68 ma insider may2011

8/2/2019 68 MA Insider May2011

1/39

Monhly M&A InsIdA mergermArket report on globAl m&A Activity

mAy 2011


2/39

Monhly M&A InsId

GlobAl ovvI 01

AmericAs: lAtin AmericA 06

north AmericA 11

AsiA-pAcific 16

europe 22

middle eAst & AfricA 28

Abou MIll copoAIon 33

80 sal, Wc2r 0rlu k

: +44 (0)20 7059 6100: +44 (0)20 7059 6101a@a.

895 bawa #4nw y, ny 10003usA

: +1 212 686-5606: +1 212 686-2664a.@a.

s 2401-3ga m paza181 Q ra, cah k

: +852 2158 9700: +852 2158 9701a.aa@a.

www.mergermarket.mPart of he ergermarket roup

CONTENTS


3/39Mt M&A Iier 01

In one of 2011s largest strategic M&A deals so far, for

example, Exelon Corporation (EXC), a leading electricity

provider in the US, announced its US$10.4bn acquisition of

Constellation Energy Group, a multi-faceted energy business

with a growing clean energy portfolio. Two prime examples

can also be found in France, where Total SA this month

agreed to acquire up to 60% of SunPower Corporation, a

silicon solar cell and solar panel manufacturer based in the

US, and EDF announced its acquisition of a 50% stake in EDF

Energies Nouvelles SA, a French renewable energy specialist.

Private equity deal ow is also picking up pace. UK-based

Terra Firma has been especially active in this respect, most

recently in May making a 98m investment in 13 photovaltaic

plants owned by Spains Sorgenia Solar. Terra Firma had

previously added a group of UK wind farms valued at

US$284m to its renewable energy portfolio company Innis

plc. Smaller windfarm deals are also cropping up: Irish

private equity group ESB Novusmodus, which focuses on

early stage cleantech and renewable investments of 5m to

20m, invested 20m in Wind Energy Direct Limited, a UK-

based company that installs and operates wind turbines at

business and industrial sites. Other deals include US-based

private equity rm Alinda Captial Partners investment in agri.

capital, announced this past March.

At the same time, mergermarket intelligence has shown

some of the worlds larger corporate and nancial buyers

preparing to scout out new alternative energy opportunities,

including Japan-based conglomerate Misubishi and Canadian

infrastructure investor Brookeld Asset Management of

Canada. Following the creation of its Global Environment

Business Development Group in 2010, Misubishi is reportedly

considering wind, geothermal and other renewable

investments in the near-term. Brookeld, meanwhile, is

expected to bolster its portfolios for Brookeld Renewable

Power Fund and Brookeld Infrastructure Partners. As for

the more cutting-edge renewable areas, Gamesa Corporacion

Tecnologica, the Spanish wind turbine manufacturer,

launched Gamesa Venture Capital (GVC) to invest in

technology developers focused on converting tidal power into

electricity.

Energy sector M&A is still dominated by fossil fuels. For

example, the 3.5bn acquisition of Frac Tech Services led by

Singapores Temasek Holdings and US-based Chesapeake

Energy, currently stands as one of the 2011s largest buyouts.

However, the clearly outlined initiatives in renewable energy

suggests the space is one worth watching for the remainder

of 2011.

GLOBAL OVERVIEW

hea f eear Elias Latsis

itr Rory McNeil

For advertising opportunities contact:

rik ikma

t: + (1) 212 [email protected]

Ga eriew: Elizabeth Castro

lati Ameria: Urna Chakraborty

nrt Ameria: Jason Cozza

Aia-pai: Rus Beasley

re: Samuel Tedjasukmana and Damien Julliard

Mie at & Afria: Otavio Machado, Yannis Papacostas &Marie-Laure Keyrouz

GlobAl ovvI

THE END OF APRIL BROUGHT 2011 DEAL VOLUME TO 3,593 TRANSACTIONS WORTH US$817.4BN,REPRESENTING AN 8.2% DECREASE IN VOLUME BUT A CONSIDERABLE 26.5% SPIKE IN DEAL VALUEAGAINST THE SAME PERIOD LAST YEAR. THIS JUMP IN VALUE HAS BEEN FUELLED LARGELY BYSTRATEGIC M&A IN THE ENERGY SECTOR, WHICH, ON THE WHOLE, ACCOUNTS FOR ONE UARTER OFGLOBAL DEAL VALUE, AND A FAIR SHARE OF THIS ACTIVITY IS LEANING MORE TOWARD ALTERNATIVETHAN CONVENTIONAL ENERGY SOURCES. WHEREAS LAST YEAR THE MOST HIGH-PROFILE DEALSWERE LED BY OILFIELD SERVICES GIANTS SCHLUMBERGER AND SMITH INTERNATIONAL, OROIL PRODUCERS, INCLUDING RUSSIAS OAO RUSSNEFT AND CANADAS SYNCRUDE, THIS YEAR ISSEEING CORPORATES AND BUYOUT GROUPS EXPAND MORE AGGRESSIVELY INTO WIND, HYDRO ANDRENEWABLES AREAS BY WAY OF M&A.


4/39Mt M&A Iier 02

TREND GRAPHS

GlobAl M&A quAly nd

0

200

400

600

800

1,000

1,200

1,400

Q2

11*

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Q4

06

Q3

06

Q2

06

Q1

06

Q4

05

Q3

05

Q2

05

Q1

05

Q4

04

Q3

04

Q2

04

Q1

04

Value

(US$bn

)

Total value Mid-market value

Numberofdeals

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

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

Q404

Q304

Q204

Q104

Value

(US$bn

)

Buyout value Exit value

Numberofdeals

Buyout volume Exit volume

0

100

200

300

400

500

600

700

800

900

GlobAl M&A AnnuAl nd GlobAl M&A AnnuAl pIvA quIy nd

0

500

1,000

1,500

2000

2,,500

3,000

3,500

4,000

YTD 2011*2010200920082007200620052004

Va

lue

(US$bn

)


Numberofd

eals

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

YTD 2011*2010200920082007200620052004

Va

lue

(US$bn

)


Numberofd

eals


0

500

1,000

1,500

2,000

2,500

3,000

3,500

GlobAl M&A quAly pIvA quIy nd


5/39Mt M&A Iier 03

TREND GRAPHS

GlobAl M&A sco bAdon yd 2011

GlobAl GoGAphIc bAdon yd 2011

VALUE

VALUE

VOLUME

VOLUME

25.0%

1.5%

1.0%0.5%

6.5%

.

4.0%

17.5%

16.4%5.5%

1.7%

7.6%

2.6%Industrials & Chemicals

TMT

Business Services

Consumer

Energy, Mining & Utilities

Financial Services

Pharma, Medical & Biotec

Construction

Leisure

Transportation

Real Estate

Agriculture

Defence

5.3%1.8%

46.6% 31.3%

15.0%Asia-Pacific

Europe

North America

Middle East & Africa

Latin America

9.6%

12.7%

1.0%

0.4%

3.1%

3.4%

1.5%

8.1%

3.7%

8.5%

19.3%

14.8%

13.9%

Industrials & Chemicals

TMT

Business Services

Consumer


Financial Services

Pharma, Medical & Biotech

Construction

Leisure

Transportation

Real Estate

Agriculture

Defence

4.5%2.2%

33.8%

39.6%

19.8% Asia-Pacific

Europe

North America

Middle East & Africa

Latin America


6/39Mt M&A Iier 04

TREND GRAPHS

GlobAl M&A dAl sIz bAdon

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004

28.9%

18.6%

24.5%

9.9%

18.2%

38.8%

15.5%

22.1%

8.5%

15.1%

43.9%

16.3%

20.4%

7.3%

12.3%

39.8%

16.9%

23.0%

7.9%

12.5%

42.7%

15.0%

19.1%

8.8%

14.3%

40.7%

16.4%

20.5%

7.9%

14.6%

27.8%

20.8%

27.5%

9.3%

14.5%

37.5%

20.4%

23.7%

7.4%

10.9%

US$5,001m

Percen

tage

80

82

84

86

88

90

92

94

96

98

100

YTD 2011*2010200920082007200620052004

US$5,001m

0.3%

1.0%

4.2%

4.5%

90.0%

0.7%

1.0%

4.5%

4.7%

89.2%

0.7%

1.2%

5.0%

4.7%

88.2%

0.7%

1.3%

5.5%

5.1%

87.4%

0.6%

0.9%

3.9%

4.6%

90.1%

0.5%

0.9%

3.7%

3.9%

91.0%

89.0%

4.5%

4.8%

1.2%

0.4% 0.8%

1.4%

5.8%

4.7%

87.3%

Percen

tage


7/39

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


8/39

LATIN AMERICAA MERgERMARkET M&A REpRT N

Mnthly M&A Inier 06

Brazil and Mexico have seen the most dealmain activity

in the year-to-date by value. Brazil-based deals amounted

to US$33.7bn, which reresents 78% of the total value, and

Mexico-based deals amounted US$2.9bn, or 7% by value. With

redictions of Latin American rowth eed at 4.7% for this

year, M&A is exected to row considerably.

The Financial Services sector has been ainin maret share,

currently at 5.9% by value and 7.6% by volume throuh the

course of 2011, u from 2.2% by value and 6.8% by volume in

the rst half of the rst quarter. Canadas Scotiaban will liely

add to this rowth in the comin months as it is looin tocontinue its exansion in the Latin American maret. After an

active rowth eriod last year the acquisition of Royal Ban

of Scotlands cororate and commercial banin oerations

in Chile and Colombia and BNp paribas panamanian wealth

manaement business, to name a few the ossibility

of future acquisitions is hih due to the sizeable returns

Scotiaban exerienced from their Latin American division.

India is another Asian country interested in the raidly

rowin Latin American maret, with reorts that the IT

iant Mahindra Satyam is currently neotiatin a Brazilian

acquisition. With a focused interest in the banin andinsurance industries, as well as in telecommunications, the

comany is looin for a taret that also has a lare resence

in the countries surroundin Brazil. South korean tire

manufacturers could also be looin to form a joint venture

with an Ecuadorian artner to tae advantae of new South

American marets. The tire manufacturin industry is u and

comin and could be attractin new interest from overseas.

korea would rovide the technoloy, and Ecuador would hel

maret the roducts domestically and exort to the Andean

states. While this is a rare move, due to comlicatin issues

such as technoloy transfers or exchane, if successful,

it could rove to be a lucrative move for South korean tire

manufacturers and contribute to rowth in the Latin American

maret.

In other news, general Electric is settin u a small team of

analysts in Sao paulo, Brazil to analyze ossible acquisition

tarets in Latin America. The US-based technoloy and ower

eneration conlomerate has exerienced a 30% rowth

in orders in the reion and exects to seriously loo into

ossible technoloies that would comlement gEs business.

In November, gE revealed an exansion exenditure of

US$500m to increase enery, transortation and healthcare

manufacturin in Brazil; and with gEs 2011 Q1 revenue in

its Brazilian venture u by 80%, its not oin to be stoin

anytime soon.

LATIN AMERICAN M&A SAW A LARgE NUMBER F EALS CMpLETE URINg ApRIL, BUT WIT ALW ERALL ALUE: 35 EALS CLLECTIEL ALUE AT NL US$5.7BN. IN TE EAR T-ATE, TEENERg, MININg & UTILITIES SECTR AS LE IN TERMS F BT ALUE AN LUME WIT 30 EALSWRT US$12BN AN IT WAS AgAIN A MINANT SECTR IN ApRIL WIT FIE EALS ANNUNCEWRT AppRIMATEL US$1.5BN; TIS CMpRISE 28% F TTAL EAL ALUE AN 19% F TTALEAR-T-ATE LUME. ApRILS Tp EAL WAS TE BRAIL-BASE INESTMENT LINg CMpANCIAE E EUS ACQUISITIN F A 4.10% STAkE IN BANC BRAESC FRM BANC ESpIRIT SANTFR AppRIMATEL US$1.3BN.


9/3907Mnthly M&A Inier

Top 10 LATIN AMERICAN ANNouNCEd dEALs of TE MoNT (ApR-11)

Annnce Bier cmany Target cmany Target minant

ectr

seller cmany Exit mltile (x) Bi remia

1-ay

bere

deal

vale

(us$m)Revene EBITdA p/E

28-Ar-11 Cidade de eus -Comanhia Comercialde particiacoes

Banco Bradesco(4.10% stae)

Financial Services Banco Esirito Santo n/a n/a 10.7 -4.0% 1,276

19-Ar-11 CpFL Eneria Enerias Renovaveis Enery, Minin &Utilities

- 1,034

01-Ar-11 Quinenco Shell (most of itsownstream businessin Chile)

Industrials &Chemicals

Royal utch Shell - 614

14-Ar-11 Itau Unibanco oldin Banco CSF(49.00% stae)

Financial Services Carrefour n/a n/a 11.6 - 459

18-Ar-11 Atlantia SociedadConcesionariaAutoista esucioSur (50.00%stae); SociedadConcesionaria LitoralCentral (50.00% stae);eracion y Loisticade Infraestructuras(50.00% stae)

Construction Acciona - 401

01-Ar-11 gruo Televisa Cablemas(41.70% stae)

TMT - 394

20-Ar-11 parex Resources Remora EneryInternational (fourLlanos Basin blocs)

(50.00% stae)

Enery, Minin &Utilities

Remora EneryInternational

- 255

08-Ar-11 Amen Laboratorio QuimicoFarmaceuticoBeramo Ltda

pharma, Medical &Biotech

2.7 - 215

11-Ar-11 princial Financialgrou

SBC AFRE Financial Services gruo Financiero SBC n/a n/a - 200

16-Ar-11 Abril Educacao Coleio e Curso and Escolas Tecnicasdo Brasil (53.00%stae)

Business Services paulo enrique (rivateinvestor); Leonardoenrique (rivateinvestor); Alessandraenrique (rivateinvestor)

- 189

Based on announced deals, includin lased and withdrawn bids

Based on dominant eorahy of taret comany bein Latin America

ata correct as of 13-May-11

Source: merermaret

Tp EALS



TREN gRApS

LATIN AMERICAN M&A quARTERL TRENd

0

10

20

30

40

50

60

70

Q2

11*

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Q4

06

Q3

06

Q2

06

Q1

06

Q4

05

Q3

05

Q2

05

Q1

05

Q4

04

Q3

04

Q2

04

Q1

04


NumberofdealsV

alue

(US$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

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

Q404

Q304

Q204

Q104

Value

(US$m

)


Numberofdeals


0

2

4

6

8

10

12

14

16

LATIN AMERICAN M&A ANNuAL TRENd LATIN AMERICAN M&A ANNuAL pRIATEEquIT TRENd

0

20

40

60

80

100

120

140

160

180

YTD 2011*2010200920082007200620052004


Numberofd

ealsVa

lue

(US$bn

)

0

100

200

300

400

500

600


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

YTD 2011*2010200920082007200620052004

Value

(US$m

)


Numberofd

eals


0

5

10

15

20

25

30

35

40

45

50

LATIN AMERICAN M&A quARTERL pRIATEEquIT TRENd

08



TREN gRApS

LATIN AMERICAN M&A EoRApIC BREAkdowN Td 2011

ALUE LUME

72.7%

4.9%

0.2%

2.7% 3.4%

7.0%0.5%

3.0%

0.1%

Brazil

Chile

Colombia

Dominican Republic

Ecuador

El Salvador

Mexico

Peru

Argentina

10.0%

6.9%

1.3%

6.3%

1.3%

10.6%

52.5%

0.6%

8.1%

1.3%

1.3%

Brazil

Chile

Colombia

Dominican Republic

Ecuador

El Salvador

Mexico

Panama

Peru

Venezuela

Argentina

LATIN AMERICAN M&A sECToR BREAkdowN Td 2011

ALUE LUME

1.0%

28.0%

2.9%

18.9%

0.7%1.2%

27.2%

5.9%

9.8%

4.1%


Consumer


Business Services

Financial Services

TMT

Transportation

Construction


Agriculture

18.8%

16.9%

11.9%

7.5%

5.0%

3.1%

1.3%1.3%

1.3%

5.0%

5.6%

6.9%

15.6%


Consumer


Business Services

Financial Services

TMT

Transportation

Construction


Agriculture

Leisure

Defense

Real Estate

09



LATIN AMERICAN M&A dEAL sIzE BREAkdowN

ALUE LUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004

US$5,001m

38.5%

21.9%

14.7%

9.6%

15.4%

17.9%

7.2%

25.8%

21.3%

27.8%

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%

29.5%

36.8%

9.6%

14.8%9.1%

6.6%

24.2%

18.3%

41.8%

31.3%

23.2%

24.2%

9.9%

11.3%

Percentage

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004

3.3%

6.1%

88.6%

4.1%

7.1%

88.1%

1.0%

5.4%

7.4%

85.1%

0.2%

5.3%

6.4%

87.4%

4.7%

5.3%

88.2%

7.0%

5.2%

85.8%81.8%

6.4%

8.3%

1.2% 0.3% 1.0% 0.7% 1.2% 1.8% 2.1%

6.9%

6.9%

83.1%

0.8% 0.3% 0.6% 0.3% 1.4% 1.3%

Perce

ntage

1.9%

US$5,001m

TREN gRApS


13/39

A mergermArket m&A report on

11Mh M&A Iide

nortH AmerICA

EnErgy, MInIng & UtIlItIEs tAkE top DEAls In AprIl

In nortH AmerICA, tHe energy, mInIng & UtIlItIes seCtor mAde Up foUr of tHe top 10 deAlsAnnoUnCed by vAlUe for tHe montH of AprIl. notAble trAnsACtIons In tHe spACe InClUded AComplex tAngle of HostIle megA-deAls InvolvIng mInmetAls resoUrCes (mmr), eqUInox mInerAls,lUndIn mInIng And bArrICk gold.

I a Ai, mmr a a uici Us$6.4 i

Caaa-a eui mia. Iu a iiia

cua ha a hih ic wu ca uccu ach a a (mmr ha CAd7.00

ha). mmr wa i acui eui h cii

ha i i acui ii ia lui mii. th

a ua a a baic g ui a i

acui eu CAd8.15 ha.

fwi baic i, mmr ha u u

a i i eui, a eui ha ca i i

acui lui a ii a ii a

acui baic. th aaci uc ciu

i h Chi i Caaa aua uc a

i ciai a ic ia.

I a, h e, mii & Uiii c ha auc

133 a au a Us$110.6 i h a--a,

i 29% aa a au i nh Aica.

th a a i h ac wa auc i a Ai

wh Cai e i a ii a

acui e Cai huh a ha wa

wih a ii ui au Us$7.7.

tMt lead Dea Cu

th tmt c a a cu wih 217 a au aUs$77.9, i 18.3% a a cu ytd

2011. Ciai a icuc cai ha

ha u hi a a ca caiaiz a

a a.

I h ii Ai, ta Iu a Us$6.5

i acui naia sicuc. th a i

c aw uch ua cui ic h

cai aw iica u aa chi.

Iu aa uc h icuc ui

a ui h aa ac cu aaci a

i h wa h c m&A u.fwi h tmt c a cu, nh Aica ha

a aac a a ac Iuia & Chica

(16.6%), bui sic (13.2%), phaa, mica & bich

(12.1%), e, mii & Uiii (11.2%) a fiacia

sic (10.4%).

nh Ameica see sead rie i Buu

o h a h a, ia ui uu i nh

Aica ha a a ica i a au. th

h i q2 2011 ha a aa a au iz

Us$213; h a aa a au ic q3 2007.

th a ica i a iz ia a aua u

cc a ia ui ; hw, nh

Aica uu ai ia h hiic hih

i h acia cii - q2 2007 ha a aa au

Us$203, whi q1 2011 ha Us$27.5.

th a uu i 2011 ai bac Us$9.4

c ucha a acui h Us ai

Auaia-a C pi gu, auc i mach.

th aaci i i i wih C a cu u

Us$8 i , a i c c i h i 2011.


14/3912Mh M&A Iide

top deAls & expeCted deAls

top 10 nort AMErICAn AnnoUnCED DEAls of tE Mont (Apr-11)

Auced Bidde cma tae cma tae dmiaed

ec

see cma Exi muie (x) Bid emia

1-da

bee

Dea vaue

(Us$m)reveue EBItDA p/E

28-A-11 e Cai Cai egu

e, mii &Uiii

0.7 - - 12.5% 10,410

25-A-11 baic gCai

eui mia(98.00% a)

e, mii &Uiii

8.0 15.5 23.1 8.7% 7,384

*03-A-11 mia ruclii

eui mialii

e, mii &Uiii

6.8 13.2 19.6 22.6% 6,410

04-A-11 ta IuIca

naia sicucCai

tmt 4.4 15.0 28.7 75.7% 6,304

20-A-11 Aes Cai dpl e, mii &Uiii

2.5 7.2 12.0 8.7% 4,658

13-A-11 sia Hi gaha pacaiCa

Iuia &Chcia

1.6 9.5 22.0 17.0% 3,940

29-A-11 ei pucpa

duca epa

taai 2.9 12.1 28.3 7.6% 3,287

27-A-11 Culi sai tmt 2.9 13.2 11.0% 2,706

11-A-11 Aica micas Hi

e phaacuicaHi

phaa, mica &bich

4.7 15.2 26.8 34.3% 2,537

05-A-11 dia f pc & gaCa (piac ui)

Cu pc & gaCa

1.8 10.7 - - 2,518

*Iica a a

ba auc a, icui a a wihaw i

ba ia ah a ca i nh Aica (Us + Caaa)

daa cc a 13-ma-11

suc: a


15/3913Mh M&A Iide

siuai tae cma sec peia bidde

cma

fiacia advi

bidde (B); ae (t);

ee (s)

see

cma

Mae

ca/ e.

vaue

(Us$m)

Cmme

ec da rac Hi Cu CAa f (b) Ciwpa; (t) Cisui

4,937 o 04-ma raC Hi ci aa CAa f acuih ca a Us$86 ha i cah.I aii ai h ciai aia Us$4.9, h i ha a au raC' Us$2.5.th acuiii i i aCAa f' c i h aca h cu a. raCha jc h a a a ahahih a a iaa. nh, CAa a i hi ai i i acui rac.

ec da bJ' WhaCu

Cu la g& pa

(t) ma sa 2,620 bJ' Wha Cu ha hi ma sai aic aai,uch a h ia a h ca.s a, la g & pa i h a ha ha ci hw ii bJ' Wha Cu i h a. A h 2010, i wa ha lag a auch a hi a i-Jaua 2011, u a 13-mah ha auch .

ec da da thiAui gu

buisic

Hz gaHi

(t) ga sach,Jpma

2,372 sic 2010 h Hz ga Hi a Aibu gu ha i i acuiida thi Aui. Iiia, i Ai 2010,Hz i a ii a wih dathi acui h a a a ic Us$41 ha. da thi hah ha w. A ha, Ai buha i iai wih ftC ai aaiu aa a wih da thi.A 13-ma, cii ha achai ha ia aaci. I hai, 09-ma, Hz acuida thi a Us$72 a' ha,icui Us$57.6 i cah a 0.8546 ha Hz. n ii a w h wcai ha i .

ec da baca e th mcgaw-Hi Cai;pa;oacCai

(t) baca Caia 1,543 o 19-A, baca auc ha iai baca Caia a i acia aii 'uici' a '-iia' acui h ca. Cu,baca ai a i whh u a auci c i h ca haci uh ac i hw wa wih h cu u i.th ca cu a a 13 2011ebItdA a 10 2012, acci jci a 28-A si nicau . ebItdAi ca ju Us$120 i 2011 Us$156 a.

ec da 99 C os

Cu la g& pa aschi/gai

1,370 99 C o s ha ci a acuiiia h schi/g ai ala g & pa. th ciai ih a i Us$19.09 ha i cah. th wa ci 11-ma. oui aaha ccu, hw, ha 99 C os cu ci a hih .

ec a a c auc cai i

pIpElInE of nort AMErICAn EpECtED DEAls

top deAls & expeCted deAls


16/3914Mh M&A Iide

trend grApHs

nort AMErICAn M&A qUArtErly trEnD

0

100

200

300

400

500

600

Q2

11*

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Q4

06

Q3

06

Q2

06

Q1

06

Q4

05

Q3

05

Q2

05

Q1

05

Q4

04

Q3

04

Q2

04

Q1

04

V

alue

(US$bn

)


Numberofdeals

0

200

400

600

800

1,000

1,200

1,400

1,600


0

50

100

150

200

250

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

Q404

Q304

Q204

Q104

V

alue

(US$bn

)


Numberofdeals


0

50

100

150

200

250

300

350

nort AMErICAn M&A AnnUAl trEnD nort AMErICAn M&A AnnUAl prIAtEEqUIty trEnD

0

200

400

600

800

1,000

1,200

1,400

1,600

YTD 2011*2010200920082007Y200620052004


NumberofdealsV

alue

(US$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

YTD 2011*2010200920082007200620052004

Value

(US$bn

)


Numberofdeals


0

200

400

600

800

1,000

1,200

nort AMErICAn M&A qUArtErly prIAtEEqUIty trEnD


17/3915Mh M&A Iide

trend grApHs

nort AMErICAn M&A sECtor BrEAkDown ytD 2011

vAlUe volUme

20.7%

15.9%

1.2%0.3%

5.5%

7.7%

0.4%2.2%

29.4%

6.7%

0.3%

8.9%

0.8%

TMT


Business Services



Financial Services

Consumer

Construction

Leisure

Transportation

Real Estate

Defense

Agriculture

18.3%

16.6%

13.2%

1.8%

12.1%

11.2%

2.4%

2.9%

8.8%

10.4%

0.5%

1.1%0.8%

TMT


Business Services



Financial Services

Consumer

Construction

Leisure

Transportation

Real Estate

Defense

Agriculture

nort AMErICAn M&A DEAl sIzE BrEAkDown

vAlUe volUme

0

10

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004

US$5,001m

32.9%

18.2%

23.2%

9.1%

16.6%

46.6%

15.8%

18.0%

7.0%

12.6%

51.6%

15.0%

17.3%

6.4%

9.7%

43.1%

18.8%

21.9%

6.6%

9.7%

49.3%

13.8%

17.5%

7.2%

12.2%

58.9%

13.3%

13.2%

5.4%

9.2% 12.5%

9.7%

27.4%

18.1%

32.3%

50.2%

18.1%

18.2%

5.7%

7.8%

Percentage

75

80

85

90

95

100

YTD 2011*2010200920082007200620052004

1.2%

4.5%

4.9%

89.1%

0.9%

1.3%

4.5%

4.9%

88.5%

1.0%

1.5%

5.4%

5.3%

86.8%

1.1%

1.8%

6.3%

5.3%

85.5%

0.9%

3.7%

4.1%

90.6%

1.0%

3.5%

3.8%

91.0%

87.5%

5.2%

5.6%

1.1%1.3%

1.8%

6.3%

5.2%

85.4%

0.4% 0.7% 0.7% 0.6%

US$5,001m

Percentage


18/39

A mmAk m&A o o

Monthly M&A Insider 16

ASIA-AcIfIc

further highlighting April deal sizes, pared t thesae perid a year earlier (whih saw 200 deals with an

aggregate value US$16.3bn), m&A value alst dubled,

despite the at that deal vlues were 20% the ar.

While aquisitive panies were, perhaps, re vigilant

in seleting deals, it appears that thse garnering interest

deserved signiant apital. Leading the way were a nuber

desti deals in reater china, whih t the tp ur

spts r a ttal value alst US$10bn.

Ling at the nths largest deals, the Industrials setr

and finanial Servies setr t the tp spts by a sizeable

argin 31% and 21% ttal value, respetively, withm ading slightly ater last nths US$5bn Vdane

deal, whih plaed it in marhs lielight. As r vlues,

Industrials t the tp spt with 19.3% the ttal; this

was llwed by cnsuer and m at 18.6% and 13.7%,

respetively. clearly, Asias iprtane in the anuaturing

spae eeps bidders ussed while a grwing nsuer

lass has spurred interest in ther setrs.

Domestic consolidations in Greater China

and Japan

he tp deal in the aret invlved listed china-based,SAIc mtr cpany, aquiring aut pnents, aut

servies and new energy aut businesses r its parent

pany, state-wned SAIc rup, r US$4.4bn in a deal

that ntinued the restruturing the SAIc rups assets.

SAIc mtr nw hlds re than 90% the panys

assets, whih is in line with regulatry wishes r greater

transpareny. mving dwn the list, April saw nine deals in

the US$1-2bn range, ve the invlving panies in

mainland china r its rss-strait unterpart. In a nn-

china deal, Japan saw the nslidatin tw finanial

Servies panies. he deal in questin saw mizuh buythe reaining 42% it did nt wn mizuh Seurities r

US$1.4bn in a ntinuatin mizuh finanial rups marh

plan t strealine its prduts thrugh a ur-way erger.

The Asian consumer driving M&Ahugh m aded r last nth, it reains a partiularly

prinent setr in Asia as Aprils year-ver-year trend

shws peretly. Values m setr deals were up ver

325% r a year earlier with 22 transatins taing plae

in bth perids. As Asias eerging arets ntinue t

develp, ppulatins here are plugging int the tehnlgial

era via ellular phnes and the internet, giving inreasing

prinene t m&A in this setr.

Ling rward, it sees that the cnsuer setr will

ntinue apae, pssibly led by aquisitive Japanese rs

suh as failymart wh is planning t ndut m&A inrder t esape a delining and greying desti ppulatin

and seure aret share abrad. By 2020, the pany

is expeting t have re than 70% ttal stres lated

verseas.

At the sae tie, panies r elsewhere will ntinue

t aess the high grwth nsuer arets in china,

India and Suth ast Asia. In this regard, Wal-mart has

reently annuned plans t buy a inrity stae in chinese

e-ere pany, Yihadian, whih launhed in July

2008 and has ahieved a signiant psitin in nline grery

sales, as well as nsuer eletrnis and apparel. Yihadianhas 2,000 eplyees and an existing lgistis netwr based

in Shanghai, Beijing, and uangzhu, serving a grwing

uster base with next-day delivery essential daily ites

at petitive pries - a huge grwth aret in china.

ASIA m&A VoLUm I AIL 2011 coIU A mo-oV-mo SLI WI 161 ALS comIo mAk, WIc S A 28% cLI fom mAc. SI BI fW ALSAoUc, AA VALU of m&A ASAcIoS ALY mAc A of mAc AUS$32.6B, mAI WAS A SUBSAIAL IcAS I AVA AL SI. oU VoLUmSAV coIU o SUff, AS U o A LAS I VIo fom JAAS comAIScoVI fom mAc AUAkS, I SmS AcUISIIV comAIS LSW AfII SIIfIcA VALU I ASIA ooUIIS A A AkI U m&A SLAck.


19/3917Monthly M&A Insider

ASIA-AcIfIc

E-commerce on the rise in Asia

In the e-ere spae, grwth internet panies

shuld ntinue t be a substantial driver m m&A in

Asia ging rward. At a tie when valuatins r sial

netwring and e-ere panies are saring, enren,

the faeb china, just debuted n the YS, and thers

are liely t llw.

hugh it ay be a sellers aret, the setr uld see

ntinued nslidatin as larger rs snap up their

saller unterparts with prise in eerging arets. frexaple, chiag-based rupn has ntinued its reent

buying spree in Asia. Ater aquisitins last year in India,

Suth krea, Singapre, aiwan and ng kng, rupn

has st reently aquired isdus., an Indnesian

erhant disunt website. he pany, newly naed

rupn Indnesia, was purhased r an undislsed value,

and ergeraret intelligene indiates that rupn is als

eyeing up targets in Australia and hailand in the near uture.



o ALS

T 10 AIA-ACIIC ACED DEA TE MT (A-11)

Announced Bidder company Target company Target dominant

sector

eller company Exit multiples (x) Bid premia

1-day before

Deal value

($m)evenue EBITDA /E

20-Apr-11 ku6 media c angzhu Sushi etwringc

m Shanghai Shandaetwring c;Lianghai Yang; BinWu; changzhuangYang; hngxueuang; Yng chen;andkun hang (sixprivate investrs)

- 12,543

06-Apr-11 SAIc mtrcrpratin

SAIc rup (independent autpnents assets); SAIc

rup (aut servie and tradingbusiness); and SAIc rup (newenergy aut business)

Industrials &cheials

ShanghaiAuttive

Industrycrpratin(rup)

- 4,367

13-Apr-11 Jinan Irn and Steelcpany

Laiwu Steel c Industrials &cheials

0.3 7.5 65.1 15.2% 1,939

09-Apr-11 chinese nsrtiuled by uatai mtr

Ban Beijing c (14.83%stae)

finanialServies

n/a n/a 10.0 -13.8% 1,805

09-Apr-11 Yuanta finanialldings c

laris Seurities c finanialServies

n/a n/a 11.3% 1,692

21-Apr-11 china etrleu &cheial crpratin

Australia ai L ty(15.00% stae)

nergy, mining& Utilities

origin nergy andcnhillips

- 1,500

28-Apr-11 mizuh finanialrup

mizuh Seurities (42.12%stae)

finanialServies

n/a n/a (lss) -5.8% 1,485

08-Apr-11 Jinr c ite Brewery c cnsuer 1.6 7.4 16.2 -0.6% 1,453

19-Apr-11 Seagate ehnlgy Sasung (ard is rive -

business)

m Sasung

letrnis c

- 1,375

28-Apr-11 mizuh finanialrup

mizuh rust & Baning c(25.51% stae)

finanialServies

n/a n/a 22.6 0.1% 1,276

Based n annuned deals, inluding lapsed and withdrawn bids

Based n dinant gegraphy target pany being Asia-ai

ata rret as 12-may-11

Sure: ergeraret



AS

AIA-ACIIC M&A qATE TED

0

20

40

60

80

100

120

140

160

Q2

11*

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Q4

06

Q3

06

Q2

06

Q1

06

Q4

05

Q3

05

Q2

05

Q1

05

Q4

04

Q3

04

Q2

04

Q1

04

V

alue

(US$bn

)


Numberofdeals

0

100

200

300

400

500

600

700

800

900


0

5

10

15

20

25

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

Q404

Q304

Q204

Q104

V

alue

(US$bn

)


Numberofdeals


0

10

20

30

40

50

60

70

80

90

100

AIA-ACIIC M&A AA TED AIA ACIIC M&A AA IATEEqIT TED

0

50

100

150

200

250

300

350

400

450

500

YTD 2011*2010200920082007200620052004


NumberofdealsV

alue

(US$bn

)

0

500

1,000

1,500

2,000

2,500

3,000


0

10

20

30

40

50

60

70

YTD 2011*2010200920082007200620052004

Value

(US$bn

)


Numberofdeals


0

50

100

150

200

250

300

350

AIA-ACIIC M&A qATE IATEEqIT TED



AS

AIA-ACIIC M&A GEGAIC BEAKDW TD 2011

VALU VoLUm

Australia

China

Hong Kong

India

Indonesia

Japan

Malaysia

Singapore

South Korea

Taiwan

Other

10.9%

3.7%1.0%

15.6%

3.7%

11.4%

1.5%

8.5%

5.1%

9.4%

28.9%

Australia

China

Hong Kong

India

Indonesia

Japan

Malaysia

Singapore

South Korea

Taiwan

Other

14.8%

4.2%2.3%10.4%

4.2%

16.3%

2.5%

9.7%

2.0% 6.8%

26.8%

AIA-ACIIC M&A ECT BEAKDW TD 2011

VALU VoLUm

23.1%

19.5%

5.6%3.9%13.7%

17.0%

2.9%

2.0%

6.1%

2.9%

2.6%0.6%


Telecommunications

Consumer

Business Services


Financial Services


Leisure

Construction

Transportation

Real Estate

Agriculture

20.7%

15.6%

13.0%10.4%

9.9%

3.9%

3.9%

6.5%

7.9%

3.7%

2.5% 2.0%


Telecommunications

Consumer

Business Services


Financial Services


Leisure

Construction

Transportation

Real Estate

Agriculture



AIA-ACIIC M&A DEA IzE BEAKDW

VALU VoLUm

0

10

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004

US$5,001m

5.1%

25.6%

28.1%

14.4%

26.7%

21.5%

18.9%

29.3%

9.6%

20.7%

18.2%

21.4%

28.3%

11.1%

20.9%

15.7%

16.7%

30.7%

12.5%

24.3%

29.7%

15.3%

22.6%

12.0%

20.4%

20.0%

16.5%

30.7%

11.1%

21.7% 20.0%

10.4%

27.7%

28.1%

13.7% 10.5%

18.4%

38.2%

12.6%

20.3%

Percentage

75

80

85

90

95

100

YTD 2011*2010200920082007200620052004

1.2%

3.9%

4.9%

90.0%

1.0%

5.0%

4.6%

89.1%

1.1%

4.9%

4.8%

88.9%

0.9%

5.1%

5.4%

88.4%

0.9%

4.5%

5.7%

88.5%

0.9%

5.5%

5.2%

88.0% 88.2%

5.1%

4.8%

1.6%0.8%

6.8%

6.1%

86.1%

0.1% 0.3% 0.3% 0.3%0.3% 0.3%0.4% 0.4%

US$5,001m

Percentage

AS


24/3922Monthly M&A Inide

A gAk &A o on

Uo

he British private equity frm acquired a 69.3% share

grupp Ci rm Frech cmpetitr AI arters, tether

with a 9.4% stae rm the maaemet team ad thermirity ivestrs, ad will lauch a madatry er

6.50 per grupp Ci share t acquire the remaii

utstadi shares listed Brsa Italia. AI arters, which

held its stae i grupp Ci r 74 mths, will receive

apprximately 644.8m r its stae, ad will mae a retur

apprximatly 1.3x its 490m ivestmet i 2005.

he trasacti uderlies mves by private equity frms

t step up activity llwi the l deal ad udraisi

druht duri the facial crisis. But the prtracted sales

prcess shws that private equities are te still struli

t aree price. AI arters, which started the auctiprcess last September, etered it exclusive eciatis

with BC arters i Jauary, but repeed the biddi

aucti ur wees later ater the tw sides ailed t aree

a deal value.

Csumers i Italy sped a averae almst 1b a

year clthes. BC arters said the deal i urpes

larest clthi maret was aimed at expadi the rup

dmestically ad lbally, ad will ft it the cslidati

play i urpes rameted apparel maret. Csumer

retail is the httest iche r private equity frms i urpe s

ar this year, where buyut frms spet already spet

4b,maily i the apparel sectr with the acquisiti cmpaies

such as Camaieu ad olly ga i Frace, All Saits ad

hase iht i the Uk, r Sheby-Shp i the netherlads.

BPCE et id of Foncia:

A year ater selli Scit arseillaise de Crdit du

nrd Credit r 872m, BC, the Frech facial rup

created thruh the merer Baque pulaire ad

Caisse dpare, is the vere realisi its secd

lare dispsal. BC has fally chse private equity frms

Bridepit ad uraze, parters i this perati, r thedispsal its real estate subsidiary Fcia. he buyut du

eded cmpetiti rm rival private equity frms Advet

Iteratial ad Charterhuse i the fal staes the

aucti prcess. he tw parters had etered it exclusive

tals with BC t buy Fcia, ater eri ver 1b t the

facial rup r its real estate subsidiary.

Fcia has a etwr abut 600 braches ru by 7,000

emplyees i Frace, Switzerlad, germay ad Belium.

It ers a cmplete rae services r the residetial

real estate maret: lease maaemet, jit prperty

maaemet, sales advice, faci research, isurace

ad techical diases. I 2010, the cmpay had earis

bere iterest tax depreciati ad amrtisati 83m

reveue 580m.

he residetial prperty maaemet services maret i

Frace is estimated t be wrth 8b ad has rw at averall rate 3.5% a year ver the last 10 years. uraze ad

Bridepit expect t capitalise the rameted ature

the sectr, which is mstly cmpsed small idepedet

players, mai urther acquisitis ad bsti the scpe

its services.

Fcias eterprise value has bee estimated up t 1.02b.

uraze ad Bridepit wuld ivest abut 480m i equity

capital. BC wuld re-ivest 200m i the busiess, uder

cditis that prtect uraze ad Bridepits returs.

he balace the acquisiti wuld be faced by a debt

395m. he cmpay will als have access t 90m iavailable faci t assist with its develpmet.

he price is siifcatly hiher tha what was expected by

real estate idustrials (betwee 500m-600m) such as

Citya, Altara r rmim, wh where eepi a eye

Fcia. But i ay case, BC, which buht Fcia i 2007

r 1.43b, will t recver its riial bet ad culd, i

rder t t lse ace, eep a mirity share 15% r 20%

i Fcia. Bai rups such as Crdit Aricle ad Crdit

Immbilier de Frace, which had, i the late 2000s, acquired

brach etwrs r prperty maaers, have ever bee able

t develp these cmpaies. Will private equities succeed?Urbaia was tae ver by Ivestrs i rivate quity last

September, but it is still early t draw up a balace sheet.

LArgEs EurPEA Buu s FAr Is EAr Is IALIA:on 9-A, BC AnS AS ACUI IA-BAS gUo CoIn In AgS UoAn BUoUoF A So FA, AUIng IAIAn FASIon AI A AoIA 1.4Bn. I IS ASo AgS IA UI A In IA SInC ACUISIIon oF n gAS B AA IA UIAn F2I In 2009, An on oF BIggS AI AS In Uo SInC FInAnCIA CISIS.



o AS & C AS

P 10 EurPEA AuCE EALs F E M (APr-11)

Annonced Bidde company aet company aet dominated

ecto

selle company Exit mltiple (x) Bid pemia

1-day

befoe

eal vale

(m)revene EBIA P/E

27-Apr-11 Jhs & Jhs Sythes harma, edical &Bitech

5.7 13.3 23.9 8.5% 14,331

03-Apr-11 ivedi SF (44.00% stae) elecmmuicatis dae grup 1.4 7,750

04-Apr-11 Slvay hdia Idustrials &Chemicals

0.9 5.2 12.3 50.0% 4,533

26-Apr-11 grupe actalis armalat (71.03% stae) Csumer 1.0 11.2 16.3 12.6% 3,210

14-Apr-11 ris rlis urpearperties (62.00%

stae)

eal state 57.6 7.5% 2,280

08-Apr-11 lectricite de Frace F eries nuvelles(50.00% stae)

ery, ii &Utilities

4.2 17.0 29.2 9.2% 1,515

07-Apr-11 eutscherSparasse udgirverbad

eaBa eutschegirzetrale (50.00%stae)

Fiacial Services gB & c. og 1,300

20-Apr-11 Sama oyj; Creli;alpa edia grup;ad essrs Wuteradehaute & riWatte

SBS Belium; ad SBSBradcasti

edia rSiebeSat.1 edia 3.0 10.7 1,225

17-Apr-11 he Capital vi Idustries(Carb Blac Busiess)

Idustrials &Chemicals

vi Idustries 0.8 900

25-Apr-11 Suleima kerimv(private ivestr)

oJSC lyus gld(10.00% stae)

ery, ii &Utilities

mitri yblvlev(private ivestr)

6.8 16.8 33.7 824

Based auced deals, icludi lapsed ad withdraw bids

Based dmiat eraphy taret cmpay bei urpe

ata crrect as 12-ay-11

Surce: merermaret



PIPELIE F EurPEA EPECE EALs

sitation aet

company

secto Potential bidde

company

Financial advie to bidde

(B); taet (); elle (s)

selle company Maket

cap/et.

vale (m)

Comment

umureddeal

nycmedldi

harma,edical &Bitech

aedaharmaceutical C

9,853 A spespers rm aedaharmaceutical, a listed Japaesepharmaceutical cmpay, declied tcmmet media reprts speculatithat it was i advaced staes tacquire Swiss nycmed.

umureddeal

echiclr edia erizCmmuicatis

612 eriz culd be li t buy Frace-based techly parter, echiclr,said a idustry surce with wlede

the cmpay, wh reprted hearithe rumr rm mre tha e persiside eriz.

xpecteddeal

Cmp Idustrials &Chemicals

rit arters;Israel Chemicals

gldma Sachs (S) k+SAtieesellschat

400 k+S, a listed germa chemicalscmpay, has declied t cmmet surce claims that the sale cmpstrup Cmp is the vere cllapse. A k+S spespers decliedt ive details the prcess beydsayi that, as revealed at the cmpayAual geeral eeti 11-ay,secd-rud bids are expected thismth.

nte: xpected deals based cfrmed aucemets by cmpaies ivlved Surce: merermaret

o AS & C AS


27/39Monthly M&A Inide 25

n gAS

EurPEA M&A quArErL rE

0

100

200

300

400

500

Q2

11*

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Q4

06

Q3

06

Q2

06

Q1

06

Q4

05

Q3

05

Q2

05

Q1

05

Q4

04

Q3

04

Q2

04

Q1

04

Value

(bn

)


Numberofdeals

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

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

Q404

Q304

Q204

Q104

Buyout value Exi t value Buyout volume Exi t volume

Value

(bn

)

Numberofdeals

0

50

100

150

200

250

300

350

400

450

EurPEA M&A AuAL rE EurPEA M&A AuAL PrIAE EquI rE

0

200

400

600

800

1,000

1,200

YTD 2011*2010200920082007200620052004


Numberofd

ealsValue

(bn

)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000


0

50

100

150

200

250

300

YTD 2011*2010200920082007200620052004

Value

(bn

)


Numberofd

eals


0

200

400

600

800

1,000

1,200

1,400

1,600

EurPEA M&A quArErL PrIAEEquI rE



n gAS

EurPEA M&A gEgrAPIC BrEAw 2011

AU oU

CEE

Iberia

UK

Nordic

Germany

France

Benelux

Italy

Others

11.0%

28.5%

8.5%

4.9%3.3%

6.7%

3.6%

6.2%

27.4%

CEE

Iberia

UK

Nordic

Germany

France

Benelux

Italy

Others

13.1%

9.0%

7.9%

5.2%

14.8%

4.5%

13.1%

20.7%

11.7%

EurPEA M&A sECr BrEAw 2011

AU oU

17.9%

2.7%

27.1%

3.6%

0.8%

1.9%

1.9%

14.3%

5.7%

6.6%

1.3%

8.7%

7.3%


Business Services

Consumer

Technology

Financial Services



Construction

Media

Transportation

Leisure

Real Estate

Telecommunications

20.7%

16.1%

11.0%

4.1%

9.3%

8.6%

4.8%

5.5%

5.9%

5.9%

1.4%0.7%

0.3%

3.8%

1.7%


Business Services

Consumer

Technology

Financial Services



Construction

Media

Transportation

Leisure

Real Estate

Telecommunications

Defence

Agriculture



n gAS

EurPEA M&A EAL sIzE BrEAw

AU oU

0

10

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004

5,001m

26.0%

14.3%

27.6%

10.9%

21.2%

33.0%

15.1%

23.9%

10.1%

17.9%

35.1%

17.7%

23.2%

8.4%

15.7%

39.2%

16.4%

22.4%

8.3%

13.7%

40.3%

14.5%

19.9%

8.8%

16.6%

26.7%

20.3%

23.7%

9.0%

20.3% 16.9%

9.2%

29.9%

20.4%

23.6% 23.4%

30.2%

24.9%

8.1%

13.4%

Percentage

88

90

92

94

96

98

100

YTD 2011*2010200920082007200620052004

0.2%

3.3%

0.6%

3.5%

92.4%

3.4%

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%

2.2%

94.9%

93.0%

2.8%

3.3%

0.7%1.2%

3.5%

2.8%

92.1%

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

5,001m

Percentage


30/3928

A mmAk m&A o o

Monhly M&A Insider

H mIDDL AS& AFICA

his is a clear sign that the plitical unrest in the middle astis cntinuing t have a strng negative ipact n investr

cndence, which has already led t a nuber f deals being

cancelled. Fr exaple, tisalat, a UA telecunicatins

cpany, decided t abandn its plan t acquire a 46% stae

in kuwait rival Zain fr US$12bn. he deal, which wuld

have raned ang the middle asts largest deals in recent

years, was cancelled because f disagreeents ang Zain

sharehlders and reginal plitical uncertainties.

he activity seen was driven by a series f deals predinantly

based in Africa. mre specically, the tp deal f the nth

in the mA regin invlved Vale, the listed Brazil-basedetals and ining cpany acquiring metrex Liited, the

listed Suth Africa-based ulti-cdity ining cpany,

fr US$1.1bn. metrex has peratins and new prjects in

the Decratic epublic f Cng and Zabia and ainly

prduces Cpper and Cbalt; fr Q1, the strngly perfring

cpany saw its Cpper and Cbalt prductin increase by

8% t 13,344 tns and 10% t 1,041 tns respectively, while its

uashi cpper and cbalt prductin increased by 20% and

10% respectively.

he st active sectrs this nth were the nergy, mining

& Utilities and the Financial Services sectrs, bth accuntingfr 80.8% and 12.1% f ttal value activity respectively. ver-

increasing high cdity prices are leading t aggressive

cnslidatin in the nergy, mining & Utilities sectr as

cpanies, such as metrex, are psting higher earnings fr

direct cdity prductin and distributin and bece

increasingly attractive. Just lie m&A, ining activity in 2010

reached new highs as deand fr cdities rebunded

fllwing the nancial crisis. his trend nly sees t be

intensifying as, when ling at the rst fur nths f 2011,

the nergy, mining & Utilities sectr alne represented 32% f

ttal value activity fr the perid.

his trend is liely t cntinue as analysts are frecastingthat cdity prices, a ain driver fr m&A activity in the

regin, will reain strng fr at least the next few years. In the

shrt-ter, this is because f the weaening f the US$ and is

leading t an increase in the deand fr cdities which

are used as a hedge against inatin. In the lnger-ter,

accrding t the US investent anageent r mo, it is

because the fast paced grwth f the glbal ppulatin and

the slwer grwth in resurces-extracting-efciency are bth

placing a severe pressure n the price f all cdities.

Expeed M&A aiviy and Broad Europeanineres in renewable energy aross MEA

Several expected deals in the cing nths invlve the sae

sectr that has dinated bth Q1 and April 2011 deal value

activity: nergy, mining & Utilities. one ptential taever

shuld see xxar, the listed Suth African diversied iner,

acquire cal assets that are being sld by BH Billitns Suth

African cal business. BH Billitns metallurgical Cal unit

reprted an BI f US$1.453bn fr the half-year ended

31-Dec-10.

Furtherre, accrding t industry surces, ACWA wer

Internatinal and kCo are interested in acquiring a 65%stae in nara nergy Arabia fr Jrdan Dubai Capital fr an

estiated cnsideratin f ver US$320. nara is the energy

investent ar f JDC, f which private equity r Dubai

Internatinal Capital is the ain sharehlder.

MEA M&A ActIIt tA f tE tI cEctIE Mt IcE JAA

H mA Io HAS S IS m&A ACIVI I AIL SALL, BoH I mS oF VALU AD VoLUm, FoH HID CoSCUIV moH LAIV o JAUA AD FBUA AF SI 18 DALS WoHA oAL oF US$3.29B. HIS SD A 73% DCAS I VALU AD A 22% DCAS I VoLUmComAD o JAUA 2011. HoWV, ACIVI I AIL WAS SLIHL ImoVD ComAD o mACHB VALU (22 DALS WoH US$2.41B).


31/3929Monhly M&A Insider

H mIDDL AS& AFICA

Siilarly, industry reprts suggest that urpean cpanies

are actively seeing t invest in the renewable energy sectr

and see mA as an attractive regin in which t expand,

since grwth in their respective destic arets reains

uncertain and cuts in feed-in tariffs have been granted in

several cuntries. Fr exaple, eran cpanies SA

Slarstr and Slar millenniu are ling t expand their

presence in mA via jint ventures r 100% acquisitins,

accrding t their respective Cos. Slar millenniu is part f

an industrial initiative t strengthen the DSC Cncept t

further supprt its penetratin in the regin. he DSC

is based n the cncept that sufcient clean pwer can be

generated in the wrlds deserts t supply anind with

enugh electricity n a sustainable basis.

hese urpean cpanies culd invest in ptential reginal-

Sms, such as nergytech Internatinal, a UA-based

supplier f new and renewable energy prducts. he cpany

which is tapping int the renewable energy aret by

anufacturing slar efcient prducts is seeing an investr

t expand the business and wuld sell a 50% stae, accrding

t the cpanys sle wner mr Swainathan. stablished

nly a year ag, nergytech is already generating sales f

arund AD500,000. Liewise, accrding t a gvernent

surce, the gyptian ministry f lectricity and nergy als

intends t launch tw 250mW wind fars in the ulf f Suez

and the tender is expected t be launched in may 2011.

Hwever while this sees lie a psitive utl fr the

frthcing mA m&A activity, if the current ecnic and

geplitical uncertainty in the regin lingers, it is liely that

verall activity will cntinue t stall in the cing nths.



o DALS

t 10 MIE EAtE & AfIcA AcE EA f tE Mt (A-11)

Announed Bidder ompany targe ompany targe dominaed

seor

eller ompany Exi muliples (x) Bid premia

1-day

beore

eal value

($m)evenue EBItA /E

08-Apr-11 Vale metrex nergy, mining &Utilities

2.7 3.5% 1,164

15-Apr-11 ld Fields arwa and Daangld mines (18.90%stae)

nergy, mining &Utilities

IAmoLD Crpratin 667

04-Apr-11 Wing Hing Internatinal(Hldings)

aung ld (86.97%stae)

nergy, mining &Utilities

lectru Strategicesurces

580

11-Apr-11 Lut l-Zein rup he mediterranean

and ulf Insuranceand einsurance C.(51.00% stae)

Financial Services Saudi oger Liited na na 12.6 23.7% 400

28-Apr-11 ld one Internatinal and Uraniu (ty) nergy, mining &Utilities

adzi Ce(prprietary); adziUraniu (prprietary);and Argld/Harny JintInvestent Cpany(prprietary)

250

01-Apr-11 VisafneCunicatins

multi-LinselecunicatinsLiited (CDmAbusiness)

m multi-linselecunicatinsLtd

52

14-Apr-11 rdic rup multiheight Scaffldingte; multiheightInternatinal C.

(49.00% stae); andmultiheight marine te

Cnstructin H Hee Han (privateinvestr); Stella AngHui ming (private

investr); Fngkwan meng (privateinvestr); and LiWng Heng (privateinvestr)

37

13-Apr-11 Drae & ScullInternatinal

Internatinal Center frCntracting Cpany

Cnstructin Acwa Hlding 34

19-Apr-11 Frigglass SAIC Jebel Ali Cntainerlass Factry Fze(80.00% stae)

Cnsuer 0.8 30

27-Apr-11 etty Iages icScut Business Services 20

Based n annunced deals, including lapsed and withdrawn bids

Based n dinant gegraphy f target being middle ast r Africa

Data crrect as f 13-may-11

Surce: ergeraret



D AHS

MIE EAtE & AfIcA M&AqAtE tE

0

20,000

40,000

60,000

80,000

100,000

120,000

Q2

11*

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Q4

06

Q3

06

Q2

06

Q1

06

Q4

05

Q3

05

Q2

05

Q1

05

Q4

04

Q3

04

Q2

04

Q1

04

Va

lue

(US$m

)

Numberofdeals

0

20

40

60

80

100

120

140

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

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

Q404

Q304

Q204

Q104

Numberofdeals

0

5

10

15

20

25

MIE EAtE & AfIcA M&AAA tE

MIE EAtE & AfIcA M&A AAIAtE EqIt tE

0

20

40

60

80

100

120

140

160

YTD 2011*2010200920082007200620052004


Value

(U

S$bn

)

Numb

erofdeals

0

50

100

150

200

250

300

350

400

450

500


0

2

4

6

8

10

12

14

YTD 2011*2010200920082007200620052004

Buyout value Exi t value Buyout volume Exi t volume

Value

(U

S$bn

)

0

10

20

30

40

50

60

70

Numb

erofdeals

MIE EAtE & AfIcA M&A qAtEIAtE EqIt tE



D AHS

MIE EAtE & AfIcA M&A GEGAIc BEAKW t 2011

MIE EAtE & AfIcA M&A Ect BEAKW t 2011

VALU

VALU

VoLUm

VoLUm

0.8%0.5%

25.2%

8.2%

8.4%

0.8%

13.2%

3.4%

31.9%

7.5%



Consumer

Energy, Mining & Utilites

Financial Services

Business Services

TMT

Real Estate

Construction

Defence

2.5%

2.5%

13.6%

21.8%

4.7%

20.4%

13.8%

0.2%

0.3%0.2%

0.6%

9.3%

0.7%

0.1% 0.5%0.5%

6.0%

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

Ghana

Nigeria

Iraq

Qatar

Kenya

Tunisia

Zimbabwe

Kuwait

Swaziland

Mozambique

Jordan

3.6%

2.4% 1.2%

3.6%

11.9%

13.1%

15.5%

10.7%

10.7%

10.7%

4.8%

11.9%



Consumer

Energy, Mining & Utilites

Financial Services

Business Services

TMT

Real Estate

Transportation

Construction

Defence

Agriculture

37.4%

4.6%

22.1%

10.5%

0.6%

3.1%

6.8%

0.1%

0.1%

0.4%

0.2%0.2%

0.1%

5.4% 5.1%3.4%

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Morocco

Ghana

Nigeria

Iraq

Qatar

Kenya

Tunisia

Zimbabwe

Kuwait

Swaziland

Mozambique



D AHS

MIE EAtE & AfIcA M&A EA IZE BEAKW

VALU VoLUm

0

10

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004

19.8%

12.5%

52.7%

12.1%

21.5%

54.8%

5.1%

5.0%

86.4%

13.3%

11.3%

67.2%

17.3%

18.8%

48.1%

19.1%

14.5%

53.1%

68.4%

10.3%

10.9%

8.6%

6.8%

13.0%10.3%

3.1%7.3%

14.0% 11.9%9.3%

5.6%

78.0%

2.0% 1.3% 0.4% 0.9% 1.7% 1.5% 1.1% 0.9%

US$501m

Percentage

0

10

20

30

40

50

60

70

80

90

100

YTD 2011*2010200920082007200620052004

11.1%

3.4%

6.0%

34.8%

10.7%

8.6%

5.6%

34.0%

14.2%

6.2%

9.2%

32.6%

15.4%

5.7%

7.2%

36.9%

11.1%

5.7%

4.0%

32.6%

13.1%

4.0%

3.4% 5.9%

4.6%

33.7%

11.1%

8.6%

3.7%

35.0%

44.4%40.3% 36.4%

39.1%42.3%

47.0% 44.8%48.1%

24.7%

14.8%

US$501m

Percentage


36/39Monhly M&A Insider 34

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merrill DataSite prvides useful tls including full search,

viewer audit capability, Q&A, bul uplads and detailed user

activity tracing that help clients aintain tighter cntrl and

have greater insight int reviewer behavir.

Merrill aaie enhanes ransaion suess

merrill DataSite is the industrys acnwledged leader. mre

than 61,000 different private and public cpanies acrss theglbe have leveraged merrill DataSite t increase the value f

the fllwing types f transactins:

mergers, acquisitins and divestitures

rivate placeent transactins

Leveraged buyut transactins

Banruptcy and rerganizatin transactins

Financial restructuring transactins

Initial public fferings and dual-trac prcesses

Asset purchases and liquidatins

st-erger integratin

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ABoU mILL DAASI

Merrill aaie buil wih he lien in mind

merrill DataSite was created t eet its clients needs and

built t their specicatins. Since 2002 we have cnsistently

leveraged the experiences f ur clients t add leading-edge

functinality t the available tlset. merrill DataSite allws its

users and adinistratrs t:

Examine doumens immediaely. atented technlgy

ensures yu never have t wait fr a dcuent t be

dwnladed. Because the data resides n merrills servers, yu

can siultaneusly view an unliited nuber f dcuents

in ultiple windws withut having t clse ut r save t yur

tep le. When faced with hundreds f dcuents t review,

this feature saves signicant tie and expense.

esignae user permissions. ea adinistratrs can cntrl

which users will be able t view, print r dwnlad specic

dcuents, flders r prjects siply and quicly.earh every word in every doumen. With large dcuent

cllectins, sphisticated search features are ey t nding

critical infratin and accelerating the due diligence prcess.

merrill DataSite perfrs optical Character ecgnitin (oC)

n each and every letter in each and every dcuent. our

search capabilities allw users t search tens if nt hundreds

f thusands f pages t nd whats relevant t the. merrill

DataSites search capabilities ensure nthing is issed in any

f the psted dcuents - regardless f where they ay be

rganized within the index (e.g. nd every instance f cntract

and terinatin within 5 wrds f each ther, etc.). Searchresults are returned uch faster and are unliited in ters f

dcuent results and hits within a dcuent.

Using wildcard, fuzzy, prxiity, bsting, Blean and

gruping diers, yu can search and nd exact atches and

near-atches, including isspelled wrds. tential buyers

will enjy increased cndence nwing theyve received and

seen all aterials and dcuents that are relevant t their

decisin-aing.

roe ondenial inormaion. View-nly dcuents

are neverdwnladed. merrill DataSite, nt the cputers

brwser, cntrls thecaching prcess prviding unatchedsecurity levels. Unlie ther VDprviders, iages are never

viewable n the Cs cache after the cnclusin f a sessin.

trak all aiviy auraely. Auditing and reprting tls

prvide a veriable accunt f each individuals tie spent

viewing bth dcuents and specic pages infratin that

adds negtiating leverage.

eed o work remoely? prble. Whether yure wring in Beijing r ew r,

yu can view yur dcuents nline withut having t navigate

thrugh internal rewalls and eail restrictins that ften

exist fr utside cpany cnnectins and which delay the due

diligence prcess.

euriy is our highes prioriy

merrill has been a trusted prvider f secure infratin t

the nancial and legal industries fr re than 40 years. our

eplyees execute letters f cndentiality and we are audited

annually (internal and third-party) t ae certain ur Iinfrastructure and prcesses reain sund. merrill

DataSite was the rst virtual data r t receive the ISo

27001 certicatin fr its cprehensive Infratin Security

manageent Syste (ISmS).

he ISo 27001 standard, develped by the Internatinal

organizatin fr Standards t establish internatinal

requireents fr infratin security and certicatin f ISmS,

is designed t ensure effective prtectin f infratin assets

in freign arets, as well as acrss natinal and reginal

bundaries.

the bes ool in he indusry

merrill DataSite technlgy allws fr the fastest cnversin

f sft and hard cpy dcuents t the electrnic viewing

platfr. As a result, designated adinistratrs are able t

review dcuents the ent they are available.

hrugh secure, siultaneus access, full text search

capabilities and rbust reprting tls, bth archival and

transactinal due diligence prcesses are strealined. As a

result, merrill DataSite gives yu re insight and cntrl, and

draatically reduces transactin tie and csts.As a leading prvider f VD slutins wrldwide, merrill

DataSite has epwered nearly 2 illin unique visitrs t

perfr electrnic due diligence n thusands f transactins

ttaling trillins f dllars in asset value.

W MAtE, fAtE, EAIE!

EAE IIt WEBItE: WWW.AtAItE.cM


38/39Monhly M&A Insider 36

ABoU mILL CooAIo

EEctIE MAAGEMEt

Ed Biulk

resident

el: +1 212 229 6563

aul arzell

Senir Vice resident

el: +1 212 367 5950

EEctIE AE

chris Bekmann

eginal Directr, urpe

el: +49 69 25617 110

Alex Gross


el: +49 69 7593 7148

Mihael inhlie


el: +44 20 7422 6100

Alvaro rega


el: +44 20 7422 6100

Merlin J. isielli


el: +44 20 7422 6100

Jrme oier

eginal Directr, France

el: +33 (0) 1 40 06 13 12

colin hopbah


el: +44 20 7422 6100

Anna o


el: +44 20 7422 6100

akema El-adad

eginal Directr, rthern Africa

el: +33 (0) 1 40 06 13 10

hashank Jain

epresentative, United Arab irates

el: +52 55 9171 2237

inen ork

eginal Directr, Suth Asia

el: +65 6248 4602

Ari ee

eginal Directr, Asia-acic

el: +852 9855 3758

chris obilliard

eginal Directr, Australia &

ew Zealand

el: +612 8667 3064

Manuel Benosinos

eginal Directr, mexic

el: +52 55 9171 2237

Ana aula Mad tvora de casro

eginal Directr, Suth Aerica

el: +55 11 9908 0858

Will Brown

eginal Directr, Canada

el: +1 514 877 5177

ank Gregory

SV, Western Canada & US

el: + 604 603 4360

yan MaMillan

eginal Directr, Canada

el: +1 416 214 2448

Mihael Kennedy

eginal Directr, Bstn

el: +1 207 829 4369

oss Whiaker

eginal Directr, ew ngland

el: +1 617 266 0189

forres . oane

eginal Directr, ew r

el: +1 917 934 7341

Adam Kurizky


el: +1 917 934 7340

helle Marin


el: +1 212 229 6613

John MElrone


el: +1 212 229 6656

Mahew Mezzanello


el: +1 917 934 7346

eve ione

Vice resident, ew r

el: +1 212 229 6883

William olese


el: +1 212 229 6612

aul Kleinkau

eginal Directr, Sutheast

el: +1 404 602 3251

Anhony crosby

eginal Directr, Chicag

el: +1 312 674 6511

Mark laehn


el: +1 312 674 6527

Kelly Weisenels


el: +1 312 674 6508

o augen

eginal Directr, minnesta

el: +1 651 632 4375

Brian Gilbreah

eginal Directr, oaha

el: +1 404 934 8085

iholas ener

eginal Directr, Dallas

el: +1 214 754 2100

Mark tully

eginal Directr, San Francisc

el: +1 415 357 1400

Andrew Buoninonro

eginal Directr, al Alt

el: +1 650 493 1400

Erik andie

eginal Directr, al Alt

el: +1 650 493 1400

an helan

eginal Directr, Ls Angeles

el: +1 213 253 2139

Jay oyola

eginal Directr, Irvine

el: +1 949 622 0663


39/39

www.mergermarke.omear, art f he mergeraret rup

80 Strand

London, WC2R 0RL

United Kingdom

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

11 West 19th Street,

2nd f.

New York, NY 10011

USA

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

Suite 2401-3

Grand Millennium Plaza

181 Queens Road, Central

Hong Kong

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

islaimer

his publicatin cntains general infratin and is nt intended t be cprehensive nr t prvide nancial, investent, legal, tax r ther prfessinal advice rservices. his publicatin is nt a substitute fr such prfessinal advice r services, and it shuld nt be acted n r relied upn r used as a basis fr any investentr ther decisin r actin that ay affect yu r yur business. Befre taing any such decisin yu shuld cnsult a suitably qualied prfessinal adviser. Whilstreasnable effrt has been ade t ensure the accuracy f the infratin cntained in this publicatin, this cannt be guaranteed and neither mergeraret nrany f its subsidiaries nr any afliate theref r ther related entity shall have any liability t any persn r entity which relies n the infratin cntained in thispublicatin, including incidental r cnsequential daages arising fr errrs r issins. Any such reliance is slely at the users ris.

The ollowing notes pertain to data contained in this publication:

Deals are included where the deal value is greater than r equal t5.

Where n deal value has been disclsed, deals are included if the turnverf the target is greater than r equal t 10.

Deals are included in the graphs and p Deals in each sectin based nthe dinant gegraphy and dinant sectr f the target cpany. Dataunderlying the League ables are based n deals where the bidder, targetr parent gegraphy f either is that f the gegraphy in fcus.

D 2011 refers t the perid 1-Jan-11 t 30-Apr-11.

68 ma insider may2011

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