GLOBAL FINANCIAL ADVISORY MERGERS & ACQUISITIONS RANKINGS Q3 2012
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GLOBAL FINANCIAL ADVISORY MERGERS & ACQUISITIONS RANKINGS Q3 2012
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Bloomberg
MA <GO> LEAG <GO> MA <GO> LMX <GO> MA <GO> LEAG <GO>
1
.1 Introduction
Table of Contents
.2 Global Market Commentary
.8 Global M&A Activity
.9 M&A League Tables By Industry
.10 Global Announced Deals
.11 Cross Border Announced Deals
.12 Global Private Equity Announced Deals
. 38 Disclaimer
Bloomberg 2012 1st 3 Qtrs
EmailFaxPhoneContact
+1-212-617-3692 [email protected]+1-917-369-3965Mariana TrindadeNorth America
[email protected]+44-20-7392-6672+44-20-3216-4552Chong-Kul ParkEMEA
[email protected]+82-2-3704-1827+82-2-3702-1627Hyejin ChoAsia Pacific
LATAM [email protected]+55-11-3048-4669+55-11-3048-4619Fernando Simon
The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables
represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors.The
rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity-swaps, joint ventures,
private placements of common equity and convertible securities, and the cash injection component of
recapitalizations according to Bloomberg standards.
Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a
global perspective and local insight into unique deal structures in various markets through a network of over 800
financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table
rankings are a leading benchmark for legal and financial advisory performance, and DealSpace & DealBrief
newsletters provide summary highlights of weekly M&A activity and top deal trends.
Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table
results. Type MA <GO> 96 <GO> 82 <GO> to view live rankings.
10/01/2012
Mergers & Acquisitions Financial Advisory Rankings
EmailEmail
Global Review Bloomberg
MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO>
Diversified1%
Technology5%
Utilities3%
Basic Materials8%
Consumer, Cyclical12%
Energy14%
Industrial11%
Communications12%
Financial17% Consumer,
Non-cyclical17%
Regional Deal Activity Global M&A activity in the 3rd quarter dropped by more than 19.2% compared to the same period last year. U.S. based firms were the most acquisitive firms with more than $213.3 billion worth of deals, accounting for more than 45% of all deal volume. Acquisitions involving China accounted for roughly 10.9% of deal volume with deals worth more than $50 billion, including China’s CNOOC Ltd $17.5 billion all cash cross-border takeover of Canada’s Nexen Inc. In the third quarter of this year, deal making in U.K. accounted for roughly 15.2% of the total global deal volume with $70.8 billion worth of deals. This represents a decrease of more than 10.2% compared to the same period last year.
Industry Sector Deal Activity Acquisitions in the private equity space reached $3 billion this quarter, the highest deal volume for the last twelve years. Coller Capital’s $1.6 billion acquisition of private equity portfolio from Lloyds Banking Group was the biggest private equity deal in the third quarter, making up 53.3% of the market share in the industry. Activity in the Oil & Gas industry for the 3rd quarter had the highest deal volume in 2012. There were 184 transactions valued at roughly $48.3 billion during the period. The figure, however, was a significant decrease of 27.3% compared to the same period in 2011 with 226 deals valued at $66.5 billion. The Pharmaceuticals industry experienced a significant decrease of 46.9% in deal volume from its previous quarter, down to $12.7 billion from $23.9 billion. Compared to the same period last year, the drop in deal volume amounted to a greater decrease of 70%. The largest deal in the industry this quarter was Canada’s Valeant Pharmaceuticals $2.4 billion takeover of U.S. Medicis Pharmaceuticals, making up 19.2% of total volume.
Total Volume by Industry (Q3 2012)
* All Q3 2012 numbers as of September 30, 2012.
2
Heat Map: Q3 2012 Volume by Region
North America 51%
Asia Pacific 23%
Western Europe 19%
Latin America & Carib 4%
Eastern Europe 2%
Middle East & Africa 1%
Global Review Bloomberg
MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO>
Global M&A Quarterly Volume
Notable Highlights This quarter’s slowdown has been most pronounced in Europe, where total deal activity decreased from $190.6 billion in Q3 2011 to $170 billion. Acquisitions of European targets accounted for about 21% of global deal volume, the continent’s lowest share since 2010. In spite of the fact that acquisitions of targets located in the Americas represented 51% of global activity, this has also been the slowest third quarter for the region since 2009, with $307 billion in aggregate deal volume.
Dea
l Cou
nt
3
EMEA M&A Quarterly Volume
Americas M&A Quarterly Volume
APAC M&A Quarterly Volume
Total Volume (U
SD M
ln)
*All Total Value figures in USD millions. * All Q3 2012 numbers as of September 30, 2012
Dea
l Cou
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Global Review Bloomberg
MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO>
Notable Highlights About 97% of all M&A transactions occurred in the mid-market range (below $500 million in size) while only 1 deal soared into the mega-deal category (more than $10 billion in size), which is significantly less than the 6 announced in the same period last year. Cash was the dominant form of payment, accounting for 82.4% of M&A volume this quarter, while 7.7% percent of all volume was comprised of all-stock payments, a drop of more than 30% compared to the 3rd quarter of 2011. For public deals, median total value to EBITDA multiples decreased by 30.3% from 2011.
4
Q3 2012 Global M&A Aggregate Statistics Public Target Mult iples # Deals Min - Max Median Deal Type Sum m ary # Deals Volum e Percent Total Assets 581 .00 - 104.72 0.5 Company Takeover 2640 272.01B 58.53 Revenue 528 .00 - 605.45 0.8 Cross Border 2218 221.35B 47.63 Stockholder Eqty 546 .00 - 4246.61 1.06 Asset sale 1402 104.39B 22.46 Book Value 543 .00 - 4246.61 1.1 Minority purchase 1469 51.23B 11.02 Market Cap 506 .00 - 171.85 1.04 Private Equity 1397 95.08B 20.46 Enterprise Value 459 .00 - 37.35 0.93 Additional Stake Purchase 838 82.26B 17.7 Net Income + Deprec 397 .00 - 2426.53 8.7 Venture Capital 855 9.19B 1.98 EBIT 364 .00 - 1678.46 9.52 Majority purchase 432 26.43B 5.69 Net Income 349 .00 - 2028.14 13.97 Joint Venture 214 1.53B 0.33 Cashflow from Ops. 353 .00 - 2834.35 6.36 Private Placement 122 7.98B 1.72 EBITDA 337 .00 - 603.80 5.30 Tender Offer 102 40.05B 8.62 Income B/F XO 317 .00 - 2028.14 13.55 Leveraged Buyout 153 39.19B 8.43 Free Cashflow 246 .00 - 3857.25 15.1 Spin-off 38 1.85B 0.4
Paym ent Type Sum m ary # Deals Volum e Percent Prem ium s Paid # Deals Volum e Percent Cash 3880 377.7B 82.4 0-10% 128 27.2B 11.5 Undisclosed 1741 21.02B 4.6 10.01-25% 59 23.85B 10.1 Stock 251 35.46B 7.7 25.01-50% 61 46.19B 19.5 Cash & Stock 132 21.23B 4.6 50.01-75% 33 34.56B 14.6 Cash or Stock 12 1.3B 0.3 >100% 10 869.85M 0.4 Cash, Stock & Debt 6 409.97M 0.1 Cash & Debt 14 1.48B 0.3 Cur rent Status # Deals Volum e Percent
Completed 3730 107.6B 22.7Deal Size Breakdow n # Deals Volum e Percent Pending 2592 357.11B 75.2 0-500M 6129 140.82B 97.0 Terminated 18 10.23B 2.2 1000.01-5000M 87 187.69B 1.4 500.01-1000M 98 69.36B 1.6 Cur rent Prem ium # Deals Volum e Percent 5000.01-10,000M 7 49.41B 0.1 0-10% 6286 449.6B 96.8 > 10,000M 1 17.43B 0.0 10.01-25% 17 5.61B 1.2
Global Review Bloomberg
MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO>
INDUSTRY
Americas Notable Highlights
5
COUNTRY
Total Volume (USD Bln) * All Q3 2012 numbers as of September 30,2012.
Total Volume (USD Bln)
TOP TARGETS TOP TARGETS
TOP ACQUIRERS TOP ACQUIRERS
Announce Date Target Name Acquirer Name Total Value (mil.) 7/23/2012 Nexen Inc CNOOC Ltd $17,431.78/6/2012 Best Buy Co Inc Private Investor $7,594.37/18/2012 Cequel Communications Hold Mgmt Group,CPPIB, BC Partners $6,580.08/6/2012 El Paso, Tennessee Gas Pilpeline Kinder Morgan Energy Partners LP $6,220.08/20/2012 Coventry Health Care Inc Aetna Inc $5,590.69/10/2012 Oil and Gas properties Plains Exploration & Production Co $5,500.08/30/2012 DuPont Performance Coatings Inc The Carlyle Group LP $4,900.09/11/2012 Morgan Stanley Smith Barney Morgan Stanley $4,725.07/9/2012 AMERIGROUP Corp WellPoint Inc $4,462.17/2/2012 Elpida Memory Inc Micron Technology Inc $4,425.6
Number of Deals 3691Volume 306.83BAverage Deal Size 175.73MAverage Premium 39.01%
Acquirer New Enter AssocNumber of Deals 23Volume 389.89MAverage Deal Size 16.95M
Summary
Most Acquisitive Company
$7.39
$7.60
$8.85
$11.43
$35.94
$10.04
$11.61
$27.51
$30.82
$40.58
$- $10 $20 $30 $40 $50
Building-Residential/Comm
Reatil-Consumer Electron
Pipelines
Medical - HMO
Oil Comp-Explor & Prodtn
Venture Capital
Medical - HMO
Investment Companies
Oil Comp-Explor & Prodtn
Private Equity
$6.05
$6.15
$15.40
$32.11
$201.39
$12.06
$15.27
$26.02
$30.28
$213.38
$- $50 $100 $150 $200 $250
Mexico
Germany
U.K.
Canada
U.S.
Japan
U.K.
China
Canada
U.S.
Global Review Bloomberg
MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO>
INDUSTRY
EMEA Notable Highlights
6
COUNTRY
Total Volume (USD Bln) Total Volume (USD Bln)
TOP TARGETS TOP TARGETS
TOP ACQUIRERS TOP ACQUIRERS
* All Q3 2012 numbers as of September 30,2012.
Number of Deals 1923Volume 174.40BAverage Deal Size 186.92MAverage Premium 18.92%
Acquirer Zhuai ZhongfuNumber of Deals 48Volume 139.52MAverage Deal Size 2.91M
Summary
Most Acquisitive Company
$6.94
$8.60
$8.99
$9.02
$11.17
$8.67
$8.80
$9.96
$16.85
$23.17
$- $5 $10 $15 $20 $25
Cable/Satellite TV
Telecom Services
Finance-Other Services
Auto-Cars/Light Trucks
Oil Comp-Explor&Prodtn
Diversified Operations
Auto-Cars/Light Trucks
Oil Comp-Explor&Prodtn
Investment Companies
Private Equity
$6.54
$10.66
$18.84
$33.28
$41.33
$11.37
$14.23
$17.01
$28.16
$50.87
$- $10 $20 $30 $40 $50 $60
Singapore
Netherlands
Germany
U.K.
U.S.
Netherlands
Canada
Germany
U.K.
U.S.
Announce Date Target Name Acquirer Name Total Value (mil.) 7/4/2012 Dr Ing hcF Porsche AG Volkswagen AG $8,729.97/18/2012 Cequel Comm Holdings LLC Mgmt Group,CCIB,BC Part $6,580.09/10/2012 Oil & Gas prop/Gulf of Mexico Plains Exploration & Production Co $5,500.09/27/2012 Servizi A. del Comm. Estero SpA Cassa Depositi e Prestiti SpA $4,900.58/30/2012 DuPont Perf Coatings Inc The Carlyle Group LP $4,900.07/12/2012 Aegis Group PLC Dentsu Inc $4,539.17/1/2012 Lincare Holdings Inc Linde AG $4,403.87/20/2012 Asia Pacific Breweries Ltd Heineken NV $4,360.68/15/2012 VimpelCom Ltd Alfa Group $3,600.07/25/2012 Milton Roy, Sullair, Sundyne Corp Carlyle Group LP, BC Partners Ltd $3,460.0
Global Review Bloomberg
MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO>
INDUSTRY
APAC Notable Highlights
7
COUNTRY
Total Volume (USD Bln) Total Volume (USD Bln)
TOP TARGETS TOP TARGETS
TOP ACQUIRERS TOP ACQUIRERS
* All Q3 2012 numbers as of September 30,2012.
Number of Deals 2135Volume 165.23BAverage Deal Size 108.27MAverage Premium 22.07%
Acquirer Zhuai ZhongfuNumber of Deals 48Volume 139.52MAverage Deal Size 2.91M
Summary
Most Acquisitive Company
Announce Date Target Name Acquirer Name Total Value (mil.) 7/23/2012 Nexen Inc CNOOC Ltd $17,431.79/13/2012 Fraser and Neave Ltd Thai Beverage PCL $9,191.67/12/2012 Aegis Group PLC Dentsu Inc $4,539.17/2/2012 Elpida Memory Inc Micron Technology Inc $4,425.67/20/2012 Asia Pacific Breweries Ltd Heineken NV $4,360.68/22/2012 CDMA Network Assets China Telecom Corp Ltd $3,876.18/29/2012 Goodman Global Group Inc Daikin Industries Ltd $3,700.08/13/2012 Focus Media Holding Ltd CE,Carlyle,P Inv,CITIC,FountainVest, CDH $3,356.87/24/2012 MGN Gas Network UK Ltd CK H Ltd,CK Infra,HW Ltd,P Assets $3,033.98/23/2012 Anglo American Sur SA Mitsui & Co Ltd,CNCC $2,800.0
$5.01
$5.74
$7.29
$19.02
$19.69
$9.60
$9.88
$10.85
$18.72
$18.74
$- $5 $10 $15 $20 $25
Telecom Services
Electronic Compo-Semicon
Brewery
Real Estate Oper/Development
Oil Comp-Explor&Prodtn
Private Equity
Import/Export
Investment Companies
Oil Comp-Explor&Prodtn
Brewery
$16.30
$18.30
$20.26
$20.73
$24.52
$8.93
$12.99
$15.22
$34.91
$47.64
$- $10 $20 $30 $40 $50 $60
U.K.
Canada
Japan
Singapore
China
South Korea
Thailand
U.S.
Japan
China
Bloomberg
48.31%Americas
18.68%
Asia-Pacific
ex-Japan
28.67%EMEA
4.34%Japan
Regional Breakdown by Target Region/Country
8
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Global M&A Activity
1/1/12 9/30/12
CHANGEREGION
VOLUME DEAL
COUNT
Regional Breakdown by Target Region/Country
USD (Mln)
VOLUME
USD (Mln)
DEAL
COUNT
VOLUME
Americas 9,421 -20.02%$711,140 $889,133 9,618
774 -21.17%$83,739 $106,224 773 Latin America
8,728 -17.87%$652,904 $795,011 8,922 North America
1,110 15.91%$90,112 $77,740 1,168 Canada
7,484 -23.55%$534,561 $699,247 7,614 United States
EMEA 4,671 -23.10%$422,095 $548,881 5,290
549 -44.90%$40,819 $74,079 647 Eastern Europe
3,680 -21.36%$348,546 $443,193 4,132 Western Europe
1,390 53.24%$151,764 $99,035 1,366 UK
531 -0.51%$45,139 $45,372 647 Germany
357 -74.95%$20,660 $82,472 589 France
Asia-Pacific ex-Japan 4,403 -14.07%$275,059 $320,109 5,419
627 -47.88%$43,342 $83,162 725 Australia
76 -27.96%$2,574 $3,573 65 New Zealand
1,630 14.13%$99,670 $87,330 2,178 China
257 -50.59%$10,674 $21,605 384 Hong Kong
692 7.81%$57,696 $53,517 797 South East Asia
510 10.58%$26,727 $24,170 519 India
Japan 1,210 -22.02%$63,854 $81,881 1,023
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$1,474,451 19,817 $1,841,601 21,452 -19.94%Global
$0
$100,000
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$300,000
$400,000
$500,000
$600,000
$700,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
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2011
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2011
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2012
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Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
Bloomberg
9
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
M&A League Tables by Industry
- 201201/01/12 09/30/12
FIRMRANK MKT
SHARE
VOLUME DEAL
COUNTUSD (Mln)
Global Announced Deals - Consumer, Non-cyclical
Goldman Sachs & Co 51 1 71,264 28.2
Morgan Stanley 38 2 66,346 26.2
Deutsche Bank AG 29 3 62,441 24.7
Bank of America Merrill Lynch 29 4 56,453 22.3
JP Morgan 47 5 53,698 21.2
Barclays Capital Group 31 6 47,407 18.7
Credit Suisse Group AG 30 7 35,845 14.2
Lazard Ltd 38 8 35,446 14.0
Citigroup Inc 28 9 25,910 10.2
Rothschild 31 10 20,907 8.3
$252,967 3,940TOTAL
- 201201/01/12 09/30/12
FIRMRANK MKT
SHARE
VOLUME DEAL
COUNTUSD (Mln)
Global Announced Deals - Financial
Goldman Sachs & Co 55 1 51,704 22.7
Morgan Stanley 49 2 47,434 20.9
JP Morgan 29 3 41,445 18.2
Credit Suisse Group AG 23 4 29,370 12.9
Barclays Capital Group 26 5 28,058 12.3
Citigroup Inc 20 6 27,467 12.1
Deutsche Bank AG 34 7 24,868 10.9
Bank of America Merrill Lynch 19 8 23,772 10.5
Rothschild 24 9 19,057 8.4
UBS AG 19 10 17,892 7.9
$227,358 2,452TOTAL
- 201201/01/12 09/30/12
FIRMRANK MKT
SHARE
VOLUME DEAL
COUNTUSD (Mln)
Global Announced Deals - Energy
Citigroup Inc 17 1 41,077 22.5
Goldman Sachs & Co 24 2 40,650 22.2
Barclays Capital Group 17 3 38,805 21.2
RBC Capital Markets 39 4 37,463 20.5
JP Morgan 18 5 31,118 17.0
BMO Capital Markets Corp 15 6 30,456 16.7
Credit Suisse Group AG 18 7 22,343 12.2
Bank of America Merrill Lynch 20 8 20,321 11.1
Tudor Pickering Holt & Co 12 9 14,284 7.8
Deutsche Bank AG 9 10 12,910 7.1
$182,867 1,184TOTAL
USD (Mln)
DEAL
COUNT
VOLUMEMKT
SHARE
RANKFIRM
09/30/1201/01/12 2012-
Global Announced Deals - Industrial
Goldman Sachs & Co 29 1 43,246 25.2
Bank of America Merrill Lynch 22 2 39,650 23.1
Citigroup Inc 28 3 37,446 21.8
Morgan Stanley 25 4 34,936 20.3
Deutsche Bank AG 23 5 28,685 16.7
Credit Suisse Group AG 25 6 18,548 10.8
Lazard Ltd 25 7 18,534 10.8
Barclays Capital Group 17 8 18,043 10.5
RBC Capital Markets 8 9 12,846 7.5
Rothschild 21 10 12,695 7.4
$171,903 2,788TOTAL
Bloomberg
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
10
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Global Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Ranked by Volume
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
Goldman Sachs & Co 262 1 2.0 376,032 25.5 23.5 1
Morgan Stanley 276 2 4.3 321,701 21.8 17.5 3
JP Morgan 190 3 (2.8) 285,440 19.4 22.2 2
Barclays Capital Group 201 4 3.6 249,986 17.0 13.4 6
Deutsche Bank AG 152 5 5.5 242,831 16.5 11.0 9
Citigroup Inc 146 6 2.8 227,954 15.5 12.7 7
Credit Suisse Group AG 144 7 (2.0) 220,239 14.9 16.9 4
Bank of America Merrill Lynch 127 8 (1.7) 181,056 12.3 14.0 5
Nomura Holdings Inc 109 9 4.3 126,897 8.6 4.3 13
Rothschild 155 10 1.0 116,493 7.9 6.9 11
UBS AG 118 11 (1.6) 98,452 6.7 8.3 10
Lazard Ltd 143 12 (4.7) 95,301 6.5 11.2 8
RBC Capital Markets 127 13 2.5 81,043 5.5 3.0 17
BNP Paribas SA 49 14 1.7 71,316 4.8 3.1 14
HSBC Bank PLC 62 15 (1.9) 45,860 3.1 5.0 12
BMO Capital Markets Corp 45 16 1.6 43,683 3.0 1.4 33
Greenhill & Co Inc 31 17 2.0 38,854 2.6 0.6 47
Evercore Partners Inc 50 18 (0.6) 37,123 2.5 3.1 16
Jefferies Group Inc 88 19 0.4 33,812 2.3 1.9 24
Mizuho Financial Group Inc 92 20 0.6 33,535 2.3 1.7 30
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$1,474,451 19,817 $1,841,601
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
0
400
800
1,200
1,600
2,000
2,400
2,800
3,200
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
11
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Cross Border Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Ranked by Volume
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
Goldman Sachs & Co 130 1 0.3 205,671 28.3 28.0 1
Morgan Stanley 112 2 10.5 198,535 27.3 16.8 4
JP Morgan 110 3 4.2 174,972 24.1 19.9 2
Deutsche Bank AG 93 4 7.0 174,211 24.0 17.0 3
Barclays Capital Group 72 5 8.6 150,039 20.7 12.1 6
Credit Suisse Group AG 76 6 2.3 123,573 17.0 14.7 5
Citigroup Inc 74 7 5.9 116,215 16.0 10.1 8
Bank of America Merrill Lynch 69 8 3.8 111,982 15.4 11.6 7
Nomura Holdings Inc 39 9 7.4 93,808 12.9 5.5 14
Rothschild 107 10 2.3 80,424 11.1 8.8 9
Lazard Ltd 79 11 2.6 74,698 10.3 7.7 11
BNP Paribas SA 33 12 4.0 68,844 9.5 5.5 13
UBS AG 73 13 (0.3) 61,190 8.4 8.7 10
RBC Capital Markets 46 14 2.2 51,062 7.0 4.8 15
HSBC Bank PLC 47 15 (1.7) 42,251 5.8 7.5 12
BMO Capital Markets Corp 22 16 2.5 32,966 4.5 2.0 24
Centerview Partners LLC 6 17 1.6 24,162 3.3 1.7 27
Macquarie Group Ltd 51 18 2.2 23,924 3.3 1.1 38
Jefferies Group Inc 42 19 0.5 18,831 2.6 2.1 23
DBS Group Holdings Ltd 7 20 2.0 16,823 2.3 0.3 69
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$726,597 7,195 $836,072
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$40,000
$80,000
$120,000
$160,000
$200,000
0
400
800
1,200
1,600
2,000
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
12
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Global Private Equity Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
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VOLUME DEAL
COUNT
RANK MKT
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Ranked by Volume
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
Goldman Sachs & Co 82 1 1.9 90,159 28.5 26.6 1
Barclays Capital Group 53 2 5.2 69,334 21.9 16.7 3
JP Morgan 53 3 1.8 58,734 18.6 16.8 2
Morgan Stanley 57 4 4.8 56,656 17.9 13.1 6
Credit Suisse Group AG 37 5 2.9 49,100 15.5 12.6 7
Deutsche Bank AG 41 6 (1.4) 44,806 14.2 15.6 4
Citigroup Inc 41 7 2.5 41,340 13.1 10.6 9
Bank of America Merrill Lynch 32 8 (2.5) 37,240 11.8 14.3 5
RBC Capital Markets 34 9 3.0 29,200 9.2 6.2 13
Nomura Holdings Inc 12 10 (3.6) 20,912 6.6 10.2 10
Jefferies Group Inc 34 11 3.7 20,322 6.4 2.7 22
Evercore Partners Inc 12 12 2.6 15,398 4.9 2.3 24
Gleacher & Co Inc 3 13 4.5 14,746 4.7 0.2 75
Macquarie Group Ltd 21 14 3.1 14,028 4.4 1.3 36
Centerview Partners LLC 5 15 3.6 12,322 3.9 0.3 68
UBS AG 23 16 (8.3) 12,248 3.9 12.2 8
Rothschild 37 17 (4.5) 10,555 3.3 7.8 12
Lazard Ltd 45 18 (5.0) 10,345 3.3 8.3 11
Tudor Pickering Holt & Co 3 19 3.0 10,343 3.3 0.3 62
Mizuho Financial Group Inc 8 20 2.0 9,417 3.0 1.0 37
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$315,977 4,586 $439,962
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
13
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
United States Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
Goldman Sachs & Co 158 1 (2.7) 183,066 26.3 29.0 2
Morgan Stanley 107 2 0.5 131,370 18.9 18.4 4
JP Morgan 118 3 (14.0) 127,023 18.3 32.3 1
Barclays Capital Group 105 4 (0.8) 117,345 16.9 17.7 5
Credit Suisse Group AG 77 5 (7.7) 108,725 15.6 23.3 3
Deutsche Bank AG 77 6 3.6 104,276 15.0 11.4 9
Citigroup Inc 80 7 (3.1) 91,658 13.2 16.3 7
Bank of America Merrill Lynch 80 8 (3.8) 89,349 12.8 16.6 6
UBS AG 47 9 (4.8) 42,890 6.2 11.0 10
Lazard Ltd 81 10 (9.4) 39,132 5.6 15.0 8
Evercore Partners Inc 43 11 (0.4) 35,003 5.0 5.4 11
Greenhill & Co Inc 19 12 4.1 31,748 4.6 0.5 40
RBC Capital Markets 66 13 1.1 30,875 4.4 3.3 15
Jefferies Group Inc 68 14 0.7 27,904 4.0 3.3 14
Nomura Holdings Inc 13 15 1.0 27,167 3.9 2.9 19
Centerview Partners LLC 15 16 0.6 27,058 3.9 3.3 17
Rothschild 40 17 0.3 24,470 3.5 3.2 18
Perella Weinberg Partners LP 17 18 - 22,716 3.3 3.3 16
Wells Fargo & Co 38 19 1.4 22,201 3.2 1.8 22
Moelis & Co 43 20 0.7 19,438 2.8 2.1 21
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$695,812 9,480 $970,124
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
0
400
800
1,200
1,600
2,000
2,400
2,800
3,200
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
14
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
United States Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
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VOLUME DEAL
COUNT
RANK MKT
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Target or Seller
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
Goldman Sachs & Co 141 1 0.3 159,664 27.2 26.9 2
Morgan Stanley 85 2 (0.8) 107,738 18.4 19.2 4
JP Morgan 96 3 (14.4) 106,316 18.1 32.5 1
Barclays Capital Group 89 4 (0.8) 104,036 17.8 18.6 5
Credit Suisse Group AG 66 5 (6.6) 99,154 16.9 23.5 3
Deutsche Bank AG 62 6 3.7 86,813 14.8 11.1 9
Citigroup Inc 64 7 (3.0) 83,288 14.2 17.2 6
Bank of America Merrill Lynch 70 8 (3.0) 73,760 12.6 15.6 8
Evercore Partners Inc 41 9 (1.1) 32,934 5.6 6.7 11
UBS AG 31 10 (5.1) 30,076 5.1 10.2 10
Lazard Ltd 68 11 (12.0) 28,720 4.9 16.9 7
Greenhill & Co Inc 17 12 4.4 28,153 4.8 0.4 44
RBC Capital Markets 56 13 1.9 27,355 4.7 2.8 16
Centerview Partners LLC 14 14 0.6 27,058 4.6 4.0 13
Jefferies Group Inc 61 15 0.7 26,216 4.5 3.8 14
Perella Weinberg Partners LP 15 16 1.2 22,716 3.9 2.7 17
Wells Fargo & Co 35 17 1.5 21,992 3.8 2.3 22
Rothschild 23 18 1.2 20,612 3.5 2.3 21
Moelis & Co 38 19 0.7 18,656 3.2 2.5 20
Nomura Holdings Inc 6 20 - 15,717 2.7 2.7 18
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$586,258 7,809 $783,442
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$20,000
$40,000
$60,000
$80,000
$100,000
0
100
200
300
400
500
600
700
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
15
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Canada Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
RBC Capital Markets 68 1 13.0 52,845 34.1 21.1 2
Goldman Sachs & Co 18 2 10.4 43,617 28.1 17.7 5
BMO Capital Markets Corp 34 3 8.8 39,973 25.8 17.0 6
Bank of America Merrill Lynch 14 4 4.3 27,204 17.5 13.2 8
Bank of Nova Scotia 22 5 9.1 24,083 15.5 6.4 10
TD Securities Inc 28 6 0.2 23,203 15.0 14.8 7
Citigroup Inc 3 7 8.0 17,730 11.4 3.4 17
Credit Suisse Group AG 20 8 8.6 16,486 10.6 2.0 24
National Bank of Canada Financial Inc 16 9 5.0 15,752 10.2 5.2 13
CIBC 20 10 (11.7) 15,256 9.8 21.5 1
JP Morgan 15 11 (9.8) 13,290 8.6 18.4 3
Barclays Capital Group 11 12 3.6 10,616 6.8 3.2 19
Canaccord Genuity Corp 13 13 3.0 9,827 6.3 3.3 18
Deutsche Bank AG 11 14 1.6 9,821 6.3 4.7 14
Morgan Stanley 10 15 (12.2) 9,425 6.1 18.3 4
Rothschild 9 16 4.5 8,009 5.2 0.7 32
Macquarie Group Ltd 18 17 2.7 7,350 4.7 2.0 25
UBS AG 6 18 (0.1) 6,564 4.2 4.3 15
HSBC Bank PLC 3 19 (0.4) 5,062 3.3 3.7 16
Jefferies Group Inc 8 20 1.9 4,374 2.8 0.9 28
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$155,166 1,693 $147,061
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
0
100
200
300
400
500
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
16
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Canada Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Target or Seller
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
RBC Capital Markets 59 1 24.1 43,099 41.1 17.0 4
BMO Capital Markets Corp 30 2 11.6 37,503 35.8 24.2 1
Goldman Sachs & Co 7 3 4.5 21,101 20.1 15.6 6
Bank of Nova Scotia 21 4 10.1 20,556 19.6 9.5 8
TD Securities Inc 26 5 5.7 19,950 19.0 13.3 7
Citigroup Inc 2 6 15.4 17,730 16.9 1.5 24
Bank of America Merrill Lynch 7 7 (0.3) 16,183 15.4 15.7 5
CIBC 18 8 (10.1) 12,115 11.6 21.7 2
National Bank of Canada Financial Inc 14 9 1.2 9,111 8.7 7.5 12
Canaccord Genuity Corp 10 10 3.4 8,766 8.4 5.0 15
JP Morgan 6 11 (15.1) 5,515 5.3 20.4 3
Morgan Stanley 4 12 (2.1) 4,805 4.6 6.7 13
Barclays Capital Group 6 13 1.6 4,791 4.6 3.0 18
Jefferies Group Inc 7 14 3.3 3,833 3.7 0.4 38
GMP Securities LP 13 15 (4.6) 3,417 3.3 7.9 11
ING Groep NV 1 16 3.0 3,165 3.0 - -
Nomura Holdings Inc 1 17 2.6 3,034 2.9 0.3 47
Credit Suisse Group AG 8 18 (0.2) 2,599 2.5 2.7 19
Macquarie Group Ltd 12 19 (0.1) 1,680 1.6 1.7 23
Evercore Partners Inc 4 20 1.5 1,553 1.5 - -
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$104,786 1,241 $99,174
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$20,000
$40,000
$60,000
$80,000
$100,000
0
50
100
150
200
250
300
350
400
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
17
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Latin America Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
JP Morgan 14 1 25.2 36,281 34.2 9.0 12
Deutsche Bank AG 12 2 20.8 29,453 27.7 6.9 15
Barclays Capital Group 3 3 10.6 28,162 26.5 15.9 8
Bank of America Merrill Lynch 9 4 3.6 27,574 26.0 22.4 5
Lazard Ltd 12 5 19.4 25,973 24.5 5.1 16
Banco Itau BBA SA 37 6 (11.0) 21,047 19.8 30.8 1
Goldman Sachs & Co 18 7 2.9 20,591 19.4 16.5 7
Rothschild 18 8 (2.2) 20,501 19.3 21.5 6
Morgan Stanley 10 9 9.2 19,719 18.6 9.4 11
Credit Suisse Group AG 21 10 (12.6) 17,255 16.3 28.9 2
Citigroup Inc 9 11 2.2 16,815 15.8 13.6 10
Banco BTG Pactual SA 39 12 (14.2) 15,436 14.5 28.7 3
Banco Bradesco BBI SA 14 13 (13.2) 11,586 10.9 24.1 4
Banco Santander SA 13 14 (5.2) 9,122 8.6 13.8 9
BR Partners 13 15 5.6 7,359 6.9 1.3 22
HSBC Bank PLC 7 16 (0.9) 7,072 6.7 7.6 14
Banco Espirito Santo de Investimento SA 5 17 2.9 5,750 5.4 2.5 17
Caixa Banco de Investimento SA 2 17 4.3 5,750 5.4 1.1 24
UBS AG 6 19 (4.9) 3,964 3.7 8.6 13
ABN Amro Bank NV 1 20 3.3 3,470 3.3 - -
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$106,194 850 $112,356
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
0
40
80
120
160
200
240
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
18
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Brazil Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
Banco Itau BBA SA 34 1 0.3 20,013 43.8 43.5 1
Citigroup Inc 6 2 24.8 16,132 35.3 10.5 10
Rothschild 12 3 5.2 15,656 34.3 29.1 5
Banco BTG Pactual SA 37 4 (9.3) 14,288 31.3 40.6 2
Credit Suisse Group AG 15 5 (9.7) 12,418 27.2 36.9 3
Banco Bradesco BBI SA 14 6 (8.9) 11,586 25.3 34.2 4
Goldman Sachs & Co 6 7 6.3 10,603 23.2 16.9 8
Bank of America Merrill Lynch 6 8 (7.1) 9,928 21.7 28.8 6
JP Morgan 8 9 13.5 8,264 18.1 4.6 15
BR Partners 13 10 14.2 7,359 16.1 1.9 19
Banco Santander SA 9 11 (0.8) 7,102 15.5 16.3 9
Deutsche Bank AG 7 12 6.0 7,074 15.5 9.5 11
Lazard Ltd 5 13 7.9 6,891 15.1 7.2 13
Banco Espirito Santo de Investimento SA 5 14 9.0 5,750 12.6 3.6 17
Caixa Banco de Investimento SA 2 14 11.0 5,750 12.6 1.6 21
HSBC Bank PLC 3 16 4.6 5,451 11.9 7.3 12
Barclays Capital Group 1 17 (10.1) 5,431 11.9 22.0 7
Vinci Partners Investimentos Ltda 9 18 3.3 1,786 3.9 0.6 26
Morgan Stanley 7 19 (1.1) 1,311 2.9 4.0 16
Banco Votorantim SA 6 20 0.2 986 2.2 2.0 18
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$45,714 496 $79,361
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$40,000
$80,000
$120,000
$160,000
$200,000
$240,000
$280,000
$320,000
0
400
800
1,200
1,600
2,000
2,400
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
19
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Europe Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
Morgan Stanley 94 1 10.0 173,957 29.4 19.4 3
Goldman Sachs & Co 97 2 0.9 173,843 29.4 28.5 1
Deutsche Bank AG 81 3 11.1 169,894 28.7 17.6 4
Barclays Capital Group 62 4 12.0 154,933 26.2 14.2 6
JP Morgan 76 5 1.7 137,798 23.3 21.6 2
Credit Suisse Group AG 52 6 0.3 100,703 17.0 16.7 5
Rothschild 124 7 4.0 96,648 16.3 12.3 7
Citigroup Inc 54 8 4.2 96,005 16.2 12.0 8
Bank of America Merrill Lynch 58 9 4.6 90,497 15.3 10.7 10
Nomura Holdings Inc 30 10 7.6 75,772 12.8 5.2 16
Lazard Ltd 73 11 2.2 73,019 12.3 10.1 11
BNP Paribas SA 45 12 4.3 70,749 12.0 7.7 14
UBS AG 61 13 0.7 51,145 8.6 7.9 13
HSBC Bank PLC 41 14 (5.8) 31,220 5.3 11.1 9
Centerview Partners LLC 4 15 2.3 23,713 4.0 1.7 24
RBC Capital Markets 18 16 0.3 22,423 3.8 3.5 18
Societe Generale SA 43 17 (4.6) 20,083 3.4 8.0 12
Troika Dialog Group Ltd 23 18 2.8 16,630 2.8 - -
Macquarie Group Ltd 25 19 2.3 16,401 2.8 0.5 51
Jefferies Group Inc 31 20 1.2 15,117 2.6 1.4 28
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$592,227 5,827 $708,786
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$40,000
$80,000
$120,000
$160,000
$200,000
$240,000
$280,000
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
20
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Europe Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Target or Seller
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
Goldman Sachs & Co 85 1 6.3 155,883 33.9 27.6 1
Barclays Capital Group 56 2 12.3 130,141 28.3 16.0 6
Deutsche Bank AG 68 3 9.5 128,856 28.0 18.5 3
Morgan Stanley 78 4 11.5 128,607 28.0 16.5 5
JP Morgan 59 5 1.4 105,217 22.9 21.5 2
Citigroup Inc 43 6 6.4 83,457 18.1 11.7 9
Rothschild 115 7 3.7 83,001 18.0 14.3 7
Nomura Holdings Inc 26 8 9.9 74,567 16.2 6.3 16
Credit Suisse Group AG 37 9 (2.2) 72,889 15.8 18.0 4
BNP Paribas SA 42 10 6.2 70,694 15.4 9.2 13
Bank of America Merrill Lynch 46 11 1.5 58,219 12.7 11.2 10
Lazard Ltd 62 12 (0.3) 48,746 10.6 10.9 11
UBS AG 49 13 1.3 44,892 9.8 8.5 14
HSBC Bank PLC 36 14 (7.3) 26,507 5.8 13.1 8
Troika Dialog Group Ltd 20 15 3.5 16,119 3.5 - -
Macquarie Group Ltd 22 16 3.2 15,515 3.4 0.2 78
Societe Generale SA 37 17 (6.3) 15,502 3.4 9.7 12
Gleacher & Co Inc 2 18 2.8 13,386 2.9 0.1 113
RBC Capital Markets 12 19 1.1 12,875 2.8 1.7 24
Banco Espirito Santo de Investimento SA 8 20 2.2 12,383 2.7 0.5 50
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$460,162 4,611 $584,155
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
0
200
400
600
800
1,000
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
21
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
United Kingdom Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
Barclays Capital Group 32 1 23.8 105,362 40.5 16.7 7
Goldman Sachs & Co 42 2 1.6 100,853 38.7 37.1 1
Morgan Stanley 31 3 12.7 85,528 32.8 20.1 4
JP Morgan 25 4 3.2 76,560 29.4 26.2 2
Deutsche Bank AG 28 5 2.3 72,402 27.8 25.5 3
Credit Suisse Group AG 17 6 11.1 67,131 25.8 14.7 8
Nomura Holdings Inc 8 7 16.0 64,354 24.7 8.7 13
BNP Paribas SA 11 8 17.9 60,473 23.2 5.3 18
Citigroup Inc 19 9 4.4 56,299 21.6 17.2 6
Rothschild 63 10 (2.6) 38,962 15.0 17.6 5
Lazard Ltd 19 11 0.9 26,726 10.3 9.4 12
UBS AG 19 12 (4.2) 20,968 8.1 12.3 9
Bank of America Merrill Lynch 23 13 (4.0) 20,210 7.8 11.8 11
HSBC Bank PLC 23 14 (6.8) 14,185 5.5 12.3 10
Gleacher & Co Inc 2 15 5.0 13,386 5.1 0.1 77
Centerview Partners LLC 3 16 3.5 11,863 4.6 1.1 35
RBC Capital Markets 13 17 (2.6) 10,815 4.2 6.8 16
Ondra Partners 1 18 3.7 10,171 3.9 0.2 73
Greenhill & Co Inc 4 19 2.7 10,005 3.8 1.1 36
Jefferies Group Inc 16 20 0.5 8,498 3.3 2.8 24
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$260,439 2,254 $270,149
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
0
50
100
150
200
250
300
350
400
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
22
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Germany Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
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VOLUME DEAL
COUNT
RANK MKT
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Any Involvement
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
Deutsche Bank AG 20 1 13.6 26,969 38.0 24.4 4
Morgan Stanley 20 2 26.3 26,137 36.8 10.5 10
Goldman Sachs & Co 13 3 5.3 22,808 32.1 26.8 2
Rothschild 17 4 5.1 18,533 26.1 21.0 8
Citigroup Inc 9 5 (0.5) 16,091 22.7 23.2 6
JP Morgan 8 6 (4.4) 13,817 19.5 23.9 5
UBS AG 9 7 10.0 10,692 15.1 5.1 15
Macquarie Group Ltd 8 8 12.5 8,843 12.5 0.0 66
Perella Weinberg Partners LP 3 9 11.2 7,933 11.2 - -
RBC Capital Markets 3 10 10.6 7,538 10.6 0.0 57
Lazard Ltd 11 11 (9.3) 5,199 7.3 16.6 9
Bank of America Merrill Lynch 6 12 (14.7) 4,874 6.9 21.6 7
Credit Suisse Group AG 5 13 (22.0) 4,566 6.4 28.4 1
Freshfields Bruckhaus Deringer LLP 1 14 6.2 4,404 6.2 - -
Nordea Bank AB 1 15 2.8 3,529 5.0 2.2 19
Barclays Capital Group 7 16 (22.0) 2,988 4.2 26.2 3
TAP Advisors LLC 1 17 3.4 2,400 3.4 - -
HSBC Bank PLC 2 18 0.2 2,249 3.2 3.0 17
Nomura Holdings Inc 6 19 2.9 2,129 3.0 0.1 48
Greenhill & Co Inc 3 20 1.9 2,001 2.8 0.9 26
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$71,029 902 $80,976
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
0
50
100
150
200
250
300
350
400
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
23
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
France Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
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VOLUME DEAL
COUNT
RANK MKT
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Any Involvement
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
Rothschild 34 1 8.3 19,710 30.0 21.7 8
BNP Paribas SA 30 2 1.7 19,518 29.7 28.0 1
Lazard Ltd 25 3 3.9 18,869 28.7 24.8 5
Morgan Stanley 14 4 (0.3) 16,535 25.2 25.5 4
Barclays Capital Group 10 5 (2.0) 14,276 21.7 23.7 6
Nomura Holdings Inc 4 6 14.7 13,601 20.7 6.0 15
JP Morgan 16 7 4.9 12,139 18.5 13.6 11
HSBC Bank PLC 18 8 (8.7) 11,902 18.1 26.8 3
Societe Generale SA 27 9 (9.4) 11,700 17.8 27.2 2
Ondra Partners 1 10 15.5 10,171 15.5 - -
Deutsche Bank AG 10 11 (3.2) 9,327 14.2 17.4 10
Credit Agricole Corporate & Investment Bank SA 12 12 (6.9) 6,935 10.6 17.5 9
Credit Suisse Group AG 7 13 (12.7) 6,677 10.2 22.9 7
Goldman Sachs & Co 11 14 (3.0) 4,626 7.0 10.0 13
Bank of America Merrill Lynch 6 15 (0.7) 4,160 6.3 7.0 14
Macquarie Group Ltd 3 16 5.8 3,824 5.8 0.0 89
Citigroup Inc 4 17 (8.9) 2,394 3.6 12.5 12
UBS AG 7 18 (3.3) 1,136 1.7 5.0 16
VTB Capital ZAO 1 19 1.6 1,035 1.6 - -
Standard Chartered PLC 1 20 0.5 1,000 1.5 1.0 31
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$65,748 750 $146,842
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$4,000
$8,000
$12,000
$16,000
$20,000
$24,000
$28,000
$32,000
0
20
40
60
80
100
120
140
160
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
24
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Italy Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
Morgan Stanley 10 1 34.9 11,451 49.2 14.3 9
Rothschild 10 2 4.1 6,605 28.4 24.3 2
Goldman Sachs & Co 5 3 10.8 5,608 24.1 13.3 10
Mediobanca SpA 7 4 11.5 4,840 20.8 9.3 11
Societe Generale SA 4 5 (10.1) 1,978 8.5 18.6 4
Banco BTG Pactual SA 2 6 5.7 1,319 5.7 - -
Citigroup Inc 3 7 1.7 1,262 5.4 3.7 17
Credit Suisse Group AG 2 8 (18.3) 1,147 4.9 23.2 3
Banco Santander SA 1 8 4.9 1,147 4.9 0.0 35
Banco Bradesco BBI SA 1 10 4.0 926 4.0 - -
Banco Itau BBA SA 1 10 4.0 926 4.0 - -
HSBC Bank PLC 2 12 (12.0) 843 3.6 15.6 8
Deutsche Bank AG 4 13 0.5 815 3.5 3.0 20
Nomura Holdings Inc 2 14 0.2 648 2.8 2.6 21
Bank of America Merrill Lynch 3 15 (13.5) 628 2.7 16.2 7
Lazard Ltd 10 16 (14.2) 547 2.4 16.6 6
Intesa Sanpaolo SpA 7 17 (15.3) 510 2.2 17.5 5
Ernst & Young 1 18 2.1 478 2.1 0.0 35
Houlihan Lokey 1 18 2.1 478 2.1 - -
Industrial & Commercial Bank of China Ltd 1 18 2.1 478 2.1 - -
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$23,273 256 $31,704
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
0
40
80
120
160
200
240
280
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
25
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Benelux Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
Goldman Sachs & Co 23 1 14.1 39,672 36.6 22.5 4
Deutsche Bank AG 21 2 12.4 39,401 36.3 23.9 3
JP Morgan 18 3 (3.4) 39,141 36.1 39.5 1
Bank of America Merrill Lynch 15 4 20.8 37,199 34.3 13.5 7
Barclays Capital Group 11 5 20.4 35,359 32.6 12.2 8
Morgan Stanley 12 6 4.2 33,119 30.5 26.3 2
Lazard Ltd 13 7 13.0 25,026 23.1 10.1 10
Credit Suisse Group AG 11 8 2.8 11,812 10.9 8.1 13
Citigroup Inc 11 9 4.0 9,689 8.9 4.9 15
UBS AG 7 10 (4.9) 7,860 7.2 12.1 9
RHB 2 11 5.9 6,365 5.9 - -
ABN Amro Bank NV 14 12 5.4 6,248 5.8 0.4 46
Caixa Banco de Investimento SA 2 13 5.4 5,888 5.4 - -
Troika Dialog Group Ltd 3 14 5.4 5,860 5.4 - -
Banco Espirito Santo de Investimento SA 3 15 5.3 5,777 5.3 - -
Banco BPI SA 1 15 5.3 5,777 5.3 - -
Banco Comercial Portugues SA 1 15 5.3 5,777 5.3 - -
Rothschild 8 18 0.7 5,656 5.2 4.5 17
Nomura Holdings Inc 6 19 4.2 5,406 5.0 0.8 31
ING Groep NV 18 20 (9.3) 4,780 4.4 13.7 6
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$108,541 694 $97,638
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
0
40
80
120
160
200
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
26
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Iberia Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
Barclays Capital Group 8 1 34.5 15,789 46.3 11.8 9
Banco Espirito Santo de Investimento SA 7 2 31.1 12,383 36.3 5.2 16
Caixa Banco de Investimento SA 8 3 34.9 12,152 35.6 0.7 31
Citigroup Inc 7 4 19.3 10,993 32.2 12.9 7
Goldman Sachs & Co 5 5 5.3 9,568 28.0 22.7 1
Banco BTG Pactual SA 4 6 25.3 8,984 26.3 1.0 29
Banco Santander SA 9 7 8.2 8,944 26.2 18.0 6
Rothschild 10 8 18.4 8,160 23.9 5.5 15
Bank of America Merrill Lynch 5 9 (0.2) 6,813 20.0 20.2 4
Deutsche Bank AG 2 10 17.0 6,215 18.2 1.2 28
Lazard Ltd 3 11 8.8 6,100 17.9 9.1 11
Banco BPI SA 1 12 16.9 5,777 16.9 - -
Banco Comercial Portugues SA 1 12 16.9 5,777 16.9 - -
Banco Itau BBA SA 2 14 12.3 5,554 16.3 4.0 18
HSBC Bank PLC 2 15 (6.2) 5,491 16.1 22.3 3
Banco Bradesco BBI SA 1 16 13.0 5,431 15.9 2.9 19
Societe Generale SA 5 17 (3.7) 4,983 14.6 18.3 5
Morgan Stanley 3 18 (4.7) 2,447 7.2 11.9 8
JP Morgan 6 19 (4.0) 2,282 6.7 10.7 10
China International Capital Corp Ltd 1 20 2.4 1,414 4.1 1.7 24
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$34,137 233 $60,479
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
0
50
100
150
200
250
300
350
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
27
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Nordic Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
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VOLUME DEAL
COUNT
RANK MKT
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Any Involvement
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
Deutsche Bank AG 9 1 0.4 17,611 32.7 32.3 2
Goldman Sachs & Co 12 2 (25.8) 13,846 25.7 51.5 1
UBS AG 10 3 17.3 12,303 22.9 5.6 12
Bank of America Merrill Lynch 6 4 9.1 11,472 21.3 12.2 7
Rothschild 9 5 15.5 10,782 20.0 4.5 15
Credit Suisse Group AG 6 6 (5.4) 7,770 14.4 19.8 4
HSBC Bank PLC 4 7 13.9 7,527 14.0 0.1 51
Barclays Capital Group 4 8 8.3 6,923 12.9 4.6 13
Morgan Stanley 8 9 (3.8) 6,695 12.4 16.2 6
Blackstone Group LP 1 10 10.4 5,610 10.4 - -
Troika Dialog Group Ltd 3 11 9.7 5,220 9.7 - -
Citigroup Inc 6 12 5.2 4,762 8.9 3.7 18
JP Morgan 9 13 (19.3) 4,529 8.4 27.7 3
Arctic Securities ASA 5 14 7.1 4,256 7.9 0.8 29
Nordea Bank AB 8 15 (1.1) 4,149 7.7 8.8 8
Lazard Ltd 4 16 (0.6) 3,837 7.1 7.7 11
Macquarie Group Ltd 2 17 6.6 3,701 6.9 0.3 40
Perella Weinberg Partners LP 1 18 6.6 3,529 6.6 - -
Cooperatieve Centrale Raiffeisen-Boerenleenbank 2 19 6.6 3,527 6.6 0.0 59
Bank of Nova Scotia 1 19 6.6 3,527 6.6 - -
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$53,839 749 $101,846
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
0
40
80
120
160
200
240
280
320
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
28
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Africa/Middle East Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
Goldman Sachs & Co 14 1 - 11,024 20.8 20.8 1
HSBC Bank PLC 7 2 11.3 6,287 11.9 0.6 27
Barclays Capital Group 9 3 11.8 6,251 11.8 0.0 66
JP Morgan 9 4 1.4 5,345 10.1 8.7 7
RBC Capital Markets 5 5 9.1 5,256 9.9 0.8 26
Macquarie Group Ltd 4 6 8.5 4,736 8.9 0.4 34
Lazard Ltd 6 7 3.9 4,046 7.6 3.7 13
Citigroup Inc 5 8 (4.8) 3,841 7.3 12.1 6
Deutsche Bank AG 3 9 (5.5) 3,660 6.9 12.4 4
FirstRand Bank Ltd 16 10 6.9 3,655 6.9 - -
Credit Suisse Group AG 3 11 (6.1) 3,470 6.6 12.7 3
Bank of America Merrill Lynch 4 12 (14.2) 3,457 6.5 20.7 2
Societe Generale SA 2 13 5.9 3,123 5.9 - -
Nomura Holdings Inc 2 14 3.9 2,739 5.2 1.3 22
Rothschild 8 15 2.5 2,586 4.9 2.4 16
UBS AG 5 16 4.5 2,521 4.8 0.3 40
Banco Itau BBA SA 2 17 3.8 2,010 3.8 - -
Wells Fargo & Co 1 18 2.7 1,428 2.7 - -
Jefferies Group Inc 5 19 1.1 1,154 2.2 1.1 24
Credit Agricole Corporate & Investment Bank SA 1 20 1.3 683 1.3 - -
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$52,945 716 $70,865
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
0
40
80
120
160
200
240
280
320
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
29
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Eastern Europe Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
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Any Involvement
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
Troika Dialog Group Ltd 22 1 34.3 16,630 34.3 - -
Goldman Sachs & Co 15 2 18.5 15,445 31.8 13.3 3
Bank of America Merrill Lynch 6 3 12.6 10,326 21.3 8.7 10
Credit Suisse Group AG 9 4 9.1 7,537 15.5 6.4 17
JP Morgan 9 5 3.1 7,376 15.2 12.1 5
Deutsche Bank AG 8 6 (0.2) 7,150 14.7 14.9 2
UBS AG 6 7 4.9 5,386 11.1 6.2 18
Barclays Capital Group 3 8 4.6 5,313 11.0 6.4 16
Rothschild 7 9 (7.0) 4,692 9.7 16.7 1
Morgan Stanley 8 10 (2.3) 3,555 7.3 9.6 9
VTB Capital ZAO 7 11 4.7 2,578 5.3 0.6 41
HSBC Bank PLC 3 12 (6.1) 2,485 5.1 11.2 7
Citigroup Inc 10 13 (2.6) 2,367 4.9 7.5 15
Banco Santander SA 1 14 2.1 1,414 2.9 0.8 36
Xenon Capital Partners 2 15 (2.2) 923 1.9 4.1 20
Societe Generale SA 7 16 (6.1) 785 1.6 7.7 13
Macquarie Group Ltd 2 17 1.5 725 1.5 - -
FirstRand Bank Ltd 1 18 0.8 381 0.8 - -
Altium Capital Ltd 1 19 0.6 275 0.6 - -
Nomura Holdings Inc 1 19 (7.5) 275 0.6 8.1 12
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$48,523 644 $87,464
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$40,000
$80,000
$120,000
$160,000
$200,000
$240,000
$280,000
0
400
800
1,200
1,600
2,000
2,400
2,800
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
30
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Asia Pacific Ex-Japan Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
Goldman Sachs & Co 59 1 4.3 86,240 23.1 18.8 1
Citigroup Inc 48 2 11.8 68,881 18.4 6.6 6
Morgan Stanley 48 3 2.4 58,072 15.5 13.1 2
JP Morgan 37 4 3.2 56,762 15.2 12.0 3
Credit Suisse Group AG 34 5 8.8 53,963 14.4 5.6 11
RBC Capital Markets 15 6 4.7 35,590 9.5 4.8 14
UBS AG 42 7 0.2 33,117 8.9 8.7 4
Deutsche Bank AG 27 8 2.4 32,374 8.7 6.3 8
Barclays Capital Group 20 9 (0.9) 28,737 7.7 8.6 5
Bank of America Merrill Lynch 13 10 1.3 26,652 7.1 5.8 9
BMO Capital Markets Corp 7 11 5.8 25,497 6.8 1.0 41
KPMG Corporate Finance LLC 33 12 3.7 18,787 5.0 1.3 35
HSBC Bank PLC 25 13 - 18,610 5.0 5.0 13
China International Capital Corp Ltd 14 14 2.5 18,345 4.9 2.4 22
DBS Group Holdings Ltd 11 15 3.8 17,190 4.6 0.8 46
Grant Thornton International Ltd 6 16 4.0 14,951 4.0 - -
Rothschild 28 17 1.5 14,016 3.8 2.3 24
Macquarie Group Ltd 37 18 0.4 13,758 3.7 3.3 19
Standard Chartered PLC 10 19 0.5 10,550 2.8 2.3 23
Evercore Partners Inc 6 20 2.3 9,797 2.6 0.3 80
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$374,179 5,189 $431,640
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$40,000
$80,000
$120,000
$160,000
$200,000
$240,000
0
400
800
1,200
1,600
2,000
2,400
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
31
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Asia Pacific Ex-Japan Announced Deals
1/1/12 9/30/12
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USD (Mln)
M&A Financial Advisory League Tables
Goldman Sachs & Co 46 1 3.3 61,140 20.8 17.5 1
Morgan Stanley 39 2 3.1 54,480 18.5 15.4 2
Credit Suisse Group AG 30 3 10.6 43,125 14.7 4.1 14
JP Morgan 30 4 2.7 42,761 14.5 11.8 3
Citigroup Inc 38 5 7.2 40,473 13.8 6.6 6
UBS AG 36 6 0.1 28,630 9.7 9.6 4
Deutsche Bank AG 24 7 3.8 24,805 8.4 4.6 10
Barclays Capital Group 16 8 3.1 19,959 6.8 3.7 16
Bank of America Merrill Lynch 9 9 1.3 19,107 6.5 5.2 8
KPMG Corporate Finance LLC 31 10 4.7 18,776 6.4 1.7 30
China International Capital Corp Ltd 13 11 3.3 18,198 6.2 2.9 18
DBS Group Holdings Ltd 11 12 4.8 17,190 5.8 1.0 41
HSBC Bank PLC 17 13 3.3 14,494 4.9 1.6 31
Grant Thornton International Ltd 5 14 4.5 13,161 4.5 - -
United Overseas Bank Ltd 3 15 3.1 9,228 3.1 0.0 181
Macquarie Group Ltd 29 16 (1.2) 8,820 3.0 4.2 13
CITIC Securities Co Ltd 22 17 0.5 8,780 3.0 2.5 22
RHB 18 18 1.6 8,478 2.9 1.3 37
Rothschild 19 19 1.3 8,125 2.8 1.5 35
Allen & Co Inc 2 20 2.3 8,025 2.7 0.4 62
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$294,239 4,549 $338,441
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$20,000
$40,000
$60,000
$80,000
$100,000
0
50
100
150
200
250
300
350
400
450
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
32
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Australia & New Zealand Announced Deals
1/1/12 9/30/12
CHANGEFIRM
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VOLUME DEAL
COUNT
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Any Involvement
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USD (Mln)
M&A Financial Advisory League Tables
Macquarie Group Ltd 33 1 8.2 12,368 18.4 10.2 11
Goldman Sachs & Co 13 2 (17.7) 11,337 16.9 34.6 1
RBC Capital Markets 10 3 5.0 9,487 14.1 9.1 13
Morgan Stanley 8 4 (10.7) 5,810 8.6 19.3 4
UBS AG 14 5 (10.0) 5,735 8.5 18.5 6
Rothschild 14 6 3.3 4,373 6.5 3.2 24
Credit Suisse Group AG 5 7 (1.9) 3,921 5.8 7.7 15
Deutsche Bank AG 6 8 (2.4) 3,615 5.4 7.8 14
Nomura Holdings Inc 3 9 1.8 3,474 5.2 3.4 23
Citigroup Inc 3 10 (0.6) 2,729 4.1 4.7 20
JP Morgan 9 11 (25.0) 2,347 3.5 28.5 2
KPMG Corporate Finance LLC 7 12 0.6 2,041 3.0 2.4 25
Lazard Ltd 7 13 (6.5) 1,920 2.9 9.4 12
BMO Capital Markets Corp 4 14 2.1 1,410 2.1 - -
Grant Samuel Securities Pty Ltd 7 15 1.2 1,384 2.1 0.9 34
Greenhill & Co Inc 8 16 0.6 1,265 1.9 1.3 30
First NZ Capital Ltd 3 17 0.5 1,152 1.7 1.2 31
Canaccord Genuity Corp 2 18 1.4 1,022 1.5 0.1 51
Evercore Partners Inc 1 19 1.5 1,007 1.5 - -
Haywood Securities 2 20 1.5 989 1.5 - -
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$67,267 965 $133,424
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
0
100
200
300
400
500
600
700
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
33
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Japan Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
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Any Involvement
MKT
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USD (Mln)
M&A Financial Advisory League Tables
Nomura Holdings Inc 86 1 8.6 51,446 42.2 33.6 2
Morgan Stanley 96 2 4.4 38,475 31.6 27.2 4
Mizuho Financial Group Inc 90 3 6.9 33,502 27.5 20.6 8
JP Morgan 15 4 1.5 29,808 24.5 23.0 7
Sumitomo Mitsui Financial Group Inc 65 5 (3.3) 24,333 20.0 23.3 6
Bank of America Merrill Lynch 10 6 (13.8) 13,398 11.0 24.8 5
Goldman Sachs & Co 20 7 (27.4) 13,207 10.8 38.2 1
Daiwa Securities Group Inc 37 8 (9.8) 10,090 8.3 18.1 9
Rothschild 6 9 4.4 7,479 6.1 1.7 21
Barclays Capital Group 60 10 5.9 7,232 5.9 0.0 107
Greenhill & Co Inc 5 11 3.4 6,037 5.0 1.6 22
GCA Savvian Group Corp 28 12 2.3 6,003 4.9 2.6 15
UBS AG 5 13 (1.6) 5,506 4.5 6.1 12
Citigroup Inc 12 14 0.2 4,819 4.0 3.8 14
Credit Agricole Corporate & Investment Bank SA 2 15 2.6 3,122 2.6 - -
Societe Generale SA 2 15 2.6 3,122 2.6 - -
Deutsche Bank AG 11 17 (29.7) 2,972 2.4 32.1 3
HSBC Bank PLC 2 18 1.5 2,485 2.0 0.5 35
Deloitte Touche Tohmatsu ILA Group Ltd 17 19 (7.1) 2,218 1.8 8.9 11
Brown Brothers Harriman & Co 1 20 1.7 2,063 1.7 - -
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$121,831 1,826 $141,186
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
0
200
400
600
800
1,000
1,200
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
34
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
China Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
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Any Involvement
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
Goldman Sachs & Co 11 1 11.7 29,040 20.7 9.0 1
Citigroup Inc 16 2 15.9 25,948 18.5 2.6 14
China International Capital Corp Ltd 14 3 5.2 18,345 13.1 7.9 2
RBC Capital Markets 3 4 12.6 17,728 12.6 - -
Credit Suisse Group AG 9 5 8.5 17,547 12.5 4.0 8
BMO Capital Markets Corp 1 6 10.4 17,432 12.4 2.0 19
UBS AG 14 7 4.7 13,005 9.3 4.6 6
HSBC Bank PLC 7 8 7.6 11,738 8.4 0.8 40
Deutsche Bank AG 8 9 3.1 10,651 7.6 4.5 7
JP Morgan 7 10 0.3 10,203 7.3 7.0 3
CITIC Securities Co Ltd 24 11 - 9,316 6.6 6.6 4
Allen & Co Inc 2 12 5.7 8,025 5.7 - -
Morgan Stanley 7 13 - 7,098 5.1 5.1 5
Rothschild 10 14 0.4 5,180 3.7 3.3 11
Bank of China Ltd 10 15 1.6 4,584 3.3 1.7 24
Southwest Securities Co Ltd 9 16 2.4 3,869 2.8 0.4 56
Standard Chartered PLC 4 17 0.3 3,342 2.4 2.1 18
Ernst & Young 2 18 2.0 3,078 2.2 0.2 74
Somerley Ltd 6 19 0.9 3,034 2.2 1.3 33
Nomura Holdings Inc 3 20 (1.5) 2,431 1.7 3.2 12
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$140,299 1,872 $129,292
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
0
50
100
150
200
250
300
350
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
35
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
Hong Kong Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
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Any Involvement
MKT
SHARE
USD (Mln)
M&A Financial Advisory League Tables
Morgan Stanley 10 1 16.3 6,093 18.4 2.1 17
JP Morgan 6 2 8.8 5,285 15.9 7.1 6
Nomura Holdings Inc 3 3 6.6 3,208 9.7 3.1 12
UBS AG 2 4 6.0 3,173 9.6 3.6 11
Goldman Sachs & Co 5 5 (2.4) 3,084 9.3 11.7 4
Moelis & Co 3 6 7.8 2,572 7.8 0.0 85
Rothschild 3 7 3.1 2,404 7.2 4.1 9
Standard Chartered PLC 2 8 4.4 2,106 6.3 1.9 18
Bank of China Ltd 1 9 6.3 2,106 6.3 - -
Macquarie Group Ltd 4 10 3.5 1,494 4.5 1.0 23
HSBC Bank PLC 4 11 (11.9) 1,294 3.9 15.8 2
Woori Investment & Securities Co Ltd 1 12 3.2 1,063 3.2 - -
First NZ Capital Ltd 1 13 3.0 1,001 3.0 - -
Grant Samuel Securities Pty Ltd 1 13 3.0 1,001 3.0 - -
Bank of America Merrill Lynch 2 15 (3.8) 985 3.0 6.8 7
Citigroup Inc 6 16 (7.5) 910 2.7 10.2 5
Somerley Ltd 7 17 (1.6) 739 2.2 3.8 10
Houlihan Lokey 1 18 1.9 638 1.9 - -
Guangdong Securities Ltd 11 19 1.2 554 1.7 0.5 36
Argent Partners Ltd 1 20 1.5 505 1.5 - -
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$33,203 524 $55,406
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$4,000
$8,000
$12,000
$16,000
$20,000
$24,000
$28,000
0
40
80
120
160
200
240
280
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
36
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
India Announced Deals
1/1/12 9/30/12
CHANGEFIRM
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USD (Mln)
M&A Financial Advisory League Tables
Morgan Stanley 12 1 20.5 15,523 46.7 26.2 1
Barclays Capital Group 8 2 41.8 15,362 46.3 4.5 13
Citigroup Inc 9 3 41.7 15,242 45.9 4.2 14
Goldman Sachs & Co 10 4 23.3 14,816 44.6 21.3 2
JP Morgan 6 5 40.1 14,474 43.6 3.5 19
KPMG Corporate Finance LLC 9 6 43.2 14,419 43.4 0.2 43
Grant Thornton International Ltd 4 7 39.6 13,161 39.6 - -
Bank of America Merrill Lynch 2 8 27.5 12,754 38.4 10.9 4
Credit Suisse Group AG 3 9 17.1 7,193 21.7 4.6 12
Enam Securities Pvt Ltd 6 10 8.1 2,829 8.5 0.4 36
Ernst & Young 21 11 (0.1) 2,192 6.6 6.7 8
Rothschild 3 12 (2.1) 1,197 3.6 5.7 11
Kotak Mahindra Bank Ltd 12 13 (0.7) 943 2.8 3.5 21
Deutsche Bank AG 4 14 - 666 2.0 2.0 25
Oppenheimer & Co Inc 1 15 1.9 635 1.9 - -
Jefferies Group Inc 2 16 (2.7) 393 1.2 3.9 18
Royal Bank of Scotland Group PLC 1 16 (7.0) 393 1.2 8.2 6
UBS AG 2 18 (3.0) 349 1.1 4.1 15
Banco Pine SA 1 19 0.9 297 0.9 - -
Banco Votorantim SA 1 19 0.9 297 0.9 - -
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$33,215 631 $34,719
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
0
100
200
300
400
500
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
/
QUARTERLY VOLUME
USD (Mln) #Deals
37
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20112012
South East Asia Announced Deals
1/1/12 9/30/12
CHANGEFIRM
RANK MKT
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VOLUME DEAL
COUNT
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MKT
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USD (Mln)
M&A Financial Advisory League Tables
Goldman Sachs & Co 13 1 15.4 20,592 25.6 10.2 5
Morgan Stanley 7 2 17.1 19,751 24.6 7.5 8
DBS Group Holdings Ltd 11 3 17.0 17,190 21.4 4.4 15
JP Morgan 8 4 16.6 16,936 21.1 4.5 14
Credit Suisse Group AG 12 5 11.5 14,514 18.1 6.6 11
Bank of America Merrill Lynch 5 6 3.6 11,231 14.0 10.4 4
UBS AG 10 7 2.8 10,273 12.8 10.0 6
Citigroup Inc 9 8 (1.7) 9,741 12.1 13.8 1
United Overseas Bank Ltd 3 9 11.5 9,228 11.5 0.0 62
Deutsche Bank AG 6 10 9.3 9,210 11.5 2.2 25
RHB 18 11 4.7 8,478 10.6 5.9 12
Standard Chartered PLC 5 12 5.1 7,168 8.9 3.8 18
Bank of Nova Scotia 1 13 6.7 5,405 6.7 - -
BMO Capital Markets Corp 1 13 6.3 5,405 6.7 0.4 45
ING Groep NV 5 15 2.8 5,064 6.3 3.5 19
Maybank 14 16 (6.6) 5,042 6.3 12.9 2
HSBC Bank PLC 8 17 3.3 4,874 6.1 2.8 22
CIMB 25 18 (6.6) 3,759 4.7 11.3 3
AmInvestment Bank Bhd 12 19 (0.1) 2,606 3.2 3.3 21
Barclays Capital Group 3 20 0.9 1,818 2.3 1.4 26
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$80,358 960 $74,601
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
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10/01/2012
Bloomberg M&A league tables represent transactions that are either pending or completed, and for which Bloomberg
has been notified.
Bloomberg M&A league tables include mergers, acquisitions, divestitures, self-tenders, spinoffs, debt-for-equity swaps,
private placements of common equity and convertible securities, and purchases of convertible securities and cash
injection components of recapitalizations according to Bloomberg standards. Excludes open market transactions. All
deals except additional stake purchases are subjected to a minimum threshold of 5% equity or USD 50 million total
value. League table credit is based on announced total value of a deal.
Bloomberg LP and its suppliers believe the information herein was obtained from reliable sources, but they do not
guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or
sale of securities or commodities.
Mergers & Acquisitions Financial Advisory Rankings
Bloomberg 2012 1st 3 Qtrs