M&A Yearbook – 2009ffffffff-bd2f-a7a1-0000-00000456775… · M&A Yearbook 1 Contents M&A Yearbook KPMG’s overview of mergers and acquisitions in Switzerland in 2008 and brief

M&A Yearbook – 2009KPMG’s overview of mergers and acquisitionsin Switzerland in 2008 and first quarter 2009

ADVISORY

CaveatThis study is based on mergermarket® and KPMG desktop research, covering deals announced in 2008 and the first quarter of 2009. The consideration of individual transactions and their allocation to specific industry segments are based on our judgment and are thus subjective. We have not been able to extensively verify all data and cannot be held responsible for the absolute accuracy and completeness thereof. Analyses of different data sources and data sets may yield deviating results.

The following notes pertain to data contained in the mergermarket® database:■ Deals are included where the deal value is greater than or equal to the equivalent of USD 7 million■ The value data provided in the various charts represents the aggregate value of the deals for which a value was stated

(please note that values are disclosed for approximately 50% of all deals)■ Where no deal value has been disclosed, deals are included if the turnover of the target is greater than or equal to the

equivalent of USD 14 million■ Deals are included where a stake of greater than 30% has been acquired in the target. If the stake is below 30% the deal

will be included if the value exceeds the equivalent of USD 140 million■ Activities excluded from the data include restructurings where ultimate shareholders’ interests are not affected and public

mandatory offers that are not recommended by the board■ Letters of intent, heads of agreement and other non-binding agreements are not included in the data sets

M&A Yearbook 1

Contents

M&A YearbookKPMG’s overview of mergers and acquisitions in Switzerland in 2008 and brief outlook for 2009, based on Q1 2009 data

Overview 1 Introduction 2 2 Executive Summary 3

Industries 3 Healthcare and Life Sciences 8 4 Chemicals and Processing Materials 10 5 Financial Services 12 6 Industrial Markets 14 7 Consumer Markets 16 8 Information, Communications and Entertainment 18 9 Other Industries 20 10 Private Equity 22

Appendix List of 2008 and Q1 2009 Swiss M&A Transactions 24

KPMG M&A Contacts 44

2 M&A Yearbook

1 Introduction

In order to provide greater forward looking insights, we have this year included statistical data of all M&A transactions announced in 2008 as well as in the first quarter 2009.

M&A activity has been strongly affected by the current economic climate and uncertainty surrounding longer term prospects. Many companies are revising their budgets, focusing on their order books and on cost control rather than inorganic growth. Smaller players with long and capital intensive research cycles may look for support from larger players. Others intend to divest non-core businesses, though we have seen some planned divestments stall due to a lack of interested buyers or on account of differing price expectations. In the financial services sector the key priorities are to manage and de-risk balance sheets. The private banks are anticipating structural changes as a result of the Swiss government’s announcement to comply with the OECD Model Tax Convention.

Although we believe there will be no dramatic upswing in M&A activity in the short term, there appears to be a considerable amount of pent-up M&A energy in the system which sooner or later will translate into deal activity.

Again this year, the hypothesis flaunted by some elements of the media that corporate Switzerland is being sold out is clearly refuted in this study.

In this report, we analyze and comment on those market sectors which are of key importance to the Swiss economy. Each industry section includes deal activity data and an overview by our industry specialists of major developments and trends. The data covers deals announced during the 2008 calendar year and the first quarter of 2009. We excluded aborted transactions, letters of intent, restructurings where ultimate shareholders’ interests are not affected, public mandatory offers that are not recommended by the board, and other non-binding agreements.

The appendix contains a list of all transactions considered in our review.

Our data sources are mergermarket and KPMG research. Although the published data has been carefully analyzed to ensure that it is as complete and accurate as possible, different data sources and/or selection parameters may yield varying results. Accordingly, the data presented in this report should be regarded as purely indicative.

We hope you find our Yearbook of interest and that it provides further insight into the Swiss M&A scene.

Stuart M. Robertson Bryan DeBlancMember of the Executive Committee Head of Growth through M&A

M&A Yearbook 3

2 Executive Summary

2008 Highlights■ Swiss buyers outnumbered foreign buyers by 2 to 1 on cross-border

transactions■ Double digit billion dollar deals have become rare; average transaction values

have diminished by 30% over 2007■ Germany continues to be the most important transaction partner

2009 Outlook■ Swiss companies generally have strong cash positions and healthy balance

sheets and are well positioned to benefit from market opportunities■ Small and mid-sized companies are the backbone of the Swiss economy and

expected to be the focal point of M&A activity in 2009■ Given the difficulties for financial investors, we expect fewer auctions in 2009■ The number of multibillion dollar deals will continue to be depressed

Deal volume was largely comparable to 2006 levels, when today’s economic climate was largely unforeseen. Deal values, however, tell a different story. Only one transaction in 2008 exceeded the USD 10 billion threshold, and the aggregate value of deals announced in 2008 was USD 50 billion – roughly 40% below the nearly USD 90 billion aggregate value seen in 2007. It remains to be seen whether Roche’s drawn-out battle for Genentech is a one-off or indicative of a resurgence in major league deals.

The relative weakness of the US dollar during the first half of 2008 does not appear to have led to significantly more foreign acquisitions in the USA. A mar-ginal increase in Swiss companies buying in North America compares to a drop of seven percentage points in North American companies buying in Switzerland. This suggests that dire economic conditions have significantly curbed their appetite for Swiss targets, with the strong Swiss franc being a possible further hurdle.

The weaker Euro and British pound do not appear to have affected deals between Switzerland and western Europe. While the strong Swiss franc is an obstacle for the heavily export-oriented Swiss economy, there remain a number of companies sitting on comfortable cash reserves. Of these, most will tread carefully until they can better assess the duration of the current crisis, though some will profit by using their war chests to make strategic acquisitions.

4 M&A Yearbook

IndustriesWith the exception of Consumer Markets, deal volumes fell by between 20% and 50%, with the Chemicals and Processing Materials sector experiencing the steepest decline. Ironically, some of the sectors showing a sharp dip in deal volumes boast relative (Healthcare and Life Sciences) or even absolute (Chemicals and Processing Materials and Industrial Markets) peaks in terms of aggregate deal values. The latter two, however, were distorted by Swiss flagship companies (CIBA and Jet Aviation) being acquired by foreign buyers.

Geographical spreadDomestic Swiss M&A activity in 2008 fell back to 2006 levels, as did acquisitions of Swiss companies by foreign buyers. Swiss acquisitions abroad, however, remained at (high) 2007 levels. These patterns seem to reflect a combination of factors:■ The reasonably healthy status of the Swiss economy (with the possible

exception of Financial Services) in the first half of the year while larger European or North American economies were impacted much sooner by the credit crisis

■ Strong strategic rationale■ The strong Swiss franc and the weaker currencies of potential Euro or Dollar

zone acquirers

Only minor changes were noted in transaction volumes with Asia-Pacific, Russia/CIS and elsewhere.

Strategy focus and further consolidationThe 2007 trend towards core business focus and strategic portfolio enhancements continued in 2008. Distressed sales were rare, with strategic acquisitions dominat-ing the scene. Going forward, growth and consolidation strategies will largely depend on the appearance of a silver lining on the horizon. In most cases, companies will manage their cash reserves very carefully, shoring up their liquidity until future prospects become clearer.

The role of private equity houses, sovereign wealth funds and activist shareholdersWhile the number of private equity deals declined by 20% compared to 2007 (remaining noticeably above 2004–2006 levels), total disclosed deal values slumped to approximately one third. 2007 saw five PE transactions exceeding USD one billion; there was only one deal of that magnitude in 2008. Private Equity houses may need to redefine their business models, while corporates may need to become more proactive in identifying targets given the lack of auctions.

M&A Yearbook 5

Sovereign wealth funds were heralded either as the saviours of the financial services industry in 2007, or feared as potential poachers in other strategically important sectors. A number of these players are now steering clear of the market, having lost a great deal of value in the stock market crash. Other than the CHF 3 billion investment in Credit Suisse by the Qatar Investment Authority, sovereign wealth fund activity has been severely limited.

Activist shareholder activity, be it by watchdog organizations or by hedge funds who had often assumed such a role, seems to have abated. With a number of hedge funds in acute difficulties of their own, it remains to be seen how they will react to the new economic climate.

Unsolicited takeovers2008–2009 saw two major drawn-out take-over bids, with Xstrata’s offer for Indophil being rejected, while Roche’s bid for Genentech finally succeeded in January 2009. Laxey continue to eye Implenia and recent board changes at Sulzer have triggered speculation about whether Sulzer will play a role in the restructuring of OC Oerlikon. Overall, due to the continuing impact of the credit crisis, we expect the number of such takeovers to rise.

OutlookThe impact on M&A of interventions by various governments in bailing out key domestic industry players is as yet unknown. Generally speaking, protectionism within EU member states and the USA could curb shopping sprees by foreign acquirers. Another open question is the effect of the government’s agreement to comply with OECD Model Tax Convention; private banks whose core business is in the off-shore sector will likely need to rethink their strategies. It is too early to assess whether the National Bank’s efforts to maintain the Swiss franc’s rate against the Euro and the US dollar at meaningful levels has any effect on M&A activity. The same applies to the Swiss government’s efforts to boost investments in the infrastructure and energy conservation sector.

Cantonal banks and similar institutions retain large pools of funds and are widely regarded as the main credit source for small and mid-sized businesses. Nevertheless, many of these players – particularly those with extended research cycles, such as biotech companies – might turn to larger players for support, and we expect the number of distressed sales to increase.

At this point, all eyes are looking for light at the end of the tunnel. Until there are vital signs of a potential economic recovery, it is difficult to forecast what 2009 will bring. Q1 M&A activity provides few clues to further developments in 2009, but we would expect further consolidation in the Healthcare and Life Sciences, Chemicals and Processing Materials, Financial Services and Industrial Market sectors – with domestic deal activity and Swiss acquisitions abroad dominating the scene.

Tobias Valk Patrik KerlerHead Transaction Services Head Corporate Finance

6 M&A Yearbook

Top 10 deals 2008 by value

Announced date

TargetTarget country

BidderBidder country

SellerSeller country

Value (USDm)

07.04.2008 Alcon Inc CH Novartis AG CH Nestle SA CH 10,599

15.09.2008 Ciba Specialty Chemicals AG CH BASF SE D n/a 4,605

19.12.2008 EOS Holding SA CH Atel Holding AG CH

Swiss minority shareholders (CMS) and Electricite de France

CH 3,055

16.10.2008Credit Suisse Group (undisclosed economic interest)

CHQatar Investment Authority

QA Credit Suisse Group CH 2,779

19.08.2008 Jet Aviation Management AG CHGeneral Dynamics Cor-poration

USA Permira LU 2,234

31.07.2008 Rothmans Inc CAPhilip Morris Internatio-nal Inc

CH, USA Rothmans Inc CA 2,034

05.08.2008Barclays Life Assurance Company Ltd

UKSwiss Reinsurance Com-pany Limited

CH Barclays Plc UK 1,472

11.07.2008

BanSabadell Pensiones EGFP SA; BanSabadell Seguros Generales SA de Seguros y Reaseguros; BanSabadell Vida S.A. de Seguros y Reaseguros

ESZurich Financial Services Group

CHBanco de Sabadell SA

ES 1,184

13.10.2008 Credit Suisse Group (CS) CH Koor Industries Limited IL Credit Suisse Group CH 1,059

10.04.2008

NXP Semiconductors Netherlands BV (mobile semiconductor assets); STMicroelectronics NV (mobile semiconductor assets)

NL NXP/ST Joint Venture CH

NXP Semiconductors Netherlands BV; STMicroelectronics NV

NL, CH 1,033

Major deals Q1 2009

30.01.2009 Genentech Inc US Roche Holding Ltd. CH Genentec Inc US 47,120

29.01.2009Glencore International AG (Prodeco business in Colombia)

COXstrata Coal South America Ltd

CH Glencore CH 2,000

Number of deals per quarter

USDbn Number of deals

60

50

40

30

20

10

0

120

100

80

60

40

20

0

Number Value

I06 II06 III06 IV06 I07 II07 III07 IV07 I08 II08 III08 IV08 I09

Num

ber

of d

eals

400

300

200

100

0

Number Value

US

Dbn

100

80

60

40

20

0

2004 2005 2006 2007 2008

Number and value of deals per year

M&A Yearbook 7

Number of deals per industry sector 2008

17%

4%

20%

14%

Chemicals & Processing Materials

Healthcare & Life Sciences

Financial Services

Inustrial Markets

Information,Communication, Entertainment

Consumer Markets

Other

15%

8%22%

Split of deals by target/buyer/seller 2006–2008

160

140

120

100

80

60

40

20

0

Swiss target / Swiss buyer

Swiss target / Foreign buyer

Swiss buyer / Foreign target

Swiss seller / Foreign target

Num

ber

of d

eals

58

92

53

80

97

73

06 07 08 06 07 08

134145 146

06 07 08

3949

40

06 07 08

Targets of Swiss acquirers by region 2008

4%

26%

8%

9%

Switzerland

Western Europe

North America

Russia and Eastern Europe

APAC and India

Rest of world

13%

40%

Foreign acquirers by region 2008

5%

71%

6%

Western Europe

North America

Russia and Eastern Europe

APAC and India

Rest of world

4%

14%

Volume by deal size (USD)

Num

ber

of d

eals

400

350

300

250

200

150

100

50

0

2004

> 1bn500m - 1bn

250m - 500m50m - 250m

< 50mnot disclosed

2005 2006 2007 2008

Source: mergermarket and KPMG research

8 M&A Yearbook

3 Healthcare and Life Sciences

2008 HighlightsLow equity market valuations and the global financial crisis have made financing difficult to obtain, hurting smaller biotech and research companies in particular. Unable to finance their research and development projects, many of them are on the market at “bargain” prices. Given the comparatively low take-over cost and the potential to acquire new products, these companies seem to be attractive targets for larger cash-rich drug companies.

Roche’s 2008 acquisitions of Memory Pharmaceuticals Corp., a US biopharmaceutical company engaged in the discovery and development of drugs for the treatment of central nervous system disorders; Arius Research Inc., a Canadian biotechnology company active in the field of antibody therapeutics to treat cancer; Mirus Bio Corporation, a US based biopharmaceutical company engaged in the development of nucleic acid based technologies; and Piramed Ltd., a UK based biotech company operating in the field of cancer and immune inflammatory disorders such as arthritis and asthma, all appear to fall into this category. Novartis acquired the pulmonary business unit of Nektar Therapeutics, the remaining shares of Speedel Holding AG, a Swiss based biopharmaceutical company developing innovative therapies for cardiovascular and metabolic diseases, and Protez Pharmaceuticals, a US based company engaged in the discovery and development of new antibiotics for difficult-to-treat infections.

The largest transaction in 2008 was Novartis’ acquisition of a 24.85% stake in Alcon Laboratories Inc., a US/Swiss based company involved in the research and manufacture of pharmaceuticals, surgical equipment and devices, contact lens solutions and other vision care products, from Nestlé SA.

Nearly half of the 26 Healthcare and Life Sciences M&A transactions announced in 2008 were led by large Swiss players such as Roche, Novartis and Nobel Biocare.

2009 OutlookWe expect the economic crisis to generate more opportunities for multinational healthcare and life sciences companies to acquire new product lines and competitors in niche markets at favourable prices, leading to more and larger deals in 2009.

In the first quarter of 2009, Roche finally succeeded in its attempt to buy the remaining shares of Genentech Inc., concluding a long battle to acquire the American biotech company and its lucrative cancer drugs. Elsewhere, Pfizer Inc. acquired Wyeth for USD 64 billion, becoming the world’s largest drug company. Further consolidation in the global drug market is reflected by Merck’s acquisition of Schering-Plough Corp for USD 43 billion. We would expect Swiss global players in the healthcare and life sciences industry to follow the global trend of consolidation.

Miriam ThomasDirector, Transaction Services

Longer term challenges, such as expiring patents and the threat of generic substitutes by competitors, continue to persist in the global Healthcare and Life Sciences industry. Compared to prior year, there was a sharp decline in M&A activity in terms of numbers and values. The outlook for 2009 seems more promising.

M&A Yearbook 9

Num

ber

of d

eals

45

40

35

30

25

20

15

10

5

0

Number Value

US

Dbn

50

45

40

35

30

25

20

15

10

5

0

2004 2005 2006 2007 2008

Number and value of deals per year Number of deals per quarter

Number of deals

15

10

5

0I06 II06 III06 IV06 I07 II07 III07 IV07 I08 II08 III08 IV08 I09

Split of deals by target/buyer/seller

20

18

16

14

12

10

8

6

4

2

0





Num

ber

of d

eals

2

7

2

4

15

12

06 07 08 06 07 08

19 19

14

06 07 08

1

3 3

06 07 08

Number of deals per segment 2008

27%23%

Biotechnology

Pharmaceuticals

Clinical Research/Labs

Other

8%

42%


Top 5 deals by value

Announced date




Value (USDm)

07.04.2008 Alcon Laboratories Inc US, CH Novartis AG CH Nestle SA CH 10,599

10.07.2008 Speedel Holding AG CH Novartis AG CH Speedel Holding AG CH 906

15.04.2008 Piramed Limited UK Roche Holding Ltd. CHExcalibur Fund Managers Ltd. Panorama Capital

UK, US 160

17.09.2008MedAssurant Inc (Undisclosed Stake)

USAndre Hoffmann (private investor)

CH MedAssurant Inc USA 175

22.07.2008 Mirus Bio Corporation US Roche Holding Ltd. CHMirus Bio Corporation

USA 125

Major deals Q1 2009

30.01.2009 Genentech Inc US Roche Holding Ltd. CH Genentech Inc US 47,120

10 M&A Yearbook

4 Chemicals and Processing Materials

2008 HighlightsThe trend towards product portfolio specialization continues in the Swiss Chemicals and Processing Materials industry. Companies focus on their core competencies and high value add products rather than a broad product portfolio. In addition to large players like Clariant, Switzerland has a vast number of small and midsized companies in this sector, thus offering continuing potential for M&A activity.

Deal volumes fell sharply by 48% in 2008, the pace of decline accelerating during the second half of the year. Total deal values, however, rose from USD 1.5 billion in 2007 to USD 5.6 billion in 2008, mainly driven by BASF´s acquisition of Ciba, one of the leading global specialty chemicals companies, a world leader in plastic additives and strong global player in coating effects materials as well as water and paper treatment. With this acquisition BASF is able to expand its position in specialty chemicals and aim to become the leading supplier with an extensive portfolio in paper. From a Swiss perspective, the transaction marks the end of 100 years of Swiss industrial history in the chemicals sector with the disappear-ance of one of the historical Basle flagships.

Many of the deals reflect the acquirers’ strategy of strengthening their product portfolios; targets were often operating in the same market as the acquirer. For example, Syngenta’s acquisition of Goldsmith Seeds and Yoder Brothers Inc. bolsters its position in the flowers and crop sector. Other acquisition rationales seem to be better access to overseas markets, as exemplified in Clariant’s acquisition of Ricon Colors, or the search for R&D synergies. Bosch’s acquisition of SIA Abrasives can be seen as an example of an IP-driven acquisition.

2009 OutlookEconomic uncertainty persists. Raw material costs have started to ease, but experts are not expecting market demand to show any meaningful recovery until late 2009 at the earliest. Price pressure from customers is further squeezing margins. Many chemical companies are struggling to meet debt obligations, triggering divestiture activity, which we expect to increase in the next few months unless industry demand picks up. Concerns over liquidity and distressed conditions are likely to increase the number of assets for sale as companies restructure to weed out poor performers or simply to raise cash. The industry has already seen a wave of restructuring announcements which will likely bring certain assets to market.

Some segments in the chemicals and processing materials industry are in relatively good shape and are likely to maintain M&A activity, e.g. base materials for personal care, fine chemicals, water treatment, and agricultural chemicals. Even sectors that have been hit hard, such as coatings, remain ripe for further consolidation. Large and medium sized companies with strong balance sheets could take advantage of cheap asset prices by entering into small but synergistic deals in 2009 to broaden their portfolio.

Pablo Ljaskowsky Gloria GlangPartner, Transaction Services Manager, Transaction Services

The industry faced a number of significant challenges in 2008, with raw material costs reaching unprecedented levels in the first half and a dramatic drop in their order books towards the end of the year, as the economic downturn took hold. Many companies acted quickly to mitigate the effect of these factors; reducing capacity and inventory levels, as well as limiting capital expenditures and attempting to keep costs to a minimum.

M&A Yearbook 11

Num

ber

of d

eals

30

25

20

15

10

5

0

Number Value

US

Dbn

6

5

4

3

2

1

0

2004 2005 2006 2007 2008


Number of deals

10

8

6

4

2



12

10

8

6

4

2

0





Num

ber

of d

eals

12 2

3

89

06 07 08 06 07 08

4

8

11

06 07 08

5

7

3

06 07 08


23%

54%

Speciality chemicals

Fine chemicals

Agrochemicals & seeds

Industrial chemicals

15%

8%



Announced date




Value (USDm)

15.09.2008 Ciba Specialty Chemicals AG CH BASF SE DCiba Specialty Chemicals AG

CH 4,605

12.11.2008 Ciba Specialty Chemicals AG CH BASF SE DE Bestinver Gestion ES 368

02.10.2008 sia Abrasives Holding AG CH Robert Bosch GmbH DEBehr Bircher Cellpack Group

CH 356

26.08.2008 sia Abrasives Holding AG CHBehr Deflandre & Snozzi BDS AG

CHAbrasives Holding AG

CH 213

20.10.2008 Goldsmith Seeds Inc US Syngenta AG CHGoldsmith Seeds Inc

US 74

Major deals Q1 2009

27.01.2009 Iotech Group Limited UK Sika AG CH Iotech Shareholders UK 45

12 M&A Yearbook

5 Financial Services

2008 HighlightsThe impact of the credit crisis on global financial services has been widely reported and trust in the industry badly damaged. Severely restricted credit and a precipitous fall in asset prices have harmed the capital positions of financial institutions, requiring unprecedented levels of government assistance and, in some cases, nationalization.

Radical changes being discussed at a global level to address serious financial sector deficiencies will permanently alter the global financial services landscape. Such deficiencies include the failure to regulate hedge funds and rating agencies, no settlement and clearing of OTC derivatives, insufficient capital requirements, limited cross-border supervision, and counter-productive incentive schemes.

As a result of external pressure regarding banking secrecy and offshore funds (Switzerland is a primary target as it holds approximately one-third of global offshore wealth), Switzerland has committed to relaxing its banking secrecy law and is planning to renegotiate a number of bi-lateral double taxation agreements with various governments.

2008 saw limited buyer appetite and a reluctance to sell in a down market, the number of M&A deals falling by around 30%. This downward trend continued with only six transactions in Q1 2009. Announced deal values also fell significantly even after considering the capital injections by Sovereign Wealth Funds in Credit Suisse in 2008 and UBS in 2007.

Despite the economic slowdown, M&A activity in the Swiss insurance industry was robust. Zurich Financial Services (ZFS) led with eight acquisitions, acquiring 50% stakes in the insurance arms of three Spanish bancassurers and securing exclusive distribution agreements with those groups. ZFS also bought in Brazil, Germany and Turkey, as well as entering into a joint venture in the UAE. Further, ZFS purchased the remaining minority interest of its Russian subsidiary.

Private banking transactions in 2008 were limited, the most notable being AIG’s disposal of its Swiss private banking subsidiary, AIG Private Bank, to Aabar Investment PJSC of the UAE.

2009 OutlookSwiss insurance M&A may be driven by well capitalized Swiss insurers with good access to funding taking the opportunity to acquire market share.

Due to the expected adoption of the OECD transparency standards, small-to-mid sized private banks with significant non-resident assets may be forced to establish onshore operations to retain clients. Lower “Assets under Management” values and margins are expected to lead to even more aggressive cost cutting. Accordingly, consolidation in private banking may accelerate in 2009.

Christian Hintermann Kevin CloughesyPartner, FS Transaction Services Senior Manager, FS Transaction Services

The magnitude of the global financial crisis in 2008 has triggered unprecedented levels of government assistance and will likely result in a new global financial landscape. The resulting low level of Swiss financial services M&A transactions in 2008 is expected to reverse sometime in 2009 as private banks address the implications of the OECD Model Tax Convention’s impact on banking secrecy, and other financial institutions implement their “back-to-basics” strategies.

M&A Yearbook 13

Num

ber

of d

eals

70

60

50

40

30

20

10

0

Number Value

US

Dbn

30

25

20

15

10

5

0

2004 2005 2006 2007 2008


Number of deals

20

15

10

5

0

I06 II06 III06 IV06 I07 II07 III07 IV07 I08 II08 III08 IV08 I09


35

30

25

20

15

10

5

0





Num

ber

of d

eals

4

19

2

15

57

06 07 08 06 07 08

26

31

18

06 07 08

1

11

5

06 07 08


7%30%

9%

Investment companies

Insurance

Banking

Financial Advisory

Other30%

24%



Announced date




Value (USDm)

16.10.2008Credit Suisse Group (undisclosed economic interest)

CHQatar Investment Authority

QA Credit Suisse Group CH 2,779


UKSwiss Reinsurance Company Limited

CH Barclays plc UK 1,472

11.07.2008



CHBanco de Sabadell SA

ES 1,184

13.10.2008 Credit Suisse Group (CS) CH Koor Industries Limited IL Credit Suisse Group CH 1,059

18.02.2008 Credit Suisse Group (minority stake) CHQatar Investment Authority

QACredit Suisse Group (CS)

CH 500

Major deals Q1 2009

19.01.2009AIG Financial Products Corporation (Commodity Index Business)

US UBS AG CH AIG US 150

14 M&A Yearbook

6 Industrial Markets

2008 HighlightsOf the 55 deals in 2008, more than half involved Swiss buyers. Fewer than ten were undertaken by financial investors. Among the most active companies were ABB, Ascom and Zehnder, continuing their strategy of complementing their product portfolios, divesting non-core units, or enhancing geographic diversification. However, the industry segment shows a wide range of family-owned, technology driven businesses with a leadership position in their segments.

One of the most prominent deals was Permira’s sale of Jet Aviation to the US based General Dynamics Corporation with a transaction value exceeding USD 1 billion. With a total deal volume of approximately USD 604 million the disposal of the Fluid and Power division of Textron to Clyde Blowers was the second largest deal. However, Maag Pump Systems AG was the only Swiss asset in the package, accounting for an estimated third of the total transaction value.

The trend towards Swiss-led cross-border transactions continued in 2008. Notable examples were the acquisitions of Israel’s Enerco Enterprises by Von Roll, Sulzer’s acquisition of Argentina’s Capime Ingenieria, and Bucher Industries AG buying the Netherlands based Kverneland Group Geldrop BV. On the private equity side, Capvis proved its strong position in the Swiss market with the acquisition of Koenig Verbindungstechnik (KVT), a Swiss based manufacturer of metal products, for a purchase price of approximately USD 500 million.

The most significant of the 21 Swiss disposals was the sale of Satisloh Holding by Schweiter Technologies.

2009 OutlookThe first quarter continued the pattern of Q4 2008. In the context of financial year-end announcements and deteriorating economic forecasts, share prices slumped and went through periods of high volatility. Although companies might have the necessary cash and balance sheet structure to fund acquisitions, current low valuations will not trigger transactions as long as management remains unable to predict the amount of cash required for seeing them through a potentially protracted recession. Current management focus clearly lies on cost cutting and cash preservation.

With the exception of a few companies facing both financial and operational hurdles, we expect limited divestment activity. The conservative financial structure of Swiss industrial companies (high equity ratios combined with generally low valuations) are likely to assist vendors in postponing disposals. A prominent exception is OC Oerlikon, which has already made (Esec and Optics business) or announced further potential disposals. If the economic crisis endures, other companies might feel pressure and begin to divest, particular in the automobile and textile related industries. However, M&A activity will rise as soon as the prospect of healthy earnings returns. Swiss companies are well positioned to exploit their strong war chests.

Andreas PoellenSenior Manager, Corporate Finance

While M&A in the first half of 2008 remained reasonably healthy, the current macroeconomic conditions hit the industry in the second half, culminating in a near stand-still in the last quarter. Order intake fell sharply and clients started to de-stock and to postpone planned investments. The strong Swiss Franc and the tail end of investment cycles in various industries, such as textile machinery and automotives, exacerbated the situation. The stock market reacted with a sharp downwards correction of share prices and market multiples.

M&A Yearbook 15

Num

ber

of d

eals

90

80

70

60

50

40

30

20

10

0

Number Value

US

Dbn

7

6

5

4

3

2

1

0

2004 2005 2006 2007 2008


Number of deals

35

30

25

20

15

10

5



30

25

20

15

10

5

0





Num

ber

of d

eals

9

19

16

13

27

21

06 07 08 06 07 08

21

27 27

06 07 08

10 9 10

06 07 08


13%

6%

8%

17%

Industrial products & services

Manufacturing & machinery

Automation

Electronics

Automotives

Other

15%

41%



Announced date




Value (USDm)

19.08.2008 Jet Aviation Management AG CHGeneral Dynamics Corporation

US Permira UK 2,234

11.09.2008

David Brown Engineering Ltd; David Brown Hydraulics; Maag Pumps Systems; Union Pump Company

CH, UK Clyde Blowers Limited UK Textron Inc US 604

04.04.2008 Oerlikon Corporation Ltd CHRenova Group of Companies

RU Deutsche Bank AG DE 547

16.06.2008 Satisloh Holding AG CH Essilor International SA FRSchweiter Technologies AG

CH 523

21.07.2008 Koenig Verbindungstechnik AG CHCapvis Equity Partners AG

CHDebrunner Koenig Holding AG

CH 518

Major deals Q1 2009

Highest disclosed deal value in the twelve Q1 transactions amounts to USD 20 mn

16 M&A Yearbook

7 Consumer Markets

2008 HighlightsThe steep rise in Swiss buyers acquiring targets abroad could indicate that Swiss consumer market companies were able to turn the challenging economic situation into interesting growth opportunities. Expanding geographical reach and broadening product portfolios seem to be the key rationale for most of the announced deals. Hero, the global food processing company, acquired two baby food businesses, one in France and one in the UK, to strengthen its international position in the baby food segment. Dufry further penetrated its target markets in the Americas and acquired a majority in Hudson Group, a US based retailer, and Colombian Emeralds, a US based manufacturer, wholesaler and retailer of jewellery. Realigning product portfolios was frequently mentioned as rationale for announced divestments. Among the four transactions announced by Valora in 2008, three of them related to divesting non-core activities; in a simultaneous effort to strength-en its core business, Valora acquired 19 railway station bookstore outlets in Germany.

Private Equity companies were involved in approximately one-third of announced deals – acting as seller in 60% of all PE deals. The London based Private Equity house Lion Capital Partners played a significant role in facilitating the merger of the operations of IAWS and Hiestand to form Aryzta AG. Another major transaction was Texas Pacific Group (TPG) exiting its investment in Bally, the Swiss manufacturer and retailer of footwear and accessories. During its eight years of ownership TPG had significantly restructured Bally.

Several Swiss consumer companies executed multiple transactions in 2008: Bell, the Swiss meat producer controlled by the retailer Coop, acquired producers in Germany and France in line with their international expansion strategy. Nestlé acquired Materna Laboratories, an Israel based manufacturer of baby food, expected to complement the Gerber business purchased in 2007 from Novartis. Nestlé also purchased Food Tech, a US based meat substitute producer, providing access to new food technology. Also in line with the expansion strategy of Nestlé’s Water Division, the addition of a mineral spring in Brazil increases its market share in that region.

2009 OutlookDuring the first quarter 2009, six transactions were announced in the Swiss consumer markets industry. This volume is below the average of 11 transactions per quarter for the last three years, indicating a slowing down of transaction activity in this sector. As in 2008, the majority of first quarter 2009 transactions involved Swiss buyers acquiring abroad. This seems to confirm the healthy balance sheets of many Swiss players – in spite of the current economic circumstances.

Monika TschanzSenior Manager, Transaction Services

In contrast to the overall M&A trend in 2008, deal volume in Swiss consumer markets continued to grow, reaching a new record with 62 transactions, or an increase of 45% over 2007. Aggregate deal value, on the other hand, dropped by more than 50%. Philip Morris International’s acquisition of Rothmans was the only 2008 deal above one billion US dollars in this sector, while in 2007 there were three such deals. The luxury goods group LVMH comes in second with its acquisition of Hublot Group, a top of the range watchmaker, from its founder for USD 960 million. The trend of Swiss consumer market companies to make acquisitions abroad continued in 2008.

M&A Yearbook 17

Num

ber

of d

eals

70

60

50

40

30

20

10

0

Number Value

US

Dbn

*14

*12

*10

*8

*6

*4

*2

*0

2004 2005 2006 2007 2008

*excl. Altria/PMI transaction


Number of deals

25

20

15

10

5



30

25

20

15

10

5

0





Num

ber

of d

eals

13 1210

15

9

6

06 07 08 06 07 08

26

14 13

06 07 08

7 6

3

06 07 08

Number of deals per segment

18%

44%

7%

Food

Retail

Apparel

Luxury goods

Other

2%

29%



Announced date




Value (USDm)

31.07.2008 Rothmans Inc CAPhilip Morris International Inc

CH, US Rothman Inc. CA 2,034

24.04.2008 Hublot SA CHLVMH Moet Hennessy Louis Vuitton SA

FR Carlo Crocco CH 960

09.06.2008 Hiestand Holding AG CH IAWS Group plc IE Lion Capital LLP UK 537

22.04.2008 Bally International AG CH Labelux Group Inc AT TPG LLP USA 596

04.09.2008 Hudson Group US Dufry Group CHAdvent International Corporation

USA 396

Major deals Q1 2009

No deal value disclosed in the six Q1 transactions

18 M&A Yearbook

8 Information, Communications and Entertainment (ICE)

2008 HighlightsThe key deals took place in the electronics sector, with STMicroelectronics (STM) strengthening its position in the global wireless semi-conductor sector. It first entered an 80:20 joint venture (JV) with NXP, followed by a 50:50 JV with Ericsson, with STM contributing its NXP JV operations, and Ericsson its mobile semiconduc-tor technology platforms. The latter deal was worth some USD 2.3 billion. This strengthens STM’s transformation to an asset-light business model, incorporating strong IP assets. In the JV with Ericsson, it will access vital patents for 3G mobile phones, and is expected to become a stronger competitor to the top two, Qualcomm and Texas Instruments.

PE firms were involved in five ICE sector transactions. These were concentrated in the software/IT services sectors and were often tied to build-up strategies. One example is Carlyle’s European Technology fund backing of KCS.net AG, which provides ERP solutions based on Microsoft platforms. The transaction was followed by the acquisition of another Swiss IT company with a mid-market consulting positioning, Apos Informatik, in June 2008. A German listed holding company/fund acquired Sunrise’s Business communications division, allowing Sunrise to better focus on its core services, including local access services.

The most active acquirer in the ICE sector was Kuoni Travel, which carried out five transactions over the year, only one of which was Swiss-based. These were small, niche bolt-on acquisitions strengthening Kuoni’s destination services offerings.

The telecoms sector saw few deals in 2008. One of the principal deals for sector consolidation trends was Sunrise’s purchase of Tele2’s Swiss business, including GSM frequencies, for USD 45 million. Distribution reach was a second theme, with Orange Suisse purchasing the retail network of Citydisk in March, a music and film retailer. This was quickly followed by Swisscom’s acquisition of Phone-House Switzerland (The CarPhone Warehouse’s Swiss subsidiary) in April.

2009 OutlookThe beginning of 2009 has witnessed a continuation of technology deals, with Ascom acquiring Ericsson’s mobile network testing unit for USD 169 million, becoming the de facto sector leader. uBlox strengthened its portfolio with two transactions. Esmertec also carried out two transactions, one for part of Sagem Wireless (Safran Group spin-off) and subsequently for French mobile software platform Purple labs, with both deals being influenced by Esmertec’s main shareholder, VC fund Soffinova.

The most prominent media deal in 2009 to date has been Tamedia’s acquisition of 49.9% of Edipresse’s Swiss business. The two parties are focusing on the potential synergies – such as combining their free daily newspapers – as Tamedia strengthens its Swiss newspaper position and Edipresse strengthens its balance sheet.

We expect 2009 to see consolidation with relatively low deal values.

James CarterDirector, Transaction Services

2008 provided further evidence of the strong consolidation trends that have been impacting the sector over recent years. In 2008, 44 ICE transactions were reported (down from 57 in 2007), of which 80% were cross-border deals. Deal volume dropped significantly in Q4 2008, with just 6 transactions registered. Q1 2009 witnessed a rebound to 16 transactions.

M&A Yearbook 19

Num

ber

of d

eals

60

50

40

30

20

10

0

Number Value

US

Dbn

10

9

8

7

6

5

4

3

2

1

0

2004 2005 2006 2007 2008


Number of deals

20

15

10

5



25

20

15

10

5

0





Num

ber

of d

eals

9

23

17

9

20

7

06 07 08 06 07 08

19

13

18

06 07 08

7

1

6

06 07 08


14%

4%2%

23%

Electronics

Computers (hard & software)

Telecommunications

Media/Internet

Leisure

Other

14%

43%



Announced date




Value (USDm)

10.04.2008


NL NXP/ST Joint Venture CHNXP Semiconductors Netherlands BV

NL, CH 1,033

27.02.2008 STMicroelectronics NV CH FT1CI FR Finmeccanica SpA IT 381

15.02.2008 France Telecom Espana S.A. ES Credit Suisse Group (CS) CH

Union Fenosa SA (formerly Union Electrica Fenosa S.A)

ES 290

21.07.2008 Oeger Tours GmbH DE Alpstream AG CH Vural Oegerfor DE 159

16.06.2008 Danoptra Limited (Majority Stake) UK Credit Suisse Group (CS) CH Cognetas LLP UK 157

Major deals Q1 2009

03.03.2009 Presse Publications SR SA CH Tamedia AG CHEdipresse Publications SA

CH 191

20 M&A Yearbook

9 Other Industries

2008 HighlightsCommodities, minerals and mining: Xstrata plc, the Zug-based global mining company, announced two transactions in 2008. Its May announcement of a voluntary conditional cash offer to acquire all of Indophil Resources NL, however, was promptly snubbed and after another few attempts ultimately rejected by Indophil shareholders in November. With the successful acquisition of an additional 14.2% stake in Lonmin Plc, a UK based Platinum producer, Xstrata increased its stake in Lonmin Plc to 25%.

Energy & Utilities: Atel Holding AG and EOS Holding SA concluded an agreement to merge both companies into a new entity, Alpiq Holding AG – the third largest transaction in 2008. Atel continued its growth strategy in the European energy industry by acquiring additional production capacities in Germany (100% of Spreetal power plant) and a 30% stake in the Italian activities of Moncada Energy Group to set-up a joint venture called M & A Rinnovabili.

Professional services: This segment saw a number of smaller transactions, such as SGS’s acquisition of Horizon Energy Partners BV, a provider of consultancy services to the oil and gas industry. In November 2008, Adecco, the global market leader in human resource services, announced the acquisition of Datavance Informatique SAS, a French provider of personnel for IT projects.

Construction: Holcim, one of the world’s leading cement producers, agreed to participate via its wholly-owned subsidiary Holchin BV in a private placement of Huaxin Cement Co Ltd., increasing its holding in Huaxin Cement Co. Ltd to 40%. In July 2008 Forbo Holding AG agreed to acquire Bonar Floors Limited for USD 245 million. AFG Arbonia Forster Holding AG acquired the Slovakia based window manufacturer Slovaktual to strengthen its position in Central Europe.

Logistics and transportation: Consolidation in the transportation sector continues. Swiss International Air Lines acquired Edelweiss Air, the Swiss based charter airline. In February Gama Holdings Ltd., the UK based business aircraft company acquired Privatair Inc. from the Swiss based PrivatAir Group Ltd. Kühne+Nagel strengthened its portfolio of logistics companies with the acquisition of Alloin Group in France.

Real Estate: It remains to be seen whether the increase in real estate related transactions is due to the fact that investments in more tangible assets are – at least in Switzerland – still considered as having a solid value basis.

2009 OutlookThe largest announced deal in 2009 so far is Xstrata’s intended acquisition of Glencore’s Prodeco business in Columbia for USD 2 billion. With various governments looking at different ways of curbing a major recession by investing massively into infrastructure, renewable energy or other domestically relevant industries we would expect a correspondingly high number of deals in the relevant sectors to follow suit.

Rolf LangeneggerDirector, Transaction Services

While the number of M&A transactions in 2008 represents a five-year peak, the aggregate disclosed values were at a five-year low. Atel’s acquisition of EOS Holding for USD 3.1 billion was the largest deal in 2008. As in previous years, most of the transactions were between Swiss buyers and foreign targets. In comparison to 2007, 2008 saw a significant increase in the number of deals in the construction industry, while that of logistics and transportation declined somewhat as compared to 2007.

M&A Yearbook 21

Num

ber

of d

eals

70

68

66

64

62

60

58

56

54

Number Value

US

Dbn

40

35

30

25

20

15

10

5

0

2004 2005 2006 2007 2008


Number of deals

25

20

15

10

5



35

30

25

20

15

10

5

0





Num

ber

of d

eals

15 1411

13 1316

06 07 08 06 07 08

3027

33

06 07 08

912

6

06 07 08


16%

15%18%

7%

Commodities, minerals & mining

Energy & utilities

Construction

Logistics & transportation

Real Estate

Professional Services

22%

22%



Announced date




Value (USDm)

19.12.2008EOS Holding SA (activities and assets)

FR Atel Holding AG CH n.a. FR 3,055

01.04.2008Petit-Couronne refinery; Reichstett refinery

FR Petroplus Holdings AG CHRoyal Dutch Shell plc

UK, NE 785

01.10.2008 Lonmin Plc UK Xstrata Plc CH, UK Lonmin Plc UK, NE 779

18.02.2008 Huaxin Cement Co., Ltd. CN Holchin BV CHHuaxin Cement Co. Ltd

CN 283

04.09.2008 FE Zukunftsenergien AG FRCNR (a subsidiary of GDF Suez SA)

FRFox Portfolio/ Windpower Assets

CH 272

Major deals Q1 2009

29.01.2009Glencore International AG (Prodeco business in Colombia)


CH Glencore CH 2,000

22 M&A Yearbook

10 Private Equity

2008 HighlightsWhereas the number of PE deals in Switzerland declined by 21% from 2007, the total value of PE transactions slumped by 74% from a record of USD 23 billion with many multi-billion dollar deals to just USD 6.1 billion. Permira scored the largest deal in 2008 with its exit of Jet Aviation at a price of USD 2.2 billion. Further, Texas Pacific Group disposed of its investment in Bally to Austrian Labelux Group. In the first quarter of 2009, the total number of deals stood at six with a total deal value of USD 155 million, marking a very slow start to the year.

As the financial crisis filtered into the real economy, sending many economies into recession, a number of PE houses began to face critical issues: those that had burdened their companies with huge acquisition debt are now seeing decreasing earnings and have started debt buy backs to recapitalize ailing investments. Euro-pean private equity firm Candover is even considering winding down its existing funds as a last resort, and Babcock & Brown, the Australian investor in infrastructure assets, has filed for bankruptcy.

In Switzerland, sectors like “Consumer Markets” and “Information, Communication and Entertainment (ICE)” saw the highest PE related activity in 2008 compared to the previous year, whereas “Chemicals & Processing Materials” and “Industrial Markets” companies were less involved.

With the acquisition of Koenig Verbindungstechnik from Debrunner Koenig Holding in Switzerland and Bartec from Allianz Capital Partners in Germany, Capvis also recorded the most significant deals in terms of value – the clear leader among Swiss PE houses in 2008. Other noticeable transactions were made by Barclays Private Equity with the investment in Schild AG. Besides such primary deals, many houses focused their activities on supporting their portfolio companies with add-on acquisitions.

2009 OutlookThe situation will remain very challenging for PE houses: With fewer attractive targets on the market, deals need to be sourced and negotiated individually. PE houses will need to define new business models and cope with a completely changed auction environment. Lower company values still offer interesting opportunities for PE houses, and large funds will be a key source for acquisition capital once the markets begin to recover. We expect deal activity to pick up again at the end of 2009 or beginning of 2010 with PE likely to be a front runner.

Tobias ValkPartner, Head Transaction Services

The financial crisis is severely affecting the Private Equity industry; transactions are reduced to pure equity deals, risk exposure is high and leverage practically gone. During the hype of 2006 and 2007, banks lent almost unlimited sums of money for PE deals, often at discount terms. The tide has turned and in the current environment PE houses will need to present strategically sound propositions in order to generate value for their investors. “Mega” leveraged buy-outs have become scarce while smaller deals are still possible but often require more extensive analysis and meticulous funding rationales, as well as generally taking much longer to complete.

M&A Yearbook 23

Num

ber

of t

rans

actio

ns

80

70

60

50

40

30

20

10

0

2004 2005 2006 2007 2008

Number of PE transactions per year PE Activity by sector 2008

25%

5%11%

23%

Chemicals & Processing materials

Consumer Markets

Financial Services

Industrial

Other

Pharma

2%

34%


24 M&A Yearbook

List of 2008 Swiss M&A Transactions


Announced date

TargetTargetcountry

BidderBiddercountry

Seller Sellercountry

Deal value(USDm)

07.02.2008 Alpha-BioTec Ltd ILNobel Biocare Holding AG

CH n/a n/a 95

28.02.2008 Medisize Medical SA CH Medifiq Healthcare OY FI Coltene Holding AG CH 65

28.03.2008Speciality European Pharma International AG

CH IS Pharma Plc UK Speciality European Pharma Limited CH 18

07.04.2008 Alcon Inc CH Novartis AG CH Nestle SA CH 10,599

15.04.2008 Piramed Limited UK Roche Holding AG CHMerlin Biosciences Limited; Panorama Capital

UK, US 160

08.05.2008DRK-Plasmaverarbeitungs-gesellschaft mbH

DE Octapharma AG CH German Red Cross DE n/a

27.05.2008 Amaxa AG DE Lonza Group Ltd. CH Amaxa AG DE n/a

04.06.2008 Protez Pharmaceuticals Inc. US Novartis AG CH Birchmere Ventures US 100

26.06.2008 SwissCo Group AG CHTemmler Pharma GmbH & Co KG

DE SwissCo Group AG CH 31

27.06.2008 Implant Master TWNobel Biocare Holding AG

CH Implant Master TW n/a

10.07.2008 Speedel Holding AG CH Novartis AG CH Dr. Alice Huxley CH 906

22.07.2008 Mirus Bio Corporation US Roche Holding AG CH Mirus Bio Corporation US 125

23.07.2008 Arius Research Inc CA Roche Holding AG CH Arius Research Inc CA 107

04.08.2008 Athos Farma SA BR Alliance Boots GmbH CH Dias family BR n/a

16.09.2008 Senevita AG CHSenecura Kliniken und Heimbetriebs GmbH

AT n/a n/a n/a

17.09.2008 MedAssurant Inc USAndre Hoffmann (private investor)

CH n/a n/a 175

03.10.2008 Cenexi SAS FR Phinex SA FR Roche Holding AG CH 55

06.10.2008 Depolabo FR Alliance Boots GmbH CH, UK Sagard Private Equity Partners FR n/a

13.10.2008 Megapharm GmbH DE Alliance Boots GmbH CH, UK n/a n/a n/a

21.10.2008Nektar Therapeutics (pulmonary business unit)

US Novartis AG CH Nektar Therapeutics US 115

24.10.2008 Top Diagnostics srl RO Roche Diagnostics Ltd CH n/a n/a 25

28.10.2008 Globopharm AG CH Galenica Ltd CH n/a n/a n/a

10.11.2008 SPS Argentina SA AR Syngenta AG CH n/a n/a n/a


M&A Yearbook 25


Announced date

TargetTargetcountry

BidderBiddercountry


Deal value(USDm)

11.11.2008 BioCad Medical Inc CANobel Biocare Holding AG

CH n/a n/a 33

19.11.2008 Bellco Srl ITArgos Soditic SA; MPS Ventures SGR

CH, FR, IT

Sorin Group SpA IT 19

25.11.2008 Memory Pharmaceuticals Corp. US Roche Holding AG CH n/a n/a 48

Major deals 2009

28.01.2009 Helsinn Therapeutics US Inc US Helsinn Healthcare SA CH n/a n/a n/a

28.01.2009 Metalor Dental AG CH Cendres+metaux SA CH n/a n/a n/a

29.01.2009 Dollond Aitchison Ltd ( UK Alliance Boots GmbH CH De Rigo SpA IT n/a

30.01.2009 Genentech Inc US Roche Holding Ltd CH n/a n/a 47,120

18.02.2009 Opsona Therapeutics Limited IE

Fountain Healthcare Partners Inventages Venture Capital Gmbh Novartis Venture Fund Seroba Kernel Life Sciences Limited

CH n/a n/a 23

09.03.2009 Bestewil Holding BV NI Mymetics Corporation CH Norwood Immunology Limited AT 9

13.03.2009 Swiss Pharma Contract Ltd CH Covance Inc US n/a n/a n/a

16.03.2009 Innovatis AG DE Roche Diagnostics Ltd CH Ventizz Capital Partners Advisory AG DE 19

25.03.2009 Novartis India Limited IN Novartis AG CH n/a n/a 86

26.03.2009 Institut Dr Simo Milosevic Ad Igalo RSHome Art Sales Services AG

CH Government of Montenegro n/a 27


(continued)

26 M&A Yearbook

Chemicals

Announced date

TargetTargetcountry

BidderBiddercountry


Deal value(USDm)

11.01.2008 Valspar Flooring US Sika AG CH The Valspar Corporation US n/a

14.02.2008Givaudan SA (Food ingredient business and manufacturing facility)

USPerformance Chemicals & Ingredients

US Givaudan SA. CH n/a

22.04.2008 Fesil ASA NODatum AS; Hafslund Venture A/S; Spencer Energy AS

NODanske Bank A/S; Gurta AG

DK, CH n/a

20.06.2008 Chemson Polymer - Additive AG ATBuy-Out Central Europe II Beteiligungs-Invest AG

ATInvest Equity; Leman Capital SARL

AT, CH n/a

10.07.2008 Ricon Colors, Inc; Rite Systems, Inc US Clariant AG CHprivate investors and Manu Jogani, the President of Rite Systems

US n/a

21.07.2008 EMIX SA FRMeyer Burger Technology AG

CH Viveris Management FR n/a

26.08.2008 sia Abrasives Holding AG CHBehr Deflandre & Snozzi BDS AG

CH Abrasives Holding AG CH 213

15.09.2008 Ciba Specialty Chemicals AG CH BASF SE DE n/a n/a 4,605

02.10.2008 sia Abrasives Holding AG CH Robert Bosch GmbH DE Behr Bircher Cellpack Group CH 356

20.10.2008 Goldsmith Seeds Inc US Syngenta AG CH n/a 74

29.10.2008Yoder Brothers Inc (Chrysanthemum and Aster businesses)

US Syngenta AG CH Yoder Brothers Inc US n/a

12.11.2008 Ciba Specialty Chemicals AG CH BASF SE DE Bestinver Gestion ES 368

24.11.2008 Dick Peters BV NL Altana AG DE Clariant AG CH 23

Major deals 2009

22.01.2009 Rohner AG CH Bluo Sicav-sif LU Arques Industries Ag DE n/a

27.01.2009 Iotech Group Limited UK Sika AG CH n/a n/a 45

09.02.2009 Karochemie AG CHTremco Illbruck International GmbH

DE n/a n/a n/a


(continued)

M&A Yearbook 27

Financial Services

Announced date

TargetTargetcountry

BidderBiddercountry


Deal value(USDm)

08.01.2008Vietnam National Reinsurance Corporation (VinaRe)

VNSwiss Reinsurance Company Limited

CHVietnam National Reinsurance Corporation (VinaRe)

VN 78

22.01.2008Institut de Credit et de Depots Holding

CH Findim Group SA IT n/a n/a 29

24.01.2008 TEB Sigorta AS TRZurich Financial Services Group

CH TEB Mali Yatirimlar A.S. TR n/a

05.02.2008 Oriental Bank Ltd BDICB Financial Group Holdings AG

CH Bangladesh Bank BD 50

18.02.2008 Credit Suisse Group CHQatar Investment Authority

QA n/a n/a 500

29.02.2008

Cashgate AG (Consumer Finance Business); Creditpresto; Raiffei-sen Schweiz (Consumer Finance Business)

CH Aduno Group CHBanque Cantonale Vaudoise; Cashgate AG; Raiffeisen Suisse

CH n/a

14.03.2008 Padana Assicurazioni SpA IT Helvetia Group CH ENI SpA; Sofid SpA IT 69

18.03.2008Swiss Re Asset Management Funds (Switzerland) AG

CH Schroders Plc UK Swiss Reinsurance Company Limited CH n/a

30.03.2008 Aletti Gestielle Alternative SGR IT Union Bancaire Privee CH Banco Popolare SpA IT n/a

31.03.2008 Can Soluciones Integrales S.A. ESZurich Financial Services Group

CH Caja Navarra ES 63

17.04.2008 KGR Capital Management Limited UK LGT Capital Partners AG CH n/a n/a n/a

22.04.2008 Hindal Corporate Pty Ltd AU Credit Suisse Group (CS) CH n/a n/a n/a

24.04.2008

Caixa Sabadell Vida, S.A. de Seguros y Reaseguros; CaixaSabadell Companyia d'Assegurances Generals, S.A.


CH Caixa d'Estalvis de Sabadell ES 360

24.04.2008 The Infiniti Group CHThe Infiniti Group (MBO Vehicle)

CH n/a n/a n/a

12.05.2008 AP Anlage und Privatbank AG CH Latvijas Krajbanka AS LV Parex Banka LV n/a

29.05.2008 Chiara Vita S.p.A. IT Helvetia Group CH Banco di Desio e della Brianza SpA IT n/a

03.06.2008 Sycomore Gestion Privee FR EFG International CH Sycomore Asset Management FR n/a

06.06.2008 Growth Value Opportunities SA CH Paramount-Finanz AG DE n/a CH 109

24.06.2008 VermogensGroep NL UBS AG CH private individual NL n/a

25.06.2008 UBS Fiduciary Trust Company CHWilmington Trust Corporation

US UBS AG CH n/a


28 M&A Yearbook

Financial Services

Announced date

TargetTargetcountry

BidderBiddercountry


Deal value(USDm)

11.07.2008



CH Banco de Sabadell SA ES 1195

17.07.2008Companhia de Seguros Minas Brasil

BRZurich Financial Services Group

CH Banco Mercantil do Brasil BR 172

17.07.2008Minas Brasil Seguradora Vida e Previdencia S.A. (MBVP)

BRZurich Financial Services Group

CH Banco Mercantil do Brasil BR 7

29.07.2008 Heritage Fund Management SA CH Bank of China UK UK Heritage Fund Mgmt CH 9

30.07.2008 Baden-Badener Versicherung AG DEZurich Financial Services Group

CH Baden-Badener Versicherung AG DE n/a


UKSwiss Reinsurance Company Limited

CH Barclays Plc UK 1,472

08.08.2008 Reinet Investments S.C.A. LUCompagnie Financiere Richemont S.A. (shareholders)

CH Richemont Finance SA LU n/a

14.08.2008 MLP Group DE Swiss Life Holding CHCarsten Maschmeyer (Private Investor)

DE 455

14.08.2008 AWD Holding AG DE Swiss Life Holding CHCarsten Maschmeyer (Private Investor)

DE 178

28.08.2008Imperio Assurances et Capitalisa-tion SA

CH ESCA SA FR Eureko BV NL n/a

05.09.2008 Anglo Irish Bank Austria AG AT Valartis Group AG CH Anglo Irish Bank Corporation Plc IE n/a

08.09.2008 Banque Benedict Hentsch & Cie SA CHFairfield Greenwich Advisors LLC

US n/a n/a n/a

25.09.2008 Bank Hugo Kahn & Co. AG CH Finter Bank Zurich AG CH Kahn family CH 36

13.10.2008 Credit Suisse Group (CS) CH Koor Industries Limited IL n/a n/a 1,059

16.10.2008 Credit Suisse Group CHQatar Investment Authority

QA n/a n/a 2,779

27.10.2008 IPO Securities Co. Ltd. JP Intershop Holding AG CH Sigma Gain Co Ltd JP 10

19.11.2008Rothschilds Continuation Holdings AG

CHRabobank International Holding BV

NL N M Rothschild & Sons Limited UK n/a


(continued)

M&A Yearbook 29

Financial Services

Announced date

TargetTargetcountry

BidderBiddercountry


Deal value(USDm)

20.11.2008 Xtrakter Limited UK Euroclear Group BE ICMA CH n/a

20.11.2008 Altis Investment Management AG CHING Investment Management

NL n/a n/a n/a

21.11.2008 Zurich Retail Insurance Company RUZurich Financial Services Group

CH n/a n/a 205

01.12.2008 AIG Private Bank Ltd CH Aabar Investment PJSC AE American International Group Inc (AIG) US 253

02.12.2008Clientis Caisse d'Epargne de la Ville de Fribourg

CHBanque Cantonale de Fribourg

CH City of Friburg CH 25

10.12.2008PATCO Investments & Consultancy Services Private Ltd.

INAmas Bank (Switzerland) Ltd

CH n/a n/a n/a

17.12.2008 CETREL S.A. MO SIX Group Ltd CH n/a n/a n/a

31.12.2008 Credit Suisse Group CHAberdeen Asset Management Plc

UK Credit Suisse Group (CS) CH 360

Major deals 2009

04.03.2009 Ubs Energy (trading Assets) CA Bank Of Nova Scotia CA UBS AG CH n/a

13.03.2009 Impuls-leasing International AG CHRaiffeisen Impuls Holding GmbH

AT BGLM SA CH n/a

16.01.2009 UBS AG CH Barclays Capital UK UBS AG CH n/a

16.03.2009Banque De Patrimoines Prives Geneve SA

CH Norinvest Holding SA CH n/a n/a n/a

19.01.2009Aig Financial Products Corporation (commodity Index Business)

US UBS AG CH AIG Financial Products Corporation US 150


(continued)

30 M&A Yearbook

Industrial Markets

Announced date

TargetTargetcountry

BidderBiddercountry


Deal value(USDm)

01.01.2008 REGIA HighPack AG CH Langenbach AG CH n/a n/a n/a

02.01.2008 Intersema Sensoric SA CHMEAS Europe (Humirel SA)

FR n/a n/a 30

03.01.2008 Heinrich Eggenberger & Cie AG CHLoacker Recycling GmbH

AT n/a n/a n/a

13.01.2008 SIG Beverages AG CH Salzgitter AG DE SIG Holdings Ltd CH n/a

15.01.2008 Omni Investors Pte Ltd SG Adval Tech Holding Ltd CH n/a n/a 170

17.01.2008Solomon (Cayman) International Limited

INPromising International Limited

HK

Agere Systems Inc; Freescale Semiconductor Inc; ON Semicon-ductor Corp.; Renesas Technology Corp.; Solomon Technology Corp; STMicroelectronics NV

US, JP, TW, CH

27

31.01.2008 ETAVIS AG CH Vinci Energies FR Capvis Equity Partners AG CH 103

22.02.2008

ATS aluStar Polska Sp. z o.o.; ATS aluStar Wheels Trading GmbH; ATS Leichtmetallraeder GmbH & Co KG; ATS Stahlschmidt & Maiworm GmbH; ATS Stahlschmidt & Maiworm Sp. z o.o.

PLUniwheels Management (Switzerland) AG

CH ATS Beteiligungs GmbH DE n/a

26.02.2008 Rieter Automatik GmbH DE CGS Management AG CH Rieter Holding AG CH n/a

26.02.2008 SMB SA CHZurmont Madison Priva-te Equity L.P.

DE n/a n/a n/a

28.02.2008Cedes AG (Safety and Automation business)

CH Rockwell Automation Inc US Cedes AG CH n/a

29.02.2008 Greenwood Air Management Ltd UK Zehnder Group AG CH Aliaxis SA BE 52

03.03.2008 Stationenbau AG CHCellpack AG Electrical Products

CH Stationenbau AG CH n/a

31.03.2008 SEVEX AG CH ElringKlinger AG DE n/a n/a n/a

02.04.2008 Ascom Holding AG (LPS Division) CH Adaxys SA CH Ascom Holding AG CH n/a

04.04.2008 Oerlikon Corporation Ltd CHRenova Group of Com-panies

RU Deutsche Bank AG DE 547

08.04.2008 SC Ductil Steel SA ROMechel International Holdings AG

CH Lakewind Limited CY 223

10.04.2008Industrija Masina i Traktora (Industrija Masinai Traktora)

SMHome Art & Sales Services AG; SIP Strojna industrija d.d.

CH, SIGovernment of the Republic of Serbia; Serbian Privatization Agency

RS 192


M&A Yearbook 31

Industrial Markets

Announced date

TargetTargetcountry

BidderBiddercountry


Deal value(USDm)

16.04.2008 Eurodisk RU Magnetto Wheels SpA IT WPT Wheels Production & Trade AG CH, RU 50

21.04.2008 Newlat SpA IT TMT Finance SA CHParmalat SpA (pre-restr. Parmalat Finanziaria SpA)

IT 56

30.04.2008Administration Financiere et Participations SA ; Holdivar SA

CH Harwanne SA CH n/a CH 301

05.05.2008 Vectek Electronics Ltd NZ ABB Limited CH Vectek Electronics Ltd NZ n/a

07.05.2008 Alupak AG (Werdohl location) DE Teich AG AT Alupak AG CH n/a

13.05.2008 Faral SpA ITBavaria Industriekapital AG

DE Zehnder Group AG CH n/a

14.05.2008Ascom Holding AG (Traffic business unit )

CHANNAX Anzeigesysteme GmbH

DE Ascom Holding AG CH n/a

29.05.2008 PAWO Systems AG CH Schleuniger Holding AG CH Paul Wocke CH n/a

29.05.2008 Somont GmbH DE3S Swiss Solar Systems AG

CH Somont GmbH DE 110

29.05.2008 Goetz AG; Unifroid SA CHAtel Installationstechnik Group

CH Kurt Goetz CH n/a

05.06.2008 Alphasteel Ltd UK Libala Ltd RU Satico Ltd CH 112

10.06.2008Al Doha Elevators & Escalators WLL

QA Schindler Holding Ltd CH Al Doha Elevators & Escalators WLL UAE n/a

16.06.2008 Satisloh Holding AG CH Essilor International SA FR Schweiter Technologies AG CH 523

25.06.08 Aeroglide Holdings Inc. US Buhler Holding AG CHCompass Group Diversified Holdings LLC

US 86

16.07.2008 Kuhlman Electric Corporation US ABB Limited CH The Carlyle Group LLC US n/a

21.07.2008 Koenig Verbindungstechnik AG CHCapvis Equity Partners AG

CH Debrunner Koenig Holding AG CH 518

05.08.2008 Bartec Sicherheitstechnik GmbH DECapvis Equity Partners AG

CHAllianz Capital Partners GmbH; BMC Gmbh

DE n/a

19.08.2008 Jet Aviation Management AG CHGeneral Dynamics Corporation

US Permira UK 2,234

27.08.2008 JRG Gunzenhauser AG CH Georg Fischer AG CH JRG Gunzenhause CH n/a

28.08.2008 Almatec AG CHMechatronics Group Gmbh

DE Almatec AG CH n/a

28.08.2008Georg Fischer Verkehrstechnik GmbH

DE SAF Holland SA DE Georg Fischer AG CH n/a


(continued)

32 M&A Yearbook

Industrial Markets

Announced date

TargetTargetcountry

BidderBiddercountry


Deal value(USDm)

29.08.2008 Capime Ingenieria S.A. AR Sulzer AG CH n/a AR n/a

11.09.2008

David Brown Engineering Ltd; David Brown Hydraulics; Maag Pumps Systems; Union Pump Company

UK Clyde Blowers Limited UK Textron Inc US 604

16.09.2008 Enerco Enterprises Ltd IL Von Roll Holding AG CH Electra Ltd IL 90

22.09.2008 Sokymat Automotive GmbH DE Smartrac NV NL The Swatch Group Ltd CH n/a

29.09.2008Comarco Inc. (wireless test solu-tions unit)

US Ascom Holding AG CH Comarco Inc US 13

29.09.2008 Servicos de Automacao PiD Ltda BR SGS SA CH n/a n/a n/a

01.10.2008 BO-Systems GmbH & Co KG DESwiss Global Investment Group AG

CH Rieter Holding AG CH n/a

01.10.2008 Parker-Origa DEParker Hannifin Corpo-ration

US Hoerbiger Holding AG CH n/a

03.10.2008 Tosa Holding AG CHWMH Walter Meier Holding AG

CH Peter Seyfert (Private Investor) CH n/a

12.11.2008Ber-Mac Electrical and Instrumentation Ltd

CA ABB Limited CH n/a n/a

13.11.2008Zehnder Group Chalons en Champagne; Zehnder SAS

FR Faral SpA IT Zehnder Group AG CH n/a

17.11.2008 Wah Yuet Company Limited MO Kaba Holding AG CH n/a n/a n/a

21.11.2008 Gesipa Blindniettechnik GmbH DE SFS Intec AG CH n/a n/a n/a

19.12.2008 Kuhn-Geldrop BV NL Bucher Industries AG CH Kverneland Group NO 160

Major deals 2009

05.01.2009 Mwh Metallwaren Holding AG CH Pergamag SA CH n/a n/a 20

08.01.2009 Ensto Busch-jaeger OY FI Abb Limited CH Ensto Oy FI n/a

15.01.2009 Revolt Technology AS CH

Northzone Ventures As Rwe Innogy Cogen Gmbh Sintef Sofinnova Partners Tvm Capital Gmbh Verdane Capital; Viking Venture As

NO n/a n/a 13

21.01.2009 Schwab Verkehrstechnik AG CH AGAg CH Schwab Holding Ag CH n/a

22.01.2009 Grichting Valterio Installations SA CH Burkhalter Holding AG CH Grichting Valterio Groupe Sa CH n/a


(continued)

M&A Yearbook 33

Industrial Markets

Announced date

TargetTargetcountry

BidderBiddercountry


Deal value(USDm)

23.01.2009

Bauer Logistik Systeme Gmbh Co KgHell Gravure Systems Gmbh Co Kg Kaspar Walter Gmbh Co Kg Mdc Max Daetwyler AG

DEHeliograph Holding GmbH

DEMax Rid (private Investor) Peter Daetwyler (private Investor)

CH n/a

26.01.2009 Oerlikon Assembly Equipment AG CHBe Semiconductor Industries NV

NL Oerlikon Corporation Ltd CH n/a

30.01.2009 Harwanne SA CH Mma Vie SA FR n/a n/a 44

05.02.2009

Dikon Keszulekgyarto Kft Okin America Llc Okin GmbHs (drive Solutions Division) Okin Hungary Gepgyarto Kft Okin Scandinavia AB

DE Phoenix Mecano AG CHOkin Gesellschaft Fuer Antriebstechnik Mbh Co. Kg

DE n/a

01.03.2009 European Cans Espana Sl ES Envases Llamas S.l ES Sist Investimenti S.a.g.l Swisscan Sa CH n/a

16.03.2009Sommer Road Cargo Solutions GmbH Co Kg

DEBsf Consulting AG Private Investor Group

CH Arques Industries Ag DE n/a

27.03.2009 Kuehni AG CH Sulzer Ltd CH n/a n/a n/a


(continued)

34 M&A Yearbook

Consumer Markets

Announced date

TargetTargetcountry

BidderBiddercountry


Deal value(USDm)

16.01.2008 Albert Spiess Holding AG CH Orior Food AG CH n/a n/a n/a

30.01.2008 Philip Morris International Inc CH, USAltria Group Inc (Share-holders)

USAltria Group Inc (Formerly Philip Morris Companies Inc)

US 106,884

04.02.2008 Contract Foods Ltd UK Huegli Holding AG CH n/a n/a n/a

05.02.2008 Honest Tea Inc US The Coca-Cola Company USInventages Venture Capital GmbH; Stonyfield Farm Inc

CH, US 43

07.02.2008Walter Rau Lebensmittelwerke GmbH & Co. KG

DE Bunge Europe SA CH n/a n/a n/a

14.02.2008 Lalique SA FR Art & Fragrance SA CH Pochet SA FR 64

15.02.2008Colombian Emeralds International Inc

USDuty Free Caribbean Holdings Ltd

BB, CH Colombian Emerald shareholders US n/a

19.02.2008 Happy AG CHHilding Anders International AB

SE n/a n/a n/a

21.02.2008R.J.Reynolds-Gallaher International SARL

CHJapan Tobacco Interna-tional SA

CH R.J. Reynolds Tobacco Company US 393

21.02.2008 Hiestand Holding AG CH Lion Capital LLP UK Focus Capital Investors LLC US 249

29.02.2008 Organix Brands Limited UK Hero CH n/a n/a n/a

03.03.2008 Buero-Fuerrer AG CHWitzig The Office Company AG

CH Lyreco SAS FR n/a

19.03.2008 Elfa AB SE Daetwyler Holding AG CHIK Investment Partners Limited; Jensen family (Private Investor)

SE 352

20.03.2008Phone House Switzerland (Mobile Distribution assets)

CH Swisscom AG CH The Carphone Warehouse Group Plc UK n/a

31.03.2008KL Kepong Cocoa Products Sdn Bhd

MY Barry Callebaut AG CH Kuala Lumpur Kepong Berhad MY n/a

10.04.2008Cansimag France SA; Roland Murten AG

FR Argos Soditic SA CH, FR Valora Holding AG CH n/a

10.04.2008 Eichhof Getraenke Holding AG CH Heineken NV NL Eichhof Holding AG CH 287

15.04.2008 Groupe Capitole SA CHPhoenix Pharmahandel AG & Co KG

DE n/a n/a n/a

22.04.2008 Bally International AG CH Labelux Group Inc AT TPG LLP US 596

23.04.2008 All Fresh Logistique FRTransGourmet Holding AG

CH Perfectis Private Equity FR n/a

24.04.2008 Hublot SA CHLVMH Moet Hennessy Louis Vuitton SA

FR Carlo Crocco CH 960


M&A Yearbook 35

Consumer Markets

Announced date

TargetTargetcountry

BidderBiddercountry


Deal value(USDm)

29.04.2008 Wernli Ag CH Hug AG CH v. Nordeck International Holding AG CH n/a

30.04.2008Colgate Palmolive Company (Gard haircare brand and business)

US Doetsch Grether AG CH Colgate Palmolive GmbH US n/a

06.05.2008 Bledina FR Hero AG CH Groupe Danone SA FR n/a

13.05.2008 Eika GmbH DECukierman Rasenberger Toschek AG

CH Eika GmbH DE 8

29.05.2008 Polette Group FR BELL HOLDING AG CH Philippe Polette FR n/a

03.06.2008 Baer AG CH Groupe Lactalis FR Baer family; Emmi AG CH;CH n/a

03.06.2008 Samina (Retail Business Division) CH Sadhrta IN SAMINA AG CH 31

04.06.2008 Riri Group SA CH FLF SpA CH n/a CH n/a

09.06.2008 Hiestand Holding AG CH IAWS Group Plc IE Lion Capital LLP UK 890

09.06.2008 Gillebagaren AB SE Continental Bakeries BV NL Valora Holding AG CH n/a

09.06.2008Cansimag France SA; Roland Murten AG

FR Cornu SA CH Argos Soditic SA CH,FR n/a

11.06.2008 Francois Golay SA CH Frederic Piguet SA CH Jean-Marc Berney and Yves Berney CH n/a

12.06.2008 Eider SA FR Groupe Lafuma SA FR Argos Soditic SA CH, FR n/a

12.06.2008 Nestle Italia IT TMT Finance SA CH Nestle Italiana SPACH, FR, IT

n/a

13.06.2008 Bally Japan Ltd JP Bally International AG CH Itochu Corporation JP n/a

17.06.2008 Boucledor SA CH LWC SA CH Boucledor SA CH n/a

08.07.2008 KADI AG CHGerman Equity Partners II LP

DE Peter Geiser CH n/a

10.07.2008 Navyboot AG CH The Gaydoul Group CH Bruno Bencivenga CH n/a

14.07.2008 Sorlandschips A/S NO Scandza A/S NO Valora Holding AG CH n/a

15.07.2008 Appelt GmbH & Co. KG ATSchlumberger Wein und Sektkellerei AG

AT Arena Holding AG CH n/a

24.07.2008 Chococam SA CH Tiger Brands Limited ZA Barry Callebaut AG CH n/a

31.07.2008 Rothmans Inc CAPhilip Morris International Inc

CH, US Rothman Inc. CA 2034

14.08.2008 Ultimate Ears USLogitech International SA

CH Ultimate Ears US 34

04.09.2008 Hudson Group US Dufry Group CH Advent International Corporation US 396

08.09.2008 Lalique SA FR Financiere Saint Germain FR Art & Fragrance SA CH 29


(continued)

36 M&A Yearbook

Consumer Markets

Announced date

TargetTargetcountry

BidderBiddercountry


Deal value(USDm)

11.09.2008 SFT SA CH Festina Group ES Peace Mark (Holdings) Ltd HK 70

14.09.2008 Materna Laboratories Ltd ILNestle SA; Osem Investment Ltd

CH, IL Maabarot Products Ltd IL 69

15.09.2008 Jean Pierre Rosselet Cosmetics AG CHMERCATURA Cosmetics BioTech AG

DE n/a n/a n/a

25.09.2008Zimbo Fleisch- und Wurstwaren GmbH & Co. KG

DE Bell Holding AG CH RZ-Zimmermann Holding DE n/a

30.09.2008Espirito Santo Health & SPA (Portugal) S.G.P.S.,SA

PTEurogestion & Partners SA

CH Espirito Santo Saude - S.G.P.S, S.A. PT 127

13.10.2008 Camacho Cigars SA US Oettinger Imex AG CH n/a n/a n/a

27.10.2008OHG Fegro/Selgros Gesellschaft fuer Grobhandel mbH & Co; REWE Grossverbraucher Service

DEtransGourmet Holding S E

CH, DE Coop Schweiz; Rewe Group CH, DE n/a

03.11.2008 Citydisc.ch AG CHOrange Communica-tions SA

CH n/a n/a n/a

13.11.2008 Paris Miki (International) SA CH Lunettes Inc. JP Paris Miki Inc. JP 17

16.11.2008 FoodTech International Inc USNestle SA; Tivall (1993) Ltd

CH, IL n/a n/a 20

19.11.2008Konrad Wittwer GmbH (19 station outlets)

DE Valora AG CH Konrad Wittwer GmbH DE n/a

26.11.2008 Abraham Schinken GmbH DE Bell Holding AG CH n/a n/a n/a

03.12.2008 Joop! GmbH DE Strellson AG CH EganaGoldpfeil (Holdings) Limited HK n/a

16.12.2008 Rutishauser Weinkellerei AG CH Baarsma Holding NV NL n/a n/a n/a

31.12.2008Le Prieure de Saint Jean de Bebian SA

FR TMK Global AG CH n/a n/a 7

Major deals 2009

08.01.2009 Roth Kaese USA Ltd US Emmi AG CH n/a n/a n/a

22.01.2009 Cortefiel SA ( 22 Stores) DE Tally Weijl Trading AG CH Cortefiel S.a. ES n/a

22.01.2009 Gries Deco Company GmbH DEMigrosgenossenschafts-bund (mgb)

CH Christian Gries (private Investor) DE n/a

15.01.2009 Sabu Schuh Verbund EG DEIntersport International Corporation

CH n/a n/a n/a

11.03.2009 Van Houten (Singapore) Pte Ltd SG The Hershey Company US Barry Callebaut Ag CH n/a

03.03.2009 Sun Store SA CH Galenica Ltd CH Marcel Severin (private Investor) CH n/a


(continued)

M&A Yearbook 37

Information, Communications and Entertainment

Announced date

TargetTargetcountry

BidderBiddercountry


Deal value(USDm)

08.01.2008 Orsyp SA FR Argos Soditic SA CH, FR JJ Parinet Family FR 40

09.01.2008 Novalux Inc US Arasor International Ltd US

Crescendo Ventures; Dynafund Ventures LLC; Metalmark Capital LLC (formerly Morgan Stanley Capital Partners); Oerlikon Corporation Ltd; Vanguard Ventures

US, CH 7

10.01.2008 InterGlobe Technology Quotient IN

Credit Suisse Group (CS); DBS Group Hol-dings Ltd (Development Bank of Singapore); Standard Chartered Private Equity

CH, SG, UK

InterGlobe Enterprises Ltd IN 140

15.01.2008 Keystone AG CHAustria Presse Agentur; Schweizerische Depeschenagentur AG

AT, CHTheodor Hummel (Private Investor); Walter Grolimund (Private Investor)

CH n/a

15.01.2008 Paninfo AG CH ACP Holding GmbH AT n/a n/a

17.01.2008Solomon Technology (IC distribution business)

TWWT Microelectronics Co., Ltd

TW

Freescale Semiconductor Inc; ON Semiconductor Corp.; Solomon Technology Corp; STMicroelectronics NV

US, TW, CH

13

23.01.2008 Xeye Inc CAOdyssey Financial Technologies SA

CH n/a n/a n/a

24.01.2008 KCS.net Holding AG CHCarlyle Europe Technology Partners

UK n/a n/a n/a

08.02.2008 EmbedICs Inc US Kudelski Group SA CH n/a n/a n/a

15.02.2008 France Telecom Espana S.A. ES Credit Suisse Group (CS) CH Union Fenosa SA ES 290

27.02.2008 STMicroelectronics NV CH FT1CI FR Finmeccanica SpA IT 381

28.02.2008 Antonini SpA ITAtel Installationstechnik Group

CH n/a n/a n/a

06.03.2008 Benteli Hallwag Druck AG CH Farbendruck Weber AG CH Espace Media Groupe CH n/a

03.04.2008 Vistorm Holding Ltd UKElectronic Data Systems Corporation

US3i Group Plc; Baird Capital Partners Europe Limited; CSFB Private Equity

UK, CH n/a

10.04.2008


NL NXP/ST Joint Venture CHNXP Semiconductors Netherlands BV (formerly Next eXperience Philips); STMicroelectronics NV

NL, CH 1,033

29.04.2008 Golf Plaisir Resebyra AB SEKuoni Travel Holding Limited

CH Golf Plaisir Resebyra AB SE n/a


38 M&A Yearbook


Announced date

TargetTargetcountry

BidderBiddercountry


Deal value(USDm)

12.05.2008 OOO Baltschug Ltd RU J&T Finance Group AS SK Kempinski Hotels SA CH n/a

26.05.2008 GNT Holding Oy FI Also Holding AG CH GNT Holding Oy FI 74

27.05.2008 Jyxo, s.r.o. CZCentral European Media Enterprises Ltd.

BM Centralway Holding AG CH 10

02.06.2008Nokia Siemens Networks (Germany & Finland Research and Technology Platform business)

DE SGS SA CH Nokia Siemens Networks OY FI n/a

03.06.2008Sunrise Communications AG (Sunrise Business Communications Division)

CH Aurelius Investkapital AG DE Sunrise Communications AG CH n/a

11.06.2008 Desert Adventures Tourism AEKuoni Travel Holding Limited

CH Desert Adventure Tourism AE n/a

16.06.2008 Danoptra Limited UK Credit Suisse Group (CS) CH Cognetas LLP UK 157

18.06.2008 Prevag, Presse-Vertriebs AG CHDie Post (Swiss postal service)

CH Basler Zeitung (BAZ) AG CH n/a

18.06.2008 OAO Telecominvest UA OWU AG CH OOO Kontinent UA n/a

25.06.2008 Direkt Reisen AG CHKuoni Travel Holding Limited

CH n/a CH n/a

27.06.2008Reisebuero Kuoni GmbH; Restplatzboerse GmbH

ATReisebuero Kuoni GmbH (MBO Vehicle)

AT Kuoni Travel Holding Limited CH n/a

08.07.2008 Global Business Services Plus AG FRDie Post (Swiss postal service)

CH CR Europe Investment LLC FR 60

15.07.2008 Saab Space AB SE Ruag Holding AG CH Saab AB SE 56

18.07.2008 Informer Group (banking assets) GR Temenos Group AG CH Informer S.A GR 40

21.07.2008 Oeger Tours GmbH DE Alpstream AG CH Vural Oegerfor AB DE 159

14.08.2008 Siemens Switzerland Ltd CH Chillida Seguridad ES Siemens AG DE n/a

20.08.2008Ericsson Mobile Platforms; ST-NXP Wireless

SEEricsson Mobile Platforms/ST-NXP Wireless JV

SE Ericsson AB; STMicroelectronics NV SE, CH n/a

26.08.2008 Wilhelmina International Ltd USWilhelmina Acquisition Corp

USKrassner Family Investments, L.P; Lorex Investments AG

US, CH 30

31.08.2008 Adcubum AG CHAdcubum AG (management vehicle)

CHKarl Friedrich Kalmund (Private investor)

CH n/a

23.09.2008 Six AG SE SIX Telekurs AG CH AddNode AB SE 16

29.09.2008Tele2 Telecommunication Services AG

CHSunrise Communications AG

CH Tele2 AB SE 45

30.09.2008Australian Tours Management Pty Ltd

AUKuoni Travel Holding Limited

CH n/a n/a n/a

01.10.2008 Carrier Ltd UKKuoni Travel Holding Limited

CH n/a n/a n/a

08.10.2008 Albis Technologies AG CHAlbis Technologies AG (MBO vehicle)

CH Siemens Schweiz AG CH n/a

22.10.2008 Systemy Informacyjne Kapital SA PL Asseco Poland SA PL Banque Privee Espirito Santo SA CH 14


(continued)

M&A Yearbook 39


Announced date

TargetTargetcountry

BidderBiddercountry


Deal value(USDm)

27.10.2008 Oerlikon Optics SA LIOptics Balzers AG (management vehicle)

LI Oerlikon Corporation Ltd CH n/a

28.10.2008 SightSpeed Inc USLogitech International SA

CH n/a n/a 30

11.11.2008 AGBNielsen Media Research CHThe Nielsen Company (formerly VNU NV)

NL, US WPP Plc UK n/a

Major deals 2009

01.01.2009The Sport Entertainment Media Group Limited

UK Kentaro AG CH n/a n/a n/a

09.01.2009 Acttechnico US Elma Electronic AG CH n/a n/a n/a

14.01.2009 Rufener Events Ltd. CHMch Messe Schweiz (holding) AG

CH n/a n/a n/a

16.01.2009 Sunstar Holding AG CHPeter Grogg (private Investor)

CH Fritz Buser (private Investor) CH 29

26.01.2009Siemens AG (professional Speech Processing Unit)

DE Svox AG CH Siemens AG DE n/a

03.02.2009 Agefi Groupe SA CHAlain Dumenil (private Investor)

FR Genolier Swiss Medical Network SA CH 9

27.02.2009 Pro Fiducia Treuhand AG CHPremiumcommunica-tions Holding AG

CH n/a n/a n/a

03.03.2009 Presse Publications Sr SA CH Tamedia AG CH Edipresse Publications SA CH 191

09.02.2009Swiss Postneue Zuercher Zeitung AG Tamedia AG Joint Venture

CHNeue Zuercher Zeitung A.g Swiss Post Tamedia AG

CH n/a n/a n/a

13.02.2009 Purple Labs SA FR Esmertec AG CHEarlybird Venture Capital Gmbh Co Kg Partners Group Holding Sofinnova Partners

CH 100

25.02.2009 Neonseven SpA IT U-blox AG CH n/a n/a 12

15.03.2009 Empolis GmbH DEAttensity Empolis Europe Holding AG

CH Bertelsmann AG DE n/a

17.03.2009 Vogt-schild Holding AG CH Az Medien AG CH Gottlieb Und Hans Vogt-stiftung CH n/a

23.03.2009 Ericsson Ab (tems Business Unit) SE Ascom Holding AG CH Ericsson AB; STMicroelectronics NV SE 169

30.03.2009 Geotate Bv Nl U-blox AG CHNxp Semiconductors Netherlands Bv Road Group

Nl 7

31.03.2009Carlo Gavazzi Computing Solutions Inc

USSystem Industrie Elect-ronic AG

AT Carlo Gavazzi Holding AG CH 8


(continued)

40 M&A Yearbook

Other Industries

Announced date

TargetTargetcountry

BidderBiddercountry


Deal value(USDm)

08.01.2008 Central Plastics Company US Georg Fischer AG CH n/a n/a 94

09.01.2008 Tricosal GmbH & Co. KG DESika AG (Formerly Sika Finanz AG)

CH n/a n/a n/a

11.01.2008Desco Asia Pacific Holding Ltd; Desco Raw Materials Holding Ltd.

CH DKSH Management Ltd CH Desco von Schulthess Holding AG CH n/a

15.01.2008 Slovaktual spol s r. o. SKAFG Arbonia-Forster Holding AG

CH n/a n/a 43

15.01.2008Halter Bauunternehmung (Construction division)

CH Anliker AG CH Halter Bauunternehmung AG CH n/a

17.01.2008 BNS Group AG CHChantal Gadola (Private Investor)

CH Stefan Buess (Private Investor) CH n/a

24.01.2008 Mertz Conteneurs; Mertz SA FR Argos Soditic V CH IGF Capital Retournement FR n/a

25.01.2008Novex Trading (Swiss) S.A.; Novexco (Cyprus) Limited

CH Novolipetsk Steel RU United Steel Group, LLC US 77

29.01.2008 DKSH Group CH

Rainer Marc Frey (private investor); Societe Fon-ciere, Financiere, et de Participations

CH, FRCarolina Mueller-Moehl (Private Investor); Christophe R. Gautier (Private investor)

CH 236

01.02.2008 Mashala Resources ZA Cargill Coal CH n/a n/a n/a

08.02.2008 Edelweiss Air AG CHSwiss International Air Lines Ltd

CH Kuoni Travel Holding Limited CH n/a

11.02.2008 Global Wood Holding SA CHClessidra Capital Partners

IT n/a n/a n/a

18.02.2008 Huaxin Cement Co., Ltd. CN Holchin BV CH n/a n/a 283

20.02.2008Rail4chem Eisenbahnverkehrsge-sellschaft mbH

DE Veolia Cargo France FR

BASF SE (Formely BASF AG); Bertschi AG; Hoyer GmbH International Fachspedition; VTG AG

DE, CH n/a

25.02.2008Beiersdorf AG (Logistics operations and warehouse in Hamburg)

DEKuehne + NAGel International AG

CH Beiersdorf AG DE n/a

01.03.2008Groupe Baumgartner Holding SA (formerly Baumgartner Papiers Holding SA)

CHBehr Bircher Cellpack Group

CH Groupe Baumgartner Holding SA CH 58

02.03.2008 Privatair Inc US Gama Holdings Ltd UK PrivatAir Group Ltd CH n/a

25.03.2008 Fahrni Fassadensysteme AG CHLLC Glavstroy Corporation

RU RWD Group CH n/a


M&A Yearbook 41

Other Industries

Announced date

TargetTargetcountry

BidderBiddercountry


Deal value(USDm)

01.04.2008Petit-Couronne refinery; Reichstett refinery

FR Petroplus Holdings AG CH Royal Dutch Shell plc UK, NL 785

08.04.2008 Belgo Metal NV BEDEFI Gestion SA; Indufin S.A.; Kyotec Group SA

CH, BE Permasteelisa SpA IT 24

24.04.2008Central Illinois Energy Cooperative Inc (Ethanol Production Plant)

US Credit Suisse Group (CS) CH Central Illinois Energy Cooperative Inc US 75

01.05.2008Energem Resources Inc (Nigeria Facility)

NG Glencore Finance AG CHEnergem Resources Inc. (formely DiamondWorks Ltd.)

UK, ZA 32

05.05.2008 Horizon Energy Partners BV NLSGS SA [formerly SGS Societe Generale de Surveillance Holding SA]

CH Australian listed mining company NL n/a

06.05.2008SCK DUS GmbH& Co KG Dues-seldorf

DEGate Gourmet Switzerland GmbH

CH, USAir Berlin & Co Luftverkehrs KG; SCK Sky Catering Kitchen GmbH Bordver-pflegung & Co Service KG Ulm

DE n/a

07.05.2008 VBV LLC USGreen Plains Renewable Energy Inc

US NTR plc; Wilon Holdings SA IE, CH 111

08.05.2008 Bockelwitz wind farm DE BKW FMB Energie AG CH Bockelwitz wind farm shareholders DE n/a

08.05.2008 StraBAG Group CHStrabAG SE (formerly Bauholding StrabAG SE)

AT StrabAG Group CH n/a

14.05.2008Edimpresa Editora Lda; Office Share - Gestao de Imoveis e Servi-cos, Lda

PT Impresa SGPS SA PT Edipresse Publications SA CH n/a

29.05.2008 Privera Group CH Bugena SA CH Implenia AG CH 26

29.05.2008Technische Services Gersthofen GmbH

DE MCE AG AT Clariant AG CH n/a

03.06.2008 Dankalk A/S DK Omya AG CHDansk Landbrugs Grovvareselskab a.m.b.a. (DLG)

DK n/a

17.06.2008BKW FMB Energie AG (BKW) (Wimmis rail power production and supply systems)

CHSwiss Federal Railways (SBB)

CH BKW FMB Energie AG (BKW) CH 14

19.06.2008 Accor SA (49 hotels) FR Oteli Europe CH Accor SA FR n/a

01.07.2008 Swissstarfenster AG CH Biberbau AG CH Swissstarfenster AG CH n/a

05.07.2008 IP Holding AG CHIP Holding AG (ManAGement Vehicle)

CH Fred Gyger CH n/a

17.07.2008 Sperafico AGroindustrial BRGlencore International AG

CH Sperafico AGroindustrial BR n/a

17.07.2008 Spreetal power plant DE Atel Holding AG CH Sustec Schwarze Pumpe GmbH DE n/a

28.07.2008 Bonar Floors Limited UK Forbo Holding AG CH Low & Bonar Plc UK 245

30.07.2008Phoenix Dichtungstechnik GmbH (PDT)

DEGermanCapital GmbH; Morgan Stanley

CH, US ContiTech AG DE n/a

30.07.2008Transco Sud Internationale Trans-porte GmbH

CHTransco Sud Internatio-nale Transporte Gmbh (MBO Vehicle)

CH Helmut Bruttel (private investor) CH n/a

07.08.2008 M & A Rinnovabili S.r.l. IT Atel Holding AG CH Moncada Energy s.r.l IT 245


(continued)

42 M&A Yearbook

Other Industries

Announced date

TargetTargetcountry

BidderBiddercountry


Deal value(USDm)

11.08.2008ABB Limited (Highways Lighting Business); Lighting for Staffordshire Holdings Limited

CH, UK E.ON UK Plc UK ABB Limited CH 10

26.08.2008IRIS Integrated Risk ManAGement AG

CH FRS Global BE IRIS shareholders CH 40

01.09.2008 PT Darma Henwa Tbk IDGoldwave Capiltal Limited

UK Zurich Assets International Ltd CH 94

04.09.2008FE Zukunftsenergien AG (Fox Portfolio of Wind Power Assets)

FRCompAGnie Nationale du Rhone (CNR)

FR FE Zukunftsenergien AG CH 272

15.09.2008 Bulk Mines & Minerals SL CH Cementia Trading AG CH Grupo ICA ES n/a

23.09.2008 Inkasso Arena AG CHKG EOS Holding GmbH & Co

DE n/a n/a n/a

23.09.2008 Localnet AG CH BKW FMB Energie AG CH n/a n/a 36

26.09.2008 Tamares Real Estate Israel Ltd ILBritish Israel Investment Ltd

ILAktive Investment Anstalt; Tamares Group

CH 68

07.10.2008Societe electrique Vevey-Montreux SA

CHRomande Energie Holding SA

CH Vevey-Montreux CH 35

08.10.2008Panalpina World Transport Nigeria Limited

NGWorldwide Premier Logistics and Solutions Nigeria limited

NGPanalpina World Transport (Holding) Ltd.

CH n/a

08.10.2008Oceanlinx Limited (undisclosed stake)

AU

Emerald Technology Ventures AG; Espirito Santo Ventures; New Energy Fund

CA, CH, PT

n/a n/a 11

15.10.2008Audit Control & Expertise Global Limited (ACE)

CHFinancial Technologies (India) Ltd

IN n/a n/a 23

17.10.2008 Altenrhein Realco AG CHDieter Buehrle (private investor)

CH Strikwerda Investments B.V. NL n/a

20.10.2008 Alloin Group FRKuehne + NAGel International AG

CH 3i Group Plc UK n/a

24.10.2008 StradeBlu SRL IT Lozali SA CH 21 Investimenti SpA IT n/a

28.10.2008 Arawak Energy Limited UK Rosco S.A. CH Arawak Energy Limted n/a 75

30.10.2008 Kardex Systems Inc. US Kardex AG CH Kardex Systems Inc. US n/a

04.11.2008 Datavance Informatique SAS FR Adecco SA CH Financiere RDM FR n/a

06.11.2008Technical Engineering Service Corporation (Tesco) Co Ltd

KR SGS SA CH n/a n/a 9

14.11.2008 Stallinger Swiss Timber AG CHMayr Melnhof Holz Holding AG

ATFranz Stallinger (Private Investor); Leo-pold Stallinger (Private Investor)

AT n/a

21.11.2008 BNS Group AG CH TelAG Company AG CH Chantal Gadola (Private Investor) CH n/a

03.12.2008 Hunsfos Fabrikker AS NOBavaria Industriekapital AG

DE Cham Paper Group Inc CH n/a

19.12.2008 Fabian Romania Limited RO Rompetrol Holding SA CH, RO n/a n/a 34

19.12.2008EOS Holding SA (activities and assets)

CHAtel Holding AG (Formerly Motor- Columbus AG)

CH n/a n/a 3055


(continued)

M&A Yearbook 43

Other Industries

Announced date

TargetTargetcountry

BidderBiddercountry


Deal value(USDm)

22.12.2008UBS AG (AGricultural business); UBS Commodities Canada Ltd

CA JPMorgan US UBS AG CH n/a

30.12.2008 Zurich Assets International Ltd CHPT Bumi Resources Investment

ID Goodrich ManAGement Corporation US 76

Major deals 2009

12.01.2009Welcome Air Luftfahrtgesellschaft M.b.h.

AT Lions Air Group AG CH Jakob Ringler (private Investor) AT n/a

19.01.2009 Sts Sauter Training Simulation SA CH Demos FR n/a n/a n/a

23.01.2009 Tivona Promotion AG CH Jelmoli Holding AG CH n/a n/a 83

23.01.2009 Athris Holding AG CH Jelmoli (shareholders) CH Jelmoli Holding AG CH n/a

29.01.2009Glencore International AG (prodeco Business In Colombia)


CH Glencore International AG CH 2,000

03.02.2009 Ray Berndtson Polska Sp Zoo PLHeidrick Struggles Sp Zoo

PLMatthew Tebeau (private Investor) Rb Poland And Russia ManAGement AG

CH n/a

09.03.2009 J. Martens AS NOKuehne + Nagel International AG

CH n/a n/a n/a

09.02.2009 Isopor RO Swisspor AG CHElberta Trading Ltd Sharbot Holdings Ltd Shelby Holding Ltd

CY 7

18.03.2009 Hammer Retex AG CH Seewarte Holding AG CH Industrieholding Cham AG CH 121

27.03.2009 Rossetto Impianti SpA ITAtel Installations - technik AG

CH n/a n/a n/a


(continued)

44 M&A Yearbook

Contacts

Stuart RobertsonMember of the Executive CommitteeBadenerstrasse 172P.O. Box8026 ZurichTelephone +41 44 249 33 45Telefax +41 44 249 21 [email protected]

Bryan DeBlancGrowth through M&ABadenerstrasse 172P.O. Box8026 ZurichTelephone +41 44 249 26 07Telefax +41 44 249 21 [email protected]

Patrik KerlerCorporate FinanceBadenerstrasse 172P.O. Box8026 ZurichTelephone +41 44 249 33 20Telefax +41 44 249 27 [email protected]

Tobias ValkTransaction ServicesBadenerstrasse 172P.O. Box8026 ZurichTelephone +41 44 249 33 29Telefax +41 44 249 21 [email protected]

Peter UebelhartM&A TaxBadenerstrasse 172P.O. Box8026 ZurichTelephone +41 44 249 26 79Telefax +41 44 249 27 [email protected]

Daniel LengauerLegalBadenerstrasse 172P.O. Box8026 ZurichTelephone +41 44 249 23 89Telefax +41 44 249 23 [email protected]

Stefan PfisterReal EstateBadenerstrasse 172P.O. Box8026 ZurichTelephone +41 44 249 26 67Telefax +41 44 249 23 [email protected]

James CarterSuisse romandeChemin De-Normandie 14P.O. Box 4491211 Geneva 12Telephone +41 22 704 15 48Telefax +41 22 347 73 [email protected]

M&A YearbookKPMG’s overview of mergers and acquisitions in Switzerland in 2008 and Q1 2009Edition 01/2009Order No: [email protected]

Head Office

8026 ZurichBadenerstrasse 172P. O. BoxTelephone +41 44 249 31 31Telefax +41 44 249 23 19www.kpmg.ch

Deutschschweiz

5001 AarauMühlemattstrasse 56Postfach 2701Telefon +41 62 834 48 00Telefax +41 62 834 48 50

4003 BaselSteinengraben 5PostfachTelefon +41 61 286 91 91Telefax +41 61 286 92 73

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Suisse romande

1701 FribourgRue des Pilettes 1Case postale 887Téléphone +41 26 347 49 00Téléfax +41 26 347 49 01

1211 Genève 12Chemin De-Normandie 14Case postale 449Téléphone +41 22 704 15 15Téléfax +41 22 347 73 13

1002 LausanneAvenue de Rumine 37Case postale 6663Téléphone +41 21 345 01 22Téléfax +41 21 320 53 07

2001 NeuchâtelRue du Seyon 1Case postale 2572Téléphone +41 32 727 61 30Téléfax +41 32 727 61 58

2800 DelémontRue de la Maltière 10Case postale 575Téléphone +41 32 423 45 10Téléfax +41 32 423 45 11

Ticino

6900 LuganoVia Balestra 33Telefono +41 91 912 12 12Telefax +41 91 912 12 13

Liechtenstein

LI-9494 SchaanLandstrasse 99Postfach 342Telefon +423 237 70 40Telefax +423 237 70 50www.kpmg.li

kpmg.ch

The information contained herein is of a general nature and is not intended to address the circum-stances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

© 2009 KPMG Holding AG/SA, a Swiss corpo - ration, is a subsidiary of KPMG Europe LLP and a member of the KPMG network of inde -pendent firms affiliated with KPMG Interna-tional, a Swiss cooperative. All rights reserved.Printed in Switzerland.

M&A Yearbook – 2009ffffffff-bd2f-a7a1-0000-00000456775… · M&A Yearbook 1 Contents M&A Yearbook KPMG’s overview of mergers and acquisitions in Switzerland in 2008 and brief

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