting new clients, strengthening the company’s core business activities and expanding in a new location. The company has grown both internally and externally in the past. However, it will focus on organic growth this year, following its clients’ expansion abroad, and opening new subsidiaries near its plants. Ortec is expected to increase its turnover by 20% through organic growth in 2009. • Eventual buys would be financed internally through existing cash flow as Ortec is currently “very profitable” and “very well-financed” by its private shareholders. Stakeholders include the three founders, some key managers and a financial entity with no voting rights encompassing other employees. No change would affect <strong>Monthly</strong> M&A report – 145
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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 ($m) Trend graphs Greater Chi
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Mid-market deals Top 10 Greater Chi
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Mid-market league tables Top 10 mid
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Deal of the month Target: USJ Co.,
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Top deals Top 15 Japanese announced
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Trend graphs Japanese M&A quarterly
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value ($m) Mid-market deals Top 10
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Australia Looming recession keeps A
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Top deals Top 15 Australian announc
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Expected deals Pipeline of Australi
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value ($m) Trend graphs Australian
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Mid-market deals Top 10 Australian
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Mid-market league tables Top 10 Mid
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Top deals Top 5 European announced
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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
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Page 101 and 102: Deal of the month Target: Venture P
Page 103 and 104: Expected deals Pipeline of UK expec
Page 105 and 106: League tables Activity table of pri
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 and 120: Mid-market deals German M&A quarter
Page 121 and 122: France M&A in Q1 • The M&A activi
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: value (€m) Mid-market deals Top 5
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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Page 171 and 172: Deal of the month Target: Roxar ASA
Page 173 and 174: Top deals Top 15 Nordic announced d
Page 175 and 176: Top deals Top 3 Danish announced de
Page 179 and 180: Trend graphs Nordic M&A quarterly t
Page 181 and 182: Mid-market deals Nordic M&A quarter
Page 183 and 184: CEE and CIS Russian Oil producer bu
Page 185 and 186: Top deals Top 15 CEE & CIS announce
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Page 191 and 192: Trend graphs CEE and CIS M&A quarte
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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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