Press release
Vienna, 22 June 2011
Recapping “Inside M&A 2011 – How M&A deals really work”
Yesterday, CMS Reich-Rohrwig Hainz hosted “Inside M&A 2011 – How M&A deals really work,” an
event for experts. Presentations included the highlights of the CMS European M&A Study 2011.
Experts from Raiffeisen Investment AG and Boston Consulting Group also gave the audience valuable insights into trends and developments in the M&A market.
In his welcome address, Peter Huber, managing partner and head of the CMS Reich-Rohrwig Hainz M&A
team, pointed out that the CMS European M&A Study, which by now draws from data of over 1,000
transactions, had become a must-read for all observers of the M&A market in Europe. The study is always up-to-date and offers an objective account of market practices in the legal design of M&A transactions. For the especially eventful period from 2007 to 2010, it shows the influence changes of the overall
market environment had on the way contracts were drafted and also identifies significant differences between the European countries and regions despite the convergence of legal systems across the EU. “The
study,” Peter Huber explained, “creates transparency and is a helpful tool in negotiations to objectify the
argument that some contract designs are or are not customary in a given market. It also shows how important it is, especially for international investors, to make use of the expertise of experienced advisors
who thoroughly know local market practices.”
During the presentation of the highlights of the CMS European M&A Study, which is now in its third edition, Günther Hanslik, partner and member of the CMS M&A team, explained that the European M&A
market had continued to recover in 2010 and 2011 and that it had returned from being a buyer’s to a
moderate seller’s market. The standards for risk allocation have not yet reached 2007 levels, which were
very favourable for sellers, but there are clear indications that increased competition among buyers contributes to an overall greater willingness to take risks. Examples are the decline in liability caps and shorter limitation periods for warranty breaches in contracts.
For more information on the CMS European M&A Study, please contact Peter Huber at peter.huber@cms-rrh.com.
M&A in Austria and CEE
Martin Schwedler, executive board member at Raiffeisen Investment AG, discussed the M&A market in
Austria and CEE after the recession and also elaborated on perspectives for investment banks. He stated
that the speed at which transactions across CEE were being concluded was picking up and deal volumes
could be expected to return to pre-recession levels by late 2011. Several key trends for the next years
have crystallised in the M&A segment in Austria and CEE: “The handling of M&A transactions is getting
more and more professional, demand for fresh capital will drive IPOs and competition among privateequity funds will intensify. Russia, Poland and Turkey are the ‘hot’ markets for the M&A business, the
other markets will have to compete for their attention,” Martin Schwedler summarised the current trends.
CMS Reich-Rohrwig Hainz: Vienna, Belgrade, Bratislava, Brussels, Kyiv, Ljubljana, Sarajevo, Sofia, Zagreb
CMS Reich-Rohrwig Hainz is a member of CMS, the organisation of major European law firms: Aberdeen, Algiers, Amsterdam, Antwerp, Beijing, Belgrade, Berlin, Bratislava, Bristol, Brussels,
Bucharest, Budapest, Buenos Aires, Casablanca, Cologne, Dresden, Dusseldorf, Edinburgh, Frankfurt, Hamburg, Kyiv, Leipzig, Ljubljana, London, Luxembourg, Lyon, Madrid, Marbella, Milan,
Montevideo, Moscow, Munich, New York, Paris, Prague, Rome, Rio de Janeiro, Sarajevo, Seville, Shanghai, Sofia, Strasbourg, Stuttgart, Utrecht, Vienna, Warsaw, Zagreb, Zurich.
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Creating Value through M&A?
Experts of the Boston Consulting Group (BCG), Rainer Reich, managing partner, and Jens Kengelbach,
principal, presented their latest M&A study titled “Riding the Next Wave: Where Are the Opportunities to
Create Value?” for the first time in Austria. For the survey, approximately 26,000 transactions, carried out
worldwide since 1988, were analysed to pinpoint factors that are decisive for value-creation in acquisitions. “The selection of takeover targets, the timing of the offer and the management of the entire transaction process are crucial for success,” Mr Reich said, adding that “our analyses show that long-term yields
are on average higher if buyers take over companies in their core industry.” In their presentation, the BCG
experts pointed out several unanticipated results of the study, for instance the finding that buyers were
more likely to create value when they acquired abroad, or that serial buyers usually profited less from
M&A transactions than occasional buyers – yet they were more successful when it came to highly complex acquisitions.
Concluding the Evening with Networking
CMS welcomed many M&A experts and interested business people from leading Austrian companies at
its event. Among them were BAWAG P.S.K., Conwert, EVN, RHI AG, Soravia, UniCredit Bank Austria
and Wiener Städtische Versicherung AG. After the presentations, all guests enjoyed the opportunity for
some networking at a flying buffet.
For a free download of pictures of the event, please click on LINK.
Caption press photo: from left to right: Günther Hanslik (CMS), Rainer Reich (BCG), Jens Kengelbach
(BCG), Peter Huber (CMS), Martin Schwedler (RI AG)
For further information please contact:
Mag. Kristijana Lastro
CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH
A-1010 Wien, Ebendorferstraße 3
T +43 1 40443 4043
F +43 1 40443 94043
E kristijana.lastro@cms-rrh.com
About CMS Reich-Rohrwig Hainz
CMS Reich-Rohrwig Hainz was founded in Vienna in 1970 and has since emerged as one of the leading specialists in all areas of
commercial and labour law. Highly-specialized teams consisting of internationally experienced lawyers primarily provide services in
the following fields of law: M&A, banking and finance, real estate, taxes, labour laws, IP and IT laws, and public procurement. The
company operates offices in Vienna, Belgrade, Bratislava, Brussels, Kiev, Ljubljana, Sarajevo, Sofia and Zagreb. All CMS offices
together offer clients a team of more than 500 experienced specialists in 13 offices across the CEE/SEE region.
CMS Reich-Rohrwig Hainz is one of the founding members of CMS, the association of leading European legal firms and tax consultants. At present, CMS operates a network consisting of more than 700 partners, 2,800 lawyers and tax consultants, and a total
of 5,000 employees working on behalf of its clients. www.cms-rrh.com
About CMS
CMS aims to be recognised as the best European provider of legal and tax services. Clients say that what makes CMS special is a
combination of three things:
Strong, trusted client relationships
High quality advice
Industry specialization
We combine deep local expertise and the most extensive presence in Europe with cross-border consistency and coordination.
CMS has a common culture and a shared heritage which make us distinctively European. CMS operates in 30 jurisdictions, with 54
offices in Western and Central Europe and beyond. CMS was established in 1999 and today comprises nine CMS firms, employing
over 2,800 lawyers. CMS is headquartered in Frankfurt, Germany.
CMS member firms are: CMS Adonnino Ascoli & Cavasola Scamoni (Italy); CMS Albiñana & Suárez de Lezo, S.L.P. (Spain); CMS
Bureau Francis Lefebvre (France); CMS Cameron McKenna LLP (UK); CMS DeBacker Leclère Walry (Belgium); CMS Derks Star
Busmann (The Netherlands); CMS von Erlach Henrici Ltd. (Switzerland); CMS Hasche Sigle (Germany) and CMS Reich-Rohrwig
Hainz Rechtsanwälte GmbH (Austria).
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CMS offices and associated offices: Amsterdam, Berlin, Brussels, London, Madrid, Paris, Rome, Vienna, Zurich, Aberdeen,
Algiers, Antwerp, Beijing, Belgrade, Bratislava, Bristol, Bucharest, Budapest, Buenos Aires, Casablanca, Cologne, Dresden,
Duesseldorf, Edinburgh, Frankfurt, Hamburg, Kyiv, Leipzig, Ljubljana, Luxembourg, Lyon, Marbella, Milan, Montevideo, Moscow,
Munich, Prague, Rio de Janeiro, Sarajevo, Seville, Shanghai, Sofia, Strasbourg, Stuttgart, Utrecht, Warsaw and Zagreb.