EMERGING MARKETS M&A
LEGAL ADVISORS
First Nine Months 2012
First Nine Months 2012 | Mergers & Acquisitions | Legal Advisors
Emerging Markets M&A
Emerging Markets M&A Down 7%
|
Represents 28% of Global M&A
Emerging Markets Deals Intelligence
|
Energy and Power Most Active Sector
Top 10 Targeted Emerging Market Nations - US$ bil
$43.8
Brazil
$33.4
Russian Federation
$24.3
Mexico
$20.8
India
The most prolific sector of Emerging Market activity during the first nine months of 2012, Energy and Power
accounted for 17.1% of M&A volumes, with US$77.9 billion in deal activity. Following closely, the Materials
sector totaled US$71.8 billion.
Indonesia
Freshfields took the top spot in the Emerging Markets for the first three quarters of 2012, with US$61.4 billion
in announced deals. Skadden and Sullivan & Cromwell took the second and third spots, respectively.
Chile
Average EBITDA multiples across the Emerging Markets decreased to 10.7x, ranging from 6.2x in South
Africa to 13.7x in India. Bid premia (to 4 weeks prior stock price) averaged 28%. Middle East/North African
targets earned the largest average premium paid, at 34.8%.
$115.3
China
Accounting for 28% of global activity during the first nine months of 2012, the total value of announced M&A
activity in the Emerging Markets reached US$465.1 billion, a 7.1% decrease compared to the same period in
2011. Third quarter deal value totaled US$144.9 billion, an 18.2% decline from the second quarter.
Chinese targets dominated M&A activity in Emerging Markets, with 2,388 transactions worth a combined
US$115.3 billion. Brazil and Russia followed, accumulating US$43.8 billion and US$33.4 billion of activity,
respectively.
Jan 1 - Sep 28 2012
$14.0
$12.5
Malaysia
$10.1
$8.2
Turkey
$7.3
South Africa
0
20
40
60
Rank Value (US$b)
80
100
120
Emerging Market Announced M&A
$900
35%
33.2%
Q4 Volume (US$b)
Q3 Volume (US$b)
$800
28.0%
Q2 Volume (US$b)
$700
25.3%
Q1 Volume (US$b)
23.2%
25%
23.2%
EM % of Global (YTD)
$600
Rank Value (US$b)
30%
20%
$500
16.7%
$400
13.8%
14.3%
13.7%
$300
15%
14.0%
9.6%
10%
$200
5%
$100
$0
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
0%
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First Nine Months 2012 | Mergers & Acquisitions | Legal Advisors
Emerging Markets M&A
Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA
2012 UP
2012 DOWN
2011
Emerging Markets
BRIC
Jan 1 -Sep 28 2012
Latin America
Middle East & North
Africa
South Africa
Consumer Products and Services
9.5x
9.8x
11.4x
8.5x
-
7.5x
9.4x
11.5x
1.5x
Consumer Staples
9.9x
11.2x
10.5x
12.6x
9.4x
8.9x
7.9x
12.9x
Energy and Power
11.1x
9.6x
10.2x
11.7x
6.5x
11.2x
17.9x
Healthcare
17.2x
12.9x
16.7x
19.3x
13.0x
-
High Technology
10.5x
11.1x
13.5x
11.5x
15.9x
Industrials
10.2x
11.1x
13.3x
11.4x
Materials
10.0x
12.2x
12.3x
Media and Entertainment
10.9x
12.0x
Real Estate
15.6x
Retail
Telecommunications
Average Industry Total
Eastern Europe
Asia Pacific
Emerging Mkts
China
2.3x
10.2x
6.2x
10.0x
10.3x
9.1x
6.5x
12.5x
10.1x
-
-
10.7x
8.2x
10.0x
12.0x
9.0x
14.4x
12.8x
13.2x
7.2x
-
-
8.3x
8.5x
13.9x
9.5x
20.1x
10.7x
9.1x
14.5x
31.0x
14.4x
9.4x
-
8.8x
7.8x
16.5x
13.3x
15.9x
18.5x
19.6x
21.3x
10.0x
3.4x
10.6x
-
-
13.0x
-
11.5x
11.3x
13.7x
13.1x
12.5x
10.1x
12.6x
13.8x
5.4x
7.9x
5.8x
7.9x
10.5x
12.1x
11.8x
10.9x
17.6x
12.1x
13.9x
11.5x
17.0x
11.9x
11.7x
10.7x
23.7x
6.7x
9.3x
6.5x
6.5x
11.1x
12.5x
21.1x
11.7x
12.6x
22.3x
14.7x
18.0x
6.6x
-
6.2x
-
-
-
6.6x
11.6x
13.8x
8.9x
23.3x
16.3x
12.5x
12.3x
18.4x
8.6x
21.0x
9.5x
14.9x
-
-
21.9x
-
10.1x
15.4x
10.7x
16.7x
5.8x
26.0x
-
12.1x
11.2x
9.1x
12.6x
11.7x
11.3x
12.7x
-
-
-
5.3x
9.8x
14.3x
11.4x
8.4x
13.4x
12.0x
-
6.8x
12.9x
7.1x
8.3x
6.9x
9.6x
5.9x
26.8x
-
5.8x
13.7x
8.0x
14.4x
6.1x
9.5x
4.0x
14.7x
10.7x
11.4x
12.2x
12.9x
9.9x
10.8x
10.3x
12.0x
6.2x
8.5x
9.0x
11.8x
11.7x
13.6x
12.6x
13.7x
15.2x
-
2.9x
11.1x
Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price
2012 UP
2012 DOWN
2011
India
Emerging Markets
BRIC
Jan 1 - Sep 28 2012
Latin America
Consumer Products and Services
18.4
25.7
22.6
27.5
-
Consumer Staples
25.7
19.9
22.1
19.1
30.9
Energy and Power
34.6
22.9
35.6
28.5
Financials
29.1
27.2
24.9
Healthcare
33.1
29.2
High Technology
24.8
Industrials
Middle East & North
Africa
South Africa
Eastern Europe
Asia Pacific
Emerging Mkts
China
India
26.8
18.3
33.6
18.5
26.2
0.0
28.9
27.1
26.5
-
23.8
-
36.3
41.2
16.3
10.0
-
27.6
28.4
25.9
16.9
22.1
11.4
23.9
22.7
17.7
24.7
35.3
18.3
-
-
16.8
9
57.8
25.3
78.7
42.5
-
11.3
18.8
39.0
11.4
46.0
38.5
19.2
36.1
30.8
33.8
25.5
27.4
17.9
-
28.3
24.6
31.5
10.8
39.0
11.4
32.8
36.7
-
-
-
88.5
33.2
16.8
22.7
10.8
44.7
-
20.8
28.0
22.6
20.9
32.0
25.3
22.1
-
-
61.2
3.7
17.1
20.5
24.3
26.7
9.8
18.1
27.5
21.9
27.5
18.1
12.6
5.7
32.7
69.5
30.0
6.1
32.0
19.7
26.8
22
33.6
17.4
28.6
16.8
Materials
31.0
29.8
32.9
34.7
37.3
22.1
5.1
-
24.0
49.1
29.9
14
31.6
32.5
31.7
36.8
33.3
36
Media and Entertainment
43.9
8.7
47.5
18.4
-
-
-
-
-
-
67.6
10.2
39.2
8.1
41.7
-
49.4
12
Real Estate
21.9
30.8
34.5
28.7
36.0
-
62.7
-
18.6
34.3
40.0
20.6
15.2
40.7
Retail
19.5
27.0
24.3
19.6
5.7
15.6
-
-
-
-
16.8
3.4
22.8
34
9.8
20.6
38.8
-
Telecommunications
28.2
16.2
38.5
15.0
26.5
11.5
35.3
-
-
18.4
71.9
-
18.5
19.2
18.3
13.2
7.0
10.6
Average Industry Total
28.0
24.2
29.7
25.4
28.3
18.6
34.8
25.7
19.8
31.8
30.1
22.4
27.3
24.8
29.2
26.6
29.8
24.3
3.2
21.6
4.7
2.2
-
*Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by
target macro industries. The data given refers to the time period 01/01/2012 - 9/28/2012. The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year
listed in black. Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%. All spinoffs, splitoffs, open market repurchases,
exchange offers and equity carveouts are excluded.
2
First Nine Months 2012 | Mergers & Acquisitions | Legal Advisors
Emerging Market M&A
Any Emerging Market Involvement Announced
Legal Advisor
Freshfields Bruckhaus Deringer
Skadden
Sullivan & Cromwell
Clifford Chance
Paul, Weiss
Cleary Gottlieb Steen & Hamilton
Burnet Duckworth & Palmer
Davis Polk & Wardwell
WongPartnership LLP
Alston & Bird
Cravath, Swaine & Moore
Greenberg Traurig
Creel, Garcia Cuella, Aiza y Enriquez
Linklaters
Stikeman Elliott
Blake Cassels & Graydon
Osler Hoskin & Harcourt LLP
Richard A Shaw Professional Corp
Weil Gotshal & Manges
White & Case LLP
Baker & McKenzie
Allen & Overy
Mattos Filho Veiga Filho Marrey Jr
Jones Day
Lefosse Advogados
Industry Total
Rank Value per Advisor (US$m)
Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
5
61,445.0
13.2
7.7 ▲
2
2
57,228.9
12.3
4.3 ▲
3
6
48,137.9
10.4
5.1 ▲
4
7
32,003.4
6.9
1.9 ▲
5
52
28,473.1
6.1
5.2 ▲
6
19
26,776.5
5.8
3.6 ▲
7
107
23,531.1
5.1
4.8 ▲
8
16
23,491.2
5.1
2.5 ▲
9
53
22,167.4
4.8
4.0 ▲
10
20,775.0
4.5
4.5 ▲
11
15
20,134.0
4.3
1.7 ▲
12
114
20,123.5
4.3
4.0 ▲
13
20,093.5
4.3
4.3 ▲
14
1
18,902.2
4.1
-4.6 ▼
15
86
18,278.4
3.9
3.5 ▲
16
55
18,178.1
3.9
3.1 ▲
17
222*
17,712.6
3.8
3.8 ▲
18
17,665.6
3.8
3.8 ▲
19
54
17,430.5
3.8
3.0 ▲
20
20
17,017.7
3.7
1.8 ▲
21
4
16,912.0
3.6
-2.6 ▼
22
3
16,771.0
3.6
-3.6 ▼
23
29
13,789.2
3.0
1.4 ▲
24
42
13,315.9
2.9
1.8 ▲
25
113
13,087.4
2.8
2.5 ▲
465,135.5
100.0
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
Any Emerging Market Involvement Completed
Jan 1 – Sep 28
-7.1% ▼
-18.2% ▼
# of Deals per Advisor
# of
Market
Deals
Rank Sh (%)
45
6
0.5
47
5
0.5
15
40*
0.2
48
4
0.5
17
33*
0.2
17
33*
0.2
2
155*
0.0
11
52*
0.1
17
33*
0.2
3
133*
0.0
2
155*
0.0
7
79*
0.1
1
216*
0.0
58
1
0.6
7
79*
0.1
7
79*
0.1
2
155*
0.0
1
216*
0.0
18
31*
0.2
34
11*
0.4
54
3
0.6
56
2
0.6
32
15*
0.3
37
9
0.4
16
38*
0.2
9,733
Change in
# of Deals
-6 ▼
-2 ▼
-10 ▼
-11 ▼
3 ▲
-8 ▼
-1 ▼
-12 ▼
-2 ▼
3 ▲
-6 ▼
-1 ▼
1 ▲
-10 ▼
2 ▲
-8 ▼
0 1 ▲
-2 ▼
-9 ▼
-62 ▼
-3 ▼
-8 ▼
-19 ▼
8 ▲
Legal Advisor
Freshfields Bruckhaus Deringer
Skadden
Linklaters
Sullivan & Cromwell
Weil Gotshal & Manges
Pinheiro Neto Advogados
White & Case LLP
Cleary Gottlieb Steen & Hamilton
Clifford Chance
Machado Meyer Sendacz & Opice
Paul, Weiss
Lefosse Advogados
Allen & Overy
Barbosa Mussnich & Aragao
Fangda Partners
Shearman & Sterling LLP
Davis Polk & Wardwell
McCarthy Tetrault
Wachtell Lipton Rosen & Katz
Latham & Watkins
Jingtian & Gongcheng
Slaughter & May
O'Melveny & Myers
Vinson & Elkins LLP
Fenwick & West LLP
Industry Total
-14.5% ▼
-5.4% ▼
Jan 1 – Sep 28
Rank Value per Advisor (US$m)
Rank Market
Market
2012 2011
Rank Rank
Value US$m Sh (%) Share Ch.
1
2
28,259.4
9.0
-0.5 ▼
2
6
28,258.0
9.0
3.8 ▲
3
1
27,926.3
8.9
-5.0 ▼
4
25
19,744.5
6.3
4.4 ▲
5
32
16,326.7
5.2
3.5 ▲
6
17
15,913.8
5.1
2.8 ▲
7
16
15,040.2
4.8
1.9 ▲
8
28
14,656.5
4.7
3.0 ▲
9
5
14,190.3
4.5
-1.4 ▼
10
23
13,422.7
4.3
2.3 ▲
11
156
10,901.5
3.5
3.4 ▲
12
55
10,135.8
3.2
2.3 ▲
13
3
10,023.8
3.2
-4.6 ▼
14
13
9,390.5
3.0
-0.6 ▼
15
58
9,292.5
3.0
2.2 ▲
16
19
9,160.7
2.9
0.7 ▲
17
8
8,823.7
2.8
-2.0 ▼
18
92
8,815.3
2.8
2.3 ▲
19
104
8,456.2
2.7
2.3 ▲
20
4
7,930.7
2.5
-4.2 ▼
21
165
7,860.8
2.5
2.4 ▲
22
15
7,774.9
2.5
-1.0 ▼
23
135
7,545.5
2.4
2.2 ▲
24
11
7,527.0
2.4
-1.7 ▼
25
281
7,495.0
2.4
2.4 ▲
314,857.4
100.0
-28.8% ▼
-30.9% ▼
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
# of Deals per Advisor
# of
Market
Deals
Rank Sh (%)
43
3*
0.7
38
6
0.6
54
1
0.9
16
28*
0.3
16
28*
0.3
30
9*
0.5
39
5
0.6
21
22*
0.3
36
7
0.6
27
12*
0.4
15
31*
0.3
13
38*
0.2
47
2
0.8
24
16*
0.4
15
31*
0.3
21
22*
0.3
12
41*
0.2
4
112*
0.1
5
92*
0.1
9
54*
0.2
12
41*
0.2
11
44*
0.2
8
61*
0.1
5
92*
0.1
5
92*
0.1
6,119
Change in
# of Deals
-11 ▼
2 ▲
-13 ▼
-2 ▼
0 0 7 ▲
1 ▲
-16 ▼
-5 ▼
4 ▲
6 ▲
-9 ▼
0 1 ▲
-1 ▼
-8 ▼
-6 ▼
1 ▲
-24 ▼
8 ▲
-2 ▼
-8 ▼
-10 ▼
4 ▲
-17.9% ▼
-11.2% ▼
*tie
Emerging Markets Involvement Announced M&A by Target Industry ($bil)
3.6%
7.5%
9.8%
3.2%
2.8%
Jan 1 - Sep 28 2012
1.9%
$78
17%
5.6%
$71.8
16%
$45.3
10%
$50.2
11%
$56.7
12%
Energy and Power
Materials
Consumer Staples
Financials
Telecommunications
Industrials
Real Estate
High Technology
Media and Entertainment
Consumer Products and Services
Healthcare
Retail
Any Emerging Market Involvement Announced - Top Deals
Rank Date
6/29/2012
8/22/2012
7/23/2012
9/13/2012
5/20/2012
2/7/2012
6/28/2012
4/24/2012
4/2/2012
2/6/2012
Date Effective
Pending
Pending
Pending
Pending
9/18/2012
Pending
Pending
4/24/2012
Pending
Pending
Target (% Sought/Acquired)
Grupo Modelo SAB de CV
China Telecom Corp-3G Assets
Nexen Inc
Fraser & Neave Ltd
Alibaba Group Holding Ltd
Redecard SA
Progress Energy Resources Corp
MegaFon
Bank Danamon Tbk PT
Infraero-Guarulhos Concession
Jan 1 - Sep 28 2012
Acquiror
Anheuser-Busch Inbev
China Telecom Corp Ltd
CNOOC Canada Holding Ltd
TCC Assets Ltd
Alibaba Group Holding Ltd
Banestado Participacoes
Petronas Carigali Canada Ltd
Investor Group
DBS Group Holdings Ltd
Undisclosed SPV
Acquiror / Target Nation
Belgium / Mexico
China / China
Canada / Canada
British Virgin / Singapore
China / China
Brazil / Brazil
Canada / Canada
Cyprus / Russian Fed
Singapore / Indonesia
Brazil / Brazil
Rank Value (US$m)
20,093.4
18,047.3
17,665.6
9,219.3
7,100.0
6,821.7
5,865.5
5,200.0
4,970.5
4,789.8
Target Macro / Mid Industry
Consumer Staples / Food and Beverage
Telecommunications / Wireless
Energy and Power / Oil & Gas
Consumer Staples / Food and Beverage
Consumer Products and Services / Professional Services
High Technology / Computers & Peripherals
Energy and Power / Oil & Gas
Telecommunications / Wireless
Financials / Banks
Industrials / Transportation & Infrastructure
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First Nine Months 2012 | Mergers & Acquisitions | Legal Advisors
BRIC M&A
Any BRIC Involvement Announced
Legal Advisor
Skadden
Freshfields Bruckhaus Deringer
Paul, Weiss
Sullivan & Cromwell
Davis Polk & Wardwell
Cleary Gottlieb Steen & Hamilton
Stikeman Elliott
Blake Cassels & Graydon
Burnet Duckworth & Palmer
Richard A Shaw Professional Corp
Osler Hoskin & Harcourt LLP
White & Case LLP
Mattos Filho Veiga Filho Marrey Jr
Lefosse Advogados
Linklaters
Weil Gotshal & Manges
Souza, Cescon, Barrieu & Flesch
Simpson Thacher & Bartlett
Fangda Partners
Latham & Watkins
Jones Day
Amarchand Mangaldas
Kirkland & Ellis
O'Melveny & Myers
Fenwick & West LLP
Munger Tolles & Olson
Wachtell Lipton Rosen & Katz
Industry Total
Rank Value per Advisor (US$m)
Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
2
35,747.5
12.8
5.5 ▲
2
21
31,433.0
11.2
9.2 ▲
3
126
27,817.5
10.0
9.8 ▲
4
14
25,832.5
9.2
6.4 ▲
5
10
23,118.7
8.3
4.9 ▲
6
66
20,534.2
7.4
6.8 ▲
7
85*
18,231.1
6.5
6.1 ▲
8
50
17,885.6
6.4
5.5 ▲
9*
17,665.6
6.3
6.3 ▲
9*
17,665.6
6.3
6.3 ▲
9*
155*
17,665.6
6.3
6.2 ▲
12
19
14,204.8
5.1
3.0 ▲
13
15
13,789.2
4.9
2.2 ▲
14
80
13,087.4
4.7
4.2 ▲
15
1
12,889.8
4.6
-4.6 ▼
16
81
12,576.9
4.5
4.1 ▲
17
18
11,954.2
4.3
2.1 ▲
18
27
10,851.1
3.9
2.2 ▲
19
24
10,270.7
3.7
1.7 ▲
20
13
9,001.4
3.2
0.4 ▲
21
41
8,258.4
3.0
1.7 ▲
22
29
8,235.9
3.0
1.4 ▲
23
39
7,340.5
2.6
1.2 ▲
24
116
7,191.4
2.6
2.4 ▲
25*
7,100.0
2.5
2.5 ▲
25*
7,100.0
2.5
2.5 ▲
25*
78
7,100.0
2.5
2.0 ▲
279,557.1
100.0
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
*tie
Any BRIC Involvement Completed
Jan 1 – Sep 28
4.5% ▲
-4.0% ▼
# of Deals per Advisor
# of
Market
Deals
Rank Sh (%)
37
3
0.7
23
15
0.4
14
26*
0.3
8
38*
0.1
8
38*
0.1
11
32*
0.2
4
68*
0.1
2
107*
0.0
1
140*
0.0
1
140*
0.0
1
140*
0.0
16
22*
0.3
32
7*
0.6
16
22*
0.3
27
9*
0.5
9
34*
0.2
27
9*
0.5
9
34*
0.2
15
24*
0.3
14
26*
0.3
15
24*
0.3
34
4*
0.6
8
38*
0.1
8
38*
0.1
3
84*
0.1
1
140*
0.0
2
107*
0.0
5,697
Change in
# of Deals
10 ▲
-2 ▼
5 ▲
2 ▲
-10 ▼
-4 ▼
3 ▲
-6 ▼
1 ▲
1 ▲
0 -11 ▼
-7 ▼
8 ▲
-8 ▼
5 ▲
-1 ▼
-4 ▼
-7 ▼
1 ▲
-19 ▼
15 ▲
0 0 3 ▲
1 ▲
-3 ▼
Legal Advisor
Skadden
Freshfields Bruckhaus Deringer
Linklaters
Pinheiro Neto Advogados
Sullivan & Cromwell
Machado Meyer Sendacz & Opice
White & Case LLP
Weil Gotshal & Manges
Clifford Chance
Lefosse Advogados
Fangda Partners
Barbosa Mussnich & Aragao
Paul, Weiss
Jingtian & Gongcheng
Latham & Watkins
O'Melveny & Myers
Vinson & Elkins LLP
Fenwick & West LLP
Munger Tolles & Olson
Wachtell Lipton Rosen & Katz
Cleary Gottlieb Steen & Hamilton
Mattos Filho Veiga Filho Marrey Jr
Cariola y Cia Abogados
Claro y Cia
King & Wood Mallesons
Industry Total
Jan 1 – Sep 28
Rank Value per Advisor (US$m)
Rank Market
Market
2012 2011
Rank Rank
Value US$m Sh (%) Share Ch.
1
8
24,324.3
12.6
6.7 ▲
2
10
22,250.6
11.6
5.8 ▲
3
1
18,657.4
9.7
-2.5 ▼
4
15
15,913.8
8.3
4.6 ▲
5
38
13,483.4
7.0
5.5 ▲
6
19
13,002.7
6.8
3.5 ▲
7
29
12,233.1
6.4
4.5 ▲
8
147
11,244.1
5.8
5.7 ▲
9
12
10,141.9
5.3
0.8 ▲
10
42
10,135.8
5.3
3.8 ▲
11
44
9,292.5
4.8
3.4 ▲
12
9
9,195.5
4.8
-1.1 ▼
13
121
8,054.5
4.2
4.0 ▲
14
124
7,860.8
4.1
3.9 ▲
15
4
7,585.7
3.9
-3.4 ▼
16
115
7,545.5
3.9
3.6 ▲
17
7
7,300.0
3.8
-2.5 ▼
18*
7,100.0
3.7
3.7 ▲
18*
7,100.0
3.7
3.7 ▲
18*
85
7,100.0
3.7
3.2 ▲
21
43
6,895.1
3.6
2.1 ▲
22
24
6,550.9
3.4
1.0 ▲
23*
6,502.0
3.4
3.4 ▲
23*
6,502.0
3.4
3.4 ▲
25
56
6,383.4
3.3
2.2 ▲
192,650.4
100.0
-28.5% ▼
-41.1% ▼
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
# of Deals per Advisor
# of
Market
Deals
Rank Sh (%)
27
5*
0.8
27
5*
0.8
30
2*
0.9
30
2*
0.9
7
40*
0.2
26
8
0.8
19
15*
0.6
7
40*
0.2
14
19
0.4
13
20*
0.4
15
17*
0.4
23
10*
0.7
11
26*
0.3
12
22*
0.4
6
49*
0.2
7
40*
0.2
2
97*
0.1
3
84*
0.1
1
133*
0.0
2
97*
0.1
13
20*
0.4
24
9
0.7
1
133*
0.0
1
133*
0.0
19
15*
0.6
3,421
-17.7% ▼
-19.3% ▼
-15.1% ▼
-10.6% ▼
Any BRIC Involvement Announced M&A by Target Industry ($bil)
4%
5%
3%
Jan 1 - Sep 28 2012
1%
$54.7
20%
5%
6%
6%
8%
$31.9
12%
$32.1
12%
$48.7
18%
Energy and Power
Materials
Industrials
Telecommunications
Financials
High Technology
Real Estate
Consumer Staples
Consumer Products and Services
Media and Entertainment
Healthcare
Retail
Any BRIC Involvement Announced - Top Deals
Rank Date
8/22/2012
7/23/2012
5/20/2012
2/7/2012
4/24/2012
2/6/2012
3/30/2012
2/25/2012
6/8/2012
4/24/2012
Date Effective
Pending
Pending
9/18/2012
Pending
4/24/2012
Pending
6/19/2012
Pending
8/28/2012
4/24/2012
Change in
# of Deals
9 ▲
-1 ▼
-3 ▼
0 3 ▲
-5 ▼
4 ▲
4 ▲
-7 ▼
6 ▲
1 ▲
-1 ▼
2 ▲
8 ▲
-12 ▼
-1 ▼
-8 ▼
3 ▲
1 ▲
-1 ▼
2 ▲
-7 ▼
1 ▲
1 ▲
3 ▲
Target (% Sought/Acquired)
China Telecom Corp-3G Assets (100%)
Nexen Inc (100%)
Alibaba Group Holding Ltd (20%)
Redecard SA (50%)
MegaFon (25.1%)
Infraero-Guarulhos Concession (51%)
CIMPOR Cimentos de Portugal (40.34%)
Sterlite Industries(India)Ltd (100%)
Denizbank AS (99.85%)
Telekominvest (26.06%)
Jan 1 - Sep 28 2012
Acquiror
China Telecom Corp Ltd
CNOOC Canada Holding Ltd
Alibaba Group Holding Ltd
Banestado Participacoes
Investor Group
Undisclosed SPV
InterCement Austria Holding
Sesa Goa Ltd
Sberbank Rossii
AF Telecom Holding
Acquiror / Target Nation
China / China
Canada / Canada
China / China
Brazil / Brazil
Cyprus / Russian Fed
Brazil / Brazil
Austria / Portugal
India / India
Russian Fed / Turkey
Cyprus / Russian Fed
Rank Value (US$m)
18,047.3
17,665.6
7,100.0
6,821.7
5,200.0
4,789.8
4,096.8
3,910.8
3,550.9
3,292.4
Target Macro / Mid Industry
Telecommunications / Wireless
Energy and Power / Oil & Gas
Consumer Products and Services / Professional Services
High Technology / Computers & Peripherals
Telecommunications / Wireless
Industrials / Transportation & Infrastructure
Materials / Construction Materials
Materials / Metals & Mining
Financials / Banks
Telecommunications / Wireless
https://www.thomsonone.com
4
First Nine Months 2012 | Mergers & Acquisitions | Legal Advisors
Latin American M&A
Any Latin American Involvement Announced (AE35)
Legal Advisor
Skadden
Freshfields Bruckhaus Deringer
Clifford Chance
Sullivan & Cromwell
Alston & Bird
Cravath, Swaine & Moore
Creel, Garcia Cuella, Aiza y Enriquez
Greenberg Traurig
Mattos Filho Veiga Filho Marrey Jr
Lefosse Advogados
Souza, Cescon, Barrieu & Flesch
Jones Day
Simpson Thacher & Bartlett
Pinheiro Neto Advogados
Linklaters
Shearman & Sterling LLP
Uria Menendez
Machado Meyer Sendacz & Opice
Debevoise & Plimpton
Cleary Gottlieb Steen & Hamilton
Allen & Overy
Barbosa Mussnich & Aragao
White & Case LLP
Davis Polk & Wardwell
Hogan Lovells
Industry Total
Rank Value per Advisor (US$m)
Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
2
30,452.5
28.1
13.1 ▲
2
33
23,963.1
22.1
21.0 ▲
3
18
23,893.6
22.0
17.6 ▲
4
4
23,646.7
21.8
9.6 ▲
5
20,749.0
19.1
19.1 ▲
6*
10
20,093.5
18.5
12.1 ▲
6*
20,093.5
18.5
18.5 ▲
6*
95*
20,093.5
18.5
18.5 ▲
9
9
13,789.2
12.7
6.2 ▲
10
35
13,087.4
12.1
11.0 ▲
11
13
11,954.2
11.0
5.7 ▲
12
26
7,879.4
7.3
5.9 ▲
13
19
7,779.4
7.2
3.1 ▲
14
3
6,757.4
6.2
-7.2 ▼
15
36
5,825.8
5.4
4.4 ▲
16
6
5,732.6
5.3
-1.6 ▼
17
105*
5,614.8
5.2
5.2 ▲
18
5
5,459.0
5.0
-2.7 ▼
19
56
4,422.0
4.1
3.7 ▲
20
11
4,112.0
3.8
-2.4 ▼
21
8
3,380.1
3.1
-3.5 ▼
22
1
3,252.4
3.0
-14.3 ▼
23
37
2,569.2
2.4
1.5 ▲
24
12
2,565.6
2.4
-3.5 ▼
25
21
1,987.1
1.8
-1.6 ▼
108,562.9
100.0
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
-9.3% ▼
-67.3% ▼
Any Latin American Involvement Completed (AG36)
Jan 1 – Sep 28
# of Deals per Advisor
# of
Market
Deals
Rank Sh (%)
10
14*
0.8
4
29*
0.3
4
29*
0.3
8
16
0.6
2
46*
0.2
1
76*
0.1
1
76*
0.1
5
23*
0.4
32
3
2.4
16
9
1.2
27
4
2.0
18
8
1.3
6
19*
0.5
33
2
2.5
15
10
1.1
7
17*
0.5
10
14*
0.8
42
1
3.1
5
23*
0.4
5
23*
0.4
1
76*
0.1
26
5
1.9
7
17*
0.5
5
23*
0.4
4
29*
0.3
1,340
Change in
# of Deals
-4 0 -4 ▼
-3 ▼
2 ▲
-3 ▼
1 ▲
3 ▲
-8 ▼
8 ▲
-1 ▼
3 ▲
-1 ▼
-12 ▼
6 ▲
-1 ▼
9 ▲
3 ▲
4 ▲
-5 ▼
-5 ▼
-7 ▼
1 ▲
-1 ▼
0 -
Legal Advisor
Pinheiro Neto Advogados
Machado Meyer Sendacz & Opice
Sullivan & Cromwell
Lefosse Advogados
Barbosa Mussnich & Aragao
Linklaters
Clifford Chance
Cleary Gottlieb Steen & Hamilton
Mattos Filho Veiga Filho Marrey Jr
Cariola y Cia Abogados
Claro y Cia
Uria Menendez
Shearman & Sterling LLP
Vinson & Elkins LLP
Debevoise & Plimpton
Skadden
Freshfields Bruckhaus Deringer
Levy & Salomao Advogados
Davis Polk & Wardwell
White & Case LLP
Torys
Souza, Cescon, Barrieu & Flesch
Hogan Lovells
Dechert
Simpson Thacher & Bartlett
Industry Total
-11.4% ▼
-12.5% ▼
Jan 1 – Sep 28
Rank Value per Advisor (US$m)
Rank Market
Market
2012 2011
Rank Rank
Value US$m Sh (%) Share Ch.
1
5
15,913.8
21.9
12.9 ▲
2
7
13,422.7
18.5
10.6 ▲
3
21
13,105.2
18.0
13.6 ▲
4
26
10,135.8
14.0
10.4 ▲
5
2
9,390.5
12.9
-1.1 ▼
6
15
8,320.3
11.5
6.0 ▲
7
9
6,922.0
9.5
2.5 ▲
8
27
6,634.7
9.1
5.9 ▲
9
11
6,550.9
9.0
3.3 ▲
10*
6,502.0
9.0
9.0 ▲
10*
6,502.0
9.0
9.0 ▲
12
97*
6,133.7
8.4
8.4 ▲
13
12
5,088.1
7.0
1.3 ▲
14
16
4,800.0
6.6
1.3 ▲
15
52
3,900.0
5.4
4.3 ▲
16
8
3,631.7
5.0
-2.1 ▼
17
13
3,043.9
4.2
-1.4 ▼
18
96
2,822.7
3.9
3.9 ▲
19
3
2,565.6
3.5
-9.3 ▼
20
66
2,319.0
3.2
2.8 ▲
21
72
2,181.8
3.0
2.7 ▲
22
1
2,170.8
3.0
-12.2 ▼
23
97*
1,987.1
2.7
2.7 ▲
24
1,925.0
2.7
2.7 ▲
25
50
1,920.1
2.6
1.4 ▲
72,668.3
100.0
-35.4% ▼
-60.8% ▼
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
# of Deals per Advisor
# of
Market
Deals
Rank Sh (%)
30
1
3.3
27
2
3.0
8
12*
0.9
13
8*
1.4
24
3*
2.7
9
11
1.0
3
28*
0.3
5
21*
0.6
24
3*
2.7
1
58*
0.1
1
58*
0.1
7
16*
0.8
6
19*
0.7
1
58*
0.1
3
28*
0.3
8
12*
0.9
4
24*
0.4
6
19*
0.7
4
24*
0.4
7
16*
0.8
2
37*
0.2
15
7
1.7
3
28*
0.3
5
21*
0.6
4
24*
0.4
902
Change in
# of Deals
0 -4 ▼
-2 ▼
6 ▲
0 -1 ▼
-3 ▼
-4 ▼
-7 ▼
1 ▲
1 ▲
6 ▲
-3 ▼
-7 ▼
1 ▲
0 0 2 ▲
-4 ▼
2 ▲
-1 ▼
-16 ▼
2 ▲
5 ▲
-1 ▼
-18.1% ▼
-9.2% ▼
*tie
Latin American Involvement Announced M&A by Target Industry ($bil)
Jan 1 - Sep 28 2012
2%
3%
7%
1%
1%
4%
5%
$26
24%
8%
$13.7
13%
$17.4
16%
$17.7
16%
Consumer Staples
Materials
Industrials
Energy and Power
High Technology
Financials
Telecommunications
Real Estate
Retail
Consumer Products and Services
Healthcare
Media and Entertainment
Any Latin American Involvement Announced (AE35) - Top Deals
Rank Date
6/29/2012
2/7/2012
2/6/2012
3/30/2012
5/8/2012
3/26/2012
4/24/2012
8/22/2012
5/3/2012
6/7/2012
Date Effective
Pending
Pending
Pending
6/19/2012
Pending
4/24/2012
4/27/2012
8/23/2012
Pending
Intended
Target (% Sought/Acquired)
Grupo Modelo SAB de CV (49.7%)
Redecard SA (50%)
Infraero-Guarulhos Concession (51%)
CIMPOR Cimentos de Portugal (40.34%)
Koninklijke KPN NV (22.7%)
Centennial Asset Brazilian (5.63%)
Participes en Brasil SL (100%)
Anglo American Sur SA (24.5%)
Cia de Gas de Sao Paulo Comgas (60.1%)
Promigas SA ESP (75%)
Jan 1 - Sep 28 2012
Acquiror
Anheuser-Busch Inbev
Banestado Participacoes
Undisclosed SPV
InterCement Austria Holding
AMOV Europa BV
Mubadala Development Co PJSC
Investor Group
Inversiones Mineras Acrux SpA
Provence Participacoes SA
Corficolombiana
Acquiror / Target Nation
Belgium / Mexico
Brazil / Brazil
Brazil / Brazil
Austria / Portugal
Netherlands / Netherlands
Utd Arab Em / Brazil
Spain / Brazil
Chile / Chile
Brazil / Brazil
Colombia / Colombia
Rank Value (US$m)
20,093.4
6,821.7
4,789.8
4,096.8
3,380.1
2,000.0
1,824.0
1,800.0
1,781.8
1,680.4
Target Macro / Mid Industry
Consumer Staples / Food and Beverage
High Technology / Computers & Peripherals
Industrials / Transportation & Infrastructure
Materials / Construction Materials
Telecommunications / Telecommunications Services
Materials / Metals & Mining
Industrials / Building/Construction & Engineering
Materials / Metals & Mining
Energy and Power / Oil & Gas
Energy and Power / Oil & Gas
https://www.thomsonone.com
5
First Nine Months 2012 | Mergers & Acquisitions | Legal Advisors
Brazilian M&A
Any Brazilian Involvement Announced (AE37)
Legal Advisor
Mattos Filho Veiga Filho Marrey Jr
Lefosse Advogados
Souza, Cescon, Barrieu & Flesch
Skadden
Simpson Thacher & Bartlett
Jones Day
Pinheiro Neto Advogados
Uria Menendez
Machado Meyer Sendacz & Opice
Freshfields Bruckhaus Deringer
Linklaters
Barbosa Mussnich & Aragao
Davis Polk & Wardwell
Shearman & Sterling LLP
Hogan Lovells
Vieira, Rezende, Barbosa E Guerreiro
Sullivan & Cromwell
Cuatrecasas Goncalves Pereira
Sidley Austin LLP
Debevoise & Plimpton
Pellerano & Herrera
Azevedo Sette Avogados
Pereyra & Asociados
Baker & McKenzie
CMS
Homburger
Lenz & Staehelin
Industry Total
Rank Value per Advisor (US$m)
Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
5
13,789.2
25.5
12.4 ▲
2
26
13,087.4
24.2
22.0 ▲
3
7
11,954.2
22.1
11.4 ▲
4
3
10,116.5
18.7
1.4 ▲
5
16
7,536.9
14.0
9.5 ▲
6
48
6,821.7
12.6
12.4 ▲
7
2
6,757.4
12.5
-14.4 ▼
8
61*
5,614.8
10.4
10.4 ▲
9
4
3,838.0
7.1
-8.4 ▼
10
61*
3,605.8
6.7
6.7 ▲
11
50
3,451.0
6.4
6.3 ▲
12
1
3,252.4
6.0
-27.3 ▼
13
6
2,493.1
4.6
-7.1 ▼
14
12
2,107.6
3.9
-1.8 ▼
15
1,824.0
3.4
3.4 ▲
16
1,781.8
3.3
3.3 ▲
17
14*
1,469.1
2.7
-2.2 ▼
18
20
1,331.5
2.5
-0.6 ▼
19*
1,237.0
2.3
2.3 ▲
19*
1,237.0
2.3
2.3 ▲
19*
1,237.0
2.3
2.3 ▲
22
34
1,143.7
2.1
1.0 ▲
23
1,000.0
1.9
1.9 ▲
24
10
942.8
1.8
-5.6 ▼
25*
866.9
1.6
1.6 ▲
25*
866.9
1.6
1.6 ▲
25*
866.9
1.6
1.6 ▲
53,989.3
100.0
# of Deals per Advisor
# of
Market
Deals
Rank Sh (%)
32
3
5.4
16
8
2.7
27
4
4.5
7
13*
1.2
4
17*
0.7
7
13*
1.2
33
2
5.5
8
11*
1.3
39
1
6.5
2
26*
0.3
8
11*
1.3
26
5
4.4
3
21*
0.5
3
21*
0.5
1
43*
0.2
2
26*
0.3
3
21*
0.5
4
17*
0.7
2
26*
0.3
2
26*
0.3
2
26*
0.3
24
6
4.0
1
43*
0.2
4
17*
0.7
2
26*
0.3
1
43*
0.2
1
43*
0.2
596
-9.6% ▼
-52.1% ▼
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
*tie
Any Brazilian Involvement Completed (AG38)
Jan 1 – Sep 28
Change in
# of Deals
-7 8 ▲
-1 ▼
0 1 ▲
4 ▲
-11 ▼
7 ▲
0 1 ▲
2 ▲
-6 ▼
-1 ▼
-1 ▼
1 ▲
2 ▲
2 ▲
0 2 ▲
2 ▲
2 ▲
16 ▲
1 ▲
-8 ▼
2 ▲
1 ▲
1 ▲
Legal Advisor
Pinheiro Neto Advogados
Machado Meyer Sendacz & Opice
Sullivan & Cromwell
Lefosse Advogados
Barbosa Mussnich & Aragao
Linklaters
Mattos Filho Veiga Filho Marrey Jr
Clifford Chance
Cariola y Cia Abogados
Claro y Cia
Uria Menendez
Vinson & Elkins LLP
Cleary Gottlieb Steen & Hamilton
Freshfields Bruckhaus Deringer
Skadden
Levy & Salomao Advogados
Davis Polk & Wardwell
Shearman & Sterling LLP
Souza, Cescon, Barrieu & Flesch
Tozzini Freire Teixeira e Silva
Hogan Lovells
Cuatrecasas Goncalves Pereira
Gomez Acebo & Pombo
Dewey & LeBoeuf LLP
CMS
Homburger
Lenz & Staehelin
Industry Total
6.8% ▲
-38.7% ▼
Jan 1 – Sep 28
Rank Value per Advisor (US$m)
Rank Market
Market
2012 2011
Rank Rank
Value US$m Sh (%) Share Ch.
1
4
15,913.8
32.7
17.7 ▲
2
5
13,002.7
26.7
13.5 ▲
3
28
10,951.6
22.5
18.2 ▲
4
19
10,135.8
20.8
14.9 ▲
5
2
9,195.5
18.9
-4.6 ▼
6
33
7,240.3
14.9
11.6 ▲
7
11
6,550.9
13.4
3.9 ▲
8*
7
6,502.0
13.3
1.7 ▲
8*
6,502.0
13.3
13.3 ▲
8*
6,502.0
13.3
13.3 ▲
11
62*
4,908.7
10.1
10.1 ▲
12
23*
4,800.0
9.9
5.3 ▲
13
22
3,229.7
6.6
2.0 ▲
14
14*
3,043.9
6.3
-1.1 ▼
15
10
3,034.8
6.2
-4.3 ▼
16
61
2,822.7
5.8
5.8 ▲
17
3
2,493.1
5.1
-14.3 ▼
18
21
2,188.1
4.5
-0.5 ▼
19
1
2,170.8
4.5
-21.0 ▼
20
9
1,832.2
3.8
-7.1 ▼
21
1,824.0
3.7
3.7 ▲
22
41
1,402.8
2.9
1.4 ▲
23*
1,316.7
2.7
2.7 ▲
23*
45
1,316.7
2.7
1.5 ▲
25*
1,219.9
2.5
2.5 ▲
25*
1,219.9
2.5
2.5 ▲
25*
1,219.9
2.5
2.5 ▲
48,740.6
100.0
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
# of Deals per Advisor
# of
Market
Deals
Rank Sh (%)
30
1
7.6
26
2
6.6
4
15*
1.0
13
8
3.3
23
4*
5.8
6
11*
1.5
24
3
6.1
1
34*
0.3
1
34*
0.3
1
34*
0.3
4
15*
1.0
1
34*
0.3
2
20*
0.5
2
20*
0.5
5
13*
1.3
6
11*
1.5
2
20*
0.5
3
19
0.8
15
7
3.8
20
6
5.1
1
34*
0.3
5
13*
1.3
2
20*
0.5
1
34*
0.3
2
20*
0.5
1
34*
0.3
1
34*
0.3
395
-27.5% ▼
-81.4% ▼
-5.3% ▼
-26.8% ▼
Brazil Involvement Announced M&A by Target Industry ($bil)
1%
6%
4%
1%1%
Jan 1 - Sep 28 2012
1%
4%
$13.6
25%
8%
$8
15%
$8.8
16%
$9.6
18%
`
Industrials
Materials
Energy and Power
High Technology
Consumer Staples
Financials
Real Estate
Consumer Products and Services
Retail
Healthcare
Telecommunications
Media and Entertainment
Any Brazilian Involvement Announced (AE37) - Top Deals
Rank Date
2/7/2012
2/6/2012
3/30/2012
3/26/2012
4/24/2012
5/3/2012
2/6/2012
9/4/2012
2/6/2012
4/16/2012
Date Effective
Pending
Pending
6/19/2012
4/24/2012
4/27/2012
Pending
Pending
Pending
Pending
5/11/2012
Change in
# of Deals
0 -5 ▼
3 ▲
6 ▲
-1 ▼
2 ▲
-7 ▼
-1 ▼
1 ▲
1 ▲
3 ▲
-5 ▼
-2 ▼
0 1 ▲
2 ▲
-3 ▼
-1 ▼
-16 ▼
-4 ▼
1 ▲
1 ▲
2 ▲
-1 ▼
2 ▲
1 ▲
1 ▲
Target (% Sought/Acquired)
Redecard SA (50%)
Infraero-Guarulhos Concession (51%)
CIMPOR Cimentos de Portugal (40.34%)
Centennial Asset Brazilian (5.63%)
Participes en Brasil SL (100%)
Cia de Gas de Sao Paulo Comgas (60.1%)
Infraero-Brasilia Concession (51%)
CELPA (61.4%)
Infraero-Campinas Airport (51%)
Cerveceria Nacional Dominicana (41.76%)
Jan 1 - Sep 28 2012
Acquiror
Banestado Participacoes
Undisclosed SPV
InterCement Austria Holding
Mubadala Development Co PJSC
Investor Group
Provence Participacoes SA
Investor Group
Equatorial Energia SA
Investor Group
AmBev Brasil Bebidas SA
Acquiror / Target Nation
Brazil / Brazil
Brazil / Brazil
Austria / Portugal
Utd Arab Em / Brazil
Spain / Brazil
Brazil / Brazil
Brazil / Brazil
Brazil / Brazil
Brazil / Brazil
Brazil / Dominican Rep
Rank Value (US$m)
6,821.7
4,789.8
4,096.8
2,000.0
1,824.0
1,781.8
1,332.4
1,138.7
1,128.8
1,000.0
Target Macro / Mid Industry
High Technology / Computers & Peripherals
Industrials / Transportation & Infrastructure
Materials / Construction Materials
Materials / Metals & Mining
Industrials / Building/Construction & Engineering
Energy and Power / Oil & Gas
Industrials / Transportation & Infrastructure
Energy and Power / Power
Industrials / Transportation & Infrastructure
Consumer Staples / Food and Beverage
https://www.thomsonone.com
6
First Nine Months 2012 | Mergers & Acquisitions | Legal Advisors
Middle East & North African M&A
Any Middle East & North African Inv Announced (AE48)
Rank Value per Advisor (US$m)
Rank Value Market
Market
2012 2011
Legal Advisor
Rank Rank
US$m Sh (%) Share Ch.
Freshfields Bruckhaus Deringer
1
1
4,824.6
13.6
-10.9 ▲
Clifford Chance
2
2
3,226.7
9.1
-9.9 ▼
Jones Day
3
61
2,314.4
6.5
6.4 ▲
Davis Polk & Wardwell
4
2,300.0
6.5
6.5 ▲
BADR SAUD AL-BADR & PARTNERS
5
2,204.8
6.2
6.2 ▲
Cleary Gottlieb Steen & Hamilton
6
30*
2,137.4
6.0
5.3 ▲
Dechert
7
2,032.4
5.7
5.7 ▲
Shearman & Sterling LLP
8*
18
2,000.0
5.6
3.3 ▲
Lefosse Advogados
8*
2,000.0
5.6
5.6 ▲
Souza, Cescon, Barrieu & Flesch
8*
2,000.0
5.6
5.6 ▲
Mattos Filho Veiga Filho Marrey Jr
8*
2,000.0
5.6
5.6 ▲
Skadden
12
7
1,676.4
4.7
-11.1 ▼
King & Spalding
13
14
1,646.6
4.6
1.2 ▲
Fulbright & Jaworski
14*
65*
1,428.0
4.0
4.0 ▲
Simpson Thacher & Bartlett
14*
33
1,428.0
4.0
3.3 ▲
Allen & Overy
16
10
1,300.8
3.7
-4.5 ▼
Ashurst
17
25
1,039.0
2.9
1.9 ▲
Akin, Gump, Strauss, Hauer & Feld
18
781.6
2.2
2.2 ▲
Vinson & Elkins LLP
19
21
764.7
2.2
0.3 ▲
Weil Gotshal & Manges
20
65*
720.0
2.0
2.0 ▲
SNR Denton US LLP
21
715.4
2.0
2.0 ▲
Bird & Bird
22
695.0
2.0
2.0 ▲
Darrois Villey Maillot Brochier
23
685.9
1.9
1.9 ▲
Gibson Dunn & Crutcher
24
13
515.0
1.5
-2.4 ▼
Slaughter & May
25
460.0
1.3
1.3 ▲
35,527.6
Industry Total
100.0
# of Deals per Advisor
# of
Market
Deals
Rank Sh (%)
12
2*
1.6
12
2*
1.6
6
6*
0.8
2
23*
0.3
1
37*
0.1
2
23*
0.3
3
17*
0.4
2
23*
0.3
1
37*
0.1
1
37*
0.1
1
37*
0.1
6
6*
0.8
7
5
0.9
2
23*
0.3
1
37*
0.1
19
1
2.5
6
6*
0.8
2
23*
0.3
4
13*
0.5
4
13*
0.5
1
37*
0.1
3
17*
0.4
1
37*
0.1
6
6*
0.8
1
37*
0.1
748
-19.7% ▼
-0.4% ▼
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
Any Middle East & North African Inv Completed (AG49)
Jan 1 – Sep 28
Change in
# of Deals
2 1 ▲
3 ▲
2 ▲
1 ▲
1 ▲
3 ▲
-1 ▼
1 ▲
1 ▲
1 ▲
3 ▲
0 1 ▲
0 11 ▲
0 2 ▲
1 ▲
3 ▲
1 ▲
3 ▲
1 ▲
0 1 ▲
Legal Advisor
Shearman & Sterling LLP
Davis Polk & Wardwell
Cleary Gottlieb Steen & Hamilton
Dechert
Lefosse Advogados
Souza, Cescon, Barrieu & Flesch
Mattos Filho Veiga Filho Marrey Jr
Jones Day
Clifford Chance
Fulbright & Jaworski
Simpson Thacher & Bartlett
Freshfields Bruckhaus Deringer
Akin, Gump, Strauss, Hauer & Feld
SNR Denton US LLP
Weil Gotshal & Manges
Skadden
Gibson Dunn & Crutcher
Linklaters
Allen & Overy
Houthoff Buruma
Cuatrecasas Goncalves Pereira
Gomez Acebo & Pombo
Wachtell Lipton Rosen & Katz
McCarthy Lebit Crystal & Liffman
Sidley Austin LLP
Goldfarb Seligman & Co
Meitar Liquornik Geva & Co
Industry Total
19.1% ▲
-4.2% ▼
Rank Value per Advisor (US$m)
Rank Market
Market
2012 2011
Rank Rank
Value US$m Sh (%) Share Ch.
1
19
2,579.5
12.3
9.8 ▲
2
32
2,300.0
10.9
10.1 ▲
3
2,137.4
10.2
10.2 ▲
4
2,032.4
9.7
9.7 ▲
5*
2,000.0
9.5
9.5 ▲
5*
2,000.0
9.5
9.5 ▲
5*
2,000.0
9.5
9.5 ▲
8
39
1,993.2
9.5
9.1 ▲
9
3
1,832.2
8.7
-15.0 ▼
10*
60*
1,428.0
6.8
6.8 ▲
10*
31
1,428.0
6.8
6.0 ▲
12
1
1,032.1
4.9
-24.1 ▼
13
781.6
3.7
3.7 ▲
14
715.4
3.4
3.4 ▲
15
60*
648.9
3.1
3.1 ▲
16
30
626.4
3.0
2.1 ▲
17
23
515.0
2.5
0.5 ▲
18
2
437.1
2.1
-24.9 ▼
19
5
382.3
1.8
-9.4 ▼
20*
58
304.6
1.5
1.5 ▲
20*
304.6
1.5
1.5 ▲
22
22
269.6
1.3
-0.7 ▼
23
250.0
1.2
1.2 ▲
24*
180.5
0.9
0.9 ▲
24*
50
180.5
0.9
0.8 ▲
24*
180.5
0.9
0.9 ▲
24*
180.5
0.9
0.9 ▲
21,041.2
100.0
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
*tie
Jan 1 – Sep 28
-42.5% ▼
-59.0% ▼
# of Deals per Advisor
# of
Market
Deals
Rank Sh (%)
4
11*
0.8
2
22*
0.4
3
14*
0.6
3
14*
0.6
1
35*
0.2
1
35*
0.2
1
35*
0.2
4
11*
0.8
8
3
1.7
2
22*
0.4
1
35*
0.2
7
4
1.5
3
14*
0.6
1
35*
0.2
3
14*
0.6
5
7*
1.0
5
7*
1.0
9
2
1.9
17
1
3.5
1
35*
0.2
1
35*
0.2
2
22*
0.4
1
35*
0.2
1
35*
0.2
1
35*
0.2
1
35*
0.2
2
22*
0.4
482
4.6% ▲
-17.2% ▼
Middle Eastern & N African Involvement Announced M&A by Target Industry ($bil)
4%
5%
4%
1%
Jan 1 - Sep 28 2012
1%
$6.9
19%
4%
7%
10%
$3.8
11%
$5.6
16%
$6.3
18%
`
Telecommunications
Real Estate
Financials
Energy and Power
Industrials
Materials
Consumer Staples
Media and Entertainment
Retail
Healthcare
High Technology
Consumer Products and Services
Any Middle East & North African Inv Announced (AE48) - Top Deals
Rank Date
8/16/2012
3/26/2012
2/13/2012
6/5/2012
1/10/2012
8/17/2012
6/27/2012
9/10/2012
3/28/2012
3/7/2012
Date Effective
Intended
4/24/2012
5/27/2012
Pending
6/21/2012
Pending
Pending
Pending
Pending
Pending
Change in
# of Deals
2 ▲
0 3 ▲
3 ▲
1 ▲
1 ▲
1 ▲
0 -2 ▼
1 ▲
0 -2 ▼
3 ▲
1 ▲
2 ▲
4 ▲
2 ▲
0 10 ▲
-1 ▼
1 ▲
1 ▲
1 ▲
1 ▲
-1 ▼
1 ▲
2 ▲
Target (% Sought/Acquired)
Wataniya (47.5%)
Centennial Asset Brazilian (5.63%)
Egyptian Co for Mobile Svcs (93.92%)
Asiacell Telecommunication LLC (30%)
EDT Ret Trt-Shopping Centres (100%)
FGP Topco Ltd (20%)
Vela International Marine Ltd (100%)
Transocean Ltd-Water Rigs(38) (100%)
Damas International Ltd (100%)
Migdal Ins & Finl Hldg Ltd (69.1%)
Jan 1 - Sep 28 2012
Acquiror
Qtel
Mubadala Development Co PJSC
MT Telecom SCRL
Qtel
BRE DDR Retail Holdings LLC
Qatar Holding LLC
National Shipping Co of Saudi
Shelf Drilling Intl Hldg Ltd
Golden Investments Co Ltd
Eliahu Insurance Co Ltd
Acquiror / Target Nation
Qatar / Kuwait
Utd Arab Em / Brazil
Belgium / Egypt
Qatar / Iraq
United States / United States
Qatar / United Kingdom
Saudi Arabia / Utd Arab Em
Utd Arab Em / India
Utd Arab Em / Utd Arab Em
Israel / Israel
Rank Value (US$m)
2,204.8
2,000.0
1,932.4
1,470.0
1,428.0
1,412.5
1,206.6
1,050.0
987.3
890.9
Target Macro / Mid Industry
Telecommunications / Wireless
Materials / Metals & Mining
Telecommunications / Wireless
Telecommunications / Telecommunications Services
Real Estate / Non Residential
Industrials / Transportation & Infrastructure
Industrials / Transportation & Infrastructure
Energy and Power / Oil & Gas
Retail / Other Retailing
Financials / Insurance
https://www.thomsonone.com
7
First Nine Months 2012 | Mergers & Acquisitions | Legal Advisors
South African M&A
Any South African Involvement Announced (AE49)
Legal Advisor
Edward Nathan Sonnenbergs Inc
Linklaters
Werksmans Attorneys
Webber Wentzel
Freshfields Bruckhaus Deringer
Allen & Overy
Kinstellar
Fraser Milner Casgrain
Weil Gotshal & Manges
Gilbert + Tobin
Norton Rose
Fasken Martineau DuMoulin LLP
Slaughter & May
Cliffe Dekker
Stikeman Elliott
Barbosa Mussnich & Aragao
Dechert
Blake Cassels & Graydon
Udo Udoma & Co
Freehills
Baker & McKenzie
Java Capital Pty Ltd
Mayer Brown LLP
Davies Ward Phillips & Vineberg LLP
Sidley Austin LLP
Kirkland & Ellis
Industry Total
Rank Value per Advisor (US$m)
Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
2
3,579.6
33.8
19.7 ▲
2
8
1,260.9
11.9
2.7 ▲
3
3
851.1
8.0
-2.5 ▼
4
18
840.9
8.0
1.7 ▲
5
17
836.3
7.9
1.1 ▲
6
9
802.5
7.6
-0.9 ▼
7
780.9
7.4
7.4 ▲
8
19
407.0
3.9
-2.3 ▼
9
388.1
3.7
3.7 ▲
10
363.2
3.4
3.4 ▲
11
13*
353.7
3.3
-4.2 ▼
12
25
335.0
3.2
-0.6 ▼
13
252.3
2.4
2.4 ▲
14
1
250.5
2.4
-17.9 ▼
15*
220.0
2.1
2.1 ▲
15*
220.0
2.1
2.1 ▲
15*
220.0
2.1
2.1 ▲
15*
220.0
2.1
2.1 ▲
19
185.0
1.8
1.8 ▲
20
11
183.3
1.7
-6.0 ▼
21
33
179.9
1.7
1.0 ▲
22
174.7
1.7
1.7 ▲
23
115.0
1.1
1.1 ▲
24
106.1
1.0
1.0 ▲
25*
84.3
0.8
0.8 ▲
25*
13*
84.3
0.8
-6.7 ▼
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
*tie
Any South African Involvement Completed (AG50)
Jan 1 – Sep 28
# of Deals per Advisor
# of
Market
Deals
Rank Sh (%)
21
1
7.0
3
8*
1.0
5
4
1.7
8
2*
2.7
3
8*
1.0
2
12*
0.7
1
25*
0.3
2
12*
0.7
2
12*
0.7
2
12*
0.7
4
5*
1.3
1
25*
0.3
2
12*
0.7
3
8*
1.0
1
25*
0.3
1
25*
0.3
1
25*
0.3
1
25*
0.3
1
25*
0.3
2
12*
0.7
1
25*
0.3
8
2*
2.7
1
25*
0.3
4
5*
1.3
1
25*
0.3
1
25*
0.3
-40.3% ▼
29.2% ▲
Change in
# of Deals
16 -3 ▼
0 2 ▲
1 ▲
0 1 ▲
0 2 ▲
2 ▲
1 ▲
0 2 ▲
-4 ▼
1 ▲
1 ▲
1 ▲
1 ▲
1 ▲
0 0 8 ▲
1 ▲
4 ▲
1 ▲
-2 ▼
Legal Advisor
Linklaters
McCarthy Tetrault
Edward Nathan Sonnenbergs Inc
Werksmans Attorneys
Ashurst
Freehills
Cravath, Swaine & Moore
CLS Attorneys
Norton Rose
Orrick Herrington & Sutcliffe LLP
Kirkland & Ellis
Webber Wentzel
Jones Day
Fraser Milner Casgrain
Weil Gotshal & Manges
Freshfields Bruckhaus Deringer
Taylor Wessing LLP
Fasken Martineau DuMoulin LLP
Stikeman Elliott
Slaughter & May
Barbosa Mussnich & Aragao
Dechert
Blake Cassels & Graydon
AZB & Partners
Luthra & Luthra Law Offices
Industry Total
Rank Value per Advisor (US$m)
Rank Market
Market
2012 2011
Rank Rank
Value US$m Sh (%) Share Ch.
1
16
6,248.1
44.4
41.6 ▲
2
10
5,200.0
36.9
32.5 ▲
3
1
3,457.3
24.5
-7.3 ▼
4
19
2,188.8
15.5
13.4 ▲
5
27
1,586.1
11.3
10.4 ▲
6*
8
1,334.6
9.5
4.7 ▲
6*
42*
1,334.6
9.5
9.5 ▲
6*
1,334.6
9.5
9.5 ▲
6*
42*
1,334.6
9.5
9.5 ▲
6*
1,334.6
9.5
9.5 ▲
6*
42*
1,334.6
9.5
9.5 ▲
12
20
899.3
6.4
4.5 ▲
13
600.0
4.3
4.3 ▲
14
7
407.0
2.9
-2.4 ▼
15
388.1
2.8
2.8 ▲
16*
11
361.5
2.6
-1.8 ▼
16*
361.5
2.6
2.6 ▲
18
15
335.0
2.4
-0.9 ▼
19*
220.0
1.6
1.6 ▲
19*
220.0
1.6
1.6 ▲
19*
220.0
1.6
1.6 ▲
19*
220.0
1.6
1.6 ▲
19*
220.0
1.6
1.6 ▲
24*
34
104.7
0.7
0.6 ▲
24*
104.7
0.7
0.7 ▲
14,089.2
100.0
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
12.3% ▲
21.7% ▲
Jan 1 – Sep 28
-31.3% ▼
190.6% ▲
# of Deals per Advisor
# of
Market
Deals
Rank Sh (%)
3
4*
1.6
1
17*
0.5
14
1
7.3
4
3
2.1
3
4*
1.6
2
9*
1.0
1
17*
0.5
1
17*
0.5
1
17*
0.5
1
17*
0.5
2
9*
1.0
5
2
2.6
1
17*
0.5
2
9*
1.0
2
9*
1.0
2
9*
1.0
1
17*
0.5
1
17*
0.5
1
17*
0.5
1
17*
0.5
1
17*
0.5
1
17*
0.5
1
17*
0.5
1
17*
0.5
1
17*
0.5
192
4.3% ▲
11.7% ▲
South African Involvement Announced M&A by Target Industry ($bil)
Jan 1 - Sep 28 2012
$1.5
14%
$5.8
57%
Materials
Real Estate
Financials
Healthcare
Industrials
Consumer Staples
Media and Entertainment
Consumer Products and Services
Energy and Power
9%
4%
4%
0%
5%
7%
`
1%
Any South African Involvement Announced (AE49) - Top Deals
Rank Date
9/7/2012
6/5/2012
7/11/2012
4/24/2012
3/27/2012
6/12/2012
3/2/2012
2/16/2012
4/19/2012
4/20/2012
Date Effective
9/7/2012
Pending
Pending
Pending
6/25/2012
Pending
8/7/2012
4/12/2012
Pending
Pending
Change in
# of Deals
-1 ▼
-2 ▼
8 ▲
0 2 ▲
0 0 1 ▲
0 1 ▲
1 ▲
2 ▲
1 ▲
0 2 ▲
0 1 ▲
0 1 ▲
1 ▲
1 ▲
1 ▲
1 ▲
0 1 ▲
Target (% Sought/Acquired)
Richards Bay Minerals (37%)
SA Corporate Real Estate Fund (50%)
Nordenia International AG (93.4%)
Scaw Metals Group (100%)
Optimum Coal Holdings Ltd (32.23%)
Avusa Ltd (100%)
First Uranium(Pty)Ltd (100%)
Mondi Swiecie SA (27.19%)
Ecobank Transnational Inc (19.6%)
GlaxoSmithKline-OTC Brands (100%)
Jan 1 - Sep 28 2012
Acquiror
Rio Tinto PLC
Capital Property Fund Ltd
Mondi Ltd
Investor Group
Investor Group
Richtrau 229(Pty)Ltd
AngloGold Ashanti Ltd
FraMondi NV
Public Investment Corp Ltd
Aspen Global Inc
Acquiror / Target Nation
United Kingdom / South Africa
South Africa / South Africa
South Africa / Germany
South Africa / South Africa
South Africa / South Africa
South Africa / South Africa
South Africa / South Africa
Netherlands / Poland
South Africa / Togo
Mauritius / Australia
Rank Value (US$m)
1,910.0
985.1
780.9
437.2
406.0
355.9
335.0
315.4
250.0
232.2
Target Macro / Mid Industry
Materials / Metals & Mining
Real Estate / REITs
Materials / Containers & Packaging
Materials / Metals & Mining
Materials / Metals & Mining
Media and Entertainment / Publishing
Materials / Metals & Mining
Materials / Containers & Packaging
Financials / Banks
Healthcare / Pharmaceuticals
https://www.thomsonone.com
8
First Nine Months 2012 | Mergers & Acquisitions | Legal Advisors
Eastern European M&A
Any Eastern European Involvement Announced (AE47)
Legal Advisor
Skadden
White & Case LLP
Akin, Gump, Strauss, Hauer & Feld
Allen & Overy
Freshfields Bruckhaus Deringer
Linklaters
Weil Gotshal & Manges
Kinstellar
Taboglu & Demirhan Attorneys
Cerha Hempel Spiegelfeld Hlawati
Havel Holasek & Partners sro
McCarthy Tetrault
Kirkland & Ellis
Debevoise & Plimpton
Cleary Gottlieb Steen & Hamilton
Liniya Prava
Uria Menendez
Hengeler Mueller
Pekin & Bayar
Hogan Lovells
Pekin & Pekin
Sibel Ertekin Hukuk Burosu
Salans LLP
OOO "Nektorov, Savel'yev i Partnery"
Anderson Mori & Tomotsune
Squire Sanders & Dempsey LLP
Industry Total
Rank Value per Advisor (US$m)
Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
9
6,472.9
11.2
6.6 ▲
2
13
6,169.3
10.7
6.5 ▲
3
7
5,823.6
10.1
4.5 ▲
4
8
4,528.5
7.9
3.1 ▲
5
2
4,243.8
7.4
-1.7 ▼
6
1
4,148.6
7.2
-7.4 ▼
7
18
4,020.5
7.0
4.2 ▲
8
91*
3,560.9
6.2
6.2 ▲
9*
3,550.9
6.2
6.2 ▲
9*
3,550.9
6.2
6.2 ▲
11*
66
3,530.5
6.1
6.0 ▲
11*
3,530.5
6.1
6.1 ▲
11*
71
3,530.5
6.1
6.0 ▲
14
16
2,301.9
4.0
0.4 ▲
15
17
1,802.6
3.1
-0.1 ▼
16
1,550.6
2.7
2.7 ▲
17
54*
1,425.2
2.5
2.2 ▲
18
91*
1,177.7
2.1
2.1 ▲
19
91*
1,023.0
1.8
1.8 ▲
20
27
945.8
1.6
-0.3 ▼
21*
923.0
1.6
1.6 ▲
21*
923.0
1.6
1.6 ▲
23
59
880.9
1.5
1.2 ▲
24
870.9
1.5
1.5 ▲
25*
750.0
1.3
1.3 ▲
25*
41
750.0
1.3
0.2 ▲
57,573.3
100.0
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
*tie
Any Eastern European Involvement Completed (AG48)
Jan 1 – Sep 28
# of Deals per Advisor
# of
Market
Deals
Rank Sh (%)
11
9*
0.4
17
2*
0.6
7
17*
0.3
18
1
0.7
7
17*
0.3
13
5*
0.5
5
22*
0.2
9
12*
0.3
1
48*
0.0
1
48*
0.0
17
2*
0.6
1
48*
0.0
3
31*
0.1
5
22*
0.2
3
31*
0.1
5
22*
0.2
1
48*
0.0
3
31*
0.1
8
15*
0.3
9
12*
0.3
2
36*
0.1
2
36*
0.1
11
9*
0.4
1
48*
0.0
1
48*
0.0
4
26*
0.2
2,654
-38.8% ▼
-64.9% ▼
Change in
# of Deals
4 ▲
-1 ▼
-6 ▼
-1 ▼
-13 ▼
-8 ▼
-8 ▼
8 ▲
1 ▲
1 ▲
-5 ▼
1 ▲
2 ▲
-3 ▼
-7 ▼
5 ▲
0 2 ▲
6 ▲
-5 ▼
2 ▲
2 ▲
1 ▲
1 ▲
1 ▲
-7 ▼
Legal Advisor
Freshfields Bruckhaus Deringer
Skadden
Linklaters
Akin, Gump, Strauss, Hauer & Feld
White & Case LLP
Weil Gotshal & Manges
Kinstellar
Havel Holasek & Partners sro
Taboglu & Demirhan Attorneys
Cerha Hempel Spiegelfeld Hlawati
McCarthy Tetrault
Kirkland & Ellis
DLA Piper
Hogan Lovells
Blake Cassels & Graydon
Gide Loyrette Nouel
Davies Ward Phillips & Vineberg LLP
Cassels Brock & Blackwell LLP
Paul, Weiss
Allen & Overy
Debevoise & Plimpton
Cleary Gottlieb Steen & Hamilton
Herguner, Bilgen & Ozeke
YukselKarkinKucuk Attorney Partners
Hengeler Mueller
Industry Total
Rank Value per Advisor (US$m)
Rank Market
Market
2012 2011
Rank Rank
Value US$m Sh (%) Share Ch.
1
3
11,909.3
19.0
9.0 ▲
2
24
8,369.3
13.4
10.6 ▲
3
1
6,685.0
10.7
-13.4 ▼
4
8
5,898.5
9.4
3.2 ▲
5
4
5,261.2
8.4
-0.4 ▼
6
10
4,320.7
6.9
1.6 ▲
7
3,612.2
5.8
5.8 ▲
8
55
3,581.8
5.7
5.5 ▲
9*
3,550.9
5.7
5.7 ▲
9*
3,550.9
5.7
5.7 ▲
11*
70
3,530.5
5.6
5.6 ▲
11*
60*
3,530.5
5.6
5.5 ▲
13
5
2,774.0
4.4
-3.7 ▼
14
34
2,479.0
4.0
2.9 ▲
15
63*
2,306.5
3.7
3.6 ▲
16
71
2,226.5
3.6
3.6 ▲
17*
2,191.5
3.5
3.5 ▲
17*
63*
2,191.5
3.5
3.4 ▲
17*
86*
2,191.5
3.5
3.5 ▲
20
7
2,137.6
3.4
-3.0 ▼
21
2
1,867.2
3.0
-7.5 ▼
22
23
1,802.6
2.9
-0.3 ▼
23*
27
1,582.2
2.5
0.6 ▲
23*
1,582.2
2.5
2.5 ▲
25
25*
1,177.7
1.9
-0.5 ▼
62,712.3
100.0
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
-21.7% ▼
-5.6% ▼
Jan 1 – Sep 28
-46.3% ▼
-53.4% ▼
# of Deals per Advisor
# of
Market
Deals
Rank Sh (%)
9
13*
0.4
10
11*
0.5
15
5
0.7
8
15
0.4
17
2
0.8
6
19*
0.3
13
8*
0.6
16
3*
0.8
1
46*
0.1
1
46*
0.1
1
46*
0.1
1
46*
0.1
14
6*
0.7
9
13*
0.4
2
35*
0.1
7
16*
0.3
1
46*
0.1
1
46*
0.1
1
46*
0.1
13
8*
0.6
5
24*
0.2
4
28*
0.2
1
46*
0.1
1
46*
0.1
2
35*
0.1
2,133
-22.9% ▼
-12.6% ▼
Eastern Europe Involvement Announced M&A by Target Industry ($bil)
2%
2%
1%
1%
5%
7%
$6.3
11%
Jan 1 - Sep 28 2012
1%
$13.3
24%
10%
$9.8
17%
$10.5
19%
Energy and Power
Telecommunications
Financials
Consumer Staples
Industrials
Materials
Real Estate
Media and Entertainment
Healthcare
Consumer Products and Services
High Technology
Retail
Any Eastern European Involvement Announced (AE47) - Top Deals
Rank Date
4/24/2012
6/8/2012
4/3/2012
4/24/2012
2/28/2012
2/28/2012
5/31/2012
3/29/2012
1/20/2012
5/16/2012
Date Effective
4/24/2012
8/28/2012
6/18/2012
4/24/2012
6/14/2012
Pending
Pending
3/29/2012
7/1/2012
Pending
Change in
# of Deals
-11 ▼
6 ▲
-8 ▼
-3 ▼
-2 ▼
-2 ▼
13 ▲
-3 ▼
1 ▲
1 ▲
0 0 8 ▲
-3 ▼
0 -1 ▼
1 ▲
0 0 -7 ▼
-2 ▼
-4 ▼
-1 ▼
1 ▲
1 ▲
Target (% Sought/Acquired)
MegaFon (25.1%)
Denizbank AS (99.85%)
Starbev Management Services (100%)
Telekominvest (26.06%)
NK Rosneft' (3.04%)
Kredyt Bank SA (100%)
Baltika (15.5%)
UGK (90%)
TUiR Warta SA (100%)
UK Unikor-Real Estate Assets (100%)
Jan 1 - Sep 28 2012
Acquiror
Investor Group
Sberbank Rossii
Molson Coors Brewing Co
AF Telecom Holding
NK Rosneft'
Bank Zachodni WBK SA
Baltic Beverages Holding AB
AK Alrosa
Talanx AG
Gruppa BIN
Acquiror / Target Nation
Cyprus / Russian Fed
Russian Fed / Turkey
United States / Czech Republic
Cyprus / Russian Fed
Russian Fed / Russian Fed
Poland / Poland
Sweden / Russian Fed
Russian Fed / Russian Fed
Germany / Poland
Russian Fed / Russian Fed
Rank Value (US$m)
5,200.0
3,550.9
3,530.5
3,292.4
2,356.4
1,425.2
1,088.2
1,037.0
995.7
982.5
Target Macro / Mid Industry
Telecommunications / Wireless
Financials / Banks
Consumer Staples / Food and Beverage
Telecommunications / Wireless
Energy and Power / Oil & Gas
Financials / Banks
Consumer Staples / Food and Beverage
Energy and Power / Oil & Gas
Financials / Insurance
Real Estate / Non Residential
https://www.thomsonone.com
`
9
First Nine Months 2012 | Mergers & Acquisitions | Legal Advisors
Asia Pacific M&A
Any Asia Pacific Emerging Market Inv Announced†
Jan 1 – Sep 28
Rank Value per Advisor (US$m)
Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
10
27,577.2
10.5
7.2 ▲
2
102
27,542.5
10.5
10.3 ▲
3
6
24,363.4
9.3
4.2 ▲
4
72
23,531.1
9.0
8.5 ▲
5
24
22,167.4
8.5
6.7 ▲
6
20
20,625.6
7.9
6.0 ▲
7
9
19,677.1
7.5
3.8 ▲
8
104
18,724.6
7.2
7.0 ▲
9
69*
18,011.1
6.9
6.4 ▲
10*
17,665.6
6.8
6.8 ▲
10*
38
17,665.6
6.8
5.7 ▲
10*
17,665.6
6.8
6.8 ▲
13
1
16,324.8
6.2
-3.1 ▼
14
66
12,475.0
4.8
4.3 ▲
15
11,415.0
4.4
4.4 ▲
16
13
10,270.7
3.9
1.5 ▲
17
26
10,011.0
3.8
2.1 ▲
18
17
9,004.2
3.4
1.4 ▲
19
35
8,504.0
3.3
2.0 ▲
20
19
8,480.8
3.2
1.2 ▲
21
3
7,518.2
2.9
-5.0 ▼
22
12
7,281.9
2.8
-0.1 ▼
23
91
7,191.4
2.8
2.5 ▲
24
27
7,145.3
2.7
1.1 ▲
25*
110
7,100.0
2.7
2.5 ▲
25*
7,100.0
2.7
2.7 ▲
25*
96*
7,100.0
2.7
2.5 ▲
261,634.7
100.0
Legal Advisor
Freshfields Bruckhaus Deringer
Paul, Weiss
Sullivan & Cromwell
Burnet Duckworth & Palmer
WongPartnership LLP
Davis Polk & Wardwell
Skadden
Cleary Gottlieb Steen & Hamilton
Stikeman Elliott
Richard A Shaw Professional Corp
Blake Cassels & Graydon
Osler Hoskin & Harcourt LLP
Baker & McKenzie
Weil Gotshal & Manges
Stamford Law Corp
Fangda Partners
Latham & Watkins
White & Case LLP
Shook Lin & Bok LLP
Amarchand Mangaldas
Linklaters
Ashurst
O'Melveny & Myers
Kirkland & Ellis
Fenwick & West LLP
Munger Tolles & Olson
Wachtell Lipton Rosen & Katz
Industry Total
# of Deals per Advisor
# of
Market
Deals
Rank Sh (%)
20
10*
0.4
11
21*
0.2
5
47*
0.1
2
83*
0.0
16
14*
0.3
5
47*
0.1
21
8*
0.4
7
32*
0.1
3
70*
0.1
1
112*
0.0
1
112*
0.0
1
112*
0.0
34
3*
0.7
8
29*
0.2
9
26*
0.2
15
17
0.3
14
18
0.3
11
21*
0.2
10
24*
0.2
35
2
0.7
19
12
0.4
21
8*
0.4
7
32*
0.1
7
32*
0.1
1
112*
0.0
1
112*
0.0
1
112*
0.0
4,852
10.7% ▲
25.1% ▲
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
*tie
Any Asia Pacific Emerging Market Inv Completed†
Change in
# of Deals
0 4 ▲
-6 ▼
1 ▲
-2 ▼
-11 ▼
-1 ▼
2 ▲
2 ▲
1 ▲
-6 ▼
1 ▲
-34 ▼
4 ▲
9 ▲
-7 ▼
3 ▲
-11 ▼
-5 ▼
16 ▲
-9 ▼
3 ▲
-1 ▼
0 -2 ▼
1 ▲
-2 ▼
Legal Advisor
Skadden
Freshfields Bruckhaus Deringer
Linklaters
Weil Gotshal & Manges
Fangda Partners
Paul, Weiss
Jingtian & Gongcheng
Slaughter & May
O'Melveny & Myers
Latham & Watkins
Fenwick & West LLP
Allen & Overy
Vinson & Elkins LLP
White & Case LLP
Munger Tolles & Olson
Wachtell Lipton Rosen & Katz
King & Wood Mallesons
Sullivan & Cromwell
Davis Polk & Wardwell
Baker & McKenzie
Clifford Chance
Lefosse Advogados
Machado Meyer Sendacz & Opice
Norton Rose
Clayton Utz
Industry Total
Jan 1 – Sep 28
Rank Value per Advisor (US$m)
Rank Market
Market
2012 2011
Rank Rank
Value US$m Sh (%) Share Ch.
1
10
15,630.7
9.9
5.7 ▲
2
5
15,034.1
9.5
1.7 ▲
3
1
12,524.3
8.0
-3.1 ▼
4
134
11,142.2
7.1
7.0 ▲
5
19
9,292.5
5.9
3.9 ▲
6
94
8,054.5
5.1
4.8 ▲
7
103
7,860.8
5.0
4.7 ▲
8
13
7,554.9
4.8
1.6 ▲
9
78
7,545.5
4.8
4.3 ▲
10
23
7,540.5
4.8
2.9 ▲
11
192
7,495.0
4.8
4.8 ▲
12
4
7,482.4
4.8
-3.5 ▼
13
3
7,300.0
4.6
-4.5 ▼
14
18
7,290.0
4.6
2.5 ▲
15*
7,100.0
4.5
4.5 ▲
15*
96*
7,100.0
4.5
4.2 ▲
17
28
6,748.3
4.3
2.6 ▲
18
24
6,511.5
4.1
2.2 ▲
19
100
5,958.1
3.8
3.5 ▲
20
6
5,100.2
3.2
-4.5 ▼
21
12
5,054.8
3.2
-0.1 ▼
22* 212*
4,800.0
3.1
3.1 ▲
22*
51*
4,800.0
3.1
2.0 ▲
24
17
4,234.4
2.7
0.3 ▲
25
54
4,207.6
2.7
1.7 ▲
157,575.5
100.0
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
# of Deals per Advisor
# of
Market
Deals
Rank Sh (%)
15
12*
0.6
25
4
1.0
24
5*
0.9
6
34*
0.2
15
12*
0.6
9
22*
0.4
12
16*
0.5
10
20*
0.4
7
30*
0.3
3
73*
0.1
2
83*
0.1
16
10*
0.6
2
83*
0.1
15
12*
0.6
1
118*
0.0
1
118*
0.0
23
7
0.9
6
34*
0.2
7
30*
0.3
24
5*
0.9
11
18*
0.4
2
83*
0.1
1
118*
0.0
10
20*
0.4
4
52*
0.2
2,544
-15.0% ▼
-8.9% ▼
-17.6% ▼
-10.8% ▼
-15.2% ▼
-4.4% ▼
Asia Pacific Emerging Market Involvement Announced M&A by Target Industry ($bil)
6%
4%
$51.3
20%
7%
8%
$22.7
9%
Jan 1 - Sep 28 2012
1%
3%
5%
$23
9%
$43.6
17%
$26.6
10%
Energy and Power
Materials
Financials
Telecommunications
Consumer Staples
Real Estate
Industrials
High Technology
Media and Entertainment
Consumer Products and Services
Healthcare
Retail
Jan 1 - Sep 28 2012
Any Asia Pacific Emerging Market Inv Announced† - Top Deals
Rank Date
8/22/2012
7/23/2012
9/13/2012
5/20/2012
6/28/2012
4/2/2012
2/25/2012
8/13/2012
3/7/2012
6/6/2012
Date Effective
Pending
Pending
Pending
9/18/2012
Pending
Pending
Pending
Pending
3/7/2012
Pending
Change in
# of Deals
-6 ▼
0 -5 ▼
3 ▲
1 ▲
2 ▲
8 ▲
2 ▲
-6 ▼
-7 ▼
1 ▲
-10 ▼
-3 ▼
4 ▲
1 ▲
-1 ▼
5 ▲
0 -1 ▼
-38 ▼
-11 ▼
1 ▲
0 -5 ▼
2 ▲
Target (% Sought/Acquired)
China Telecom Corp-3G Assets (100%)
Nexen Inc (100%)
Fraser & Neave Ltd (69.6%)
Alibaba Group Holding Ltd (20%)
Progress Energy Resources Corp (100%)
Bank Danamon Tbk PT (67.4%)
Sterlite Industries(India)Ltd (100%)
Focus Media Holding Ltd (100%)
Tanjong Energy Hldgs Sdn Bhd (100%)
Yunnan Yuntianhua Intl Chem Co (100%)
Acquiror
China Telecom Corp Ltd
CNOOC Canada Holding Ltd
TCC Assets Ltd
Alibaba Group Holding Ltd
Petronas Carigali Canada Ltd
DBS Group Holdings Ltd
Sesa Goa Ltd
Focus Media Holding Ltd SPV
1Malaysia Development Bhd
YYTH
Acquiror / Target Nation
China / China
Canada / Canada
British Virgin / Singapore
China / China
Canada / Canada
Singapore / Indonesia
India / India
United States / China
Malaysia / Malaysia
China / China
Rank Value (US$m)
18,047.3
17,665.6
9,219.3
7,100.0
5,865.5
4,970.5
3,910.8
2,954.1
2,810.4
2,806.1
Target Macro / Mid Industry
Telecommunications / Wireless
Energy and Power / Oil & Gas
Consumer Staples / Food and Beverage
Consumer Products and Services / Professional Services
Energy and Power / Oil & Gas
Financials / Banks
Materials / Metals & Mining
Media and Entertainment / Advertising & Marketing
Energy and Power / Power
Materials / Chemicals
https://www.thomsonone.com
10
First Nine Months 2012 | Mergers & Acquisitions | Legal Advisors
Chinese M&A
Any Chinese Involvement Announced (AE53)
Legal Advisor
Paul, Weiss
Freshfields Bruckhaus Deringer
Sullivan & Cromwell
Davis Polk & Wardwell
Cleary Gottlieb Steen & Hamilton
Stikeman Elliott
Burnet Duckworth & Palmer
Richard A Shaw Professional Corp
Blake Cassels & Graydon
Osler Hoskin & Harcourt LLP
Skadden
Weil Gotshal & Manges
Fangda Partners
White & Case LLP
Latham & Watkins
O'Melveny & Myers
Kirkland & Ellis
Fenwick & West LLP
Munger Tolles & Olson
Wachtell Lipton Rosen & Katz
Baker & McKenzie
Jingtian & Gongcheng
Linklaters
Zhong Lun Law Firm
King & Wood Mallesons
Industry Total
Rank Value per Advisor (US$m)
Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
88
26,738.3
16.6
16.3 ▲
2
17
26,603.6
16.6
14.0 ▲
3
7
24,363.4
15.2
11.5 ▲
4
51
20,625.6
12.8
11.9 ▲
5
81
18,724.6
11.7
11.4 ▲
6
54*
17,911.8
11.2
10.3 ▲
7*
17,665.6
11.0
11.0 ▲
7*
17,665.6
11.0
11.0 ▲
7*
23
17,665.6
11.0
9.2 ▲
7*
17,665.6
11.0
11.0 ▲
11
4
14,197.3
8.8
4.2 ▲
12
53
11,638.4
7.2
6.3 ▲
13
5
10,270.7
6.4
2.3 ▲
14
12
8,219.7
5.1
1.9 ▲
15
20
8,194.1
5.1
2.9 ▲
16
79
7,191.4
4.5
4.2 ▲
17
41
7,145.3
4.5
3.4 ▲
18*
7,100.0
4.4
4.4 ▲
18*
7,100.0
4.4
4.4 ▲
18*
72*
7,100.0
4.4
4.0 ▲
21
2
6,078.7
3.8
-1.2 ▼
22
93
5,457.7
3.4
3.2 ▲
23
3
5,319.4
3.3
-1.3 ▼
24
63
5,255.7
3.3
2.7 ▲
25
1
4,754.3
3.0
-2.9 ▼
160,663.0
100.0
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
Any Chinese Involvement Completed (AG54)
Jan 1 – Sep 28
# of Deals per Advisor
# of
Market
Deals
Rank Sh (%)
6
17*
0.2
13
7
0.5
5
24*
0.2
5
24*
0.2
7
15*
0.3
2
53*
0.1
1
69*
0.0
1
69*
0.0
1
69*
0.0
1
69*
0.0
17
4*
0.6
4
29*
0.2
15
6
0.6
6
17*
0.2
8
13*
0.3
6
17*
0.2
7
15*
0.3
1
69*
0.0
1
69*
0.0
1
69*
0.0
12
8*
0.5
20
3
0.8
11
10
0.4
5
24*
0.2
23
2
0.9
2,658
13.7% ▲
42.8% ▲
Change in
# of Deals
1 ▲
4 ▲
1 ▲
-7 ▼
2 ▲
1 ▲
1 ▲
1 ▲
-5 ▼
1 ▲
3 ▲
1 ▲
-7 ▼
-12 ▼
1 ▲
0 4 ▲
1 ▲
1 ▲
-1 ▼
-11 ▼
15 ▲
-1 ▼
-6 ▼
-3 ▼
Legal Advisor
Skadden
Freshfields Bruckhaus Deringer
Linklaters
Weil Gotshal & Manges
Fangda Partners
Jingtian & Gongcheng
O'Melveny & Myers
Latham & Watkins
Paul, Weiss
Vinson & Elkins LLP
White & Case LLP
Fenwick & West LLP
Munger Tolles & Olson
Wachtell Lipton Rosen & Katz
King & Wood Mallesons
Lefosse Advogados
Machado Meyer Sendacz & Opice
Slaughter & May
Commerce & Finance Law Offices
Norton Rose
Clayton Utz
Minter Ellison
Davis Polk & Wardwell
Garrigues
Grandall Law Firm
Industry Total
-12.4% ▼
-3.7% ▼
Jan 1 – Sep 28
Rank Value per Advisor (US$m)
Rank Market
Market
2012 2011
Rank Rank
Value US$m Sh (%) Share Ch.
1
7
15,111.7
16.4
10.3 ▲
2
6
10,476.1
11.4
4.7 ▲
3
64
10,410.9
11.3
10.7 ▲
4
94
10,410.5
11.3
11.1 ▲
5
11
9,292.5
10.1
6.0 ▲
6
66
7,860.8
8.5
7.9 ▲
7
65
7,545.5
8.2
7.6 ▲
8
47
7,540.5
8.2
6.9 ▲
9
81
7,521.3
8.2
7.8 ▲
10
4
7,300.0
7.9
-0.8 ▼
11
10
7,275.0
7.9
3.6 ▲
12*
7,100.0
7.7
7.7 ▲
12*
7,100.0
7.7
7.7 ▲
12*
62*
7,100.0
7.7
7.1 ▲
15
17
6,383.4
6.9
3.7 ▲
16*
4,800.0
5.2
5.2 ▲
16*
33*
4,800.0
5.2
3.0 ▲
18
39
4,391.4
4.8
3.1 ▲
19
96
4,174.4
4.5
4.3 ▲
20
13
4,168.8
4.5
1.0 ▲
21
37
3,974.7
4.3
2.3 ▲
22
82
3,758.1
4.1
3.7 ▲
23
83
3,670.5
4.0
3.6 ▲
24
3,515.9
3.8
3.8 ▲
25
9
3,467.2
3.8
-1.5 ▼
92,333.6
100.0
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
2.2% ▲
3.3% ▲
# of Deals per Advisor
# of
Market
Deals
Rank Sh (%)
14
6
1.3
15
4*
1.4
17
3
1.6
3
42*
0.3
15
4*
1.4
12
7
1.1
5
23*
0.5
3
42*
0.3
5
23*
0.5
2
52*
0.2
11
8
1.0
1
73*
0.1
1
73*
0.1
1
73*
0.1
19
2
1.7
2
52*
0.2
1
73*
0.1
5
23*
0.5
3
42*
0.3
6
18*
0.6
3
42*
0.3
5
23*
0.5
5
23*
0.5
1
73*
0.1
6
18*
0.6
1,094
Change in
# of Deals
3 ▲
6 ▲
10 ▲
1 ▲
1 ▲
8 ▲
-1 ▼
-3 ▼
1 ▲
-2 ▼
1 ▲
1 ▲
1 ▲
0 3 ▲
2 ▲
0 1 ▲
0 1 ▲
2 ▲
1 ▲
-2 ▼
1 ▲
-7 ▼
-2.8% ▼
-16.4% ▼
*tie
Chinese Involvement Announced M&A by Target Industry ($bil)
Jan 1 - Sep 28 2012
2%
6%
6%
5%
7%
5%
4%
$13.4
9%
4%
$34.3
22%
$20.9
13%
$29.1
19%
Energy and Power
Materials
Telecommunications
Industrials
Real Estate
Financials
Consumer Products and Services
Media and Entertainment
High Technology
Healthcare
Consumer Staples
Retail
Any Chinese Involvement Announced (AE53) - Top Deals
Rank Date
8/22/2012
7/23/2012
5/20/2012
8/13/2012
6/6/2012
5/30/2012
5/20/2012
2/21/2012
1/3/2012
2/15/2012
Date Effective
Pending
Pending
9/18/2012
Pending
Pending
Pending
9/4/2012
6/19/2012
4/27/2012
Pending
Target (% Sought/Acquired)
China Telecom Corp-3G Assets (100%)
Nexen Inc (100%)
Alibaba Group Holding Ltd (20%)
Focus Media Holding Ltd (100%)
Yunnan Yuntianhua Intl Chem Co (100%)
Chongqing Iron&Steel(Grp)-Asts (100%)
AMC Entertainment Inc (100%)
Alibaba.com Ltd (28.65%)
Devon Energy Corp-Assets (33.33%)
Shanxi Meijin Grp Jinfu Coal (100%)
Jan 1 - Sep 28 2012
Acquiror
China Telecom Corp Ltd
CNOOC Canada Holding Ltd
Alibaba Group Holding Ltd
Focus Media Holding Ltd SPV
YYTH
Chongqing Iron & Steel Co Ltd
Dalian Wanda Group Corp Ltd
Alibaba Group Holding Ltd
SIPC
Shanxi Meijin Energy Co Ltd
Acquiror / Target Nation
China / China
Canada / Canada
China / China
United States / China
China / China
China / China
China / United States
China / China
China / United States
China / China
Rank Value (US$m)
18,047.3
17,665.6
7,100.0
2,954.1
2,806.1
2,798.9
2,600.0
2,531.4
2,500.0
2,334.6
Target Macro / Mid Industry
Telecommunications / Wireless
Energy and Power / Oil & Gas
Consumer Products and Services / Professional Services
Media and Entertainment / Advertising & Marketing
Materials / Chemicals
Materials / Metals & Mining
Media and Entertainment / Motion Pictures / Audio Visual
High Technology / E-commerce / B2B
Energy and Power / Oil & Gas
Materials / Metals & Mining
https://www.thomsonone.com
11
First Nine Months 2012 | Mergers & Acquisitions | Legal Advisors
Indian M&A
Any Indian Involvement Announced (AE57)
Legal Advisor
Amarchand Mangaldas
Skadden
AZB & Partners
Ashurst
Khaitan & Co
J Sagar Associates
Jones Day
Stamford Law Corp
Rodyk & Davidson
Weil Gotshal & Manges
Paul, Weiss
Latham & Watkins
Freshfields Bruckhaus Deringer
Baker & McKenzie
Herbert Smith
Covington & Burling
Universal Legal Firm
Anderson Mori & Tomotsune
Freehills
Middletons Lawyers
Vinson & Elkins LLP
Linklaters
DLA Piper
Gibson Dunn & Crutcher
Desai & Diwanji
Industry Total
Rank Value per Advisor (US$m)
Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
6
8,235.9
31.2
17.9 ▲
2
4,960.8
18.8
18.8 ▲
3
1
4,785.2
18.1
-21.1 ▼
4
7
4,095.7
15.5
5.4 ▲
5
5
1,361.3
5.2
-8.1 ▼
6
13
1,307.9
5.0
0.5 ▲
7
63*
1,088.6
4.1
4.0 ▲
8*
845.1
3.2
3.2 ▲
8*
845.1
3.2
3.2 ▲
10
52
836.6
3.2
3.0 ▲
11
42
804.2
3.0
2.7 ▲
12
20
762.1
2.9
0.9 ▲
13
29
683.6
2.6
1.9 ▲
14
79*
548.8
2.1
2.1 ▲
15
543.0
2.1
2.1 ▲
16
501.4
1.9
1.9 ▲
17
436.5
1.7
1.7 ▲
18
45
417.9
1.6
1.4 ▲
19*
24
394.4
1.5
-0.1 ▼
19*
394.4
1.5
1.5 ▲
21
4
349.7
1.3
-24.6 ▼
22
2
348.8
1.3
-28.6 ▼
23
53
307.6
1.2
1.0 ▲
24
298.0
1.1
1.1 ▲
25
17
250.5
1.0
-1.9 ▼
26,431.9
100.0
-24.1% ▼
57.1% ▲
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
Any Indian Involvement Completed (AG58)
Jan 1 – Sep 28
# of Deals per Advisor
# of
Market
Deals
Rank Sh (%)
34
2
4.4
3
14*
0.4
38
1
4.9
2
21*
0.3
32
3
4.1
24
4
3.1
4
9*
0.5
1
40*
0.1
1
40*
0.1
4
9*
0.5
3
14*
0.4
3
14*
0.4
5
7*
0.7
2
21*
0.3
4
9*
0.5
1
40*
0.1
4
9*
0.5
2
21*
0.3
1
40*
0.1
1
40*
0.1
1
40*
0.1
3
14*
0.4
3
14*
0.4
4
9*
0.5
5
7*
0.7
773
Jan 1 – Sep 28
Rank Value per Advisor (US$m)
Rank Market
Market
2012 2011
Legal Advisor
Rank Rank
Value US$m Sh (%) Share Ch.
AZB & Partners
1
1
2,481.1
19.8
-31.0 ▼
Amarchand Mangaldas
2
6
2,212.4
17.6
8.3 ▲
J Sagar Associates
3
17
1,197.7
9.5
5.8 ▲
Khaitan & Co
4
8
954.7
7.6
-1.4 ▼
Weil Gotshal & Manges
5
60
731.6
5.8
5.6 ▲
Rajah & Tann LLP
6
715.0
5.7
5.7 ▲
Herbert Smith
7
543.0
4.3
4.3 ▲
Freshfields Bruckhaus Deringer
8*
9
533.2
4.2
-4.5 ▼
Paul, Weiss
8*
42
533.2
4.2
3.5 ▲
Covington & Burling
10
501.4
4.0
4.0 ▲
Universal Legal Firm
11
436.5
3.5
3.5 ▲
Freehills
12*
394.4
3.1
3.1 ▲
Middletons Lawyers
12*
65*
394.4
3.1
3.0 ▲
Jones Day
14
20
361.5
2.9
-0.3 ▼
DLA Piper
15
41
307.6
2.5
1.7 ▲
Anderson Mori & Tomotsune
16
55
300.8
2.4
2.2 ▲
Desai & Diwanji
17
29
250.5
2.0
-0.6 ▼
Ashurst
18
7
204.6
1.6
-7.4 ▼
Slaughter & May
19*
10
148.7
1.2
-7.3 ▼
Shearman & Sterling LLP
19*
18
148.7
1.2
-2.4 ▼
Allen & Overy
19*
3
148.7
1.2
-29.2 ▼
Hogan Lovells
22
43
130.0
1.0
0.3 ▲
Luthra & Luthra Law Offices
23
62
104.7
0.8
0.7 ▲
Stikeman Elliott
24*
99.3
0.8
0.8 ▲
Fried Frank Harris Shriver & Jacobson 24*
88*
99.3
0.8
0.8 ▲
12,565.5
Industry Total
100.0
Change in
# of Deals
15 ▲
3 ▲
-22 ▼
-3 ▼
-11 ▼
7 ▲
0 1 ▲
1 ▲
3 ▲
1 ▲
1 ▲
2 ▲
1 ▲
4 ▲
1 ▲
4 ▲
-2 ▼
0 1 ▲
0 -3 ▼
-3 ▼
4 ▲
4 ▲
-10.8% ▼
-0.8% ▼
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
# of Deals per Advisor
# of
Market
Deals
Rank Sh (%)
31
1
5.6
21
3*
3.8
21
3*
3.8
29
2
5.3
3
10*
0.5
2
12*
0.4
2
12*
0.4
4
8*
0.7
2
12*
0.4
1
30*
0.2
4
8*
0.7
1
30*
0.2
1
30*
0.2
1
30*
0.2
3
10*
0.5
2
12*
0.4
5
7
0.9
2
12*
0.4
1
30*
0.2
2
12*
0.4
1
30*
0.2
2
12*
0.4
1
30*
0.2
1
30*
0.2
1
30*
0.2
551
-67.9% ▼
-18.7% ▼
Change in
# of Deals
-26 ▼
5 ▲
2 ▲
-3 ▼
2 ▲
2 ▲
2 ▲
-1 ▼
-1 ▼
1 ▲
4 ▲
1 ▲
0 -4 ▼
-3 ▼
-2 ▼
4 ▲
-2 ▼
0 -1 ▼
-5 ▼
0 0 1 ▲
0 -
-17.8% ▼
-10.9% ▼
*tie
Indian Involvement Announced M&A by Target Industry ($bil)
Jan 1 - Sep 28 2012
1%
6%
6%
5%
7%
4%
$2
8%
4%
4%
$7.8
30%
$2.6
10%
$3.8
15%
Materials
Financials
Media and Entertainment
Energy and Power
High Technology
Healthcare
Consumer Products and Services
Industrials
Real Estate
Telecommunications
Consumer Staples
Retail
Any Indian Involvement Announced (AE57) - Top Deals
Rank Date
2/25/2012
3/19/2012
9/1/2012
9/10/2012
7/2/2012
6/26/2012
5/16/2012
5/15/2012
2/4/2012
7/30/2012
Date Effective
Pending
Pending
Pending
Pending
Pending
6/27/2012
6/8/2012
Intended
2/8/2012
8/14/2012
Target (% Sought/Acquired)
Sterlite Industries(India)Ltd (100%)
SBI (5.7%)
JSW Ispat Steel Ltd (53.3%)
Transocean Ltd-Water Rigs(38) (100%)
Golden Energy Mines Tbk PT (30%)
Ybrant Digital Ltd (100%)
Decision Resources Group (100%)
Northern Iron Ltd (100%)
Vodafone India Ltd (5.5%)
Plaza Hotel,New York,New York (100%)
Jan 1 - Sep 28 2012
Acquiror
Sesa Goa Ltd
India
JSW Steel Ltd
Shelf Drilling Intl Hldg Ltd
United Fiber System Ltd
LGS Global Ltd
Piramal Healthcare Ltd
Aditya Birla Mgmt Corp Pvt
Piramal Healthcare Ltd
Aamby Valley Ltd
Acquiror / Target Nation
India / India
India / India
India / India
Utd Arab Em / India
Singapore / Indonesia
India / India
India / United States
India / Australia
India / India
India / United States
Rank Value (US$m)
3,910.8
1,574.9
1,350.4
1,050.0
845.1
698.1
635.0
620.2
618.7
570.0
Target Macro / Mid Industry
Materials / Metals & Mining
Financials / Banks
Materials / Metals & Mining
Energy and Power / Oil & Gas
Materials / Metals & Mining
High Technology / Internet Software & Services
Consumer Products and Services / Professional Services
Materials / Metals & Mining
Telecommunications / Wireless
Media and Entertainment / Hotels and Lodging
https://www.thomsonone.com
12
First Nine Months 2012 | Mergers & Acquisitions | Legal Advisors
Ranking Criteria Summary
If you would like to participate in the submission
process, receive quarterly press releases, or have
questions about league table criteria please
contact:
Americas
Michael Rawlings
Tel: +1 646 223 8364
E-mail: michael.rawlings@thomsonreuters.com
EMEA
Serkan Tecimer
Tel: +44 (0) 20 7542 3566
E-mail: serkan.tecimer@thomsonreuters.com
Asia-Pacific
Jason Pacannuayan
Tel: +632 858 7262
E-mail: jason.pacannuayan@thomsonreuters.com
Japan
Akemi Mamiya
Tel: +813 5218 6576
E-mail: akemi.mamiya@thomsonreuters.com
-
- Announced league tables include all deals that were announced between January 1, 2011 and September 28, 2012 and of which Thomson Reuters was made aware. All current data
and previous year's data is as of 5:00pm EDT on September 28, 2012.
-
League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.
- A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.
- Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the
time of announcement of terms.
-
Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion
of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for
the transaction agreed to or, in the absence of an agreement, the value of the highest offer.
-
Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation.
-
League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and
unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
-
Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter
or advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are
allocated to syndicated members.
-
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firms
in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures are
reflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.
Thomson Reuters includes the following nations in the Emerging Markets M&A Tables:
Americas
Central America
Belize
Costa Rica
El Salvador
Guatemala
Honduras
Mexico
Nicaragua
Panama
Asia-Pacific
South America
Argentina
Bolivia
Brazil
Chile
Columbia
Ecuador
Falkland Islands (UK)
Guyana
Paraguay
Peru
Suriname
Uruguay
Venezuela
Central Asia
Afghanistan
Armenia
Azerbaijan
Kazakhstan
Kyrgyzstan
Tajikistan
Turkmenistan
Uzbekistan
South Asia
Bangladesh
Bhutan
India
Maldives
Nepal
Pakistan
Sri Lanka
Europe, Middle East & Africa
Australasia
American Samoa
Cook Islands
Fiji
French Polynesia
Guam
Kiribati
Marshall Islands
N. Mariana Islands
Nauru
New Caledonia
Niue
Norfolk Islands
Palau
Papua New Guina
Solomon Islands
Tokelau
Tonga
Tuvalu
Wallis & Futuna Is.
Western Somoa
South-East Asia
Brunei
Cambodia
Indonesia
Laos
Malaysia
Philippines
Timor-Leste
Thailand
Vietnam
Eastern Europe
Albania
Belarus
Bosnia-Herzegovina
Bulgaria
Croatia
Czech Republic
Estonia
Georgia
Hungary
Latvia
Lithuania
Macedonia
Moldova
Montenegro
Russia
Serbia
Slovak Republic
Slovenia
Turkey
Ukraine
North Asia
Mongolia
North Korea
China
Middle East
Iran
Iraq
Jordan
Lebanon
Syria
Yemen
Bahrain
Israel
Kuwait
Oman
Qatar
Saudi Arabia
United Arab Emirates
North Africa
Algeria
Egypt
Libya
Morocco
Tunisia
Sub-Saharan Africa
Angola
Benin Angola
Botswana
Burkina Faso
Burundi
Cameroon
Cape Verde
Central African Republic
Chad
Comoros
Congo, Republic of
Cote d'Ivoire
Dijbouti
DR Congo
Equatorial Guinea
Eritrea
Ethiopia
Gabon
Gambria
Ghana
Guinea-Bissau
Kenya
Lesotho
Liberia
Madagascar
Malawi
Mali
Mauritania
Mauritius
Mayotte
Mozambique
Namibia
Niger
Nigeria
Reunion
Rwanda
Sao Tome e Principe
Senegal
Seychelles
Sierra Leone
Somalia
South Africa
St. Helena
Sudan
Swaziland
Tanzania
Togo
Uganda
Western Sahara
Zaire
Zambia
Zimbabwe
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for
any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to
the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction
or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or
selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
© 2010 Thomson Reuters. All rights reserved.
Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
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