You are on page 1of 53

www.mergermarket.

com
press release
mergermarket League Tables of Legal Advisers to Global M&A for Q1 2012
10 April 2012, for immediate release
PRESS CONTACTS
EMEA: Flora Wilke Americas: Dara Silverstein Asia-Pacic: Andrew Powell
fora.wilke@mergermarket.com dara.silverstein@mergermarket.com andrew.powell@mergermarket.com
Tel: +44 207 059 6348 Tel: +1 646 3783118 Tel: +852 2158 9710
Press Release: www.mergermarket.com 2 mergermarket M&A Round-up for Q1 2012
Global M&A falls 30.3% compared to Q1 2011
- US$ 42l.lbn worth of deals announced, down 30.3% on Ql 20ll and 8.6% on Q4 20ll
- Lowest quarterly total slnce Q3 2009 (US$ 325.6bn)
- Plfth consecutlve quarterly decllne
Freshelds Bruckhaus Deringer tops global advisory league table
- Preshelds 8ruckhaus Derlnger tops global table, advlslng on US$ 84.7bn
- Sulllvan & Cromwell leads ln the US wlth USU$ 32.0bn worth of deals
- Llnklaters tops Lurope advlsory tables wlth US$ 76.5bn worth of deals
Heat Charts
- TMT most popular "companles for sale sector globally
- Leads the charts ln both the US and UK
- |ndustrlals & Chemlcals tops Asla chart
Asia-Pacic deals at lowest level since Q3 2009
- US$ 67.2bn ln M&A, down 2l.9% on Ql 20ll
- Deal total down by 80% ln Australla on Q4 20ll
- More actlvlty ln Southeast Asla
Europe only region to show quarterly increase
- US$ l66.3bn worth of deals, up 25.6% on Q4 20ll
- Glencore's mega US$ 53.5bn deal for Xstrata contrlbutes nearly a thlrd of total
- The US ls top overseas lnvestor ln the reglon
US activity down sharply
- US$ ll4.lbn of deals, down 53.8% on Ql 20ll
- Lnergy, Mlnlng & Utllltles accounts for over a quarter of deal total
- Goldman Sachs retalns top spot ln advlsory league table
Private equity buyouts account for 10.2% of global M&A
- PL-backed buyouts total US$ 42.6bn, down 34.2% on Ql 20ll
- Debt nanclng of 5.9x L8|TDA ralsed so far thls year
- Llghteen buyout deals valued over US$ 500m
Private equity exit premiums at their lowest since 2007
- US$ 42.8bn ln exlts, the lowest slnce Ql 20l0 and thlrd consecutlve quarterly decllne
- Average exlt premlums at 20%, down twelve percentage polnts from 20ll
- S8Os at US$ 9.5bn, down 9.5% on Ql 20ll
Energy, Mining & Utilities top sector so far this year
- Lnergy, Mlnlng & Utllltles contlnues to be domlnant sector ln Ql 20l2 wlth 35.7% of global deals
- Sector sees US$ l49.5bn ln acqulsltlons, drlven by Glencore-Xstrata deal
- Total deal value ln 8uslness Servlces ln emerglng markets more than trlples from Ql 20ll
mergermarket M&A Round-up for Q1 2012
CONTENTS:
2 mergermarket M&A Round-up
3 Global M&A Overview
7 - Mld-Market
8 - Prlvate Lqulty
l0 - Lmerglng Markets
ll - Premla and Multlples Analysls
l2 - Deal Type/Deal value 8reakdown
l3 - Conslderatlon Structure/
|nsolvency
16 - European M&A Overview
29 - US M&A Overview
39 - Asia -Pacic (ex.Japan) M&A
Overview
49 - Africa & Middle East M&A
Overview
53 - Criteria/About mergermarket
PRESS CONTACTS:
EMEA: Plora wllke
ora.wilke@mergermarket.com
Tel: +44 207 059 6348
Americas: Dara Sllversteln
dara.silverstein@mergermarket.com
Tel: +l 646 378 3ll8
Asia-Pacic: Andrew Powell
andrew.powell@mergermarket.com
Tel: +852 2l58 97l0
0
250
500
750
1,000
1,250
1,500
1,750
2,000
2,250
2,500
2,750
3,000
3,250
3,500
3,750
4,000
4,250
4,500
0
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
1,300
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
$
b
n
)
Global M&A Activity - Quarterly
RoWM&A
Asia-Pacif ic ex Jp M&A
US M&A
European M&A
Volume
- US$ 421.1bn in gIobaI M&A, down 30.3% on 1 2011
- Fifth consecutive quarterIy decIine
- urope the onIy region to show a quarter-on-quarter increase
- FresheIds tops gIobaI IegaI advisory Ieague tabIe
Global M&A dld not have a brlght start to 20l2 wlth 2,568 deals worth US$ 42l.lbn announced ln Ql 20l2, down 30.3% from Ql
20ll (US$ 604.lbn) and 8.6% on the prevlous quarter (US$ 460.6bn). wlth the lowest global quarterly total slnce Q3 2009 (US$
325.6bn) the rst quarter contlnued an overall downward trend whlch has now seen ve consecutlve quarters of decllne.
Lurope was the most popular destlnatlon for buyers, wlth nearly two-fths of the global total nowlng lnto the reglon (US$ l66.3bn).
Lven though thls gure ls lower than the total for Ql 20ll (US$ l8l.2bn), Lurope was the only reglon to show an lncrease over the
prevlous quarter (up 25.6% from US$ l32.5bn ln Q4 20ll).
The US saw the blggest drop ln lnterest. Deals worth US$ ll4.lbn were announced ln Ql 20l2, down 53.8% on Ql 20ll (US$
247.2bn) and 37.6% on Q4 20ll (US$ l83bn). Premlums went the other way, North Amerlca saw the hlghest premlums out of any
reglon globally, excludlng 1apan. 8uyers were posslbly put on by unreallstlc valuatlons on the back of a rally ln US markets, the S&P
500 and Nasdaq are up l2.3% and 20%, respectlvely, so far thls year.
Preshelds topped the global legal advlsory league table ln Ql 20l2, advlslng on deals worth a total US$ 84.7bn. Klng & wood
Mallesons saw the most lmpresslve [ump, up l22 places on Ql 20ll, to thlrd, advlslng on US$ 62.0bn ln deals. 1ones Day topped
the global legal advlsory league table by deal count, advlslng on a total of 56 deals.

0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2004 2005 2006 2007 2008 2009 2010 2011 Q1 2012
V
a
l
u
e
o
f

D
e
a
l
s

(
U
S
$
b
n
)
Global M&A Deal Size Breakdown - Deal Value
$0m - $500m $501m - $2,000m $2,001 - $10,000m mega deals (over $10,001bn)
0
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
1,500
V
a
l
u
e
o
f

D
e
a
l
s

(
$
b
n
)
Global Cross Border M&A Analysis - Value
Global Cross Border (regions)
Global M&A
Global Cross Border (individual countries)
Press Release: www.mergermarket.com 3
Global M&A Overvlew

mergermarket M&A Round-up for Q1 2012
Press Release: www.mergermarket.com 4

Sector
Americas Asia Lurope Africa Mlddle Last
Total
TMT l,l49 660 563 21 65 2,458
|ndustrlals & Chemlcals 543 1,020 708 l6 22 2,309
Lnergy, Mlnlng & Utllltles 942 597 463 78 30 2,110
Consumer 572 497 709 l8 l4 l,8l0
Pharma, Medlcal & 8lotech 684 325 267 10 25 l,3ll
8uslness Servlces 458 297 284 5 7 l,05l
Plnanclal Servlces 4l3 378 3ll 33 49 l,l84
Leisure 226 203 226 6 8 669
Transportation l57 l6l l93 l6 l5 542
Constructlon 101 l43 l43 11 l3 4ll
Peal Lstate 77 l90 99 l3 10 389
Agriculture l9 l06 47 8 3 l83
Defence 54 3 11 2 70
Government 42 8 6 1 2 59
Other 3 25 2 7 37
Total 5,440 4,6l3 4,032 236 272 l4,593
Hot warm Cold
900 200 40
600 90 20
400 70 0
Note:
The |ntelllgence Heat Chart are based on "companles for sale tracked by mergermarket ln the respectlve reglons between l5 September 20ll and l5 March 20l2. Opportunltles are captured accordlng to the domlnant
geography and sector of the potentlal target company. mergermarket's Heat Chart of predlcted deal now ls based on the lntelllgence collected ln our database relatlng to companles rumoured to be for sale, or omclally up
for sale ln the respectlve reglons. |t ls therefore lndlcatlve of areas that are llkely to be actlve ln the months to come. The lntelllgence comes from a range of sources, lncludlng press reports, company statements and our own
team of [ournallsts gatherlng proprletary lntelllgence from M&A across the reglons. The data does not dlnerentlate between small and large transactlons, nor between deals that could happen ln the short or long-term.
- TMT most popular "companles for sale sector globally
- Leads the charts ln both the US and UK
- |ndustrlals & Chemlcals tops table ln Greater Chlna
mergermarket's own heat chart shows up real areas of lnterest for potentlal buyers ln the M&A market. Globally,
Technology, Medla and Telecommunlcatlons (TMT) tops the chart, followed closely by |ndustrlals & Chemlcals,
wlth Lnergy, Mlnlng & Utllltles roundlng out the top three.
Press Release: www.mergermarket.com
4
Global M&A Heat Chart

mergermarket M&A Round-up for Q1 2012 mergermarket M&A Round-up for Q1 2012
Press Release: www.mergermarket.com 5 mergermarket M&A Round-up for Q1 2012 Press Release: www.mergermarket.com 5 www.mergermarket.com 5
Global M&A Overvlew: |ndustry and Geography 8reakdown

Q1 2012 Q1 2011 change
Sector Value (US$bn) Market share Deal count Value (US$bn) Market share Deal count Value (%) Deal count
Energy, Mining & Utilities 149.5 35.7% 231 163.6 27.1% 294 -8.6% -63
Industrials & Chemicals 59.1 14.1% 558 116.5 19.3% 640 -49.3% -82
Financial Services 36.9 8.8% 209 61.2 10.1% 266 -40.1% -57
Technology 27.0 6.4% 280 28.5 4.7% 418 -5.2% -138
Consumer 28.2 6.3% 352 53.4 8.8% 51 -50.4% 301
Pharma, Medical & Biotech 24.6 5.9% 191 32.5 5.4% 263 -24.2% -72
Business Services 23.2 5.5% 284 20.3 3.4% 359 13.9% -75
Construction 19.0 4.5% 97 12.3 2.0% 44 54.2% 53
Real Estate 15.1 3.6% 52 42.0 7.0% 439 -63.9% -387
Transport 10.8 2.6% 83 19.1 3.2% 99 -43.4% -16
Agriculture 9.1 2.2% 26 1.9 0.3% 46 377.4% -20
Media 7.4 1.756% 88 15.2 2.5% 91 -51.6% -3
Telecommunications 5.7 1.4% 23 24.9 4.1% 119 -77.0% -96
Leisure 5.6 1.3% 87 7.0 1.2% 107 -25.3% -20
Defence 0.01 0.002% 7 5.5 0.9% 12 -99.8% -5
Total 421.1 2,568 604 3,248 -30.7% -680
North America
35.9%
Central & South America
4.6%
Western Europe
29.2%
Southern Europe
4.6%
Northern Europe
2.1%
Central & Eastern Europe
3.0%
North Asia
6.8%
Japan
2.5%
Australasia
3.1%
South & Central Asia
3.9%
South East Asia
2.4%
Af rica & Middle East
2.0%
Mix of Announced Deals by Geographic Region Q1 2012 - Value
North America
34.0%
Central & South America
4.4%
Western Europe
25.9%
Southern Europe
5.8%
Northern Europe
5.2%
Central & Eastern Europe
4.6%
North Asia
6.7%
Japan
3.1%
Australasia
2.9%
South & Central Asia
2.1%
South East Asia
2.6%
Af rica & Middle East
2.7%
Mix of Announced Deals by Geographic Region Q1 2012 - Volume
Press Release: www.mergermarket.com 6 mergermarket M&A Round-up for Q1 2012
Global Top Deals for Ql 20l2
Actlvlty Table of Global M&A for Ql 20l2
Announced
Date
8ldder Company 8ldder Legal Advlser Target Company Target/Seller Legal Advlser Seller Company Deal value
USD (m)
7-Peb-l2 Glencore |nternatlonal
plc
Linklaters Xstrata Plc (65.92% Stake) Preshelds 8ruckhaus Derlnger, Klng &
wood Mallesons
53,465
25-Peb-l2 Sesa Goa Llmlted Luthra & Luthra Law Omces (Advlslng
Cltlgroup)
Sterllte |ndustrles (|ndla)
Limited
Amarchand & Mangaldas & Suresh A
Shron & Co
l0,289
20-Mar-12 Glencore |nternatlonal
plc
8ennett 1ones, Curtls, Mallet-Prevost,
Colt & Mosle, Klng & wood Mallesons,
Linklaters
vlterra |nc Ashurst, Pasken Martlneau Dumoulln,
Sldley Austln , Stlkeman Llllott, Torys
7,347
l7-1an-l2 Sumltomo Mltsul
Plnanclal Group |nc
A&L Goodbody, Mllbank Tweed
Hadley & McCloy, Nagashlma Ohno &
Tsunematsu
P8S Avlatlon Capltal Advising seller: Cllnord Chance Poyal 8ank of Scotland
Group Plc
7,300
24-Peb-l2 Apollo Global
Management, LLC,
Plverstone Holdlngs LLC,
and Access |ndustrles |nc
Debevolse & Pllmpton, Paul welss
Plfklnd wharton & Garrlson, vlnson &
Llklns, wlllkle Parr & Gallagher
LP Lnergy Corporatlon Advising seller: Locke, Lord, 8lssell &
Llddell, well Gotshal & Manges
Ll Paso Corporatlon 7,l50
7-Peb-l2 |tau Unlbanco Holdlng
SA
Mattos Pllho, velga Pllho, Marrey 1r e
Quiroga Advogados
Pedecard SA (49.99%
Stake)
6,864
25-1an-l2 Poche Holdlng Ltd Davls Polk & wardwell, Glbson Dunn
& Crutcher (Advlslng Cltlgroup),
Shearman & Sterllng (Advlslng
Greenhlll & Co)
|llumlna |nc Dewey & Le8oeuf 6,846
l9-Mar-l2 Unlted Parcel Servlce |nc Preshelds 8ruckhaus Derlnger TNT Lxpress Nv Allen & Overy, Stlbbe, Sulllvan &
Cromwell (Advlslng Goldman Sachs)
6,843
30-Mar-l2 Arcus |nfrastructure
Partners LLP
Campos Perrelra, Sa Carnelro e
Asoclados, Llnklaters, Morals Leltao
Galvao Teles Soares Da Sllva &
Assoclados (Advlslng 8anco Lsplrlto
Santo de |nvestlmento, 8anco
Mlllennlum 8CP |nvestlmento), vlelra
de Almeida & Associados
8rlsa-Auto Lstradas de
Portugal SA (50.43%
Stake)
5,599
30-Mar-l2 Camargo Correa SA Clmpor Clmentos de
Portugal SGPS SA (67.l%
Stake)
5,447
Press Release: www.mergermarket.com 7 mergermarket M&A Round-up for Q1 2012
- CIobaI mid-market deaIs sIump to US$ 157.1bn, down 16% on 1 2011
- Energy, Mining & Utilities the most active sector with 28.4% market share
- SuIIivan & CromweII top IegaI advisor with US$ 13.3bn in deaIs

|n Ql 20l2 there were 24l global mld-market deals worth a total US$ l57.lbn, down l6% compared to Ql 20ll
(US$ l87.lbn). |t was the lowest quarterly performance slnce Ql 20l0, whlch saw US$ l50.3bn ln deals.
Mld-market M&A ln the US was down l2.3% at US$ 50.4bn, compared wlth a Ql 20ll total of US$ 57.4bn. The rst
quarter of thls year was the US mld-market's quletest quarter slnce Ql 20l0 (US$ 35bn).
The mld-market was lagglng across the board wlth all reglons seelng a decllne ln M&A. wlth US$ 48bn ln
announced deals ln Ql 20l2, Luropean mld-market M&A was down l2.2% compared to Ql 20ll (US$ 54.7bn),
and 20.4% compared to Q4 20ll (US$ 60.3bn). Afrlca & the Mlddle Last and 1apan saw the greatest decreases,
down 53.8% and 50.3% on Ql 20ll, respectlvely.
wlth a 28.4% market share, Lnergy, Mlnlng & Utllltles was the most actlve sector wlth US$ 44.6bn worth of deals,
sllghtly hlgher than the same perlod last year (US$ 40.7bn). The Peal Lstate sector was more actlve thls year, wlth
a total value of US$ ll.9bn, whlch accounted for 7.6% of
mld-market M&A, compared to 4.6% ln the same perlod last year when the sector saw US$ 8.6bn ln deals.
The top mld-market legal advlsor for the quarter was Sulllvan & Cromwell, advlslng on deals worth US$ l3.3bn and
malntalnlng the top spot lt clalmed ln Ql 20ll. Latham & watklns took second place, up from fourth ln Ql 20ll,
wlth US$ l0.4bn ln deals.
Global Mld-Market Legal Advlser League Tables Ql 20l2: value
Ranking Q1 2012 Q1 2011
Q1 2012 Q1 2011 Company Name
value
(US$bn) Deal Count
value
(US$bn)
% val.
Change
1 1 Sulllvan & Cromwell l3.3 l3 l8.l -26.8%
2 4 Latham & watklns l0.4 l4 l4.3 -27.4%
3 35 1ones Day 10.1 11 3.8 l65%
4 10 Allen & Overy 9.7 10 9.8 -0.3%
5 l7 Preshelds 8ruckhaus Derlnger 8.7 12 7.3 l8.2%
6 9 Shearman & Sterllng 8.3 7 l0.3 -l9.4%
7 7 Linklaters 7.8 12 l0.6 -26.4%
8 5 Skadden Arps Slate Meagher & Plom 7.6 11 l3.0 -4l.3%
9 6 Dewey & Le8oeuf 7.6 8 l0.7 -29.2%
10 3 Cllnord Chance 7.2 l3 l7.2 -58.l%
Press Release: www.mergermarket.com 7 Press Release: www.mergermarket.com 7
Global M&A Overvlew: Mld-market M&A Actlvlty (US$ 250m to US$ 2bn)
Global Mid-Market M&A Activity - Quarterly
0
50
100
150
200
250
300
350
Q
tr1
0
4
Q
tr2
0
4
Q
tr3
0
4
Q
tr4
0
4
Q
tr1
0
5
Q
tr2
0
5
Q
tr3
0
5
Q
tr4
0
5
Q
tr1
0
6
Q
tr2
0
6
Q
tr3
0
6
Q
tr4
0
6
Q
tr1
0
7
Q
tr2
0
7
Q
tr3
0
7
Q
tr4
0
7
Q
tr1
0
8
Q
tr2
0
8
Q
tr3
0
8
Q
tr4
0
8
Q
tr1
0
9
Q
tr2
0
9
Q
tr3
0
9
Q
tr4
0
9
Q
tr1
1
0
Q
tr2
1
0
Q
tr3
1
0
Q
tr4
1
0
Q
tr1
1
1
Q
tr2
1
1
Q
tr3
1
1
Q
tr4
1
1
Q
tr1
1
2
V
a
l
u
e

o
f

D
e
a
l
s

(
U
S
$
b
n
)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
RoW M&A
Asia-Pacific ex Jp Mid-Market M&A
US Mid-Market M&A
European Mid-Market M&A
% of Global M&A
%

o
f

G
l
o
b
a
l

M
&
A
Mid Market M&A Industry Breakdown Q1 2012 - Value
Energy, Mining & Utilities
28.4%
ndustrials & Chemicals
13.3%
Financial Services
11.3%
Consumer
8.8%
Pharma, Medical & Biotech
7.6%
Real Estate
7.6%
Technology
7.5%
Business Services
5.5%
Leisure
2.3%
Construction
2.3%
Transportation
1.6%
Telecommunications
1.5%
Media
1.5%
Agriculture
0.9%
Press Release: www.mergermarket.com 8 mergermarket M&A Round-up for Q1 2012
- uyouts totaI US$ 42.6bn, down 34.2% on 1 2011
- Accounts for 10.2% of global M&A in Q1 2012
- Debt nancing of 5.9x EBITDA, second-highest level since 2007
- WiIIkie Farr & CaIIagher top IegaI advisor with US$ 8.5bn worth of buyouts
Prlvate equlty-backed buyouts totalled US$ 42.6bn ln Ql 20l2, 34.2% down on Ql 20ll (US$ 64.7bn),
and the lowest quarterly performance slnce Ql 20l0 (US$ 33.2bn). 8uyouts accounted for l0.2% of
global M&A actlvlty ln Ql 20l2, down from l3% ln Q4 20ll.
|n leveraged buyouts (US$ 200m+ and excludlng buy-lns), prlvate equlty rms ralsed, on average,
debt nanclng of 5.9x L8|TDA ln Ql 20l2, the second-hlghest level slnce 2007 (6.6x). Meanwhlle, debt
nanclng for L8Os reached an average of 66.0% of total fundlng per deal ln 20l2, up from 55.5% ln
the whole of 20ll, and the hlghest ratlo slnce 2007 (67.4%).
Llghteen buyout deals valued at over US$ 500m were announced ln Ql 20l2, wlth an aggregate value
of US$ 29.8bn. Thls compares to 32 deals over US$ 500m ln the same perlod last year. The largest
buyout ln Ql 20l2 was the acqulsltlon of LP Lnergy Corporatlon for US$ 7.2bn by Apollo Global
Management, Plverstone Holdlngs and Access |ndustrles.
wlllkle Parr & Gallagher was the most actlve legal advlsor on buyouts ln 20l2, advlslng on elght
buyouts wlth a total value of US$ 8.5bn.
Top l0 Global prlvate equlty rms Ql 20l2 - buyouts by deal count
Ranking House value (US$m) Deal Count
1 The Plverslde Company - 7
2 Lloyds TS8 Development Capltal 278 4
3 Grey Mountaln Partners - 4
3 mutares - 4
5 Apollo Global Management 7,853 3
6 C|T|C Capltal Partners 2,500 3
7 CvC Capltal Partners 2,423 3
8 vlsta Lqulty Partners 2,25l 3
9 General Atlantic 4l5 3
10 The Carlyle Group 352 3
Press Release: www.mergermarket.com 8 Press Release: www.mergermarket.com 8
Global M&A Overvlew: Prlvate Lqulty 8uyouts

0%
5%
10%
15%
20%
25%
30%
35%
0
50
100
150
200
250
300
350
400
P
e
r
c
e
n
t
a
g
e
o
f

G
l
o
b
a
l

M
&
A
V
a
l
u
e
o
f

D
e
a
l
s

(
U
S
$
b
n
)
Global Private Equity Buyout Activity - Quarterly
Rest of the World (Value)
Asia-Pacif ic ex Japan (Value)
US (Value)
Europe (Value)
Buyouts (% of Total M&A)
0%
10%
20%
30%
40%
50%
60%
70%
80%
0
1
2
3
4
5
6
7
2004 2005 2006 2007 2008 2009 2010 2011 Q1 2012
D
e
b
t
/
T
o
t
a
l
F
u
n
d
i
n
g
(
%
)
D
e
b
t
/
E
B
I
T
D
A
(
x
)
Global Debt Financing Ratios Trend
(US$200m+ buyouts, excluding buy-ins)
Debt/EBTDA Multiple (x)
Debt/Total Funding (%)
Press Release: www.mergermarket.com 9 mergermarket M&A Round-up for Q1 2012
- xits totaI US$ 42.8bn, down 32.1% on 1 2011
- SDs at US$ 9.5bn, down 9.5% on 1 2011
- Average exit premiums at 20%, the lowest since 2007
- kirkIand & IIis top IegaI advisor with US$ 7.5bn in exits
Prlvate equlty exlts vla secondary buyouts and trade sales ln Ql 20l2 totalled US$ 42.8bn, down
32.l% compared to Ql 20ll (US$ 63.0bn). Thls was the second-weakest performance slnce Ql 20l0
(US$ 35.3bn).
As a share of exlts, S8Os made up 22.2% of all exlts ln Ql 20l2, up from l6.7% ln Ql 20ll and the
second-hlghest Ql performance slnce Ql 2007 (43.l%).
Prlvate equlty rms exlted thelr holdlngs at an average enterprlse valuatlon of l2.0x L8|TDA ln Ql
20l2, up from ll.9x ln the whole of 20ll and the second-lowest multlple slnce 2004. The global one-
day-before average exlt premlums ln Ql 20l2 decreased to 20.0% from 32.8% ln 20ll, representlng
the lowest premlums slnce 2007 (l4.5%).
Klrkland & Lllls clalmed top spot ln the legal advlsors league table, advlslng on l8 deals worth US$
7.5bn ln Ql 20l2.
Top l0 Global prlvate equlty rms Ql 20l2 - exlts by deal count
Ranking House value (US$m) Deal Count
1 Sun Capltal Partners 98 6
2 |ntel Capltal 490 4
3 Audax Prlvate Lqulty Group l24 4
4 The Carlyle Group 2,293 3
5 Atlas venture 1,002 3
6 TA Associates 588 3
7 Angelo, Gordon & Co 406 3
8 Platlnum Lqulty 362 3
9 Scottlsh Lqulty Partners 208 3
10 8enchmark Capltal l95 3
Press Release: www.mergermarket.com 9 Press Release: www.mergermarket.com 9
Global M&A Overvlew: Prlvate Lqulty Lxlts

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
P
e
r
c
e
n
t
a
g
e
o
f

T
o
t
a
l
E
x
i
t
s

(
e
x
c
l
.

I
P
O
s
)
V
a
l
u
e
o
f

D
e
a
l
s

(
U
S
$
b
n
)
Trade Sales vs SBO Exit Activity - Quarterly
Trade Sales (Value)
SBOs (Value)
Trade Sales (% of total exits)
SBOs (% of total exits)
0%
10%
20%
30%
40%
50%
60%
70%
80%
2004 2005 2006 2007 2008 2009 2010 2011 Q1 2012
P
r
e
m
i
u
m
%
Exit Premium Analysis - Average
Global
Europe
US
Press Release: www.mergermarket.com 10 mergermarket M&A Round-up for Q1 2012
- merging markets M&A totaI US$ 83.1bn, down 40.1% on 1 2011
- Inbound activity sIows to US$ 21.3bn, Iowest quarterIy totaI since 3 2009
- urope makes up bigger share of inbound investment in emerging markets
- Amarchand & MangaIdas & Suresh A Shro & Co top IegaI adviser, advising on US$ 21bn worth of deaIs
Lmerglng markets saw M&A actlvlty of US$ 83.lbn ln the rst quarter of thls year, down 40.l% on Ql 20ll (US$
l38.9bn). Thls also represents a 7.l% decrease quarter-on-quarter (US$ 89.5bn ln Q4 20ll).
M&A ln emerglng markets ln Ql 20l2 conrmed a downward quarterly trend whlch started wlth two successlve
quarters of decllne ln the rst half of 20ll. A sllght rebound was seen ln Q3 20ll (US$ l35.4bn) but Q4 20ll
posted a 33.9% drop on thls. 8P|C M&A performed better, total deal value ln Ql 20l2 (US$ 59.4bn) was up l0.9%
compared to Q4 20ll (US$ 54.9bn).
|nbound cross-border actlvlty lnto emerglng market countrles ln Ql 20l2 totalled US$ 2l.3bn, down 68.4%
compared to the same perlod last year (US$ 67.4bn), marklng lt out as the lowest lnbound quarterly total slnce
Q3 2009. However, Lurope recelved a larger share of lnbound lnvestment ln Ql 20l2, accountlng for 33.4% of the
cross-border deal value (US$ 7.lbn). Asla-Paclc bldders from emerglng markets lnvested a total of US$ 9.6bn ln
Ql 20l2, more than double the reglon's Ql 20ll total (US$ 4.6bn). 8uyout actlvlty ln emerglng markets, valued at
US$ 4.8bn, accounted for ll.3% of global buyout actlvlty ln the rst quarter of 20l2, down 5l.l% from Ql 20ll.
Press Release: www.mergermarket.com 10 Press Release: www.mergermarket.com 10
Global M&A Overvlew: Lmerglng Markets

0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0
10
20
30
40
50
60
2004 2005 2006 2007 2008 2009 2010 2011 Q1 2012
P
e
r
c
e
n
t
a
g
e
(
%
)
V
a
l
u
e
(
U
S
$
b
n
)
Emerging Markets Buyout Activity Trend
Value (US$bn)
% of Global BO (Value)
% of EM M&A (Value)
0
50
100
150
200
250
300
350
0
10
20
30
40
50
60
70
80
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

(
$
b
n
)
Emerging Markets Inbound/Outbound M&A
nbound Value (US$bn)
Outbound Value (US$bn)
nbound Volume
Outbound Volume
0%
5%
10%
15%
20%
25%
30%
0
20
40
60
80
100
120
140
160
180
200
%
o
f

G
l
o
b
a
l

M
&
A
V
a
l
u
e
o
f

D
e
a
l
s

(
U
S
$
b
n
)
Emerging Markets M&A Activity Trend
Other EM (Value)
BRC (Value)
EM M&A as % of Global M&A
Press Release: www.mergermarket.com 11 mergermarket M&A Round-up for Q1 2012
- Global premiums at 32%, up from 16.4% in Q1 2011
- Global EBITDA multiples at 11.0x, down from 12.7x in 2011
- Japan sees increase in average EBIDTA multiple to 10.1x
Average premlums (one day before) of global M&A deals durlng Ql 20l2 were 32%, an lncrease from
20ll (27.02%) and 20l0 (22.3%).
North Amerlcan annual premlums, whlch were 37.9% ln 20ll, showed almost no change durlng Ql
20l2 (37.7%). Meanwhlle, Luropean premlums stood at l4.5% ln Ql 20l2, down from 2l.6% ln 20ll.
Targets ln Asla-Paclc (excludlng 1apan) had average premlums of 20.86%, sllghtly lower than 20ll
when lt had 2l%.
The average L8|TDA multlple across global M&A was ll.0x ln Ql 20l2, down from l2.7x ln 20ll. |n
Lurope, the average L8|TDA multlple was l0x, down from l2.4x ln 20ll. North Amerlcan L8|TDA
multlples have contlnued downwards, from l7.2x ln 20l0 to l3.5x ln 20ll and to l2.2x ln the rst
quarter thls year. Asla-Paclc (excludlng 1apan), whlch also saw a slgnlcant decrease from 20l0 to
20ll, was at l2.3x durlng Ql 20l2. 1apan, however, saw lts average L8|TDA multlple lncrease to l0.lx
ln the rst quarter, up from 8.7x ln 20ll.
Press Release: www.mergermarket.com 11 Press Release: www.mergermarket.com 11
Global M&A Overvlew: Premla and Multlples Analysls
0%
10%
20%
30%
40%
50%
60%
2004 2005 2006 2007 2008 2009 2010 2011 Q1 2012
P
r
e
m
i
u
m
s
%
Premium Analysis - Average
Global
Europe
North America
Asia-Pacif ic (excl. Japan)
Japan
0
5
10
15
20
25
30
2004 2005 2006 2007 2008 2009 2010 2011 Q1 2012
E
B
I
T
D
A
M
u
l
t
i
p
l
e
(
x
)
-
A
v
e
r
a
g
e
EBITDA Multiple Analysis - Average
Global
Europe
North America
Asia-Pacif ic (excl. Japan)
Japan
Press Release: www.mergermarket.com 12 mergermarket M&A Round-up for Q1 2012
Deal Type
- 7otaI pubIic M&A deaIs totaI US$ 185.7bn, down 15.6% on 1 2011
- HostiIe oers account for 5.1% of aII pubIic M&A deaIs, up from 2.4% in 1 2011
- Roche's US$6bn bid for IIIumina the Iargest hostiIe oer in 1 2012
The total value of publlc M&A deals announced globally ln Ql 20l2 stood at US$ l85.7bn, down l5.6% on Ql 20ll
(US$ 220.2bn).
Desplte the decrease ln overall M&A, the number of transactlons wlth hostlle oners was hlgher wlth slx deals worth
US$ 9.4bn, compared to four hostlle transactlons worth US$ 5.2bn durlng the same perlod ln 20ll.
Hostlle oners announced ln the rst quarter accounted for 5.l% of the total value of all publlc M&A deals,
representlng another slgnlcant lncrease over the same perlod last year (2.4%). Hostlle oners have accounted for
an average of ll.7% of publlc M&A deals by total value slnce 2004.
Of the seven unsollclted oners made durlng Ql 20l2, only one has been a recommended oner, worth US$ 362m.
Durlng the same perlod last year, only three out of ten unsollclted transactlons were hostlle, wlth an aggregate
value of US$ 4.84bn.
Swlss-based pharmaceutlcal operator Poche's hostlle oner to acqulre all of the outstandlng shares ln US-based
|llumlna, for US$ 6bn, made lt the largest hostlle oner ln the rst quarter.
Deal Value Breakdown
- Mega-deaIs totaI US$ 63.8bn, account for 15.2% of gIobaI M&A
- Average uropean deaI size hits US$ 400m, highest 1 average on record
Mega-deals (over US$ l0bn) accounted for l5.2% of the value of global M&A deals announced ln Ql 20l2, the
hlghest proportlon slnce 2009 (29.6%). Mega-deals ln the rst quarter had an aggregate value of US$ 63.8bn, up
33.5% on Q4 20ll (US$ 47.8bn), when they represented l0.4% of the global total.
US deals valued at US$ 2bn-l0bn totalled US$ 48.6bn, whlch accounted for 42.6% of US M&A deals announced ln
Ql 20l2, the hlghest proportlon for thls deal slze range on mergermarket record (slnce 200l).
The average deal slze ln Lurope ln the rst quarter was US$ 400m, the hlghest Ql average on mergermarket record.
Press Release: www.mergermarket.com 12 Press Release: www.mergermarket.com 12
Global M&A Overvlew: Deal Type / Deal value 8reakdown
M&A Deal Type - Deal Value
37.7%
41.2%
37.7%
46.2%
31.8% 33.1%
27.8%
35.0%
41.1%
6.0%
4.1% 10.1%
2.7%
10.9%
5.0%
4.2%
2.5%
1.7%
6.6%
8.6%
1.4%
2.4%
0.5%
54.5%
48.1%
43.6%
49.7%
54.8%
61.4%
66.8%
61.7%
55.6%
2.3%
1.3%
0.8%
1.1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2004 2005 2006 2007 2008 2009 2010 2011 Q1 2012
S
h
a
r
e

o
f

t
o
t
a
l

G
l
o
b
a
l

M
&
A

-

D
e
a
l

V
a
l
u
e
s
Recommended Hostile Contested Non-public M&A
28.0%
23.5%
20.1% 20.5%
23.4% 22.4%
24.4% 24.6% 23.0%
24.5%
22.0%
20.8%
23.0%
19.3% 20.5%
27.6% 25.8%
26.8%
25.5%
30.0%
27.0%
29.8%
27.9% 27.5%
32.6% 34.4% 34.9%
21.9%
24.5%
32.0%
26.8%
29.4% 29.6%
15.4% 15.1% 15.2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2004 2005 2006 2007 2008 2009 2010 2011 Q1 2012
Global M&A Deal Size Breakdown - % by Deal Value
$0m - $500m $501m - $2,000m $2,001 - $10,000m mega deals (over $10,001m)
Press Release: www.mergermarket.com l3 mergermarket M&A Round-up for Q1 2012
Consideration Structure
- AII-cash deaIs totaI US$ 239bn, down 23.7% on 1 2011
- US$ 89.5bn in aII-equity deaIs, down 37.7% on 1 2011
- Cash considerations dominate cross-border deals
All-cash deals totalled US$ 239bn ln the rst quarter of 20l2, compared wlth US$ 3l3.lbn ln Ql 20ll, falllng 23.7%
to account for 67.8% of all M&A transactlons wlth cash or equlty conslderatlons. Lqulty-only-funded deals also
dropped 37.6% to US$ 89.5bn, from US$ l43.6bn ln the same perlod last year.
Deals funded by a comblnatlon of cash and shares fell by 5l.8% to US$ 23.8bn to account for only 6.8% of cash-
or-equlty-funded conslderatlons. Thls was the second-lowest average slnce 200l (l5.7%), and [ust sllghtly above
2008's annual average (6.l% of total cash-or-equlty-funded M&A).
The largest transactlon ln the rst quarter was Glencore's all-equlty acqulsltlon of Xstrata worth US$ 53.5bn. The
equlty conslderatlon totalled US$ 40.lbn.
whlle equlty makes up a larger proportlon of conslderatlons ln overall M&A deals, cross-border transactlons stlll
favour cash conslderatlons. Out of all 244 cross-border deals ln Ql 20l2, worth a total of US$ 79.lbn, cash-only
transactlons (US$ 73.7bn) made up 93.2% of deal value whlle 3.9% came from all-equlty conslderatlons (US$
3.lbn).
Insolvency
- CIobaI insoIvency deaIs doubIe to US$ 5.6bn compared to 1 2011
- Europes Iceland Foods insolvency makes up 41.1% of global value
- 7otaI excIuding IceIand Foods and LA Dodgers insoIvencies faIIs to US$ 1.3bn, down
53.6% on Q1 2011
The rst quarter of 20l2 saw 79 lnsolvency deals wlth a total value of US$ 5.6bn, double that of Ql 20ll (US$
2.8bn). Lurope ln partlcular wltnessed a splke ln the value of lnsolvency deals to US$ 3.lbn, malnly drlven by the
blggest deal of the year so far, the US$ 2.3bn bankruptcy of |celand Poods. US lnsolvency deals were up 24.9%
from US$ l.8bn ln Ql 20ll to US$ 2.2bn ln Ql 20l2, malnly drlven by the US$ 2bn bankruptcy of the LA Dodgers.
Lxcludlng the enect of the |celand Poods and LA Dodgers deals, lnsolvencles ln Ql 20l2 contlnued on a downward
tra[ectory whlch started ln Q4 20ll wlth a 34.7% decrease compared to Q3 20ll (US$ 7.lbn). Over LUP ltn ln
two extenslons of low-lnterest loans by the LC8 to Luropean banks looks set to sustaln llquldlty for Luropean
companles ln the near future. Asla-Paclc also saw lnsolvency deals fall to US$ 0.2bn, a 72.8% drop compared to
the prevlous quarter (US$ 0.8bn).
The Consumer sector saw the hlghest value of lnsolvency deals, wlth 24 deals valued at US$ 2.5bn.
Press Release: www.mergermarket.com l3 Press Release: www.mergermarket.com l3

Global M&A Overvlew: Conslderatlon Structure / |nsolvency
0
25
50
75
100
125
150
175
200
0
10
20
30
40
50
60
N
u
m
b
e
r
o
f
d
e
a
l
s
V
a
l
u
e
o
f

D
e
a
l
s

(
$
b
n
)
Quarterly Insolvency Deals - Global
Value (US$bn)
Volume
59.6% 59.7% 60.0%
67.9%
71.2%
58.9%
68.3%
69.8%
67.8%
18.1% 18.6%
25.9%
17.6%
22.7%
22.2%
20.3% 18.5%
25.4%
22.4% 21.7%
14.1% 14.5%
6.1%
18.9%
11.4% 11.6%
6.8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2004 2005 2006 2007 2008 2009 2010 2011 Q1 2012
%
o
f

G
l
o
b
a
l

M
&
A
Global Consideration Breakdown - Value
% cash only deals
% equity only deals
% cash & equity deals
Press Release: www.mergermarket.com l4 mergermarket M&A Round-up for Q1 2012 www.mergermarket.com l4 www.mergermarket.com l4
Global M&A Overvlew: League Tables of Legal Advisers
League Table of Legal Advlsers to Global M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
8 1 Preshelds 8ruckhaus
Derlnger
84,656 39 78,79l 7.4%
7 2 Linklaters 77,639 48 79,340 -2.l%
l25 3 Klng & wood Mallesons 62,572 12 2,947 2,005%
4 4 Sulllvan & Cromwell 40,606 32 97,309 -58.3%
6 5 Skadden Arps Slate Meagher
& Plom
28,466 30 82,892 -65.7%
53 6 Klrkland & Lllls 27,200 49 ll,099 l45.l%
10 7 Allen & Overy 24,245 38 7l,958 -66.3%
l3 8 Dewey & Le8oeuf 23,30l 23 62,875 -62.9%
29 9 1ones Day 23,0ll 56 22,205 3.6%
l6 10 Cllnord Chance 22,385 39 49,830 -55.l%
l05 11 Paul welss Plfklnd wharton &
Garrison
l9,567 l6 4,527 332.2%
12 12 Davls Polk & wardwell l9,453 l9 65,l64 -70.l%
3 l3 Latham & watklns l8,465 44 97,784 -8l.l%
36 l4 vlnson & Llklns l7,l75 21 l5,963 7.6%
l8 l5 well Gotshal & Manges l6,538 30 44,552 -62.9%
34 l6 Glbson Dunn & Crutcher l6,388 20 l6,8l8 -2.6%
l27 l7 Stlkeman Llllott l6,237 25 2,859 467.9%
11 l8 Shearman & Sterllng l5,23l l7 69,l53 -78.0%
l95 l9 8ennett 1ones l4,245 6 1,020 l,296.6%
2 20 Slmpson Thacher & 8artlett l3,853 12 l2l,560 -88.6%
League Table of Legal Advlsers to Global M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
4 1 1ones Day 23,0ll 56 7l -l5
9 2 Klrkland & Lllls 27,200 49 6l -12
7 3 Linklaters 77,639 48 62 -l4
1 4 DLA Plper 7,360 48 87 -39
2 5 Latham & watklns l8,465 44 76 -32
6 6 Preshelds 8ruckhaus
Derlnger
84,656 39 63 -24
3 7 Cllnord Chance 22,385 39 73 -34
5 8 Allen & Overy 24,245 38 67 -29
12 9 CMS l,4l7 35 50 -l5
11 10 Hogan Lovells 5,l08 34 50 -l6
l4 11 Sulllvan & Cromwell 40,606 32 46 -l4
10 12 Skadden Arps Slate Meagher
& Plom
28,466 30 56 -26
l3 l3 well Gotshal & Manges l6,538 30 48 -l8
27 l4 8lake, Cassels & Graydon l3,685 26 28 -2
8 l5 8aker & McKenzle 2,827 26 62 -36
49 l6 Stlkeman Llllott l6,237 25 l9 6
l7 l7 whlte & Case 6,832 25 35 -10
23 l8 Dewey & Le8oeuf 23,30l 23 30 -7
21 l9 wllson Sonslnl Goodrlch &
Rosati
3,203 23 3l -8
35 20 Mayer 8rown l,970 23 22 1
Press Release: www.mergermarket.com l5 mergermarket M&A Round-up for Q1 2012 Press Release: www.mergermarket.com l5 Press Release: www.mergermarket.com l5
Global M&A Overvlew: League Tables of Legal Advisers
League Table of Legal Advlsers to Global 8uyouts`: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
226 1 wlllkle Parr & Gallagher 8,476 4 - -
27 2 Paul welss Plfklnd wharton &
Garrison
7,450 4 l,l55 545.0%
ll9 3 vlnson & Llklns 7,305 4 30 24,250%
12 4 Debevolse & Pllmpton 7,l50 2 3,266 ll8.9%
1 5 Slmpson Thacher & 8artlett 4,937 3 l2,29l -59.8%
22 6 Sulllvan & Cromwell 4,586 4 l,472 2ll.5%
26 7 Preshelds 8ruckhaus
Derlnger
4,303 5 l,225 25l.3%
7 8 well Gotshal & Manges 3,430 5 5,l06 -32.8%
8 9 Klrkland & Lllls 3,353 12 4,630 -27.6%
10 10 Davls Polk & wardwell 3,26l 3 3,75l -l3.l%
- 11 8AHP (8ugge Arentz-Hansen
and Pasmussen)
2,398 2 - -
l49 12 Poschler 2,398 1 - -
29 l3 Allen & Overy 2,323 3 l,l03 ll0.6%
63 l4 1ones Day l,527 9 332 359.9%
40 l5 Mlnter Llllson l,396 2 7l4 95.5%
- l6 wachtell, Llpton, Posen & Katz 1,011 1 - -
11 l7 Linklaters l,005 4 3,47l -7l.0%
- l8 Plesner 93l 2 - -
5 l9 Latham & watklns 807 6 6,044 -86.7%
l26 20 Akln Gump Strauss Hauer &
Peld
703 2 22 3,095.5%
`8ased on the target geography only and the advlsor advlslng the buy-slde only.
League Table of Legal Advlsers to Global 8uyouts`: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 Klrkland & Lllls 3,353 12 28 -l6
5 2 1ones Day l,527 9 11 -2
3 3 well Gotshal & Manges 3,430 7 11 -4
9 4 S1 8erwln 532 7 8 -1
2 5 Latham & watklns 807 6 l3 -7
4 6 Cllnord Chance 485 6 11 -5
l5 7 Preshelds 8ruckhaus
Derlnger
4,303 5 6 -1
45 8 8lake, Cassels & Graydon 8 5 3 2
226 9 wlllkle Parr & Gallagher 8,476 4 1 3
38 10 Paul welss Plfklnd wharton &
Garrison
7,450 4 3 1
74 11 vlnson & Llklns 7,305 4 2 2
55 12 Sulllvan & Cromwell 4,586 4 2 2
l4 l3 Linklaters l,005 4 6 -2
7 l4 CMS 45 4 8 -4
59 l5 De Pardleu 8rocas Manel - 4 2 2
l3 l6 Slmpson Thacher & 8artlett 4,937 3 6 -3
29 l7 Davls Polk & wardwell 3,26l 3 4 -1
23 l8 Allen & Overy 2,323 3 5 -2
42 l9 Ashurst 686 3 3 0
53 20 whlte & Case 344 3 3 0
Press Release: www.mergermarket.com l6
- urope M&A totaIs US$ 166.3bn, down 8.1% on 1 2011
- Only region globally to show quarter-on-quarter increase, up 25.6% on Q4 2011
- Germany and UK dominate domestic deals
- Worlds three biggest economies most active investors
- Linklaters tops legal advisory league table
Lurope saw l,055 deals worth US$ l66.3bn ln the rst quarter of 20l2, down 8.l% on Ql 20ll (US$ l8l.2bn) but
up 25.6% on Q4 20ll (US$ l32.5bn).
Germany and the UK domlnated Luropean domestlc M&A wlth US$ l2bn and US$ ll.7bn ln deals, respectlvely.
Slx of the top ten Luropean deals were domestlc, wlth Glencore's acqulsltlon of Xstrata for US$ 53.5bn the largest
deal both reglonally and globally.
Porelgn lnvestment made up 29.8% of Luropean M&A wlth US$ 49.6bn worth of deals, almost equal to Q4 20ll's
30.2% (US$ 40bn). The top three most actlve lnvestor countrles were the US (US$ 23.lbn), 1apan (US$ l0.5bn) and
Chlna (US$ 2.8bn).
Lurope's debt crlsls meant Spanlsh M&A stlll struggled, down 73.3% to US$ 2.4bn. Pussla and Turkey followed the
same trend of Q4 20ll wlth a decrease of 39.9% to US$ 8.5bn and 30.9% to US$ l.9bn, respectlvely. An upward
trend took shape for some countrles, Portugal (up l09% to US$ 7.4bn), |taly (up 37.8% to US$ 7bn), the Netherlands
(up 65.3% to US$ 8.4bn), the Germanlc reglon (up 499% to US$ 72.7bn) and |reland (up 833.2% to US$ 7.7bn).
Havlng both advlsed on the Glencore-Xstrata transactlon, Llnklaters and Preshelds 8ruckhaus Derlnger swapped
places ln the Ql 20l2 legal advlsory league table by deal value compared to Ql 20ll. Llnklaters topped the table
by advlslng on two of the top ten Luropean deals whlle Preshelds advlsed on three of the top ten deals. Llnklaters
also clalmed rst place ln the league table by deal count wlth Preshelds comlng second.
Press Release: www.mergermarket.com l6 Press Release: www.mergermarket.com l6
Luropean M&A Overvlew
mergermarket M&A Round-up for Q1 2012
0
25
50
75
100
125
150
175
200
225
250
275
300
0
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
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
$
b
n
)
European Inbound/Outbound M&A
nbound Value (US$bn)
Outbound Value (US$bn)
nbound Volume
Outbound Volume
0
50
100
150
200
250
300
350
400
450
0
20
40
60
80
100
120
140
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
$
b
n
)
European Private Equity Buyout Activity - Quarterly
Value (US$bn)
Volume
0
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
1,500
1,600
1,700
1,800
0
50
100
150
200
250
300
350
400
450
500
550
600
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
$
b
n
)
European M&A Activity - Quarterly
Value (US$bn)
Volume
Press Release: www.mergermarket.com l7
Sector
CLL (excl
Pussla)
Germanic UK &
|reland
|taly Greece,
Cyprus &
Turkey
Prance Nordlcs Russia |berla 8enelux
Total
Consumer l47 l04 80 l06 60 57 49 45 36 25 709
TMT l26 87 94 3l 22 55 45 36 43 24 563
|ndustrlals & Chemlcals ll9 l49 68 86 5l 49 79 48 27 32 708
Lnergy, Mlnlng & Utllltles l09 58 8l 4l 23 l7 50 38 33 l3 463
Plnanclal Servlces 66 5l 60 22 21 l8 12 l8 l6 27 3ll
Transportation 46 24 l9 l8 l5 8 22 l9 6 l6 l93
8uslness Servlces 44 30 55 l5 9 32 47 l3 23 l6 284
Pharma, Medlcal & 8lotech 4l 62 33 28 8 9 56 6 l3 11 267
Constructlon 40 l8 l5 7 9 11 9 10 l4 10 l43
Leisure 38 33 52 l9 l9 l5 l3 l3 l9 5 226
Agriculture 30 2 3 3 1 5 3 47
Peal Lstate l5 26 l5 6 3 6 2 8 4 l4 99
Government 4 1 1 6
Defence 1 1 3 1 1 3 1 11
Total 826 645 578 380 246 28l 389 258 235 l94 4,032
Hot warm Cold
120 50 20
80 40 10
60 30 0
Note:
The |ntelllgence Heat Chart are based on "companles for sale tracked by mergermarket ln the respectlve reglons between l5 September 20ll and l5 March 20l2. Opportunltles are captured accordlng to the domlnant
geography and sector of the potentlal target company. mergermarket's Heat Chart of predlcted deal now ls based on the lntelllgence collected ln our database relatlng to companles rumoured to be for sale, or omclally up
for sale ln the respectlve reglons. |t ls therefore lndlcatlve of areas that are llkely to be actlve ln the months to come. The lntelllgence comes from a range of sources, lncludlng press reports, company statements and our own
team of [ournallsts gatherlng proprletary lntelllgence from M&A across the reglons. The data does not dlnerentlate between small and large transactlons, nor between deals that could happen ln the short or long-term.
Lurope M&A Heat Chart
- Consumer sector tops the overall Luropean heat chart
- |n the UK, TMT comes top wlth 94 "companles for sale as government pollcles try to encourage tech clusters ln London
- The Consumer sector ln the UK ls ln the top three, the recent decllne ln retall spendlng posslbly encouraglng an uptlck ln companles looklng to cash out
- Meanwhlle, ln the Germanlc countrles |ndustrlals & Chemlcals and Consumer are the top two sectors of lnterest
mergermarket M&A Round-up for Q1 2012
Lurope M&A Overvlew: |ndustry and Geography 8reakdown
Q1 2012 Q1 2011 change
Sector Value (US$bn) Market share Deal count Value (US$bn) Market share Deal count Value (%) Deal count
Energy, Mining & Utilities 70.9 42.6% 62 41.8 23.1% 91 69.9% -29
Financial Services 18.5 11.1% 73 38.1 21.0% 96 -51.4% -23
Industrials & Chemicals 15.6 9.4% 270 34.6 19.1% 282 -55.1% -12
Construction 15.2 9.1% 52 4.5 2.5% 51 240.7% 1
Technology 10.6 6.3% 91 2.9 1.6% 102 267.0% -11
Consumer 8.7 5.2% 180 29.1 16.1% 215 -70.1% -35
Transport 8.6 5.2% 41 3.1 1.7% 46 175.7% -5
Real Estate 6.0 3.6% 20 1.5 0.8% 14 296.5% 6
Pharma, Medical & Biotech 3.5 2.1% 62 5.7 3.1% 82 -39.2% -20
Business Services 3.4 2.0% 114 4.2 2.3% 209 -19.0% -95
Telecommunications 2.0 1.2% 9 8.5 4.7% 20 -76.2% -11
Media 2.0 1.2% 42 1.9 1.0% 39 6.6% 3
Leisure 1.0 0.6% 29 4.3 2.4% 61 -77.9% -32
Agriculture 0.5 0.3% 14 0.5 0.3% 14 -9.2% 0
Defence 0.00 0.0% 3 0.5 0.3% 1 -100.0% 2
Total 166.3 1,062 181.1 1,323 -8.1% -261
UK & Ireland
20.3%
Germanic
45.7%
France
3.0%
taly
4.4%
beria
6.1%
Benelux
6.2%
Nordic
5.4%
Central & Eastern Europe
7.6%
South Eastern Europe
1.2%
Other
0.04%
Mix of Announced European Deals by Geographic Region Q1 2012 - Value
UK & Ireland
22.7%
Germanic
19.4%
France
12.0%
taly
5.7%
beria
5.7%
Benelux
8.3%
Nordic
12.4%
Central & Eastern Europe
10.4%
South Eastern Europe
3.0%
Other
0.3%
Mix of Announced European Deals by Geographic Region Q1 2012 - Volume
Press Release: www.mergermarket.com l8 mergermarket M&A Round-up for Q1 2012
Press Release: www.mergermarket.com l9 mergermarket M&A Round-up for Q1 2012
Luropean M&A Overvlew: Top Deals
Actlvlty Table of Luropean M&A for Ql 20l2
Announced
Date
8ldder Company 8ldder Legal Advlsor Target Company Target/Seller Legal Advlsor Seller Company Deal value
(US$m)
7-Peb-l2 Glencore |nternatlonal plc Linklaters Xstrata Plc (65.92% Stake) Preshelds 8ruckhaus Derlnger, Klng
& wood Mallesons
53,465
l7-1an-l2 Sumltomo Mltsul Plnanclal Group |nc A&L Goodbody, Mllbank Tweed
Hadley & McCloy, Nagashlma Ohno
& Tsunematsu
P8S Avlatlon Capltal Advising seller: Cllnord Chance Poyal 8ank of Scotland Group Plc 7,300
l9-Mar-l2 Unlted Parcel Servlce |nc Preshelds 8ruckhaus Derlnger TNT Lxpress Nv Allen & Overy, Stlbbe, Sulllvan &
Cromwell (Advlslng Goldman Sachs)
6,843
30-Mar-l2 Arcus |nfrastructure Partners LLP Campos Perrelra, Sa Carnelro e
Asoclados, Llnklaters, Morals Leltao
Galvao Teles Soares Da Sllva &
Assoclados (Advlslng 8anco Lsplrlto
Santo de |nvestlmento, 8anco
Mlllennlum 8CP |nvestlmento), vlelra
de Almeida & Associados
8rlsa-Auto Lstradas de Portugal SA
(50.43% Stake)
5,599
30-Mar-l2 Camargo Correa SA Clmpor Clmentos de Portugal SGPS
SA (67.l% Stake)
5,447
l5-Mar-l2 Clsco Systems |nc Penwlck & west, Klrkland & Lllls,
Sulllvan & Cromwell (Advlslng
Centervlew Partners)
NDS Group Llmlted Proskauer Pose, Skadden Arps Slate
Meagher & Plom, Travers Smlth
News Corporatlon, Permlra 5,000
28-Peb-l2 Deutsche 8ank AG Deutsche Postbank AG (39.5% Stake) Deutsche Post AG 3,246
3l-1an-l2 Outokumpu Oy[ Avance Attorneys, 8lake, Cassels &
Graydon, 8onelll Lrede Pappalardo,
Skadden Arps Slate Meagher & Plom,
whlte & Case
|noxum Advising seller: Cllnord Chance
(Advlslng Macquarle Group),
Preshelds 8ruckhaus Derlnger,
Hannes Snellman, Hengeler Mueller
ThyssenKrupp AG 3,ll9
l6-Peb-l2 Delml SpA 8onelll Lrede Pappalardo, Cleary
Gottlleb Steen & Hamllton
Ldlpower SpA (70% Stake) Advising seller: Cllnord Chance,
d'Urso Gattl e 8lanchl - Studlo Legale
Assoclato, Glannl, Orlgonl, Grlppo,
Cappelll & Partners, Paul welss
Plfklnd wharton & Garrlson
Ldlson |nternatlonal SpA, and Alplq
Holding Ltd
2,500
29-Peb-l2 CvC Capltal Partners Llmlted 8AHP, Preshelds 8ruckhaus
Derlnger, Poschler
Ahlsell Sverlge A8 vlnge, Advising seller: Gernandt &
Danlelsson, Klrkland & Lllls
Clnven Llmlted, and GS Capltal
Partners
2,398
Press Release: www.mergermarket.com 20 mergermarket M&A Round-up for Q1 2012 Press Release: www.mergermarket.com 20 www.mergermarket.com 20
Luropean M&A Overvlew: League Tables of Legal Advisers
League Table of Legal Advlsers to Luropean M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
2 1 Linklaters 76,5l0 42 69,727 9.7%
1 2 Preshelds 8ruckhaus
Derlnger
75,953 35 76,2l8 -0.3%
l49 3 Klng & wood Mallesons 6l,309 3 495 l2,286%
9 4 Allen & Overy 22,l76 29 45,795 -5l.6%
10 5 Cllnord Chance l9,707 3l 39,079 -49.6%
6 6 Sulllvan & Cromwell l7,645 10 55,779 -68.4%
78 7 Klrkland & Lllls l3,957 8 2,438 472.5%
32 8 Dewey & Le8oeuf l3,407 8 l0,534 27.3%
l9 9 Davls Polk & wardwell ll,039 4 l7,608 -37.3%
23 10 Skadden Arps Slate Meagher
& Plom
10,222 10 l6,347 -37.5%
22 11 Ashurst 9,84l l3 l6,383 -39.9%
l68 12 Pasken Martlneau Dumoulln 8,604 3 324 2,555.6%
l6 l3 Hengeler Mueller 8,426 11 22,5l6 -62.6%
4 l4 Cleary Gottlleb Steen &
Hamilton
8,ll3 10 60,679 -86.6%
47 l5 8onelll Lrede Pappalardo 8,029 9 5,963 34.6%
l48 l6 8ennett 1ones 7,748 2 5l5 l,404.5%
28 l7 Mllbank Tweed Hadley &
McCloy
7,6ll 4 l2,423 -38.7%
l04 l8 Travers Smlth 7,605 10 l,089 598.3%
7 l9 Shearman & Sterllng 7,500 5 53,l6l -85.9%
ll8 20 Sldley Austln 7,4l5 2 760 875.7%
League Table of Legal Advlsers to Luropean M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
5 1 Linklaters 76,5l0 42 52 -10
2 2 Preshelds 8ruckhaus
Derlnger
75,953 35 55 -20
6 3 CMS l,4l7 35 50 -l5
1 4 Cllnord Chance l9,707 3l 57 -26
3 5 Allen & Overy 22,l76 29 53 -24
4 6 DLA Plper 5,4l0 27 53 -26
8 7 Hogan Lovells 4,657 26 3l -5
10 8 1ones Day 6,638 l9 30 -11
l4 9 whlte & Case 4,545 l7 24 -7
7 10 8aker & McKenzle l,744 l5 4l -26
l6 11 Ashurst 9,84l l3 20 -7
l3 12 well Gotshal & Manges 3,392 l3 26 -l3
l9 l3 S1 8erwln 885 l3 l8 -5
22 l4 Pinsent Masons 450 l3 l7 -4
28 l5 Hengeler Mueller 8,426 11 l4 -3
- l6 Stlbbe 3,380 11 - -
32 l7 vlnge 2,428 11 l3 -2
9 l8 Lversheds 2,305 11 30 -l9
12 l9 Latham & watklns 2,l39 11 27 -l6
36 20 Mayer 8rown l,5l9 11 12 -1
Press Release: www.mergermarket.com 21 mergermarket M&A Round-up for Q1 2012 Press Release: www.mergermarket.com 21 www.mergermarket.com 21
Luropean M&A Overvlew: League Tables of Legal Advisers
League Table of Legal Advlsers to Luropean 8uyouts`: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
- 1 Sulllvan & Cromwell 4,524 2 - -
l3 2 Preshelds 8ruckhaus
Derlnger
4,l76 4 l,225 240.9%
77 3 Klrkland & Lllls 2,756 3 - -
- 4 8AHP (8ugge Arentz-Hansen
and Pasmussen)
2,398 2 - -
80 5 Poschler 2,398 1 - -
l4 6 Allen & Overy 2,273 2 966 l35.3%
2 7 Linklaters l,005 4 2,666 -62.3%
- 8 Plesner 93l 2 - -
46 9 Ashurst 686 3 80 757.5%
- l0 1lngtlan & Gongcheng 595 1 - -
9 l0 Shearman & Sterllng 595 1 l,576 -62.2%
43 12 S1 8erwln 532 6 l05 406.7%
- l3 8onelll Lrede Pappalardo 497 2 - -
- l4 Akerman Sentertt 497 1 - -
l03 l4 Klng & wood Mallesons 497 1 - -
1 l6 Cllnord Chance 460 5 2,884 -84.0%
- l7 Memery Crystal 440 1 - -
3 l8 Latham & watklns 383 3 2,569 -85.l%
8l l9 whlte & Case 344 3 - -
- 20 Glde Loyrette Nouel 3l9 1 - -
- 20 Hengeler Mueller 3l9 1 - -
`8ased on the target geography only and the advlsor advlslng the buy-slde only.
League Table of Legal Advlsers to Luropean 8uyouts:` volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
3 1 S1 8erwln 532 6 8 -2
1 2 Cllnord Chance 460 5 8 -3
11 3 Preshelds 8ruckhaus
Derlnger
4,l76 4 5 -1
8 4 Linklaters l,005 4 5 -1
2 5 CMS 45 4 8 -4
28 6 De Pardleu 8rocas Manel - 4 2 2
45 7 Klrkland & Lllls 2,756 3 2 1
36 8 Ashurst 686 3 2 1
9 9 Latham & watklns 383 3 5 -2
49 10 whlte & Case 344 3 2 1
12 11 Lversheds 253 3 5 -2
4 12 Olswang l69 3 7 -4
l3 l3 Pinsent Masons 38 3 5 -2
3l l4 Macfarlanes - 3 2 1
- l4 Thommessen - 3 - -
82 l4 Accura - 3 1 2
- l7 Sulllvan & Cromwell 4,524 2 - -
- l8 8AHP (8ugge Arentz-Hansen
and Pasmussen)
2,398 2 - -
l5 l9 Allen & Overy 2,273 2 4 -2
- 20 Plesner 93l 2 - -
www.mergermarket.com 22 www.mergermarket.com 22 www.mergermarket.com 22
Luropean M&A Overvlew: League Tables of Legal Advisers
Legal Advlsers to UK M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
l9 1 Cllnord Chance l2,8l5 l6 5,743 l23.l%
10 2 Sulllvan & Cromwell l0,307 7 9,l60 l2.5%
3l 3 Klrkland & Lllls l0,l87 7 2,l08 383.3%
1 4 Allen & Overy 9,330 11 30,552 -69.5%
3 5 Preshelds 8ruckhaus Derlnger 8,484 l3 29,205 -7l.0%
50 6 Travers Smlth 7,605 10 l,089 598.3%
22 7 A&L Goodbody 7,3l8 4 4,830 5l.5%
- 8 Mllbank Tweed Hadley & McCloy 7,300 1 - -
- 8 Nagashlma Ohno & Tsunematsu 7,300 1 - -
2 10 Linklaters 6,793 l8 30,285 -77.6%
l82 11 Penwlck & west 5,4ll 3 l7 3l,729%
85 12 Skadden Arps Slate Meagher &
Plom
5,000 2 392 l,l75.5%
102 l3 Proskauer Rose 5,000 1 220 2,l72.7%
20 l4 DLA Plper 3,602 12 5,597 -35.6%
l94 l5 vlnge 2,398 3 - -
Legal Advlsers to Prench M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
l3 1 Cleary Gottlleb Steen & Hamllton 2,984 3 2,649 l2.6%
10 2 8redln Prat 2,428 3 4,309 -43.7%
l8 3 Loyens & Loen 2,023 3 2,206 -8.3%
6 4 Cllnord Chance l,88l 4 6,l22 -69.3%
21 5 1ones Day l,023 6 l,4l4 -27.7%
l9 6 Hogan Lovells l,0l3 7 2,008 -49.6%
2 7 Linklaters l,006 7 20,82l -95.2%
25 8 d'Urso Gattl e 8lanchl - Studlo Legale
Associato
924 2 l,l32 -l8.4%
7 9 8onelll Lrede Pappalardo 924 1 5,428 -83.0%
32 9 Paul welss Plfklnd wharton &
Garrison
924 1 92l 0.3%
- ll Pekln & 8ayar Law Plrm 923 2 - -
- ll Pekin & Pekin 923 2 - -
- l3 8ech-8ruun 708 1 - -
- l3 Plesner 708 1 - -
1 l5 Preshelds 8ruckhaus Derlnger 579 5 22,385 -97.4%
Legal Advlsers to UK M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
6 1 Linklaters 6,793 l8 l8 0
8 2 Cllnord Chance l2,8l5 l6 l7 -1
4 3 Preshelds 8ruckhaus Derlnger 8,484 l3 20 -7
9 4 Pinsent Masons 450 l3 l7 -4
1 5 DLA Plper 3,602 12 25 -l3
l7 6 Hogan Lovells 2,074 12 11 1
3 7 Allen & Overy 9,330 11 21 -10
10 8 CMS 733 11 l7 -6
33 9 Macfarlanes 595 11 5 6
21 10 Travers Smlth 7,605 10 9 1
48 11 Squlre Sanders 233 10 4 6
2 12 Lversheds 2,305 9 24 -l5
l5 l3 S1 8erwln 840 9 11 -2
l8 l4 Olswang 254 9 11 -2
7 l5 well Gotshal & Manges l,850 8 l8 -10
Legal Advlsers to Prench M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
l4 1 Hogan Lovells l,0l3 7 4 3
3 2 Linklaters l,006 7 11 -4
11 3 CMS - 7 6 1
8 4 1ones Day l,023 6 7 -1
48 5 Orrlck Herrlngton & Sutcllne 23 6 2 4
1 6 Preshelds 8ruckhaus Derlnger 579 5 12 -7
7 7 8aker & McKenzle 448 5 7 -2
30 8 well Gotshal & Manges 423 5 3 2
82 9 DLA Plper l28 5 1 4
5 10 De Pardleu 8rocas Manel - 5 8 -3
2 11 Cllnord Chance l,88l 4 12 -8
6 12 Latham & watklns 527 4 7 -3
4 l3 Glde Loyrette Nouel 10 4 9 -5
20 l4 S1 8erwln - 4 3 1
55 l5 Cleary Gottlleb Steen & Hamllton 2,984 3 1 2
Press Release: www.mergermarket.com 23 mergermarket M&A Round-up for Q1 2012 Press Release: www.mergermarket.com 23 Press Release: www.mergermarket.com 23
Luropean M&A Overvlew: League Tables of Legal Advisers
Legal Advlsers to German M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
8 1 Hengeler Mueller 7,8ll 11 22,5l6 -65.3%
l9 2 Preshelds 8ruckhaus Derlnger 5,282 11 7,878 -33.0%
20 3 Cllnord Chance 3,864 9 5,594 -30.8%
23 4 Allen & Overy 3,707 5 4,867 -
10 5 whlte & Case 3,5l7 5 l5,650 -77.5%
33 6 Skadden Arps Slate Meagher &
Plom
3,3l4 2 l,322 l50.7%
63 7 8lake, Cassels & Graydon 3,ll9 2 35 8,8ll.4%
- 8 8onelll Lrede Pappalardo 3,ll9 1 - -
- 8 Hannes Snellman 3,ll9 1 - -
26 10 Noerr l,903 6 2,758 -3l.0%
- 11 Lrnst & oung (law) l,892 1 - -
- 12 Glelss Lutz l,823 6 - -
35 l3 8aker & McKenzle l,29l 4 645 l00.2%
11 l4 Linklaters l,287 4 l4,5l2 -9l.l%
- l5 8elten 8urkhardt l,279 3 - -
Legal Advlsers to Germanlc M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
9 1 Linklaters 63,259 7 l7,298 265.7%
- 2 Klng & wood Mallesons 60,8l2 2 - -
l9 3 Preshelds 8ruckhaus Derlnger 60,6l9 l8 l0,664 468.4%
38 4 Dewey & Le8oeuf l0,722 3 668 l,505.l%
l8 5 Davls Polk & wardwell l0,6l6 2 l2,267 -l3.5%
8 6 Hengeler Mueller 7,8ll 10 22,5l6 -65.3%
- 7 8ennett 1ones 7,748 2 - -
46 8 Ashurst 7,666 2 3l3 2,349.2%
5 9 Shearman & Sterllng 7,44l 2 39,000 -80.9%
- 10 Sldley Austln 7,4l5 2 - -
95 11 Stlkeman Llllott 7,379 3 35 20,982.9%
- 12 Curtls, Mallet-Prevost, Colt & Mosle 7,347 1 - -
l35 l3 Pasken Martlneau Dumoulln 7,347 1 - -
- l4 Torys 7,347 1 - -
ll3 l5 Glbson Dunn & Crutcher 6,846 2 - -
Legal Advlsers to German M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 CMS ll4 l5 l9 -4
3 2 Hengeler Mueller 7,8ll 11 l4 -3
2 3 Preshelds 8ruckhaus Derlnger 5,282 11 l5 -4
4 4 Cllnord Chance 3,864 9 l4 -5
10 5 Hogan Lovells l,209 8 6 2
11 6 Luther 426 7 6 1
8 7 Noerr l,903 6 9 -3
- 8 Glelss Lutz l,823 6 - -
5 9 Allen & Overy 3,707 5 11 -6
9 10 whlte & Case 3,5l7 5 8 -3
7 11 P+P Poellath + Partners 764 5 9 -4
25 12 8aker & McKenzle l,29l 4 3 1
6 l3 Linklaters l,287 4 9 -5
l3 l4 DLA Plper 63 4 5 -1
29 l5 Orrlck Herrlngton & Sutcllne - 4 3 1
Legal Advlsers to Germanlc M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
2 1 Preshelds 8ruckhaus Derlnger 60,6l9 l8 l6 2
1 2 CMS 399 l7 23 -6
4 3 Hengeler Mueller 7,8ll 10 l4 -4
3 4 Cllnord Chance 3,864 9 l5 -6
5 5 Allen & Overy 4,995 8 l3 -5
11 6 Hogan Lovells l,209 8 8 0
6 7 Linklaters 63,259 7 10 -3
10 8 8aker & McKenzle l,29l 7 8 -1
l5 9 Luther 426 7 6 1
9 10 whlte & Case 3,5l7 6 8 -2
7 11 Noerr l,903 6 10 -4
- 12 Glelss Lutz l,823 6 - -
8 l3 P+P Poellath + Partners 764 5 9 -4
l4 l4 Lenz & Staehelln 3l9 5 7 -2
l9 l5 Orrlck Herrlngton & Sutcllne 0 5 5 0
24 24 24
Luropean M&A Overvlew: League Tables of Legal Advisers
Legal Advlsers to 8enelux M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
7 1 Allen & Overy 9,473 10 2,30l 3ll.7%
l6 2 Sulllvan & Cromwell 7,338 2 l,079 580.l%
2 3 Preshelds 8ruckhaus Derlnger 7,l7l 5 3,l60 l26.9%
- 4 Stlbbe 3,246 9 - -
- 5 Hengeler Mueller l,6ll 2 - -
8 6 De 8rauw 8lackstone westbroek l,l59 8 2,l33 -45.7%
l4 7 Loyens & Loen 9l9 9 l,229 -25.2%
- 8 SPCG 697 1 - -
- 9 8onelll Lrede Pappalardo 6l5 2 - -
48 10 Slaughter and May 6l5 1 l4l 336.2%
- ll 8onn Stelchen & Partners 609 1 - -
l03 ll Chlomentl Studlo Legale 609 1 - -
- ll NCTM Studlo Legale Assoclato 609 1 - -
22 l4 NautaDutllh 608 4 523 l6.3%
- l5 Plcazo 8uyco Tan Plder & Santos 454 1 - -
Legal Advlsers to |tallan M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
2 1 8onelll Lrede Pappalardo 4,295 7 5,963 -28.0%
5 2 Cleary Gottlleb Steen & Hamllton 4,087 3 2,24l 82.4%
6 3 d'UrsoGattl e 8lanchl - StudloLegale
Associato
3,835 8 2,096 83.0%
- 4 Paul welss Plfklnd wharton &
Garrison
3,424 2 - -
8 5 Cllnord Chance 2,876 3 l,777 6l.8%
7 6 Glannl, Orlgonl, Grlppo, Cappelll &
Partners
l,296 4 l,960 -33.9%
25 7 Skadden Arps Slate Meagher & Plom l,l32 1 229 394.3%
- 8 Lpsteln Posenblum Maoz l,098 1 - -
3 8 Preshelds 8ruckhaus Derlnger l,098 1 5,927 -8l.5%
- 8 Rosenram l,098 1 - -
- 8 lgal Arnon & Co. l,098 1 - -
1 12 Chlomentl Studlo Legale 966 7 6,420 -85.0%
6l l3 1ones Day 924 1 - -
26 l4 NCTM Studlo Legale Assoclato 670 4 l85 262.2%
- l5 8LP Studlo Legale 663 1 - -
Legal Advlsers to 8enelux M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
2 1 Allen & Overy 9,473 10 l8 -8
- 2 Stlbbe 3,246 9 - -
1 3 Loyens & Loen 9l9 9 20 -11
7 4 De 8rauw 8lackstone westbroek l,l59 8 10 -2
8 5 CMS 35l 7 9 -2
23 6 Lubellus 255 6 3 3
98 7 AKD Prlnsen van wl[men N.v. 29 6 1 5
10 8 Preshelds 8ruckhaus Derlnger 7,l7l 5 7 -2
l5 9 1ones Day 378 5 5 0
3 10 Linklaters 237 5 l3 -8
5 11 NautaDutllh 608 4 l3 -9
6 12 DLA Plper 201 4 12 -8
9 l3 Hogan Lovells 3l9 3 8 -5
4 l4 Cllnord Chance l99 3 l3 -10
l4 l5 Sulllvan & Cromwell 7,338 2 5 -3
Legal Advlsers to |tallan M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
2 1 d'Urso Gattl e 8lanchl - Studlo Legale
Associato
3,835 8 9 -1
8 2 8onelll Lrede Pappalardo 4,295 7 4 3
1 3 Chlomentl Studlo Legale 966 7 11 -4
4 4 Glannl, Orlgonl, Grlppo, Cappelll &
Partners
l,296 4 5 -1
5 5 NCTM Studlo Legale Assoclato 670 4 5 -1
l3 6 Cleary Gottlleb Steen & Hamllton 4,087 3 2 1
11 7 Cllnord Chance 2,876 3 3 0
22 8 Linklaters l75 3 2 1
l5 9 Studlo Legale Lombardl Mollnarl e
Associati
- 3 2 1
- 10 Paul welss Plfklnd wharton &
Garrison
3,424 2 - -
23 11 Dewey & Le8oeuf 347 2 1 1
- 12 CMS 229 2 - -
25 l3 Paul Hastings l06 2 1 1
35 l4 Skadden Arps Slate Meagher & Plom l,l32 1 1 0
- l5 Lpsteln Posenblum Maoz l,098 1 - -
Press Release: 25 mergermarket M&A Round-up for Q1 2012 Press Release: 25 Pre: 25
Luropean M&A Overvlew: League Tables of Legal Advisers
Legal Advlsers to |berlan M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
5 1 Linklaters 7,0l0 9 l6,226 -56.8%
48 2 Morals Leltao Galvao Teles Soares
Da Sllva & Assoclados
6,384 3 - -
- 3 Campos Perrelra, Sa Carnelro e
Asociados
5,599 1 - -
- 3 Servulo Correla & Assoclados 5,599 1 - -
- 3 vlelra de Almelda & Assoclados 5,599 1 - -
1 6 Urla Menendez l,390 4 30,8l4 -95.5%
29 7 Pamon & Ca[al l,302 1 354 267.8%
6 8 Latham & watklns 888 2 ll,58l -92.3%
- 9 Husch 8lackwell 888 1 - -
- 9 Orrlck Herrlngton & Sutcllne 888 1 - -
- ll Azevedo Sette Advogados 472 1 - -
- ll Lobo & de Plzzo Advogados 472 1 - -
28 l3 Ashurst 47l 2 605 -22.l%
22 l4 Allen & Overy 47l 1 2,859 -83.5%
23 l5 Gomez-Acebo & Pombo Abogados 272 3 849 -68.0%
Legal Advlsers to Spanlsh M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
1 1 Urla Menendez l,330 3 30,8l4 -95.7%
27 2 Pamon & Ca[al l,302 1 354 267.8%
6 3 Latham & watklns 888 2 ll,58l -92.3%
- 4 Husch 8lackwell 888 1 - -
- 4 Orrlck Herrlngton & Sutcllne 888 1 - -
- 6 Azevedo Sette Advogados 472 1 - -
- 6 Lobo & de Plzzo Advogados 472 1 - -
26 8 Ashurst 47l 2 605 -22.l%
20 9 Allen & Overy 47l 1 2,859 -83.5%
10 10 Garrigues 254 6 4,079 -93.8%
5 11 Linklaters 59 5 l6,226 -99.6%
- l2 Homburger 59 1 - -
- l2 Shearman & Sterllng 59 1 - -
- l4 8lrd & 8lrd 52 1 - -
44 l4 Glannl, Orlgonl, Grlppo, Cappelll &
Partners
52 1 10 420.0%
Legal Advlsers to |berlan M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
4 1 Linklaters 7,0l0 9 10 -1
3 2 Garrigues 254 6 11 -5
2 3 Cuatrecasas, Goncalves Perelra - 6 l3 -7
1 4 Urla Menendez l,390 4 l3 -9
10 5 DLA Plper - 4 4 0
24 6 Morals Leltao Galvao Teles Soares
Da Sllva & Assoclados
6,384 3 2 1
9 7 Gomez-Acebo & Pombo Abogados 272 3 6 -3
8 8 Latham & watklns 888 2 6 -4
20 9 Ashurst 47l 2 2 0
- l0 Campos Perrelra, Sa Carnelro e
Asociados
5,599 1 - -
- l0 Servulo Correla & Assoclados 5,599 1 - -
- l0 vlelra de Almelda & Assoclados 5,599 1 - -
l4 l3 Pamon & Ca[al l,302 1 3 -2
- l4 Husch 8lackwell 888 1 - -
- l4 Orrlck Herrlngton & Sutcllne 888 1 - -
Legal Advlsers to Spanlsh M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
3 1 Garrigues 254 6 10 -4
1 2 Cuatrecasas, Goncalves Perelra - 6 l3 -7
4 3 Linklaters 59 5 9 -4
10 4 DLA Plper - 4 4 0
2 5 Urla Menendez l,330 3 12 -9
8 6 Latham & watklns 888 2 6 -4
l9 7 Ashurst 47l 2 2 0
9 8 Gomez-Acebo & Pombo Abogados - 2 6 -4
l4 9 Pamon & Ca[al l,302 1 3 -2
- l0 Husch 8lackwell 888 1 - -
- l0 Orrlck Herrlngton & Sutcllne 888 1 - -
- l2 Azevedo Sette Advogados 472 1 - -
- l2 Lobo & de Plzzo Advogados 472 1 - -
l3 l4 Allen & Overy 47l 1 3 -2
- l5 Shearman & Sterllng 59 1 - -
- l5 Homburger 59 1 - -
Press Release: www.mergermarket.com 26 mergermarket M&A Round-up for Q1 2012 Press Release: www.mergermarket.com 26 Press Release: www.mergermarket.com 26
Luropean M&A Overvlew: League Tables of Legal Advisers
Legal Advlsers to Nordlc M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
9 1 Preshelds 8ruckhaus Derlnger 7,834 5 4,495 74.3%
3 2 Cllnord Chance 5,l7l 4 7,625 -32.2%
10 3 Hengeler Mueller 3,964 2 4,495 -ll.8%
34 4 Hannes Snellman 3,595 8 26l l,277.4%
26 5 whlte & Case 3,ll9 5 975 2l9.9%
- 6 8lake, Cassels & Graydon 3,ll9 2 - -
2 6 Skadden Arps Slate Meagher &
Plom
3,ll9 2 8,784 -64.5%
- 8 8onelll Lrede Pappalardo 3,ll9 1 - -
73 9 Poschler 2,6l2 6 48 5,34l.7%
l8 10 vlnge 2,428 11 2,030 l9.6%
l05 11 Gernandt & Danlelsson 2,407 2 - -
96 12 8AHP (8ugge Arentz-Hansen and
Pasmussen)
2,398 4 - -
- l3 Klrkland & Lllls 2,398 1 - -
28 l4 Allen & Overy 2,ll5 3 485 336.l%
5 l5 Lversheds 2,027 2 6,528 -68.9%
Legal Advlsers to Nordlc M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
4 1 vlnge 2,428 11 l3 -2
1 2 Sch[odt 422 10 l8 -8
8 3 Plesner l,776 9 9 0
7 4 Mannhelmer Swartllng 35 9 10 -1
l7 5 Hannes Snellman 3,595 8 6 2
6 6 Kromann Peumert l,539 7 10 -3
5 7 Accura 4l8 7 l3 -6
12 8 wlkborg Peln & Co 380 7 8 -1
l4 9 Poschler 2,6l2 6 8 -2
35 10 8ech-8ruun l,602 6 3 3
40 11 Preshelds 8ruckhaus Derlnger 7,834 5 2 3
l5 12 whlte & Case 3,ll9 5 6 -1
l8 l3 Gorrlssen Pedersplel 863 5 6 -1
3 l4 Thommessen 468 5 l3 -8
2 l5 wlersholm l92 5 l4 -9
Legal Advlsers to Swedlsh M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 vlnge 2,428 11 l3 -2
2 2 Mannhelmer Swartllng 35 9 10 -1
l3 3 Delphl 8 5 4 1
l4 4 Poschler 2,398 4 3 1
26 5 Hannes Snellman 249 4 2 2
3 6 Cederqulst 2l6 4 8 -4
5 7 wlstrand l5 4 7 -3
9 8 whlte & Case - 4 4 0
29 9 Preshelds 8ruckhaus Derlnger 4,7l5 3 1 2
8 10 Cllnord Chance 2,052 3 4 -1
- 11 Kromann Peumert 294 3 - -
7 12 8aker & McKenzle 5 3 5 -2
6 l3 Llndahl - 3 6 -3
56 l4 Gernandt & Danlelsson 2,407 2 1 1
50 l5 Allen & Overy 2,027 2 1 1
Legal Advlsers to Swedlsh M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
4 1 Preshelds 8ruckhaus Derlnger 4,7l5 3 4,495 4.9%
9 2 vlnge 2,428 11 2,030 l9.6%
56 3 Gernandt & Danlelsson 2,407 2 - -
45 4 Poschler 2,398 4 11 2l,700.0%
- 5 8AHP (8ugge Arentz-Hansen and
Pasmussen)
2,398 1 - -
- 5 Klrkland & Lllls 2,398 1 - -
1 7 Cllnord Chance 2,052 3 7,625 -73.l%
44 8 Allen & Overy 2,027 2 l3 l5,492.3%
27 8 Lversheds 2,027 2 87 2,229.9%
- 10 Kromann Peumert 294 3 - -
42 11 Accura 264 2 l3 l,930.8%
52 12 Hannes Snellman 249 4 - -
54 l3 8ech-8ruun 223 2 - -
43 l4 Plesner 223 1 l3 l,6l5.4%
10 l5 Cederqulst 2l6 4 l,898 -88.6%
Press Release: www.mergermarket.com 27 mergermarket M&A Round-up for Q1 2012 www.mergermarket.com 27 www.mergermarket.com 27
Luropean M&A Overvlew: League Tables of Legal Advisers
Legal Advlsers to CLL M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
11 1 Allen & Overy 2,380 4 4 0
29 2 Paldla Le[lns & Norcous l97 4 2 2
1 3 CMS 56 4 10 -6
l7 4 LAw|N - 4 3 1
10 5 DLA Plper 3,464 3 4 -1
l3 6 Hogan Lovells 2,26l 3 3 0
24 7 Cleary Gottlleb Steen & Hamllton l,966 3 2 1
l6 8 SOPA|NLN 206 3 3 0
5 9 Linklaters 10 3 8 -5
2 10 Cllnord Chance - 3 10 -7
l9 11 Skadden Arps Slate Meagher &
Plom
l80 2 2 0
- 12 Glde Loyrette Nouel 75 2 - -
4 l3 whlte & Case 50 2 9 -7
26 l4 Havel, Holasek & Partners s.r.o. - 2 2 0
76 l4 Noerr - 2 1 1
Legal Advlsers to Pusslan M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
3 1 Hogan Lovells 2,26l 3 3 0
l3 2 Cleary Gottlleb Steen & Hamllton l,966 3 2 1
30 3 DLA Plper 2,080 2 1 1
7 4 Skadden Arps Slate Meagher & Plom l80 2 2 0
- 5 Glde Loyrette Nouel 75 2 - -
- 6 Noerr - 2 - -
- 7 Herguner 8llgen Ozeke l,900 1 - -
- 7 ukselKarklnKucuk Law Plrm l,900 1 - -
- 9 Llnlya Prava l,3ll 1 - -
- 10 K&L Gates 403 1 - -
Legal Advlsers to CLL M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
3 1 DLA Plper 3,464 3 6,943 -50.l%
11 2 Allen & Overy 2,380 4 2,336 l.9%
l9 3 Hogan Lovells 2,26l 3 l,056 ll4.l%
30 4 Cleary Gottlleb Steen & Hamllton l,966 3 253 677.l%
- 5 Herguner 8llgen Ozeke l,900 1 - -
- 5 ukselKarklnKucuk Law Plrm l,900 1 - -
5 7 Urla Menendez l,384 1 6,032 -77.l%
- 8 Llnlya Prava l,3ll 1 - -
4 9 well Gotshal & Manges l,ll9 1 6,260 -82.l%
- 10 Hengeler Mueller 996 1 - -
- 11 SPCG 697 1 - -
- 12 K&L Gates 403 1 - -
34 l3 SOPA|NLN 206 3 l47 40.l%
63 l4 Paldla Le[lns & Norcous l97 4 - -
12 l5 Skadden Arps Slate Meagher &
Plom
l80 2 2,069 -9l.3%
Legal Advlsers to Pusslan M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
7 1 Hogan Lovells 2,26l 3 l,056 ll4.l%
30 2 DLA Plper 2,080 2 - -
l7 3 Cleary Gottlleb Steen & Hamllton l,966 3 253 677.l%
- 4 Herguner 8llgen Ozeke l,900 1 - -
- 4 ukselKarklnKucuk Law Plrm l,900 1 - -
- 6 Llnlya Prava l,3ll 1 - -
- 7 K&L Gates 403 1 - -
4 8 Skadden Arps Slate Meagher & Plom l80 2 2,069 -9l.3%
- 9 Glde Loyrette Nouel 75 2 - -
- 10 McDermott wlll & Lmery 75 1 - -
Press Release: www.mergermarket.com 28 mergermarket M&A Round-up for Q1 2012 Press Release: www.mergermarket.com 28 Press Release: www.mergermarket.com 28
Luropean M&A Overvlew: League Tables of Legal Advisers
Legal Advlsers to |rlsh M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
7 1 A&L Goodbody 7,3l8 5 4,955 47.7%
- 2 Cllnord Chance 7,300 1 - -
- 2 Mllbank Tweed Hadley & McCloy 7,300 1 - -
- 2 Nagashlma Ohno & Tsunematsu 7,300 1 - -
- 5 Morrlson & Poerster l08 1 - -
2 6 Arthur Cox 89 2 8,9l2 -99.0%
8 7 Linklaters 43 1 4l00 -98.9
- 8 Mlnter Llllson 4l 1 - -
20 9 Matheson Ormsby Prentlce 39 2 12 225.0%
10 10 wllllam Pry 38 2 302 -87.4%
- 11 Clarlon Sollcltors 12 1 - -
3l 12 Mason Hayes & Curran 10 2 - -
- l3 8aker 8otts 10 1 - -
- l3 wlstrand 10 1 - -
- l5 8urke, warren, MacKay &
Serrltella
8 1 - -
- l5 8eauchamps Sollcltors 8 1 - -
Legal Advlsers to |rlsh M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
2 1 A&L Goodbody 7,3l8 5 6 -1
1 2 Arthur Cox 89 2 7 -5
6 3 Matheson Ormsby Prentlce 39 2 3 -1
5 4 wllllam Pry 38 2 3 -1
3l 5 Mason Hayes & Curran 10 2 1 1
- 6 Maples & Calder - 2 - -
- 7 Cllnord Chance 7,300 1 - -
- 7 Mllbank Tweed Hadley & McCloy 7,300 1 - -
- 7 Nagashlma Ohno & Tsunematsu 7,300 1 - -
- 10 Morrlson & Poerster l08 1 - -
12 11 Linklaters 43 1 1 0
- 12 Mlnter Llllson 4l 1 - -
- l3 Clarlon Sollcltors 12 1 - -
- l4 8aker 8otts 10 1 - -
- l4 wlstrand 10 1 - -
- US$ 114.1bn in deaIs, down 53.8% from 1 2011
- US makes up 27.2% of global total
- Energy, Mining & Utilities accounts for over a quarter of deal value
|n llne wlth current global trends, US M&A actlvlty took a downward turn ln Ql 20l2. The rst quarter saw US$ ll4.lbn
worth of deals, down 53.8% on Ql 20ll (US$ 247.2bn) and 37.6% on Q4 20ll (US$ l83bn). The US accounted for 27.2%
of aggregate global deal actlvlty ln the rst quarter (US$ 4l8.8bn).
US lnbound cross-border deals amounted to US$ 28.4bn thls year - a decrease of l4.5% compared to Ql 20ll (US$
33.3bn) and the lowest level slnce Q4 2009 (US$ l8bn). US outbound cross-border deals totaled US$ 34.3bn, down
43.5% for the same perlod last year (US$ 60.7bn).
US buyout actlvlty also decllned, wlth US$ l8.5bn worth of deals announced. The largest buyout globally ln the
rst quarter was led by US-based prlvate equlty rms Apollo Global Management, Plverstone Holdlngs and Access
|ndustrles, whlch have agreed to buy Ll Paso Corporatlon's US-based oll and gas exploratlon and productlon assets, LP
Lnergy Corporatlon, for US$ 7.2bn.
The Lnergy, Mlnlng & Utllltles sector domlnated US M&A, wlth US$ 29.8bn ln deals, accountlng for a 26.l% market share.
|ndustrlals & Chemlcals and Pharma, Medlcal & 8lotech were the second- and thlrd-most actlve sectors, respectlvely.
Sulllvan & Cromwell topped the US legal advlsory M&A league tables, havlng advlsed on US$ 32bn worth of deals.
Klrkland & Lllls followed ln second place, wlth US$ 26.2bn worth of deals.
Press Release: www.mergermarket.com 29 Press Release: www.mergermarket.com 29
US M&A Overvlew

mergermarket M&A Round-up for Q1 2012
0
25
50
75
100
125
150
175
200
225
250
275
300
325
0
10
20
30
40
50
60
70
80
90
100
110
120
130
140
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
$
b
n
)
US Inbound/Outbound M&A
nbound Value (US$bn)
Outbound Value (US$bn)
nbound Volume
Outbound Volume
0
50
100
150
200
250
300
0
50
100
150
200
250
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
$
b
n
)
US Private Equity Buyout Activity - Quarterly
Value (US$bn)
Volume
0
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
1,300
0
50
100
150
200
250
300
350
400
450
500
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
$
b
n
)
US M&A Activity - Quarterly
Value (US$bn)
Volume
Press Release: www.mergermarket.com 29
Note:
The |ntelllgence Heat Chart are based on "companles for sale tracked by mergermarket ln the respectlve reglons between l5 September 20ll and l5 March 20l2. Opportunltles are captured accordlng to the domlnant
geography and sector of the potentlal target company. mergermarket's Heat Chart of predlcted deal now ls based on the lntelllgence collected ln our database relatlng to companles rumoured to be for sale, or omclally up
for sale ln the respectlve reglons. |t ls therefore lndlcatlve of areas that are llkely to be actlve ln the months to come. The lntelllgence comes from a range of sources, lncludlng press reports, company statements and our own
team of [ournallsts gatherlng proprletary lntelllgence from M&A across the reglons. The data does not dlnerentlate between small and large transactlons, nor between deals that could happen ln the short or long-term.
Sector
USA Canada 8razll Central
America
South Amerlca
(excl 8razll)
North Amerlca
(excl USA &
Canada)
Total
TMT 980 53 44 35 34 3 l,l49
Pharma, Medlcal & 8lotech 643 l5 12 10 4 684
Lnergy, Mlnlng & Utllltles 429 337 76 26 62 12 942
|ndustrlals & Chemlcals 407 42 40 33 l8 3 543
Consumer 399 43 66 3l 30 3 572
8uslness Servlces 378 23 35 12 9 1 458
Plnanclal Servlces 3ll l9 28 21 24 10 4l3
Leisure l54 8 12 35 l5 2 226
Transportation 7l 20 l7 32 l3 4 l57
Defence 52 1 1 54
Peal Lstate 50 9 12 2 4 77
Constructlon 48 5 7 36 4 1 101
Government 40 1 1 42
Agriculture 7 4 3 1 3 1 l9
Total 3,969 580 353 276 222 40 5,440
Hot warm Cold
600 100 40
400 60 20
300 50 0
- TMT ls provlng by the far the most actlve sector wlth 980 "companles for sale, on the back of the tech sector's recent resurgence
- Pharma, Medlcal & 8lotech ls the second-most sought-after sector wlth 643 "companles for sale
- Uncertalnty surroundlng Presldent Obama's healthcare reforms and the explry of a host of patents on drugs
over the comlng years could be drlvlng consolldatlon ln the pharma sector
Press Release: www.mergermarket.com 30
US M&A Heat Chart

mergermarket M&A Round-up for Q1 2012
Press Release: www.mergermarket.com 3l mergermarket M&A Round-up for Q1 2012
US M&A Overvlew: |ndustry and Geography 8reakdown
Press Release: www.mergermarket.com 3l Press Release: www.mergermarket.com 3l
US M&A Overvlew: |ndustry and Geography 8reakdown
Press Release: www.mergermarket.com 3l Press Release: www.mergermarket.com 3l
ndustrials & Chemicals
19.8%
Financial Services
5.4%
Business Services
6.6%
Consumer
6.7%
Energy, Mining & Utilities
26.4%
Technology
9.3%
Media
0.9%
Telecom
2.0%
Leisure
3.1%
Transport
0.5%
Pharma, Medical & Biotech
14.7%
Construction
0.3%
Real Estate
4.2%
Mix of US Deals by Industry Sector Q1 2012 - Value
US M&A Overvlew: |ndustry and Geography 8reakdown
Press Release: www.mergermarket.com 3l Press Release: www.mergermarket.com 3l
Q1 2012 Q1 2011 Change
Sector Value ($bn) market share Deal count Value ($bn) market share Deal count Value (%) Deal count
Energy, Mining & Utilities 29.8 26.1% 55 80.68 32.64% 77 -63.0% -22
Industrials & Chemicals 22.3 19.5% 140 55.30 22.37% 165 -59.7% -25
Pharma, Medical & Biotech 17.2 15.1% 92 23.2 9.4% 121 -25.7% -29
Technology 10.6 9.3% 126 20.13 8.14% 159 -47.4% -33
Consumer 8.0 7.0% 78 5.6 2.3% 88 39.7% -10
Business Services 7.5 6.6% 87 9.4 3.8% 126 -20.0% -39
Financial Services 6.0 5.3% 71 6.1 2.5% 93 -1.4% -22
Real Estate 4.7 4.1% 8 33.5 13.6% 11 -85.9% -3
Leisure 3.4 3.0% 28 0.8 0.3% 19 335.3% 9
Telecommunications 2.26 1.98% 5 0.2 0.06% 5 1,314.4% 0
Media 1.0 0.9% 27 5.0 2.0% 28 -79.0% -1
Construction 0.7 0.6% 16 1.4 0.6% 29 -49.0% -13
Transport 0.6 0.5% 14 0.93 0.37% 15 -37.6% -1
Defence 0.01 0.01% 4 5.0 2.01% 7 -99.8% -3
Agriculture 0.0 0.0% 1 0.02 0.01% 4 -100.0% -3
Total 114.1 752 247.2 947 -53.8% -195
US (North East)
10.6%
US (Mid West)
17.2%
US (South)
22.4%
US (West)
18.0%
Canada
20.3%
Central & South America
11.4%
Mix of Announced Americas Deals by Geographic Region Q1 2012 - Value
US (North East)
18.5%
US (Mid West)
13.5%
US (South)
23.8%
US (West)
20.7%
Canada
11.9%
Central & South America
11.6%
Mix of Announced Americas Deals by Geographic Region Q1 2012 - Volume
Press Release: www.mergermarket.com 32 mergermarket M&A Round-up for Q1 2012
US M&A Overvlew: Top Deals US M&A Overvlew: Top Deals
Press Release: www.mergermarket.com 32 Press Release: www.mergermarket.com 32
US M&A Overvlew: Top Deals
Actlvlty Table of US M&A for Ql 20l2
Announced
Date
8ldder Company 8ldder Legal Advlsor Target Company Target/Seller Legal Advlsor Seller Company Deal value
(US$m)
24-Peb-l2 Apollo Global Management, LLC,
Plverstone Holdlngs LLC, and Access
|ndustrles |nc
Debevolse & Pllmpton, Paul welss
Plfklnd wharton & Garrlson, vlnson &
Llklns, wlllkle Parr & Gallagher
LP Lnergy Corporatlon Advising seller: Locke, Lord, 8lssell &
Llddell, well Gotshal & Manges
Ll Paso Corporatlon 7,l50
25-1an-l2 Poche Holdlng Ltd Davls Polk & wardwell, Glbson Dunn
& Crutcher (Advlslng Cltlgroup),
Shearman & Sterllng (Advlslng
Greenhlll & Co)
|llumlna |nc Dewey & Le8oeuf 6,846
28-Mar-l2 Tyco Plow Control Preshelds 8ruckhaus Derlnger
(Advlslng Goldman Sachs),
Homburger, McDermott wlll &
Lmery, Slmpson Thacher & 8artlett
Pentalr |nc Cravath Swalne & Moore, Skadden
Arps Slate Meagher & Plom (Advlslng
Deutsche 8ank, Greenhlll & Co)
5,230
27-1an-l2 Lastman Chemlcal Company Davls Polk & wardwell (Advlslng
8arclays, Cltlgroup), 1ones Day
Solutla |nc Klrkland & Lllls, Skadden Arps Slate
Meagher & Plom (Advlslng Deutsche
8ank, Moells & Company), Sulllvan
& Cromwell (Advlslng The valence
Group)
4,600
30-1an-l2 A88 Ltd Dewey & Le8oeuf (Advlslng 8ank of
Amerlca Merrlll Lynch), 1ones Day,
Klrkland & Lllls
Thomas & 8etts Corporatlon Davls Polk & wardwell, Prled Prank
Harrls Shrlver & 1acobson (Advlslng
Deutsche 8ank)
3,770
l5-Peb-l2 Kellogg Company wachtell, Llpton, Posen & Katz Procter & Gamble Company (Prlngles
snack buslness)
Advising seller: 1ones Day Procter & Gamble Company 3,545
l7-Peb-l2 Advent |nternatlonal Corporatlon,
and GS Capltal Partners
Davls Polk & wardwell, Slmpson
Thacher & 8artlett, well Gotshal &
Manges
TransUnlon Corp Prled Prank Harrls Shrlver &
1acobson (Advlslng Deutsche 8ank),
Greenberg Traurlg (Advlslng 8ank
of Amerlca Merrlll Lynch), Latham &
watklns, Advlslng sellers: Klrkland
& Lllls
Madlson Dearborn Partners LLC, and
Prltzker famlly
3,l78
23-1an-l2 Apache Corporatlon 8racewell & Glullanl Cordlllera Lnergy Partners ||| LLC Andrews Kurth LnCap |nvestments LLC 2,850
l9-Mar-l2 wllllams Partners LP Glbson Dunn & Crutcher Calman Lastern Mldstream LLC Advising seller: vlnson & Llklns Calman Lnergy LLC 2,500
3-1an-l2 Slnopec |nternatlonal Petroleum
Lxploratlon and Productlon
Corporatlon
Pulbrlght and 1aworskl Devon Lnergy Corporatlon (33.3%
stake ln ve US oll and gas pro[ects)
Advlslng seller: vlnson & Llklns Devon Lnergy Corporatlon 2,500

Press Release: www.mergermarket.com 33 mergermarket M&A Round-up for Q1 2012 Press Release: www.mergermarket.com 33 Press Release: www.mergermarket.com 33
Americas: League Tables of Legal Advisers
League Table of Legal Advlsers to Amerlcas M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
3 1 Sulllvan & Cromwell 35,248 27 90,506 -6l.l%
44 2 Klrkland & Lllls 26,l90 48 l0,l59 l57.8%
7 3 Skadden Arps Slate Meagher
& Plom
24,296 25 73,227 -66.8%
23 4 1ones Day 2l,069 47 20,277 3.9%
9 5 Dewey & Le8oeuf 20,794 l8 60,339 -65.5%
11 6 Davls Polk & wardwell l9,453 l8 57,4l7 -66.l%
55 7 vlnson & Llklns l7,l75 21 8,763 96.0%
30 8 Glbson Dunn & Crutcher l6,288 l7 l5,895 2.5%
27 9 Preshelds 8ruckhaus
Derlnger
l6,ll4 11 l8,l84 -ll.4%
95 10 Stlkeman Llllott l5,984 23 2,859 459.l%
88 11 Paul welss Plfklnd wharton &
Garrison
l5,843 l3 4,527 250.0%
l6 12 well Gotshal & Manges l5,409 24 34,90l -55.8%
l8l l3 8ennett 1ones l4,245 6 505 2,720.8%
2 l4 Slmpson Thacher & 8artlett l3,223 11 ll6,4l0 -88.6%
l8 l5 Linklaters l3,l56 l7 30,458 -56.8%
8 l6 Shearman & Sterllng l2,9l5 11 67,959 -8l.0%
4 l7 Latham & watklns l2,644 38 80,5l4 -84.3%
1 l8 wachtell, Llpton, Posen & Katz ll,297 10 l35,577 -9l.7%
l4 l9 Allen & Overy ll,l9l l5 42,600 -73.7%
43 20 wlllkle Parr & Gallagher l0,844 8 l0,428 4.0%
League Table of Legal Advlsers to Amerlcas M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 Klrkland & Lllls 26,l90 48 57 -10
3 2 1ones Day 2l,069 47 49 -2
2 3 Latham & watklns l2,644 38 55 -l7
4 4 DLA Plper 2,329 33 46 -l3
6 5 Sulllvan & Cromwell 35,248 27 38 -11
5 6 Skadden Arps Slate Meagher
& Plom
24,296 25 39 -l4
l3 7 8lake, Cassels & Graydon l0,566 25 28 -3
10 8 well Gotshal & Manges l5,409 24 32 -8
32 9 Stlkeman Llllott l5,984 23 l8 5
11 10 wllson Sonslnl Goodrlch &
Posatl P.C.
3,003 22 30 -8
3l 11 vlnson & Llklns l7,l75 21 l8 3
22 12 Morgan Lewls & 8ocklus l,9ll 21 24 -3
48 l3 Morrlson & Poerster 2,564 l9 l4 5
80 l4 Gowling Laeur Henderson l,575 l9 7 12
l7 l5 Dewey & Le8oeuf 20,794 l8 25 -7
20 l6 Davls Polk & wardwell l9,453 l8 24 -6
4l l7 Mayer 8rown l,446 l8 l5 3
37 l8 Glbson Dunn & Crutcher l6,288 l7 l6 1
36 l9 Linklaters l3,l56 l7 l6 1
23 20 McDermott wlll & Lmery 5,423 l6 23 -7
Press Release: www.mergermarket.com 34 mergermarket M&A Round-up for Q1 2012 Press Release: www.mergermarket.com 34 Press Release: www.mergermarket.com 34
Americas: League Tables of Legal Advisers
League Table of Legal Advlsers to US M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
3 1 Sulllvan & Cromwell 32,040 26 83,3l7 -6l.5%
40 2 Klrkland & Lllls 26,l90 47 l0,l59 l57.8%
7 3 Skadden Arps Slate Meagher
& Plom
22,l85 l9 64,850 -65.8%
9 4 Dewey & Le8oeuf 20,794 l8 60,339 -65.5%
22 5 1ones Day l9,8l9 44 20,262 -2.2%
12 6 Davls Polk & wardwell l7,453 l7 5l,l40 -65.9%
50 7 vlnson & Llklns l7,l75 21 8,763 96.0%
26 8 Glbson Dunn & Crutcher l6,288 l7 l5,806 3.0%
33 9 Preshelds 8ruckhaus
Derlnger
l6,ll4 11 l4,053 l4.7%
l5 10 well Gotshal & Manges l5,409 24 34,l96 -54.9%
2 11 Slmpson Thacher & 8artlett l3,223 11 ll2,952 -88.3%
4 12 Latham & watklns l2,644 38 80,l86 -84.2%
1 l3 wachtell, Llpton, Posen & Katz ll,297 10 l35,577 -9l.7%
8 l4 Shearman & Sterllng l0,9l5 10 62,975 -82.7%
39 l5 wlllkle Parr & Gallagher l0,844 8 l0,428 4.0%
l6 l6 Allen & Overy l0,388 11 34,054 -69.5%
73 l7 Paul welss Plfklnd wharton &
Garrison
l0,237 10 4,527 l26.l%
45 l8 Debevolse & Pllmpton 8,97l 8 9,l29 -l.7%
10 l9 Cravath Swalne & Moore 8,580 8 58,262 -85.3%
6 20 Prled Prank Harrls Shrlver &
1acobson
8,098 5 75,520 -89.3%
League Table of Legal Advlsers to US M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 Klrkland & Lllls 26,l90 47 57 -10
4 2 1ones Day l9,8l9 44 45 -1
2 3 Latham & watklns l2,644 38 52 -l4
3 4 DLA Plper 2,l49 32 46 -l4
5 5 Sulllvan & Cromwell 32,040 26 37 -11
8 6 well Gotshal & Manges l5,409 24 3l -7
10 7 wllson Sonslnl Goodrlch &
Posatl P.C.
3,003 22 30 -8
28 8 vlnson & Llklns l7,l75 21 l8 3
l7 9 Morgan Lewls & 8ocklus l,9ll 20 24 -4
6 10 Skadden Arps Slate Meagher
& Plom
22,l85 l9 36 -l7
43 11 Morrlson & Poerster 2,564 l9 l4 5
l3 12 Dewey & Le8oeuf 20,794 l8 25 -7
23 l3 Davls Polk & wardwell l7,453 l7 21 -4
37 l4 Glbson Dunn & Crutcher l6,288 l7 l5 2
4l l5 Mayer 8rown l,l40 l7 l4 3
l8 l6 McDermott wlll & Lmery 5,423 l6 23 -7
29 l7 8lake, Cassels & Graydon l,892 l5 l7 -2
22 l8 Goodwin Procter 3,458 l3 22 -9
9 l9 Hogan Lovells 703 12 3l -l9
42 20 Preshelds 8ruckhaus
Derlnger
l6,ll4 11 l4 -3
Press Release: www.mergermarket.com 35 mergermarket M&A Round-up for Q1 2012 Press Release: www.mergermarket.com 35 Press Release: www.mergermarket.com 35
Americas: League Tables of Legal Advisers
League Table of Legal Advlsers to US 8uyouts`: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
8l 1 wlllkle Parr & Gallagher 8,476 4 - -
37 2 vlnson & Llklns 7,305 4 30 24,250%
5 3 Debevolse & Pllmpton 7,l50 2 3,266 ll8.9%
11 3 Paul welss Plfklnd wharton &
Garrison
7,l50 2 955 648.7%
2 5 Slmpson Thacher & 8artlett 4,937 3 9,59l -48.5%
32 6 Davls Polk & wardwell 3,26l 2 60 5,335.0%
8 7 well Gotshal & Manges 3,l78 3 2000 58.9%
28 8 1ones Day l,527 9 ll9 l,l83.2%
- 9 wachtell, Llpton, Posen & Katz 1,011 1 - -
38 10 Akln Gump Strauss Hauer &
Peld
765 2 22 3,377.3%
7 11 Klrkland & Lllls 597 10 2232 -73.3%
6 12 Latham & watklns 424 3 3,039 -86.0%
- l3 Skadden Arps Slate Meagher
& Plom
266 2 - -
35 l4 Paul Hastings 250 2 42 495.2%
64 l5 Hunton & wllllams l92 1 - -
`8ased on the target geography only and the advlsor advlslng the buy-slde only.
League Table of Legal Advlsers to US 8uyouts`: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 Klrkland & Lllls 597 10 22 -12
4 2 1ones Day l,527 9 6 3
8l 3 wlllkle Parr & Gallagher 8,476 4 1 3
20 4 vlnson & Llklns 7,305 4 2 2
8 5 Slmpson Thacher & 8artlett 4,937 3 4 -1
11 6 well Gotshal & Manges 3,l78 3 3 0
3 7 Latham & watklns 424 3 6 -3
10 8 Debevolse & Pllmpton 7,l50 2 3 -1
l5 8 Paul welss Plfklnd wharton &
Garrison
7,l50 2 2 0
38 10 Davls Polk & wardwell 3,26l 2 1 1
4l 11 Akln Gump Strauss Hauer &
Peld
765 2 1 1
- 12 Skadden Arps Slate Meagher
& Plom
266 2 - -
l9 l3 Paul Hastings 250 2 2 0
- l4 Poley & Lardner 99 2 - -
73 l5 Peed Smlth 98 2 1 1
Press Release: www.mergermarket.com 36 mergermarket M&A Round-up for Q1 2012 Press Release: www.mergermarket.com 36 Press Release: www.mergermarket.com 36
Americas: League Tables of Legal Advisers
Legal Advlsers to Canadlan M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
l8 1 Stlkeman Llllott l5,984 22 2,620 5l0.l%
4l 2 8ennett 1ones l4,245 6 505 2,720.8%
2 3 8lake, Cassels & Graydon l0,566 23 l2,632 -l6.4%
24 4 Pasken Martlneau Dumoulln 9,594 11 l,336 6l8.l%
l03 5 Linklaters 8,683 4 - -
- 6 Klng & wood Mallesons 8,324 3 - -
6 7 Torys 7,896 6 5,850 35.0%
- 8 Sldley Austln 7,347 2 - -
75 9 Ashurst 7,347 1 73 9,964.4%
- 9 Curtls, Mallet-Prevost, Colt & Mosle 7,347 1 - -
11 11 McCarthy Tetrault 6,560 l3 4,525 45.0%
10 12 Norton Pose 6,323 8 4,843 30.6%
35 l3 8urnet Duckworth & Palmer 5,947 6 647 8l9.2%
- l4 Paul welss Plfklnd wharton &
Garrison
5,606 4 - -
80 l5 Dorsey & whltney 4,866 4 30 l6,l20.0%
Legal Advlsers to Central & South Amerlcan M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
l8 1 Mattos Pllho, velga Pllho, Marrey 1r. e
Quiroga Advogados
8,966 5 l,676 435.0%
l9 2 Lefosse Advogados 2,702 4 l,386 94.9%
4 3 Machado Meyer Sendacz e Oplce 2,5l8 9 l0,840 -76.8%
5 4 Souza, Cescon, 8arrleu & Plesch
Advogados
2,296 6 9,446 -75.7%
12 5 Davls Polk & wardwell 2,000 1 6,404 -68.8%
38 5 Shearman & Sterllng 2,000 1 370 440.5%
6 7 Skadden Arps Slate Meagher & Plom l,732 2 8,669 -80.0%
3 8 Cllnord Chance l,352 3 l2,306 -89.0%
93 9 Linklaters l,295 3 l7 7,5l7.6%
2 10 8arbosa, Mussnlch & Aragao l,l24 2 l5,562 -92.8%
Legal Advlsers to Canadlan M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 8lake, Cassels & Graydon l0,566 23 21 2
3 2 Stlkeman Llllott l5,984 22 l5 7
l3 3 Gowling Laeur Henderson l,575 l9 6 l3
2 4 McCarthy Tetrault 6,560 l3 l7 -4
8 5 Pasken Martlneau Dumoulln 9,594 11 9 2
4 6 Osler, Hoskln & Harcourt 3,740 10 12 -2
7 7 Norton Pose 6,323 8 9 -1
l4 8 8ennett 1ones l4,245 6 6 0
l6 9 Torys 7,896 6 5 1
12 10 8urnet Duckworth & Palmer 5,947 6 6 0
73 11 Skadden Arps Slate Meagher &
Plom
834 6 1 5
l9 12 Goodmans 3,884 5 4 1
l03 l3 Linklaters 8,683 4 1 3
- l4 Paul welss Plfklnd wharton &
Garrison
5,606 4 - -
25 l5 Dorsey & whltney 4,866 4 3 1
Legal Advlsers to Central & South Amerlcan M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
2 1 Plnhelro Neto Advogados 974 l3 10 3
1 2 Machado Meyer Sendacz e Oplce 2,5l8 9 12 -3
3 3 Souza, Cescon, 8arrleu & Plesch
Advogados
2,296 6 10 -4
7 4 Mattos Pllho, velga Pllho, Marrey 1r. e
Quiroga Advogados
8,966 5 8 -3
11 5 Lefosse Advogados 2,702 4 4 0
l3 6 Tozzlnl Prelre Telxelra e Sllva
Advogados
89 4 4 0
4 7 Cllnord Chance l,352 3 9 -6
96 8 Linklaters l,295 3 1 2
- 9 Azevedo Sette Advogados 5l5 3 - -
8 10 Lobo & de Plzzo Advogados 472 3 6 -3
37 37 37
Americas: League Tables of Legal Advisers
Legal Advlsers to US (North Last) M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
4 1 well Gotshal & Manges l4,374 l9 l9,456 -26.l%
1 2 Slmpson Thacher & 8artlett ll,492 7 39,930 -7l.2%
56 3 wlllkle Parr & Gallagher l0,752 7 l,55l 593.2%
75 4 vlnson & Llklns l0,683 9 855 l,l49.5%
7 5 Skadden Arps Slate Meagher &
Plom
l0,l68 10 l6,3l6 -37.7%
43 6 Preshelds 8ruckhaus Derlnger 8,692 6 2,870 202.9%
27 7 Debevolse & Pllmpton 8,633 6 7,758 ll.3%
38 8 Paul welss Plfklnd wharton &
Garrison
8,08l 6 3,222 l50.8%
35 9 Klrkland & Lllls 8,069 25 4,36l 85.0%
10 10 Latham & watklns 7,545 20 l4,690 -48.6%
- 11 Locke, Lord, 8lssell & Llddell 7,l50 1 - -
3l 12 Sulllvan & Cromwell 6,737 11 6,426 4.8%
l7 l3 Cravath Swalne & Moore 6,053 4 l2,395 -5l.2%
65 l4 McDermott wlll & Lmery 5,405 6 l,l53 368.8%
49 l5 Glbson Dunn & Crutcher 5,325 7 2,568 l07.4%
Legal Advlsers to US (North Last) M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 Klrkland & Lllls 8,069 25 24 1
7 2 1ones Day 3,376 23 l6 7
2 3 Latham & watklns 7,545 20 22 -2
3 4 well Gotshal & Manges l4,374 l9 21 -2
l3 5 Morgan Lewls & 8ocklus l,462 l5 l4 1
9 6 Sulllvan & Cromwell 6,737 11 l5 -4
5 7 Skadden Arps Slate Meagher &
Plom
l0,l68 10 20 -10
27 8 Dewey & Le8oeuf 4,2l7 10 8 2
67 9 vlnson & Llklns l0,683 9 3 6
11 10 Goodwin Procter 3,274 9 l5 -6
l7 11 wllmerHale 2,47l 9 11 -2
10 12 Popes & Gray l,49l 9 l5 -6
20 l3 Davls Polk & wardwell 5,095 8 10 -2
77 l4 Dechert 3,l2l 8 3 5
l4 l5 DLA Plper 58 8 l4 -6
Legal Advlsers to US (Mld-west) M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 Klrkland & Lllls 7,946 l9 21 -2
2 2 1ones Day 12,220 l8 l7 1
l4 3 DLA Plper l70 12 7 5
20 4 Mayer 8rown 62l 11 6 5
9 5 McDermott wlll & Lmery 5,405 10 8 2
24 6 well Gotshal & Manges 4,756 8 5 3
10 7 Skadden Arps Slate Meagher &
Plom
ll,35l 7 8 -1
25 8 Sulllvan & Cromwell 5,576 7 5 2
3 9 Latham & watklns 5,l45 7 l4 -7
44 10 Morgan Lewls & 8ocklus 449 6 3 3
7 11 Dorsey & whltney l,l59 5 9 -4
11 12 8ryan Cave 489 5 8 -3
l8 l3 8lake, Cassels & Graydon 465 5 6 -1
6 l4 Sldley Austln 238 5 9 -4
8 l5 Slmpson Thacher & 8artlett l0,036 4 8 -4
Legal Advlsers to US (Mld-west) M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
11 1 1ones Day 12,220 l8 l4,40l -l5.l%
l3 2 Skadden Arps Slate Meagher &
Plom
ll,35l 7 l0,907 4.l%
1 3 Slmpson Thacher & 8artlett l0,036 4 38,334 -73.8%
28 4 Klrkland & Lllls 7,946 l9 4,l69 90.6%
4 5 Cravath Swalne & Moore 7,073 4 23,86l -70.4%
l65 6 Preshelds 8ruckhaus Derlnger 5,809 4 - -
20 7 Sulllvan & Cromwell 5,576 7 5,898 -5.5%
3 8 McDermott wlll & Lmery 5,405 10 24,033 -77.5%
- 9 Homburger 5,230 1 - -
2 10 Latham & watklns 5,l45 7 25,827 -80.l%
12 11 well Gotshal & Manges 4,756 8 ll,994 -60.3%
5 12 Prled Prank Harrls Shrlver &
1acobson
4,328 4 23,686 -8l.7%
6 l3 Davls Polk & wardwell 4,l77 4 l7,244 -75.8%
8 l4 wachtell, Llpton, Posen & Katz 3,994 2 l6,4l4 -75.7%
30 l5 Greenberg Traurig 3,203 4 3,553 -9.9%
Press Release: www.mergermarket.com 38 mergermarket M&A Round-up for Q1 2012 Press Release: www.mergermarket.com 38 Press Release: www.mergermarket.com 38
Americas: League Tables of Legal Advisers
Legal Advlsers to US (South) M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
l9 1 vlnson & Llklns l6,l75 20 8,l87 97.6%
2 2 Sulllvan & Cromwell l5,844 10 75,ll3 -78.9%
38 3 Klrkland & Lllls l2,979 24 3,870 235.4%
34 4 1ones Day l0,52l l6 4,750 l2l.5%
6l 5 Paul welss Plfklnd wharton &
Garrison
9,306 5 l,362 583.3%
l8 6 well Gotshal & Manges 8,425 8 l0,3l6 -l8.3%
11 7 Dewey & Le8oeuf 7,75l 8 30,603 -74.7%
82 8 Debevolse & Pllmpton 7,720 3 586 l,2l7.4%
60 9 Locke, Lord, 8lssell & Llddell 7,565 3 l,373 45l.0%
47 10 wlllkle Parr & Gallagher 7,3l5 2 2,769 l64.2%
29 11 Allen & Overy 6,974 3 5,834 l9.5%
22 12 Preshelds 8ruckhaus Derlnger 6,843 1 6,688 2.3%
10 l3 Skadden Arps Slate Meagher &
Plom
6,099 7 34,086 -82.l%
30 l4 Davls Polk & wardwell 5,4l8 5 5,493 -l.4%
l4 l5 Glbson Dunn & Crutcher 4,995 6 l4,927 -66.5%
Legal Advlsers to US (west) M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
2 1 Sulllvan & Cromwell l3,394 12 5l,304 -73.9%
l8 2 Dewey & Le8oeuf l2,932 8 7,803 65.7%
l5 3 Glbson Dunn & Crutcher l0,859 9 ll,688 -7.l%
10 4 Skadden Arps Slate Meagher & Plom l0,564 8 l8,0l9 -4l.4%
5 5 Shearman & Sterllng l0,5l5 7 43,l38 -75.6%
34 6 Klrkland & Lllls 9,360 20 3,343 l80.0%
8 7 Davls Polk & wardwell 8,384 9 2l,747 -6l.4%
53 8 Penwlck & west 6,430 11 82l 683.2%
9 9 Latham & watklns 5,056 l8 20,l74 -74.9%
l3 l0 Proskauer Rose 5,000 1 l5,l08 -67%
110 l0 Travers Smlth 5,000 1 ll4 4,286.0%
36 12 1ones Day 4,839 l3 3,l30 54.6%
22 l3 wlllkle Parr & Gallagher 3,303 2 7,l73 -54.0%
- l4 Andrews Kurth 3,l35 5 - -
1 l5 wachtell, Llpton, Posen & Katz 2,939 3 70,323 -95.8%
Legal Advlsers to US (South) M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
2 1 Klrkland & Lllls l2,979 24 23 1
6 2 vlnson & Llklns l6,l75 20 l7 3
7 3 1ones Day l0,52l l6 l5 1
3 4 DLA Plper l,800 12 21 -9
4 5 Sulllvan & Cromwell l5,844 10 l8 -8
1 6 Latham & watklns 2,0l8 10 23 -l3
12 7 well Gotshal & Manges 8,425 8 l3 -5
l8 8 Dewey & Le8oeuf 7,75l 8 10 -2
23 9 Morgan Lewls & 8ocklus 275 8 8 -
l5 10 Skadden Arps Slate Meagher &
Plom
6,099 7 12 -5
11 11 Klng & Spaldlng 2,326 7 l3 -6
42 12 Alston & 8lrd l,986 7 5 2
21 l3 Glbson Dunn & Crutcher 4,995 6 8 -2
22 l4 Andrews Kurth 3,l88 6 8 -2
25 l5 Haynes and 8oone 294 6 8 -2
Legal Advlsers to US (west) M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
4 1 Klrkland & Lllls 9,360 20 l9 1
1 2 Latham & watklns 5,056 l8 25 -7
2 3 wllson Sonslnl Goodrlch & Posatl P.C. 2,687 l8 25 -7
5 4 1ones Day 4,839 l3 l5 -2
9 5 Morrlson & Poerster l,437 l3 12 1
3 6 DLA Plper l,l80 l3 20 -7
8 7 Sulllvan & Cromwell l3,394 12 12 0
7 8 Penwlck & west 6,430 11 l5 -4
l7 9 Glbson Dunn & Crutcher l0,859 9 9 0
20 10 Davls Polk & wardwell 8,384 9 8 1
21 11 Dewey & Le8oeuf l2,932 8 8 0
l3 12 Skadden Arps Slate Meagher & Plom l0,564 8 10 -2
3l l3 Paul Hastings 458 8 6 2
l6 l4 Greenberg Traurig 222 8 9 -1
11 l5 Shearman & Sterllng l0,5l5 7 11 -4
- US$ 66.9bn in Asia-Pacic M&A, down 23.2% on 1 2011
- Total deals value at lowest level since Q3 2009
- Deal values on Q4 2011 down nearly three-quarters in South Korea, two-thirds in
Hong Kong
- Amarchand & MangaIdas & Suresh A Shro & Co top IegaI adviser in Asia-Pacic, up 41
places on Q1 2011
Actlvlty by deal value ln Asla-Paclc excludlng 1apan ln Ql 20l2 was at lts lowest level slnce Q3 2009 (US$ 65.4bn). A total of 36l
deals worth US$ 66.9bn were announced ln the reglon, down 23.2% on Ql 20ll (US$ 87.lbn) and 5.6% on the prevlous quarter
(US$ 70.9bn ln Q4 20ll).
The Aslan M&A market contlnued lts downward trend ln the rst quarter, wlth total deal value down, compared to Q4 20ll, nearly
three-quarters ln South Korea, two-thlrds ln Hong Kong, and four-fths ln Australla. Chlna though was relatlvely steady, down [ust
a fractlon from US$ 22.5bn to US$ 2l.9bn. The growth exceptlon was |ndla, where Sesa Goa's announced acqulsltlon of Sterllte
|ndustrles (|ndla) for US$ l0.3bn, spurred total deal value to lncrease tenfold compared to the prevlous quarter.
Asla-Paclc (excludlng 1apan) lnbound cross-border deals ln Ql 20l2 added up to US$ l0.7bn, down 55.4% from Ql 20ll (US$
23.9bn) and the lowest level slnce Ql 2009 (US$ 8.4bn). The reglon's outbound cross-border total deal value was US$ ll.8bn ln the
rst quarter thls year, a 4l.9% decrease on Ql 20ll (US$ 20.3bn) and the lowest total slnce Q3 2009 (US$ 7bn).
whlle the usual suspects contlnue to account for the blggest share of Asla-Paclc M&A, there was notlceably more actlvlty ln
smaller Southeast Aslan countrles. Perenco SA's US$ l.3bn acqulsltlon of the vletnam buslness unlt of ConocoPhllllps placed llth
among the reglon's top deals.
Amarchand & Mangaldas & Suresh A Shron & Co was the top legal advlser ln Asla-Paclc ln Ql 20l2 for the rst tlme on
mergermarket record (slnce 200l), up by 4l places on Ql 20ll. Luthra & Luthra Law Omces, the other advlser lnvolved ln the Sesa
Goa/Sterllte |ndustrles deal, came ln second place.
Press Release: www.mergermarket.com 39 Press Release: www.mergermarket.com 39
Asla-Paclc (ex. 1apan) M&A Overvlew

mergermarket M&A Round-up for for Q1 2012
0
25
50
75
100
125
150
175
0
5
10
15
20
25
30
35
40
45
50
55
60
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
$
b
n
)
Asia-Pacific (excl. Japan) Inbound/Outbound M&A
nbound Value (US$bn)
Outbound Value (US$bn)
nbound Volume
Outbound Volume
0
10
20
30
40
50
60
70
80
0
5
10
15
20
25
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
$
b
n
)
Asia-Pacific Private Equity Buyout Activity - Quarterly
(excluding Japan)
Value (US$bn)
Volume
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
0
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
160
170
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
$
b
n
)
Asia-Pacific M&A Activity - Quarterly
(excluding Japan)
Value (US$bn)
Volume
Press Release: www.mergermarket.com 39
Sector
Greater
Chlna
North Asla
(excl Greater
Chlna)
Australasia South Asla South Last
Asia
1apan Central Asla
Total
|ndustrlals & Chemlcals 630 ll5 50 95 57 70 3 1,020
TMT 326 92 68 85 53 34 2 660
Consumer 236 38 7l 64 42 44 2 497
Lnergy, Mlnlng & Utllltles l74 53 l97 45 l03 10 l5 597
Pharma, Medlcal & 8lotech l60 l8 53 42 25 25 2 325
Plnanclal Servlces ll4 4l 60 4l 89 25 8 378
Peal Lstate 97 6 l4 l5 5l 7 l90
Leisure 8l l5 30 23 36 l6 2 203
8uslness Servlces 73 30 67 65 39 23 297
Constructlon 56 l8 8 26 33 2 l43
Agriculture 47 5 l7 8 27 1 1 l06
Transportation 44 21 22 23 37 10 4 l6l
Government 6 1 1 8
Other 2 1 9 9 4 25
Total 2,046 456 666 532 60l 272 40 4,6l3
Note:
The |ntelllgence Heat Chart are based on "companles for sale tracked by mergermarket ln the respectlve reglons between l5 September 20ll and l5 March 20l2. Opportunltles are captured accordlng to the domlnant
geography and sector of the potentlal target company. mergermarket's Heat Chart of predlcted deal now ls based on the lntelllgence collected ln our database relatlng to companles rumoured to be for sale, or omclally up
for sale ln the respectlve reglons. |t ls therefore lndlcatlve of areas that are llkely to be actlve ln the months to come. The lntelllgence comes from a range of sources, lncludlng press reports, company statements and our own
team of [ournallsts gatherlng proprletary lntelllgence from M&A across the reglons. The data does not dlnerentlate between small and large transactlons, nor between deals that could happen ln the short or long-term.
Hot warm Cold
300 80 20
l50 60 10
100 40 0
- |ndustrlals & Chemlcals tops Asla heat chart as most popular sector
- |n Greater Chlna, |ndustrlals & Chemlcals has surged ahead as the top sector wlth nearly twlce as many companles for sale as second-placed TMT
- |n Southeast Asla and Australasla, however, Lnergy, Mlnlng & Utllltles ls the hottest sector
Press Release: www.mergermarket.com 40
Asla-Paclc M&A Heat Chart

mergermarket M&A Round-up for Q1 2012
Press Release: www.mergermarket.com 4l mergermarket M&A Round-up for Q1 2012
Asla-Paclc M&A Overvlew: |ndustry and Geography 8reakdown
Q1 2012 Q1 2011 change
Sector Value (US$bn) Market share Deal count Value (US$bn) Market share Deal count Value (%) Deal count
Energy, Mining & Utilities 25.7 38.3% 45 1.0 1.2% 13 89.7% -
Industrials & Chemicals 12.9 19.1% 77 11.99 13.76% 56 -27.5% 21
Financial Services 7.6 11.4% 30 3.2 3.7% 53 -44.1% -
Consumer 5.2 6.3% 38 6.1 7.0% 22 -64.6% 16
Technology 4.1 6.1% 30 0.0 0.0% 0 25.9% 30
Business Services 3.8 5.7% 36 17.7 20.3% 112 17.6% -76
Pharma, Medical & Biotech 2.5 3.7% 21 1.8 2.1% 14 35.4% -
Real Estate 1.6 2.4% 12 3.3 3.7% 61 -9.2% -49
Construction 1.5 2.3% 17 13.2 15.1% 43 -75.1% -26
Telecommunications 1.3 1.9% 7 7.4 8.4% 10 -53.7% -3
Transport 0.8 1.1% 22 0.6 0.7% 16 -71.8% -
Leisure 0.8 0.8% 14 1.8 2.1% 33 -14.6% -19
Media 0.5 0.7% 11 13.6 15.6% 51 -93.5% -40
Agriculture 0.1 0.1% 4 2.8 3.2% 9 -90.5% -5
Defence 0.0 0.0% 0 2.7 3.1% 20 - -20
Total 67.2 362 87.1 513 -23.2% -151
China
28.4%
India
20.9%
Australia
16.0%
Japan
13.4%
Malaysia
5.6%
Hong Kong
3.9%
South Korea
3.4%
Indonesia
3.1%
Vietnam
1.8% Other
3.5%
Mix of Announced Asia-Pacific Deals by Geographic Region Q1 2012 - Value
China
22.6%
India
11.4%
Australia
14.2% Japan
17.7%
Malaysia
2.1%
Hong Kong
5.1%
South Korea
9.3%
Indonesia
4.4%
Vietnam
1.4%
Other
11.9%
Mix of Announced Asia-Pacific Deals by Geographic Region Q1 2012- Volume
Press Release: www.mergermarket.com 42 mergermarket M&A Round-up for Q1 2012
Asla-Paclc M&A Overvlew: Top Deals
Actlvlty Table of Asla-Paclc (ex. 1apan) M&A for Ql 20l2
Announced
Date
8ldder Company 8ldder Legal Advlsor Target Company Target/Seller Legal Advlsor Seller Company Deal value
(US$m)
25-Peb-l2 Sesa Goa Llmlted Luthra & Luthra Law Omces
(Advlslng Cltlgroup)
Sterllte |ndustrles (|ndla) Llmlted Amarchand & Mangaldas & Suresh A
Shron & Co
l0,289
6-Mar-l2 Chlna Tobacco Corporatlon, P|CC
Asset Management Company
Llmlted, 8el[lng |nfrastructure
|nvestment Co Ltd., and Shanghal
Zheng ang |nternatlonal Trade Co
Ltd
|ndustrlal 8ank Co. Ltd. (l6.l% Stake) 4,l8l
29-Peb-l2 Shanghal 8aosteel Stalnless Steel
Co Ltd
8aoshan |ron & Steel Co Ltd
(Stalnless Steel 8uslness Unlt)
Advising seller: 1lngtlan & Gongcheng 8aoshan |ron & Steel Co Ltd 4,073
30-Mar-l2 Marubenl Corporatlon, POSCO, and
STX Corporatlon Co Ltd
Preehllls, 1lpyong & 1lsung Poy Hlll Holdlngs Pty Ltd (30% Stake) Advising seller: Latham & watklns Hancock Prospectlng Pty Ltd 3,655
7-Mar-l2 lMalaysla Development Tan[ong Lnergy Holdlngs Sdn 8hd Tan[ong Publlc Llmlted Company 2,8l6
29-Peb-l2 Shanghal 8aosteel Group
Corporatlon to 8aosteel Speclal Steel
Co Ltd
8aoyln Speclal Steel Plpe Co Ltd
(58.5% Stake), 8aoshan |ron &
Steel Co., Ltd. (Speclal steel assets),
Shanghal 8aosteel Speclal Metal
Materlals Co Ltd, Shanghal wugang
Gas Co., Ltd. (94.5% Stake), and
Zhonghang Speclal Materlals
|ndustry (9.7l% Stake)
Advising seller: 1lngtlan & Gongcheng 8aoshan |ron & Steel Co Ltd 2,697
2l-Peb-l2 Alibaba Group Holding Ltd Preshelds 8ruckhaus Derlnger Allbaba.com Llmlted (27.03% Stake) Slaughter and May 2,355
3l-1an-l2 Centurlon |nvestment Company UAL Lxchange & Plnanclal Servlces
Ltd. (40% Stake)
2,000
l6-Mar-l2 U8S AG, Standard Chartered Plc,
Natlonal Councll for Soclal Securlty
Pund, and C|T|C Capltal Partners
Limited
Chlna Clnda Asset Management
Corporatlon (l6.54% Stake)
1un He Law Omces, Sulllvan &
Cromwell
Mlnlstry of Plnance Chlna l,639
l7-Peb-l2 TPG Capltal LP Preehllls 8lllabong |nternatlonal Llmlted Allens Arthur Poblnson l,464
Press Release: www.mergermarket.com 43 mergermarket M&A Round-up for Q1 2012 Press Release: www.mergermarket.com 43 Press Release: www.mergermarket.com 43
Asla-Paclc M&A Overvlew: League Tables of Legal Advisers
League Table of Legal Advlsers to Asla-Paclc (ex. 1apan) M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
43 1 Amarchand & Mangaldas &
Suresh A Shron & Co
ll,646 10 2,723 327.7%
- 2 Luthra & Luthra Law Omces l0,289 1 - -
66 3 1lngtlan & Gongcheng 9,796 10 l,3l5 644.9%
5 4 Preehllls 7,633 l4 l2,735 -40.l%
77 5 Latham & watklns 5,822 4 929 526.7%
l64 6 1lpyong & 1lsung 3,655 1 79 4,526.6%
l4 7 vlnson & Llklns 2,896 3 9,320 -68.9%
21 8 Preshelds 8ruckhaus
Derlnger
2,645 3 5,333 -50.4%
4 9 Allens Arthur Poblnson 2,547 3 l4,773 -82.8%
- 10 Pulbrlght and 1aworskl 2,500 1 - -
ll4 11 Slaughter and May 2,355 1 369 538.2%
10 12 Gilbert + Tobin 2,337 8 9,763 -76.l%
8 l3 AZ8 & Partners 2,l96 8 l0,726 -79.5%
6 l4 8aker & McKenzle 2,l73 9 ll,927 -8l.8%
25 l5 Sulllvan & Cromwell 2,l03 2 4,735 -55.6%
40 l6 Klng & wood Mallesons l,782 11 2,863 -37.8%
9 l7 Linklaters l,747 7 9,946 -82.4%
33 l8 Cllnord Chance l,7l9 10 4,098 -58.l%
42 l9 1un He Law Omces l,639 1 2,740 -40.2%
l9 20 Klm & Chang l,636 9 5,99l -72.7%
League Table of Legal Advlsers to Asla-Paclc (ex. 1apan) M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
6 1 Preehllls 7,633 l4 l5 -1
7 2 Desal & Dlwan[l 287 l3 l5 -2
1 3 Klng & wood Mallesons l,782 11 21 -10
28 4 Amarchand & Mangaldas &
Suresh A Shron & Co
ll,646 10 7 3
122 5 1lngtlan & Gongcheng 9,796 10 1 9
5 6 Cllnord Chance l,7l9 10 l6 -6
4 7 8aker & McKenzle 2,l73 9 l6 -7
8 8 Klm & Chang l,636 9 l4 -5
3l 9 Gilbert + Tobin 2,337 8 6 2
10 10 AZ8 & Partners 2,l96 8 l3 -5
2 11 Allen & Overy l,l90 8 l7 -9
12 12 Linklaters l,747 7 12 -5
29 l3 wongPartnershlp 7l7 7 7 -
3 l4 Mlnter Llllson l,484 6 l7 -11
11 l5 Norton Pose 639 6 l3 -7
l5 l6 Khaltan & Co 558 6 12 -6
l8 l7 Lee & Ko 557 6 10 -4
63 l8 Pa[ah & Tann 405 5 3 2
21 l9 Allen & Gledhlll 302 5 10 -5
67 20 whlte & Case l08 5 3 2
Press Release: www.mergermarket.com 44 mergermarket M&A Round-up for Q1 2012 Press Release: www.mergermarket.com 44 Press Release: www.mergermarket.com 44
Asla-Paclc M&A Overvlew: League Tables of Legal Advisers
League Table of Legal Advlsers to Asla-Paclc (ex. 1apan) 8uyouts`: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
7 1 Mlnter Llllson l,396 2 494 l82.6%
- 2 Paul welss Plfklnd wharton &
Garrison
300 1 - -
- 3 wllson Sonslnl Goodrlch &
Rosati
200 1 - -
- 4 8ell Gully l52 1 - -
- 4 8uddle Plndlay l52 1 - -
l5 4 Gilbert + Tobin l52 1 273 -44.3%
- 7 wadla Ghandy & Co l24 2 - -
l6 8 wongPartnershlp 98 2 258 -62.0%
11 9 Allen & Gledhlll 72 1 329 -78.l%
l4 10 Skadden Arps Slate Meagher
& Plom
4l 1 280 -85.4%
`8ased on the target geography only and the advlsor advlslng the buy-slde only.
League Table of Legal Advlsers to Asla-Paclc (ex. 1apan) 8uyouts`: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 Mlnter Llllson l,396 2 4 -2
- 2 wadla Ghandy & Co l24 2 - -
20 3 wongPartnershlp 98 2 1 1
- 4 Paul welss Plfklnd wharton &
Garrison
300 1 - -
- 5 wllson Sonslnl Goodrlch &
Rosati
200 1 - -
- 6 8ell Gully l52 1 - -
- 6 8uddle Plndlay l52 1 - -
8 6 Gilbert + Tobin l52 1 2 -1
7 9 Allen & Gledhlll 72 1 2 -1
l9 10 Skadden Arps Slate Meagher
& Plom
4l 1 1 0
Press Release: www.mergermarket.com 45 mergermarket M&A Round-up for Q1 2012 Press Release: www.mergermarket.com 45 Press Release: www.mergermarket.com 45 Press Release: www.mergermarket.com 45 Press Release: www.mergermarket.com 45
Asla-Paclc M&A Overvlew: League Tables of Legal Advisers
Legal Advlsers to Asla (ex. 1apan) M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
23 1 Amarchand & Mangaldas & Suresh
A Shron & Co
ll,646 10 2,723 327.7%
- 2 Luthra & Luthra Law Omces l0,289 1 - -
46 3 1lngtlan & Gongcheng 9,796 10 l,3l5 644.9%
63 4 Latham & watklns 5,822 4 773 653.2%
l74 5 Preehllls 4,050 2 10 40,400.0%
l43 6 1lpyong & 1lsung 3,655 1 79 4,526.6%
6 7 vlnson & Llklns 2,808 2 9,320 -69.9%
11 8 Preshelds 8ruckhaus Derlnger 2,645 2 5,333 -50.4%
- 9 Pulbrlght and 1aworskl 2,500 1 - -
96 10 Slaughter and May 2,355 1 369 538.2%
3 11 AZ8 & Partners 2,l96 8 l0,726 -79.5%
5 12 8aker & McKenzle l,780 7 9,7l2 -8l.7%
22 l3 1un He Law Omces l,639 1 2,740 -40.2%
12 l3 Sulllvan & Cromwell l,639 1 4,735 -65.4%
9 l5 Klm & Chang l,636 9 5,99l -72.7%
Legal Advlsers to Asla (ex. 1apan) M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 Desal & Dlwan[l 287 l3 l5 -2
20 2 Amarchand & Mangaldas & Suresh
A Shron & Co
ll,646 10 7 3
97 3 1lngtlan & Gongcheng 9,796 10 1 9
2 4 Klm & Chang l,636 9 l4 -5
3 5 AZ8 & Partners 2,l96 8 l3 -5
4 6 8aker & McKenzle l,780 7 l3 -6
21 7 wongPartnershlp 7l7 7 7 -
5 8 Cllnord Chance l,l80 6 l3 -7
7 9 Khaltan & Co 558 6 12 -6
10 10 Lee & Ko 557 6 10 -4
8 11 Linklaters l,634 5 11 -6
12 12 Klng & wood Mallesons 729 5 10 5
11 l3 Allen & Gledhlll 302 5 10 -5
52 l4 whlte & Case l08 5 3 2
30 l5 Latham & watklns 5,822 4 5 -1
Legal Advlsers to Greater Chlna M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
23 1 1lngtlan & Gongcheng 9,796 10 l,3l5 644.9%
1 2 Preshelds 8ruckhaus Derlnger 2,645 2 4,776 -44.6%
- 3 Pulbrlght and 1aworskl 2,500 1 - -
40 3 vlnson & Llklns 2,500 1 570 338.6%
6l 5 Slaughter and May 2,355 1 369 538.2%
10 6 1un He Law Omces l,639 1 2,740 -40.2%
7 6 Sulllvan & Cromwell l,639 1 2,965 -44.7%
4 8 8aker & McKenzle l,603 4 3,48l -54.0%
27 9 Linklaters l,476 4 l,l40 29.5%
78 l0 Clayton Utz l,250 1 228 448.2%
47 l0 Mlnter Llllson l,250 1 457 l73.5%
2 12 SkaddenArps Slate Meagher &Plom l,l76 3 4,603 -74.5%
6 l3 Cllnord Chance l,l68 4 3,069 -6l.9%
- l4 Herbert Smlth 1,111 2 - -
70 l5 Conyers Dlll & Pearman l,05l 2 280 275%
Legal Advlsers to Greater Chlna M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
55 1 1lngtlan & Gongcheng 9,796 10 1 9
3 2 8aker & McKenzle l,603 4 7 -3
l5 3 Linklaters l,476 4 4 0
1 4 Cllnord Chance l,l68 4 9 -5
4 5 Klng & wood Mallesons 683 4 7 -3
40 6 whlte & Case l08 4 2 2
5 7 Skadden Arps Slate Meagher &
Plom
l,l76 3 6 -3
l3 8 Pangda Partners 1,010 3 4 -1
22 9 Dacheng Law Plrm 407 3 3 0
23 10 Sldley Austln 343 3 3 0
6 11 Allen & Overy 243 3 6 -3
2 12 Preshelds 8ruckhaus Derlnger 2,645 2 8 -6
- l3 Herbert Smlth 1,111 2 - -
73 l4 Conyers Dlll & Pearman l,05l 2 1 1
98 l5 Cleary Gottlleb Steen & Hamllton 704 2 1 1
Press Release: www.mergermarket.com 46 mergermarket M&A Round-up for Q1 2012 Press Release: www.mergermarket.com 46 Press Release: www.mergermarket.com 46
Asla-Paclc M&A Overvlew: League Tables of Legal Advisers
Legal Advlsers to Australaslan M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
2 1 Preehllls 7,633 l4 l5 -1
10 2 Gilbert + Tobin 2,337 8 6 2
- 3 Klng & wood Mallesons l,l3l 8 - -
1 4 Mlnter Llllson l,484 6 l7 -11
l5 5 Cllnord Chance 539 4 4 0
8 6 Norton Pose 526 4 8 -4
9 7 Allen & Overy l52 4 7 -3
6 8 Allens Arthur Poblnson 2,547 3 8 -5
4 9 Clayton Utz l,532 3 12 -9
- 10 Klrkland & Lllls 570 3 - -
12 11 8aker & McKenzle 479 3 5 -2
68 12 Allion Legal 200 3 1 2
21 l3 Chapman Trlpp l65 3 3 0
- l4 Herbert Smlth l,495 2 - -
5 l5 Ashurst 404 2 9 -7
Legal Advlsers to Australaslan M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
2 1 Preehllls 7,633 l4 l2,735 -40.l%
- 2 1lpyong & 1lsung 3,655 1 - -
43 2 Latham & watklns 3,655 1 l56 2,242.9%
1 4 Allens Arthur Poblnson 2,547 3 l4,773 -82.8%
4 5 Gilbert + Tobin 2,337 8 9,763 -76.l%
5 6 Clayton Utz l,532 3 9,7ll -84.2%
- 7 Herbert Smlth l,495 2 - -
23 8 Mlnter Llllson l,484 6 2,450 -39%
- 9 Klng & wood Mallesons l,l3l 8 - -
- 10 Klrkland & Lllls 570 3 - -
35 11 Cllnord Chance 539 4 288 87.2%
42 12 Norton Pose 526 4 l68 2l3.l%
24 l3 8aker & McKenzle 479 3 2,398 -80.0%
- l4 Sulllvan & Cromwell 464 1 - -
39 l5 8ennett 1ones 435 1 l86 l33.9%
Legal Advlsers to 1apanese M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
11 1 Nagashlma Ohno & Tsunematsu l3,798 10 4,365 2l6.l%
30 2 Cllnord Chance 8,332 4 709 l,075.2%
- 3 A&L Goodbody 7,300 1 - -
82 3 Mllbank Tweed Hadley & McCloy 7,300 1 - -
5 5 Nlshlmura & Asahl 5,224 11 5,573 -6.3%
- 6 8ennett 1ones 3,344 2 - -
- 7 8urnet Duckworth & Palmer 2,909 1 - -
8 8 Mori Hamada & Matsumoto 2,45l l5 5,402 -55%
l8 9 Sulllvan & Cromwell 2,337 2 l,622 44.l%
7 10 Cleary Gottlleb Steen & Hamllton l,994 2 5,432 -63.3%
- 11 Goodwin Procter l,994 1 - -
1 12 Morrlson & Poerster l,635 3 8,652 -8l.l%
l3 l3 Shearman & Sterllng l,635 1 3,580 -54.3%
- l4 8aker 8otts l,300 1 - -
- l4 Plllsbury wlnthrop Shaw Plttman l,300 1 - -
Legal Advlsers to 1apanese M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 Mori Hamada & Matsumoto 2,45l l5 l6 -1
3 2 Nlshlmura & Asahl 5,224 11 l3 -2
2 3 Nagashlma Ohno & Tsunematsu l3,798 10 l5 -5
l4 4 Cllnord Chance 8,332 4 4 0
11 5 1ones Day 83l 4 5 -1
4 6 Anderson Mori & Tomotsune 556 4 l3 -9
9 7 Morrlson & Poerster l,635 3 5 -2
l7 8 TM| Assoclates 80l 3 3 0
- 9 8ennett 1ones 3,344 2 - -
l3 10 Sulllvan & Cromwell 2,337 2 4 -2
l9 11 Cleary Gottlleb Steen & Hamllton l,994 2 2 0
75 12 Ashurst 485 2 1 1
10 l3 Preshelds 8ruckhaus Derlnger 390 2 5 -3
l6 l4 Khaltan & Co 337 2 3 -1
- l5 8aer & Karrer 3l9 2 - -
Press Release: www.mergermarket.com 47 mergermarket M&A Round-up for Q1 2012
Pleasecanyousendover therefresheddataflrst thlngtomorrowmornlng, [ust lncasethere
have been any slgnlcant changes.
Press Release: www.mergermarket.com 47 Press Release: www.mergermarket.com 47
Asla-Paclc M&A Overvlew: League Tables of Legal Advisers
Legal Advlsers to |ndlan M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
7 1 Amarchand & Mangaldas & Suresh
A Shron & Co
ll,646 10 2,723 327.7%
- 2 Luthra & Luthra Law Omces l0,289 1 - -
1 3 AZ8 & Partners 2,l96 8 l0,726 -79.5%
43 4 1ones Day l,323 3 l9 6,863.2%
- 5 Latham & watklns 92l 1 - -
l3 6 S&P Assoclates 6l6 1 l,2l9 -49.5%
6 7 Khaltan & Co 558 6 3,352 -83.4%
23 8 Anderson Mori & Tomotsune 4l3 2 680 -39.3%
28 9 DSK Legal 395 2 240 64.6%
- 9 Herbert Smlth 395 2 - -
- ll Preehllls 395 1 - -
- ll Middletons 395 1 - -
- l3 Stlbbe 362 1 - -
10 l4 Desal & Dlwan[l 287 l3 l,924 -85.l%
44 l5 Pa[anl Assoclates l75 1 l8 872.2%
Legal Advlsers to |ndlan M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 Desal & Dlwan[l 287 l3 l5 -2
4 2 Amarchand & Mangaldas & Suresh
A Shron & Co
ll,646 10 7 3
2 3 AZ8 & Partners 2,l96 8 l3 -5
3 4 Khaltan & Co 558 6 12 -6
- 5 Krlshnamurthy and Co 22 4 - -
l9 6 1ones Day l,323 3 2 1
33 7 Anderson Mori & Tomotsune 4l3 2 1 1
6 8 DSK Legal 395 2 4 -2
- 8 Herbert Smlth 395 2 - -
5 10 1 Sagar Assoclates l49 2 4 -2
l6 11 Trilegal l45 2 2 0
26 12 wadla Ghandy & Co l24 2 1 1
- l3 Phoenlx Legal 7 2 - -
- l4 Ma[mudar & Partners - 2 - -
- l5 Luthra & Luthra Law Omces l0,289 1 - -
Legal Advlsers to South Last Aslan M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
12 1 Stamford Law Corporatlon l,27l 2 l,365 -6.9%
5l 2 Latham & watklns l,223 1 22 5,459.l%
1 3 Allen & Overy 950 2 6,737 -85.9%
33 4 Kadlr, Andrl & Partners 908 2 249 264.7%
- 5 8racewell & Glullanl 795 1 - -
- 6 Plcazo 8uyco Tan Plder & Santos 454 1 - -
10 6 SyClp Salazar Hernandez &
Gatmaitan
454 1 l,74l -73.9%
21 8 Pa[ah & Tann 400 3 560 -28.6%
53 9 Penwlck & west 32l 1 l7 l,788.2%
5 10 wongPartnershlp 3l6 5 2,440 -87.0%
4 11 Allen & Gledhlll 302 5 3,704 -9l.8%
- 12 SCG Legal Counsel Llmlted 272 1 - -
- l3 Loyens & Loen 255 2 - -
- l4 Lubellus 255 1 - -
47 l5 McDermott wlll & Lmery 242 2 54 348.l%
Legal Advlsers to South Last Aslan M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
2 1 wongPartnershlp 3l6 5 7 -2
1 2 Allen & Gledhlll 302 5 9 -4
11 3 Pa[ah & Tann 400 3 3 0
12 4 Norton Pose l99 3 2 1
3 5 8aker & McKenzle l77 3 6 -3
- 6 1lngtlan & Gongcheng l04 3 - -
4 7 Stamford Law Corporatlon l,27l 2 6 -4
6 8 Allen & Overy 950 2 4 -2
36 9 Kadlr, Andrl & Partners 908 2 1 1
- 10 Loyens & Loen 255 2 - -
48 11 McDermott wlll & Lmery 242 2 1 1
62 12 Desal & Dlwan[l 72 2 1 1
8 l3 Shearman & Sterllng 27 2 4 -2
7 l4 Cllnord Chance 12 2 4 -2
52 l5 Latham & watklns l,223 1 1 0
Press Release: www.mergermarket.com 48 mergermarket M&A Round-up for Q1 2012 Press Release: www.mergermarket.com 48 Press Release: www.mergermarket.com 48
Asla-Paclc M&A Overvlew: League Tables of Legal Advisers
Legal Advlsers to South Korean M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
- l Preehllls 3,655 1 - -
l7 l 1lpyong & 1lsung 3,655 1 79 4,526.6%
- l Latham & watklns 3,655 1 - -
2 4 Klm & Chang l,636 9 5,9ll -72.3%
3 5 8ae Klm & Lee 672 4 4,720 -85.8%
1 6 Lee & Ko 557 6 ll,248 -
- 7 ulchon 54l 2 - -
21 8 DLA Plper 308 1 60 4l3.3%
5 8 vlnson & Llklns 308 1 l,550 -80.l%
- l0 Mori Hamada & Matsumoto l30 1 - -
- l0 Nlshlmura & Asahl l30 1 - -
- 12 8arun Law 75 1 - -
- l3 Hyun Attorneys At Law 35 2 - -
12 l4 8aker & McKenzle 25 1 l99 -
l5 l5 oon & ang 10 1 l75 -
Legal Advlsers to South Korean M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
1 1 Klm & Chang l,636 9 l3 -4
2 2 Lee & Ko 557 6 10 -4
4 3 8ae Klm & Lee 672 4 8 -4
5 4 ulchon 54l 2 8 -6
- 5 Hyun Attorneys At Law 35 2 - -
- 6 Preehllls 3,655 1 - -
7 7 1lpyong & 1lsung 3,655 1 3 -2
- 8 Latham & watklns 3,655 1 - -
9 9 DLA Plper 308 1 2 -1
12 10 vlnson & Llklns 308 1 1 -
- 11 Mori Hamada & Matsumoto l30 1 - -
- 12 Nlshlmura & Asahl l30 1 - -
- l3 8arun Law 75 1 - -
l6 l4 8aker & McKenzle 25 1 1 -
6 l5 oon & ang 10 1 6 -5
Press Release: www.mergermarket.com 49 mergermarket M&A Round-up for Q1 2012
- US$ 8.1bn in deaIs, down 52% on 1 2011
- US$ 1.25bn mining acquisition in the DRC the top deaI in 1 2012
- AIIen & Dvery tops IegaI advisory Ieague tabIe, with US$ 3.3bn in deaIs
Deal actlvlty ln Afrlca & the Mlddle Last ln Ql 20l2 totalled US$ 8bn, a decrease of 52% compared to Ql 20ll (US$
l6.8bn), but up l9.3% compared to Q4 20ll (US$ 6.7bn).
After a strong rst quarter ln 20ll (US$ l6.8bn), deal actlvlty ln Afrlca & the Mlddle Last saw a downward trend
through the rest of the year that appears to be recoverlng thls quarter. The largest deal announced ln the rst
quarter was the acqulsltlon of the Kolwezl Talllngs pro[ect, and the Prontler and Lonshl mlnes and related
exploratlon lnterests, all located ln the Katanga Provlnce of the Democratlc Pepubllc of Congo, by Luraslan Natural
Pesources, for US$ l.25bn.
Allen & Overy topped the legal advlsory league table, advlslng on slx deals worth US$ 3.3bn, up from fth ln Ql
20ll. Preshelds 8ruckhaus Derlnger who clalmed rst posltlon ln Ql 20ll, dropped to fth ln Ql 20l2.
Press Release: www.mergermarket.com 49 Press Release: www.mergermarket.com 49
Afrlca & Mlddle Last M&A Overvlew
Q1 2012 Q1 2011 change
Sector Value (US$bn) Market share Deal count Value (US$bn) Market share Deal count Value (%) Deal count
Consumer 2.3 28.2% 13 1.6 9.5% 12 42.0% -
Energy, Mining & Utilities 2.1 26.4% 11 3.4 20.4% 9 -37.7% -
Financial Services 1.5 18.3% 10 0.84 5.0% 10 76.0% 0
Technology 0.6 7.8% 7 0.4 2.5% 6 48.5% 1
Industrials & Chemicals 0.4 5.0% 4 3.8 22.5% 13 -89.2% -9
Pharma, Medical & Biotech 0.4 4.8% 3 1.24 7.4% 9 -68.6% -6
Construction 0.4 4.8% 2 0.0 0.2% 1 846.3% 1
Telecommunications 0.1 1.8% 2 1.1 6.8% 3 -87.0% -1
Business Services 0.1 1.8% 11 0.58 3.5% 7 -75.3% 4
Transport 0.1 0.8% 2 - - 3 - -1
Agriculture 0.01 0.1% 2 0.01 0.1% 1 -23.1% 1
Defence 0.00 0.0% 0 0.1 0.4% 3 -100.0% -3
Leisure 0.00 0.0% 1 - 0.0% 1 - 0
Media 0.00 0.0% 3 - 0.0% 0 - 3
Real Estate 0.00 0.0% 0 3.6 21.8% 5 -100.0% -5
Total 8.1 71 16.8 83 -52.0% -12
0
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
0
5
10
15
20
25
30
35
40
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
$
b
n
)
Africa & Middle East M&A Activity - Quarterly
Value (US$bn)
Volume
Sector
Mlddle Last Central & Southern Afrlca
(excl. South Afrlca)
South Afrlca Northern & west Afrlca
Total
TMT 65 l5 4 2 86
Plnanclal Servlces 49 22 6 5 82
Lnergy, Mlnlng & Utllltles 30 39 3l 8 l08
Pharma, Medlcal & 8lotech 25 2 4 4 35
|ndustrlals & Chemlcals 22 2 6 8 38
Transportation l5 10 3 3 3l
Consumer l4 8 8 2 32
Constructlon l3 5 4 2 24
Peal Lstate 10 4 8 1 23
Leisure 8 2 3 1 l4
8uslness Servlces 7 1 2 2 12
Other 7 7
Agriculture 3 5 1 2 11
Defense 2 2
Government 2 1 3
Total 272 ll6 80 40 508
Hot warm Cold
60 20 6
45 l5 3
30 10 0
Note:
The |ntelllgence Heat Chart are based on "companles for sale tracked by mergermarket ln the respectlve reglons between l5 September 20ll and l5 March 20l2. Opportunltles are captured accordlng to the domlnant
geography and sector of the potentlal target company. mergermarket's Heat Chart of predlcted deal now ls based on the lntelllgence collected ln our database relatlng to companles rumoured to be for sale, or omclally up
for sale ln the respectlve reglons. |t ls therefore lndlcatlve of areas that are llkely to be actlve ln the months to come. The lntelllgence comes from a range of sources, lncludlng press reports, company statements and our own
team of [ournallsts gatherlng proprletary lntelllgence from M&A across the reglons. The data does not dlnerentlate between small and large transactlons, nor between deals that could happen ln the short or long-term.
- TMT sector tops the Mlddle Lastern heat chart
- Lnergy, Mlnlng & Utllltles ls the hottest sector for the overall of the Afrlcan heat chart
Press Release: www.mergermarket.com 50 Press Release: www.mergermarket.com 50
Afrlca & Mlddle Last M&A Heat Chart
mergermarket M&A Round-up for Q1 2012
Press Release: www.mergermarket.com 5l mergermarket M&A Round-up for Q1 2012
Afrlca & Mlddle Last M&A Overvlew: Top Deals
Actlvlty Table of Afrlca & Mlddle Last M&A for Ql 20l2
Announced
Date
8ldder Company 8ldder Legal Advlsor Target Company Target/Seller Legal Advlsor Seller Company Deal value
(US$m)
5-1an-l2 Luraslan Natural Pesources
Corporatlon Plc
1ones Day Plrst Quantum Mlnerals (Kolwezl
Talllngs pro[ect, Prontler and Lonshl
mlnes and related exploratlon
lnterests)
Advising seller: Pasken Martlneau
Dumoulln
Plrst Quantum Mlnerals Llmlted l,250
7-Mar-l2 Shlomo Lllahu (prlvate lnvestor) lgal Arnon & Co Mlgdal |nsurance and Plnanclal
Holdlngs Ltd (69.l% Stake)
Advising seller: Lpsteln Posenblum
Maoz, Preshelds 8ruckhaus
Derlnger, Posenram
Asslcurazlonl Generall SpA l,098
28-Mar-l2 Mannal Corporatlon QSC Cllnord Chance, Preshelds
8ruckhaus Derlnger (Advlslng LPG-
Hermes Holdlng)
Damas |nternatlonal Llmlted Allen & Overy (Advlslng Nomura
Holdlngs), Ashurst
99l
l3-Peb-l2 Stelnhon |nternatlonal Holdlngs Ltd 1D Group Llmlted (l7.7% Stake) |nvestec Asset Management
Holdlngs, and Publlc |nvestment
Corporatlon
487
27-Mar-l2 Glencore |nternatlonal plc werksmans Optlmum Coal Holdlngs Llmlted
(32.23% Stake)
webber wentzel 4l4
l2-1an-l2 Apple |nc Anoblt Technologles Ltd |ntel Capltal, 8attery ventures, and
Pltango venture Capltal
390
l0-Peb-l2 Llvnat Pamlly Mashav |nltlatlng and Development
Ltd (55% Stake)
Clal |ndustrles and |nvestments Ltd 356
2-Mar-12 AngloGold Ashantl Llmlted Ldward Nathan Sonnenbergs,
Pasken Martlneau Dumoulln
Mlne waste Solutlons (Proprletary)
Limited
Advising seller: Lversheds, Praser
Mllner Casgraln
Plrst Uranlum Corporatlon 335
l9-Mar-l2 Covldlen Plc superDlmenslon Ltd 300
l0-1an-l2 Dlageo Plc Linklaters Meta Abo 8rewery Government of Lthlopla 225
Press Release: www.mergermarket.com 52 mergermarket M&A Round-up for Q1 2012 Press Release: www.mergermarket.com 52 Press Release: www.mergermarket.com 52
Afrlca & Mlddle Last: League Tables of Legal Advisers
League Table of Legal Advlsers to Afrlca & Mlddle Last M&A: value
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
value
(US$m)
% val.
Change
5 1 Allen & Overy 3,3l4 7 4,558 -27.3%
3 2 Linklaters 2,498 4 8,590 -70.9%
- 3 Dewey & Le8oeuf 2,485 3 - -
- 4 Sulllvan & Cromwell 2,273 1 - -
1 5 Preshelds 8ruckhaus
Derlnger
2,2l6 3 l0,473 -78.8%
87 6 Shearman & Sterllng 2,027 2 - -
- 7 Davls Polk & wardwell 2,000 1 - -
- 7 Lefosse Advogados 2,000 1 - -
- 7 Mattos Pllho, velga Pllho,
Marrey 1r. e Qulroga
Advogados
2,000 1 - -
- 7 Souza, Cescon, 8arrleu &
Plesch Advogados
2,000 1 - -
- 11 Pasken Martlneau Dumoulln l,806 3 - -
- 12 1ones Day l,250 1 - -
90 l3 well Gotshal & Manges l,l29 2 - -
l8 l4 Cllnord Chance l,ll5 3 l,300 -l4.2%
- l5 Lpsteln Posenblum Maoz l,098 1 - -
- l5 Rosenram l,098 1 - -
56 l5 lgal Arnon & Co l,098 1 l90 477.9%
67 l8 Ashurst 99l 1 82 l,l08.5%
l9 l9 Ldward Nathan Sonnenbergs 856 7 l,29l -33.7%
- 20 Lversheds 556 2 - -
League Table of Legal Advlsers to Afrlca & Mlddle Last M&A: volume
Ranking Q1 2012 Q12011
Q1 2011 Q1 2012 Company Name
value
(US$m)
Deal
Count
Deal
Count
Count
Change
10 1 Allen & Overy 3,3l4 7 3 4
5 2 Ldward Nathan Sonnenbergs 856 7 6 1
7 3 Linklaters 2,498 4 4 0
3 4 Herzog, Pox and Neeman l45 4 6 -2
- 5 Dewey & Le8oeuf 2,485 3 - -
9 6 Preshelds 8ruckhaus
Derlnger
2,2l6 3 3 0
- 7 Pasken Martlneau Dumoulln l,806 3 - -
12 8 Cllnord Chance l,ll5 3 3 0
l5 9 Glbson Dunn & Crutcher 100 3 3 0
63 10 8aker & McKenzle 10 3 1 2
87 11 Shearman & Sterllng 2,027 2 1 1
90 12 well Gotshal & Manges l,l29 2 1 1
- l3 Lversheds 556 2 - -
6 l4 webber wentzel 523 2 5 -3
75 l5 Mayer 8rown 345 2 1 1
- l6 Garllcke & 8ouseld |nc 68 2 - -
l7 l7 Klng & Spaldlng 27 2 3 -1
84 l8 Hogan Lovells 0 2 1 1
- l9 Sulllvan & Cromwell 2,273 1 - -
- 20 DavlsPolk&wardwell 2,000 1 - -
- 20 Lefosse Advogados 2,000 1 - -
- 20 Mattos Pllho, velga Pllho,
Marrey 1r. e Qulroga
Advogados
2,000 1 - -
- 20 Souza, Cescon, 8arrleu &
Plesch Advogados
2,000 1 - -
Press Release: www.mergermarket.com 53 mergermarket M&A Round-up for Q1 2012
All data ls based on transactlons over US$5m announced between l 1anuary 20l2 and 3l March 20l2,
unless stated otherwlse. Deals wlth undlsclosed deal values are lncluded where the target's turnover
exceeds US$l0m. Deals where the stake acqulred ls less than 30% wlll only be lncluded lf thelr value ls
greater than US$l00m. Actlvltles excluded from the league tables lnclude property transactlons and
restructurlngs where the ultlmate shareholders' lnterests are not changed.
The M&A actlvlty table and league tables are based on the domlnant geography of any of the target,
bldder or seller. The overall trend graph and ple charts are based on the domlnant geography of the
target only. The cross-border trend graph and ple charts are based on the domlnant geography of
the target and the bldder. All sector breakdowns are based on the domlnant sector of the target only.
The trend graphs are based on transactlons announced ln the glven tlme perlods.
Por thls report, "lnbound refers to deals where the domlnant geography of the target ls X and the
domlnant geography of the bldder ls outslde X, "outbound refers to deals where the domlnant
geography of the target ls outslde X and the domlnant geography of the bldder ls X.
All data correct as of 10 April 2012.
Crlterla: http://www.mergermarket.com/pdf/deal_crlterla.pdf
Crlterla
Medla Contact: Plora wllke
ora.wilke@mergermarket.com
Tel: +44 (0) 207 059 6348
About mergermarket
mergermarket ls a mergers & acqulsltlons (M&A) lntelllgence servlce.
mergermarket ls part of The Mergermarket Group whlch has over 800 employees worldwlde
and reglonal head omces ln New ork, London and Hong Kong.
|n any market, the llfe blood of advlsors ls deal now. mergermarket ls unlque ln the provlslon
of orlglnatlon lntelllgence to the lnvestment banklng, legal, prlvate equlty, acqulsltlon
nance, publlc relatlons (PP) and corporate markets.
wlth an unrlvalled network of analysts coverlng M&A ln the Amerlcas, Lurope, Mlddle-Last,
Afrlca and Asla-Paclc, mergermarket generates proprletary lntelllgence and dellvers lt
together wlth dally aggregated content, on lts mergermarket.com platform and by real-tlme
email alerts to subscribers.
Thls wealth of lntelllgence, together wlth a serles of deal databases, lndlvldual and house
league tables, proles and edltorlal have proven tlme and tlme agaln that thls product
can and does generate real revenues for cllents. Thls ls apparent when you see that
mergermarket ls used by over l600 of the world's foremost advlsory rms to asslst ln thelr
origination process.
80 Strand
London, WC2R 0RL
United Kingdom
t: +44 (0)20 7059 6100
f: +44 (0)20 7059 6101
sales@mergermarket.com
11 West 19th Street
2nd Floor
New York
NY 10011, USA
t: +1 212-686-5606
f: +1 212-686 2664
sales.us@mergermarket.com
Suite 2401-3
Grand Millennium Plaza
181 Queens Road, Central
Hong Kong
t: +852 2158 9700
f: +852 2158 9701
sales.asia@mergermarket.com
Part of The Mergermarket Group
www.mergermarket.com