PRELIMINARY MERGERS & ACQUISITIONS REVIEW

Transcription

1 FIRST NINE MONTHS 2013 PRELIMINARY MERGERS & ACQUISITIONS REVIEW DEALS CONTACTS Europe Clare Arber Tel: clare.arber@thomsonreuters.com Americas Lauren Herman Tel: lauren.herman@thomsonreuters.com Asia-Pacific Julie Wang Evans Tel: julie.evans@thomsonreuters.com Japan Yukiko Matsushima Tel: yukiko.matsushima@thomsonreuters.com Goldman Sachs Top Worldwide M&A Advisor for First Nine Months 2013 Takes Top Spot in the US and Europe Goldman Sachs maintained the top position for worldwide announced M&A advisory work during year-to-date The firm also placed first in US and European Any Involvement M&A during the first nine months of this year. moved up to second place from third, while fell to fourth place from second. and UBS were the biggest movers within the top 10 during the first nine months of this year. Worldwide M&A Down Flat Compared to 2012; Slowest Year by Number of Deals Since 200 Worldwide M&A totals US$1,67 billion so far this year, an increase of 0.8% compared to year-to-date 2012, and is the strongest annual start for worldwide M&A since 2011 (US$1,96 billion). By number of deals, year-to-date M&A is down 10% compared to 2012 levels and is the slowest year-to-date period for deal making, by number of deals, since 200. US M&A Up 3%; European Merger Activity Falls to 9-Year Low US targeted M&A announced so far during 2013 totaled US$777.0 billion, up 3% from year-to-date 2012 and marks the strongest year-to-date period for US deal making since M&A in Europe has reached US$383.3 billion so far in 2013, down 2% from the previous year-to-date and the slowest period since 200 (US$37. billion). Telecom, Energy & Power, Real Estate and Financials Lead All Sectors Bolstered by the US$130.1 billion bid for the remaining % stake in Verizon Wireless by Verizon Communications, M&A in the telecommunications sector sector reached US$23. billion so far during 2013, more than double deal making in the sector during year-to-date Real estate, media & entertainment and healthcare deal making have all registered strong double-digit percentage gains over 2012 levels. Buyside Financial Sponsor M&A Up 16%; US Accounts for 9% Global private equity backed M&A totaled US$238 billion during year-to-date 2013, a 16% increase over 2012 levels. Third quarter activity has registered a 9% decrease over the second quarter of this year, for the second consecutive quarterly decline for PEbacked M&A since the first quarter of Emerging Markets M&A Falls 3%; Cross-Border Down 21% Year-to-date figures for M&A involving emerging markets have reached US$31.0 billion, accounting for 26% of total M&A, down 3% compared to the first nine months of Chinese M&A activity accounted for approximately 3% of emerging markets acquirors during the first nine months of Registering a decrease of 21% from last year at this time, cross-border M&A totaled US$11.0 billion during first nine months of 2013, accounting for 31% of total M&A activity this year compared to 39% during year-to-date 2012.

2 M&A ings Worldwide M&A ing 2013 Any US Involvement M&A ing 2013 Any Euro Involvement M&A ing Financial Advisor Value US$ No. Deals Financial Advisor Value US$ No. Deals Financial Advisor Value US$ No. Deals , , , , , , , , , , , , , , , UBS 23, UBS 172, UBS 182, , Guggenheim Securities LLC 10, Guggenheim Securities LLC 130, Credit Suisse 160, Paul J Taubman 130, Paul J Taubman 130, , , , Lazard 11, Credit Suisse 109, , Industry Total 1,673, , Industry Total 916,36. 7, Industry Total 62,1.0 10,139 League tables, commentary, and charts citing announced activity are based on Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Date is defined as the earliest public announcement of when a value can be applied to a transaction.

3 Value US$bln , , Value US$Bln 1,86 1,318 1,70 1,67 1,78 M&A Volumes WW M&A Flat Worldwide M&A totals US$1,67 billion so far this year, an increase of 0.8% compared to year-to-date 2012, and is the strongest annual start for worldwide M&A since 2011 (US$1,96 billion). By number of deals, year-to-date M&A is down 10% compared to 2012 levels and is the slowest year-to-date period for deal making, by number of deals since 200. M&A targets in the Americas accounted for % of global activity this year, ahead of Europe (US$383.3 billion, 23%) and Asia Pacific (US$268.9 billion, 16%). Japan has accounted for % of activity this year, followed by Africa/Middle East (3%). $,00 $,000 $3,00 $3,000 $2,00 $2,000 $1,00 3,39 1,688 Global ($bln) US Target ($bln) Europe Target ($bln) Asia Pac. ex Japan Target ($bln) 2,671 1,873 1,33 1,20 GLOBAL M&A VOLUMES ANNUALLY,10 3,616 2,87 1,997 2,31 2,30 2,1 1,67 Q3 M&A Up 23% from Q2'13 Powered by Verizon's $130.1 billion bid for % of Verizon Wireless, third quarter M&A activity has reached US$60 billion, up 23% from the second quarter of 2013 (US$28 billion). Compared to the third quarter of 2012, this quarter's activity is up 1%. $1,000 0 $ GLOBAL M&A VOLUMES QUARTERLY Global ($bln) US Target ($bln) 87 US M&A Up 3% US targeted M&A announced so far during 2013 totaled US$777.0 billion, up 3% from year-to-date 2012 and is the strongest year-to-date period for US deal making since Second quarter M&A activity in the US totaled US$328.8 billion, up 9% from the second quarter of this year. $800 $700 $600 0 $00 European Target ($bln) Asia Pac. ex Japan ($bln) European Mergers Down 2% M&A in Europe has reached US$383.3 billion so far in 2013, down 2% from the previous year-to-date period. Second quarter M&A activity in Europe has increased 37% compared to the second quarter of this year. $300 $200 $100 1Q 09 2Q 09 3Q 09 Q 09 1Q 10 2Q 10 3Q 10 Q 10 1Q 11 2Q 11 3Q 11 Q 11 1Q 12 2Q 12 3Q 12 Q 12 1Q 13 2Q 13 3Q 13 T H O M S O N F I N A N C I A L

4 T H O M S O N F I N A N C I A L Global M&A Top 10 Deals List Date Target Name Target Nation Acquiror Name Value ($mil) Target Advisors Acquiror Advisors 09/02/13 Verizon Wireless Inc United States Verizon Communications Inc 130,100.0 Guggenheim Partners LLC Paul J Taubman 02/1/13 HJ Heinz Co United States Investor Group 27,361.7 Centerview Partners LLC Moelis & Co 02/0/13 Virgin Media Inc United States Liberty Global Inc 2, /09/13 Koninklijke KPN NV Netherlands America Movil SAB de CV 22,68.6 ABN AMRO Bank NV Lazard Wells Fargo Securities LLC LionTree Advisors LLC Credit Suisse Group 07/28/13 Omnicom Group Inc United States Publicis Groupe SA 19,331.1 Moelis & Co Rothschild BNP Paribas SA 02/0/13 Dell Inc United States Investor Group 19,278.8 Evercore Partners 02/12/13 NBCUniversal Media LLC United States Comcast Corp 16,700.0 Centerview Partners LLC 0/1/13 Life Technologies Corp United States Thermo Fisher Scientific Inc 1,367.6 Moelis & Co 07/12/13 CDC-SME Financing Business France France-SME Financing Business 13,711.9 Ricol Lasteyrie & Associes SA Rothschild Inc. 06/2/13 Kabel Deutschland Holding AG Germany Vodafone Vierte 13,12.6 Perella Weinberg Partners LP Credit Suisse RBC Capital Markets LionTree Advisors LLC Lazard

5 M&A Industry Analysis Telecom Bolstered by the third largest deal of all time, M&A targeting the telecom sector reached US$23. billion so far in 2013, more than double deal making in the sector during year-to-date Activity was concentrated in the US, with US$166. billion from US telecom M&A, or 71% of year-to-date volume. This marks the strongest year-to-date period for telecom M&A since 2006 (US$23.6 billion). Energy & Power Deal making in the energy & power sector accounted for 13% of global M&A so far this year with US$220. billion of deals announced, down 2% compared to the first nine months of Activity in the United States, China and Russia accounted for % of activity in the sector this year. Real Estate M&A in the real estate sector totaled US$20.0 billion so far in 2013, up 39% from last year at this time. Acquisitions in United States accounted for 6% of year-to-date activity. Deal making in the nonresidential and REIT sectors comprised 73% of global M&A in the real estate sector this year. TARGET INDUSTRY BREAKDOWN ($ MLN) - GLOBAL M&A ,0. 6% 11, % 12, % 101, % 11, % 70,3.3 % 0,6.7 3% 1,69.6 9% % 23, % 18, % 220, % 20, % TOP SECTORS - TARGET REGION BREAKDOWN (MLN) TELECOMMUNICATIONS ENERGY & POWER REAL ESTATE FINANCIALS US (71%) Europe (2%) Asia Pacific (2%) Rest of the World (%) 166,13,873,192 0% 10% 20% 30% 0% 0% 60% 70% 80% 90% 100% US (2%) Europe (2%) Asia Pacific (1%) Rest of the World (20%) 92,0 2,832 31,1,2 0% 10% 20% 30% 0% 0% 60% 70% 80% 90% 100% US (6%) Europe (18%) Asia Pacific (16%) Rest of the World (20%) 9,07 37,067 31,98 0,918 0% 10% 20% 30% 0% 0% 60% 70% 80% 90% 100% US (23%) Europe (3%) Asia Pacific (2%) Rest of the World (18%) 37,31 3,203 0,261 28,012 Financials Announced acquisitions of financial targets totaled US$18.8 billion so far this year, down 29% from the first nine months of Activity was evenly balanced across regions with Europe accounting for 33%, and Asia Pacific and the Americas accounting for 2% and 23%, respectively. Telecommunications (203% Chg YoY) Real Estate (39% Chg YoY) Healthcare (28% Chg YoY) High Technology (% Chg YoY) Consumer Staples (-3% Chg YoY) Retail (-7% Chg YoY) Energy and Power (-2% Chg YoY) Financials (-29% Chg YoY) Industrials (-1% Chg YoY) Media and Entertainment (38% Chg YoY) Materials (-6% Chg YoY) Consumer Products and Services (-18% Chg YoY) 0% 10% 20% 30% 0% 0% 60% 70% 80% 90% 100% HEALTHCARE US (71%) Europe (16%) Asia Pacific (8%) Rest of the World (6%) 103,163 22,970 11,0618,37 Government and Agencies (-63% Chg YoY) 0% 10% 20% 30% 0% 0% 60% 70% 80% 90% 100% T H O M S O N F I N A N C I A L

6 Value US$Bln Value US$Bln 2 12 T H O M S O N F I N A N C I A L Global Buyside Financial Sponsor Analysis PE-Backed M&A Up 16% over 2012 Global private equity backed M&A totaled US$238 billion during year-to-date 2013, a 16% increase over the year ago period. Third quarter activity has registered a 9% decrease over the second quarter of this year, for the second consecutive quarterly decline for PE-backed M&A since the first quarter of US Accounts for 9% of WW PE M&A Private equity-backed M&A targeting the US reached US$10 billion so far during 2013, an increase of 28% compared to year-to-date 2012 (US$110 billion). Germany, the United Kingdom and the Netherlands account for a combined 17% of private equity-backed M&A so far this year. $900 $800 $700 $600 0 $00 $300 $200 $100 Global ($bln) US Target ($bln) Europe Target ($bln) Asia Pac. ex Japan ($bln) 1Q Q Q 2000 Q GLOBAL BUYSIDE FINANCIAL SPONSOR VOLUMES ANNUALLY Consumer Staples, Tech & Energy Lead Buyouts Consumer staples, high technology and energy & power buyouts accounted for 0% of year-to-date activity, compared to 31% during year-to-date Private equity buyouts in the telecom sector have seen a 68% decrease compared to the same time last year. Europe PE Up 29%; Asia Down 31% Private equity-backed M&A activity in Europe totaled US$66. billion, an increase of 29% compared to while Buyout activity in Asia Pacific totaled US$16.3 billion, down 31% from the first nine months of $120 $100 $80 $60 $0 $20 Global ($bln) Europe Target ($bln) GLOBAL BUYSIDE FINANCIAL SPONSOR VOLUMES QUARTERLY US Target ($bln) Asia Pac. ex Japan ($bln) Q 09 2Q 09 3Q 09 Q 09 1Q 10 2Q 10 3Q 10 Q 10 1Q 11 2Q 11 3Q 11 Q 11 1Q 12 2Q 12 3Q 12 Q 12 1Q 13 2Q 13 3Q 13 T H O M S O N F I N A N C I A L

7 T H O M S O N F I N A N C I A L Global Buyside Financial Sponsor M&A Top 10 Deals List Date Target Name Target Nation Acquiror Name Value ($mil) Target Advisors Acquiror Advisors 02/1/13 HJ Heinz Co United States Investor Group 27,361.7 Centerview Partners LLC Moelis & Co Lazard Wells Fargo Securities LLC 02/0/13 Dell Inc United States Investor Group 19,278.8 Evercore Partners 03/28/13 DE Master Blenders 173 BV Netherlands Oak Leaf BV 8,619. Lazard Credit Suisse RBC Capital Markets LionTree Advisors LLC Leonardo & Co Rabobank NV Rothschild BDT & Co LLC 0/29/13 Smithfield Foods Inc United States Shuanghui Intl Hldg Ltd 6, /06/13 BMC Software Inc United States BMC Software Inc SPV 6,30.2 Moelis & Co Credit Suisse Group RBC Capital Markets Qatalyst Partners 09/09/13 Neiman Marcus Group Inc United States Investor Group 6,000.0 Credit Suisse Group RBC Capital Markets 09/06/13 MIP Tower Holdings LLC United States American Tower Corp,800.0 EA Markets LLC 08/0/13 Hub International Ltd United States Hellman & Friedman LLC,00.0 Stephens Inc 06/19/13 Springer Science+Business Germany Investor Group,386.0 Credit Suisse Group Nomura Securities Jefferies & Co Inc 09/13/13 Rhoen Klinikum-Hospitals(3) Germany HELIOS Kliniken GmbH,081.9 Perella Weinberg Partners LP * Includes M&A transactions where the Acquiror, Investor, Immediate/Ultimate Parent of Acquiror or Immediate Ultimate Parent of Investor is a Financial Sponsor, Venture Capital Firm or a Private Equity Investor

8 $110 $112 $131 $19 $169 $17 $177 $166 $203 $20 $201 $203 $21 $23 $27 $273 $262 $271 $269 Cross-Border Analysis Cross-Border M&A Accounts for 31% Down 21% from '12 Cross-border M&A totaled US$11.0 billion during year-to-date 2013, a 21% decrease over the year ago period. Cross-border activity accounts for 31% of total M&A activity this year, a decrease from the year ago period (39%). $300 $20 $200 $10 Value (US$bln) % of Total M&A 33% 28% 22% 2% 3% 37% GLOBAL CROSS BORDER M&A VOLUMES 1% 37% 32% 37% 36% 36% 36% 2% 36% 32% 26% 31% 33% % 0% 3% 30% 2% 20% US Most Acquisitive & Targeted Nation The US initiated 19% of all acquisitions abroad so far in 2013 ahead of the United Kingdom and France (9%). While the US, Germany and the Netherlands were the target of 39% of all cross-border acquisitions so far in $100 1Q 09 2Q 09 3Q 09 Q 09 1Q 10 2Q 10 3Q 10 Q 10 1Q 11 2Q 11 3Q 11 Q 11 1Q 12 2Q 12 3Q 12 Q 12 1Q 13 2Q 13 3Q 13 1% 10% % 0% CROSS BORDER - TOP 10 MOST ACQUISITIVE NATIONS 2013 ($MLN) CROSS-BORDER - TOP 10 MOST TARGETED NATIONS 2013 ($MLN) United States of America United States of America 2, , ,61.1 1, ,31.8 United Kingdom France China 22, , ,6.9 12, , ,06.9 Germany Netherlands United Kingdom 28,2.8 Canada Japan 23,991.8 China Australia 33, ,010.2 Mexico Canada Hong Kong 0,23.8 9,007.8 Brazil 3, ,039.7 Spain,1.1 Japan Singapore India

9 Global Cross Border M&A Top 10 Deals List Date Target Name Target Nation Acquiror Name Value ($mil) Target Advisors Acquiror Advisors 08/09/13 Koninklijke KPN NV Netherlands America Movil SAB de CV 22,68.6 ABN AMRO Bank NV 07/28/13 Omnicom Group Inc United States Publicis Groupe SA 19,331.1 Moelis & Co Rothschild BNP Paribas SA 06/2/13 Kabel Deutschland Holding AG Germany Vodafone Vierte 13,12.6 Perella Weinberg Partners LP 07/23/13 E-Plus Mobilfunk GmbH & Co KG Germany Telefonica Deutschland Holding 11,3.1 ABN-AMRO Holding NV ING Rothschild 03/28/13 DE Master Blenders 173 BV Netherlands Oak Leaf BV 8,619. Lazard HSBC Holdings PLC Leonardo & Co Rabobank NV Rothschild BDT & Co LLC 09/03/13 Nokia-Devices & Services Bus Finland Microsoft Corp 7,16. 09/2/13 Tokyo Electron Ltd Japan Applied Materials Inc 7,063.7 Mitsubishi UFJ Morgan Stanley 0/29/13 Smithfield Foods Inc United States Shuanghui Intl Hldg Ltd 6, /29/13 Elan Corp PLC Ireland-Rep Perrigo Co 6,3.0 Davy Corporate Finance Ondra Partners 09/09/13 Neiman Marcus Group Inc United States Investor Group 6,000.0 Credit Suisse Group RBC Capital Markets

10 $86 $106 $12 $139 $191 $166 $21 $237 $192 $1 $17 $163 $13 $166 $1 $2 $130 $1 $16 Global M&A Top 10 Deals List Emerging Markets Analysis Emerging Markets Account for 26% Year-to-date figures for M&A involving emerging markets have reached US$31.0 billion, accounting for 26% of total M&A. Year-to-date 2013 emerging markets M&A activity is down 3% compared to the first nine months of 2012, when emerging market countries also accounted for 26% of worldwide M&A. $300 $20 $200 $10 17% 27% 2% 23% 37% 31% EMERGING MARKETS TARGET M&A VOLUMES Value (US$bln) 32% 3% % of Total M&A 29% 26% 26% 28% 26% 26% 23% 30% 26% 29% 22% 0% 3% 30% 2% 20% China Most Active Nation Based on Any Emerging Markets Involvement, China is the most targeted nation in the Emerging Markets with 30% of total emerging market activity, followed by Brazil with 7%. China is also the most acquisitive nation in the Emerging Markets with 3% of this year's activity. $100 1Q 09 2Q 09 3Q 09 Q 09 1Q 10 2Q 10 3Q 10 Q 10 1Q 11 2Q 11 3Q 11 Q 11 1Q 12 2Q 12 3Q 12 Q 12 1Q 13 2Q 13 3Q 13 1% 10% % 0% TOP 10 MOST TARGETED NATIONS 2013 ($MLN) - ANY INVOLVEMENT TOP 10 MOST AQUISITIVE NATIONS 2013 ($MLN) - ANY INVOLVEMENT China China % Brazil % Mexico % Netherlands % Russian Federation Russian Federation United States of America % % % % United States of America Other % % % % Brazil Other