MERGERS2012 Review

2013 outlookJanuary 2013

M&A HIGHLIGHTS: 2012page 2

GLOBAL SUMMARYDeal volumes, top in-dustries and biggest terminated deals. page 3

COUNTRY BY COUNTRYMap of volume changes from 2011 to 2012.page 4

GLOBAL TOP 50 DEALSpage 5

CAPITAL FLOWSDeal flows between regions.page 6

REGIONAL ANALYSIS:Deal volumes, indus-tries, top deals and top advisers for:

NORTH AMERICApage 7

EUROPE, MIDDLE EAST & AFRICApage 8

ASIA-PACIFICpage 9

LATIN AMERICA & CARIBBEANpage 10

VALUATIONSPage 11

PRIVATE EQUITYPage 11

SECTOR ANALYSISVolumes and premi-ums, telecom deals; energy acquirers and consumer non-cyclical deals.page 12. TRENDSAsian buyerspage 13

TRENDSThe impact of deals on buyers’ share prices. page 14

DEALMAKERSSeven top financial advisers in 2012.page 15

ContEntS M&A hiGhliGhtS: 2012

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Bloomberg Brief Mergers 2012 Review/2013 Outlook

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Carol Chuang cchuang2@bloomberg.net 212-617-3642

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Contributing Data Editors

Month ACtionS

JAn

Roche Holding AG made an ultimately unsuccessful $6 billion hostile bid for illumina inc. Roche is reported to be considering renewing its offer in 2013.

outokumpu oYJ agreed to buy thyssenkrupp AG’s inoxum Stainless Steel unit for $3.5 billion.

FEB

Glencore international Plc offered to buy the 66 percent of Xstrata Plc it didn’t already own, in what would be the largest deal of the year. in November, Xstrata shareholders approved a higher offer for a total deal value of $46.7 billion.

uPS inc. agreed to buy tNt express Nv for $6.9 billion. the merger has been held up while eu regulators seek concessions to preserve competition.

MAR

GDF Suez offered to buy the 30 percent of international Power Plc it didn’t already own for $10.2 billion, winning agreement with a higher offer of $11.0 billion in April.

Cisco Systems inc. agreed to buy digital video company NDS Group ltd. from News Corp. and Permira for $5 billion.

APR

Coty inc. made an ultimately unsuccessful $12.8 billion bid for Avon Products inc. Coty withdrew the offer in May after Avon declined to negotiate by its deadline.

Nestle AG agreed to buy Pfizer inc.’s nutrition business for $11.9 billion, adding baby foods to its line-up as the drugmaker focused on research and development.

MAY

eaton Corp. agreed to buy electricity distribution equipment manufacturer Cooper industries Plc for $12.8 billion.

Marubeni Corp. agreed to buy u.S.-based grain merchandiser Gavilon Group llC from a private-equity group led by Soros Fund Management llC.

JUn

Anheuser Busch inbev Nv offered to buy the 25 percent of Mexico's Grupo Modelo SAB it didn’t already own for $17.2 billion.

Bristol-Myers Squibb Co. offered $6.5 billion for Amylin Pharmaceuticals llC.

JUl

China’s Cnooc ltd. offered $17.4 billion for Canadian energy group Nexen inc. in December, the Canadian government approved the deal, the largest-ever foreign acquisition by a Chinese company.

volkswagen AG agreed to buy the 50.1 percent of Porsche AG it didn’t already own for $8.7 billion.

AUG

Hertz Global Holdings inc. offered $2.5 billion for Dollar thrifty Automotive Group. the deal was cleared by u.S. antitrust regulators in November, ending a five-year pursuit by Hertz of its rival car rental company.

Aetna inc. bought Coventry Health Care inc. for $5.6 billion, one of several health insur-ance deals following the approval of u.S. President Barack obama’s healthcare plans.

SEP

thai Beverage PCl bid $9.9 billion for Fraser & Neave ltd, sparking a bidding war for the Singapore-based property and brewing group.

liberty Global inc. offered to buy the rest of Belgium’s telenet Group Holding Nv for $2.5 billion.

oCt

Rosneft oAo bought out BP and its partners in tNk-BP ltd. for a total of $54.4 billion. the deal awarded BP a 19.75 percent stake in Rosneft.

walt Disney Co. bought lucasfilm ltd. for $4.1 billion, promising a new trilogy of ‘Star wars’ movies.

nov

overseas union enterprise ltd. offered $12.7 billion for Fraser & Neave ltd.

lehman Brothers Holdings inc. sold its Archstone realty business for $16.1 billion to a group led by equity Residential.

DEC

intercontinental exchange inc. offered $8.2 billion for NYSe euronext after an earlier plan to merge the Big Board with Deutsche Boerse fell through.

Freeport McMoran Copper & Gold inc. agreed to buy Plains exploration & Produc-tion Co. and McMoran exploration Co. for a total of $12.7 billion.

Katie Porter kporter7@bloomberg.net 212-617-6099

Ian Maready imaready@bloomberg.net 212-617-3761

Rose Marie Constantino rconstant2@bloomberg.net 212-617-4484

Pekka Aalto pekka2@bloomberg.net +852-2977-6013

Andy Hodgson ahodgson9@bloomberg.net +44-20-7392-0373

Steve Usher susher8@bloomberg.net +44-20-3525-8465

Designers

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01.04.13 www.bloombergbriefs.com Bloomberg Brief | Mergers 2

Top Industries

Financial services, consumer noncyclical and energy companies were the top targets in 2012.

$412

$345

$341

$260

$250

$232 $390

Financial (incl. real estate)

Consumer noncyclical

Energy

Communications

Industrial

Consumer cyclical

Other

Source: Bloomberg $ billions

GloBAl SUMMARY

Dealmaking Worldwide Did not live Up to hopesIn the first half of 2012, bank executives said on earnings calls that their clients had many deals in the works and that they expected a surge of deals later in the year. While deals rose in the fourth quarter, the full-year total, $2.23 billion, was down 7.8 percent from 2011.

Largest Terminated Deals

Volume by Region

Emerging markets activity did not make up for declines in deal levels in the U.S. and Western Europe.

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Asia-PacificLatin America-CaribbeanNorth AmericaEMEA

Source: Bloomberg

Billi

ons

Volume and Deal Counts by Month

A sharp rise in deal volume in the fourth quarter was not enough to offset the low levels in the first three quarters.

0

500

1,000

1,500

2,000

2,500

3,000

0

50

100

150

200

250

300

Source: Bloomberg

Valu

e - $

Bill

ions

Deals

Global M&A Rebound? Try the new MA!

tARGEt CoUntRY ACQUiRER vAlUE ($Mln)

Avon Products u.S. Parentes Holding 12,854

illumina u.S. Roche 6,052

whitehaven Coal Australia tinkler Group 5,516

Rhoen klinikum Germany Fresenius Se 4,904

oshkosh u.S. icahn enterprises 3,245

Sinofert phosphorus stake China Yunnan Yuntianhua 2,587

Coal assets China Shanxi Meijin energy 2,335

RoNA Canada lowe's Cos 2,178

APA Sub Group Australia Caisse de Depot-Quebec, et al 2,091

Quest Software u.S. insight venture Partners 2,050

Scailex israel Hutchison whampoa et al 1,997

Georgia Gulf u.S. westlake Chemical 1,853

Source: Bloomberg Note: Terminated in 2012

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CoUntRY BY CoUntRY

Deal volumes Fell in Most Developed Economies Compared With 2011Many major developed countries saw sharp drops in M&A levels — France was down 74 percent — and even some emerging econo-mies such as Brazil and Turkey saw declines.

The biggest percentage gainer was Portugal (323 percent), based on three $4 billion-plus deals — for a highway operator, a cement company and the state-owned company that runs the country’s three main airports. Singapore was up 188 percent because of two bids for property and drinks company Fraser & Neave Ltd. and Heineken NV’s purchase of Fraser & Neave’s brewery subsidiary. Russian deal volume rose 129 percent thanks to Rosneft OAO’s $54.8 billion purchase of TNK-BP Ltd. from BP plc and a group of Russian bil-lionaires. Glencore International Plc’s deal to buy full control of Xstrata Plc pushed Swiss M&A deal volume up 118 percent from 2011.

Multi-billion-dollar deals in banking, agricultural products, media and real estate as well as in the energy and resources industries pushed up the totals in Canada.

Shadings in the map below indicate the direction and magnitude of the percentage change. Only countries with at least $4 billion of deal volume in both 2011 and 2012 are included.

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01.04.13 www.bloombergbriefs.com Bloomberg Brief | Mergers 4

GloBAl toP 50 Click on orange arrows for deal advisers

tARGEt tARGEt tiCkER tARGEt inDUStRY SECtoR ACQUiRER ACQUiRER

tiCkER vAlUE (SM)tARGEt Ev/

tRAilinG 12M EBitDA

Xstrata Plc XtA lN Basic Materials Glencore international Plc GleN lN 46,672 5.2

Sprint Nextel Corp. S uS Communications Softbank Corp. 9984 JP 37,834 6.4

t-Mobile uSA inc. 166783Q uS Communications MetroPCS Communications inc. PCS uS 32,776 -

tNk-BP ltd. stakes owned by AAR tNkBP Ru energy Rosneft oAo RoSN RM 28,000 -

tNk-BP ltd. stake owned by BP Plc tNkBP Ru energy Rosneft oAo RoSN RM 26,380 -

Nexen inc. NXY CN energy CNooC ltd. 883 Hk 17,432 4.1

Grupo Modelo SAB de Cv GMoDeloC MM Consumer, Non-cyclical Anheuser-Busch inBev Nv ABi BB 17,231 12.7

Archstone enterprise lP 3553139Z uS Financial equity Residential, others - 16,094 -

Cooper industries Plc CBe uS industrial eaton Corp Plc etN uS 12,846 12.8

Fraser and Neave ltd. (offer still pending) FNN SP Consumer, Non-cyclical overseas union enterprise ltd. - 12,685 25.6

Pfizer Nutrition 401215Z uS Consumer, Non-cyclical Nestle SA NeSN vX 11,850 -

Archstone enterprise lP 3553139Z uS Financial lehman Brothers Holdings inc. leHMQ uS 11,806 -

Plains exploration & Production Co. PXP uS energy Freeport-McMoRan Copper & Gold inc. FCX uS 10,173 6.1

international Power Plc iPR lN utilities GDF Suez GSZ FP 10,171 8.4

Ping An insurance Group Co of China ltd. 2318 Hk Financial Charoen Pokphand Group Co ltd. 1044Z tB 9,385 -

Fraser and Neave ltd. (offer still pending) FNN SP Consumer, Non-cyclical thai Beverage PCl tHBev SP 9,192 25.6

Consolidated infrastructure Group ltd. Cil SJ industrial Shareholders - 8,867 -

Dr ing hcF Porsche AG 3407753Z GR Consumer, Cyclical volkswagen AG vow GR 8,730 -

NYSe euronext NYX uS Financial intercontinentalexchange inc. iCe uS 8,169 8.4

State Grid energy Development Co ltd. 0542902D CH utilities Shenhua Group Corp ltd. SHGClZ CH 8,127 -

Best Buy Co inc. BBY uS Consumer, Cyclical Private investor - 7,594 2.6

viterra inc. vt CN industrial Glencore international Plc. GleN lN 7,499 8.6

eP energy Global llC ePe uS energy Apollo Global Management llC, others - 7,150 -

Alibaba Group Holding ltd., Yahoo! stake AliBABZ CH Diversified Alibaba Group Holding ltd. AliBABZ CH 7,100 -

Sterlite industries india ltd. Stlt iN Basic Materials Sesa Goa ltd. SeSA iN 6,854 3.8

tNt express Nv tNte NA industrial united Parcel Service inc. uPS uS 6,853 10.6

Redecard SA RDCD3 BZ Consumer, Non-cyclical itau unibanco Holding SA ituB4 BZ 6,845 12.6

Sunoco inc. SuN uS energy energy transfer Partners lP etP uS 6,787 4.2

Ralcorp Holdings inc. RAH uS Consumer, Non-cyclical ConAgra Foods inc. CAG uS 6,655 10.6

Alliance Boots GmbH 3609631Z GR Consumer, Non-cyclical walgreen Co. wAG uS 6,596 -

Cequel Communications Holdings llC 9472287Z uS Communications Management group, others - 6,580 -

Amylin Pharmaceuticals llC AMlN uS Consumer, Non-cyclical Bristol-Myers Squibb Co. BMY uS 6,486 -

Cairn india ltd. CAiR iN energy Sesa Goa ltd. SeSA iN 5,900 5.9

Brisa Auto-estradas de Portugal SA BRi Pl Consumer, Non-cyclical tagus Holding Sarl 0237690D lX 5,777 11.2

orascom telecom Media & technology otMt eY Communications Shareholders - 5,653 -

Hankook tire Co ltd. 161390 kS Consumer, Cyclical Shareholders - 5,650 -

Actavis Group HF ACt iR Consumer, Non-cyclical watson Pharmaceuticals inc. wPi uS 5,610 13.4

Gavilon Group llC 2745841Z uS Consumer, Non-cyclical Marubeni Corp. 8002 JP 5,600 -

Coventry Health Care inc. CvH uS Consumer, Non-cyclical Aetna inc. Aet uS 5,591 6.3

Cimpor Cimentos de Portugal SGPS SA CPR Pl industrial Camargo Correa SA 899180Z BZ 5,431 7.2

Progress energy Resources Corp. PRQ CN energy Petroliam Nasional Bhd Pet Mk 5,405 32.6

Annington Homes ltd. 3653359Z lN Financial terra Firma Capital Partners ltd. 99484Z lN 5,091 -

exxonMobil Yk 0134298D JP Consumer, Cyclical tonenGeneral Sekiyu kk 5012 JP 5,021 -

NDS Group ltd. NNDS uS technology Cisco Systems inc. CSCo uS 5,000 12.9

Asia Financial indonesia Pte ltd. 204819Z iJ Financial DBS Group Holdings ltd. DBS SP 4,997 -

Servizi Assicurativi del Commercio estero 580856Z iM Financial Cassa Depositi e Prestiti SpA 186950Z iM 4,900 -

DuPont Performance Coatings inc 2121Z Au Basic Materials Carlyle Group lP CG uS 4,900 -

Rosneft oAo, 19.75 % stake RoSN RM energy BP Plc. BP/ lN 4,,799 4.5

Citigroup stake Morgan Stanley Smith Barney 0196898D uS Financial Morgan Stanley MS uS 4,725 -

Amerigroup Corp. AGP uS Consumer, Non-cyclical wellPoint inc. wlP uS 4,555 13.4

Source: Bloomberg

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01.04.13 www.bloombergbriefs.com Bloomberg Brief | Mergers 5

Grocer List: PRICES + BRANDS + DEMOGRAPHICSINDUSTRYRESEARCHBI <G

O>

Americas

Canada’s acquisitions of foreign companies grew 13 percent from the prior year to about $73.4 billion in 2012 as outflows exceeded inflows.

CAPitAl FloWS

Cross-Border Deals totaled $1.13 trillion in 2012, led by Glencore-Xstrata Cross-border transactions grew 8.7 percent to $1.13 trillion last year from $1.04 trillion in 2011. The biggest announced deal was U.K.-based miner and commodities trader Glencore International Plc’s offer for the 66 percent of Switzerland’s Xstrata Plc it didn’t already own. The final offer, after an increase, was worth $46.7 billion and was approved by shareholders in November.

EMEA

The U.K.’s inflows grew 50.2 percent in 2012 as the country emerged from a recession in the third quarter, helped by the London Olympic Games.

Global

The Asia-Pacific region had the greatest proportion of outbound capital flows, led by Beijing-based Cnooc’s $17.4 billion bid for Canada’s Nexen.

Asia-Pacific

Softbank’s $37.8 billion investment in Sprint-Nextel helped lift Japanese cross-border M&A volume 22 percent over 2011. (See also page 13.)

$8,245

$8,856

$192,745

$73,436

$24,254

$196,463

$206,215

$27,757

$24,181

$219,154

$62,668

$65,554

$263,531

$228,884

0% 20% 40% 60% 80% 100%

Mexico

Brazil

U.S.

Canada

Latin America

Americas

N. America

Outflows Inflows

Source: Bloomberg

$7,378

$82,950

$9,985

$32,183

$6,259

$169,686

$192,014

$22,304

$20,329

$148,438

$16,427

$38,485

$25,912

$212,050

$206,408

$21,148

0% 20% 40% 60% 80% 100%

France

U.K.

Russia

Germany

E. Europe

EMEA

W. Europe

ME and Africa

Outflows Inflows

Source: Bloomberg

$6,259

$24,254

$196,463

$169,686

$206,215

$192,014

$197,106

$25,912

$65,554

$263,531

$212,050

$228,884

$206,408

$73,501

0% 20% 40% 60% 80% 100%

E. Europe

Latin America

Americas

EMEA

N. America

W. Europe

Asia Pacific

Outflows Inflows

Source: Bloomberg

$13,115

$21,942

$14,886

$70,268

$107,116

$106,719

$197,106

$40,348

$23,772

$11,249

$31,788

$13,904

$63,172

$73,501

0% 20% 40% 60% 80% 100%

Aust./N.Z.

Singapore

India

H.K./China

Japan

Asia (ex-Japan)

Asia Pacific

Outflows Inflows

Source: Bloomberg

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01.04.13 www.bloombergbriefs.com Bloomberg Brief | Mergers 6

$111

$75

$43

$33 $24

$693

Oil Comp.-Exploration &Production

Cellular Telecom

Real EstateOper./Development

Building-Residential/Commercial

Pipelines

Other

Source: Bloomberg

($ billions) $0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Annual Deal Volume

Source: Bloomberg

($ billions)

Deal volume fell back from 2011, and is still well below the pre-Lehman crash peak of 2007.

Energy and telecom saw the biggest volumes, while real estate was boosted by Archstone, a legacy of the Lehman collapse.

noRth AMERiCA Click on orange arrows for interactive features

Energy, telecom Dominate U.S., Canadian Deals

Top 10 DealstARGEt nAME ACQUiRER nAME SEllER nAME DEAl vAlUE ($ Mln) PAYMEnt tYPE DEAl StAtUS

Sprint Nextel Corp. Softbank Corp. - 37,834 Cash or Stock Pending

t-Mobile uSA inc. MetroPCS Communications inc. Deutsche telekom AG 32,776 Cash and Stock Pending

Nexen inc. CNooC ltd. - 17,432 Cash Pending

Archstone enterprise lP equity Residential,AvalonBay Communities inc. lehman Brothers Holdings inc 16,094 Cash and Stock Pending

Cooper industries Plc eaton Corp Plc - 12,846 Cash and Stock Complete

Pfizer Nutrition Nestle SA Pfizer inc. 11,850 Cash Complete

Archstone enterprise lP lehman Brothers Holdings inc. Barclays Plc,Bank of America Corp. 11,806 Cash Complete

Plains exploration & Production Co. Freeport-McMoRan Copper & Gold inc. - 10,173 Cash and Stock Pending

NYSe euronext intercontinentalexchange inc - 8,169 Cash or Stock Pending

Best Buy Co inc Former Ceo Richard Schulze - 7,594 Cash Pending

Source: Bloomberg

Top 10 Financial Advisers Top 10 Legal Advisers

ADviSER RAnkMARkEt ShARE

(%)

totAl DEAlS

($ Mln)

AvE DEAl ($

Mln)

DEAl CoUnt

Goldman Sachs & Co. 1 21.5 210,778 1,293 163

Morgan Stanley 2 20.6 202,105 1,713 118

Citigroup 3 19.9 194,752 2,140 91

JP Morgan 4 19.3 189,130 1,630 116

Credit Suisse 5 16.6 162,351 1,888 86

Barclays 6 14.4 141,413 1,209 117

Deutsche Bank AG 7 12.5 122,937 1,661 74

Bank of America Merrill lynch 8 12.2 119,619 1,040 115

RBC Capital Markets 9 9.4 91,729 584 157

evercore Partners inc. 10 8.6 84629 1387 61

Source: Bloomberg

ADviSER RAnkMARkEt ShARE

(%)

totAl DEAlS ($ Mln)

AvE DEAl

($ Mln)

DEAl CoUnt

Skadden Arps Slate Meagher & Flom 1 17.3 169,791 1,124 151

wachtell lipton Rosen & katz 2 15.1 147,765 2,463 60

Davis Polk & wardwell 3 12.8 125,411 1,718 73

Simpson thacher & Bartlett 4 11.3 110,604 1,063 104

weil Gotshal & Manges llP 5 11.1 109,209 903 121

latham & watkins llP 6 10.8 105,833 551 192

kirkland & ellis 7 10.2 99,739 424 235

Shearman & Sterling llP 8 9.7 95,346 1,271 75

Morrison & Foerster llP 9 9.3 90,725 1,210 75

Sullivan & Cromwell 10 9.2 90552 1078 84

Source: Bloomberg

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01.04.13 www.bloombergbriefs.com Bloomberg Brief | Mergers 7

$65

$49

$27

$21

$20

$460

Oil Comp.-Integrated

Diversified Minerals

Commercial Banks Non-U.S.

Telecom Services

Real EstateOper./Development

Other

Source: Bloomberg

($ billions) $0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Annual Deal Volume

Source: Bloomberg

($ billions)

European merger volume has still not risen back to 2004 levels, and is less than half its pre-recession peak.

Rosneft’s complex twin deals to buy TNK-BP from BP and its Russian partners accounted for most of the oil industry merger volume.

EURoPE, MiDDlE EASt AnD AFRiCA Click on orange arrows for interactive features

Glencore-Xstrata, Rosneft-BP Stand out in lackluster Year

Top 10 DealstARGEt nAME ACQUiRER nAME SEllER nAME DEAl vAlUE ($ Mln) PAYMEnt tYPE DEAl StAtUS

Xstrata Plc Glencore international Plc - 46,672 Stock Pending

tNk-BP ltd. AAR stakes Rosneft oAo Renova, others 28,000 Cash Pending

tNk-BP ltd. BP Plc’s stake Rosneft oAo BP PlC 26,380 Cash and Stock Pending

international Power PlC GDF Suez - 10,171 Cash Complete

Consolidated infrastructure Group ltd. Shareholders Peregrine Holdings ltd 8,867 Complete

Dr ing hcF Porsche AG volkswagen AG Porsche Automobil Holding Se 8,730 Cash Complete

tNt express Nv united Parcel Service inc. - 6,853 Cash Pending

Alliance Boots GmbH walgreen Co. kkR & Co lP 6,596 Cash and Stock Complete

Banco de valencia SA kingdom of Spain - 5,823 Cash Pending

Brisa Auto-estradas de Portugal SA tagus Holding Sarl - 5777 Cash Pending

Source: Bloomberg

Top 10 Financial Advisers Top 10 Legal Advisers

ADviSER RAnkMARkEt ShARE

(%)

totAl DEAlS

($ Mln)

AvE DEAl ($

Mln)

DEAl CoUnt

Goldman Sachs & Co. 1 33.6 215,634 1,960 110

Deutsche Bank AG 2 31.0 198,814 2,259 88

Barclays 3 29.8 191,509 2,736 70

Morgan Stanley 4 28.0 179,678 1,762 102

Citigroup 5 24.8 159,310 2,451 65

Bank of America Merrill lynch 6 19.1 122,308 2,308 53

Credit Suisse 7 18.9 121,585 2,061 59

Rothschild 8 18.9 121,263 814 149

JP Morgan 9 16.6 106,848 1,444 74

uBS 10 13.6 87,346 1,386 63

Source: Bloomberg

ADviSER RAnkMARkEt ShARE

(%)

totAl DEAlS

($ Mln)

AvE DEAl

($ Mln)

DEAl CoUnt

linklaters llP 1 25.7 165,207 933 177

Freshfields Bruckhaus Deringer 2 21.5 137,916 913 151

Clifford Chance llP 3 14.5 93,331 676 138

Cleary Gottlieb Steen & Hamilton 4 10.9 70,014 4,118 17

Skadden Arps Slate Meagher & Flom 5 10.5 67,099 1,428 47

weil Gotshal & Manges llP 6 9.6 61,356 1,394 44

Allen & overy llP 7 9.1 58,096 370 157

Cravath Swaine & Moore 8 8.9 57,375 7,172 8

white & Case llP 9 8.9 56,936 999 57

Minter ellison 10 8.8 56,680 8097 7

Source: Bloomberg

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01.04.13 www.bloombergbriefs.com Bloomberg Brief | Mergers 8

$17

$8

$7

$7 $4

$75

Brewery

Investment Companies

Finance-Credit Card

Oil Comp.-Exploration &Production

Electric-Integrated

Other

Source: Bloomberg

($ billions) $0

$100

$200

$300

$400

$500

$600

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Annual Deal Volume

Source: Bloomberg

($ billions)

Even a boost from the two pending bids for Singapore’s Fraser & Neave failed to propel 2012 deal volume above the prior-year figure.

Heineken’s $4.4 billion buyout of Fraser & Neave’s stake in Asia Pacific Breweries helped the sector top the 2012 rankings.

ASiA PACiFiC Click on orange arrows for interactive features

Fraser & neave’s Six-Month Bid Battle Bolsters Slowing Merger Market

Top 10 Deals

tARGEt nAME ACQUiRER nAME SEllER nAME DEAl vAlUE ($ Mln) PAYMEnt tYPE DEAl StAtUS

Fraser and Neave ltd. overseas union enterprise ltd. - 12,685 Cash Pending

Ping An insurance Group Co. of China ltd. Charoen Pokphand Group Co ltd. HSBC Holdings Plc 9,385 Cash Pending

Fraser and Neave ltd. thai Beverage PCl - 9,192 Cash Pending

tokyo electric Power Co inc. Nuclear Damage Compensation Facilitation Corp. - 8,573 Cash Complete

State Grid energy Development Co ltd. Shenhua Group Corp ltd China State Grid Corp. 8,127 undisclosed Pending

Alibaba (Yahoo!’s stake) Alibaba Group Holding ltd. Yahoo! inc. 7,100 Cash and Stock Complete

Sterlite industries india ltd. Sesa Goa ltd. - 6,854 Stock Pending

Cairn india ltd. Sesa Goa ltd. vedanta Resources PlC 5,900 Cash Pending

Hankook tire Co ltd Shareholders Hankook tire worldwide Co ltd 5,650 Complete

exxonMobil Yk tonenGeneral Sekiyu kk exxon Mobil Corp 5,021 Cash Complete

Source: Bloomberg

Top 10 Legal AdvisersTop 10 Financial Advisers

ADviSER RAnkMARkEt ShARE

(%)

totAl DEAlS

($ Mln)

AvE DEAl ($ Mln)

DEAl CoUnt

Goldman Sachs & Co 1 19.3 97,197 1,171 83

Morgan Stanley 2 18.4 92,697 653 142

JP Morgan 3 15.6 78,407 1,705 46

Credit Suisse 4 13.3 66,850 1,453 46

Nomura Holdings inc 5 10.3 51,822 432 120

Citi 6 10.0 5,0028 893 56

uBS 7 9.1 45,600 931 49

Bank of America Merrill lynch 8 7.6 38,,427 1,921 20HSBC Bank PlC 9 7.3 36,708 1,530 24Deutsche Bank AG 10 6.6 33,291 951 35

Source: Bloomberg

ADviSER RAnkMARkEt ShARE

(%)

totAl DEAlS

($ Mln)

AvE DEAl

($ Mln)

DEAl CoUnt

Mori Hamada & Matsumoto 1 9.6 48,494 354 137

Nagashima ohno & tsunematsu 2 9.2 46,141 285 162

Nishimura & Asahi 3 8.3 41,694 366 114

Freshfields Bruckhaus Deringer 4 6.4 32,267 1,008 32

Skadden Arps Slate Meagher & Flom 5 6.0 29,957 999 30

wongPartnership llP 6 5.4 27,124 431 63

Shook lin & Bok 7 5.3 26,436 979 27

Stamford law Corp 8 4.5 22,758 759 30

Anderson Mori & tomotsune 9 4.1 20,683 591 35

Baker & Mckenzie 10 4.1 20,543 223 92

Source: Bloomberg

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01.04.13 www.bloombergbriefs.com Bloomberg Brief | Mergers 9

$40

$19

$17

$15

$14

$397

Real EstateOper/Development

Diversified Operations

Beverages-Wine/Spirits

Oil Comp.-Exploration &Production

Electric-Generation

Other

Source: Bloomberg

($ billions) $0

$100

$200

$300

$400

$500

$600

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Annual Deal Volume

Source: Bloomberg

($ billions)

Deal volumes in 2012 were close to prior year levels, sustained by AB InBev’s $17.23 billion purchase of the rest of Mexico’s Grupo Modelo.

Modelo dominated brewery deals, while financials included UnitedHealth’s takeover of Brazilian insurer and hospital group Amil through its parent JPLSPE.

lAtin AMERiCA - CARiBBEAn Click on orange arrows for interactive features

Deal volumes Sustained by Brewery, health Care and Financial takeovers

Top 10 DealstARGEt nAME ACQUiRER nAME SEllER nAME DEAl vAlUE ($ Mil.) PAYMEnt tYPE DEAl StAtUS

Grupo Modelo SAB de Cv Anheuser-Busch inBev Nv - 17,231 Cash Pending

Redecard SA itau unibanco Holding SA - 6,845 Cash Complete

oil and Gas properties/Gulf of Mexico Plains exploration & Production Co. BP PlC 5,500 Cash Complete

JPlSPe empreendimentos e Participacoes SA unitedHealth Group inc. - 3,201 Cash Complete

Grupo Argos SA Shareholders Cementos Argos SA 3,167 - Complete

Rede energia SA CPFl energia SA,equatorial energia SA - 2,792 Cash Pending

operations in Colombia Cencosud SA Carrefour SA 2,605 Cash Complete

Consorcio Comex SA de Cv Sherwin-williams Co. - 2,340 Cash Pending

PortX operacoes Portuarias SA MMX Mineracao e Metalicos SA - 2,091 Stock Complete

eBX Group Co. Mubadala Development Co. - 2,000 Cash Complete

Source: Bloomberg

Top 10 Financial Advisers Top 10 Legal Advisers

ADviSER RAnkMARkEt ShARE

(%)

totAl DEAlS

($ Mln)

AvE DEAl

($ Mln)

DEAl CoUnt

JP Morgan 1 33.1 39,095 2,443 16

Credit Suisse 2 29.7 35,084 731 48

Bank of America Merrill lynch 3 22.3 26,333 2,194 12

Morgan Stanley 4 19.8 23,312 1,665 14

Barclays 5 19.3 22,731 11366 2

lazard ltd 6 19.2 22,634 2,058 11

Banco itau BBA SA 7 17.7 20,850 426 49

Goldman Sachs & Co 8 17.4 20,519 977 21

Deutsche Bank AG 9 16.6 19,616 2,180 9

Rothschild 10 13.0 15,282 899 17

Source: Bloomberg

ADviSER RAnkMARkEt ShARE

(%)

totAl DEAlS ($ Mln)

AvE DEAl

($ Mln)

DEAl CoUnt

Skadden Arps Slate Meagher & Flom 1 22.4 26,445 2,204 12

Sullivan & Cromwell 2 21.2 25,066 2,785 9

Mattos Filho veiga Filho Marrey Quiroga 3 16.3 19,237 427 45

Freshfields Bruckhaus Deringer 4 16.1 18,996 9,498 2

Cravath Swaine & Moore 5 15.9 18,735 9,367 2

Slaughter and May 6 14.8 17,451 8,726 2

Blake Cassels & Graydon llP 6 14.8 17,451 8,726 2

Alston & Bird llP 8 14.6 17,231 17,231 1

Bennett Jones llP 8 14.6 17,231 17,231 1

Greenberg traurig llP 8 14.6 17,231 5,744 3

Source: Bloomberg

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01.04.13 www.bloombergbriefs.com Bloomberg Brief | Mergers 10

Deal volume in 2012 was slightly below 2011 levels and the number of buyouts fell to 700 from 913.

vAlUAtionS

PRivAtE EQUitY

Prices Reflected Sluggish Deal ActivityAn increase in deal volume in the second half and rising stock markets were not enough to lift overall valuation multiples for 2012. The average premium for public targets fell from 30.6 percent to 29.6 percent, according to data compiled by Bloomberg.

lBo volume Remained at Just a Fraction of 2006-2007 levelsLeveraged buyout activity has not rebounded since the financial crisis. Still, some private equity firms such as Advent International Corp., Apollo Global Management LP and Carlyle Group LP have continued to pursue large targets. Apollo announced three deals worth more than $1 billion in 2012. Carlyle announced four over $3 billion, including by far the largest buyout ever of a Chinese com-pany: Hong Kong-based video-screen advertising company Focus Media Holding Ltd.

Five key valuation multiples fell in 2012 versus 2011.

0x 2x 4x 6x 8x 10x 12x 14x 16x 18x 20x

Revenue

Book value

Ebitda

Free cashflow

Net Income

2011

2012

Source: Bloomberg

0

200

400

600

800

1000

1200

1400

1600

1800

0

100

200

300

400

500

600

700

800

900

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

← Value ($B)

Deals →

Source: Bloomberg

Billi

ons Deals

There were fewer very low and very high premiums and more deals priced at 10 percent-50 percent over the target’s previous closing price.

0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%

>100%

75.01-100%

50.01-75%

25.01-50%

10.01-25%

0-10%

2011

2012

Source: Bloomberg

tARGEt CoUntRY ACQUiRER vAlUE ($Mln)

eP energy Global u.S. Apollo Global et al 7,150Cequel Communications u.S. CPP, BC Partners 6,580Annington Homes Britain terra Firma Capital 5,091DuPont Performance Coatings u.S. Carlyle Group 4,900Primaris Retail Reit Canada ontario Pension Board et al 4,079united technologies units u.S., Germany Carlyle Group, BC Partners 3,460Focus Media Holding Hong kong Carlyle Group et al 3,427

Getty images u.S. Carlyle Group 3,300

transunion u.S. Advent int'l, GS Capital Partners 3,000

Aot Bedding Super u.S. Advent international 2,404

Party City u.S. thomas H lee Partners 2,300

McGraw-Hill education u.S. Apollo Global Management 2,249

Ahlsell Sweden CvC Capital Partners 2,404

Source: Bloomberg

Largest LBOs of 2012Buyout Volume Eased from 2011

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01.04.13 www.bloombergbriefs.com Bloomberg Brief | Mergers 11

China Emerges as Energy Acquirer

Cnooc’s $17.4 billion agreed offer for Canada’s Nexen helped make China the third largest energy acquirer in 2012.

AB InBev sought growth in Mexico; Heineken and Kirin competed for the drinks units of Singapore’s Fraser & Neave.

Source: Bloomberg

Top Energy Targets

U.S.

Russia

China

Canada

India

Australia

Others

Top Energy Acquirers

$128.14B

$14.55B

$62.27B

$127.81B $96.26B

$13.72B

$31.45B

$45.75B $58.06B

$58.03B

$15.40B

$95.32B

SECtoR AnAlYSiS Click on orange arrows for interactive tables

China’s Energy Buys, Emerging-Markets Food & Drink and U.S. health insurers Mark 2012China was a significant net buyer of energy assets in 2012, emerging markets food and drink was in focus as global companies sought growth and U.S. President Barack Obama’s health care program sparked consolidation in the health insurance sector.

Diversified, Telecom Command Highest Premiums

Financials, consumer goods and energy led in deal volumes. The highest average premiums were in diversified industries and communications.

0%

10%

20%

30%

40%

50%

60%

70%

$0

$100

$200

$300

$400

$500

$600

$700 Announced deal value $Bln (lhs)

Announced premium % (rhs)

Billi

ons

N. American Targets Dominate Telecom Deals

October saw Softbank buy a $37.8 billion stake in Sprint Nextel and MetroPCS’s merger with Deutsche Telekom’s T-Mobile USA.

Source: Bloomberg

North America

Asia-Pacific $16.49B

Europe $27B

LatAm-Caribbean $870M

Mid-East, Africa $13.9B

Regional Flow of Funds in Telecom Deals ($B)

Telecom Targets by Region

$0 $50-$50 $0

LatinAmerica

Asia-Pacific

MiddleEast/Africa

Europe

NorthAmerica

$94.76B

Market leading intelligence Bloomberg Briefs publishes 18 newsletters to help you stay ahead of the markets. Individual and group subscriptions available. Visit www.bloombergbriefs.com to subscribe or take a trial. Or call Annie Gustavson at +1-212-617-0544.

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tARGEt ACQUiRER SEllER vAlUE ($Bln)

DEAl StAtUS

Grupo Modelo SAB AB inBev Nv 17.23 Pending

Fraser and Neave ltd. oue ltd. 12.68 Pending

Pfizer Nutrition Nestle SA Pfizer inc. 11.85 Complete

Ralcorp Holdings inc. ConAgra Foods inc. 6.66 Pending

Alliance Boots GmbH walgreen Co kkR & Co lP 6.60 Complete

Amylin Pharma llC Bristol-Myers Squibb Co. 6.49 Complete

Brisa Auto-estradas SA tagus Holding Sarl 5.78 Pending

Actavis Group HF watson Pharma inc. Novator eHF 5.61 Complete

Gavilon Group llC Marubeni Corp. Soros FM llC 5.60 Pending

Coventry Health Care inc. Aetna inc. 5.59 Pending

Amerigroup Corp. wellPoint inc. 4.56 Complete

lincare Holdings inc linde AG 4.40 Complete

Source: Bloomberg

Drinks, Health Feature in Consumer Non-Cyclicals

Click on bars for interactive features

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01.04.13 www.bloombergbriefs.com Bloomberg Brief | Mergers 12

tREnDS

Asian Buyers Emerge as a Major Factor in Global M&AChina has emerged as a big driver of global M&A over the past six years. Chinese companies came to the fore just as the financial crisis curbed mergers in much of the rest of the world, and Chinese buying, both domestic and foreign, has held at a fairly constant level since 2007. (The chart below left includes both Mainland and Hong Kong acquirers.)

Japanese companies have re-emerged as major players as they see overseas acquisitions as a vehicle to sustain growth, and the yen’s rise against the dollar since 2009 has made foreign expansion more attractive.

Chinese corporate purchases, domestic and foreign, have remained steady through the financial crisis and after.

$-

$20

$40

$60

$80

$100

$120

$140

$160

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Target outside China & Hong Kong

Target in China & Hong Kong

Billi

ons

Source: Bloomberg

A rising yen through mid-2012 and slow domestic growth prospects have spurred outbound Japanese dealmaking.

Softbank $37B investment in Sprint-

Nextel

70

80

90

100

110

120

130

140$0

$10

$20

$30

$40

$50

$60 ← Deal volume ($B)

$/yen (inverted scale) →

Source: Bloomberg Japanese acquirers, global targets ex Japan

Includes Softbank's $37.8 billion investment in

Sprint-Nextel

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Chinese Corporate Acquisitions Foreign Acquisitions by Japanese Companies

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01.04.13 www.bloombergbriefs.com Bloomberg Brief | Mergers 13

All- and Part-Stock Deals Get a Better Reception

-8

-7

-6

-5

-4

-3

-2

-1

0

1

2

3

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

All-cash deals All or part-stock deals

Source: Bloomberg

Mean change in buyer's share price on announcement

Perc

ent

North America ex Mexico and Europe, deals over $500m

tREnDS Click on orange arrow for interactive table

Buyers’ Stocks Get a lift From Deal Announcements in 2012ConAgra Foods Inc.’s stock climbed 4.7 percent when it said Nov. 27 it would buy Ralcorp Holdings Inc. for $6.7 billion. It was just one example of a trend that runs counter to accepted wisdom and the history of mergers: North American and European companies making large acquisitions in 2012 were more likely than not to see their shares rise.

“Historically, there’s been an assumption that on a short-term basis the company had to overpay and stocks usually went down on the buy side,” Bob Profusek, chair of the global M&A practice at law firm Jones Day said in a telephone interview in November.

In 57 percent of the deals sampled, the buyer’s stock was up three days after announcement. The mean increase was 2.2 percent in North America and 1.4 percent in Europe. (Only deals over $500 million were included. Mexico was excluded from North America. The three-day period was used to account for announcements on the eve of weekends and holidays.)

Explanations vary. Companies are using cash to do deals or they are borrowing money at historically low interest costs so deals have a better chance of boosting buyers’ earnings per share, Profusek said.

Another factor may be that companies are making acquisitions closer to their existing businesses to grow sales or cut costs rather than pursuing more complex objectives, said Sachin Shah, a special situations and merger arbitrage strategist, in an interview in November.

— Will Robinson, Alicia Looney and John E. Morris

The Portion of All-Cash Deals Has Been Rising

With corporate balance sheets loaded with cash, the portion of all-cash acquisitions has risen to their highest level in 13 years of Bloomberg data.

Historically investors have reacted more positively to acquisitions made with cash rather than stock. That differentiation has largely vanished.

0

10

20

30

40

50

60

70

% of sampled deals with all-cash consideration

Source: Bloomberg

Perc

ent

Mean Change in Buyers’ Stock on Announcement

Investors have viewed acquisitions more favorably in recent years, as measured by the changes in buyers’ share prices.

-7

-6

-5

-4

-3

-2

-1

0

1

2

3

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

North America ex MexicoEurope

Annual average: change in buyer's stock on deal announcement*

Source: Bloomberg

Perc

ent

* Mean percentage difference from three days before announcement to and one day after

Biggest Stock Gainers After Deal Announcements

Click here for list of biggest deal-related share-price declines

ACQUiRER tARGEt vAlUE ($M)

% ChAnGE on AnnoUnCEMEnt

ocwen Financial Homeward Residential 750 26.0

Dex one SuperMedia 1,474 24.2

Jupiter telecommunications Japan Cablenet 1,316 24.0

MacDonald Dettwiler Space Systems/loral 875 23.3

Hilltop Holdings PlainsCapital 523 23.3

Constellation Brands Crown imports 1,850 23.0

on Assignment Apex Systems 600 21.6

Youku tudou tudou Holdings 925 20.3

PvH Corp warnaco Group 2,824 20.3

Catamaran Corp Catalyst Health Solutions 4,167 19.0

Source: Bloomberg Change from one day before announcement to three days after

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01.04.13 www.bloombergbriefs.com Bloomberg Brief | Mergers 14

DEAlMAkER PRoFilES

Name: Antonio WeissCompany: Lazard Ltd.Title: Global Head of Investment BankingWeiss advised Google Inc. on its $9.8 billion acquisition of Motorola Mobility Holdings Inc. completed in May. In June, he worked with AB InBev NV on its agreement to buy the 50 percent of Mexico’s Grupo Modelo SAB that it didn’t already own for $20.1 billion. Weiss also helped GlaxoSmithKline Plc complete a $3 billion takeover of Hu-man Genome Sciences Inc. in August and counseled Hertz Global Holdings Inc. on its $2.5 billion takeover of Dollar Thrifty Automotive Group Inc. that was finalized in November.

Name: Blair EffronCompany: Centerview Partners LLPTitle: Partner and Co-FounderEffron worked with United Rentals Inc. on its $2.4 billion acquisition of RSC Holdings Inc. completed in May. He helped Pfizer Inc. sell its infant nutrition business to Nestle SA for $11.9 billion in November and counseled ConAgra Foods Inc. on its $6.7 billion November agreement to buy Ralcorp Holdings Inc. Effron also worked with News Corp. on its plan to split its publishing unit from its TV and entertainment business.

Name: Michael KleinCompany: M. Klein & Co. Title: Independent Adviser Klein, the former vice chairman of Citigroup Inc. who struck out on his own in 2008, helped broker negotiations between Xstrata Plc and Glencore International Plc on their $47 billion merger. Klein, an independent adviser to both companies, played an important role relaying the two chief executive officers’ demands and helping them come to terms on the year’s biggest deal, people with knowledge of the talks said when the transaction was an-nounced in February.

Name: Peter TagueCompany: Citigroup Inc. Title: Co-Head of Global M&ATague, who was named Citigroup’s co-head of global M&A in March alongside Mark Shafir, advised China’s Cnooc Ltd. on its $17.4 billion takeover bid for Canada’s Nexen Inc. announced in July.

Name: Tim IngrassiaCompany: Goldman Sachs Group Inc.Title: Co-Chairman of Global M&AIngrassia helped Hologic Inc. buy Gen-Probe Inc. for $3.9 billion in August, and Human Genome Sciences Inc. sell itself to GlaxoSmithKline Plc for $3 billion the same month. He also worked with Bolthouse Farms on its $1.55 billion sale by Madison Dearborn Partners LLC to Campbell Soup Co. In November he counseled Ral-corp Holdings Inc. on its $6.7 billion agreement to be purchased by ConAgra Foods Inc.

Name: Bob EatroffCompany: Morgan StanleyTitle: Co-Head of Americas M&AEatroff was named a co-chief of M&A in the Americas with Jim Head in December. He worked with Deutsche Tele-kom AG on the agreement to combine its T-Mobile USA unit with MetroPCS Communications Inc.

Name: Jim WooleryCompany: JPMorgan Chase & Co.Title: Co-head of North America M&A Woolery advised UnitedHealth Group Inc. on its October agreement to pay about $4.9 billion to buy 90 percent of Brazil’s Amil Participacoes SA. He also worked with Coty Inc. on its unsolicited $10.7 billion bid for Avon Prod-ucts Inc. that was terminated in May.

Financial Advisers on key Deals in 2012

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01.04.13 www.bloombergbriefs.com Bloomberg Brief | Mergers 15