Worldwide M&A Declines 40% to US$941 billion l Goldman Sachs Tops Rankings l Estimated Financial Advisory Fees Down 58% https://www.thomsonone.com M&A activity in the United States fell 49.2% below the first half of 2008 with US$289.4 billion in announced deals. Slightly offsetting the decline in the United States was the 19.4% increase in Canadian M&A activity which brought Americas M&A to US$374.6 billion for the first half of 2009, a 45.7% decrease over last year. M&A activity in Europe declined 42.5% over the year-ago period reaching US$310 billion during the first half of 2009. Companies in Africa/Middle East saw the lowest year-over-year declines for M&A, registering a 3.2% decline over 2008. Deals in Asia-Pacific fell 28.4% during the first half of 2009 despite strong deal activity in Australia, while deal activity in Japan decreased 20.4%. Cross-border deal activity totaled US$287 billion during the first half of 2009 or 30.5% of worldwide mergers. Compared to 2008, cross-border merger activity declined 54.5%, with targets in the United Kingdom, Netherlands and Australia comprising 40% of overall activity. The volume of worldwide mergers and acquisitions totaled US$941 billion in announced deals during the first half of 2009, a decrease of 40.2% from 2008 totals and the lowest level for deal activity for an opening six month period since the first half of 2004. M&A activity during the second quarter of 2009 totaled US$466.6 billion, a slight decrease from the first quarter and the slowest quarter for worldwide deal activity since the third quarter of 2004. Far outpacing the declines in new deal announcements, imputed fees for completed M&A financial advisory assignments fell 57.6% to US$7.9 billion during the first six months of 2009 compared to US$18.7 billion last year according to Thomson Reuters/Freeman & Co. Estimated fees for deals completed during the second quarter of 2009 totaled US$3.4 billion, the lowest quarterly total for completed M&A fees since records began in 1998. Dealmaking activity in the Financials, Materials, and Energy & Power sectors combined for 55.5% of worldwide M&A activity during the first half of 2009. Healthcare and Materials deals were the only sectors to see year-over-year gains, by value. Activity in the Materials, Financials, Industrials, and High Technology sectors topped all industry groups, by number, with over 2,000 deals announced during the first half of 2009. During the first half, dealmaking activity was marked by continued government investments in major financial institutions as well as increased activity by government-controlled corporates. Overall investments by government entities totaled US$196.9 billion during the first six months of 2009, or 20.9% of worldwide M&A, the largest percentage on record. Private Equity firms continued to see major declines in M&A activity during the first half of 2009. First half volume totaled US$32.9 billion in announced transactions, the lowest opening six month period for buyout activity since the first half of 1997. Registering a 78.8% decline over the first half of 2008, financial sponsors accounted for just 3.5% of announced transactions during the first half, the lowest percentage since the first half of 2000. MERGERS & ACQUISITIONS REVIEW SECOND QUARTER 2009 FINANCIAL ADVISORS Government M&A Investments 2.0% 3.2% 4.7% 10.1% 6.3% 2.9% 8.4% 20.9% 4.9% 9.8% 5.7% $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Rank Value (US$b) 0% 5% 10% 15% 20% 25% % of Global M&A Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of H1 Global M&A Worldwide Fee Volume By Target Region $0 $1 $2 $3 $4 $5 $6 $7 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Rank Value (US$b) Americas EMEA Asia Pacific (ex Central Asia) Japan 1 of 36
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Worldwide M&A Declines 40% to US$941 billion l Goldman Sachs Tops Rankings l Estimated Financial Advisory Fees Down 58%
https://www.thomsonone.com
M&A activity in the United States fell 49.2% below the first half of 2008 with US$289.4 billionin announced deals. Slightly offsetting the decline in the United States was the 19.4%increase in Canadian M&A activity which brought Americas M&A to US$374.6 billion for thefirst half of 2009, a 45.7% decrease over last year. M&A activity in Europe declined 42.5%over the year-ago period reaching US$310 billion during the first half of 2009. Companies inAfrica/Middle East saw the lowest year-over-year declines for M&A, registering a 3.2% declineover 2008. Deals in Asia-Pacific fell 28.4% during the first half of 2009 despite strong dealactivity in Australia, while deal activity in Japan decreased 20.4%.
Cross-border deal activity totaled US$287 billion during the first half of 2009 or 30.5% ofworldwide mergers. Compared to 2008, cross-border merger activity declined 54.5%, withtargets in the United Kingdom, Netherlands and Australia comprising 40% of overall activity.
The volume of worldwide mergers and acquisitions totaled US$941 billion in announced dealsduring the first half of 2009, a decrease of 40.2% from 2008 totals and the lowest level fordeal activity for an opening six month period since the first half of 2004. M&A activity duringthe second quarter of 2009 totaled US$466.6 billion, a slight decrease from the first quarterand the slowest quarter for worldwide deal activity since the third quarter of 2004. Faroutpacing the declines in new deal announcements, imputed fees for completed M&A financialadvisory assignments fell 57.6% to US$7.9 billion during the first six months of 2009compared to US$18.7 billion last year according to Thomson Reuters/Freeman & Co.Estimated fees for deals completed during the second quarter of 2009 totaled US$3.4 billion,the lowest quarterly total for completed M&A fees since records began in 1998.
Dealmaking activity in the Financials, Materials, and Energy & Power sectors combined for55.5% of worldwide M&A activity during the first half of 2009. Healthcare and Materials dealswere the only sectors to see year-over-year gains, by value. Activity in the Materials,Financials, Industrials, and High Technology sectors topped all industry groups, by number,with over 2,000 deals announced during the first half of 2009. During the first half, dealmakingactivity was marked by continued government investments in major financial institutions aswell as increased activity by government-controlled corporates. Overall investments bygovernment entities totaled US$196.9 billion during the first six months of 2009, or 20.9% ofworldwide M&A, the largest percentage on record.
Private Equity firms continued to see major declines in M&A activity during the first half of 2009. First half volume totaled US$32.9 billion in announced transactions, the lowest opening six month period for buyout activity since the first half of 1997. Registering a 78.8% decline over the first half of 2008, financial sponsors accounted for just 3.5% of announced transactions during the first half, the lowest percentage since the first half of 2000.
Lloyds Banking Group PLC (12%)RBS (25%) HM Treasury
18,245.814,499.1 Media and Entertainment / Cable
Financials / BanksEnergy & Power / Oil & GasPetro-Canada (100%)
DirecTV Group IncSuncor Energy Inc Canada / Canada
United States / United States
6/11/2009 Pending2/20/2009 6/25/2009
Top Worldwide Announced M&A Advisors by Transaction Size (AD1)
$0
$50
$100
$150
$200
$250
$300
$350
$400
Goldman Sachs & Co Morgan Stanley JP Morgan Citi Deutsche Bank AG Bank of America MerrillLynch
Lazard UBS Credit Suisse Barclays Capital
Ran
k Va
lue
(US$
b)
Xstrata / Anglo AmericanBHP Billiton / Rio Tinto (Joint Venture)Pfizer / WyethMerck / Schering-PloughOther Top 15 Worldwide Announced DealsAll Other Transactions
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The ratio of withdrawn to completed deal volume in the Americas was 11.2%as the total value of withdrawn deals reached US$39.3 billion in 2009. Thedeal with the largest impact was Liberty Media's decision to withdraw itsplans to spin off Liberty Entertainment in a deal worth US$14.4 billion.
M&A activity with US involvement during the first half of 2009 decreased by57.5% to US$335.6 billion while Canadian M&A increased by 25.1% toUS$60.2 billion compared to the equivalent period last year.
Americas Deals Intelligence
US Volume Decreases YoY | Financials M&A Volume Increases | Withdrawn M&A On The Rise
The Healthcare sector remained the leading sector most targeted in the USwith US$130.7 billion in M&A activity. Financials were the next most activewith BlackRock's US$13.4 billion acquisition of Barclays Global Investorslargely contributing to the sector's total of US$38.2 billion.
120,122.4
17,800.2
Rank Val (US$m)
JP MorganMorgan Stanley
116,220.4
130,722.8 Rank
1
38,176.1
17,695.2
US Announced Advisors by Target IndustryNo.
Deals
10 Healthcare
Goldman Sachs & Co
Mkt.Share
91.9
611 68.9 10
7,723.6
26,306.221
10 3
88.925 87.7
36,622.9
Energy and Power7,191.3
19,072.7 1 37.7
5 4
FinancialsMorgan Stanley
Bank of America Merrill Lynch
114,669.5
High TechnologyCredit Suisse
Lazard
Citi46.43
25,290.8
Goldman Sachs & Co
22,318.6 7,913.6
9
9
267 6
3
23.7
https://www.thomsonone.com
Credit Suisse6,944.3 2 36.4
34.7Barclays Capital
Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors
6/11/2009 Pending Barclays Global Investors Ltd (100%) BlackRock Inc5/4/2009 Liberty Entertainment (100%)
Merck & Co Inc
4/13/2009 Pending NextRx Inc (100%)
Americas Analysis
1/26/20093/9/2009
Top Ten US Announced Deals
Pfizer Inc United States / United States 64,479.7 Healthcare / Pharmaceuticals
9,610.2 Consumer Staples / Food & Beverage
DirecTV Group Inc United States / United States 14,499.1 Media & Entertainment / CableHealthcare / PharmaceuticalsUnited States / United States 45,913.3
United States / United States 8,583.0 Telecom / Telecom Services
Oracle Corp United States / United States 5,859.2 High Technology / Electronics
Top 10 US Announced M&A Advisors by Target Industry (AD2)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Morgan Stanley Goldman Sachs & Co JP Morgan Bank of AmericaMerrill Lynch
Barclays Capital Citi Evercore Partners Credit Suisse Lazard Centerview PartnersLLC
% V
olum
e C
ompo
sitio
n
Consumer Products and Services Consumer Staples Energy and Power Financials Government and AgenciesHealthcare High Technology Industrials Materials Media and EntertainmentReal Estate Retail Telecommunications
12 of 36
The mean enterprise value to EBITDA multiple during the first six monthsof 2009 was only 10.2, the lowest level since the second half of 2002.During the M&A boom, deal multiples peaked at 13.9 times EBITDA inthe first half of 2007 but have declined continuously since, dropping froman average of 13.6 in the first half of 2008 to 11.6 in the second half.
European Deals Intelligence
M&A activity with European involvement totaled US$434.7 billion, 42.7%lower than the first half of 2008. Total estimated fees earned oncompleted deals in the second quarter were US$1.5 billion, dropping by25.9% compared to the first quarter and by 68.6% compared to thesecond quarter of 2008.
Government investments during the first half of 2009 totaled US$140.4billion. This represented a record 45.3% of M&A activity involvingEuropean targets and a 348.6% increase over the US$31.3 billion indeal activity during the same period last year.
▼▼▼▼
444.3
▼▼▼▼
-51.3-63.7-55.1-61.9
11 -22.5
▼
316.633
417.3
-75.0
-72.3-62.8
-67.8
5158 182.8
Source: Thomson Reuters/Freeman & Co.
360.43.1 ▼▼
253.1
1
114.3 78
https://www.thomsonone.com
Credit Suisse
Fees
6
459.6
9
356.7
Share7.5
Lazard
11
6 3
Morgan Stanley
Bank of America Merrill LynchRothschild
61,100.3 390,638.7
% Change inMkt. No. Imputed Fees
32
Deutsche Bank AG
1/1/2008 - 6/30/20081/1/2009 - 6/30/2009
46604.9
4.7
965
100.0 9,583.5
5 4.1
107.8 10 41
3.4117.9
4.6
Citi 8
648 5 102,215.0 1
159.1
Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors
Europe M&A
160.1
875 530.2 1
Imputed Fees
UBS
FinancialsCredit Suisse
88.94
141,090.7 US$m Rank
UBS
US$mGoldman Sachs & Co87,592.7
7287,485.9
1
32 62.0
60.885,720.0
Deals1
Financial Advisor
166.7258.3
JP Morgan 4141.6
Rank44
3.3 843
348.9
European Involvement Announced Advisors by Target Industry
Rank Val US$mMkt.
No. DealsRank Share
Any European Involvement Completed M&A (AF3) - Imputed Fees
Goldman Sachs & Co
MaterialsLazard
100,950.4
114,984.2 Citi
87.8Morgan Stanley
-70.1
5412.03.3Energy and Power
JP Morgan 3
-64.16-33,401.2 5,4093,438.7 -
38.736.9
3041.8
112.2Citi3.2
640
13 3
37,865.4 110.935,109.3 2
European M&A Down 42.7% | Government Investments Make Up 45.3% of M&A Involving European Targets
14
11 21
62.1
Goldman Sachs & Co Industry Total
European Government M&A Investments
3.7%5.4%
16.4%
3.0% 2.9%
9.6%
19.3%
5.9% 5.8%
45.3%
$0
$25
$50
$75
$100
$125
$150
$175
$200
$225
$250
$275
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Ran
k Va
lue
(US$
b)
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
% o
f Eur
opea
n M
&A
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of H1 European M&A
13 of 36
▼
▼▼
▲▼
▲▼
▼▼▲
▼
▲
▲
Rank Val
11
67 26.8
2 -46.7 ▼
▲
-45.1
Financial Advisor
▼
▼▼▼
6
Deals
Europe Rankings
Any European Involvement Completed (AF3)
Rank ValueUS$m
% Chg. in Rank ValRankFinancial Advisor
Rank Value
43
175,500.54129.833
▲
270,671.03
1918
244,540.1
-58.057
▲
▼▼▼
100.0 -58.0
73.8
173,885.2
-57.2-47.4
225.1-57.8-25.5
4
238.1
-52.6596.8
39.838
1/1/2008 - 6/30/2008
1,586.8-58.7
15 11.0
5.54.94.6
▲268,886.5 -41.4
1.98142,179.14
-61.8-25.5
-55.5
Share
2
▼▲
5
41.8US$m
34.1
▼
Rank% Chg. in
Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors
-21.6
36.6-52.0
-▼ RBS
Subtotal without Financial Advisor
BNP Paribas SA
92,275.3Bank of America Merrill Lynch
37,905.6
15,168.6
Subtotal with Financial Advisor
HSBC Holdings PLC
ING
29,356.3
▼
▼ 316,009.5
346.1
65.9-61.6
▲14,163.1
Perella Weinberg Partners LP▼
10273,227.3
225-39.9
87,663.1
-50.03
25
37,587.7
412.4
95,504.8-87.09126,439.8
▲RothschildMediobanca
KPMG
8.5
-80.3
▲17
Nomura 18,820.8Societe Generale
16
▼▼
19 -51.0-
2,961.5
48
4920
3,077.318,707.6
419.4
1920Gleacher Partners 15,889.9
16,783.3
618
22.83.2
26,587.133
482 -
13.5
7.01367
7 Commerzbank AG▼
3.4
19274.3
5.1
▼
12
JP Morgan 117,874.1 34.24
▼12
23.924.9
40,695.6 15 82,250.01085,902.710
15.211
1▲11▼
68.0-48.6 Citi
134,260.4 39.0144,135.4
Goldman Sachs & Co60129,543.3 37.63UBS
301
51
10,447.4
279,240.6
4126.44626.6
239,675.0
218,317.9
36,131.858
Subtotal without Financial Advisor
1613,853.6
▲
-24.8
550.2-74.3 Ernst & Young LLP
98,891.11,0285,839 -53.2 ▼
- -41.1
-344,487.2- Industry Total▼
https://www.thomsonone.com
-
▲
▼Industry Total -42.7
109.0
▼▼
-83.9-63.1
-61.5-34.2146.5
1.389.4
25
* tie
3
46,306.4 - 10.7388,392.4
RBSPerella Weinberg Partners LP
5,650.0
14,664.113,728.012,137.610,891.9
KPMG
-
9,046.0 23
434,698.9
24
-
NomuraBlackstone Group LP
8,863.4
Subtotal with Financial Advisor
17
20
1819
10,213.8Societe Generale
NIBC NV 2.5RBC Capital MarketsHSBC Holdings PLC
2.410,359.3 2122
2.12.4
2.0
171113
6,867100.0 819,917.5
-69.6-7.040.7
-32.9
12
1815
10
14
16102
39
21
58,848.0
22
3213
27,303.215,483.5
20,972.7
8,058.9
8.3- 91.7-
25
* tie
-61.1-57.7
1029
11 116,788.911,910.657,098.698,457.5
2510.9
1824,751.6
6,243.8-
868.9
2534,457.812,030.8
100
758,789.9
23
659,898.8-
▼
28,477.7
11,338.0UniCredit Group
Barclays Capital3.516
16,416.015,382.4ING
13
Rothschild
3.8
6.022,354.818,846.8
MediobancaBNP Paribas SA
1514
136,730.8134,460.0
530.9
131,797.929.38
Morgan StanleyJP Morgan
127,449.8Credit Suisse
Citi
164,214.8US$m Deals
157,621.9144,870.9UBS
162,439.93
31.5
13.81237
14 Santander52,343.9
13▼Greenhill & Co, LLC▲
45,438.5
14
429
14
12,327.8
1813
223
31-746,754.0
942.0
46,594.93343
15,567.6
14,904.3
36,732.5
-
14906
5,4094,503 73,163.4
7
4.122
357
124.0
3
5365
50
32
212,235.5
4954
98,451.8
66.9142,186.2
2
1/1/2009 - 6/30/2009No.
37.8
▼102,569.6Credit Suisse▲
42
No.US$m
Mkt.
319,554.4Rank
Lazard 117,461.3▼
1/1/2009 - 6/30/2009
42Rank
191,409.5Deutsche Bank AG 8
991,627.8
Morgan Stanley 90,756.8
33.3
37.4
6274,443.3
58
76
96,697.3
30.3
36.34
58,713.5
54
Goldman Sachs & CoLazardDeutsche Bank AG
12
ShareRank Value
9Bank of America Merrill Lynch 12.5
12.714
Gresham Partners
Santander 26,052.530,301.854,382.9
4.4
3.3243.0
5,084.650,197.9
43,823.347,460.8
21
Rank Value1/1/2008 - 6/30/2008
Any European Involvement Announced (AD21)
Mkt.
14 of 36
Subtotal with Financial Advisor 419,509.7Subtotal without Financial Advisor 54,921.2 ▼
▼-57.24,698 80,544.7 -
* tie * tie
100.0 5,659 863,829.2 -▼ Industry Total 359,768.2 --
- 100.0Industry Total 474,430.8 7,265 795,804.4 -- 11.6
-40.4
90.4 961 783,284.59.6Subtotal without Financial Advisor 34,446.26,189 112,776.5
Essent NV (100%)Barclays Global Investors Ltd (100%)Endesa SA (25.01%)RBS (25%)
6/24/2009 Intended2/26/2009 Pending
3/7/2009
6/25/20096/11/2009
2/23/2009 Pending1/12/2009 Pending
2/26/2009 Pending2/20/2009
42,504.4
Pending
Xstrata PLCMaterials / Metals & Mining58,000.0BHP Billiton-WA Iron Ore Asts Australia / AustraliaPending
Pending
Enel SpAHM Treasury
Top Ten European Involvement Announced Deals
United Kingdom / United Kingdom 18,596.5
BlackRock Inc United States / United States
10,891.8Germany / Netherlands
China / Switzerland 8,931.4 Energy & Power / Oil & Gas
Sweden / NetherlandsUnited Kingdom / United Kingdom
Sinopec IntlHM TreasuryVattenfall ABRWE AG
Financials / BanksItaly / Spain 13,470.0
Intended
Energy & Power / Power
HM Treasury United Kingdom / United Kingdom 22,315.8 Financials / BanksSwitzerland / United Kingdom
Top 10 European Involvement Announced M&A Advisors by Target Industry* (AD21)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Goldman Sachs & Co Lazard Deutsche Bank AG UBS Citi Morgan Stanley JP Morgan Credit Suisse Gresham Partners Bank of America MerrillLynch
% V
olum
e C
ompo
sitio
n
Consumer Products and Services Consumer Staples Energy and Power Financials Government and Agencies
Healthcare High Technology Industrials Materials Media and Entertainment
Real Estate Retail Telecommunications
23 of 36
▲- -
▼2 -31.8
114.7
Although Asian M&A in the first half fell by 48.2% toUS$142.9 billion from an all time first half volume high in2008, quarter-on-quarter activity grew by 83.1%, intandem with the slight upswing of Asian stock markets.
The Telecommunications industry recorded the most activitywith 115 deals worth US$30 billion. The sector was aided inpart by the US$20.2 billion announced deal between BhartiAirtel and MTN Group.
Australian M&A increased by 34.2% from the first half of2008, largely due to the announcement of a US$58billion joint venture partnership between Rio Tinto andBHP Billiton.
Asia Pacific (ex-Japan) Deals Intelligence
▼12
29.4 2 9.0 1234.9 1 10.6
Any Asia (ex-Japan) Involvement Completed M&A (AF32) - Imputed Fees
Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors
-63.1
7.4
-81.3
1/1/2008 - 6/30/2008
RankUS$m
▼
https://www.thomsonone.com
100.0 -67.7-
-54.3-70.0
-
-
-
▼
▼
▼-
-▼
--
-
-
25.5-69.0
-▼
▼
▼▲
-84.2
-90.8
▼▼
-50.0
▼▼
5,118.212 14,050.27,030.1
35.326,423.7 12▼
Australia Rankings
No.
38.6Financial Advisor
Mkt.
UBS
1112
812.8
1716
13
769.8809.0
589.9
4.41415 4.2
4
1113
10.8
3,936.4
US$m
16
-83.3
1
12,393.49,554.0
8,413.618612 -50.6
▼▼
Rank Value No.1/1/2009 - 6/30/2009
70,427.3 1US$m Deals
1
67.1
1
5
Share
1
211
320.019* 1.8
2,098.3 17
513.1
-
--95.7
320.0
-
-
1
▲
-90.1-
-77.8RBS
-249.7354.2
-43.7-74.2 ▼
▲
▲
-29.2
▲Helfen Corporate Advisory Pty-
292.5
▲
1,207.6
-
52.8
20 47.4 Moelis & Co280.1
- 34.2
Subtotal without Financial Advisor
-▼
--
-51.0--
Lexicon Partners▼
-
-56.6
-
-
-230.3
25
-
-73.1
31 250.9
--
- -
Global Leisure Partners LLP
Mizuho Financial GroupCiti
-
Rank ValDealsRank
- -
102
16
24
5195
1/1/2009 - 6/30/2009
ShareFinancial Advisor
443.4387.03
67
65.6
Any Australian Involvement Completed (AF31)
4Goldman Sachs & Co
12,152.1
2,501.7
65.9
21
1,321.88,053.9
18
11,092.3
1,151.2
5
Mkt.
▲▲
US$mRank Value
1▲
22.617
17
▲
5,014.6
704.7▼▲
▲88.2
462.7
-
-
--
-
1,631.8
1,631.816*1,631.8
16*
16*
16*1,631.8
16*
69,870.5
1,666.0
1,959.2 131415
1,772.8
7,437.47,407.06,864.1UBS
JP Morgan
1278.4
Any Australian Involvement Announced (AD24)
1/1/2008 - 6/30/2008
Rank Rank Rank ValGoldman Sachs & Co
Rank Value
32
4
7.68
8.37
58.3
11.0
5.95.1
97.6
1.8
1,962.0
5,277.1
121110
4,532.4
2.0
2.22.2
25,478.4
1.8
284.9
1,564.9
1,631.8
221.7
1.81.8
513.1
846.126,462.3
Lazard
▼-50.9▼ BMO Capital Markets-80.1
3,786.610
4 868.4Azure Capital Pty Ltd-48.2 ▼Gresham Partners9,230.4
114 4
Nomura16 21.2▼-82.4 Morgan Stanley
1.9 - -7
1-
LazardMorgan StanleyGresham PartnersMacquarie GroupGrant Samuel
Subtotal without Financial Advisor
59,180.560,280.4
6,808.8
58,879.5
RothschildCaliburn Partnership Pty Ltd
89,795.2
-
11,109.7
-
▲
Deloitte & ToucheTricom Equities Ltd
6 1,380.4
0.3
0.7
1879
-
6
93.8
1.81
* tie
-
997
Deutsche Bank AGGryphon Partners
RBS
Bank of America Merrill Lynch
Industry Total
HSBC Holdings PLC
Subtotal with Financial Advisor
Genuity Capital Markets
7
7
0.6
8
1,107.3
465.0-
1,463.1
65
11.4
8.6
2,962.92,071.01,962.0
47.6
1,570.01,381.2
1,101.5
Gryphon PartnersCaliburn Partnership Pty Ltd
JP Morgan5
87
6.196.0
6.6 4
1,090.04
1,022.810 1
-
BNP Paribas SABBVA
BMO Capital Markets
Mizuho Financial GroupGolden Prospect PLCStandard Bank Group Ltd
-
-
100.055,534.866,903.0
599.421
224
-281.6
6.2118
5,576.1 3,754.4- 51.7
- ▼79.4
564 8,207.248,206.256,413.4
11,368.3
Citi
Santander
Ernst & Young LLP
84,219.1
0.6
11
-
29
26
3
9
-
21
-
35
-
2
753.0
8
1,949.9
3,973.6
2,144.74,265.1
-
40*191.25
Rank Value % Chg. in
2.4
19*
18
416.33
--
4,886.51,598.0
1
5
-
-
10,037.8
543.6
Deutsche Bank AGMacquarie Group
Rothschild
* tie
Subtotal with Financial Advisor
430.3
-
120.9 23
25110.5120.6
207.5
24
-
21
4
22
121 1.5
8,848.3
-
1.1
1.8
4.85.6 2
3.2
4.5
2
9
16
0.70.7 1
20.6
18,206.0▲▲ Industry Total 660
14,451.6
27 of 36
- ▼▼
-66.7
100.0300.0-33.3-82.4
-66.7
-33.3
11*-
▲▲
▼
33.3
▲
Ernst & Young LLP
▼
▼-
Rothschild
1,101.5 3
6
1,962.01
RBS
▼▼
-70.064.1120.9
▲7
1.41.4
120.0
-40.0
-25.0-55.6
▼▼
2,962.96,423.77,030.1
Deloitte & Touche
▲
▼▼▲
430.3
0.6
Lazard 11*11*
4Gryphon Partners 4
CitiCaliburn Partnership Pty Ltd
1311*
7*
11*39*30*
1022*
8
6
16*6
30 1
95
3
Rank
33.3
-53.6
-
4
▲▼
22*-
200.0
- -
39*
-37.5 ▼▼-42.9
0.05 -30.8
▼
No. Deals% Chg. in
1/1/2008 - 6/30/2008No.
DealsShareRank Value
Deutsche Bank AG 4KPMG 5*
5*9
▼
0.5
15.1
13*
7*
0.5
110.5
▲▲
-55.6
0.0-14.3
-16.725.0
0.0
85.5
-
▼▼
13
60,280.4
0.3
4
267.2
1,962.01,959.2
1/1/2008 - 6/30/2008
92
5
No. Deals
7*7*
0.6
0.6
0.70.7
0.513*
0.7
16*
0.416*
0.40.4
16*
10*0.6
7,437.4599.4Ernst & Young LLP
5
610*6
6 10*13*
7
29*
67
6 13*15*5
71,570.00.6
17
2
1
8
31,022.8
18*
Morgan StanleyFerghana Partners Group
2Grant Samuel 2Bank of America Merrill Lynch
96Industry Total 18,206.0
* tie
-564
660 -
-
- - -26.8
https://www.thomsonone.com
902100.0Industry Total 997
0.0589.9 85
1,381.2-37.57*
5 16*
▼-65.4
7*40.0
-12.5
2
7,407.0
6,808.8 15*▼▲
6
714
▼
Rank
11
US$m2,071.0
1212
1.71.8
10.9
769.8-75.0
11*7*
86.9
15.1
207.5
22028
-6812.8-
▲ Macquarie Group 2.0
Goldman Sachs & Co▲▼ UBS 2* 1.8
1
4,532.4 42.99,870.52
10*7
5-43.3320.0
130
DealsFinancial Advisor
Any Australian Involvement Completed (AF31)
No.
15*
Rank
3
15*
5
4
▼-
▼
-
-
▼▲--
22 0.2
-
22*
-118879
22*22*19*
4
3
4
22
33
0.2
19*
55
4
Morgan Stanley
Gryphon Partners
RBC Capital Markets
Credit SuissePricewaterhouseCoopers
Citi
Lazard
JP Morgan
UBS
Gresham PartnersGrant Samuel
Financial Advisor
Subtotal without Financial AdvisorSubtotal with Financial Advisor
Golden Prospect PLC
Adelaide Equity Partners LtdFerghana Partners Group
50.0
14.6-21.0
Gresham PartnersLexicon Partners
Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors
Mkt.
Based on Number of Deals
--
-48.9-188
-33.3
-17.314,451.6
49.8 ▼
3
1,06384,219.189,795.2
5,576.1-
* tie
- - -Subtotal without Financial AdvisorSubtotal with Financial Advisor
▼
2
--
23*
---
284.986.9
- -
-
23.2
88.211.8
1,564.9
-
0.319* 31.0
25.7
33.9
Deals70,427.3
6,864.15
US$m
26
0.2
0.2
22*
0.3
1/1/2009 - 6/30/2009
DealsNo. Rank Value
38.9
59,180.5
1,772.8
58,879.5
5,277.1
Taylor Collison LtdNew Holland Capital Pty Ltd
% Chg. in
88
10*
12120.9
13*
10*7*
3
▼▼▼
-12.5
100.0
-14.3
3 16*
9
16*
8*8*
44
11*
11*
Deloitte & Touche 4*
3 1.0
0.90.94*
Based on Number of Deals
1.7
18
Australia Rankings
1/1/2009 - 6/30/2009Mkt.
Share
0.86
Rank1
No.
7
2.1
RBS
9
10KPMG
78
Rothschild
9Deutsche Bank AG
Caliburn Partnership Pty Ltd7
1721Goldman Sachs & Co
0.30.3
2
18*
3,754.4
Azure Capital Pty LtdJP Morgan
-20.00.3
18*
18*
18* 0.30.3
22
0.6
0.9
0.8
0.6
0.3
0.8
18*
188100.0 1,251
6
-76.9
-37.2-
29*
-
-20.3
▲▼
19*▲
▼
Any Australian Involvement Announced (AD24)
Macquarie Group
6
13
▲0.8
2*
RBC Capital Markets
8*455
PricewaterhouseCoopers
11*
2
0.6
0.5
868.41,207.6
0.5
BMO Capital Markets 2 22* 0.2
28 of 36
-78.7 ▼
476.7
2,949.4Subtotal with Financial Advisor
--
▼
https://www.thomsonone.com
-85.2 ▼-71.5
Subtotal without Financial Advisor
-72.7▼
-97.0-97.9
Industry Total
10.6
Any New Zealand Involvement Completed (AF46)
1/1/2009 - 6/30/2009
New Zealand Rankings
Any New Zealand Involvement Announced (AD39)
1/1/2008 - 6/30/2008
2,472.7--
▲
-
31.4
214.6
5
1/1/2008 - 6/30/2008% Chg. in
Rank
-22.2
20.4
48.8
Rank Value
770.1
Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors
52.6
Deloitte & Touche
89100.0-
* tie
PricewaterhouseCoopers10.6Cameron Partners Ltd
Rank US$mNo. Rank Value
US$m% Chg. in Rank Value Rank ValueMkt.
US$mNo.
2*4.5
Goldman Sachs & Co
Financial AdvisorKPMGDeutsche Bank AGMorgan Stanley
5 4.3
Mkt.
67.31*Rank Share Deals
8
6616.3
62.7
539.3
Rank Val
--
-
-770.1 -
---
11
-40.3▼▼
-97.9-98.0
-
--
914
4
4.64 ▼
▼
3 ▲343.5
0.99
8
1.81.18
72
1*
-15*0.0--
2-
12.7
▲1
6
3*18.83*18.8
2.7
19.2 23
214.6
▼
▼
▼▼
508.3 66- 80.8-121.0
629.3
48.8 7.8
--
121
4.6
1Share
86.0US$mRank
20.42*28.5
34* 3.3
28.5
4*
7
-7
-4.5
-43.3
26
1/1/2009 - 6/30/2009
669.112.0
31.7616.3531.2
3.3
Deloitte & Touche5 Goldman Sachs & Co
PricewaterhouseCoopers7 -98.0
KPMG
JP Morgan▼
Rank ValMorgan StanleyFinancial Advisor
-
343.5-
Macquarie GroupDeutsche Bank AG
3,816.625374.342
Cameron Partners Ltd
1
20.412.7
6.6-95.1
Subtotal without Financial Advisor 55.4Subtotal with Financial Advisor
--1,088.2 95.2
4.9
67.3
100.0
Deals
7
Industry Total 1,143.6 -
* tie
67 4,190.8
--
9
29 of 36
--▼-
-44.0 ▼-51.0
6.05
.0 2
10.6
8*3*5
10*50.0
-
No.1/1/2009 - 6/30/2009
.0
2
20.4
196
Rank ValueFinancial Advisor
▼
Mkt.
-
Cameron Partners Ltd
48.8
Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors
3*3
920
6*
-28.528.5
20.4
Rank
▼
-46.8
100.00.0 ▲
-65.0
-
66.73
RankDeals
-
▼▲
US$m
- ▼
Any New Zealand Involvement Announced (AD39)
4 0.0-40.0
-80.0
▲▼▲▲
-
448.8
6.0 12.78
2*1
1/1/2008 - 6/30/2008
-78.91
No. Deals
-
--33.3
4*
6*
4.5
1.5
4*6*
-3*
8*3.0 214.6
-
--
.03
-
▼
RBS
Cameron Partners Ltd
6*
2 KPMG 11.9RankDeals
* tie
Subtotal without Financial Advisor
PricewaterhouseCoopers
Deloitte & Touche
Based on Number of Deals
Share
2*
▼-50.0-83.3
-66.7
▼
.0 6*
Deutsche Bank AG
Goldman Sachs & CoFirst NZ Capital 1Morgan Stanley
Macquarie Group
Deloitte & Touche10.6
Share
https://www.thomsonone.com
▼Subtotal with Financial AdvisorSubtotal without Financial Advisor
-67 -1,143.6100.0
62.7
Industry Total
-
-
-
-6*
33.3
-
126
214.6
New Zealand Rankings
Financial Advisor
▼5137.3 1,088.2-61.0▼-42.6
25.8
34*36*1
-55.4 75
14.5
31.43.0
770.15
1
770.1.0
1.5
1.51 8*1.5
1.5
22
11
Macquarie Group
4
3
-25-42-
▲
No. % Chg. in
6*
▼No. Deals-22.2
20.45.6
33.4
7.9
-50.03.4
Mkt.
Based on Number of Deals
% Chg. in 1/1/2008 - 6/30/2008
3
Subtotal with Financial AdvisorIndustry Total
59▼-48.989 -
23 ▼-
Rothschild
6
7.9
4*
1*1*
-
6.0-
1.1
1.11.11.11.1
1 6*1
No.
6*
1
Rank Value
1
1/1/2009 - 6/30/2009
Deals RankNo.
US$m
12.7
Deals
RBS
KPMG
5PricewaterhouseCoopers
77
6*
9*
66 - 74.2
Morgan StanleyFirst NZ Capital
Deutsche Bank AG
1JP Morgan
174121.0
115
8*8*8*
2
629.3
508.3
100.0-
Goldman Sachs & Co
Any New Zealand Involvement Completed (AF46)
-
* tie
-3*
3
30 of 36
South Africa / India
11,387.5
1,800.0
2,278.92,094.1
2,456.2
3,300.0China / Kazakhstan8,775.1
GCL-Poly Energy Holdings Ltd 2,919.1Hong Kong / China High Technology / Semiconductors
Energy & Power / Oil & Gas8,931.4
Energy & Power / Oil & Gas
Telecom / WirelessIndia / South AfricaAcquiror / Target Nation Target Macro / Mid Industry
https://www.thomsonone.com
Financials / BanksFinancials / Banks
Asia (ex-Japan) Analysis
Telecom / Wireless
Telecom / Wireless
Rank Value (US$m)
United States / South Korea1,810.0
Pending Addax Petroleum Corp (100%)
KT Corp South Korea / South Korea
Rank Date Date Effective Target (% Sought/Acquired)
MTN Group Ltd
MTN Group Ltd (36%)Pending5/25/20096/24/2009
Shenzhen Dvlp Bank Co Ltd (16.8%)Kazakhstan / Kazakhstan
Australia / AustraliaVodafone Group-Au Telecom Bus
BTA Bank JSC (78.14%) Samruk-Kazyna FondPing An Ins(Grp)Co of China China / China
2/3/2009
5/7/2009 PendingKTF Co Ltd (45.75%)1/20/2009 1/0/1900Oriental Brewery Co Ltd (100%)
1/0/1900Pending
OAO MangistauMunaiGaz (100%)4/24/2009 PendingGCL Solar Energy Tech Hldg Inc (100%)Hutchison Au-Telecommun Bus (100%)
6/23/2009 Pending2/9/2009 1/0/1900
5/25/2009 Pending
6/12/2009
Kohlberg Kravis Roberts & Co
Top Ten Asia (ex-Japan) Target Involvement Announced Deals
Telecommunications / Wireless
Bharti Airtel LtdSinopec Intl China / Switzerland
Investor Group
Acquiror
Consumer Staples / Food & Beverage
Bharti Airtel Ltd (25%)
Top 10 Asia (ex-Japan) Involvement Announced M&A Advisors by Target Industry (AD25)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Deutsche Bank AG Bank of America MerrillLynch
Standard CharteredPLC
Morgan Stanley Goldman Sachs & Co Credit Suisse Nomura RBC Capital Markets JP Morgan Citi
% V
olum
e C
ompo
sitio
n
Consumer Products and Services Consumer Staples Energy and Power Financials Government and AgenciesHealthcare High Technology Industrials Materials Media and EntertainmentReal Estate Retail Telecommunications
31 of 36
Outbound cross-border activity totaled US$9.5 billionfrom 159 deals, down 60.2% compared to last year’sUS$23.9 billion.
Japanese acquirors in the Consumer Staples sector madestrategic investments outside of Japan, most notably inAustralia, Philippines and China.
Japan Deals Intelligence
Japanese M&A activity for the first half of 2009 decreasedby 35.6% compared to the same period last year with1,435 deals worth US$44.9 billion, the lowest first halfvolume since 2003.
-
▼▲▼▼
▲▼
▼▲
1
Consumer StaplesDeutsche Bank AGCaliburn Partnership Pty LtdJP Morgan
1,185.7
3,474.6 1* 1 49.4
Real EstateMorgan Stanley 19.2
https://www.thomsonone.com
Industry Total 100.0Bank of America Merrill Lynch1,185.7 1*1,185.7 1* 1 ▼
1 19.2999 1,094.6 -49.319.2
Blackstone Group LP
49.43,474.6 1*6,171.4
49.481
1
211*▼▼
6 2
7 65.6 2 -76.77*
1
2 41.4
88 7,037.2 3,035.4
19.7
13,964.2
3
3,474.6 1*CitiMorgan Stanley
5,787.2 1 42.9
2.1 6 28.7
-38.11
% Change in
8 38.4
Deals US$m Rank Fees44
8 11.7
2.815.3 7* 2.8
-48.7
13.69-23.1
34.5
10
Deutsche Bank AG 18.1
23.8 4.3
Bank of America Merrill Lynch 11.7
Mitsubishi UFJ Financial GroupJP Morgan
8 -31.0
167
11 -59.2
70.4
33 39.9 654 33.2
3
Financials
Japanese Involvement Completed M&A (AF23) - Imputed FeesJapanese Involvement Announced M&A - Top Advisors by Target Industry
Financial AdvisorRank Val US$m
Mkt.No. Deals
129 Imputed FeesNo.Imputed Fees
ShareMkt.
4
US$m7.8
5.537.7 2 6.830.7
Rank1Citi 43.65,987.0
21.7 6 Mizuho Financial GroupNomura
Daiwa Securities SMBCGoldman Sachs & CoNomura
5 3.5
Source: Thomson Reuters/Freeman & Co.
2754.7
GCA Savvian Group Corp 13.2 2.415.3
8.2
3 -74.6
9 12.2
60.2
21
555.4 -
3.36
14*
Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors
Japan M&AJapanese M&A Activity Down 36% | Japanese buyers shop in ASPAC | Outbound M&A Activity Drops 60%
Share1/1/2009 - 6/30/2009
Rank1/1/2008 - 6/30/2008
Japanese Cross Border Volume
$0
$5
$10
$15
$20
$25
$30
$35
1Q03
2Q03
3Q03
4Q03
1Q04
2Q04
3Q04
4Q04
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
Ran
k Va
lue
(US$
b)
0
20
40
60
80
100
120
140
160
180
200
# of
Dea
ls
Inbound (US$b) Outbound (US$b) Number of Cross Border Deals
Any Japanese Involvement Announced M&A
$0
$25
$50
$75
$100
$125
$150
$175
$200
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Ran
k Va
lue
(US$
b)
0
200
400
600
800
1,000
# of
Dea
ls
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
# of Q2 Deals
32 of 36
Subtotal without Financial Advisor 9,794.1Subtotal with Financial Advisor 35,134.0
Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless theyrepresent minority sellers or advise on only a portion of the transaction or Thomson Reuters has not been made aware of theirparticipation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed toor, in the absence of an agreement, the value of the highest offer.
Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) inthe specified region or nation.
E-mail: [email protected] tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partiallycomplete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement ofwhen a value can be applied to a transaction.
If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:
Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactionsare converted to the US dollar equivalent at the time of announcement of terms.
Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors
Ranking Criteria Summary
Tel: +1 646 223 8473Victor EngUnited States
A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declaredwholly unconditional.
League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debtrestructurings.
Announced league tables include all deals that were announced between January 1, 2008 and June 30, 2009 and of which ThomsonReuters was made aware. All current data and previous year's data is as of 5:00pm EST on June 30, 2009.
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party contentproviders shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reutersdisclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is notappropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations orsolicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale ofsecurities for or by any person in connection with this document.
Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
35 of 36
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Thomson ONE is a revolutionary desktop solution that combines real-time market data and news with authoritative content from industryleading sources. Critical information that previously needed to be co-ordinated and collected from internal and external sources is now atyour finger tips in a remarkably easy-to-use format.