July 1, 2008
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Global
League Table of Financial Advisers to Global M&A: Value League Table of...
Global
League Table of Financial Advisers to Global Buyouts: Value League Table of Fin...
Global M&A Trend Data and Top Deals
Global M&A Activi...
Expected Deals
Europe
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Goldman Sachs
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Citi
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JPMorgan
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Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
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Press Release For Financial Advisers H1 2008 Global Final

Published on: Mar 4, 2016
Published in: Economy & Finance      Business      
Source: www.slideshare.net


Transcripts - Press Release For Financial Advisers H1 2008 Global Final

  • 1. July 1, 2008 For Immediate Release mergermarket league tables of financial advisers to global M&A: H1 2008 Contacts: The first half 2008 M&A league tables saw Goldman Sachs just eke out a leading position over JPMorgan to emerge as the leading M&A firm by Europe & North America value. While Goldman’s was simply maintaining its leading position, JPMorgan was able to significantly improve on its fourth place finish in 2007. Hannah Bagshawe This impressive finish was aided in part because its traditional strengths in the US were buttressed by the inclusion of all Bear Stearns’ deals by hannah.bagshawe@mergermarket.com virtue of its takeover of the latter. However this formed only a small part of their story, which also featured very strong performances in Europe in Tel: +44 20 7059 6118 Asia, offered a few other surprises, notably the weak showing of industry heavyweight Morgan Stanley and Lehman Brothers. Morgan Stanley, which had grown used to shadowing industry leader Goldman Sachs for years, advised on just half as many deals by value as its nemesis in the Asia-Pacific US market in the first half of 2008. And Lehman Brothers, which a decade ago had been a leading light in the process of European consolidation by virtue of its key role advising and financing on the ground-breaking hostile bid for Telecom Italia, ranks just 16th in that market in the year so Seye Im far. seye.im@mergermarket.com Tel: +852 2158 9706 Meanwhile, the emergence of China’s CICC in 20th position – the first time a Chinese firm has ever appeared in the upper echelons of the M&A league tables – could herald a taste of things to come as M&A activity continues to grow in regions outside of Europe and North America. China makes up a growing portion of Asian M&A nowadays, in contrast with the recent past which has seen Australian deals dominate the market. The long line of strategic buyers that have emerged following General Electric’s recent decision to put its Kentucky-based appliances business up for sale offers a couple of key insights into the current M&A market. Had this sale process been announced just one year ago, private equity firms would have dominated the auction process yet the principle parties to have shown an interest are known to have comprised large strategic Table of Contents: buyers from all four corners of the globe. Likewise the global M&A markets have been affected by the deleveraging of the banking system in the form of a severe decline in the leveraged Global League Tables & Data 2-4 buy-out market, leaving strategic buyers to fill in the void in a variety of sectors. And while cross-border M&A has yet to seriously take off to the Expected Deals 5 extent it had been expected, encouraging signs have recently emerged in key sectors. The best example was seen at the beginning of June when Top Firm Profiles 6-10 the Japanese pharmaceuticals giant Daiichi Sankyo surprised the market with a USD 4.6 bid for India’s Ranbaxy. European League Tables & Data 11-19 North American Tables & Data 20-26 Given the weakness of the US and European banking sector, it is not surprising to see that this sector has grown quiet in these geographies, while Asia-Pacific League Tables & Data 27-32 remaining a solid area of activity in Asia. Energy and commodities remains a major M&A sector in 2008 across the globe although it showing signs Global M&A Breakdown 33 of plateauing. The more consistent sectors of activity going forward comprise industrials as well as the consumer sector. Criteria 34 About mergermarket 35 Europe has marginally exceeded the US in terms of overall M&A activity, a rare occurrence which underlines the weaknesses of the latter. How- ever, as much of the expected cross-border activity is likely to involve US companies as targets, this situation could be reversed quite quickly. More disappointing has been the comparatively low levels of M&A activity in Latin America, despite the strength of markets there due to commod- ity price increases. mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 1
  • 2. Global League Table of Financial Advisers to Global M&A: Value League Table of Financial Advisers to Global M&A: Volume Value No of Value No of Y/E 2007 H1 2008 Company Name (USDm) Deals Y/E 2007 H1 2008 Company Name (USDm) Deals 1 1 Goldman Sachs 566,555 122 2 1 JPMorgan 561,190 140 4 2 JPMorgan 561,190 140 5 2 UBS 407,877 135 3 3 Citi 523,910 116 4 3 KPMG Corp Fin 15,220 126 9 4 Deutsche Bank 464,540 81 3 4 Goldman Sachs 566,555 122 8 5 Credit Suisse 453,675 113 7 5 Rothschild 323,396 122 2 6 Morgan Stanley 416,422 108 1 6 Citi 523,910 116 7 7 UBS 407,877 135 8 7 Credit Suisse 453,675 113 5 8 Merrill Lynch 375,425 113 11 8 Merrill Lynch 375,425 113 10 9 Rothschild 323,396 122 6 9 Deloitte 10,919 110 6 10 Lehman Brothers 311,335 70 10 10 Morgan Stanley 416,422 108 11 11 Lazard 280,694 82 9 11 PricewaterhouseCoopers Corp Fin 17,979 108 14 12 BNP Paribas 263,087 41 12 12 Ernst & Young 30,752 92 27 13 Macquarie Group 241,974 46 13 13 Lazard 280,694 82 87 14 SG 230,963 17 15 14 Deutsche Bank 464,540 81 58 15 Gresham Advisory Partners 228,810 9 14 15 Lehman Brothers 311,335 70 19 16 HSBC Bank 219,325 24 19 16 Houlihan Lokey 10,103 67 30 17 Centerview Partners 109,926 4 21 17 Jefferies & Company 11,474 49 12 18 ABN AMRO 60,240 48 17 18 M&A International 1,559 49 16 19 Banc of America Securities 45,461 31 16 19 ABN AMRO 60,240 48 131 20 China International Capital (CICC) 44,790 8 22 20 Macquarie Group 241,974 46 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 2
  • 3. Global League Table of Financial Advisers to Global Buyouts: Value League Table of Financial Advisers to Global Buyouts: Volume Value No of Value No of Y/E 2007 H1 2008 Company Name (USDm) Deals Y/E 2007 H1 2008 Company Name (USDm) Deals 3 1 Deutsche Bank 19,794 12 1 1 PricewaterhouseCoopers Corp Fin 7,495 23 7 2 Merrill Lynch 14,152 10 5 2 KPMG Corp Fin 1,670 23 5 3 Morgan Stanley 12,801 9 2 3 Deloitte 2,985 21 2 4 Goldman Sachs 12,638 9 4 4 Ernst & Young 9,221 20 20 5 Rothschild 9,946 14 12 5 Rothschild 9,946 14 26 6 Ernst & Young 9,221 20 14 6 Deutsche Bank 19,794 12 13 7 PricewaterhouseCoopers Corp Fin 7,495 23 13 7 Merrill Lynch 14,152 10 8 8 Credit Suisse 6,585 9 15 8 Grant Thornton Corporate Finance 380 10 14 9 UBS 6,392 8 10 9 Morgan Stanley 12,801 9 46 10 RBC Capital Markets 5,932 3 7 10 Goldman Sachs 12,638 9 4 11 Lehman Brothers 5,294 6 6 11 Credit Suisse 6,585 9 23 12 Mediobanca 4,790 4 17 12 BDO Corporate Finance 125 9 6 13 JPMorgan 4,591 4 11 13 UBS 6,392 8 24 14 ABN AMRO 4,487 7 20 14 ABN AMRO 4,487 7 48 15 Barclays Bank 4,222 4 9 15 Lehman Brothers 5,294 6 - 16 Sardis Capital 3,227 1 3 16 Citi 3,068 6 172 17 Hawkpoint Partners 3,102 1 22 17 Close Brothers Group 1,581 5 1 18 Citi 3,068 6 16 18 Macquarie Group 586 5 15 19 Deloitte 2,985 21 42 19 Mediobanca 4,790 4 196 20 Banca IMI/Intesa Sanpaolo 2,749 4 8 20 JPMorgan 4,591 4 Note: based on firms advising the bidder on buyout deals mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 3
  • 4. Global M&A Trend Data and Top Deals Global M&A Activity - Quarterly Global Buyout M&A Activity - Yearly 1,400 4,500 450 800 Value Value Volume Volume 4,000 400 1,200 700 3,500 350 600 1,000 3,000 300 Value of Deals ($bn) Value of Deals ($bn) 500 Volume of Deals Volume of Deals 800 250 2,500 400 2,000 200 600 300 1,500 150 400 200 100 1,000 200 50 100 500 0 0 0 0 Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr 1 03 2 03 3 03 4 03 1 04 2 04 3 04 4 04 1 05 2 05 3 05 4 05 1 06 2 06 3 06 4 06 1 07 2 07 3 07 4 07 1 08 2 08 1 03 2 03 3 03 4 03 1 04 2 04 3 04 4 04 1 05 2 05 3 05 4 05 1 06 2 06 3 06 4 06 1 07 2 07 3 07 4 07 1 08 2 08 Top Announced Deals H1 2008 - All Regions Deal Value Announced Date Bidder Company Bidder Financial Adviser Target Company Target/Seller Financial Adviser Seller Company USD (m) BNP Paribas; Citi; Goldman Sachs; Credit Suisse; Deutsche Bank; JPMorgan 06-Feb-08 BHP Billiton Ltd Gresham Advisory Partners; HSBC Bank; Rio Tinto plc Cazenove; Macquarie Group; Morgan 210,868 Lazard; Merrill Lynch; UBS Stanley; Rothschild; SG Advising seller: Centerview Partners; Citi; Philip Morris 30-Jan-08 Altria Group Inc (Shareholders) Credit Suisse; Deutsche Bank; Goldman Altria Group Inc 106,884 International Inc Sachs; JPMorgan; Lehman Brothers China Netcom Group China International Capital (CICC); 02-Jun-08 China Unicom Ltd Corporation (Hong Citi; Rothschild 29,589 JPMorgan; Lehman Brothers Kong) Limited ABN AMRO; Advising seller: Citi; Atlantis Holdings LLC (af- Alltel Corporation 05-Jun-08 Verizon Wireless Inc Lehman Brothers; Morgan Stanley; UBS Goldman Sachs; Royal Bank of Scotland filiate of TPG LLP and GS 28,100 Inc Group Capital Partners Evercore Partners; Morgan Stanley; Time Warner Cable Inc Time Warner Cable Advising seller: Banc of America 21-May-08 Time Warner Inc 25,461 (Shareholders) Inc (86.30% stake) Securities; BNP Paribas; Citi; Deutsche Bank; Goldman Sachs; Wachovia mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 4
  • 5. Expected Deals Europe Value Pre- Ann. Date Potential Bidder Company Bidder Financial Adviser Target Company Target Financial Adviser EUR (m) 05-Jun-08 France Telecom SA BNP Paribas TeliaSonera AB Goldman Sachs; Merrill Lynch; Morgan Stanley 27,060 17-Mar-08 Electricite de France SA; Centrica plc; and Iberdrola British Energy Group Plc 7,677 17-Jun-08 Hellman & Friedman LLC; Providence Equity Jefferies Group; JPMorgan Informa Plc Greenhill & Co 2,533 06-Nov-07 Credit Mutuel SA Morgan Stanley Banca Popolare di Milano 4,454 05-May-08 WPP Group Plc Taylor Nelson Sofres Plc Deutsche Bank; JPMorgan Cazenove 1,213 North America Value Pre- Ann. Date Potential Bidder Company Bidder Financial Adviser Target Company Target Financial Adviser USD (m) Deutsche Bank; JPMorgan Cazenove; BNP Paribas; Citi; Merrill Lynch; Goldman Sachs; Moelis & 11-Jun-08 InBev SA Anheuser-Busch Companies Inc 46,349 Lazard Company 20-May-08 NRG Energy Inc Credit Suisse; Merrill Lynch Calpine Corporation Goldman Sachs 8,960 10-Mar-08 Nationwide Mutual Insurance Company Goldman Sachs; UBS Nationwide Financial Services Inc Lazard 6,510 02-Mar-08 United Technologies Corporation Morgan Stanley Diebold Incorporated Goldman Sachs 2,632 10-Jun-08 Precision Drilling Trust RBC Capital Markets Grey Wolf Inc UBS 1,788 Asia-Pacific Value Pre- Ann. Date Potential Bidder Company Bidder Financial Adviser Target Company Target Financial Adviser USD (m) 12-Dec-07 KT Corporation KT Freetel Co Ltd 5,137 Goldman Sachs; Deutsche Bank; Morgan Stanley; 24-Jun-08 BG Group Plc Contact Energy Ltd 3,565 Gresham Advisory Partners 05-Dec-07 Nakheel Group; and Lend Lease Corporation Mirvac Group 3,024 15-Feb-08 Steel Partners Japan Strategic Fund (Offshore) LP Sapporo Holdings Limited Mizuho Financial Group; Citi 2,724 14-May-08 Country Garden Holdings Co Ltd; and Yeung Kwok Television Broadcasts Limited 2,526 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 5
  • 6. Goldman Sachs Mix of Announced Global Deals by Industry Sector H1 2008 - Value Regional Rankings Value Volume Regional Rankings Value Volume Construction Agriculture Defence 0.3% 0.9% Industrials & Chemicals 0.3% Pharma, Medical & Biotech 3.3% Global 1 4 Europe: 3 12 3.8% Financial Services Transport 7.6% 0.1% Americas: UK 7 13 Leisure Business Services 0.8% 2.7% USA 1 2 Germany 4 9 TMT 13.5% Mid Atlantic 1 3 France 24 18 Consumer 24.4% Mid West 2 1 Benelux 4 9 New England 1 1 Ireland - - South/South West 1 2 Iberia 36 25 Energy, Mining & Utilities 42.3% West 5 2 Italy 10 16 Canada 8 29 Nordic 14 18 Central & South America 5 8 Central & Eastern Europe 18 22 Mix of Announced Global Deals by Industry Sector H1 2008 - Volume Asia-Pacific Spain 32 19 Construction Agriculture Defence 1.6% 0.8% 0.8% Asia-Pacific (excl Japan) 7 7 Sweden 10 12 Pharma, Medical & Biotech 6.3% Industrials & Chemicals Transport 12.5% Asia (excl Japan) 9 3 Russia 15 15 0.8% Leisure South East Asia 4 2 Buyouts: 4.7% Financial Services Greater China 14 14 Global 4 10 TMT 18.8% 16.4% Australasia 6 9 USA 14 4 India 7 10 Europe 3 11 Energy, Mining & Utilities Japan 3 9 Asia-Pacific (excl Japan) - - 9.4% Business Services 13.3% Consumer 14.8% Global M&A Activity - Quarterly 600 140 Mix of Announced Deals by Geographic Region H1 2008 - Value Value Mix of Announced Deals by Geographic Region H1 2008 - Volume South & Central Asia North Asia Volume 120 Japan Australasia 0.1% South East Asia South East Asia 500 0.5% 0.8% Africa & Middle East 0.2% 3.0% South & Central Asia 6.3% Northern Europe Africa & Middle East 2.3% 1.6% 100 0.5% 0.9% Australasia Value of Deals ($bn) North America Japan 400 Volume of Deals 3.1% 28.7% North Asia 2.3% Southern Europe 2.3% 80 1.0% l & Eastern Europe 300 1.6% 60 Northern Europe 2.3% 200 North America Central & South America Southern Europe 52.3% 40 2.0% 4.7% 100 20 Western Europe Western Europe 18.0% 62.3% 0 0 Central & South America 3.1% mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 6
  • 7. Citi Mix of Announced Global Deals by Industry Sector H1 2008 - Value Construction Industrials & Chemicals Regional Rankings Value Volume Regional Rankings Value Volume Pharma, Medical & Biotech 0.4% 2.2% Financial Services Transport 3.1% 4.1% 0.7% Global 3 6 Europe: 5 11 Leisure Business Services 0.5% 3.2% Americas: UK 11 11 TMT Consumer USA 3 8 Germany 22 15 20.6% 21.9% Mid Atlantic 2 6 France 19 12 Mid West 8 7 Benelux 19 11 New England 4 6 Ireland - - South/South West 6 9 Iberia 1 2 Energy, Mining & Utilities 43.2% West 4 8 Italy 15 19 Canada - - Nordic 16 19 Mix of Announced Global Deals by Industry Sector H1 2008 - Volume Central & South America 3 4 Central & Eastern Europe 10 5 Construction Pharma, Medical & Biotech 6.2% Asia-Pacific Spain 1 2 5.3% Industrials & Chemicals 13.3% Transport Asia-Pacific (excl Japan) 1 9 Sweden 11 23 3.5% Leisure Asia (excl Japan) 3 5 Russia 10 4 1.8% Financial Services 15.0% South East Asia 1 5 Buyouts: TMT 15.9% Greater China 4 12 Global 18 16 Australasia 8 7 USA 4 2 Business Services 10.6% India 6 6 Europe 38 29 Energy, Mining & Utilities 17.7% Consumer 10.6% Japan 9 5 Asia-Pacific (excl Japan) - - Global M&A Activity - Quarterly 500 140 Mix of Announced Deals by Geographic Region H1 2008 - Volume Value Mix of Announced Deals by Geographic Region H1 2008 - Value 450 Japan South East Asia Volume 120 0.6% Australasia 2.7% Africa & Middle East 1.5% South East Asia 2.7% 400 South & Central Asia 0.1% South & Central Asia 0.2% 2.7% 350 100 Africa & Middle East Value of Deals ($bn) Central & Eastern Europe North Asia Australasia 0.6% Volume of Deals 0.8% 6.4% 5.3% Northern Europe North America 300 0.1% North America 31.0% 80 19.7% Southern Europe 250 2.0% Japan 15.9% 60 Central & South America 200 3.5% 150 40 North Asia 3.5% 100 Central & South America Central & Eastern Europe 20 5.3% 6.2% 50 Northern Europe 2.7% Southern Europe Western Europe 0 0 Western Europe 8.8% 13.3% 64.5% mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 7
  • 8. JPMorgan Mix of Announced Global Deals by Industry Sector H1 2008 - Value Construction Defence Regional Rankings Value Volume Regional Rankings Value Volume TransportPharma, Medical & Biotech 0.3% 0.9% Industrials & Chemicals 1.3% 2.1% 4.0% Global 2 1 Europe: 2 6 Leisure 0.6% Financial Services 7.3% Americas: UK 5 7 TMT 11.0% Business Services 3.8% USA 2 1 Germany 3 4 Mid Atlantic 4 1 France 2 8 Consumer Mid West 1 2 Benelux 3 4 27.1% New England 11 4 Ireland 9 15 Energy, Mining & Utilities 41.7% South/South West 2 1 Iberia 13 15 West 3 5 Italy 9 10 Canada 30 33 Nordic 7 7 Central & South America 4 1 Central & Eastern Europe 3 11 Mix of Announced Global Deals by Industry Sector H1 2008 - Volume Asia-Pacific Spain 12 13 Construction Defence 2.8% 0.7% Asia-Pacific (excl Japan) 2 10 Sweden 1 3 Pharma, Medical & Biotech 7.0% Industrials & Chemicals Transport 16.1% Asia (excl Japan) 2 4 Russia 4 7 1.4% Leisure 2.8% South East Asia 9 17 Buyouts: TMT Greater China 3 4 Global 13 20 16.8% Financial Services 20.3% Australasia 10 13 USA 1 5 India 14 30 Europe 64 69 Energy, Mining & Utilities Business Services 12.6% Japan 14 16 Asia-Pacific (excl Japan) - - Consumer 6.3% 13.3% Global M&A Activity - Quarterly Mix of Announced Deals by Geographic Region H1 2008 - Value 450 140 Mix of Announced Deals by Geographic Region H1 2008 - Volume Australasia South & Central Asia Value 0.2% South & Central Asia 0.4% South East Asia 400 Volume Central & Eastern Europe North Asia Australasia 2.1% 120 South East Asia 0.7% 6.2% Africa & Middle East 2.8% 1.5% 0.5% Africa & Middle East Northern Europe 0.1% 350 North Asia 2.1% 1.9% North America 100 2.8% Value of Deals ($bn) 20.8% Central & Eastern Europe 300 Southern Europe Volume of Deals 4.2% 1.7% Northern Europe 250 80 4.2% Central & South America Southern Europe 1.9% 5.6% 200 60 North America 49.0% 150 40 100 20 Western Europe 50 23.1% 0 0 Western Europe Central & South America 64.8% 3.5% mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 8

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