monthly ma insider june 2012

7/31/2019 Monthly MA Insider June 2012

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Monthly M&A InsIder

A mergermArket report on globAl m&A Activity

JUne 2012


2/35


3/35Monthly M&A Insider 01

Energy

The Energy, Mining and Utilities sector represents the largest

proportion of transactions by value, with 29.2% of global M&A

in 2012. This months top deals in the Europe, Latin America,

Asia-Pacic and the Middle East & Africa regions begin toexplain why the sector dominates. Four of the top 10 deals in

Europe were from this sector. The largest, was Cassa Depositi

e Prestitis acquisition of a 30% stake less one share in Snam

from Eni valued at 3.5bn, the largest Italian deal of the year so

far. The deal, announced on 30 May, will allow Eni, an energy

company involved in producing, and transporting oil and gas,

to free up funds to invest in other oil and gas projects in the

future. Over the next 12 months, Enis remaining 23.5% shares

in Snam, will be sold to other unidentied investors.

During May, Latin America M&A activity saw 50 deals worth

US$10.9bn, bringing the total year-to-date value to 221 dealsworth US$37bn. The Energy sector, a backbone of the M&A

market in the region, accounted for 37.7% of the market value.

In May, the largest announced deal was indeed from this sector

with Cosan SA Industria e Comercio announced acquisition of

Cia de Gas de Sao Paulo for US$4bn, in the hopes of focusing

their assets on developing key nds in Brazil and elsewhere.

Asia also had three of the top 10 deals from the Energy sector,

while year-to-date numbers consistently show that Energy,

Mining and Utilities is still the largest sector by value in Asia-

Pacic with 82 deals worth US$ 32.9bn. The largest deal in

the sector involved a consortium including the MacquarieGroup Limited and Abu Dhabi Investment Authority, acquiring

E. ON AG for US$3.7bn. Through this deal, E. ON AG, one of

the worlds largest power and gas companies, hopes to raise

cash to pay down debt and fund expansion. The second largest

Energy deal saw Japan Australia LNG (MIMI) Pty. Ltd. acquire a

14.7% stake interest in Woodside Petroleum Ltd., for US$2bn.

The Middle East & Africa region also saw three of the top deals

in the Energy, Mining and Utilities sector, although notably

smaller in size than those deals acquired in Europe.

Pharma

The Pharma, Medical & Biotech sector represents a modest

7.2% and 8.1% of global deal value and volume respectively,

but nonetheless is the lead sector in terms of top deals

in North America with three out of the top ten announced

deals in this sector. The second largest deal for the month

of May was US-based DaVitas Inc., US$4.4bn acquisition of

HealthCare Partners LLC. Through this acquisition DaVita

hopes to expand its business in California, Nevada, and

Florida; all locations where HealthCare Partners LLC has large

operations. The other two bulge bracket North American dealswere GlaxoSmithKline Plcs US$2.5bn acquisition of Human

Genome Sciences Inc., and Sandoz AGs US$1.5bn acquisition

of Fougera.

Outlook

Another notable trend in May was the attractiveness of the

Consumer sector in Latin America. US-based General Mills

and London-based Diageo acquired Brazilian-based Yoki

Alimentos SA and Ypioca Agroindustrial (Ypioca brand and

other production assets), respectively. With the growing

purchasing power of the middle class in emerging markets,domestic and foreign acquirers seek positioning in the markets

to best meet the needs. This, coupled with the slow growth in

the US and Europe, makes it likely to be a reoccurring theme in

the months ahead.

GLOBAL OVEVIEW

GLOBALLY, MAY SAW 782 DEALS WOTH US$171BN, AND WHILE THIS EPESENTS A NEALY 32%DECEASE IN OVEALL VOLUME COMPAED TO MAY 2011, DEAL VALUE IS ONLY DOWN 10% IN THESAME TIMEFAME. WHILE 2012 HAS BEEN COMPAATIVELY MUTED IN TEMS OF THE NUMBE OFTANSACTIONS, THEE WEE NOTABLE SECTOS THAT KEPT THESE VALUES BUOYANT.

Head of Research: Elias Latsis

Editor: Gwen Ceton

For advertising opportunities contact:

Erik Wickman

Tel: + (1) 212 [email protected]

Global overview: Laura esetar

Latin America: Jennifer uiz

North America: Urna Chakraborty

Asia-Pacic: Timothy Phillips

Europe: Peter Kruk, Yannis Papacostas and Darragh iordan

Middle East & Africa: Marie-Laure Keyrouz, Silvia Paparelloand Beatrice Bragho



TREND GRAPHS

GLOBAL M&A QUARTERLY TREND

0

200

400

600

800

1,000

1,200

1,400

Q2

12*

Q1

12

Q4

11

Q3

11

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

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

Q212*

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

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 TREND GLOBAL M&A ANNUAL PRIVATE EQUITY TREND

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

YTD 2012*201120102009200820072006

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 2012*201120102009200820072006

Va

lue

(US$bn

)


Numberofd

eals


0

500

1,000

1,500

2,000

2,500

3,000

3,500

GLOBAL M&A QUARTERLY PRIVATE EQUITY TREND



TREND GRAPHS

GLOBAL M&A SECTOR BREAKDOWN YTD 2012

GLOBAL GEOGRAPHIC BREAKDOWN YTD 2012

VALUE

VALUE

VOLUME

VOLUME

29.2%

8.8%

8.0%

3.4%

2.5%

2.2%1.3%

2.9%

8.1%

12.7%

9.1%

11.9%

Industrials & Chemicals

Financial Services

TMT

Consumer

Business Services

Energy, Mining & Utilities

Pharma, Medical & Biotech

Leisure

Construction

Transportation

Real Estate

Agriculture

2.1%5.0%

35.7%

38.7%

18.6% Asia-Pacific

Europe

North America

Middle East & Africa

Central & South America

11.2%

13.7%

1.0%

0.3%

3.1%

3.4%

2.1%

7.2%

3.6%

9.3%

21.2%

8.5%

15.5%


Financial Services

TMT

Consumer

Business Services



Leisure

Construction

Transportation

Real Estate

Agriculture

5.2%2.5%

34.0%

39.6%

18.6% Asia-Pacific

Europe

North America

Middle East & Africa

Central & South America



TREND GRAPHS

GLOBAL M&A DEAL SIZE BREAKDOWN

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2012*201120102009200820072006

42.1%

16.7%

21.0%

7.5%

12.7%

39.8%

16.8%

23.0%

7.9%

12.5%

42.0%

15.3%

19.3%

8.9%

14.5%

40.8%

16.3%

20.4%

7.9%

14.6%

27.3%

20.6%

27.6%

9.6%

14.9%

29.9%

19.3%

26.1%

10.2%

14.5%

26.2%

22.2%

28.3%

10.4%

12.9%

US$5,001m

Percen

tage

80

82

84

86

88

90

92

94

96

98

100

YTD 2012*201120102009200820072006

US$5,001m

1.2%

5.0%

4.7%

88.4%

1.3%

5.5%

5.1%

87.4%

0.6%

0.9%

3.9%

4.6%

90.0%

0.9%

3.7%

3.9%

91.0%

89.2%

4.5%

4.7%

1.1%

0.4%

1.1%

4.7%

4.9%

88.8%

0.7% 0.7% 0.5%

1.2%

5.1%

5.2%

88.0%

0.4%0.5%

Percen

tage


7/35

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


8/35

LATIN AMERICAA MERERMARkET M&A REpRT N

Monthly M&A Insider 06

In May, the largest Latin American deal to date was in the

Energy, Mining and Utilities sector when Cosan SA Industriae Comercio announced the acquisition o Cia de as de Sao

paulo or US$4bn. This deal, announced on 3 May hoes

to hel Cosan, a bioenergy leader ocused on roducing,

transorting and distributing renewable energy, develo their

sources in Brazil and elsewhere.

The next largest transaction in the consumer sector or

the month is eneral Mills acquisition o Yoi Alimentos, a

rivately held ood comany based in Brazil, worth US$954m.

Through this acquisition, eneral Mills hoes to double its

annual sales in Latin America, as well as seed u their

growth in the region. eneral Mills has shown eorts tobuild u its international business, to include this deal, with

international sales exected to to US$4bn in fscal 2012,

while almost doubling their annual sales in Latin America

alone to almost US$1bn.

State rid Cororation o Chinas acquisition o ACS

Actividades de Construccion y Servicios SA came in third witha deal value o US$941m. This acquisition maes State rids

second investment in the Brazil region, and ourth major

investment overseas; urthermore, this investment should

oen u urther marets to hel State rid exand globally.

The above deals illustrate a mixture o domestic and

cross-border acquirers who targeted the region in May.

Foreign buyers are articularly interested in the Consumer

and Energy, Mining and Utilities sectors, the strongholds

o the region, as they loo to exand maret share and

ta resources.

DURIN TE MNT F MAY, LATIN AMERICA M&A ACTIITY SA 50 DEALS RT US$10.9BN, BRININTE TTAL YEAR-T-DATE T 221 DEALS RT US$37BN. INDUSTRIALS AND CEMICALS AS TEMST ACTIE SECTR IT 40 DEALS RT US$957M REpRESENTIN 18.1% F TE DEAL CUNT ITENERY, MININ, AND UTILITIES FLLIN IT IT 17.6% F TE MARkET. TE ENERY, MININ ANDUTILITIES SECTR AD TE IEST DEAL ALUE YEAR-T-DATE IT US$13.8BN, CApTURIN 37.3% FERALL M&A DEAL ALUE.


9/3507Monthly M&A Insider

TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF THE MONTH (MAY-12)

Announced Bidder company Target company Target dominant

sector

Seller company Exit multiples (x) Bid premia

1-day

before

Deal

value

(US$m)Revenue EBITDA P/E

03-May-12 Cosan SA Industria eComercio

Cia de Gas de Sao Paulo Energy, Mining &Utilities

1.8 10.5 24.0 12.2% 3,983

24-May-12 General Mills Inc Yoki Alimentos SA Consumer 1.6 - - - 954

28-May-12 State Grid Corporationof China

ACS Actividades deConstruccion y ServiciosSA (seven electric powertransmission lines in Brazil)

Energy, Mining &Utilities

ACS Actividadesde Construccion yServicios SA

- - - - 941

25-May-12 MPX Energia SA

(shareholders)

CCX Carvao da Colombia SA Energy, Mining &

Utilities

MPX Energia SA - - - - 598

22-May-12 Glencore Internationalplc

Samref Congo Sprl(1.00% stake); and SamrefOverseas SA (24.49% stake)

Energy, Mining &Utilities

Groupe BazanoSprl; and HighGrade Minerals SA

- - - - 480

28-May-12 Diageo Plc Ypioca Agroindustrial(Ypioca brand and otherproduction assets)

Consumer YpiocaAgroindustrial

4.8 - - - 454

11-May-12 Banco GNB SudamerisSA

HSBC Colombia SA; HSBCBank Peru SA; HSBC BankParaguay SA; and HSBCBank (Uruguay) SA

Financial Services HSBC Holdings plc n/a n/a - - 400

28-May-12 M.F.R.S.P.E.Empreendimentos eParticipacoes

Leader Participacoes SA(42.30% stake)

Consumer 1.0 - - - 336

21-May-12 Cencosud SA Russi Supermercados Consumer - - - - 297

16-May-12 Straumann Holding AG Neodent (49.00% stake) Pharma, Medical &

Biotech

6.3 12.9 - - 279

Based on announced deals, including lapsed and withdrawn bids

Based on dominant geography of target company being Latin America

Data correct as of 08-Jun-12

Source: mergermarket

TOP DEALS



TREND GRAPHS

0

10

20

30

40

50

60

70

Q2

12*

Q1

12

Q4

11

Q3

11

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


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

Q212*

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Value

(US$m

)


Numberofdeals


0

2

4

6

8

10

12

14

16

18

0

20

40

60

80

100

120

140

160

180

YTD 2012*201120102009200820072006


Numberofd

ealsVa

lue

(US$bn

)

0

100

200

300

400

500

600

700


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

YTD 2012*201120102009200820072006

Value

(US$m

)


Numberofd

eals


0

5

10

15

20

25

30

35

40

45

50

08

LATIN AMERICAN M&A QUARTERLY TREND

LATIN AMERICAN M&A ANNUAL TREND LATIN AMERICAN M&A ANNUAL PRIVATEEQUITY TREND

LATIN AMERICAN M&A QUARTERLY PRIVATEEQUITY TREND



TREND GRAPHS

LATIN AMERICAN M&A GEOGRAPHIC BREAKDOWN YTD 2012

VALUE VOLUME

3.6%

4.3%

2.7%

2.8%

5.1%

2.4% 0.1%

1.5%

75.9%

1.8%

Argentina

Brazil

Chile

Colombia

Costa Rica

Dominican Republic

Mexico

Panama

Peru

Uruguay59.3%

1.4%

8.1%

9.0%

0.5%

8.6%

0.9% 5.4%

0.9%

5.9%

Argentina

Brazil

Chile

Colombia

Costa Rica

Dominican Republic

Mexico

Panama

Peru

Uruguay

LATIN AMERICAN M&A SECTOR BREAKDOWN YTD 2012

VALUE VOLUME

37.3%

14.7%

10.2%

21.6%

2.6%

0.9% 2.9%

1.1%

1.7%

2.6%3.4%

0.8%



Consumer

Financial Services

Business Services


Technology

Transportation

Leisure

Real Estate

Construction

Media

18.1%

17.6%

15.4%10.9%

10.4%

5.9%

5.0%

2.3%

2.3%

0.5%

0.5%

4.1%

3.6%

3.6% Industrials & Chemicals


Consumer

Financial Services

Business Services


Technology

Transportation

Leisure

Real Estate

Construction

Agriculture

Telecommunications

Media

09



LATIN AMERICAN M&A DEAL SIZE BREAKDOWN

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2012*201120102009200820072006

US$5,001m

46.9%

8.3%

21.8%

10.3%

12.7%

16.0%

10.6%

32.1%

16.0%

25.2%

30.5%

20.3%

24.5%

10.0%

14.7%

9.2%

29.3%

36.6%

10.1%

14.8%9.4%

6.9%

24.9%

19.2%

39.6%

29.0%

18.4%

27.4%

10.8%

14.4%

18.6%

10.8%

21.6%

32.6%

16.5%

Percentage

20

30

40

50

60

70

80

90

100

YTD 2012*201120102009200820072006

1.0%

5.4%

7.4%

85.1%

0.2%

5.5%

6.3%

87.3%

0.6%

4.7%

5.3%

88.2%

0.3%

6.9%

5.4%

85.7%82.3%

6.3%

8.1%

1.2%1.0% 0.7% 1.2% 1.8% 2.0%

6.0%

5.9%

86.2%

0.8% 0.5%

Perce

ntage

1.1%

10.0%

6.3%

82.8%

US$5,001m

0.5%

TREND GRAPHS


13/35



TOP DEALS

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF THE MONTH (MAY-12)

Announced Bidder company Target company Target dominated

sector


1-day

before

Deal value


29-May-12 Marubeni Corporation Gavilon LLC Business Services General Atlantic LLC;Soros Fund ManagementLLC; and OspraieManagement LLC

0.3 - - - 5,300

20-May-12 DaVita Inc HealthCare PartnersLLC

Pharma, Medical& Biotech

1.8 8.4 10.8 - 4,418

22-May-12 SAP AG Ariba Inc Technology 9.7 - - 19.6% 4,311

20-May-12 Dalian Wanda Group

Corporation Ltd

AMC Entertainment Inc Leisure Marquee Holdings - - - - 2,600

09-May-12 GlaxoSmithKline Plc Human GenomeSciences Inc


19.3 - - -11.1% 2,522

06-May-12 American InternationalGroup Inc

American InternationalGroup Inc (3.66% stake)

Financial Services US Department of theTreasury

n/a n/a 3.2 -7.1% 2,000

01-May-12 Collective BrandsConsortium

Collective Brands Inc Consumer 0.5 16.7 - 4.7% 1,748

02-May-12 Sandoz AG FougeraPharmaceuticals Inc


Nordic Capital; DLJMerchant BankingPartners; and AvistaCapital Partners LP

3.5 8.8 - - 1,525

15-May-12 Blackstone Group LP Cheniere EnergyPartners LP (undisclosedeconomic interest)

Energy, Mining& Utilities

- - - - 1,500

16-May-12 Boyd GamingCorporation

Peninsula Gaming LLC Leisure 4.4 17.0 - - 1,450


Based on dominant geography of target company being North America (US + Canada)





TREND GRAPHS

NORTH AMERICAN M&A QUARTERLY TREND

0

100

200

300

400

500

600

Q2

12*

Q1

12

Q4

11

Q3

11

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

V

alue

(US$bn

)


Numberofdeals

0

200

400

600

800

1,000

1,200

1,400

1,600


0

50

100

150

200

250

Q212*

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

V

alue

(US$bn

)


Numberofdeals


0

50

100

150

200

250

300

350

NORTH AMERICAN M&A ANNUAL TREND NORTH AMERICAN M&A ANNUAL PRIVATEEQUITY TREND

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

YTD 2012*201120102009200820072006


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 2012*201120102009200820072006

Value

(US$bn

)


Numberofdeals


0

200

400

600

800

1,000

1,200

NORTH AMERICAN M&A QUARTERLY PRIVATEEQUITY TREND



TREND GRAPHS

NORTH AMERICAN M&A SECTOR BREAKDOWN YTD 2012

VALUE VOLUME

10.9%

8.7%

11.6%

26.4%

7.3%

12.9%

5.8%

4.6%

2.4%

0.4%3.4%

1.4%0.7% 3.4%


Technology

Consumer


Business Services


Financial Services

Leisure

Media

Construction

Transportation

Real Estate

Telecommunications

Agriculture

18.5%

15.6%

11.4%

11.0%

10.4%

10.3%

3.8%

3.3%2.2%

1.8%1.3%

8.9%

0.6%

0.4%

0.6%


Technology

Consumer


Business Services


Financial Services

Leisure

Media

Construction

Transportation

Real Estate

Telecommunications

Defence

Agriculture

NORTH AMERICAN M&A DEAL SIZE BREAKDOWN

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2012*201120102009200820072006

US$5,001m

52.8%

14.7%

16.8%

6.2%

9.5%

43.5%

18.8%

21.5%

6.5%

9.6%

49.1%

14.0%

17.4%

7.3%

12.2%

58.8%

13.3%

13.2%

5.5%

9.2% 12.6%

9.7%

27.7%

18.0%

32.0%

37.0%

21.5%

20.9%

8.9%

11.7%

16.8%

23.4%

36.5%

10.4%

12.9%

Percentage

75

80

85

90

95

100

YTD 2012*201120102009200820072006

1.1%

1.5%

5.3%

5.3%

86.9%

1.1%

1.8%

6.2%

5.3%

85.6%

0.9%

3.7%

4.1%

90.6%

1.0%

3.5%

3.8%

91.0%

87.4%

5.3%

5.6%

1.1% 1.4%

4.9%

5.3%

87.6%

0.7% 0.7% 0.6% 0.7%

1.3%

6.8%

5.5%

85.9%

0.4%

US$5,001m

Percentage


17/35

A MERGERMARKET M&A REPORT ON

Monthly M&A Insider 15

ASIA-PACIFIC

The region clocked up 304 deals worth a total US$56.7bn in

April and May, compared to a Q1 2012 total of 479 deals worth

US$79.7bn. Prospects for deal-making putatively improved;

Mays total witnessed 155 deals being announced for a

combined value of US$34.9bn, a significant improvement

over Aprils 143 deals worth US$21.8bn.

However, premature optimism should be tempered. Mays

largest deal saw a significant share buyback from the China-

based online platform Alibaba, which struck a deal with

Yahoo! to buy back a 20% stake in itself for US$7.1bn. The

importance of foodstuffs also came to the fore. Japanese

trading house Marubenis US$3.6bn bid for US-based grain

merchant Gavilon was the second-largest deal in May.

Year-to-date numbers show that Energy, Mining & Utilities

is still the biggest sector by value in Asia-Pacific, with 82deals worth US$32.9bn, representing nearly a quarter of the

total deal value. Industrials & Chemicals remains the biggest

by deal volume, notching up an impressive 174 deals. With

US$28.9bn worth of deals, it was the second biggest sector in

terms of deal value and was the only sector to register over

100 deals in the period.

China continues to power Asian M&A, accounting for nearly a

third of total year-to-date deal value. Japan followed with 17.5%.

Asia-Pacific private equity has suffered disproportionately.

Buyouts in April and May have been sluggish, with 26 dealsworth US$2.8bn. This compares to a Q1 2012 total of 39 deals

worth US$5.3bn. Exits have slowed to a trickle in comparison.

Possibly on the back of depressed prices or the uncertainty

surrounding the eurozone crisis PE exits by value in April

and May saw a significant drop, from US$2.1bn in Q1 2012,

to US$600m. Exits by volume in April and May were at 21,

compared to a Q1 2012 total of 24.

Embers of hope still flicker in Asia as Europe crumbles.

Going into June though there could be repercussions from

the vertiginous drop in equity markets in the last weeks of

May/early June. Plenty of cash is sitting on balance sheetsbut buyers from America or Europe will be dealing with

more pressing issues. Expect to see more domestic deals

within Asia and intra-regional acquisitions. The element

of uncertainty, ever-present in the global economy at the

moment, is unlikely to dissipate any time soon.

AS WE ENTER JUNE, FEARS OF A GLOBAL RECESSION ARE MOUNTING ON THE BACK OF THE EUROZONECRISIS. AGAINST THIS UNCERTAIN FISCAL AND POLITICAL BACKDROP THOUGH, ASIA-PACIFIC M&A HASHELD UP SURPRISINGLY WELL. AFTER SEEING TWO CONSECUTIVE QUARTERS OF DECLINE IN BOTH VALUEAND VOLUME STARTING IN Q3 2011, THIS QUARTER MAY SEE A BOUNCE.



TOP DEALS

TOP 10 ASIA-PACIFIC ANNOUNCED DEALS OF THE MONTH (MAY-12)

Announced Bidder company Target company Target dominant

sector


1-day before

Deal

value


20-May-12 Alibaba Group Holding Ltd Alibaba Group HoldingLtd (20.00% stake)

Technology Yahoo! Inc 14.9 - 130.6 n/a 7,100

29-May-12 Marubeni Corporation Gavilon LLC BusinessServices

General AtlanticLLC; Soros FundManagementLLC; and OspraieManagement, LLC

0.3 - - n/a 5,300

18-May-12 Beijing Shougang Co Ltd Hebei Shougang Qian'anIron and Steel Co Ltd

Industrials &Chemicals

Shougang GroupCorporation

0.9 9.8 23.5 n/a 4,180

21-May-12 Nuclear DamageCompensation FacilitationCorporation

Tokyo Electric PowerCo Inc (UndisclosedEconomic Interest)

BusinessServices

- - - - 4,032

16-May-12 Macquarie Group Limited;Abu Dhabi InvestmentAuthority; Meag MunichErgo AssetManagementGmbH; and British ColumbiaInvestment ManagementCorporation

Open Grid Europe GmbH Energy, Mining& Utilities

E.ON AG 2.4 7.2 - n/a 3,696

20-May-12 Dalian Wanda GroupCorporation Ltd

AMC Entertainment Inc Leisure Marquee Holdings - - - n/a 2,600

10-May-12 JFE Holdings Inc JFE Shoji Holdings Inc(61.44% stake)


0.1 8.7 7.1 -3.2% 2,417

01-May-12 Japan Australia LNG (MIMI)Pty Ltd

Woodside Petroleum(Western Australianassets) (14.70% stake)


WoodsidePetroleum Limited

- - - n/a 2,000

23-May-12 PTT Exploration andProduction PCL

Cove Energy Plc Energy, Mining& Utilities

- (loss) (loss) 7.1% 1,769

15-May-12 North Pacific Bank Ltd Sapporo HokuyoHoldings Inc

FinancialServices

n/a n/a 5.0 19.5% 1,516


Based on dominant geography of target company being Asia-Pacific





TREND GRAPHS

ASIA-PACIFIC M&A QUARTERLY TREND

0

20

40

60

80

100

120

140

160

180

Q2

12*

Q1

12

Q4

11

Q3

11

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

V

alue

(US$bn

)


Numberofdeals

0

100

200

300

400

500

600

700

800

900


0

5

10

15

20

25

Q212*

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

V

alue

(US$bn

)


Numberofdeals


0

10

20

30

40

50

60

70

80

90

100

ASIA-PACIFIC M&A ANNUAL TREND ASIA PACIFIC M&A ANNUAL PRIVATEEQUITY TREND

0

50

100

150

200

250

300

350

400

450

500

YTD 2012*201120102009200820072006


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 2012*201120102009200820072006

Value

(US$bn

)


Numberofdeals


0

50

100

150

200

250

300

350

ASIA-PACIFIC M&A QUARTERLY PRIVATEEQUITY TREND



TREND GRAPHS

ASIA-PACIFIC M&A GEOGRAPHIC BREAKDOWN YTD 2012

VALUE VOLUME

China

Japan

Australia

India

Indonesia

Malaysia

Hong Kong

South Korea

Taiwan

Philippines

Other

30.1%

17.5%

14.0%

7.3%

4.3%

4.0%

3.4%

3.4%

1.2%

1.8%

12.9%

22.5%

15.1%

3.6%

11.5%

2.2%

5.1%

9.5%

1.1%

1.7%10.2%

17.6%

China

Japan

Australia

India

Indonesia

Malaysia

Hong Kong

South Korea

Taiwan

Philippines

Other

ASIA-PACIFIC M&A SECTOR BREAKDOWN YTD 2012

VALUE VOLUME

24.1%5.2%

9.8%

1.6%

1.0%1.0% 4.0%

0.2%

1.1%

21.2%

9.1%

17.4%

3.0%Industrials & Chemicals

Business Services


Consumer

Technology

Financial Services


Construction

Transportation

Leisure

Real Estate

Media

Agriculture

22.2%

12.3%

10.5%

9.7%

8.9%

8.6%

5.9%

4.3%

4.3%

4.1%

3.8%2.8%

1.3%


Business Services


Consumer

Technology

Financial Services


Construction

Transportation

Leisure

Real Estate

Media

Agriculture



ASIA-PACIFIC M&A DEAL SIZE BREAKDOWN

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2012*201120102009200820072006

US$5,001m

17.6%

22.8%

27.4%

11.3%

21.0%

15.6%

17.0%

30.4%

12.6%

24.5%

29.5%

15.8%

22.2%

12.0%

20.4%

19.8%

16.9%

30.7%

11.2%

21.4% 21.7%

11.0%

26.4%

27.4%

13.5%

24.3%

13.8%

29.9%

12.5%

19.5%

18.1%

26.9%

24.9%

10.3%

19.7%

Percentage

75

80

85

90

95

100

YTD 2012*201120102009200820072006

1.2%

4.8%

4.9%

88.9%

0.9%

5.1%

5.4%

88.3%

0.9%

4.5%

5.8%

88.4%

1.0%

5.5%

5.3%

87.8% 88.7%

5.1%

4.4%

1.5% 0.8%

5.4%

6.2%

87.1%

0.3% 0.3% 0.3% 0.5%0.4%

1.3%

4.2%

5.2%

88.8%

0.4% 0.4%

US$5,001m

Percentage

TREND GRAPHS



A Ak &A po o

Uop

Industrials and Chemicals, and nergy, ining and Utilities

have seen the mst actin this mnth. he Industrials and

Chemicals sectr came in with 63 deals at 10.73bn, whilst

nergy, ining and Utilities registered 20 deals ttalling

11.02bn. Fr the year-t-date, nergy, ining and Utilities

transactins have accunted fr 35% f ttal deal value, but

just 5.9% by vlume. Industrials and Chemicals accunt fr

almst ne in fur deals, at 12.5% f ttal value.

egrahically, the Uk has vertaen Switzerland as the

mst active regin by deal value, with the gures beginning

t revert t the mean fllwing Februarys lencre Xstrata

megadeal. By vlume the Uk is ut in frnt again with 22.2%,

fllwed by ermany with 13.6% and the rdics with 12.4%.

atn Crratins 9.34bn acquisitin f Cer Industrieswas the standut deal f ay. atn, a diversied wer

management sulier and energy cmnent manufacturer,

aid a 29% remium n the revius days trading fr the

Ireland-based cmany. A cmany ress release nted the

synergies with Cers electrical equiment fferings, and

states that the cmbined gru wuld have had histrical

revenues f US$21.5bn in 2011. he deal is als thught t

save atn smewhere in the regin f US$160m er year

in tax and management csts, as it becmes the latest US

crratin t change its dmicile t Ireland and benet frm

its 12.5% crrate tax rate. rgan Stanley and Citi advised

and rvided atn with a US$6.75 bridge nancing facility,

whilst Cer turned t ldman Sachs. A cunter bid is

thught t be unliely, with the 13x BIDA multile valuatin

described as retty aggressive by an industry surce in a

mergermaret rert.

other ntable deals included Cassa Desiti e prestitis

acquisitin f a 30% stae less ne share in Snam frm

ni valued at 3.5bn, the largest Italian deal f the year s

far. n t a ste twards reducing its debt burden by

divesting oen rid ure t a cnsrtium led by acquarie

ru fr a cnsideratin f 2.9bn. kninlije, the Dutch

telecmmunicatins rm, attracted a 2.7bn ffer frm

exican layer America vl fr a 28% stae.

Spain Focus

Sains baning wes were the main stry f the mnth,

with Bania requesting 19bn fr recaitalisatin. he furrsals ut frward by the trubled lender, which are

currently being reviewed by the state, are liely t see it

disse f many f its nn-cre assets, including staes in the

htel chain H Hteles, sftware cmany Indra Sistemas,

energy gru Iberdrla and Internatinal Airlines ru.

he effect Sains wea nancial sectr has had n &A

activity in the cuntry is clear. Fr the year-t-date, Sain has

seen 72 deals wrth 2.98bn. In cntrast, the same erid

last year saw 135 deals at a value f 34.11bn. his equates

t a 47% dr in deal vlume and a staggering 91% reductin

in deal value.

adrid has mved t rtect esl frm a lw hstile

taever bid with new legislatin that requires a fair valuatin

in the case f excetinal circumstances in the revius

tw years, including exrriatin. his intends t limit the

damage dne by Argentinas unilateral natinalisatin f YpF,

which saw esls share rice mre than halved.

lsewhere, Cyrus ls t be the next cuntry in danger

f a nancial meltdwn. It is estimated that the cuntry

has already received 4bn frm the CB in undeclared

emergency liquidity assistance, and Cyrus pular Ban

was recaitalised t the tune f 1.8bn this mnth. Accrding

t a mergermaret rert, the ban culd be ling t sell

u t a 50% stae after the next ree electins n 17th June.

Infrmal interest has been attracted frm layers in Cyrus,

Brazil, China, ussia and Israel, with ussias VB Ban

reviusly rumured as a tential bidder.

In the Uk, the Lndn etal xchange ls t be

n the verge f a taever by either the US-based

InterCntinentalxchange r Hng kng xchanges

and Clearing. hrughut the mnth f ay bidders

were whittled dwn, and the tw remaining arties will

nw resubmit rsals. With reliminary ffers f arund

1.2bn already n the table, the rice culd increase

maredly as the tw bidders square ff against each ther

ver the 135 year-ld exchange.

AY SAW 258 &A ASACIoS WoH 41.36B. HIS AkS A DCAS I DAL CoU oF 11%AD DAL VALU oF 15% Fo ApIL, CoIUI H DoWWAD D VID SIC Q2 2011.CopAD o AY 2011, H UB oF AoUCD DALS DoppD BY 47% AD H VALU BY33%. So FA Fo 2012, 27% FW DALS HAV B AoUCD A A 17% LoW VALU HA FoH SA pIoD LAS YA.



TOP DEALS

TOP 10 EUROPEAN ANNOUNCED DEALS OF THE MONTH (MAY-12)


sector


1-day

before

Deal value

(m)Revenue EBITDA P/E

21-May-12 Eaton Corporation Cooper Industries Plc Industrials &Chemicals

2.2 15.5 14.2 28.9% 9,342

30-May-12 Cassa depositi e prestitispa

Snam SpA (30.00% stake) Energy, Mining& Utilities

Eni SpA 6.4 8.7 15.1 9.6% 3,517

16-May-12 Macquarie Group Limited;Abu Dhabi InvestmentAuthority; Meag MunichErgo AssetManagementGmbH; and BritishColumbia InvestmentManagement Corporation

Open Grid Europe GmbH Energy, Mining& Utilities

E ON AG 2.4 7.2 - - 2,900

8-May-12 America Movil SAB de CV Koninklijke KPN NV(23.20% stake)

TMT 1.8 4.5 7.5 23.5% 2,657

31-May-12 CGI Group Inc Logica Plc Business Services 0.5 11.8 61.8 75.6% 2,557

6-May-12 Electricite de France SA Edison International SpA Energy, Mining& Utilities

0.6 7.7 - 6.0% 1,767

17-May-12 Agilent Technologies Inc Dako AS Pharma, Medical& Biotech

EQT Partners AB - - - - 1,723

22-May-12 Blackstone Group LP Accor SA (United StatesEconomy Hotel division)

Leisure Accor SA 3.6 11.6 - - 1,492

23-May-12 PTT Exploration andProduction PCL

Cove Energy Plc Energy, Mining& Utilities

- - - 7.1% 1,388

22-May-12 Waddell & Reed FinancialInc; BlackRock Inc; and

Norges Bank

Formula One Group(21.00% stake)

Leisure CVC CapitalPartners Limited

- - - - 1,256


Based on dominant geography of target company being Europe





TREND GRAPHS

EUROPEAN M&A QUARTERLY TREND

0

100

200

300

400

500

Q2

12*

Q1

12

Q4

11

Q3

11

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

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

110

120

130

140

Q212*

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Buyout value Exi t value Buyout volume Exi t volume

Value

(bn

)

Numberofdeals

0

50

100

150

200

250

300

350

400

450

EUROPEAN M&A ANNUAL TREND EUROPEAN M&A ANNUAL PRIVATE EQUITY TREND

0

200

400

600

800

1,000

1,200

YTD 2012*201120102009200820072006


Numberofd

ealsValue

(bn

)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000


0

50

100

150

200

250

300

YTD 2012*201120102009200820072006

Value

(bn

)


Numberofd

eals


0

200

400

600

800

1,000

1,200

1,400

1,600

EUROPEAN M&A QUARTERLY PRIVATEEQUITY TREND



TREND GRAPHS

EUROPEAN M&A GEOGRAPHIC BREAKDOWN YTD 2012

VALUE VOLUME

UK

CEE

Iberia

France

Nordic

Germany

Benelux

Italy

Switzerland

Others6.0%

10.3%

19.7%

6.3%

20.1%

9.1%

2.8%

10.6%

5.9%

9.2%

13.6%

9.1%

3.1%

7.3%

5.6%

22.2%

10.9%

10.9%

5.1%

12.4%

UK

CEE

Iberia

France

Nordic

Germany

Benelux

Italy

Switzerland

Others

EUROPEAN M&A SECTOR BREAKDOWN YTD 2012

VALUE VOLUME

7.0%

12.4%

3.8%

7.2%

1.7%

5.7%

1.8% 3.5%4.9%

0.2%

4.0%

5.3%

34.6%

7.9%


Consumer

Business Services

Technology

Financial Services



Construction

Media

Transportation

Leisure

Real Estate

Telecommunications

Agriculture

4.0%

24.4%

3.3%

5.9%

3.6%

5.7%

3.9%

1.9%1.5%

1.0%

0.2%

17.0%

11.3%9.3%

6.9%


Consumer

Business Services

Technology

Financial Services



Construction

Transportation

Media

Leisure

Real Estate

Telecommunications

Agriculture

Defence



TREND GRAPHS

EUROPEAN M&A DEAL SIZE BREAKDOWN

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2012*201120102009200820072006

5,001m

17.6%

23.5%

8.4%

15.9%

34.6%

16.4%

22.3%

8.4%

13.7%

39.2%

14.8%

20.2%

9.1%

17.1%

38.8%

20.0%

24.1%

9.2%

20.3%17.6%

9.4%

29.7%

20.8%

26.4% 22.5%17.2%

21.8%

30.8%

11.3%

18.8%

31.6%

21.3%

25.8%

9.2%

12.2%

Percentage

88

90

92

94

96

98

100

YTD 2012*201120102009200820072006

3.8%

0.9%

3.5%

91.4%

4.0%

0.9%

3.9%

90.8%

2.7%

0.6%

3.2%

93.2%

2.1%

0.6%

2.3%

94.8%

93.1%

2.7%

3.3%

0.7% 0.7%

3.1%

3.0%

93.0%

0.4%0.4% 0.4% 0.3%0.2% 0.2% 0.2%

0.9%

3.3%

3.3%

92.2%

5,001m

Percentage


27/3525

THE MIDDLE EAST& AFRICA

A MERGERMARKET M&A REPORT ON

Monthly M&A Insider

M&A activity during the month of May in the region was again

mainly driven by a series of large deals in the Energy, Mining

& Utilities sector which accounted for the largest percentage

of deal value in the region, with 37.4% of the market share,

closely followed by the Financial Services sector accounting

for 28.9% of the M&A activity in the region this month. The

top ME&A energy deals announced, includes the acquisition

of the NPS Energy, the United Arab Emirates-based company

offering well intervention services, including coil tubing, wire-

line services, cementing, pressure pumping, well logging

and testing and onshore drilling services, by Aker Solutions

ASA for a consideration of US$350m. The top mining deal

in the region announced in May was the acquisition of the

South Africa based gold mine Evander Gold Mines Ltd by the

listed South Africa based Pan African Resources Plc fromHarmony Gold Mining Company Limited for a consideration

of US$180m. The top financial services deal of the month is

the acquisition of 49.9% stake in the listed Israel based Clal

Industries and Investments Ltd by Access Industries, the

listed Israel based holding company having interests in the

oil, aluminium, coal and telecommunications sectors, from

IDB Development Corporation Ltd for a consideration

of US$332m.

The most active country in the ME&A is Israel, leading with

a deal flow volume of 29 and deal value of US$4.4bn (28.68%

market share), followed by Egypt with a deal flow volume of 4and a deal value of US$3.9bn (25.11% market share).

Finance sector activity boosting

Egyptian economy

One of the top financial services deals for the month of May

has been the acquisition of a 60% stake in EFG Hermes

Holding S.A.E, the Egyptian operations of EFG Hermes

Holding S.A.E, by QInvest LLC, the Qatar based investment

bank. The deal value for the transaction is 155 m. There

were various bids for this target, including the $1.1 billion bid

from a group backed by billionaire Naguib Sawiris which was

rejected. The newly formed company, EFG Hermes Qatar will

be 60% owned by QInvest and 40% owned by EFG Hermes.

This transaction is of very high importance as, according

to Mona Zulficar, EFG Hermes Holding Chairperson, it will

attract foreign direct investment of US$250m. It is also

believed to restore investors confidence and strongly boost

the Egyptian economy.

Expected joint venture deals

The month of May has presented a vast number of expected

deals including two recently discussed potential jointventures. Ginco General Contracting, a private United Arab

Emirates-based building materials company is seeking a joint

venture in order to enter Brazil. If this does not prove feasible

however, the company will attempt entering Brazil through

the setting up of a partnership with Brazilian companies such

as Bertolini, Inca and Aguia which offer similar products.

Companies such as Riri Baby Food, the private Egyptian

manufacturer and distributor of baby food are planning to

expand nationally. This is due to Egypts population of over

85 million people, and therefore an active consumer sector

which allows for the companys growth. The company plans

to expand through forming a joint venture with a target that

manufactures and distributes similar baby products so that

the two companies can set up a baby product manufacturing

facility in Egypt.

THE M&A ACTIVITY IN THE MIDDLE EAST & AFRICA REGION HAS SEEN A SLOWDOWN IN THE MONTH OF MAYTHIS YEAR, WITH A TOTAL OF US$2.01BN WORTH-DEALS, REPRESENTING A 59% DECREASE COMPARED TO THEMONTH OF APRIL THIS YEAR (US$4.9BN) BUT UP 11.2% COMPARED TO THE SAME PERIOD LAST YEAR ($1.8BN).THIS SHOWS SIGNS OF A VERY SLOW RECOVERY, ALTHOUGH POLITICAL INSTABILITY CONTINUES TO SHAPE THEUP-AND-DOWN TREND OF THE M&A ACTIVITY IN THE ME&A REGION.



TOP DEALS

TOP 10 MIDDLE EASTERN & AFRICAN ANNOUNCED DEALS OF THE MONTH (MAY-12)


sector


1-day

before

Deal value


10-May-12 EMC Corporation XtremIO Ltd. TMT Battery Ventures;Giza Venture Capital;Jerusalem VenturePartners (JVP);Lightspeed VenturePartners

- - - - 430

21-May-12 Aker Solutions ASA NPS Energy Energy, Mining& Utilities

National PetroleumServices

4.0 11.4 - - 350

20-May-12 Access Industries Clal Industries andInvestments Ltd.(49.90% stake)

Financial Services IDB DevelopmentCorporation Ltd.

1.1 9.2 4.3 41.5% 332

4-May-12 QInvest LLC EFG Hermes HoldingS.A.E (Brokerage,Research, AssetManagement,Investment Bankingand InfrastructureFund businesses)(60.00% stake)

Financial Services EFG-Hermes HoldingSAE

n/a n/a - - 250

30-May-12 Pan AfricanResources Plc

Evander Gold Mines Ltd. Energy, Mining& Utilities

Harmony Gold MiningCompany Limited

1.8 - 13.9 - 180

30-May-12 Barloworld Limited Caterpillar Inc. (Bucyrusequipment distributionand support businessSouth Africa)


Caterpillar Inc. - - - - 115

3-May-12 Malakoff CorporationBerhad

Hidd Power Company(40.00% stake)


International Power Plc - - - - 113

17-May-12 AVI Limited Green Cross Consumer 1.3 - 7.5 - 51

17-May-12 AOS Orwell Limited Scomi Oiltools (Africa)Ltd.; Titan TubularsNigeria Limited(51.00% stake)


Scomi Group Berhad - - - - 40

14-May-12 Jain IrrigationSystems Ltd

NaanDanJain IrrigationLtd. (50.00% stake)

Agriculture - - - - 35


Based on dominant geography of target being Middle East or Africa





TREND GRAPHS

MIDDLE EASTERN & AFRICAN M&AQUARTERLY TREND

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Q2

12*

Q1

12

Q4

11

Q3

11

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

V

alue

(US$m

)


Numberofdeals

0

20

40

60

80

100

120

140

160


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Q212*

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106


NumberofdealsV

alue

(US$m

)

0

5

10

15

20

25

MIDDLE EASTERN & AFRICAN M&AANNUAL TREND

MIDDLE EASTERN & AFRICAN M&A ANNUALPRIVATE EQUITY TREND

0

10

20

30

40

50

60

70

80

90

100

YTD 2012*201120102009200820072006


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 2012*201120102009200820072006


Value

(U

S$bn

)

0

10

20

30

40

50

60

70

Numb

erofdeals

MIDDLE EASTERN & AFRICAN M&A QUARTERLYPRIVATE EQUITY TREND



TREND GRAPHS

MIDDLE EASTERN & AFRICAN M&A GEOGRAPHIC BREAKDOWN YTD 2012

MIDDLE EASTERN & AFRICAN M&A SECTOR BREAKDOWN YTD 2012

VALUE

VALUE

VOLUME

VOLUME

0.5%4.5%

3.0% 0.3%

6.6%

15.4%

4.6%

15.4%

19.0%

30.8%


Financial Services

Business Services

Consumer

TMT

Transportation


Construction

Agriculture

Energy, Mining & Utilites

28.8%

9.6%

27.9%

5.8%

3.8%

3.8%

1.9%

1.9%

1.9%1.9%

1.9%

1.0% each

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Nigeria

Democratic Republicof Congo

Ethiopia

Qatar

Kuwait

Tanzania

Angola

Ghana

Iraq

Libya

Mali

Mauritius

Morocco

Mozambique

Oman

Zimbabwe

7.4%

13.9%

17.6%

16.7%

16.7%

13.9%

1.9%

2.8%

3.7%2.8% 2.8%


Financial Services

Business Services

Consumer

Energy, Mining & Utilites

TMT

Leisure

Transportation


Construction

Agriculture

18.3%

28.7%

1.4%

8.2%

2.2%

1.1%

0.9%0.4%

0.7%0.1%

0.9%

25.1%

8.9%

2.6%

South Africa

Israel

United Arab Emirates

Saudi Arabia

Egypt

Nigeria

Democratic Republicof Congo

Ethiopia

Qatar

Iraq

Morocco

Mozambique

Bahrain

Mali



TREND GRAPHS

MIDDLE EASTERN & AFRICAN M&A DEAL SIZE BREAKDOWN

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2012201120102009200820072006

12.7%

12.8%

65.7%

13.2%

11.3%

67.0%

18.0%

19.0%

47.6%

19.2%

13.2%

53.2%

68.0%

12.6%

9.4%

17.8%

7.8% 7.5%13.7% 12.9%

8.9%

13.7%

9.1%

58.0%

27.1%

16.4%

7.8%

47.6%

1.0% 0.9% 1.7% 1.6% 1.0% 1.3% 1.0%

US$501m

Percentage

0

10

20

30

40

50

60

70

80

90

100

YTD 2012*201120102009200820072006

33.9%

14.5%

6.2%

9.1%

32.5%

15.4%

5.6%

7.2%

36.3%

11.3%

5.7%

3.8%

32.6%

13.1%

4.0%3.4% 6.0%

5.7%

33.7%

10.2%10.8%

6.3%

36.3% 39.3%42.9%

47.0% 44.4%47.7%

27.9%

7.2%

14.8%

10.2%

47.2%

23.1%

4.6%

US$501m

Percentage



ABOUT MERRILL CORPORATION

Merrill Transaction and Compliance Services

Through a broad range of tools and services, Merrill

Corporation streamlines document composition, filing,

printing, distribution and electronic access to the transaction

and regulatory compliance activities of its clients engaged

in securities offerings, reorganisations, mergers and

acquisitions, SEC and other regulatory filings. As a registered,

third-party service provider offering public companies expert

EDGARization and XBRL filing services, Merrill professionals

can compose, edit, electronically file, manage and distribute

data in printed or electronic format.

Merrill Legal Solutions provide both on-demand and on-site

litigation support, information management and electronic

and print document management services for law firms,

corporate legal departments and professional services firms.

Examples of our expertise include the creation of searchable

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brand identity management, customer communication

and packaged direct marketing programmes for sales

professionals in industries such as real estate, mutual funds

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offers extensive legal translation services for international

litigation, intellectual property, patents, contractual matters,

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and more.

www.datasite.com

About Merrill DataSite

Revolutionising the due diligence process

Merrill DataSite is designed for rapid deployment and can be

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process, from document scanning to VDR hosting and project

management is delivered by Merrills multilingual team,

available around the clock worldwide.

With Merrill DataSite, all documents are captured and indexed

to an online database and because all rights are designated

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ability to view, print or access source documents is set up

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Merrill DataSite provides useful tools, including full search,

viewer audit capability, Q&A, bulk uploads and detailed user

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have greater insight into reviewer behaviour.

Merrill DataSite enhances transaction success

Merrill DataSite is the industrys acknowledged leader. More

than 61,000 different private and public companies across theglobe have leveraged Merrill DataSite to increase the value of

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FOUNDED IN 1968 AND HEADQUARTERED IN ST. PAUL, MINNESOTA, MERRILL CORPORATION ISA LEADING PROVIDER OF OUTSOURCED SOLUTIONS FOR COMPLEX BUSINESS COMMUNICATIONAND INFORMATION MANAGEMENT. MERRILLS SERVICES INCLUDE DOCUMENT AND DATAMANAGEMENT, LITIGATION SUPPORT, LANGUAGE TRANSLATION SERVICES, FULFILLMENT, IMAGINGAND PRINTING. MERRILL SERVES THE CORPORATE, LEGAL, FINANCIAL SERVICES, INSURANCEAND REAL ESTATE MARKETS. WITH MORE THAN 5,000 PEOPLE IN OVER 40 DOMESTIC AND 22INTERNATIONAL LOCATIONS, MERRILL EMPOWERS THE COMMUNICATIONS OF THE WORLDSLEADING ORGANISATIONS.



ABOUT MERRILL DATASITE

Merrill DataSite built with the client in mind

Merrill DataSite was created to meet its clients needs and

built to their specifications. Since 2002 we have consistently

leveraged the experiences of our clients to add leading-edge

functionality to the available toolset. Merrill DataSite allows its

users and administrators to:

Examine documents immediately. Patented technology

ensures you never have to wait for a document to be

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temp file. When faced with hundreds of documents to review,

this feature saves significant time and expense.

Designate user permissions. Team administrators can control

which users will be able to view, print or download specific

documents, folders or projects simply and quickly.Search every word in every document. With large document

collections, sophisticated search features are key to finding

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search capabilities allow users to search tens if not hundreds

of thousands of pages to find whats relevant to them. Merrill

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Using wildcard, fuzzy, proximity, boosting, Boolean and

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seen all materials and documents that are relevant to their

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Protect confidential information. View-only documents

are never downloaded. Merrill DataSite, not the computers

browser, controls the caching process providing unmatchedsecurity levels. Unlike other VDR providers, images are never

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Track all activity accurately. Auditing and reporting tools

provide a verifiable account of each individuals time spent

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adds negotiating leverage.

Need to work remotely?No problem. Whether youre working in Beijing or New York,

you can view your documents online without having to navigate

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Security is our highest priority

Merrill has been a trusted provider of secure information to

the financial and legal industries for more than 40 years. Our

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annually (internal and third-party) to make certain our ITinfrastructure and processes remain sound.

Merrill DataSite was the first virtual data room to receive the

ISO 27001 certification for its comprehensive Information

Security Management System (ISMS).

The ISO 27001 standard, developed by the International

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assets in foreign markets, as well as across national and

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The best tool in the industry

Merrill DataSite technology allows for the fastest conversion

of soft and hard copy documents to the electronic viewing

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Through secure, simultaneous access, full text search

capabilities and robust reporting tools, both archival and

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dramatically reduces transaction time and costs.

As a leading provider of VDR solutions worldwide, Merrill

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perform electronic due diligence on thousands of transactions

totalling trillions of dollars in asset value.

NOW SMARTER, FASTER, EASIER!

PLEASE VISIT OUR WEBSITE: WWW.DATASITE.COM



ABOUT MERRILL CORPORATION

EXECUTIVE MANAGEMENT

Ed BifulkPresidentTel: +1 212 229 6563

Paul HartzellSenior Vice PresidentTel: +1 212 367 5950

EXECUTIVE SALES

Chris Beckmann

Regional Director, Germany, Switzerlandand PolandTel: +49 69 25617 110

Alex GrossRegional Director, Eastern Europe &Middle EastTel: +49 69 7593 7148

Michael HinchliffeRegional Director, U. K.Tel: +44 20 7422 6100

Jonathan HughesAccount Manager, Northern EuropeTel: +44 20 7422 6100

Shashank JainAccount Manager, United Arab EmiratesTel: +971 (0)50 252 3025

Alvaro OrtegaRegional Director, Southern EuropeTel: +44 20 7422 6100

Adam PangAccount Manager, EuropeTel: +44 20 7422 6268

Merlin J. PiscitelliRegional Director, EuropeTel: +44 20 7422 6100

Jrme PottierRegional Director, FranceTel: +33 (0) 1 40 06 13 12

Colin SchopbachRegional Director, U. K.Tel: +44 20 7422 6100

Anna ScottRegional Director, U. K.Tel: +44 20 7422 6100

Hakema El-HadadRegional Director, Northern AfricaTel: +33 (0) 1 40 06 13 10

Mark FinnieRegional Director, North AsiaTel: +852 2536 2534

Ari LeeRegional Director, North AsiaTel: +852 9855 3758

Vincent LorkRegional Director, South East AsiaTel: +65 6248 4602

Chris RobilliardRegional Director, Australia & NewZealandTel: +612 8667 3064

Manuel BentosinosRegional Director, Mexico, Columbia andCaribbeanTel: +52 55 9171 2237

Ana Paula Macd Tvora de CastroRegional Director, South AmericaTel: +55 11 9908 0858

Luis Felipe Salles CunhaRegional Director, BrazilTel: +55 11 3568 2429

Carlos NogueiraRegional Director, BrazilTel: +55 11-3895-8572

Brian GilbreathVice President, Midwest and Latin AmericaTel: +1 404 934 8085

Hank Gregory

SVP, Western Canada & Pacific NorthwestTel: + 604 603 4360

Ryan MacMillanRegional Director, CanadaTel: +1 416 214 2448

Jason HedgesRegional Director, CanadaTel: +1 416-878-3260

Michael KennedyRegional Director, New EnglandTel: +1 207 829 4369

Ross WhittakerRegional Director, New EnglandTel: +1 617.535.1516

Jon LenihanRegional Director, BostonTel: +1 617-535-1618

Scott RedikerRegional Director, Mid AtlanticTel: +1 443-690-3122

Forrest R. DoaneRegional Director, New YorkTel: +1 212 229 6620

Adam KuritzkyRegional Director, New YorkTel: +1 917 232 9569

John McElroneRegional Director, New YorkTel: +1 212 229 6656

Matthew MezzancelloRegional Director, NY, NJ & PATel: +1 212 229 6618

Steve PicconeVice President, New YorkTel: +1 212 229 6883

Paul KleinkaufRegional Director, SoutheastTel: +1 404 602 3251

Michail SidorovRegional Director, Ohio & MichiganTel: +1 216-333-1274

Jessie SainiRegional Director, Midwest

Tel: +1 312-386-2293Scott HaugenRegional Director, Minnesota & WisconsinTel: +1 651 632 4375

Anthony CrosbyRegional Director, ChicagoTel: +1 312 674 6511

Mark PlaehnRegional Director, ChicagoTel: +1 312 674 6527

Kelly-Leigh Keefe,Regional Director, ChicagoTel: +1 312-386-2229

Nicholas RenterRegional Director, TexasTel: +1 214 754 2100

Andrew BuonincontroRegional Director, Bay AreaTel: +1 650 493 1400

Erik SandieRegional Director, Bay AreaTel: +1 650 493 1400

Jay LoyolaRegional Director, Bay AreaTel: +1 949 622 0663

Shelle MartinRegional Director, Bay AreaTel: +1 415 357 4355

Dan PhelanRegional Director, Los AngelesTel: +1 213 253 2139

Hans SchumannRegional Director, San DiegoTel: +1 760 635 0830

David YearyVice President, DataSite Life SciencesTel: +1 415 307 4414

James Snaza

Director of Life SciencesTel: +1 651 632 4585

Jon BlueVice President, Clean TechTel: +1 206-696-9169


35/35

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