Monthly M&A Insider - Mergermarket

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Deal of the month Target: Aracruz Celulose SA (28.03% stake) Announced: 5 March 2009 Bidder: Votorantim Celulose e Papel SA Deal value: $1,110m Seller: Arainvest Participacoes SA Deal nature: Recommended; Domestic; Private Structure • Votorantim Celulose e Papel SA, the listed Brazil based pulp manufacturer, and a subsidiary of Votorantim Group, has agreed to acquire a 28.03% stake in Aracruz Celulose, the listed Brazil based pulp manufacturer, from Arainvest Participacoes, the Brazil based investment holding company, a wholly owned subsidiary of Grupo Safra SA, for a total consideration of BRL 2.71bn ($1.11bn). • The transaction is funded by raising capital through a private placement totalling BRL 4.2bn ($1.72bn). Banco Nacional de Desenvolvimento Economico e Social (BNDES) will participate in the capital raising by investing BRL 2.4bn ($982.7m), Votorantim Group with BRL 600m ($246m), and the remaining balance will come from minority shareholders. Terms • Under the terms of agreement, Votorantim Celulose will acquire 127,506,457 common shares in Aracruz from Arainvest. Based on the total consideration of BRL 2.71bn ($1.1bn), this represents an offer price of BRL 21.25 ($8.7) per Aracruz share. The implied offer price represents a 65.44% premium over Aracruz’ closing share price of BRL 12.75 ($5.26) on 4 March 2009, the last trading day prior to the announcement, and a 59.15% premium over Aracruz closing share price of BRL 12.7 ($5.47) on 5 February 2009, one month prior to the announcement. Rationale • The transaction is part of Votorantim Celulose’s strategic plan to merge with Aracruz, creating a pulp manufacturing group with 15,000 employees, a combined turnover of BRL 7bn ($2.9bn), and a 27% and 44% market share in North America and Europe respectively. • The company acquired a 28.03% stake from the Lorentzen Group for the same amount in August 2008. Votorantim Celulose will increase its shareholding in Aracruz from 28.03% to 84.09% upon completion of this transaction. Votorantim Celulose also plans to acquire the remaining 15.91% stake owned by minority shareholders for an offer price of BRL 14.56 ($7) per share. Completion Latin America • The transaction is expected to close by the end of April 2009. Exit multiples – Y/E 31/12/2008 Premium analysis Multiples Value ($m) Offer price per share ($m) 8.7 Revenue 3.7x 2,152 1 day before 65.44% EBITDA 10.5x 763 1 month before 59.15% EBIT 23.4x 343 1 day after 49.67% Earnings (loss) -1,239 Pre-rumour 268.87% Monthly M&A report – 30
Deal of the month Advisers Target/seller Bidders Financial Citigroup JPMorgan Financial Estater Legal Barbosa, Mussnich & Aragao Pinheiro Neto Advogados Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados Pompeu, Longo, Kignel & Cipullo Advogados Skadden Arps Slate Meagher & Flom Legal Bredin Prat Motta Fernandes Rocha Advogados Shearman & Sterling Tozzini Freire Teixeira E Silva Advogados Mergermarket/dealReporter Intelligence 09-Jan-09 Votorantim´s potential sale of CPFL seen as alternative to capitalize Aracruz, sector source says 05-Oct-08 Aracruz may lose USD 1bn from derivative investments while Votorantim Celulose postpones stake acquisition Latin America Monthly M&A report – 31
Page 1 and 2: Monthly M&A Insider A mergermarket
Page 3 and 4: Introduction Despite a reasonably s
Page 5 and 6: M&A faces Q&A: Non-European Investm
Page 7 and 8: Video-sharing websites face consoli
Page 9 and 10: The rising importance of mid-market
Page 11 and 12: Signs that a sick market is returni
Page 13 and 14: The Potential Impact of the Energy,
Page 15 and 16: Deal of the month RATIONALE & SYNER
Page 17 and 18: Top deals Top 15 North American ann
Page 19 and 20: Expected deals Pipeline of North Am
Page 21 and 22: League tables Top 20 financial advi
Page 23 and 24: Trend graphs North American M&A qua
Page 25 and 26: Trend graphs North American M&A dea
Page 27 and 28: Mid-market deals North American M&A
Page 29: Latin America Odebrecht Group consi
Page 33 and 34: Top deals Top 5 Latin American anno
Page 35 and 36: Expected deals Pipeline of Latin Am
Page 37 and 38: Trend graphs Latin American M&A qua
Page 39 and 40: Mid-market deals Top 5 Latin Americ
Page 41 and 42: Asia-Pacific SOUTH KOREA LG Innotek
Page 43 and 44: Top deals Top 15 Asia-Pacific annou
Page 47 and 48: Monthly M&A report - 47 Asia-Pacifi
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Page 53 and 54: Greater China Tech deals lead Taiwa
Page 55 and 56: Deal of the month Target: Tianjin P
Page 57 and 58: Top deals Top 15 Greater China anno
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Page 61 and 62: value ($m) Trend graphs Greater Chi
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Page 65 and 66: Mid-market league tables Top 10 mid
Page 67 and 68: Deal of the month Target: USJ Co.,
Page 69 and 70: Top deals Top 15 Japanese announced
Page 73 and 74: Trend graphs Japanese M&A quarterly
Page 75 and 76: value ($m) Mid-market deals Top 10
Page 77 and 78: Australia Looming recession keeps A
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Expected deals Pipeline of Australi
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value ($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
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Trend graphs European M&A annual tr
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Trend graphs Transatlantic deals va
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Mid-market deals Announced Status T
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Mid-market league tables Top 15 mid
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Deal of the month Target: Venture P
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Expected deals Pipeline of UK expec
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Trend graphs UK M&A annual trends v
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Mid-market deals UK M&A quarterly M
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Germany Consolidating the German ne
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Deal of the month Target: Daimler A
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Expected deals Situation Target com
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value (€m) Trend graphs German M&
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Mid-market deals German M&A quarter
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France M&A in Q1 • The M&A activi
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Top Deals Top 15 French announced d
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Expected deals Pipeline of French e
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Trend graphs French M&A annual tren
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Mid-market deals French M&A Quarter
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Italy M&A in Italy in 2009 • The
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Deal of the month Exit multiples -
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Top deals Top 5 Italian announced d
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League tables Top 15 financial advi
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Trend graphs Italian M&A quarterly
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value (€m) Mid-market deals Top 5
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Benelux Solvay: possible divestment
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Deal of the month Target: Vanderlan
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Top deals Top 5 Benelux announced d
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Expected deals Pipeline of Benelux
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Trend graphs Benelux M&A Annual Tre
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Mid-market league tables Top Mid-ma
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Deal of the month Target: Compania
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Top deals Top 15 Iberian announced
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Expected deals Pipeline of Iberian
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Trend graphs Iberian M&A Annual Tre
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Mid-market league tables Top 5 mid-
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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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