Aranca Brief | Global Deals (M & A) - Volume-1-1 - September 2014

Editor

Ati Ranjan Kumar

AVP–Investment Research

Email: [email protected]

Research Team

Jui Kulkarni – Sr. Manager

Swetha K. – Asst. Manager

Ritika Gupta – Senior Analyst

Nishant S. – Senior Analyst

Asha Nagarajan – Analyst

© Aranca 2014. All rights

reserved.

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certified company

Aranca Brief: Global M&A Analysis & Commentary

IN THIS ISSUE

Inversion window narrowing, but deal activity continues

On August 26, 2014, Burger King (US) announced its plan to acquire Tim Hortons (Canada) for USD11 Bn and

move its legal address to Canada. The deal is expected to reduce Burger King’s tax burden to 26.5% for a

current 35%. Burger King joins the tax inversion brigade along with companies including AbbVie (target Shire

Plc.) and Medtronic (target Covidien) who have announced similar plans in the recent past. (more)

Global M&A activity remained subdued

In August 2014, global M&A activity remained suppressed with the deal value declining 21% and volume falling

22% (m-o-m). Overall, August witnessed 1,048 deals with a total value of USD228.0 Bn. Significant activity in

August 2014 was seen in the Energy and Power (~31% of total global deal value) and High-Technology (more)

North American M&A improved in value

The August, 2014 M&A activity in North America witnessed a slight improvement in terms of value while the

volumes fell to their lowest in the year thus far. The total deal value in August was up ~10%, while the deal

volume fell ~21% (m-o-m). Total deal value for the month was USD134.9 Bn, while deal volume was 272. (more)

European M&A still reeling under weak economic growth

The M&A activity in Europe continued to remain subdued following the adverse effect of sovereign debt crisis,

political uncertainty, and weak economic growth. Deal value slumped nearly 70% reaching USD118.3 Bn in

August from USD38.3 Bn in July while the deal volume declined ~50%. (more)

Asia-Pacific M&A dominated by smaller deals

In August 2014, the M&A deal value in the region rose 67% to USD36.2 Bn, while deal volume decreased 14%

from that in July 2014. The Industrials sector contributed the highest to the overall deal volume, with 65 deals.

Small deals (<USD50 Mn) dominated the market, forming ~70% of the total M&A deals volume. (more)

Subdued activity in Middle East and Africa

The M&A deal activity in the Middle East & Africa remained muted in August as the deal value reduced nearly 75% to USD412 Mn. Small deals (<USD50 Mn) formed ~85% of the total M&A deals volume (more)

Global IPO activity remained muted; Financials sector dominated the activity

Global IPO market continued to be suppressed in August, 2014 from a 12 month high in June 2014. Deal value

and volumes fell by 55% and 40% respectively (m-o-m). Financials proved to be the dominant sector in terms of

both value and volume with 34 IPO’s in August having total value of USD3.6 Bn. (more)

Vol: 1.1 - September 2014

© Aranca 2014. All rights reserved. | [email protected] | www.aranca.com

Aranca is an ISO 27001:2013 certified company P a g e | 2

Global M&A – August 2014

September 9, 2014

Inversion window narrowing, but deal activity continues

On August 26, 2014, Burger King (US) announced its plan to acquire Tim Hortons (Canada) for USD11 Bn and move its legal address to Canada.

The deal, though an excellent strategic fit which will make Burger King the world’s third largest quick service restaurant with 18,000 restaurants in

100 countries, is the most talked about deal in the recent times due to its structuring as a tax inversion deal and with prominent investors like

Warren Buffet (contribution of USD3 Bn in preferred equity) and 3G capital backing it. The deal is expected to reduce Burger King’s tax burden to

26.5% for a current 35%. Burger King joins the tax inversion brigade along with companies including AbbVie (target Shire Plc.), Mylan (target

Abott) and Medtronic (target Covidien) who have announced similar plans in the recent past.

In an Inversion transaction, companies in high tax jurisdiction (such as the US) seek to reduce their tax burden by acquiring companies in regions

with low tax rates (such as Ireland). In its present form, US laws approve companies that buy foreign companies with more than 20% foreign

representation after the deal to shift their domicile outside the US, thereby avoiding US taxes on foreign earnings. In future, this representation is

expected to increase to 50%. This law has benefitted nations such as Ireland, Netherlands, and Canada due to their low tax structure.

Tax inversion emerged mainly from US companies’ efforts, sometimes encouraged by their investors, to lower their effective global tax rate. The

statutory tax rate in the US is 35% compared with more tax-friendly countries such as Ireland, where corporate profits are taxed at 12.5%. US-

based firms with sizable operations abroad hold cash piles worth USD1 Tn in overseas tax havens. Inversion deals can also help companies

moving their headquarters abroad to bring back these funds through inter-company loans or share buybacks without paying any US taxes. The

recent rush for such deals, also fueled by possible prohibitive legislations to be enforced after December 2014, will make such deals tougher.

Companies are being pushed into lowering their effective tax rate through such deals to remain competitive in the global market place. Tax

inversion, along with providing tax benefits, leads to higher dividend payouts and increased share repurchases, provides opportunities for additional

M&A, and results in higher stock valuations (due to lower tax rate) as inverted companies gain access to international cash stockpiles and save

cash due to lower tax payout.

US Tax Inversion Deals (USD Bn) Tax Inversion deals, by Sector (2010 – YTD)

Source: Congressional Research Service, Thomson Reuters, Aranca Analysis; *Contains pending and completed deals

The Pharmaceutical sector, which generates sizeable revenues outside the US, has been at the forefront of such deals. Nine of the top ten global

pharmaceutical companies currently operate in Ireland. For companies in pharma sector, it is usually easier to purchase smaller companies with an

impressive drug portfolio than to develop new drugs indigenously. However, the latest Burger King-Tim Hortons deal suggests the trend is catching

up in other sectors as well. These companies have billions of dollars in revenues trapped overseas, which would be taxed at high US rates if brought

into the country, and which can be used through the inversion process.

The recent rally of companies to invert has raised alarms in the US Congress. The Obama administration is contemplating restrictive legislations to

curb the rush to invert and save US treasury revenue losses worth billions of dollars as a result of inversion. For instance, the new proposed

legislation states that the target company must own more than 50% of the foreign company equity instead of the present 20%.

The political rhetoric has left the M&A landscape in a flux. Companies with large foreign operations interested in inversion are rushing to complete

deals before the perceived ‘end date’ of December 31, 2014. Most parties believe any possible legislation would exempt deals announced before

the year end. Companies such as Hospira and Pfizer are actively seeking strategic partners, with Hospira reportedly in talks to buy the medical

nutrition arm of Danone, a France-based dairy products company. Companies earning most of their revenue in the US seem to be resisting the

temptation to invert. A case in point is Walgreens’ proposed acquisition of Alliance Boots, in which Walgreens will acquire a 45% stake in the

pharmacy-led health and beauty group. Although the deal is on track, Walgreen chose not to structure it as an inversion. The increasing rhetoric

against such deals and the fact that the company’s major operations are in the US are the likely dampeners. Finally, the announced deals based on

tax inversion are witnessing rival bids from strategic players for both US acquirers and overseas targets, considering the uncertainty of execution

due to political opposition. For instance, Chiquita, a US-based company, which agreed to acquire Ireland-based fruit company Fyffes and move its

headquarters to that country, received a rival all-cash bid that could derail its inversion deal. While the window may be quite narrow, inversions and

related deal-making are unlikely to die down soon.

3.3 1.0

17.8

76.4

131.0

2010 2011 2012 2013 YTD Aug 2014*

5% 10%

55%

5%

5%

10%

5% 5%

Food Process.

Telecomm.

Healthcare

Retail

Media

Manufacturing

Insurance

Oil & Gas



Global M&A – August 2014

September 9, 2014

Global M&A

In August 2014, global M&A activity remained

suppressed with the deal value declining 21% and

volume falling 22% (m-o-m). Overall, August

witnessed 1,048 deals with a total value of

USD228.0 Bn.

Cross border activity remained subdued in most of

the regions with Middle East & Africa and Europe

experiencing biggest declines in values (m-o-m).

North America saw maximum cross border deals at

~45% of total cross-border deal value.

Significant activity in August 2014 was seen in the

Energy and Power (~31% of total global deal value)

and High-Technology (~13% of total deal volume)

sectors. Two of top five deals of the month were

from the Energy and Power sector.

Top deal of the month:

On Aug 24, 2014, Roche Holding AG announced to

buy U.S. biotech company InterMune Inc for USD8.3

Bn in cash, marking the latest multibillion-dollar M&A

deal in a consolidating pharmaceutical sector. The

Swiss drugmaker is expected to pay USD74 a share

through a tender offer for InterMune, representing a

premium of 38% to the closing price on Aug 22,

2014.

Global M&A Deal Activity (Last 12 Months)

Source : Thomson Reuters

Global M&A Deal Activity (August 2014) – by Sector


Global Cross-Border Deal Activity (Last 12 Months)

Source: Thomson Reuters

August, 2014 – Top 5 Deals

Date Announced

Target Target Nation Target Industry Acquirer Acquirer Nation

Deal Status Deal Value (USD Mn)

Aug 10, 2014 Kinder Morgan Energy Partners United States Energy and Power Kinder Morgan Inc United States Pending 36,689.1

Aug 24, 2014 Tim Hortons Inc Canada Retail Burger King Worldwide Inc United States Pending 13,396.6

Aug 10. 2014 Kinder Morgan Management LLC United States Energy and Power Kinder Morgan Inc United States Pending 10,251.3

Aug 14, 2014 Global Village Telecom SA Brazil Telecommunications TIM Participacoes SA Brazil Pending 9,230.0

Aug 24, 2014 InterMune Inc United States Healthcare Roche Holding AG Switzerland Pending 8,314.5


0

500

1,000

1,500

2,000

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Deal value (USD Bn)(LHS) Deal volume (RHS)

71

28

23

18

16

Energy and Power

High Technology

Retail

Real Estate

Healthcare

By Deal Value (USD Bn)

141

135

118

121

111

94

High Technology

Industrials

Real Estate

Financials

Materials

Energy and Power

By Deal Volume

0

100

200

300

0

40

80

120

160

Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14

Dea

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Va

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US

D B

n

Middle East & Africa Eastern Europe Latin America & Caribbean Asia Pacific (Emerging)

Japan Western Europe North America No. of Deals



North America M&A – August 2014

September 9, 2014

North America M&A

The August, 2014 M&A activity in North America

witnessed a slight improvement in terms of value

while the volumes fell to their lowest in the year thus

far. The total deal value in August was up ~10%,

while the deal volume fell ~21% (m-o-m). Total deal

value for the month was USD134.9 Bn, while deal

volume was 272.

Real estate and financials saw the highest activity in

the period with 40 deals each. North America had a

mixed share of low- and high-value deals, with low-

value deals (<USD50 Mn) forming nearly 50% of

total deals and high-value deals (>=USD200 Mn)

forming another 26%.

The share of outbound deals have been higher than

the inbound deals in the last three months, with the

outbound deals forming nearly 97% of the total deals

value in August. However, the outbound deal value

in August witnessed a 22% fall over the previous

month.


Kinder Morgan Inc. will buy Kinder Morgan Energy

Partners LP, Kinder Morgan Management LLC and

El Paso Pipeline Partners LP in the deal by the end

of this year. Total value of the deal is USD70 Bn.

According to CEO Richard Kinder “Combined entity

will be the largest energy infrastructure company in

North America and the third-largest energy company

overall, with an enterprise value of USD40 Bn”

North America M&A Deal Activity (Last 12 Months)


North America M&A Deal Volume August, 2014


North America Cross-Border Deal Activity (Last 12 Months)



Date Announced



Aug 10, 2014 Kinder Morgan Energy Partners United States Energy and Power Kinder Morgan Inc United States Pending 36,689.1

Aug 24, 2014 Tim Hortons Inc Canada Retail Burger King Worldwide Inc United States Pending 13,396.6

Aug 10, 2014 Kinder Morgan Management LLC

United States Energy and Power Kinder Morgan Inc United States Pending 10,251.3

Aug 05, 2014 21st Century Fox Inc United States Media and Entertainment

21st Century Fox Inc United States Pending 6,000.0

Aug 08, 2014 El Paso Pipeline Partners LP United States Energy and Power Kinder Morgan Inc United States Pending 5,288.5


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r-1

4

Ap

r-1

4

Ma

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n-1

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l-1

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Au

g-1

4

Deal value (USD Bn) (LHS) Deal volume (RHS)

40

40

35

32

23

Real Estate

Financials

Energy and Power

High Technology

Industrials

By Sector

132

36

25

7

72

<50

50-100

100-150

150-200

>=200

By Deal Size (USD Mn)

0

25

50

75

100

0

15

30

45


Va

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US

D B

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Inbound Outbound No. of Deals

Dea

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olu

me



Europe M&A – August 2014

September 9, 2014

Europe M&A

The M&A activity in Europe continued to remain

subdued following the adverse effect of sovereign

debt crisis, political uncertainty, and weak economic

growth. Deal value slumped nearly 70% reaching

USD118.3 Bn in August from USD38.3 Bn in July

while the deal volume declined ~50%.

In August, most of the activity was seen in the Real

estate sector, followed by Financials and Industrials.

Most of the deal activity was in the low-value

category (<USD50 Mn) which formed 70% of total

deal volume.

In Europe, share of outbound deals to inbound deals

was 15:85 (in terms of deal value) with total cross

border deals declining by 41% from July 2014.


CaixaBank SA, Spain’s third-biggest lender,

announced its plan to buy Barclays Bank Plc.’s retail

banking, wealth & investment management and

corporate banking businesses in Spain for about

EUR0.8 Bn. The deal is expected to increase

CaixaBank’s existing branch network of 5,695

branches by 262 and boost its client base by

550,000 to more than USD14 Mn.

Europe M&A Deal Activity (Last 12 Months)


Europe M&A Deal Volume August 2014


Europe Cross-Border Deal Activity (Last 12 Months)



Date Announced

Target Target Nation Target Industry Acquirer Acquirer Nation Deal Status Deal Value (USD Mn)

Aug 31, 2014 Barclays Bank SAU Spain Financials CaixaBank SA Spain Pending 1,050.4

Aug 24, 2014 VGP Industrialni Stavby Czech Republic Real Estate PointPark Properties sro Czech Republic Pending 689.8

Aug 10, 2014 Pollen Estate United Kingdom Real Estate Investor Group Norway Completed 639.0

Aug 06, 2014 Voyage Healthcare Group Ltd United Kingdom Healthcare Voyage Healthcare Grp Ltd SPV

United Kingdom Completed 632.0

Aug 14, 2014 Fosse Shopping Park United Kingdom Real Estate Investor Group United Kingdom Completed 576.4


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150

300

450

0

40

80

120

Se

p-1

3

Oct-

13

Nov-1

3

Dec-1

3

Ja

n-1

4

Fe

b-1

4

Ma

r-1

4

Ap

r-1

4

Ma

y-1

4

Ju

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4

Ju

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Au

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4


25

20

19

11

9

Real Estate

Financials

Industrials

Energy and Power

Media and Entertainment

By Sector

87

8

7

2

20

<50

50-100

100-150

150-200

>=200


0

30

60

90

0

15

30

45


Dea

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Va

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US

D B

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Asia-Pacific M&A – August 2014

September 9, 2014

Asia-Pacific M&A

In August 2014, the M&A deal activity in the Asia-

Pacific region witnessed a slight improvement over

the previous month in terms of deal value. Deal

value rose 67% to USD36.2 Bn, while deal volume

decreased 14% from that in July 2014.

The Industrials sector contributed the highest to the

overall deal volume, with 65 deals. Small deals

(<USD50 Mn) dominated the market, forming ~70%

of the total M&A deals volume.

Cross-border activity in the region was lowest in

August thus far, with only 19 deals in the month.

Outbound deal value fell ~75% to USD489.6 Mn,

while inbound deals witnessed an improvement of

18%, reaching USD921.0 Mn.


Adani Power Ltd acquired Lanco Infratech Ltd’s

1,200 megawatt Udupi power plant in Karnataka in a

USD983 Mn deal. The deal is structured to provide

Lanco with one-third of the deal value in cash with

Adani taking on Lanco’s debt valued at the

remaining two-third. Adani Power acquired 100%

shares of Udupi Power Corporation Ltd from Lanco

Infratech.

The deal has led to a revival in the Indian power

sector, which has in recent years been affected by

slow economic growth, high borrowing costs, and

excessive capital expenditure.

Asia-Pacific M&A Deal Activity (Last 12 Months)


Asia-Pacific M&A Deal Volume August 2014


Asia-Pacific Cross-Border Deal Activity (Last 12 Months)



Date Announced



Aug 28, 2014 China Huarong Asset Mgmt Co China Financials Investor Group China Pending 2,367.4

Aug 13, 2014 Xiangcai Securities Co Ltd China Financials Investor Group China Pending 1,462.6

Aug 13, 2014 Udupi Power Corp Ltd India Energy and Power Adani Power Ltd India Completed 982.3

Aug 11, 2014 Yonghui Superstores Co Ltd China Retail Dairy Farm Co Ltd Hong Kong Pending 925.0

Aug 07, 2014 Metro Cash & Carry Vietnam Co Vietnam Retail Berli Jucker PCL Thailand Pending 875.2


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600

900

0

40

80

120

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3

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3

Ja

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4

Fe

b-1

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Ma

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Ju

l-1

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Au

g-1

4


65

64

62

44

35

Industrials

High Technology

Materials

Financials

Energy and Power

By Sector

288

32

29

15

52

<50

50-100

100-150

150-200

>=200


0

20

40

60

80

0

6

12

18


Dea

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Middle East & Africa M&A – August 2014

September 9, 2014

Middle East & Africa M&A

In August 2014, M&A deals in the Middle East and

Africa region were up 5% over the previous month.

Deal value, however, reduced nearly 75% to

USD412 Mn.

The Financials sector contributed the highest to the

overall deal volume, with four deals out of the 20

deals in the month. However, Industrials sector with

three deals contributed highest in terms of deal

value with USD156.9 Mn. Small deals (<USD50 Mn)

formed ~85% of the total volume.

Cross-border activity in the region for August was

the lowest in the last 12 months, standing at three

deals. With just one outbound deal, the outbound

deal value fell around 98% to USD17.0 Mn, while

inbound deals fell ~50% to USD37.0 Mn.


BAE Systems announced the sale of its holding in

BAE Systems Land Systems South Africa

Proprietary Limited (LSSA) specializing in defense

equipment to Denel (SOC) Limited for a total cash

consideration of USD80.5 Mn.

The transaction includes the sale of BAE’s 75%

stake and DGD Technologies Proprietary Limited’s

25% stake in LSSA. The divestiture is expected to

enhance BAE’s core capabilities and strong

franchise position.

Middle East and Africa M&A Deal Activity (Last 12 Months)


Middle East and Africa M&A Deal Volume August 2014


Middle East and Africa Cross-Border Deal Activity (Last 12 Months)



Date Announced



Aug 11, 2014 BAE Systems Land Systems South Africa Industrials Denel SOC Ltd South Africa Pending 80.5

Aug 20, 2014 Topaz Energy & Marine Ltd UAE Industrials Standard Chartered Private South Africa Pending 75.0

Aug 18, 2014 Sun Intl. (Botswana)Pty Ltd Botswana Media and Entertainment

MHG Intl. Hldg.(Mauritius)Ltd Mauritius Pending 64.1

Aug 07, 2014 Arab Dairy Products Co SAE Egypt Consumer Staples Pioneers Hldg. Co for Finl Egypt Pending 35.3

Aug 11, 2014 Viamedia (Pty) Ltd South Africa Telecommunications Blue Label Telecoms Ltd South Africa Pending 33.8


0

15

30

45

0

4

8

12

Se

p-1

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Oct-

13

Nov-1

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Dec-1

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Ja

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4

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g-1

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4

3

3

3

2

Financials

Industrials

Materials

Real Estate

Consumer Staples

By Sector

17

3

0

0

0

<50

50-100

100-150

150-200

≥200


0

8

16

24

0

2

4

6


Dea

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Global IPO Market – August 2014

September 9, 2014

Global IPO Market

Global IPO market continued to be suppressed in

August, 2014 from a 12 month high in June 2014.

Deal value and volumes fell by 55% and 40%

respectively (m-o-m).

Asia-Pacific saw more deals than any other region

having a total value of USD241.1 Bn (53% of total

IPO value) in August, 2014 followed by Americas

(26% of total IPO value). Diversity of markets,

growing economies, and a robust pipeline of IPO-

ready companies spanning markets including

Mainland China, Hong Kong, and Australia

contributed to the region’s growth.

Financials proved to be the dominant sector in terms

of both value and volume with 34 IPO’s in August

having total value of USD3.6 Bn.

Top IPO of the month:

IREIT Global, a real-estate investment trust that

owns office assets in Germany, got listed on the

Singapore Exchange on Aug 13, 2014. As per

reports the counter opened at SGD0.9 per unit, the

same as its IPO price and provided a one day return

of 1.7% to investors. IREIT Global raised about

SGD370 Mn from its IPO. IREIT Global is

Singapore's first REIT with a portfolio based in

Europe which got listed in Singapore.

IPO Activity (Last 12 Months)


IPO Activity (Last 12 Months) By Region


IPO Activity (August, 2014) By Sector


August, 2014 – Top 5 IPO’s

Issue Date Issuer Issuer Region Industry Principal Amount (USD Mn)

Aug 08, 2014 China General Nuclear Power Asia-Pacific (ex Central Asia) Energy and Power 1,999.6

Aug 22, 2014 Sinopec Oilfield Service Corp Japan Industrials 1,500.0

Aug 08, 2014 IndCor Properties Inc Africa/Middle East/Central Asia Real Estate 1,000.0

Aug 28, 2014 Skylark Co Ltd Japan Retail 986.9

Aug 13, 2014 Universal Terminal (S) Pte Ltd Americas Energy and Power 800.6


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150

300

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40

80

Se

p-1

3

Oct-

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Nov-1

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Dec-1

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Ja

n-1

4

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Ma

r-1

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Ap

r-1

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Ma

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Au

g-1

4

IPO Size (USD Bn) (LHS) Volume (RHS)

241

120

66

19

12

Asia-Pacific (ex Central Asia)

Americas

Europe

Japan

Africa/Middle East/Central Asia

By Value (USD Bn)

1,094

594

359

86

68

Asia-Pacific (ex Central Asia)

Americas

Europe

Africa/Middle East/Central Asia

Japan

By Volume

0

10

20

30

40

0

1

2

3

4

Financials Energy Industrials Real Estate Consumer Prod.

Healthcare Retail Materials High Tech. Consumer Stap.

Media Telecomm.

Principal Value (USD Bn) (LHS) Volume (RHS)

Disclaimer:

This report is published by Aranca, Inc. Aranca is a customized research and analytics services provider to global clients.

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information with third parties. Neither Aranca nor its advisors, directors or employees can guarantee the accuracy, reasonableness or completeness

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liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in

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Aranca Brief | Global Deals (M & A) - Volume-1-1 - September 2014

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Transcript of Aranca Brief | Global Deals (M & A) - Volume-1-1 - September 2014