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M&A Index, H1 2012

Wary investors
watch and wait as
M&A markets fail
to fu|| potent|a|
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Contents
The Allen & Overy M&A Index | H1 2012 2
Allen & Overy LLP 2012
Introduction
Global M&A trends Q2 2012 4

Executive summary
The global picture 6
Top 20 global outbound acquirers and inbound target markets 8

In focus
Distressed M&A 10
Turkey 12

Regional analysis
U.S. 18
Latin America 20
Western Europe 22
CEE and CIS 24
Middle East and North Africa 26
India 28
- Asia PaciFc: Greater China 30
- Asia PaciFc excluding Greater China 32

A global snapshot
- 1op target markets or the world`s largest acquiring countries 34

Sector analysis
- Lnergy 36
- linancial serices 38
Infrastructure & utilities 40
Life sciences 42
Private equity 44
Telecoms, media and technology 46

Top ten acquiring countries 48

Appendix: Data tables 49

DeFnitions 66

About the research 67
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3
Global M&A trends in Q2 2012
In all but a very few markets,
M&A activity remains at a
low ebb, with even well capitalised
investors reluctant to do deals
until economic and political
uncertainties abate.
We had hoped for better news in the
second quarter of 2012 in this, our
latest quarterly report on the state of
the global M&A market, charting the
international now o transactions
worth USD100 million and above.
But Q2 followed the same depressed
pattern we saw in Q1 and at the
end of 2011. Investors across the
world seem caught by the same
stubborn mood of economic
and political uncertainty and that
has eclipsed some pretty good
fundamentals in key economies.
Result: another disappointing
period for M&A activity.
1aken as a whole, the Frst hal o
the year has seen the value of deals
all 33 to USD41 billion, compared
with USD1,101bn in the same period
last year. The number of deals shrank
in that time by 30, down rom 1,3
in the Frst hal o 2011 to 960 so ar
in 2012.
To get a measure of how bad that is,
it`s signiFcant that Frst-hal deal
numbers have not been this low since
2009, when the Fnancial crisis was at
its height and just 705 deals closed.
The Eurozone crisis is the main cause
for concern among potential
dealmakers. Fears that it could trigger
another global downturn seem to
have poleaxed all but a very few
markets, notably Latin America,
Turkey and the ASEAN region
of Southeast Asia, which remain
relatively buoyant.
Investors simply cannot get a handle
on where the crisis is going or how it
will be resolved. So they are stuck in
a now-amiliar pattern. 1he second
Greek election ended in a narrow
and fairly shaky victory for
pro-bailout parties - temporary
respite, then more worry. Spain
concludes a hasty bailout for its banks,
but the details are vague and interest
rates there, and in Italy, continue to
hover at danger levels and Cyprus
calls for an EU rescue.
But other factors are at play, too.
The U.S. and China, the worlds two
largest economies, Fnd themseles
in fascinating alignment.
They share the same fears and
frustrations about Europe.
They are contending with weaker
economic growth at home (although
the U.S. would like to have Chinas
growth problems). And they are also
both gripped by domestic political
stalemate set to last until November,
when the U.S. goes to the polls and
changes in the leadership of Chinas
Communist Party Fnally become clear.
The global M&A market cannot be
expected to be moving forward very
quickly when two of its main engines
are running on slow.
The Allen & Overy M&A Index | H1 2012 4
Allen & Overy LLP 2012
55
33%
decrease in the value of deals compared
to the same period last year (H1)
34%
of activity in H1 by value was
in Western Europe
USD741bn
total value of deals in H1 2012
960
deals in H1 2012, the lowest half-yearly
total since 2009 (705 deals)
Dirk Meeus
Co-head of the Global
Corporate Pract|ce,
Allen & Overy
5
30%
decrease in the volume of deals
compared to the same
period last year (H1)
And yet, as our sector and regional
analyses show, market fundamentals
are actually a great deal better than
they were in 2009 when the global
economy was overhung with the
shadow of Lehmans.
Many companies have strong balance
sheets and there are plenty of good
deals to be done, often at attractive
prices. Private equity investors, too,
appear to hae greater Frepower.
If the right strategic opportunities
arise, some are prepared to do major
and een mega-deals, notably in the
energy and life sciences sectors,
but also in other areas such as
infrastructure, telecoms, technology
and, een, Fnancial serices.
But activity remains relatively
sporadic, as many investors conclude
it is probably wise to hang on to their
cash until some of the uncertainty
clears. And, as we note in this report,
investors have given up on the idea
that one or two big deals might help
to break the ice.
But the fact that those fundamental
strengths are in place at least gives us
hope that investors will be ready to up
the pace of transactions pretty swiftly
when conditions improve.
Calling a turn in the market, though,
remains a very tricky business and
dependent on the Eurozone crisis
being brought to an end. That does
not look very likely in the immediate
term and it is probably wise to assume
that the current state of nerves will
continue to prevail for much, if not
all, of the second half of 2012.
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5
Executive summary
A number of key themes emerge from the statistics and analysis
contained in this report. Having reviewed each region and sector
in depth, here are our key observations about the state of the
global M&A market in Q2 2012.
The global picture our key observations
The legal and financial tools for carrying out
distressed M&A transactions are becoming
more sophisticated, encouraging more and
more companies to seek this route in trying
to save valuable assets and jobs. With banks
ridding their balance sheets o non-core or
underperforming assets and selling them to
debt funds, we expect some lively activity
across several sectors, particularly property,
retail and construction. Page 10.
Turkey, now the worlds 18th largest economy,
is one of the few places currently enjoying
extraordinarily strong growth.
lar-reaching economic and inancial
reforms have shielded it from exposure to
the Eurozone crisis and now an ambitious
privatisation programme, focused mostly
on energy and infrastructure, is making
Turkey a leading destination for inbound
investment. Page 12.
Deal volumes in the U.S. remain weak despite
strong economic fundamentals not least
companies and PE funds with plenty of cash
to spend and historically low interest rates.
These should pep up the market once current
distractions are out of the way. And there
are some good signs of life, with hostile bids
making a return and some sectors, notably
energy, life sciences and technology, proving
resilient. Page 18.
Largely sheltered from current global
economic problems, Latin America remains
a vibrant and busy M&A market. Companies
within the region are using strong economic
tailwinds to do deals at home, across the
region and increasingly abroad, particularly
Europe. International investors still see this
as a growth region, despite political concerns
in Argentina, Venezuela and Bolivia. Page 20.
Western Europe has seen some sizeable deals
in Q2 notably in Germany, the Netherlands
and the UK but the theory that these might
break the ice on an otherwise pretty frozen
market has been proved wrong. Further south
and closer to the epicentre of the Eurozone
crisis, Spain and Italy remain in a dire state
and hoping planned privatisation programmes
will get things moving again. Page 22.
With the exception of Poland
which remains busy in key sectors like
financial services and telecoms and
technology most of the CEE region
appears to be heading for something of
a lull in activity. Russia could be in for
a big pick-up later in the year, though,
when a ar-reaching priatisation programme
is expected to include some very big names
like Rosneft, Aeroflot, Russian Railways
and Sberbank. Page 24.
Small and mid-cap deals dominate the scene
in the Middle East and North Africa region,
with big-ticket transactions haing allen away
since the Arab Spring. However, dealmakers
report a healthy pipeline of deals, which we
should see come to fruition later in the year.
Turkey and Saudi Arabia remain the most
attractive markets for investors. Page 26.
High inflation, devaluation and an immense
programme of regulatory change have
not dented Indias strong economic
fundamentals, and M&A activity, both
outbound and inbound, is holding up quite
strongly. Key growth areas remain mining,
energy and life sciences, but telecoms
has been hit by important government
and Supreme Court rulings. Page 28.
Current economic conditions should
favour Chinese companies looking to
make outbound investments. But they have
been slowed by a combination of global
and local economic fears of a hiatus in
political decision-making while the new
leadership of the Communist Party emerges.
Increasing sophistication in dealmaking
techniques is evident, with implications for
outbound Chinese companies and inbound
multinationals looking to do joint ventures.
Page 30.
Activity across the rest of Asia remains
relatively subdued, although Japanese
investors were busy doing some significant
outbound deals, and activity continues to
grow in the ASEAN region, led by Malaysia,
Singapore and Indonesia. Australias
newspaper sector has sprung into life,
although energy and natural resources
remains the hottest sector. Page 32.
M&A activity in the energy sector continues
to slow down both in terms of deal volumes
and values, although we have seen a return of
hostile public bids and the search for natural
resources continues to support activity in
the Asia Pacific region and Africa. Efforts by
Luropean banks to shed non-core assets and
some activity in the exchanges segment have
prevented the financial services sector from
stalling, but overall activity is at a low ebb.
Infrastructure deals done in recent months
show there is plenty of funding available
when good assets come to the market,
particularly in water, energy and airports.
Life sciences stood out as the most vibrant
sector in Q2, with deals growing in both
value and volume. PE investors have growing
amounts of firepower, but appear to be
keeping their powder dry and concentrating
on secondary transactions. Despite lively
activity in European telecoms, and the
continued prominence of cloud computing
and social networks, the telecoms, media
and technology sector was mixed, with deal
volumes down, but deal values up. Pages 36-49.
The Allen & Overy M&A Index | H1 2012 6
Allen & Overy LLP 2012
GLOBAL DEAL TYPES
Take private
Public recommended acquisition
Other private M&A
Public hostile acquisition
Merger
Divestment
NUMBER OF DEALS FOR H1 2012
Demerger
GLOBAL DEAL TYPES 2011
Total
960
19
355
8
380
184
11
deals
3
See Appendix for large format tables
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7
Top 20 global outbound acquirers
Top 20 global inbound target markets
Outbound acquisitions
Inbound target markets
7KHVHJXUHVUHSUHVHQWWKHWRWDOQXPEHU
of deals for H1 2012.
GLOBAL DEAL TYPES
84
65
U.S.
Brazil
Canada
France
Switzerland
UK
Germany
Netherlands
40 43
23
28
17
12 19
16
11
10
8
8
6
6
6
6
6
7
Belgium
Mexico
Denmark
8
Allen & Overy LLP 2012
The Allen & Overy M&A Index | H1 2012
Luxembourg
42
24
13
15
14
13
13
8
8
12
8
7
7
7
5
5
5
5
4
Australia
Japan
India
Singapore
Hong Kong
China
Israel Italy
Sweden
Poland
Norway
United Arab
Emirates
Taiwan
Russia
Rank Country Volume
of deals
Value of
deals USDm
1 U.S. 84 69,140
2 Japan 42 34,563
3 UK 40 20,598
4 China 24 20,279
5 Canada 23 16,965
6 France 17 17,849
7 Singapore 13 4,990
8 Germany 12 11,429
9 Sweden 12 4,413
10 Switzerland 10 24,551
11 Hong Kong 8 3,004
12 Netherlands 8 2,258
13 Brazil 6 7,442
14 Denmark 6 2,476
15 Russia 5 4,805
16 Australia 5 4,752
17 Taiwan 5 2,238
18 Norway 5 1,663
19 Luxembourg 5 1,623
20 United Arab Emirates 4 4,457
Rank Country Volume
of deals
Value of
deals USDm
1 U.S. 65 62,663
2 UK 43 41,486
3 Canada 28 23,764
4 Germany 19 14,319
5 Brazil 16 7,477
6 Australia 15 6,691
7 Italy 14 8,536
8 China 13 5,317
9 India 13 4,296
10 France 11 7,961
11 Israel 8 3,708
12 Poland 8 2,834
13 Belgium 8 1,919
14 Norway 7 5,287
15 Hong Kong 7 4,974
16 Denmark 7 3,889
17 Japan 7 2,856
18 Netherlands 6 9,270
19 Mexico 6 1,895
20 Switzerland 6 1,484
5
9
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Distressed M&A
In the our years since the Fnancial crisis many good companies
have struggled to survive. Finding a buyer for distressed assets is
often the best way to save businesses and preserve jobs and the
transaction tools are becoming more sophisticated.
At times of deep downturn, newspapers
sometimes launch recession watch columns
to track, day by day, all the businesses forced
to go to the wall or struggling to fend off
bankruptcy. They make for bleak but
powerful reading.
In the wake of the worst financial crisis for
60 years and with many Western economies
still limping in and out of recession, the roll
call of troubled companies has been long.
But increasingly theres a developing culture
to rescue these businesses through distressed
M&A transactions, saving valuable assets and
jobs. And the tools available to carry out
deals are becoming more sophisticated in
leading jurisdictions.
In the last four years a number of sectors have
been particularly hard hit, threatening some
high-proile, heaily indebted businesses.
The UK retail sector has seen a number of
big high street names saddled with too
many expensive stores and struggling to
cope with plummeting consumer spending
brought back from the brink through
distressed transactions or restructurings,
including Blacks Leisure, Game, Peacocks,
La Senza and Clinton Cards. Sometimes these
businesses are rescued pre-insolency, in
other cases pre-pack administration has been
used to parcel up and spin out the better
assets and businesses.
In the travel sector Thomas Cooks debt has
recently been restructured through a complex
deal in the public arena, while in the
health sector Four Seasons Health Care
Group, the UKs largest independent
healthcare operator, and USP Hospitales,
Spains third largest private hospital group,
have been acquired by private equity groups
in contrast to the fate of care home
provider, Southern Cross, whose business
was wound up.
Property remains a hot area for transactions
as banks try to clear their balance sheets of
bad loans, made in the boom years. Ireland
established a National Asset Management
Agency ,NAMA, in 2009 to acquire
EUR74bn of bad property loans from its
struggling banks, many connected with hotels
and properties in the UK. NAMA has ten
years to try to achieve good returns from
these assets for the state.
Private equity funds are both big buyers
and big sellers of distressed assets, as houses
that bought at the top of the market now try
to rationalise their portfolios through
secondary sales.
Different tools are available in different
jurisdictions to carry out transactions and
companies will often shop for the best forum
for a restructuring of debt, based either on
their Centre of Main Interest (COMI) or
seeking to establish jurisdiction before the
English courts based on the governing law of
their financing arrangements. Creditor
schemes of arrangements and company
voluntary arrangements allowing companies
to bind dissenting creditors into a deal
are also becoming more common,
often acting as an incentive to creditors
for a deal to be done on a consensual basis.
La Seda de Barcelona, the Spanish packaging
group, is just one of a number of Spanish and
German companies that have come to
London to implement debt restructuring
under English law. Recognising this trend,
Germany has recently amended its own
insolvency laws to allow a cram down
of creditors resisting a restructuring plan.
Buyers of distressed assets are also
increasingly acquiring debt positions in
distressed corporates as a way to exert greater
control over the outcome of a restructuring
and to secure the assets they want, as
American Greetings have recently
demonstrated over Clinton Cards. The
success of these loan to own strategies
is dependent on being able to control a
sufficient amount of the debt and having
access to effective cram down procedures
to be able to execute that strategy.
With debt funds now proliferating to buy
distressed assets from banks and banks
becoming more willing to sell debt at
distressed prices, we expect this part of the
M&A market to remain busy in the next
24 months with retail, real estate and
construction remaining at the fore.
Investors seem already to have decided that
Europe, the Middle East and Africa are more
likely to provide opportunities to snap up
From the ashes
The Allen & Overy M&A Index | H1 2012 10
Allen & Overy LLP 2012
assets at attractive prices than the U.S.,
partly because U.S. banks moved faster to rid
themselves of bad debts after the crash and
the continued pressure on European banks
to manage their balance sheets.
But what are the implications for business
owners? Owners now should recognise that,
with increased debt trading, lenient extend
and amend relations that have become
common during the downturn between
banks and the companies they lend to are
under threat from the arrival of more
aggressive funds eager to acquire distressed
debt from banks who might otherwise be
more supportive of their borrower.
With funds likely to take a more aggressive
stance in looking to fix, once and for all, the
oer-leeraged balance sheets o
fundamentally good companies by
restructuring the financial and capital
structures of those companies via
debt-to-equity conersions, a new dynamic
will be at play.
Owners now should recognise that with
increased debt trading, lenient extend and
amend relations that have become common
during the downturn between banks and
the companies they lend to are under threat
from the arrival of more aggressive funds.
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11
1urkey escaped the Fnancial crisis almost unscathed and is now
Lurope`s astest-growing economy. Political and market reorms
including a major privatisation programme are now driving
M&A transactions at an accelerating pace.
At a time when so many of the worlds M&A
markets are suering a crippling crisis o
conFdence thanks largely to problems in
Europe, its surprising that one European
economy is bucking the trend in such
spectacular fashion.
1urkey had its own Fnancial crisis seen years
before the Lehman collapse in 2008 sent
the rest of the world into a devastating
downward spiral.
In 2001, backed by the IMF, the country
brought in a series o ar-reaching economic
reforms that have left its banking sector
strong, resilient and free of exposure to bad
corporate and sovereign debts.
So Turkey was able to come through the
banking and the ongoing Eurozone crises
relatively unscathed. While much of the rest of
the \est plummeted into the worst post-war
recession, it began a spurt of extraordinary
growth that has continued ever since.
Growth potential
Annual real GDP growth has aeraged 5.2
over the last nine years. In 2010 it reached
9.2, and stood at 8.5 last year, making
1urkey not only Lurope`s astest-growing
economy but also the 18th largest economy
in the world, according to IMl Fgures.
Although expectations are that growth will
slow to between 2 and 3.5 this year, that
is still robust compared to most other
economies and represents, by anybodys
standards, a very comfortable soft landing.
The slowdown is also expected to be
relatiely short-lied. Long term, GDP
growth is projected to return to nearer to 5.
It is also expected to be lifted to investment
grade in the short to medium term, opening
the market to a much larger pool of investors.
The process of reform that began this growth
story is continuing. Turkey is in the middle of
an extensive privatisation programme
covering power projects, infrastructure
projects, such as motorways, bridges and
tunnels and even the national lottery.
This year the government introduced a new
Turkish Commercial Code which is expected
to change the dynamics of M&A in Turkey
the Commercial Code is due to come into
eect on 13 July 2012. Lorts to encourage
the IPO market have been less successful,
however, and equity capital market deals
remain sporadic.
One other area of concern remains a
signiFcant balance o trade deFcit. Increased
access to credit within Turkey is propelling a
consumer boom and fuelling demand for
imported goods. In the current climate,
Turkey is unlikely to be able to correct that
imbalance, not least because its most
important export market remains Europe,
where demand has shrunk radically.
Deals grow strongly
So how has Turkeys M&A market fared in
recent years?
In 2009, at the height o the Fnancial crisis,
the number o USD100m-plus deals dipped
to just nine, worth an aggregate USD2.2bn.
But the market has since recovered strongly.
In 2010 there were 21 deals valued at just over
USD20bn in total and that growth is ongoing.
Take big inbound deals, for example. There
were just our major deals in 2009 with a
alue o USD660m. In the Frst hal o 2012,
there hae already been Fe with an aggregate
value of USD5.5bn.
Recent signiFcant inbound transactions include
the acquisition of Dexias Turkish banking
business, DenizBank, by Russias Sberbank for
USD3.5bn, underlining the act that Fnancial
services remains a key area for deals.
Turkey
Crisis? What crisis?
The Allen & Overy M&A Index | H1 2012 12
Allen & Overy LLP 2012
Healthcare too is a growing area of interest.
Turkey is growing its capacity in this sector
rapidly with many new build projects planned,
many of them likely to be done as
public,priate partnerships. An ecient
procurement process has been put in place
to support this expansion.
That explains why healthcare remains a key
area for deals, as we saw with the recent
acquisition of part of Acibadem by
Integrated Healthcare Holdings and
Khazanah Nasional Berhad.
1he largest number o signiFcant inbound
inestments in the last Fe years hae
emanated from Europe particularly the UK,
the Netherlands, France and Germany. But
U.S. investors have taken a good share too,
closely followed by Russia.
Gulf investment is growing fast and Korean
companies are very active in the market,
particularly in big construction projects. One
reFnery project, currently out to tender, has
attracted four competing consortia, each one
involving a Korean company. Otherwise,
Asian investors remain relatively scarce.
Ambitious privatisation plans
The scale of Turkeys privatisation project is
of necessity ambitious, not least in the energy
sector. A dire shortage of electricity
generating capacity means the country has no
safety margin at times of peak demand,
resulting in frequent blackouts or brownouts.
A projected 84 gigawatts of new installed
capacity is needed to support the countrys
growing economy. Hydroelectric power will
play an important role and there is likely to be
some investment in nuclear. But the vast
majority of demand will be met by coal and
natural gas, one reason why Gulf investment
rom both Fnancial and industrial players is
likely to grow sharply.
Other key privatisation schemes include a
third bridge over the Bosphorus and a new
tunnel beneath it, plus plans to bring in
investors to build, upgrade and manage major
highways. The programme should continue
to drive an increase in M&A activity over the
next 12 months, with an estimated USD50bn
o priate Fnancing said to be required by
2015. An abundance of attractive targets will
also continue to support deal activity.
One outstanding question is whether we will
see private equity play a bigger role in the
market. PE investment peaked at USD2.8bn
in 2008, but ell back to just USD39.8m in
2011 although we have seen some major
divestments by PE houses, including TPGs
sale of Mey Iki, the drinks business, to
Diageo for USD2.1bn in 2011.
Concerns about taxation are thought to be
acting as a major deterrent for PE investors.
Turkeys economy is growing at a healthy rate, spurred on
E\QDQFLDOUHIRUPVDVLJQLFDQWSULYDWLVDWLRQ
programme, and the need for huge investment in
infrastructure and energy. Were convinced this will lead to
a big increase in M&A activity in the next few years.
Charles Lindsay, Managing Partner, Istanbul
Charles Lindsay
Partner
Istanbul
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13
7KHVHJXUHVUHSUHVHQWWKHGDWDIRUWKHLQERXQGRXWERXQGGHDOV
(USD100m+) for Turkey from 1 January 2007 to 15 June 2012.
Top outbound M&A
Rank Country Volume
of deals
Value of
deals USDm
1 Russia 2 2,443
2 Netherlands 2 800
3 Iraq 2 234
4 USA 1 850
5 Belarus
1 500
6 South Africa
1 324
7 Hungary
1 270
8 Azerbaijan
1 180
9 Albania
1 161
Total 12 5,762
Top inbound M&A
Rank Country Volume
of deals
Value of
deals USDm
1 United Kingdom 9 10,229
2 Netherlands 8 4,078
3 USA 6 1,458
4 Germany 6 1,356
5 France 5 2,417
6 Russia 4 4,905
7 Czech Republic 3 1,312
8 Italy 3 641
9 Kuwait 3 622
Total 47 27,018
Turkey
TOP INBOUND/OUTBOUND M&A
Turkey
Crisis? What crisis?
The Allen & Overy M&A Index | H1 2012 14
Allen & Overy LLP 2012
TURKEY DEAL TYPES
Take private
Public recommended acquisition
Other private M&A
Merger
Divestment
2
0
1
1
2
0
1
0
2
0
0
9
2
0
0
8
2
0
0
7
7
7
.
4
2
%
6
5
.
2
2
%
7
7
.
7
8
%
8
0
.
9
5
%
4
8
.
1
5
%
3
.
7
0
%
2
6
.0
9
%
3
7
.
0
4
%
9.52%
11.11%
19.35%
1
1
.1
1
%
9
.5
2
%
1
1
.1
1
%
3
.
2
3
%
4
.
3
5
% 4
.
3
5
%
2
0
1
1
2
0
1
2
2
0
1
0
2
0
0
9
2
0
0
8
2
0
0
7
8
6
.
6
7
%
6
1
.
5
4
%
1
0
0
.
0
0
%
1
0
0
.
0
0
%
4
7
.
0
6
%
3
3
.
3
3
%
5
5
.5
6
%
47.06%
30.77%
1
3
.
3
3
%
7
.
6
9
%
5
.
8
8
%
1
1
.
1
1
%
FULL YEAR DEALS 2007-2011 HALF YEAR DEALS 2007-2012
FULL YEAR DEAL TOTALS
2007: 31
2008: 23
2009: 9
2010: 21
2011: 27
HALF YEAR DEAL TOTALS
2007: 15
2008: 13
2009: 3
2010: 7
2011: 17
2012: 9
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15
DEAL VOLUME AND VALUES FOR TURKEY BY SECTOR 1 JANUARY 2007-15 JUNE 2012
0 3000 6000 9000 12000 15000 18000 21000
Financial services
Energy
Consumer
Utilities (other)
Industrials & chemicals
Pharma, medical & biotech
Construction
Telecoms, media
and technology
Business services
Leisure
Transportation
Real estate
Mining
Infrastructure
24
17
13
12
12
11
7
6
5
4
3
3
2
1
21,000
Deal values in USDm
Total no of deals: 120
Tota| dea| va|ue: USD68,503m
3,000 6,000 9,000 12,000 15,000 18,000 0
Number of deals
Turkey
Crisis? What crisis?
The Allen & Overy M&A Index | H1 2012 16
Allen & Overy LLP 2012
0
10
20
30
40
50
2005
OVERALL DEAL VOLUME AND VALUES FOR TURKEY 2005 TO DATE*
2006 2007 2008 2009 2010 2011 2012
* including deals under USD100m
50
40
30
20
10
D
e
a
l

v
o
l
u
m
e
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Total no of deals: 763
Tota| dea| va|ue: USD130,395m
1
,
6
9
6
1
,
8
8
8
1
4
,
5
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1
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0
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4
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,
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,
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3
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1
1
1
,
9
9
9
www.allenovery.com/maindex
17
Regional analysis:
U.S.
The underlying macroeconomic fundamentals for
M&A remain supportive, but deal volume remains weak.
\hile conFdence has been undermined by a ariety o
distractions, we believe that the U.S. M&A market will
eventually respond to the stimulus of low interest rates
and dry powder ,cash, in corporate and priate equity coers.
Dealmaking conditions remained strong
through the second quarter of 2012, with
increasing corporate proits, cash-rich balance
sheets and historically low interest rates
cultivating a healthy environment for
deal-doing. loweer, continuing macro and
regulatory uncertainty still spooks investors
and companies and inhibits U.S. deal activity,
as would-be participants are aced with
pending financial regulation overhauls such as
Dodd-lrank, high-proile controersies at top
financial institutions and escalating fallout
from the ongoing Eurozone crisis. The well
publicised ratings downgrade of 15 global
banks isnt helping either.
Despite this uncertainty and the sustained
sluggishness of the overall deal market, there
are signs of life, with hostile bids becoming
more common and opportunistic U.S.
companies beginning to bargain shop in
Europe. In addition, certain sectors have
continued to build on a fast start to the year,
with the energy, life sciences and tech sectors
proving resilient.
Unconventional oil and natural gas
transactions continue to be prevalent on the
U.S. M&A scene despite relatively low gas
prices in the U.S. Notable announced
transactions include KKRs acquisition of
shale properties from WPX Energy for
USD306m and Lnergy 1ranser Partners`
acquisition o Sunoco Inc. or USD5.3bn.
In addition, for around USD1bn, Penn
Virginia Resource Partners agreed to acquire
Chief Gathering, Concho Resources agreed
to acquire Three Rivers Operating Company
and Linn Energy agreed to acquire certain
gas-rich property in \yoming rom BP.
The life sciences arena also remained active
with several significant domestic, inbound
and outbound deals. On one exciting Monday
in April, Nestl agreed to purchase the infant
nutrition unit o Pizer or USD11.9bn ,hello,
mega-deal!,, UK`s AstraZeneca agreed to
purchase Ardea Biosciences for USD1.26bn
,representing a 54 premium, and 1homson
Reuters agreed to sell its healthcare business
to an affiliate of Veritas Capital for
USD1.25bn in cash.
Finally, the tech sector, while nonetheless
being somewhat overhyped, has maintained a
notable presence. Cloud computing and
patents are still in vogue, but only produced a
few notable deals this quarter, namely SAPs
acquisition of Ariba for USD4.5bn, Splunks
IPO and Microsofts patent portfolio
purchase from AOL. In addition, while social
media IPOs have failed to live up to
expectations (evidenced by the falling stock
prices of Facebook, LinkedIn and Groupon),
social media companies remained attractive
targets, with Microsoft, Facebook, Oracle,
Salesforce.com and Google all bolstering their
social media capability through acquisitions.
Despite the glimmers of hope discussed
above, the current M&A markets in the U.S.
have failed to reach their potential.
Short-term solutions to the Lurozone crisis
are resulting in jerky market turns and the
U.S. financial regulatory landscape is in flux
and will remain so at least until the November
presidential election. Companies also seem to
be proceeding cautiously. We are optimistic,
however, that the U.S. M&A market will not
resist the deal-aourable underlying
macroeconomic conditions indefinitely.
Failure to launch ( for now)
The Allen & Overy M&A Index | H1 2012 18
Allen & Overy LLP 2012
The diagram above represents the breakdown of the total number of deals in H1 from 2007 to 2012.
H1 DEAL TOTALS
2007: 586
2008: 397
2009: 170
2010: 332
2011: 415
2012: 329
U.S. DEAL TYPES
Take private
Public recommended acquisition
Other private M&A
Public hostile acquisition
Merger
Joint venture
Divestment
Demerger
1.02%
0.59%
0.59%
0.24%
0.50%
0.25%
0.34%
2
7
.
9
6
%
2
.
7
7
%
4
5
.
2
9
%
2
7
.
4
1
%
2
9
.
6
4
%
0
.
6
0
%
1
.
4
5
%
2
9
.
7
9
%
3
.
6
5
%
1
.
1
8
%
3
.
0
1
%
5
.
3
0
%
2
.
7
7
%
24.12%
1.18%
23.49%
18.31%
0.61%
16.72%
1
.
7
6
%
2
5
.
2
9
%
43.98%
43.83%
1
.4
5
%
4
3
.6
1
%
4
8
.6
3
%
0.61%
0.60%
0.90%
0.68%
2
8
.
1
6
%
7
.
1
7
%
21.91%
2
4
.7
4
%
37.71%
2
0
1
1
2
0
1
2
2
0
1
0
2
0
0
9
2
0
0
8
2
0
0
7
0.17%
www.allenovery.com/maindex
19
Regional analysis:
Latin America
Largely sheltered from current global economic problems,
Latin America continues to thrive. But international
investors are growing concerned about some key markets.
Latin Americas relative lack of integration
into the global economy was once its biggest
weakness. These days it has become
a major advantage.
Deal activity remains very strong in the
region and at many levels. International
investors continue to see this as an important
growth market. But companies within the
region are also taking advantage of powerful
economic tailwinds to speed their acquisition
of businesses at home, across the region and,
increasingly in key foreign markets,
notably Europe.
The Mexican billionaire, Carlos Slim,
is perhaps not typical. But he demonstrates
the sense of confidence that is growing in
businesses across Latin America as they look
for well priced assets in Europe.
Having apparently exhausted opportunities
to expand his Amrica Mvil cell phone
business in his home continent, he is pursuing
an ambitious expansion strategy in Europe,
taking his stake in the Dutch operator, KPN,
to 21 in Q2, haing already built a similar-
sized interest in Telekom Austria.
In return we are seeing some key European
businesses reduce their exposure in Latin
America as they try to focus on their more
troubled interests back home. The financial
services sector is the main, but not the only,
focus for this activity. Santander, for instance,
is proposing to sell much of its stake in its
profitable Banco Santander, Brazils fifth
biggest bank, to Banco do Brasil.
Investors in three key countries Argentina,
Venezuela and Bolivia are constantly
rethinking their strategies for entirely different
reasons; the threat that assets will be effectively
expropriated through nationalisation.
The dispute between Argentina and Spain
over the sudden nationalisation of Repsols
\Pl subsidiary - with 51 o the business
taken under state control has particularly
provoked fears. But its not all about
nationalisation. Investors also fear they will
not be able to repatriate dollars from these
important subsidiaries, forcing them to
rethink their business models.
Although investors, free of the immediate
threat of nationalisation, are prepared
to lie with such risk in oil and gas-rich
Venezuela, they are decidedly less sanguine
about Argentina and we expect to see more
investors sell up. By contrast these countries
are becoming increasingly interesting to both
Chinese and Russian investors.
In key sectors, including insurance and retail,
inbound investors are increasingly looking at
Latin America as a whole, with opportunities
to consolidate across borders. Brazil however
thanks to language differences, the relative
strength of its economy and a fairly unique
regulatory environment tends to be seen as
a distinct market.
Despite localised political risk, we expect
the market to continue growing throughout
the rest of the year. Key sectors across the
region remain energy and natural resources,
telecoms, financial services and retail, with a
strong additional focus on life sciences and
technology in Brazil.
Most deals are not going to require major
international bank financing, so are not likely
to be troubled by the shrinking availability
of credit elsewhere in the world.
Regional and local banks are in very good
health and are looking to lend as weve seen
at first hand in a number of deals between
Peruvian companies in recent months.
Chile, Colombia and Mexico remain
liquid and buoyant too. Here relatively
stable economic, political and regulatory
environments together with access to
good finance continue to make these
markets very attractive to investors.
Regional opportunities, localised risk
The Allen & Overy M&A Index | H1 2012 20
Allen & Overy LLP 2012
The diagram above represents the breakdown of the total number of deals in H1 from 2007 to 2012.
H1 DEAL TOTALS
2007: 67
2008: 64
2009: 43
2010: 66
2011: 76
2012: 57
LATIN AMERICA DEAL TYPES
2
0
1
1
2
0
1
2
2
0
1
0
2
0
0
9
2
0
0
8
2
0
0
7
5
.
2
6
%
3
.
5
1
%
4
5
.
6
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%
3
9
.
4
7
%
3
9
.
3
9
%
4
4
.
1
9
%
4
0
.
6
3
%
3
5
.
8
2
%
23.26%
19.70%
1
.
5
2
%
1
4
.4
7
%
1
7
.1
9
%
1
0
.
4
5
%
Take private
Public recommended acquisition
Other private M&A
Merger
Joint venture
Divestment
Demerger
5
3
.7
3
%
1
.
5
6
%
4
0
.
6
3
%
1
.
5
2
%
3
7
.
8
8
%
4
3
.
4
2
%
3
2
.
5
6
%
1
.
3
2
% 1
.
3
2
%
4
5
.
6
1
%
www.allenovery.com/maindex
21
Regional analysis:
Western Europe
The theory that a few big transactions might be enough
to re-ignite the M&A market has been tested in Lurope
this quarter, and, so far, found to be wanting.
Activity in Western Europe remains at a
relatively low level, but it is not the same
mood we saw immediately after the Lehmans
crash when players were frozen with fear and
didnt dare make a move. The market is more
reminiscent o the early 1990s - not stellar,
not dead; just rumbling along.
Companies have strong balance sheets and,
often, plenty of cash to do deals. Theres no
scarcity of good assets to buy. But it seems
that little can shake them out of a state of
persistent underconfidence. Worried about
how the Eurozone crisis might impact bank
lending, companies are happier to hoard cash
than spend.
Strategic deals still get done in the region,
even though it is at the epicentre of the
Eurozone crisis. BP for instance has said it
wants to sell its stake in the Russian oil and
gas enture, 1NK-BP. Shell launched into a
GBP1.1bn-bid battle with P11 o 1hailand
for control of Cove Energy, with both
focused on East African offshore
gas interests.
In Germany, E.ON sold its gas transmission
business, Open Grid Europe, to a consortium
led by Macquarie or LUR3.2bn and SAP also
acquired U.S. cloud computing firm, Ariba,
or USD4.3bn.
Real estate continues to be a lively sector in
Germany, with several sizeable portfolio deals
going through in Q2, including Deutsche
Wohnens EUR1.2bn acquisition of a large
Barclays portfolio, and Cerberus and Corpus
Sireo buying some 22,000 units from Speymill
or LUR900m.
The same continuation of Q1 trends was
seen in the Netherlands, where cable operator
Ziggo listed on Amsterdam Luronext
(capitalised at EUR4.2bn) and shares in
DE Master Blenders, the makers of Douwe
Egberts coffee, have now begun trading on the
exchange after the company was spun off by
Sara Lee. We also saw foreign investors close
in on public M&A deals, including Amrica
Mvil building its interest in KPN and the
EUR5.2bn public offer for TNT by UPS.
In more robust times, such bids might be
enough to act as icebreakers, inspiring others
to follow suit particularly in Europes
stronger markets such as the Netherlands,
France, the UK and Germany. Currently
theres no sign of that happening.
Private equity continues to be steadily busy
in the UK, the Netherlands and even Spain,
but the majority of deals tend to be about
managing portfolios with a strong accent on
secondary transactions.
The second round of elections in Greece
left investors wary, although the victory of
pro-bailout parties helped calm neres.
Spains hasty negotiation of a EUR100bn
bailout for its banks has once again unsettled
markets and the call by Cyprus for an EU
rescue has reawakened fears of contagion.
The effects of that are felt most acutely in
countries most threatened by the crisis.
Spain and Italys M&A markets remain in a
dire state, with hopes or a pick-up pinned
mostly on privatisations that governments
may use to reduce their deficits.
Italian state sell-os are expected to ocus on
energy and real estate. U.S. funds are said to
be interested. Theres growing interest too in
undervalued listed companies and Russian
investors are circling the financial services
sector. Spains privatisation programme is
on hold but sales of state assets, including
airports, may be revived.
1he high-proile nationalisation o Spain`s
Bankia with the government taking stakes
in it and parent company Banco Financiero
y de Ahorros underlines the crucial role
banks are now playing in the M&A market.
Spanish banks and corporates want to
diest non-essential assets, to strengthen
their margins, creating a range of M&A
opportunities. Well capitalised acquirers may
be a main buying force in 2012 and inbound
investment interest from emerging countries
and sovereign wealth funds is growing.
But as Europe heads into its traditionally
quiet summer period, some investors may
be happy to see the holidays arrive. Barring a
meltdown in the Eurozone, the M&A market
is likely to continue travelling in the same
direction sideways.
Some big deals, but no ice broken
The Allen & Overy M&A Index | H1 2012 22
Allen & Overy LLP 2012
The diagram above represents the breakdown of the total number of deals in H1 from 2007 to 2012.
H1 DEAL TOTALS
2007: 565
2008: 454
2009: 182
2010: 280
2011: 386
2012: 237
WESTERN EUROPE DEAL TYPES
2
0
1
1
2
0
1
2
2
0
1
0
2
0
0
9
2
0
0
8
2
0
0
7
Take private
Public recommended acquisition
Other private M&A
Public hostile acquisition
Merger
Joint venture
Divestment
Demerger
1
.
5
5
%
3
7
.
9
7
%
4
7
.
8
0
%
3
7
.
4
4
%
3
8
.
0
5
%
3
7
.
8
8
%
19.12%
1
6
.0
8
%
1
4
.2
9
%
1
5
.2
8
%
1
.
2
7
%
1
.
3
0
%
2
.
1
4
%
1
.
9
8
%
3
.
1
9
%
1
6
.4
6
%
2.11%
19.78%
4
2
.
9
5
%
2
9
.
1
2
%
4
1
.
4
3
%
4
1
.
7
1
%
4
1
.
3
5
%
1
.
4
3
%
1
.
1
0
%
0
.
7
8
%
1
.
4
3
%
3
8
.
2
1
%
3
8
.
6
0
%
0.42%
1.10%
0.44%
0.53%
0.18%
0.66%
0.71%
0.52%
0.42%
0.88%
0.55%
0.36%
0.26%
0.44%
0.55%
0.18%
www.allenovery.com/maindex
23
Regional analysis:
CEE and CIS
With the exception of Poland, which remains active, many markets
in the region may be in for something of a lull. Internal politics
and external economics will probably decide how long that lasts.
Activity across Central and Eastern Europe
and Russia and the CIS continues to divide
geographically. While key markets continue
to thrive, notably Poland and to some extent
the Czech Republic, Russia awaits some key
political decisions, and many parts of Southern
and Eastern Europe have (after an extremely
busy second quarter) again recently shown
signs of falling victim to general Eurojitters.
Investor sentiment can often be
disproportionately hit by big political events
even when the betting looks pretty safe.
1he re-election o Vladimir Putin was neer
in very much doubt, but ahead of the poll
investors held fire.
In the CIS, after a relatively quiet Q1, we saw
a slight uplift in activity in the second three
months, but many of the deals completed
were initiated in 2011, before the electoral
distractions took hold. Headline deals
included Rosneft and Iteras formation of a
gas exploration joint venture, a deal which
should be completed in the second half
of this year. AFK Sistema and InterRAO
have also announced the reorganisation of
Bashkirenergo (a major Russian producer of
electricity and heat operating in Bashkortostan)
under the terms of which InterRAO will
control the power generation assets of
Bashkirenergo and AFK Sistema will control
the power grid assets of Bashkirenergo.
The election result has now bought a sense
of stability to the business sector in Russia.
But three big factors will decide how quickly
transactions pick up the Eurozone crisis; a
privatisation programme expected to involve
some big names, such as Sberbank, Rosneft,
ALROSA, VTB, Aeroflot, RusHydro,
Russian Railways and some others; and how
far controls over key strategic sectors, such
as energy, power, infrastructure and financial
services, are relaxed. The last of these could
have a big bearing on whether Asian investors
take their interest in the CIS to the next level.
Outbound investors are also active and likely
to become more so. State-controlled energy
companies have made it clear they want to
invest overseas, particularly in downstream
assets. Europe remains the top target market,
but others are being explored. Gunvor, the
Russian oil trader, bought two refineries in
Germany and Belgium from Petroplus in the
first half of the year.
The Polish market remains relatively active
although perhaps not as active as last year.
We saw quite a lot of activity in the financial
services sector with KBC agreeing the
terms of its exit from Kredyt Bank in favour
of Santander and the Dutch Rabobank
launching a mandatory oer or the 40
stake in Bank Gospodarki ywnociowej not
owned by it.
Another sector which attracts quite a lot of
activity is telecoms, media and technology with
the main transaction being TVN agreeing to
sell Onet.pl, the leading Polish internet portal,
to Ringer Axel Springer. We have also seen
an increase in public M&A activity with two
listed chemical companies, Azoty Tarnw and
Pulawy, attracting unsolicited bids from the
Russian group Acron and Polish company
Synthos, respectively.
After a busy few months, investors in much
of the rest of the CEE region now look set to
stand on the sidelines for a couple of months,
much as they did last autumn. The Eurozone
crisis is again affecting sentiment. Last year
these Eurojitters lasted until investors felt that
they could not realistically sit on the sidelines
any longer, and (some) sellers became
desperate for cash.
The standout deal in Q2 was CVCs sale of
StarBev a significant group of breweries
in the C&SEE region (including the Czech
Staropramen brewery) with operations
in nine countries across the region to
U.S./Canadian company Molson Coors for
EUR2.7bn. The auction attracted bidders
from across Europe, North America and Asia.
At the smaller end of the market, theres a
growing tendency for deals to be held up as
sellers hold out (often in vain) for relatively
small improvements in price. This nickel
and diming is a particular trend in sales
of distressed assets. Poorly managed sale
processes also often delay deal timetables.
Were expecting to see one specific area that
may conersely result in a pick-up in actiity
across the Balkans, notably Bulgaria and
Romania, in Q3, as Greek businesses retrench
and put assets up for sale. Slovakia remains
very slow following a change of government,
but perhaps when the government is back on
track some processes and projects may revive.
Chinese investors remain very interested in
the region, especially where they can acquire
technology and distribution. In some cases, a
combination of perceived regional and local
risk continues to stay some investors hands.
Investors more used to operating in the
region are less likely to be fazed by some of
these uncertainties.
Time in the sidelines
The Allen & Overy M&A Index | H1 2012 24
Allen & Overy LLP 2012
The diagram above represents the breakdown of the total number of deals in H1 from 2007 to 2012.
H1 DEAL TOTALS
2007: 210
2008: 206
2009: 76
2010: 102
2011: 130
2012: 72
CEE AND CIS DEAL TYPES
2
0
1
1
2
0
1
2
2
0
1
0
2
0
0
9
2
0
0
8
2
0
0
7
Take private
Other private M&A
Public hostile acquisition
Merger
Joint venture
Divestment
Demerger
2
3
.
6
1
%
2
3
.
8
5
%
2
6
.
4
7
%
1
9
.
7
4
%
2
2
.
3
3
%
2
2
.
8
6
%
5
0
.
0
0
%
5
0
.
0
0
%
5
0
.
0
0
%
5
0
.
0
0
%
5
0
.
0
0
%
5
0
.
0
0
%
21.84%
1.43%
22.38%
23.63%
18.46%
14.71%
1.39%
15.28%
1
.
3
9
%
8
.
3
3
%
7
.
6
9
%
8
.
8
2
%
6
.
5
8
%
5
.
3
4
%
3
.
3
3
%
0.49%
www.allenovery.com/maindex
25
Regional analysis:
Middle East and North Africa
Big-ticket deals hae allen since the Arab Spring, with the bias
towards small and mid-cap transactions. But there are clear signs
that investors are planning to do deals in the near future which
should boost activity.
Deal activity in Q2 in the MENA region has
largely been consistent with Q1. There have
been some notable deals but we have not yet
seen a significant increase in the volume of
transactions. As the region heads towards
Ramadan and the generally quieter summer
period, there is however a flurry of activity as
parties try to get deals done. In addition,
market participants have pointed to a
stronger pipeline of transactions compared
to this time last year.
The region has seen a marked decrease in
investment banking fees on M&A deals this
year, which relects the lack o big-ticket deals
since the Arab Spring. Q1 however saw the
takeover offer by Mannai Corporation of
Damas, a rare example of a public bid in the
region, which was followed in Q2 by the
announcement o the ALD13.6bn merger o
Aldar Properties and Sorouh Real Estate Co.,
Abu Dhabis two biggest developers. Apart
from these big standout deals, the market
continues to be dominated by small and
mid-cap transactions.
Saudi Arabia and Turkey continue to attract
greatest attention from investors, sponsors
and corporates alike, thanks to their strong
economic fundamentals. The Saudi market
offers attractive opportunities, particularly in
consumer-based sectors, but also presents real
challenges for regional and international
investors in structuring deals. Turkey remains
a focus for investment from the region,
although assets in Turkey are generally
regarded as expensive.
The region continues to attract investment
rom international blue-chip corporates.
Following News Corporations acquisition of
a minority stake in MOBY, a media company
headquartered in Dubai and active in
Afghanistan, this quarter has seen Thomson
Reuters acquire Zawya, the business news
service based in Dubai.
Frontier markets such as Iraq increasingly
attract interest and private equity houses are
considering raising funds specifically to target
deals in these markets. Following News
Corporations acquisition in Afghanistan,
Qatar 1elecom acquired a 19 stake in Asia
Cell, the Iraq-based mobile
telecommunications company, during Q2.
There are also signs of deals in Egypt
beginning to come to market, particularly in
the construction and building materials
sector. These include Orascom Construction
Industries` USD9bn demerger o its
construction business from its fertiliser
business. Also, EFG Hermes has entered
into a joint venture with QInvest, the
Qatari investor, to establish a regional
investment bank.
The EFG Hermes deal was one of a number
of deals in the financial services sector which
saw increased activity this quarter.
Transactions included the offer by National
Bank of Kuwait to acquire Boubyan Bank,
the Kuwaiti-listed lender, as well as the
acquisition by Saham Finances, the
Morocco-based insurance company, o an
81 stake in LIA Insurance in Lebanon.
We have also seen Oman International Bank
buy a 49 stake in lSBC`s Oman operations.
Although the private equity market in MENA
is smaller than in more established markets,
PE houses in the region are seeing a strong
pipeline of deals. Q2 Deals included Abraajs
acquisition of a stake in Kuwait Energy
Company, the Kuwait-based oil and gas
exploration and production company.
A major challenge for PE houses in the region
has been the need to demonstrate a successful
track record of deals from initial investment
through to exit so that they can go back to
investors and raise new funds. Constraints on
deals include foreign investment restrictions
and illiquid capital markets.
However we are seeing the more successful
PE houses ramp up their efforts to raise new
funds from investors across the region,
including sovereign wealth funds and
family offices.
Deal pipeline improving
The Allen & Overy M&A Index | H1 2012 26
Allen & Overy LLP 2012
The diagram above represents the breakdown of the total number of deals in H1 from 2007 to 2012.
H1 DEAL TOTALS
2007: 34
2008: 31
2009: 15
2010: 14
2011: 20
2012: 18
MENA DEAL TYPES
2
0
1
1
2
0
1
2
2
0
1
0
2
0
0
9
2
0
0
8
2
0
0
7
Take private
Public recommended acquisition
Other private M&A
Public hostile acquisition
Merger
Joint venture
Divestment
Demerger
4
4
.
4
4
%
5
.
0
0
%
4
0
.
0
0
%
53.33%
5
.
0
0
%
1
1
.
1
1
%
5
4
.8
4
%
3
2
.
3
5
%
3
3
.
3
3
%
25.00%
28.57%
20.00%
1
4
.7
1
%
3
.2
3
%
9
.
6
8
%
1
1
.
1
1
%
5
.
0
0
%
5
0
.
0
0
%
2
6
.
6
7
%
3
2
.
2
6
%
5
2
.
9
4
%
2
1
.
4
3
%
2
0
.
0
0
%
www.allenovery.com/maindex
27
Regional analysis:
India
1hough high innation, currency dealuation and goernance-related
issues remain a concern, India`s long-term economic undamentals
remain intact and M&A activity is holding up in the face of a raft of
important changes in regulation.
While the target location for M&A activity
may be evolving, for many businesses M&A
remains the simplest and most effective way
to gain a footprint and build scale in new
geographies. Although rating agencies lowered
their overall outlook on India as an investment
destination, dealmaking continued apace.
Mining activity dominated the M&A
landscape. The restructuring of Sterlite
Industries, one of the largest natural resource
companies, remained the single biggest
transaction this year, valued at USD12.8bn.
News reports indicate that state-owned
NMDC Limited is planning to acquire
overseas mines in Russia, Australia, Brazil and
Mozambique involving an initial investment
of USD500m.
The government has set up a sovereign wealth
und to make it easier and aster or state-run
units to acquire oil and mineral assets abroad,
as part of its larger goal for achieving energy
security. Indias dependence on imported oil is
driving outbound investment in key markets
including Africa, Australia, Canada and the U.S.
Both ONGC and Oil India are looking to buy
sizeable stakes in ConocoPhillips Canadian oil
sands holdings with Oil India also targeting
Chesapeake Energys Mississippi lime basin.
The life sciences sector was also hectic in H1.
Outbound deals included Piramal Healthcares
acquisition o U.S.-based Decision Resources
Group or USD635m, its irst big step towards
building a global presence, and Fortis
Healthcares purchase of Radlink Asia
of Singapore.
The Indian life sciences market is expected to
be worth USD74bn by 2020 compared to
USD11bn now. Indian life sciences groups are
gaining global leadership and Indian generics
today constitute nearly a fifth of global
supplies. Six producers Aurobindo,
Dr Reddys, Glenmark, Lupin, Torrent and
Wockhardt have been cleared to enter the
U.S. generic market for Levaquin
(levofloxacin), an antibiotic approved for
treating bacterial infections.
Although there were few inbound deals,
GlaxoSmithKline is in talks to acquire
Bangalore-based Micro Labs. But a number o
other significant deals are being held up thanks
to delayed decisions from the Foreign
Investment Promotion Board, a move to
restrict foreign direct investment, subsequently
quashed, and a new proposal, the timing of
which is uncertain, for the Competition
Commission to scrutinise all inbound M&A
in the sector.
Major inbound financial services deals included
Mitsui Sumitomo`s acquisition o a 26 stake
in Max New York Life Insurance for
USD535m and lSBC buying RBS`s India
assets for USD1.8bn. HCL Group is now
reported to be set to acquire a 51 stake in
DLF Pramerica Life Insurance Company.
Significant deals in the hospitality, travel and
leisure sector included Sahara Indias
USD570m acquisition of New Yorks Plaza
Hotel and Canadas Fairfax Financials
purchase o a stake in 1homas Cook`s
Indian operations for USD150m.
India ranks ith in the top 30 emerging retail
markets and the government is sticking to
plans to open up the market to foreign
retailers. 100 direct inestment in single
brands will be allowed although there is some
uncertainty oer plans to allow 51 lDI in
multi-brand retail, as opposition to big global
supermarket brands remains intense. But a
good sign of improving investor confidence
came when IKEA announced plans to invest
EUR1.5bn in India in two phases.
Activity in telecoms has however been hit hard
by a controversial change in the Indian tax
laws, which aims to tax cross-border
transactions retrospectively this could land
Vodafone with a huge tax demand over its
purchase of Hutchisons Indian mobile
operations and the revocation of 122
licences which the Supreme Court has ruled
were rigged and underpriced. This is bad news
for Telenor, Sistema, Etisalat and Batelco, the
last two of which have called it a day in India.
But a new auction process should trigger
consolidation and deal activity.
In the IT sector, Indias Genpact is poised to
be acquired or USD3.4bn by priate equity
players Apax Partners and Bain Capital. Earlier
in the year, the 1ech Mahindra-Mahindra
Satyam merger was finalised, creating an entity
with combined revenues of USD2.4bn.
Indias M&A market is becoming much more
sophisticated, with significant changes in the
regulatory environment across key areas
including competition policy, taxation,
corporate governance and stock market
and takeover rules.
The sheer level of change, coupled with
current economic uncertainties, is bound to
slow M&A activity. But we still expect
high-alue transactions in energy and lie
sciences in the next 12 months, with retail,
manufacturing and financial services also
prominent. The fundamentals are robust and,
with Western economies remaining weak, its a
good time for Indian corporates to strengthen
their position both at home and abroad.
Huge regulatory change on the way
The Allen & Overy M&A Index | H1 2012 28
Allen & Overy LLP 2012
The diagram above represents the breakdown of the total number of deals in H1 from 2007 to 2012.
H1 DEAL TOTALS
2007: 48
2008: 68
2009: 40
2010: 58
2011: 64
2012: 44
INDIA DEAL TYPES
2
0
1
1
2
0
1
2
2
0
1
0
2
0
0
9
2
0
0
8
2
0
0
7
Public recommended acquisition
Other private M&A
Public hostile acquisition
Merger
Joint venture
Divestment
Demerger
1
5
.
9
1
%
1
8
.
7
5
%
1
.
7
2
%
2
0
.
6
9
%
1
0
.
0
0
%
1
6
.
1
8
%
4
.
1
7
%
8
.
3
3
%
5
0
.
0
0
%
5
0
.
0
0
%
5
0
.
0
0
%
5
0
.
0
0
%
5
0
.
0
0
%
5
0
.
0
0
%
2
.0
8
%
2
0
.8
3
%
1
7
.6
5
%
1
.4
7
%
2
5
.
0
0
%
15.52%
1
0
.
9
4
%
9
.
0
9
%
1
2
.
0
7
%
2
.5
0
%
1
2
.
5
0
%
1
4
.7
1
%
1
4
.5
8
%
2
0
.3
1
%
2
5
.0
0
%
www.allenovery.com/maindex
29
Regional analysis:
Asia PaciFc: Greater China
Chinas increasingly sophisticated M&A market is as vulnerable
to global economic swings as any other. Add in political
stalemate at home, and its a recipe for investor caution that
belies strong fundamentals.
Current economic conditions should, in many
ways, favour Chinese companies looking to
make outbound investments. The currency
is strong and assets in certain key markets
notably Europe are in reasonable supply,
at increasingly attractive prices.
But three main issues continue to hold back
transactions in the region: the unpredictable
global effects of the Eurozone crisis; a
slowdown in domestic growth after years
of rapid expansion; and continuing political
uncertainty caused by changes in the
Communist Party leadership.
With so much uncertainty hanging over
the global economy, and with the shape of
Chinas new political leadership unlikely to
become clear before late autumn, investors
remain, understandably, cautious in judging
when to put their heads above the parapet.
As in Q1, the number of transactions was
again significantly down on the same period
last year. Measured by value, the numbers
look slightly better, thanks to some
hefty transactions.
The largest of these was Alibabas agreement
in May to buy back hal o \ahoo`s 40
stake for USD7.1bn, a move which, many
believe, is a precursor to an IPO for Chinas
biggest internet company. Telefnica also
sold just under hal o its 9.6 stake in China
Unicom to its parent company, China United
Network, for USD1.4bn.
But perhaps the most significant statement of
confidence in China came from Singapores
state-owned inestment und, 1emasek,
which is continuing to buy into some of
Chinas biggest financial institutions. In April,
it bought USD2.4bn of shares in ICBC from
Goldman Sachs, adding to stakes it already
holds in China Construction Bank and
Bank of China.
Chinese investors continue to search for deals,
but their targets are relatively narrowly focused.
Energy and natural resources remain a
priority, although investors, concerned
about price volatility, are now viewing deals
with a more critical eye. That provides an
interesting context for the Hong Kong Stock
Exchanges GBP1.4bn bid for the London
Metal Exchange (LME) in June a clear
diversification play.
Global brands continue to appeal to Chinese
investors, as we saw in Bright Foods
acquisition o a 60 stake in \eetabix - a
deal valuing the UK company at GBP1.2bn.
In the mid-cap sector, inestors are drawn
to businesses offering access to technology,
intellectual property and distribution so that
they can compete more effectively at home
and abroad. Although valuing such assets
remains hard in the current climate, deals are
being done and Germanys SME sector
largely dominated by amily-owned businesses
that appear less wary of Chinese investment
these days is proving fertile ground.
The Wests financial services sector remains
a relatie no-go area or Chinese inestors,
however. Some painful lessons have been
learned in the past and we are unlikely to
see China piling into Western banks in large
numbers in the current climate.
But there was one small but very significant
deal during Q2. Ater a 16-month reiew, the
U.S. Fed approved the ICBC acquisition of
80 o Bank o Last Asia`s U.S. operation,
marking the first time a PRC bank has been
allowed to take control of a U.S. bank.
China itself remains a key market for
multinational companies across all sectors,
and joint venturing remains the optimum
route in. But inbound investors are
also having to structure deals in a more
sophisticated way.
The days when Chinese companies primarily
needed access to Western funding are long
gone. Joint venture deals are now much
more likely to include agreements to share
technology or distribution as the price for
access to this important market.
This holds particularly true in the chemicals
sector. Chinese companies know that they
occupy the worlds major growth market.
They are prepared to share a bit of it in return
for intellectual property and opportunities to
expand internationally.
A tricky question of timing
The Allen & Overy M&A Index | H1 2012 30
Allen & Overy LLP 2012
The diagram above represents the breakdown of the total number of deals in H1 from 2007 to 2012.
H1 DEAL TOTALS
2007: 108
2008: 95
2009: 80
2010: 90
2011: 121
2012: 71
GREATER CHINA DEAL TYPES
2
0
1
1
2
0
1
2
2
0
1
0
2
0
0
9
2
0
0
8
2
0
0
7
Take private
Public recommended acquisition
Other private M&A
Public hostile acquisition
Merger
Joint venture
Divestment
Demerger
4
3
.
6
6
%
4
1
.
3
2
%
3
8
.
8
9
%
1
.
2
5
%
5
2
.
5
0
%
4
6
.
3
2
%
3
7
.
0
4
%
3
5
.
1
9
%
2
6
.
3
2
%
2
1
.
2
5
%
3
4
.4
4
%
25.00%
20.66%
25.35%
25.26%
23.15%
3
.
7
0
%
3
.
3
1
%
3
2
.
2
3
%
2
6
.
6
7
%
0
.
8
3
%
1
.
6
5
%
1
.
4
1
%
2
9
.
5
8
%
2
.
1
1
%
0.93%
www.allenovery.com/maindex
31
Regional analysis:
Asia PaciFc excluding Greater China
Despite some lively activity from Japan and the buoyant
ASLAN area, inestor conFdence remains ragile with
ew signs o an immediate pick-up.
Worries that the Eurozone crisis might yet
spark a new global slowdown continue to
beset investors in the Asia Pacific region, with
periodic concerns about Chinas economy
acting as a second handbrake on M&A activity.
Deal activity remained subdued in the second
quarter even compared to an already sluggish
Q1. The backdrop of falling global equity
markets certainly did not help overall sentiment.
That looks to be a possible pattern for the rest
of the year, even though corporate balance
sheets remain strong and the wider Asia Pacific
economy is in relatively good shape.
But it was not all doom and gloom in Q2,
with some significant activity from Japans
big trading houses and some big deals in
key ASEAN economies including Malaysia,
Singapore and Indonesia.
The strength of the yen and a stagnant
domestic economy continue to encourage
Japanese investors to look overseas for
opportunities, exemplified by Marubenis
USD3.6bn acquisition o Gailon, the U.S.
commodities group.
Following Japans decision to abandon
nuclear power, energy remains another
key investment area, particularly shale and
liquefied natural gas (LNG). Mitsubishi has
joined forces with Mitsui to invest USD2bn
in the Browse LNG project in Australia, and
NYK and TEPCO have also invested in the
Wheatstone scheme there. But with U.S. gas
trading at a sixth of Australian prices, focus
has shifted to North American reserves and
liquefaction and export facilities.
Europe continues to be a nervy destination
for Japanese investors, although weve
seen some mid-market industrial deals
where investors are looking to gain access
to technology and distribution. India by
contrast has increasingly become a key target
market and Japan is also expected to be in
the vanguard of investors looking to make
inroads in Myanmar as its economy opens up.
Myanmar is another country which is
generating a significant amount of interest
for international companies as it opens up to
the world. While the EU has suspended and
Australia has repealed sanctions, the U.S. has
not yet moved on this despite announcing
that it will do so. International companies are
looking keenly at the market but many are
waiting before taking the plunge as they want
clarity on the U.S. sanctions position and
the long-promised but oerdue new loreign
Investment Law.
Three years ahead of the creation of a
single economic community with some 600
million consumers, ASEAN is emerging as
an investment region in its own right. Its still
attracting big interest from investors outside
the region, but most activity in Q2 focused
on domestic or intra-regional deals.
Malaysia is a particularly busy market.
Standout deals in the quarter included the
USD2.8bn disposal of Tanjong Energy
with 13 power stations across the Middle
East, India and North Africa. The seller was
Malaysian tycoon, Ananda Krishnan; the
buyer, a Malaysian government fund. KLK
sold cosmetics group, Crabtree & Evelyn, to
long Kong-based KCIL or USD155m.
Two big Malaysian IPOs are also pricing now
Felda, one of the worlds largest palm oil
producers, and IHH Healthcare.
The former is expected to reach one of the
years highest market caps, second only to
that of Facebook. Malaysian Investors also
beat Chelsea Football Club in the race to buy
the iconic Battersea Power Station in London,
and rumours have surfaced that Charoen
Pokphand Foods is about to buy Birds Eye
from the PE group, Permira, for GBP2.5bn.
The imposition of caps on mining and
potentially banking investments by the
Indonesian government does not appear to
have deterred potential buyers in either sector.
But the USD9.1bn bid by Singapore`s DBS or
Bank Danamon is being seen as a test case.
One significant ongoing deal will test the
appetite for Asian financial assets the sale
of INGs insurance and asset management
businesses across Asia, with combined price
estimates in the region o USD8bn-USD9bn.
Energy and natural resources remains a
strong sector in Australia, although activity
has tempered in recent months. But media
and gaming has shown real signs of new life.
The main talking points are the AUD2bn
News Corp bid for Consolidated Media,
which would lift Rupert Murdochs stake in
the pay 1V operator, loxtel, to 50. Gina
Rinehart, the mining billionaire, has also taken
a 19 stake in the lairax Media newspaper
group and is seeking board representation,
raising concerns about editorial independence
at a time when the print media is facing major
rationalisation. Shareholder activism, once
the domain of certain hedge funds, is now
making its way into the mainstream through
proposals to make board changes in the
absence of a full bid.
$6($1DQG-DSDQIDLOWROLIWDJJLQJPDUNHW
The Allen & Overy M&A Index | H1 2012 32
Allen & Overy LLP 2012
The diagram above represents the breakdown of the total number of deals in H1 from 2007 to 2012.
H1 DEAL TOTALS
2007: 219
2008: 211
2009: 129
2010: 174
2011: 196
2012: 147
ASIA PACIFIC EXCLUDING
GREATER CHINA DEAL TYPES
Take private
Public recommended acquisition
Other private M&A
Public hostile acquisition
Merger
Joint venture
Divestment
Demerger
1.37%
0.78%
0.47%
0.91%
0.46%
0.46%
3
0
.
5
9
%
4
0
.
2
3
%
3
2
.
2
3
%
3
5
.
6
6
%
2
.
8
7
%
3
2
.
6
5
%
2
.
0
4
%
1
.
0
2
%
0
.
5
7
%
2
.
0
4
%
4
0
.
1
4
%
1
.
5
5
%
0
.
9
5
%
3
.
2
0
%
2.04%
25.85%
3
1
.6
3
%
0
.5
1
%
3
1
.0
3
%
1
.1
5
%
2
8
.6
8
%
1
.5
5
%
2
9
.3
8
%
1
.4
2
%
3
3
.7
9
% 1
.9
0
%
1
.0
2
%
0
.5
1
%
2
9
.2
2
%
3
3
.6
5
%
3
1
.0
1
%
0
.7
8
%
2
4
.
1
4
%
3
0
.6
1
%
2
9
.
9
3
%
2
0
1
1
2
0
1
2
2
0
1
0
2
0
0
9
2
0
0
8
2
0
0
7
www.allenovery.com/maindex
33
A global snapshot
Top target markets for the worlds largest acquiring countries
Volume of deals
2
UK
Canada
France
Israel
Brazil
Germany
Denmark
Australia
India
Japan
12,820
8,855
7,441
2,316
1,838
1,068
3,059
1,244
344
898
U.S.
Value of deals (USDm)
17
15
7
7 4
4
3
3
3
2
U.S.
Italy
Brazil
Norway
Sweden
Ethiopia
Poland
Congo, the Democratic Republic of
Spain
Germany
8,606
2,957
813
761
4,425
343
222
1,250
471
184
UK
Value of deals (USDm)
17
3
3
3
2
2
2
1
1
1
Hong Kong
Australia
U.S.
Canada
UK
Brazil
Italy
Germany
Portugal
Colombia
4,493
2,718
5,520
1,817
1,944
942
663
661
513
438
CHINA
Value of deals (USDm)
5
4
3
3 2
1
1
1
1
1
U.S.
Switzerland
India
Canada
UK
Italy
Ireland (Republic)
South Korea
Finland
Belgium
14,462
1,262
1,214
3,952
2,112
685
7,300
685
619
596
JAPAN
Value of deals (USDm)
1
14
4
4
3 3
2
1
1
1
KEY
The Allen & Overy M&A Index | H1 2012 34
Allen & Overy LLP 2012
3
2
2
1
1
1
1
1
1
U.S.
China
India
Belgium
Mexico
Nigeria
Thailand
Germany
Brazil
1,110
2,584
237
255
209
167
158
141
129
SINGAPORE
Value of deals (USDm)
Canada
Panama
Brazil
Poland
Austria
Indonesia
Japan
7,347
480
279
272
132
130
116
SWITZERLAND
1
1
1
1
1
1
1
Value of deals (USDm)
U.S.
UK
Australia
Norway
Germany
Mexico
Austria
Russia
Peru
China
5,228
5,918
966
3,726
298
200
183
180
150
116
CANADA
Value of deals (USDm)
1
8
6
2
1
1
1
1
1
1
UK
Vietnam
Mexico
U.S.
Italy
Turkey
India
Luxembourg
Canada
Germany
10,867
1,290
988
945
924
874
501
428
360
318
FRANCE
Value of deals (USDm)
1
1
1
2
3
1 1
3
1
1
U.S.
UK
Italy
Poland
Canada
Brazil
Netherlands
7,091
1,272
1,128
996
401
346
195
GERMANY
4
4
1
1
1
1
1
Value of deals (USDm)
Denmark
Taiwan
Finland
Germany
Norway
U.S.
Malta
830
580
338
2,249
180
125
111
SWEDEN
4
2
2
1
1
1
1
Value of deals (USDm)
www.allenovery.com/maindex
35
Sector analysis:
Energy
We have seen an increase in public hostile
bid activity. A number of corporates are
sitting on significant cash piles and no
doubt are looking for strategic acquisitions,
which a number of target boards are
perhaps seeing as opportunistic.
In Asia Pacific, demand for secure energy
supply continues to drive investment
from Japan, including in the Browse and
Wheatstone LNG projects in Australia.
East Africa is emerging as a new
hydrocarbon region, attracting strong
interest as the prolonged contest for
Cove Energy attests. Further exploration
success by Tullow in Kenya adds to the
growing optimism in the East African story.
However, in the M&A context, buyers
need to be mindful as governments look
to share in M&A profits via capital gains
taxes, which has been an issue in the Cove
deal and the earlier Tullow acquisition from
Heritage Oil in Uganda.
There is also significant interest in the
Kwanza basin offshore Angola, which
explorers are hoping will yield similar
discoveries to the Santos Basin
offshore Brazil.
It will be interesting to see whether the
softening oil price sparks an increase in
M&A, although price volatility is usually a
dampener on deal activity.
Downstream M&A, particularly in Europe,
remains a buyers market, though with
few buyers as evidenced by closure of the
Coryton refinery. The Petroplus insolvency
is a symptom of the difficult refining
environment in Europe, with falling
demand and increasing competition from
emerging markets. Downstream M&A is
likely to remain very difficult for sellers,
and we could see more refinery closures.
It will be interesting to see whether
there is further consolidation of strategic
energy assets into state ownership in
Russia following Mr Putins return to the
presidency. This could lead to a number
of sales and potentially new joint venture
arrangements with Russian state enterprises.
lurther, BP`s intention to exit 1NK-BP
could have a number of significant
knock-on eects in the M&A market,
both in Russia and elsewhere.
Until there is an improvement in the
macroeconomic outlook, it seems probable
that the M&A market will remain depressed
as the accompanying volatility and
uncertainty mean that participants continue
with a wait and see approach.
With a softening oil price, difficult debt
and equity capital markets, we could see an
increase in distressed M&A, which could
mean great buying opportunities for those
corporates with large cash reserves.
Deceleration quickens
1he M&A market in the Frst hal o 2012 was a ery dicult one,
with deal olumes and alues decelerating signiFcantly compared with
the Frst hal o 2011. 1here was a marked slowdown in both alue and
corporate M&A deal olumes ,down by 34 and 25, respectiely,.
The continuing Eurozone crisis and the bearish macroeconomic
enironment are causing many deal-doers to stay on the sidelines.
The Allen & Overy M&A Index | H1 2012 36
Allen & Overy LLP 2012
2
.
1
5
%
1
.
0
8
%
186
0
.
4
6
%
ENERGY DEAL TYPES : H1 2007-2012
H1 2011
H1 2010
H1 2009
H1 2008
H1 2007
0
0
55 110 220
100 75 50 25
Deal number
Deal type (proportion of 100%)
203
3
3
.
8
0
%
H1 2012
165
Merger Joint venture Divestment Demerger Public hostile acquisition Other private M&A Take private Public recommended acquisition
145
194
3
2
.
0
6
%
4
9
.
7
6
%
5
2
.
3
1
%
1
2
.
9
6
%
132
0
.
4
6
%
0
.
9
6
%
1
7
.
4
2
%
6
0
.
6
1
%
0
.
7
6
%
1
.
5
2
%
1
8
.
9
4
%
2
5
.
8
1
%
5
3
.
2
3
%
5
4
%
2
6
.
2
9
%
1
.
5
5
%
5
2
.
4
1
%
3
1
.
0
3
%
0
.
6
9
%
1
3
.
1
0
%
1
.
5
5
%
5
5
.
1
5
%
1
.
3
8
%
0
.
6
9
%
0
.
6
9
%
0
.
9
6
%
0
.
9
6
%
0
.
5
2
%
0
.
5
2
%
209
216
1
7
.
7
4
%
1
4
.
4
3
%
0
.
7
6
%
1
5
.
3
1
%
34%
decrease in value of deals
compared to H1 2011
145
deals in H1 2012
25%
decrease in volume of deals
compared to H1 2011
Total
www.allenovery.com/maindex
3
Sector analysis:
Financial services
Exchange consolidation is still in vogue.
Despite repeated attempted cross-border
mergers being thwarted at the last hurdle,
Hong Kong Exchanges & Clearing Limited
(HKEx) persisted in its interest in the
London Metal Exchange. HKEx made
a GBP1.4bn recommended cash offer
or LML, one o the last member-owned
exchanges in the world and the worlds
leading exchange for the trading of base
metal futures and options contracts.
Bidders are shying away from Europe and
looking to Lurozone-remote markets. 1he
U.S., Canada, Turkey and selected Asian
jurisdictions (China, Taiwan, Japan and
Malaysia, accounted or nearly 5 o
the deal alue and just oer 55 o deal
activity. The biggest deal of the quarter
was in Turkey, where Sberbank of Russia
announced a USD3.5bn acquisition o
99.85 o DenizBank. It was the second
biggest acquisition in the sector this
year, eclipsed only by Deutsche Banks
USD5.1bn acquisition of an additional
40 o Postbank. Sberbank had preiously
dropped out of the talks to buy DenizBank
in November 2011, but returned to the
negotiation table in May 2012.
Western financial institutions continue
to exit businesses and geographies. The
sale of DenizBank is part of Dexias
commitment to sell businesses and assets as
a consequence of its second rescue plan in
October 2011. Dexia also sold its 50 stake
in RBC Dexia Investor Services to
co-shareholder, Royal Bank o Canada, the
only other transaction in Western Europe
worth over USD1bn in the quarter. That
leaves just Dexia Asset Management to
sell. Elsewhere, Julius Baer is reportedly
in talks to acquire the international
wealth management business of Bank of
America Merrill Lynch, signalling wealth
management as one of the attractive
segments in the sector.
)DU(DVWDQG7XUNH\RHUOLJKWUHOLHIIRU(XURSHV*UHHNWUDJHG\
Financial services M&A activity is still struggling to rebound,
with the market stuck in the moribund state we saw in Q4 2011
and the Frst three months o 2012. \hile Luropean institutions
continued to seek bidders for assets and businesses, activity in
the exchanges sector and in North America and Asia kept the
sector from stalling.
The Allen & Overy M&A Index | H1 2012 38
Allen & Overy LLP 2012
FINANCIAL SERVICES DEAL TYPES : H1 2007-2012
1
.
4
7
%
0
.
7
4
%
3
.
1
6
%
H1 2011
H1 2010
H1 2009
H1 2008
H1 2007
0
0
50 150 300
100 75 50 25
Deal number
Deal type (proportion of 100%)
3
4
.
7
8
%
H1 2012
200
101
159
3
2
.
6
6
%
3
6
.
6
8
%
2
9
.
2
5
%
2
9
.
6
4
%
0
.
7
9
%
2
8
.
1
4
%
3
5
.
4
8
%
3
6
.
5
6
%
1
.
0
8
%
2
4
.
7
3
%
3
7
.
5
0
%
5
4
%
3
0
.
8
2
%
1
.
2
6
%
4
5
.
5
4
%
3
1
.
6
8
%
0
.
9
9
%
2
0
.
7
9
%
3
7
.
1
1
%
0
.
9
9
%
1
.
5
8
%
0
.
5
0
%
0
.
5
0
%
0
.
6
3
%
2
.
5
2
%
199
253
2
4
.
2
6
%
2
7
.
6
7
%
2
.
1
5
%
1
.
4
7
%
1
.
0
1
%
0
.
4
0
%
0
.
4
0
%
0
.
5
0
%
100 250
93
136
3
4
.
5
6
%
47%
decrease in value of deals
compared to H1 2011
101
deals in H1 2012
36%
decrease in volume of deals
compared to H1 2011
Total
Merger Joint venture Divestment Demerger Public hostile acquisition Other private M&A Take private Public recommended acquisition
www.allenovery.com/maindex
39
Sector analysis:
Infrastructure & utilities
Continued interest in UK assets in
particular the water sector with the sale of a
further Thames Water stake to Hermes and
the auction of Veolia Water UK is likely
to continue with further assets changing
hands over the next few months.
Following close on the heels of the OGE
auction, we expect high interest in the
Czech Net4Gas asset which is about to
come to market. These opportunities are
influenced by varying factors including
sellers looking to de-leer their balance
sheet and the pressures of ownership
unbundling restrictions.
Potential investors (including the
Manchester Airport Group) continue to
prepare for the possible sale of Stansted
Airport. The timing of any sale remains
uncertain after BAA won the latest stage
of their appeal against forced disposal.
We expect to see continued activity in
the Luropean airport sector: regional
UK airports, the Spanish airports and
Hochtief s airport stakes are all assets
attracting interest.
In the Americas there has been a flurry of
activity in the roads sector. CPPIB acquired
49.99 o Grupo Costanera, the Chilean
toll road operator, from Atlantia, and ICA
bought the Barranca Larga-Ventanilla toll
road concession in Mexico from Grupo
Omega. Deal activity looks set to continue
with a host of other toll roads expected to
come to market later in 2012.
We are seeing an increasing role and power
of direct investors (in particular from Asia).
This is increasing the number of bidders for
assets and the complexity of consortium
arrangements. Major fund raising efforts in
the last 12 to 24 months has left a number
of global funds with significant money to
spend in a world where competition for
limited available assets is increasing.
But there is a growing number of
buy-in,recapitalisation opportunities
as a result of the refinancing wall and the
need to reset capital structures. Financing
and refinancing structures are becoming
increasingly flexible and opportunistic as
markets open and close.
A few standout deals in a quiet quarter
Some closely fought auctions attracting fully equity and
debt-Fnanced consortia - demonstrate how much unding is
available when good assets come to the market. Edinburgh Airport
was sold to Gatwick owner, Global Infrastructure Partners, E.ONs
Open Grid Europe business was sold to Macquarie, and Veolia
\ater`s UK-regulated water business to Inracapital and Morgan
Stanley Infrastructure Partners.
The Allen & Overy M&A Index | H1 2012 40
Allen & Overy LLP 2012
2
.
9
4
%
1
1
.
7
6
%
34
INFRASTRUCTURE & UTILITIES DEAL TYPES : H1 2007-2012
H1 2011
H1 2010
H1 2009
H1 2008
H1 2007
0
0
10 20 40
100 75 50 25
Deal number
Deal type (proportion of 100%)
203
255
5
4
%
5
0
%
2
5
.
7
1
%
H1 2012
30
9
18
35
5
5
.
5
6
%
4
4
.
4
4
%
5
1
.
4
3
%
2
2
.
8
6
%
3
7
.
5
0
%
5
6
.
2
5
%
6
.
2
5
%
3
2
.
3
5
%
5
0
%
5
4
%
4
1
.
9
4
%
1
2
.
9
0
%
5
5
.
5
6
%
3
3
.
3
3
%
1
1
.
1
1
%
2
.
9
4
%
4
5
.
1
6
%
31
16
80%
decrease in value of deals
compared to H1 2011
9
deals in H1 2012
71%
decrease in volume of deals
compared to H1 2011
Total
Merger Joint venture Divestment Demerger Public hostile acquisition Other private M&A Take private Public recommended acquisition
www.allenovery.com/maindex
41
Sector analysis:
Life sciences
The Actavis acquisition is the second
this year or expansion-minded \atson,
demonstrating the continued vibrancy of
the generics market. Actavis also gives
Watson new capabilities in the
all-important area o biologics.
The acquisition by Piramal Healthcare
Group o U.S.-based Decision Resources
Group is representative of a growing trend
for corporate India to diversify away from
the political and regulatory challenges of the
domestic market and we expect to see more
Indian outbound acquisitions this year.
Piramal is also an example of another trend
M&A in the connected health space.
We expect to see M&A activity in this area
grow. Exploiting opportunities arising
from the systematic accessing and sharing
of data (as well as subsequent analysis of
that data) is something that many of our
clients in the life sciences sector tell us is a
priority. At the same time, we see service
providers sharpening up their offerings in
this area and telecoms operators focusing
on M2M communications in the healthcare
sector. We predict consolidation among the
providers, as well as M&A, as some of the
big players in the sector develop their own
IT solutions and offerings.
Filling the pipeline is still a clear driver
or much lie sciences-related M&A and
investment levels in R&D are on the rise,
which is a good sign for the stability of
the sector as a whole. As well as buying
innovation, big pharma companies are
looking at new ways to stimulate their own
science. GSK or example, in its three-
year review of its Discovery Performance
Unit approach, declared itself quietly
satisfied with the outputs of these small
multidisciplinary discovery teams.
Expansion into emerging markets is
another theme, with M&A targets over
the last quarter located in Turkey (one),
Thailand (one), India (one), China (two)
and Brazil (three).
We expect to see continuing interest in
corporate restructuring and divestments
in the sector, with companies assessing
options just as Pfizer has done through the
sale of its baby formula business to Nestl
and its plans to spin off its veterinary
business. In particular, we expect R&D to
be a focus of these efforts and routes to
streamlining this area of the business may
include outsourcing, spin-o, outright sale
or contributing assets to a joint venture.
Finally not a new trend but one
that continues to grow we see the
increasing emphasis placed on regulatory
considerations as part of due diligence
in M&A. Companies in the sector place
tremendous importance on legal and
reputational risk. They appreciate that
building trust with the patient, prescriber
and payer is absolutely key and that falling
foul of the regulatory environment does
huge damage to this. Issues such as
o-label prescribing and bribery are
among the top industry concerns.
Strong pick-up from Q1
After a lacklustre start to the year, Q2 2012 impressed
with a signiFcant increase in the oerall alue o deals as
well as an increase in deal volume. Watsons deal to
acquire Actavis was the largest last quarter at USD5.6bn,
ollowed by Bristol-Myers Squibb`s announcement that it
will buy diabetes drug maker Amylin or USD5.3bn.
The Allen & Overy M&A Index | H1 2012 42
Allen & Overy LLP 2012
0
.
6
5
%
1
6
.
8
8
%
1
.
3
0
%
5
0
%
LIFE SCIENCES DEAL TYPES : H1 2007-2012
H1 2011
H1 2010
H1 2009
H1 2008
H1 2007
0
0
50 100 250
100 75 50 25
Deal number
Deal type (proportion of 100%)
5
0
%
0
.
4
3
%
H1 2012
150
0
.
6
0
%
5
.
9
5
%
1
1
.
9
7
%
2
.
9
9
%
0
.
4
3
%
2
0
.
0
9
%
1
.
2
7
%
2
3
.
2
1
%
1
6
.
6
7
%
2
.
3
8
%
1
5
.
2
8
%
1
5
.
2
8
%
1
.
3
9
%
8
.
4
4
%
5
4
%
2
5
.
4
4
%
0
.
8
8
%
1
0
.
7
6
%
0
.
6
3
%
2
4
.
0
5
%
1
.
2
7
%
2
2
.
7
3
%
1
1
.
8
4
%
1
2
.
0
3
%
5
0
%
1
.
1
9
%
1
4
.
1
0
%
5
0
%
5
0
%
5
0
%
5
0
%
1
1
.
8
4
%
154
168
234
228
72
158
200
2
.
7
8
%
1
5
.
2
8
%
35%
decrease in value of deals
compared to H1 2011
158
deals in H1 2012
31%
decrease in volume of deals
compared to H1 2011
Total
Merger Joint venture Divestment Demerger Public hostile acquisition Other private M&A Take private Public recommended acquisition
www.allenovery.com/maindex
43
Sector analysis:
Private equity
The level of exits is holding up, but down
on the recent high points in the months up
to and including Q4 2011.
Raising debt finance continues to be an
issue, with larger deals frequently being
marketed on both sides of the Atlantic and
a number of European borrowers opting
to raise all their debt funding in the U.S.
The reopening of the European high yield
market in early 2012 enabled a number of
issuers to raise bonds to ameliorate looming
amortisation issues, but the Eurozone crisis
has now shut the door on further European
market issuance for the time being;
however, mezzanine finance continues
to be available for the right borrower.
Concerns about the maturity wall
affecting deals done before the financial
crisis, which had receded during the first
half of 2011 as a number of borrowers
successully concluded amend-to-extend
requests, are beginning to surface again.
In Western Europe, the UK continues to
be the most active market; Scandinavia
continues to be home to a number of
notable transactions. Germany saw two
of the largest deals, including one primary
buyout o note, the LUR3.2bn Open Grid
Europe buyout from E.ON. A rarity. Lack
of primary buyout opportunities continues
to be the story in Western Europe, where
secondary buyouts continue to dominate
the larger deals.
Elsewhere, Asia Pacific new investment
activity has held up, with sizeable
transactions in Australia and PRC.
Most of the traditional sectors are covered,
with strong showing in healthcare and
energy, but most activity in the telecoms,
media and technology space. The telecoms
industry is at a critical juncture. The sector
carries large debt and yet it needs to invest
to upgrade networks. In some countries
(most recently in the UK) operators are
seeking to form joint ventures to achieve
various forms of network sharing. Private
equity sponsors have been reported to
be looking into opportunities. Their
participation in joint ventures or in any
consolidation is, in principle, attractive
from a regulatory perspective to the extent
that it does give rise to some degree of
consolidation.
Private equity funds continue to play the waiting game
Overall, new investment deal volumes and value continue
their slide. In volume terms, we are at a level seen at the low
point in Q1 2009. 1he U.S. market, howeer, appears a little
more resilient, showing increased activity compared to the
Frst quarter this year.
The Allen & Overy M&A Index | H1 2012 44
Allen & Overy LLP 2012
PRIVATE EQUITY DEAL TYPES: H1 2007-2012
0
0
100 200 300 400 600
100 75 50 25
Deal number
Deal type (proportion of 100%)
273
114
421
600
5
0
.
9
2
%
4
6
.
5
6
%
5
9
.
6
5
%
5
2
.
9
7
%
4
7
.
6
7
%
1
5
.
3
8
%
1
4
.
5
0
%
1
4
.
4
9
%
1
9
.
6
7
%
3
3
.
7
0
%
3
8
.
9
3
%
3
3
.
3
3
%
3
2
.
5
4
%
3
2
.
6
7
%
Secondary buyouts Total buyouts Trade exits
7
.
0
2
%
4
1
.
5
1
%
500
265
1
3
.
9
6
%
4
4
.
5
3
%
H1 2011
H1 2010
H1 2009
H1 2008
H1 2007
H1 2012
393
35%
decrease in value of deals
compared to H1 2011
265
deals in H1 2012
33%
decrease in volume of deals
compared to H1 2011
Total
www.allenovery.com/maindex
45
Sector analysis:
Telecoms, media and technology
Familiar trends continue to dominate.
These include cloud computing SAPs
proposed acquisition of Ariba was the
third biggest deal this quarter and
social media where we saw the USD1bn
acquisition of Instagram by Facebook
in April and Microsofts similarly priced
acquisition o our-year-old start-up,
Yammer, in June.
The telecoms sector, which had been
relatively quiet, has been a hotbed of
activity, particularly in Europe. Deals
ranging from Carlos Slim (Amrica
Mil, taking a 21 stake in KPN, to
Tata Communications bid for Cable &
Wireless Worldwide (a prize ultimately
won by Vodafone), Hutchisons bid for
Eircom and the news that Naguib Sawiris
has backed a group formed by former
telco executives to buy underperforming
telecoms businesses in Europe.
Lower valuations for European telcos,
caused by falling revenue and fierce
competition, are probably driving
this activity, particularly for
non-Luropean bidders.
Telcos have also increasingly been using
commercial agreements to deliver the
sorts of economies of scale a merger may
present. For example, Telefnica O2 and
Vodafone announced in June that they will
further share their network infrastructure,
enabling both operators to deliver 4G
services faster.
Staying with opportunities for telcos,
the news that Verizon will buy Hughes
Telematics for USD612m is worth noting.
Hughes has solutions in the healthcare
and automotive spaces and the acquisition
by Verizon illustrates how telcos are
seeking new sources of revenue by
focusing on mobility.
On the media side, the big news is that
News Corporation has announced that
its board intends to recommend splitting
the company in two. One unit will contain
its entertainment business; the other its
newspaper and book publishing business.
Meanwhile another media giant, Vivendi,
is also reportedly considering either asset
sales or een a News Corporation-style
split between its telecoms and media
operations. In both cases the driver
for change seems to be to isolate less
profitable assets and maximise returns on
those parts of the business which flourish,
in both cases questioning the merits of
integrating a large group of diverse media
(and media and telecoms) assets.
Slow progress
While Q2 saw a decline in number of deals compared to
the previous quarter, deal value rose from USD41.2bn to
USD60.6bn. This increase compares very favourably with
the decline seen across the M&A market as a whole where
total alue o deals oer the same period dropped by 15.
The Allen & Overy M&A Index | H1 2012 46
Allen & Overy LLP 2012
0
.
5
0
%
2
.
5
6
%
1
.
2
8
%
2
5
.
6
4
%
156
4
.
5
1
%
TELECOMS, MEDIA AND TECHNOLOGY DEAL TYPES : H1 2007-2012
H1 2011
H1 2010
H1 2009
H1 2008
H1 2007
0
0
75 150 300
100 75 50 25
Deal number
Deal type (proportion of 100%)
203
255
3
5
.
3
4
%
H1 2012
225
143
202
266
4
4
.
5
5
%
3
0
.
8
3
%
2
8
.
2
0
%
1
.
1
4
%
0
.
7
5
%
0
.
5
0
%
0
.
5
0
%
2
2
.
2
8
%
2
7
.
2
7
%
4
0
.
9
1
%
2
8
.
4
1
%
4
1
.
0
3
%
2
9
.
4
9
%
5
4
%
4
8
.
9
1
%
0
.
5
4
%
2
0
.
6
5
%
2
4
.
4
8
%
5
1
.
0
5
%
1
.
4
0
%
1
7
.
4
8
%
1
.
0
9
%
2
1
.
7
4
%
2
.
1
0
%
3
.
5
0
%
2
9
.
7
0
%
1
.
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%
2
.
2
7
%
0
.
3
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%
0
.
5
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%
6
.
5
2
%
184
88
27%
decrease in value of deals
compared to H1 2011
143
deals in H1 2012
22%
decrease in volume of deals
compared to H1 2011
Total
Merger Joint venture Divestment Demerger Public hostile acquisition Other private M&A Take private Public recommended acquisition
www.allenovery.com/maindex
47
84
U.S.
USD69,140m
42
Japan
USD34,563m
40
UK
USD20,598m
24
China
USD20,279m
23
Canada
USD16,965m
17
France
USD17,849m
13
S|ngapore
USD4,990m
12
Germany
USD11,429m
12
Sweden
USD4,413m
10
Switzerland
USD24,551m
Top ten global outbound acquirers, H1 2012
Japan is the worlds second largest outbound
acquirer with the largest net score` o -35
deals in H1 2012; countries can be assigned a
net score based on volume of outbound (+)
s inbound ,-, M&A.
The Allen & Overy M&A Index | H1 2012 48
Allen & Overy LLP 2012

Appendix:
Data tables
Overview 50

Regional analysis
Turkey 51
U.S. 52
Latin America 53
Western Europe 54
CEE and CIS 55
Middle East and North Africa 56
India 57
- Asia PaciFc: Greater China 58
Asia PaciFc excluding Greater China 59

Sector analysis
Energy 60
Financial services 61
Infrastructure & utilities 62
- Lie sciences 63
Private equity 64
Telecoms, media and technology 65
www.allenovery.com/maindex
49
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0
4
,
4
5
5


3


5
,
2
1
7


1
8
3


1
2
9
,
5
6
7


1
0


8
,
5
8
1


8
0


8
2
,
3
0
4


1
0


6
,
3
6
8


4
5
1


3
4
0
,
9
9
8

2
0
1
2

T
O
T
A
L

3


5
,
1
5
9


3
5
5


2
3
4
,
1
1
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8


6
8
,
1
2
1


3
8
0


2
1
2
,
1
7
9


1
1


1
0
,
8
7
4


1
8
4


1
9
4
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9
4
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1
9


1
5
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4
5
9


9
6
0


7
4
0
,
8
5
8

T
O
T
A
L

1
2
7


5
4
4
,
3
3
5


5
,
1
2
5


3
,
4
3
7
,
2
9
3


5
6


4
8
,
6
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5


9
9


3
0
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4
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9
9
9


2
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7
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2
3
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5
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2
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9
9
3


4
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2
9
5
,
7
9
0


3
1
2


5
4
1
,
2
5
6


1
3
,
8
0
4


1
2
,
1
2
8
,
8
2
0

The Allen & Overy M&A Index | H1 2012 50
Allen & Overy LLP 2012
D
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(
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Q
1

2
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1
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2


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8
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2
,
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4
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Q
2

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8


4
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4
4


8


4
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3
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Q
3

2
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3
2
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Q
4

2
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3
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T
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2
4


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T
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1
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8
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T
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7


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T
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L

1
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3


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Q
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9
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6
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3


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6
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0

T
O
T
A
L



7
9


4
2
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1
7
1








1


2
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1
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0


3
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1
6
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2
4
4





9


4
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8
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9


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8
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5
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3

R
E
G
I
O
N
A
L

A
N
A
L
Y
S
I
S
:

T
U
R
K
E
Y
www.allenovery.com/maindex
51
R
E
G
I
O
N
A
L

A
N
A
L
Y
S
I
S
:

U
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6
2


1
4
7
,
9
5
7


2


1
3
,
9
2
2


4


8
,
8
9
9


1
4
7


7
8
,
9
2
3


2


4
4
,
5
6
4


1
0
9


3
4
7
,
1
6
3


1
4


1
0
,
2
1
1


4
4
5


6
6
2
,
3
6
5

Q
1

2
0
1
0

4
3


6
6
,
3
5
0


2


1
,
8
4
5


5
6


2
1
,
6
0
0


3
0


4
7
,
2
1
9


2


1
,
4
6
8


1
3
3


1
3
8
,
4
8
2

Q
2

2
0
1
0

2


6
,
5
8
6


4
8


3
1
,
2
5
5


3


9
,
9
8
1


9
0


4
2
,
4
6
4


4
8


6
7
,
8
3
1


8


9
,
3
4
2


1
9
9


1
6
7
,
4
5
9

Q
3

2
0
1
0

2


4
,
1
2
9


5
7


3
0
,
8
6
3


3


3
,
9
6
2


1
0
2


3
9
,
9
3
6


1


1
7
4


4
3


6
6
,
2
3
4


7


9
,
3
0
4


2
1
5


1
5
4
,
6
0
2

Q
4

2
0
1
0

7
7


3
6
,
2
2
9


5


9
,
3
4
2


9
4


1
0
2
,
0
3
7


1


1
7
,
8
6
4


3
8


4
3
,
3
3
2


1
4


2
3
,
7
7
9


2
2
9


2
3
2
,
5
8
3

2
0
1
0

T
O
T
A
L

4


1
0
,
7
1
5


2
2
5


1
6
4
,
6
9
7


2


1
,
8
4
5


1
1


2
3
,
2
8
5


3
4
2


2
0
6
,
0
3
7


2


1
8
,
0
3
8


1
5
9


2
2
4
,
6
1
6


3
1


4
3
,
8
9
3


7
7
6


6
9
3
,
1
2
6

Q
1

2
0
1
1

5


3
8
,
7
7
3


6
1


4
6
,
1
5
0


4


2
6
,
5
0
1


8
3


3
1
,
6
2
5


3
5


8
9
,
9
5
3


1
1


9
,
3
4
5


1
9
9


2
4
2
,
3
4
7

Q
2

2
0
1
1

1


2
,
2
2
4


6
2


3
7
,
4
8
9


2


1
3
,
6
9
7


9
8


5
0
,
9
9
7


1


1
3
9


4
1


5
9
,
4
4
6


1
1


9
,
8
1
6


2
1
6


1
7
3
,
8
0
8

Q
3

2
0
1
1

1


7
4
7


6
3


2
5
,
6
6
6


4


4
3
,
0
8
3


1
0
3


4
1
,
8
3
8


1


4
6
9


2
7


6
2
,
1
1
9


7


1
4
,
9
2
0


2
0
6


1
8
8
,
8
4
2

Q
4

2
0
1
1

3


5
,
6
7
1


5
9


4
0
,
5
2
2


1


3
,
2
9
8


6
8


2
6
,
4
1
3


3
0


8
7
,
0
9
5


5


7
,
1
9
9


1
6
6


1
7
0
,
1
9
8

2
0
1
1

T
O
T
A
L

1
0


4
7
,
4
1
5


2
4
5


1
4
9
,
8
2
7


1
1


8
6
,
5
7
9


3
5
2


1
5
0
,
8
7
3


2


6
0
8


1
3
3


2
9
8
,
6
1
3


3
4


4
1
,
2
8
0


7
8
7


7
7
5
,
1
9
5

Q
1

2
0
1
2

5
0


3
5
,
3
2
2


1


5
,
2
3
0


7
9


3
1
,
3
0
6


1


2
,
2
9
3


2
8


2
9
,
5
3
9


6


6
,
4
4
1


1
6
5


1
1
0
,
1
3
1

Q
2

2
0
1
2

4
8


3
2
,
4
7
7


1


4
,
2
9
2


8
1


5
1
,
7
3
4


1


2
,
5
2
2


2
7


2
5
,
2
2
9


6


3
,
8
8
6


1
6
4


1
2
0
,
1
4
0

2
0
1
2

T
O
T
A
L

9
8


6
7
,
7
9
9


2


9
,
5
2
2


1
6
0


8
3
,
0
4
0


2


4
,
8
1
5


5
5


5
4
,
7
6
8


1
2


1
0
,
3
2
7


3
2
9


2
3
0
,
2
7
1

T
O
T
A
L

4
9


2
2
3
,
9
4
0


1
,
2
4
5


9
3
3
,
3
2
5


6


1
6
,
1
6
7


3
7


1
4
6
,
5
2
7


1
,
7
3
9


8
7
6
,
0
9
9


1
3


1
3
4
,
0
2
5


8
4
7


1
,
6
5
6
,
5
3
7


1
5
7


3
6
7
,
8
2
9


4
,
0
9
3


4
,
3
5
4
,
4
4
9

The Allen & Overy M&A Index | H1 2012 52
Allen & Overy LLP 2012
R
E
G
I
O
N
A
L

A
N
A
L
Y
S
I
S
:

L
A
T
I
N

A
M
E
R
I
C
A
D
e
m
e
r
g
e
r
D
i
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e
s
t
m
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t
J
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n
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v
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t
u
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M
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r
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r
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h
e
r

p
r
|
v
a
t
e

M
&
A
P
u
b
|
|
c

h
o
s
t
|
|
e

a
c
q
u
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s
i
t
i
o
n

t
o
t
a
l
P
u
b
|
|
c

r
e
c
o
m
m
e
n
d
e
d

a
c
q
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s
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t
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a
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e

p
r
|
v
a
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e
T
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A
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V
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o
f

d
e
a
l
s
V
a
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d
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a
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(
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)
V
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f

d
e
a
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V
a
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f

d
e
a
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(
U
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)
V
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f

d
e
a
l
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V
a
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d
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a
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(
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V
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d
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a
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V
a
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d
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a
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(
U
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V
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f

d
e
a
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V
a
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f

d
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a
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(
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V
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f

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d
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(
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V
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(
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a
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f

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s

(
U
S
D
m
)
Q
1

2
0
0
7

1
0


3
,
1
3
4


1
7


6
,
0
6
8


4


1
,
4
6
1


3
1


1
0
,
6
6
3

Q
2

2
0
0
7

1
4


4
,
3
5
0


1
9


7
,
0
8
5


3


5
,
2
1
5


3
6


1
6
,
6
5
0

Q
3

2
0
0
7

2
1


1
0
,
7
0
9


1
5


4
,
6
9
1


4


1
,
7
4
8


4
0


1
7
,
1
4
8

Q
4

2
0
0
7

1


1
3
,
5
4
6


1
9


8
,
0
1
5


1


9
0
0


1
6


5
,
7
5
7


1


4
0
8


2


1
,
2
8
1


4
0


2
9
,
9
0
7

2
0
0
7

T
O
T
A
L

1


1
3
,
5
4
6


6
4


2
6
,
2
0
8


1


9
0
0


6
7


2
3
,
6
0
1


1


4
0
8


1
3


9
,
7
0
5


1
4
7


7
4
,
3
6
8

Q
1

2
0
0
8

1
2


5
,
1
2
7


1


7
,
3
2
0


1
5


5
,
8
8
9


3


7
,
8
6
7


3
1


2
6
,
2
0
3

Q
2

2
0
0
8

1
4


8
,
5
9
1


1
1


1
,
7
5
8


8


1
0
,
5
3
0


3
3


2
0
,
8
7
9

Q
3

2
0
0
8

1
0


4
,
0
7
3


9


1
,
9
3
4


4


2
,
8
5
2


2
3


8
,
8
5
9

Q
4

2
0
0
8

1
3


1
2
,
3
3
7


4


8
3
9


5


2
3
,
8
8
6


2
2


3
7
,
0
6
2

2
0
0
8

T
O
T
A
L

4
9


3
0
,
1
2
8


1


7
,
3
2
0


3
9


1
0
,
4
2
0


2
0


4
5
,
1
3
5


1
0
9


9
3
,
0
0
3

Q
1

2
0
0
9

7


6
,
7
6
6


5


1
,
9
1
9


4


1
,
8
2
7


1
6


1
0
,
5
1
2

Q
2

2
0
0
9

1
2


9
,
7
2
0


9


1
,
9
2
6


6


5
,
6
3
4


2
7


1
7
,
2
8
0

Q
3

2
0
0
9

1
2


1
1
,
4
8
3


5


2
,
8
9
3


4


1
0
,
2
9
1


2
1


2
4
,
6
6
7

Q
4

2
0
0
9

1
5


1
2
,
2
5
5


9


3
,
3
0
4


3


1
,
2
2
5


2
7


1
6
,
7
8
4

2
0
0
9

T
O
T
A
L

4
6


4
0
,
2
2
4


2
8


1
0
,
0
4
2


1
7


1
8
,
9
7
7


9
1


6
9
,
2
4
3

Q
1

2
0
1
0

1
1


2
1
,
6
4
3


1
2


3
,
3
5
9


8


3
0
,
9
7
4


3
1


5
5
,
9
7
6

Q
2

2
0
1
0

1
5


9
,
9
5
5


1


2
,
8
3
1


1
3


6
,
2
4
1


5


4
,
1
2
7


1


9
3
8


3
5


2
4
,
0
9
2

Q
3

2
0
1
0

1
1


1
7
,
8
1
5


1
8


6
,
2
1
4


1


2
,
6
0
6


2


7
6
5


3
2


2
7
,
4
0
0

Q
4

2
0
1
0

3


1
0
,
7
3
2


1
8


2
0
,
5
1
5


1


1
,
4
0
7


2
2


1
0
,
1
7
2


2


1
,
3
5
0


4
6


4
4
,
1
7
6

2
0
1
0

T
O
T
A
L

3


1
0
,
7
3
2


5
5


6
9
,
9
2
8


1


2
,
8
3
1


1


1
,
4
0
7


6
5


2
5
,
9
8
6


1


2
,
6
0
6


1
7


3
7
,
2
1
6


1


9
3
8


1
4
4


1
5
1
,
6
4
4

Q
1

2
0
1
1

1
6


9
,
5
0
5


1


7
,
1
1
1


1
5


5
,
3
7
7


9


1
5
,
9
2
5


4
1


3
7
,
9
1
8

Q
2

2
0
1
1

1
4


6
,
4
2
5


1


1
,
0
3
4


1
8


8
,
2
4
0


2


1
,
5
0
6


3
5


1
7
,
2
0
5

Q
3

2
0
1
1

2
0


1
2
,
0
0
4


1


2
1
7


1
8


9
,
1
0
0


8


2
2
,
6
1
3


4
7


4
3
,
9
3
4

Q
4

2
0
1
1

1
8


1
0
,
8
6
4


1
5


1
3
,
2
1
0


4


6
1
8


3
7


2
4
,
6
9
2

2
0
1
1

T
O
T
A
L

6
8


3
8
,
7
9
8


2


1
,
2
5
1


1


7
,
1
1
1


6
6


3
5
,
9
2
7


2
3


4
0
,
6
6
2


1
6
0


1
2
3
,
7
4
9

Q
1

2
0
1
2

1


6
5
3


1
3


5
,
3
0
7


1
4


6
,
8
0
7


3


7
,
6
0
3


3
1


2
0
,
3
7
0

Q
2

2
0
1
2

1


5
9
8


1
3


7
,
2
9
9


1
2


3
,
7
3
4


2
6


1
1
,
6
3
1

2
0
1
2

T
O
T
A
L

2


1
,
2
5
1


2
6


1
2
,
6
0
6


2
6


1
0
,
5
4
1


3


7
,
6
0
3


5
7


3
2
,
0
0
1

T
O
T
A
L

6


2
5
,
5
2
9


3
0
8


2
1
7
,
8
9
2


4


4
,
9
8
2


3


1
5
,
8
3
8


2
9
1


1
1
6
,
5
1
7


2


3
,
0
1
4


9
3


1
5
9
,
2
9
8


1


9
3
8


7
0
8


5
4
4
,
0
0
8

www.allenovery.com/maindex
53
R
E
G
I
O
N
A
L

A
N
A
L
Y
S
I
S
:

W
E
S
T
E
R
N

E
U
R
O
P
E
D
e
m
e
r
g
e
r
D
i
v
e
s
t
m
e
n
t
J
o
i
n
t

v
e
n
t
u
r
e
M
e
r
g
e
r
O
t
h
e
r

p
r
|
v
a
t
e

M
&
A
P
u
b
|
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c

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1

2
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5


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2
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T
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3


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5

Q
1

2
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3


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Q
2

2
0
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0

1


2
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1


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4


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5
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6
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1


3
8
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3


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2
6
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7
6
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4
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4


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3

Q
3

2
0
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0

2


1
2
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8
7
7


7
5


7
7
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0
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1


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8


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3
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2


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1
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3
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1
7
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Q
4

2
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0

2


9
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2
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1


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5


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6
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2


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9
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5
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2


2
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3
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7
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1
9
1
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3
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7

2
0
1
0

T
O
T
A
L

8


2
9
,
9
4
7


2
5
7


2
2
3
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2


1
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4
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1
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3
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4


1
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9
7
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1
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1
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Q
1

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3
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6
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1
4
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Q
2

2
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2


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7
7


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7


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2


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3


2
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2
2
3


1
9
5
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6
2
5

Q
3

2
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1
1

1


5
6
0


7
2


3
1
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9
7
1


1


2
,
1
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0


7
4


5
4
,
6
5
3


1


3
7
7


2
5


3
8
,
0
6
0


1


1
5
9


1
7
5


1
2
7
,
8
8
0

Q
4

2
0
1
1

2


3
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1
0
6


8
4


5
1
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6
8


4
5


2
4
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0
8
4


3


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0
1


2
6


1
7
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2
6
8


2


2
5
0


1
6
2


9
6
,
5
7
7

2
0
1
1

T
O
T
A
L

9


8
,
2
0
4


3
0
5


1
9
5
,
8
7
3


2


3
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2
4
9


4


3
,
6
0
7


2
8
0


1
8
7
,
3
7
2


5


2
,
5
2
6


1
1
0


1
5
9
,
8
2
4


8


3
,
6
9
4


7
2
3


5
6
4
,
3
4
9

Q
1

2
0
1
2

4
8


3
9
,
8
1
0


1


5
3
,
4
6
5


5
2


2
7
,
2
6
2


2
2


2
2
,
4
9
3


1


2
,
2
5
1


1
2
4


1
4
5
,
2
8
1

Q
2

2
0
1
2

1


3
,
9
0
8


4
2


2
7
,
0
6
8


4
6


2
9
,
5
3
0


5


4
,
4
3
2


1
7


4
3
,
1
1
6


2


3
9
2


1
1
3


1
0
8
,
4
4
6

2
0
1
2

T
O
T
A
L

1


3
,
9
0
8


9
0


6
6
,
8
7
8


1


5
3
,
4
6
5


9
8


5
6
,
7
9
2


5


4
,
4
3
2


3
9


6
5
,
6
0
9


3


2
,
6
4
3


2
3
7


2
5
3
,
7
2
7

T
O
T
A
L

3
2


2
0
5
,
1
6
5


1
,
5
8
2


1
,
1
6
6
,
0
6
9


1
3


1
0
,
0
7
8


1
9


1
0
3
,
9
3
5


1
,
4
6
8


1
,
0
2
1
,
6
2
9


2
8


5
4
,
9
5
2


6
7
1


1
,
2
8
0
,
2
1
4


7
1


1
1
2
,
0
6
3


3
,
8
8
4


3
,
9
5
4
,
1
0
5

The Allen & Overy M&A Index | H1 2012 54
Allen & Overy LLP 2012
R
E
G
I
O
N
A
L

A
N
A
L
Y
S
I
S
:

C
E
E

A
N
D

C
I
S
D
e
m
e
r
g
e
r
D
i
v
e
s
t
m
e
n
t
J
o
i
n
t

v
e
n
t
u
r
e
M
e
r
g
e
r
O
t
h
e
r

p
r
|
v
a
t
e

M
&
A
P
u
b
|
|
c

h
o
s
t
|
|
e

a
c
q
u
i
s
i
t
i
o
n

t
o
t
a
l
P
u
b
|
|
c

r
e
c
o
m
m
e
n
d
e
d

a
c
q
u
i
s
i
t
i
o
n
T
a
k
e

p
r
|
v
a
t
e
T
O
T
A
L
V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
D
m
)
V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
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e

o
f

d
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a
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s

(
U
S
D
m
)
V
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u
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o
f

d
e
a
l
s
V
a
l
u
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f

d
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a
l
s

(
U
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D
m
)
V
o
l
u
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f

d
e
a
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V
a
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f

d
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a
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(
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D
m
)
V
o
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u
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o
f

d
e
a
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s
V
a
l
u
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o
f

d
e
a
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(
U
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D
m
)
V
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o
f

d
e
a
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s
V
a
l
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f

d
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a
l
s

(
U
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D
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V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
l
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f

d
e
a
l
s

(
U
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V
o
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f

d
e
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V
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f

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D
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V
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f

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a
l
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V
a
l
u
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o
f

d
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a
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s

(
U
S
D
m
)
Q
1

2
0
0
7

2
3


9
,
8
9
7


1


1
2
5


2
2


6
,
3
1
3


5


4
,
6
4
2


5
1


2
0
,
9
7
7


1
0
2


4
1
,
9
5
4

Q
2

2
0
0
7

2
5


2
9
,
3
2
1


2


3
,
5
9
3


2
5


1
6
,
5
1
9


2


4
,
5
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8
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1
,
4
4
6


1
,
0
2
5
,
9
7
4

www.allenovery.com/maindex
55
R
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A
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A
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S
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:

M
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2

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3
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2

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5
,
0
9
9


2


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,
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T
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T
A
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1


1
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1
1
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1
1
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9
,
8
7
4


5


4
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8
5
3


3


1
,
2
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7


9
1


3
1
,
7
6
4


1


2
2
7


3
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2
6
,
5
2
0


2


1
,
3
1
8


2
5
3


1
2
6
,
8
7
3

The Allen & Overy M&A Index | H1 2012 56
Allen & Overy LLP 2012
R
E
G
I
O
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A
N
A
L
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-




5
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www.allenovery.com/maindex
57
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1
0
,
2
9
5


1
0


3
,
4
1
1


1
6


1
1
,
9
6
8


4
0


2
5
,
6
7
4

Q
2

2
0
1
0

2
1


8
,
0
9
3


1
4


4
,
4
0
8


1
5


1
1
,
1
8
3


5
0


2
3
,
6
8
4

Q
3

2
0
1
0

2
2


9
,
2
6
7


1


1
8
9


1
6


4
,
8
3
8


1


4
2
5


1
1


9
,
6
2
0


5
1


2
4
,
3
3
9

Q
4

2
0
1
0

4
1


2
2
,
5
8
9


1
3


6
,
6
8
1


1
2


9
,
1
9
5


6
6


3
8
,
4
6
5

2
0
1
0

T
O
T
A
L

9
8


5
0
,
2
4
4


1


1
8
9


5
3


1
9
,
3
3
8


1


4
2
5


5
4


4
1
,
9
6
6


2
0
7


1
1
2
,
1
6
2

Q
1

2
0
1
1

2
5


1
0
,
2
6
1


1


4
0
2


1


2
0
4


2
0


1
1
,
2
1
6


1
2


4
,
2
7
4


3


1
,
5
6
3


6
2


2
7
,
9
2
0

Q
2

2
0
1
1

2
5


1
4
,
2
4
5


1


7
0
2


1
9


5
,
9
7
8


1
3


7
,
8
4
3


1


5
1
3


5
9


2
9
,
2
8
1

Q
3

2
0
1
1

1


1
2
,
5
9
9


1
9


1
1
,
5
6
7


1
7


1
4
,
0
6
9


1


2
9
7


1
2


7
,
6
8
9


5
0


4
6
,
2
2
1

Q
4

2
0
1
1

1
9


8
,
7
0
8


1


3
8
5


1
4


1
4
,
7
6
5


1
2


7
,
9
2
2


4
6


3
1
,
7
8
0

2
0
1
1

T
O
T
A
L

1


1
2
,
5
9
9


8
8


4
4
,
7
8
1


2


7
8
7


2


9
0
6


7
0


4
6
,
0
2
8


1


2
9
7


4
9


2
7
,
7
2
8


4


2
,
0
7
6


2
1
7


1
3
5
,
2
0
2

Q
1

2
0
1
2

1
6


1
1
,
0
8
6


1


1
,
0
1
0


1
2


4
,
0
3
1


7


8
,
4
9
2


3
6


2
4
,
6
1
9

Q
2

2
0
1
2

1
5


9
,
1
1
3


9


1
2
,
2
4
5


1
1


5
,
2
6
4


3
5


2
6
,
6
2
2

2
0
1
2

T
O
T
A
L

3
1


2
0
,
1
9
9


1


1
,
0
1
0


2
1


1
6
,
2
7
6


1
8


1
3
,
7
5
6


7
1


5
1
,
2
4
1

T
O
T
A
L

6


2
7
,
1
6
1


5
3
1


2
7
6
,
6
9
6


9


4
,
9
5
0


5


4
,
3
5
5


3
1
1


1
6
7
,
9
3
5


2


7
2
2


2
6
7


1
9
5
,
0
6
3


9


3
,
7
4
4


1
,
1
4
0


6
8
0
,
6
2
6

The Allen & Overy M&A Index | H1 2012 58
Allen & Overy LLP 2012
R
E
G
I
O
N
A
L

A
N
A
L
Y
S
I
S
:

A
S
I
A

P
A
C
I
F
I
C

E
X
C
L
U
D
I
N
G

G
R
E
A
T
E
R

C
H
I
N
A
D
e
m
e
r
g
e
r
D
i
v
e
s
t
m
e
n
t
J
o
i
n
t

v
e
n
t
u
r
e
M
e
r
g
e
r
O
t
h
e
r

p
r
|
v
a
t
e

M
&
A
P
u
b
|
|
c

h
o
s
t
|
|
e

a
c
q
u
i
s
i
t
i
o
n

t
o
t
a
l
P
u
b
|
|
c

r
e
c
o
m
m
e
n
d
e
d

a
c
q
u
i
s
i
t
i
o
n
T
a
k
e

p
r
|
v
a
t
e
T
O
T
A
L
V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
D
m
)
V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
D
m
)
V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
D
m
)
V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
D
m
)
V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
D
m
)
V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
D
m
)
V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
D
m
)
V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
D
m
)
V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
D
m
)
Q
1

2
0
0
7

2
6


2
4
,
5
7
4


1


1
0
4


2
6


9
,
4
4
1


1


8
7
1


3
7


3
9
,
7
4
9


1


1
0
1


9
2


7
4
,
8
4
0

Q
2

2
0
0
7

3


8
,
0
7
3


4
1


1
8
,
6
8
2


1


1
9
0


1


4
3
0


3
8


1
4
,
8
5
9


3
7


2
5
,
4
2
9


6


8
,
2
8
1


1
2
7


7
5
,
9
4
4

Q
3

2
0
0
7

2
8


1
0
,
0
5
4


1


1
8
3


3


6
,
8
2
8


2
2


8
,
1
2
4


3


1
,
2
8
6


3
5


3
2
,
1
2
0


9
2


5
8
,
5
9
5

Q
4

2
0
0
7

3
2


1
4
,
7
5
4


1


1
6
8


1


1
,
2
4
5


4
2


2
1
,
8
8
8


2


1
,
4
2
8


4
1


2
8
,
0
0
6


5


4
,
1
8
1


1
2
4


7
1
,
6
7
0

2
0
0
7

T
O
T
A
L

3


8
,
0
7
3


1
2
7


6
8
,
0
6
4


4


6
4
5


5


8
,
5
0
3


1
2
8


5
4
,
3
1
2


6


3
,
5
8
5


1
5
0


1
2
5
,
3
0
4


1
2


1
2
,
5
6
3


4
3
5


2
8
1
,
0
4
9

Q
1

2
0
0
8

3
5


1
1
,
5
5
7


2


4
,
0
1
1


4
6


2
3
,
9
1
2


3


2
,
1
8
3


3
8


2
3
,
7
5
7


1


1
,
3
6
2


1
2
5


6
6
,
7
8
2

Q
2

2
0
0
8

3
3


2
1
,
0
5
7


1


3
2
8


2


2
,
0
5
7


2
5


8
,
2
5
8


2
4


3
3
,
4
9
1


1


2
,
2
0
3


8
6


6
7
,
3
9
4

Q
3

2
0
0
8

2
9


2
2
,
7
4
3


1


1
3
7


1


1
,
0
8
2


3
2


1
0
,
8
9
3


2
4


7
,
0
0
0


2


3
6
6


8
9


4
2
,
2
2
1

Q
4

2
0
0
8

2


8
6
2


2
4


9
,
8
6
0


1


1
4
7


2
1


7
,
7
7
7


1


2
7
6


1
4


1
5
,
7
2
7


1


1
1
2


6
4


3
4
,
7
6
1

2
0
0
8

T
O
T
A
L

2


8
6
2


1
2
1


6
5
,
2
1
7


3


6
1
2


5


7
,
1
5
0


1
2
4


5
0
,
8
4
0


4


2
,
4
5
9


1
0
0


7
9
,
9
7
5


5


4
,
0
4
3


3
6
4


2
1
1
,
1
5
8

Q
1

2
0
0
9

2
2


8
,
9
8
1


1


6
7
9


2
4


6
,
6
0
0


1


6
1
8


1
8


7
,
3
0
0


2


1
,
6
1
0


6
8


2
5
,
7
8
8

Q
2

2
0
0
9

2
4


2
1
,
1
7
1


1


1
,
2
0
9


1
6


4
,
0
1
5


1


1
3
3


1
9


1
0
,
1
9
7


6
1


3
6
,
7
2
5

Q
3

2
0
0
9

1


1
,
3
1
9


3
3


1
6
,
2
6
0


1


3
9
3


1
7


4
,
8
4
9


2
8


2
3
,
9
4
7


8
0


4
6
,
7
6
8

Q
4

2
0
0
9

3


4
,
0
5
3


4
2


2
2
,
3
3
7


1


6
5
0


2


2
7
6


3
1


1
0
,
5
4
6


1


7
8
9


2
6


3
1
,
5
9
4


3


4
1
2


1
0
9


7
0
,
6
5
7

2
0
0
9

T
O
T
A
L

4


5
,
3
7
2


1
2
1


6
8
,
7
4
9


2


1
,
3
2
9


4


1
,
8
7
8


8
8


2
6
,
0
1
0


3


1
,
5
4
0


9
1


7
3
,
0
3
8


5


2
,
0
2
2


3
1
8


1
7
9
,
9
3
8

Q
1

2
0
1
0

3


1
,
2
0
2


3
1


1
7
,
4
7
2


2
8


1
1
,
8
7
4


1


2
5
9


2
2


1
3
,
8
7
6


8
5


4
4
,
6
8
3

Q
2

2
0
1
0

2


1
,
5
3
8


3
9


1
4
,
5
6
5


1
4


4
,
0
6
3


1


1
1
8


3
2


2
1
,
2
4
2


1


1
7
6


8
9


4
1
,
7
0
2

Q
3

2
0
1
0

2


7
0
2


2
7


1
4
,
1
8
4


1


9
3
2


2
2


1
1
,
4
7
7


3


1
,
3
0
0


3
3


5
2
,
4
3
6


2


2
,
4
5
1


9
0


8
3
,
4
8
2

Q
4

2
0
1
0

4
5


3
9
,
8
1
1


1


1
8
5


2


7
0
8


3
2


1
0
,
2
3
0


3


1
,
2
6
6


4
6


3
3
,
5
6
3


2


4
5
6


1
3
1


8
6
,
2
1
9

2
0
1
0

T
O
T
A
L

7


3
,
4
4
2


1
4
2


8
6
,
0
3
2


1


1
8
5


3


1
,
6
4
0


9
6


3
7
,
6
4
4


8


2
,
9
4
3


1
3
3


1
2
1
,
1
1
7


5


3
,
0
8
3


3
9
5


2
5
6
,
0
8
6

Q
1

2
0
1
1

2


6
,
5
7
0


2
3


1
6
,
0
1
1


1


1
6
8


2
7


7
,
2
3
5


3
2


2
8
,
2
2
3


8
5


5
8
,
2
0
7

Q
2

2
0
1
1

2


4
,
3
5
8


4
1


1
1
,
3
2
9


2


5
7
1


3
3


1
1
,
9
2
7


1


1
8
6


3
0


1
5
,
5
2
4


2


7
4
8


1
1
1


4
4
,
6
4
3

Q
3

2
0
1
1

2
8


1
6
,
1
3
7


2


2
,
2
2
2


2
8


9
,
8
6
9


4


1
7
,
3
5
2


3
4


4
1
,
0
7
6


3


3
,
1
9
2


9
9


8
9
,
8
4
8

Q
4

2
0
1
1

3
7


1
0
,
6
8
3


2
6


9
,
5
1
8


2
8


2
3
,
7
9
5


5


1
,
3
2
4


9
6


4
5
,
3
2
0

2
0
1
1

T
O
T
A
L

4


1
0
,
9
2
8


1
2
9


5
4
,
1
6
0


1


1
6
8


4


2
,
7
9
3


1
1
4


3
8
,
5
4
9


5


1
7
,
5
3
8


1
2
4


1
0
8
,
6
1
8


1
0


5
,
2
6
4


3
9
1


2
3
8
,
0
1
8

Q
1

2
0
1
2

3
5


2
0
,
0
7
4


2
5


8
,
0
6
1


2
0


1
8
,
6
8
1


2


3
9
9


8
2


4
7
,
2
1
5

Q
2

2
0
1
2

2
4


2
0
,
2
7
4


1
9


1
8
,
1
9
7


3


1
,
1
7
9


1
8


6
,
5
0
3


1


1
0
6


6
5


4
6
,
2
5
9

2
0
1
2

T
O
T
A
L

5
9


4
0
,
3
4
8


4
4


2
6
,
2
5
8


3


1
,
1
7
9


3
8


2
5
,
1
8
4


3


5
0
5


1
4
7


9
3
,
4
7
4

T
O
T
A
L

2
0


2
8
,
6
7
7


6
9
9


3
8
2
,
5
7
0


1
1


2
,
9
3
9


2
1


2
1
,
9
6
4


5
9
4


2
3
3
,
6
1
3


2
9


2
9
,
2
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www.allenovery.com/maindex
59
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5

The Allen & Overy M&A Index | H1 2012 60
Allen & Overy LLP 2012
S
E
C
T
O
R

A
N
A
L
Y
S
I
S
:

F
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www.allenovery.com/maindex
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1
2
,
4
9
1


9
1


5
0
,
9
6
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1


4
1
7


3
6


2
1
7
,
7
7
9


2


1
4
,
1
1
0


2
9
7


4
3
9
,
3
7
7

The Allen & Overy M&A Index | H1 2012 62
Allen & Overy LLP 2012
S
E
C
T
O
R

A
N
A
L
Y
S
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S
:

L
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1

2
0
0
7

1
7


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5
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3
8
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1
9


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,
5
9
5


1
3


1
6
,
0
1
1


3


3
,
5
8
5


5
2


5
4
,
5
7
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1
0
4


1
0
9
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1
5
6

Q
2

2
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7

1
1


1
6
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6
6
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5
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4
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3

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4

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4

2
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T
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T
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1


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3
2

www.allenovery.com/maindex
63
S
E
C
T
O
R

A
N
A
L
Y
S
I
S
:

P
R
I
V
A
T
E

E
Q
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T
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3
5
8


1
7
9
,
0
5
7


9
4


4
0
,
2
6
8


2
1
2


1
4
7
,
6
2
1


6
6
4


3
6
6
,
9
4
6

Q
1

2
0
0
9

3
8


2
6
,
2
6
5


5


1
,
0
5
4


1
5


6
,
1
2
2


5
8


3
3
,
4
4
1

Q
2

2
0
0
9

3
0


1
8
,
2
5
6


3


1
,
4
7
7


2
3


1
1
,
8
3
9


5
6


3
1
,
5
7
2

Q
3

2
0
0
9

5
3


1
8
,
9
4
1


9


1
,
9
1
8


3
0


1
2
,
3
2
6


9
2


3
3
,
1
8
5

Q
4

2
0
0
9

5
6


3
0
,
7
6
1


1
0


8
,
6
0
0


6
6


3
5
,
1
7
1


1
3
2


7
4
,
5
3
2

2
0
0
9

T
O
T
A
L

1
7
7


9
4
,
2
2
3


2
7


1
3
,
0
4
9


1
3
4


6
5
,
4
5
8


3
3
8


1
7
2
,
7
3
0

Q
1

2
0
1
0

5
0


1
9
,
1
7
6


1
7


1
0
,
0
3
4


3
8


1
6
,
4
9
7


1
0
5


4
5
,
7
0
7

Q
2

2
0
1
0

8
9


3
4
,
0
4
1


2
5


1
3
,
4
8
1


5
4


3
3
,
9
3
2


1
6
8


8
1
,
4
5
4

Q
3

2
0
1
0

8
5


5
1
,
3
6
5


2
9


1
5
,
2
6
8


6
5


3
1
,
2
9
9


1
7
9


9
7
,
9
3
2

Q
4

2
0
1
0

7
8


5
7
,
9
7
7


2
9


1
6
,
9
2
1


7
8


5
0
,
2
8
7


1
8
5


1
2
5
,
1
8
5

2
0
1
0

T
O
T
A
L

3
0
2


1
6
2
,
5
5
9


1
0
0


5
5
,
7
0
4


2
3
5


1
3
2
,
0
1
5


6
3
7


3
5
0
,
2
7
8

Q
1

2
0
1
1

8
5


4
9
,
3
9
1


1
9


1
0
,
4
8
6


6
9


4
4
,
2
3
5


1
7
3


1
0
4
,
1
1
2

Q
2

2
0
1
1

9
8


5
1
,
8
2
8


3
8


2
2
,
6
3
3


8
4


6
7
,
5
4
6


2
2
0


1
4
2
,
0
0
7

Q
3

2
0
1
1

7
6


5
4
,
2
3
8


3
3


2
1
,
3
1
1


8
2


4
1
,
4
4
8


1
9
1


1
1
6
,
9
9
7

Q
4

2
0
1
1

7
2


4
5
,
0
9
0


1
6


9
,
8
5
6


5
8


2
6
,
0
0
6


1
4
6


8
0
,
9
5
2

2
0
1
1

T
O
T
A
L

3
3
1


2
0
0
,
5
4
7


1
0
6


6
4
,
2
8
6


2
9
3


1
7
9
,
2
3
5


7
3
0


4
4
4
,
0
6
8

Q
1

2
0
1
2

6
0


3
6
,
2
7
7


1
6


1
0
,
4
8
4


6
2


3
2
,
1
2
9


1
3
8


7
8
,
8
9
0

Q
2

2
0
1
2

5
0


2
7
,
6
3
3


2
1


1
7
,
8
9
9


5
6


3
6
,
1
4
9


1
2
7


8
1
,
6
8
1

2
0
1
2

T
O
T
A
L

1
1
0


6
3
,
9
1
0


3
7


2
8
,
3
8
3


1
1
8


6
8
,
2
7
8


2
6
5


1
6
0
,
5
7
1

T
O
T
A
L

1
,
8
3
7


1
,
3
4
6
,
7
4
4


5
9
1


3
6
9
,
7
8
8


1
,
3
5
1


7
7
7
,
7
5
0


3
,
7
7
9


2
,
4
9
4
,
2
8
2

The Allen & Overy M&A Index | H1 2012 64
Allen & Overy LLP 2012
S
E
C
T
O
R

A
N
A
L
Y
S
I
S
:

T
E
L
E
C
O
M
S
,

M
E
D
I
A

A
N
D

T
E
C
H
N
O
L
O
G
Y
D
e
m
e
r
g
e
r
D
i
v
e
s
t
m
e
n
t
J
o
i
n
t

v
e
n
t
u
r
e
M
e
r
g
e
r
O
t
h
e
r

p
r
|
v
a
t
e

M
&
A
P
u
b
|
|
c

h
o
s
t
|
|
e

a
c
q
u
i
s
i
t
i
o
n

t
o
t
a
l
P
u
b
|
|
c

r
e
c
o
m
m
e
n
d
e
d

a
c
q
u
i
s
i
t
i
o
n
T
a
k
e

p
r
|
v
a
t
e
T
O
T
A
L
V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
D
m
)
V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
D
m
)
V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
D
m
)
V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
D
m
)
V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
D
m
)
V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
D
m
)
V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
D
m
)
V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
D
m
)
V
o
l
u
m
e

o
f

d
e
a
l
s
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
D
m
)
Q
1

2
0
0
7

3
7


3
5
,
2
6
3


2


1
1
,
9
9
6


3
1


1
7
,
8
3
7


3
3


2
3
,
5
7
7


3


2
,
9
2
9


1
0
6


9
1
,
6
0
2

Q
2

2
0
0
7

1


2
,
2
1
9


4
5


4
4
,
4
9
1


6
3


3
8
,
5
8
4


4
2


7
0
,
9
2
9


9


4
7
,
7
4
1


1
6
0


2
0
3
,
9
6
4

Q
3

2
0
0
7

1


3
,
0
2
8


3
9


1
6
,
3
5
5


1


1
5
7


4
7


1
4
,
7
4
2


3
2


2
5
,
9
8
9


3


1
,
5
6
9


1
2
3


6
1
,
8
4
0

Q
4

2
0
0
7

3


1
5
,
0
1
5


3
8


2
7
,
1
2
6


1


1
,
2
4
5


6
4


2
5
,
0
3
6


2
9


4
2
,
1
3
6


3


2
,
5
1
5


1
3
8


1
1
3
,
0
7
3

2
0
0
7

T
O
T
A
L

5


2
0
,
2
6
2


1
5
9


1
2
3
,
2
3
5


4


1
3
,
3
9
8


2
0
5


9
6
,
1
9
9


1
3
6


1
6
2
,
6
3
1


1
8


5
4
,
7
5
4


5
2
7


4
7
0
,
4
7
9

Q
1

2
0
0
8

1


9
,
1
5
5


3
2


9
,
4
3
6


4
6


1
0
,
6
5
0


1
8


1
8
,
4
8
2


9
7


4
7
,
7
2
3

Q
2

2
0
0
8

3


3
0
,
5
9
3


2
8


1
9
,
7
2
4


1


1
,
0
3
3


1


1
4
7


4
4


4
7
,
6
7
7


2
7


6
0
,
1
7
6


1


1
5
9


1
0
5


1
5
9
,
5
0
9

Q
3

2
0
0
8

2
8


2
1
,
1
8
7


2
7


1
1
,
0
7
3


1


1
,
6
4
0


1
9


1
1
,
8
4
8


1


3
9
4


7
6


4
6
,
1
4
2

Q
4

2
0
0
8

1


3
,
5
4
5


1
0


7
,
4
0
3


1


1
4
7


1
9


6
,
7
6
2


1


2
7
6


1
1


1
7
,
9
7
6


4
3


3
6
,
1
0
9

2
0
0
8

T
O
T
A
L

5


4
3
,
2
9
3


9
8


5
7
,
7
5
0


2


1
,
1
8
0


1


1
4
7


1
3
6


7
6
,
1
6
2


2


1
,
9
1
6


7
5


1
0
8
,
4
8
2


2


5
5
3


3
2
1


2
8
9
,
4
8
3

Q
1

2
0
0
9

1


1
,
2
9
6


1
1


3
,
3
2
9


1


6
7
9


1
3


2
,
8
6
2


7


2
,
6
1
2


3
3


1
0
,
7
7
8

Q
2

2
0
0
9

1


2
,
4
0
5


2
5


2
2
,
5
8
9


1
1


3
,
5
5
2


1
8


2
8
,
0
8
9


5
5


5
6
,
6
3
5

Q
3

2
0
0
9

2
3


1
6
,
9
3
7


2
0


6
,
2
6
9


1
7


2
2
,
1
3
7


3


1
,
9
3
8


6
3


4
7
,
2
8
1

Q
4

2
0
0
9

2


7
,
5
0
8


2
3


1
2
,
5
6
7


1


1
3
,
7
9
4


3
9


2
8
,
5
0
6


2
4


2
3
,
0
9
4


3


6
8
3


9
2


8
6
,
1
5
2

2
0
0
9

T
O
T
A
L

4


1
1
,
2
0
9


8
2


5
5
,
4
2
2


2


1
4
,
4
7
3


8
3


4
1
,
1
8
9


6
6


7
5
,
9
3
2


6


2
,
6
2
1


2
4
3


2
0
0
,
8
4
6

Q
1

2
0
1
0

1


1
,
8
7
8


2
0


2
3
,
0
1
2


2
1


5
,
2
0
2


1
8


3
6
,
2
9
6


6
0


6
6
,
3
8
8

Q
2

2
0
1
0

1


1
4
8


2
6


1
6
,
7
5
9


4
3


1
6
,
4
6
8


2
2


3
2
,
0
7
7


4


1
,
9
1
2


9
6


6
7
,
3
6
4

Q
3

2
0
1
0

1


3
2
5


2
3


2
0
,
2
7
8


3
2


1
5
,
7
6
2


1


2
,
6
0
6


1
8


1
3
,
4
5
4


1


5
5
9


7
6


5
2
,
9
8
4

Q
4

2
0
1
0

2
0


7
,
1
8
7


2


7
0
8


4
5


1
8
,
7
1
0


2
1


3
1
,
0
9
3


5


1
0
,
7
6
0


9
3


6
8
,
4
5
8

2
0
1
0

T
O
T
A
L

3


2
,
3
5
1


8
9


6
7
,
2
3
6


2


7
0
8


1
4
1


5
6
,
1
4
2


1


2
,
6
0
6


7
9


1
1
2
,
9
2
0


1
0


1
3
,
2
3
1


3
2
5


2
5
5
,
1
9
4

Q
1

2
0
1
1

2


1
,
5
3
1


1
8


1
4
,
3
8
0


1


1
6
8


1


2
0
4


4
0


1
7
,
5
3
0


1
5


2
5
,
3
5
3


5


2
,
8
5
3


8
2


6
2
,
0
1
9

Q
2

2
0
1
1

2
2


2
6
,
2
9
6


5
0


2
4
,
0
4
5


2
3


2
2
,
0
2
4


7


5
,
4
4
8


1
0
2


7
7
,
8
1
3

Q
3

2
0
1
1

1
8


1
0
,
8
9
5


1


7
5
0


4
3


2
4
,
7
2
3


2


9
8
1


1
6


4
8
,
3
9
8


1


3
2
9


8
1


8
6
,
0
7
6

Q
4

2
0
1
1

3
3


1
6
,
7
2
5


1


3
,
2
9
8


3
5


1
4
,
9
9
0


1


2
2
3


1
5


1
1
,
4
6
9


1


5
8
9


8
6


4
7
,
2
9
4

2
0
1
1

T
O
T
A
L

2


1
,
5
3
1


9
1


6
8
,
2
9
6


1


1
6
8


3


4
,
2
5
2


1
6
8


8
1
,
2
8
8


3


1
,
2
0
4


6
9


1
0
7
,
2
4
4


1
4


9
,
2
1
9


3
5
1


2
7
3
,
2
0
2

Q
1

2
0
1
2

2
0


5
,
6
5
2


1


1
,
0
1
0


4
2


1
8
,
1
9
5


1
1


9
,
6
7
0


4


6
,
7
1
5


7
8


4
1
,
2
4
2

Q
2

2
0
1
2

1
5


1
8
,
4
0
1


1


6
3
0


3
1


2
5
,
2
5
9


3


3
,
7
5
3


1
4


1
2
,
4
0
6


1


1
2
5


6
5


6
0
,
5
7
4

2
0
1
2

T
O
T
A
L

3
5


2
4
,
0
5
3


2


1
,
6
4
0


7
3


4
3
,
4
5
4


3


3
,
7
5
3


2
5


2
2
,
0
7
6


5


6
,
8
4
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1
4
3


1
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1
,
8
1
6

T
O
T
A
L

1
9


7
8
,
6
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5
5
4


3
9
5
,
9
9
2


5


1
5
,
8
2
1


1
2


2
0
,
1
4
5


8
0
6


3
9
4
,
4
3
4


9


9
,
4
7
9


4
5
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5
8
9
,
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9
1
,
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2
0

www.allenovery.com/maindex
65
Divestment
A disposal where the seller is a
corporate selling a controlling
interest ,30, in one or more o its
businesses. This excludes private equity
exits and disposals made by high net
worth private individuals and families.
Includes goernment-related sales and
disposals made by non-priate equity
financial investors, such as investment
holding companies.
Cross-border
A transaction that is conducted
across national boundaries. The deal
involves parties from at least two
different countries.
Demerger
A transaction where a company
spins-o one o its subsidiaries,
resulting in the creation of a separate
listed business independent from the
activities or influence of the former
parent. The shareholders ultimately
hold shares in each company and
neither the former parent company
nor shareholders receive any cash as
a result of the deal (as opposed to a
flotation/IPO).
Domestic
A transaction conducted within a
national boundary. The deal involves
parties that are incumbent nationals
of that country.
Insolency-related
A transaction where a company has
filed for bankruptcy or is subject
to another insolvency process or
procedure, and sells off part or all
of its assets to generate the cash
necessary to pay creditors.
Joint venture
A transaction that involves the pooling
of assets between different companies,
whereby the ownership of the new
joint venture is shared between the
parent companies involved. Does not
include so-called joint entures where
a companys sole contribution is cash
rather than assets.
Merger
A transaction that involves the
combination of two or more separate
businesses into one, with broadly
equal holding and governance
rights assigned to the respective
shareholders of each company.
Other private M&A
Acquisitions or disposals not covered
by the other classifications. Includes
PE exits and disposals made by high
net worth individuals and families.
Public recommended
acquisition
,excl PL-related
take privates)
A friendly acquisition where the parties
involved reach agreement over the
terms of the deal, normally prior to the
acquisition being formally announced.
The transaction requires approval from
either the bidder, target or vendor
shareholders in a public forum.
Public hostile
acquisition
,excl PL-related
take privates)
An acquisition o a publicly-quoted
target where the target management
does not recommend the offer within
two weeks.
Take privates (hostile
and recommended)
An acquisition o a publicly-quoted
company by financial investors such
as private equity houses or venture
capital firms (as opposed to a trade
buyer). The target company is
subsequently delisted.
DeFnitions
The Allen & Overy M&A Index | H1 2012 66
Allen & Overy LLP 2012
The underlying data to this research comes from Remarks sister
product, Mergermarket. Both products are part of the
Pearson-owned Mergermarket Group. Remark, the publishing,
market research and events division of The Mergermarket Group,
oers a range o serices that gie clients the opportunity to enhance
their brand proFle, and to deelop new business opportunities.
Remark publishes over 50 thought leadership reports and holds over
70 events across the globe each year which enable its clients to
demonstrate their expertise and underline their credentials in a
given market, sector or product.
Remark is part of The Mergermarket Group, a division of the
Financial Times Group.
1o Fnd out more please isit
www.mergermarket.com/remark/ or
www.mergermarket.com/events/
This report only includes deals worth USD100m and over.
The data contained in H1 2012 results spans 1 January 2012
to 15 June 2012 inclusive.
In this brochure Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. The term partner is used to refer to a member of
Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of
Allen & Overy LLPs affiliated undertakings. Allen & Overy maintains a database of business contact details in order to develop and improve
its services to its clients. The information is not traded with any external bodies or organisations. If any of your details are incorrect or you no
longer wish to receive marketing materials from Allen & Overy, please email corporatepublications@allenovery.com.
About the research
www.allenovery.com/maindex
67
www.allenovery.com
Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. The term partner is used to refer to
a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an
individual with equivalent status in one of Allen & Overy LLPs affiliated undertakings.
GLOBAL PRESENCE
Allen & Overy is an international legal practice with approximately 5,000 people, including some 512 partners,
working in 40 ofces worldwide. Allen & Overy LLP or an afliated undertaking has an ofce in each of:
Abu Dhabi
Amsterdam
Antwerp
Athens (representative ofce)
Bangkok
Beijing
Belfast
Bratislava
Brussels
Bucharest (associated ofce)
Budapest
Casablanca
Doha
Dubai
Dsseldorf
Frankfurt
Hamburg
Hong Kong
Istanbul
Jakarta (associated ofce)
London
Luxembourg
Madrid
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Milan
Moscow
Munich
New York
Paris
Perth
Prague
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Rome
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Washington, D.C.
Allen & Overy LLP 2012 CS1205_CDD-3182-UK
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