mergermarket league tables of legal advisers to global M&A ... · For Immediate Release....
Transcript of mergermarket league tables of legal advisers to global M&A ... · For Immediate Release....
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 1
Contacts:
Europe & North America Hannah [email protected]: +44 20 7059 6118
Asia-Pacifi cSeye [email protected] Tel: +852 2158 9706
Table of Contents:
Global League Tables & Data 2-4Expected Deals 5Top Firm Profi les 6-10European League Tables & Data 11-19 North American Tables & Data 20-26Asia-Pacifi c League Tables & Data 27-32Global M&A Breakdown 33Criteria 34About mergermarket 35
League table rankings heavily infl uenced by BHP-Rio Tinto deal; credit crunch hits many US law fi rms
The list of leading global M&A law fi rms for the fi rst half of 2008 has been overwhelmingly determined by a single factor: whether they advised one of the parties involved on BHP Billiton’s USD 211bn bid for Rio Tinto. This deal, which involved awarding mandates to a total of 14 different law fi rms, many of which have rarely if ever appeared at the very top of the league tables, accounted for the toppling of two traditional heavy-weights: Freshfi elds, which fell from fourth place in 2007 to 16th at the end of the fi rst half, and Clifford Chance, which failed to even get a place in the top 20.
Freshfi elds, which in recent years has enjoyed a strong franchise advising on London-based leveraged buy-outs, has clearly suffered at the hands of the credit crunch, which has resulted in large LBOs wiped off the M&A map indefi nitely. The Magic Circle fi rm saw over 14% of its deal-fl ow come from advising private equity fi rms on buyouts in 2007, only to see this dwindle to 8% in 2008 so far. More revealing is the fact that while in 2007 it benefi tted from advising the fi nancial adviser, as opposed to the principle, on over a quarter of its deals by value, this year it has not been credited with a single such role. Similarly, Sullivan & Cromwell, which fell from fi rst to fourth in the global M&A tables saw a decline in the percent-age value of deals where it advised the fi nancial adviser – often Goldman Sachs – from 17.9% in 2007 to 7.4% in the year to-date. Skadden Arps also saw the percentage of its advisory mandates to fi nancial advisers slashed from 60% to 10% yet this did not prevent it from maintaining its second place ranking.
It will come as no surprise that the dearth of LBOs hit the US law fi rms hardest of all. Cleary Gottlieb, which dropped from seventh position to 22nd, advised private equity fi rms on buyouts on less than fi ve per cent of its deals by value in 2008, compared to nearly 30% in 2007. Weil Gotshal, which fell from eighth to 23rd place by value saw its role advising PE fi rms on buyouts by value decrease from 40.3% to 7.2% over the same period. The same phenomenon knocked Simpson Thacher from 10th to 17th and Kirkland Ellis from 22nd to 48th, with a reduction in the percentage of deals where they advised PE fi rms from 47.8 to 9.6% and 59.3 to 22.3% respectively.
The US league tables were also heavily infl uenced by a single deal, the USD 106bn spin-off of Philip Morris from Altria, which put four new names at the top. Gibson Dunn & Crutcher fi nished fi rst, having ranked 14th in 2007 while Hunton & Williams; McCarthy Tetrault and Sutherland Asbill & Brennan ranked third, fourth and fi fth respectively. None of these fi rms ranked in the top 20 in 2007.
mergermarket league tables of legal advisers to global M&A: H1 2008
July 3, 2008For Immediate Release
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 2
Global
League Table of Legal Advisers to Global M&A: Value League Table of Legal Advisers to Global M&A: Volume
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
5 1 Linklaters 381,788 123
2 2 Skadden Arps Slate Meagher & Flom 372,505 86
19 3 McCarthy Tetrault 351,578 39
1 4 Sullivan & Cromwell 337,280 57
6 5 Allen & Overy 306,600 99
20 6 Cravath Swaine & Moore 276,623 27
32 7 Slaughter and May 265,909 29
16 8 Herbert Smith/Gleiss Lutz/Stibbe 252,648 54
43 9 Davies Ward Phillips & Vineberg 244,853 17
88 10 Allens Arthur Robinson 239,603 22
41 11 Freehills 233,965 34
71 12 Lovells 224,571 45
55 13 Blake Dawson 215,532 26
331 14 Johnson Winter & Slattery 211,057 4
29 15 Gibson Dunn & Crutcher 178,704 48
3 16 Freshfi elds Bruckhaus Deringer 143,791 120
9 17 Simpson Thacher & Bartlett 121,664 46
8 18 Latham & Watkins 119,421 112
47 19 Hunton & Williams 115,141 15
64 20 Sutherland Asbill & Brennan 107,916 4
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
8 1 Jones Day 48,155 161
2 2 DLA Piper 36,337 148
4 3 Linklaters 381,788 123
5 4 Freshfi elds Bruckhaus Deringer 143,791 120
3 5 Clifford Chance 107,673 118
1 6 Latham & Watkins 119,421 112
7 7 Allen & Overy 306,600 99
6 8 Baker & McKenzie 31,256 97
11 9 White & Case 48,416 91
9 10 Skadden Arps Slate Meagher & Flom 372,505 86
10 11 Kirkland & Ellis 25,700 83
12 12 CMS 10,483 74
15 13 Weil Gotshal & Manges 92,361 70
14 14 Dewey & LeBoeuf 63,191 65
13 15 Cleary Gottlieb Steen & Hamilton 105,612 62
16 16 Sullivan & Cromwell 337,280 57
17 17 Herbert Smith/Gleiss Lutz/Stibbe 252,648 54
23 18 Shearman & Sterling 85,656 53
29 19 O'Melveny & Myers 21,173 53
26 20 Gibson Dunn & Crutcher 178,704 48
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 3
League Table of Legal Advisers to Global Buyouts: Value League Table of Legal Advisers to Global Buyouts: Volume
Global
Note: based on fi rms advising the bidder on buyout deals
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
8 1 Clifford Chance 16,777 25
20 2 Linklaters 16,450 26
6 3 Freshfi elds Bruckhaus Deringer 13,062 10
10 4 Sullivan & Cromwell 12,070 6
1 5 Simpson Thacher & Bartlett 11,710 14
55 6 Hengeler Mueller 8,371 6
48 7 White & Case 7,912 17
59 8 Slaughter and May 6,990 3
2 9 Weil Gotshal & Manges 6,651 15
44 10 Lovells 6,187 7
3 11 Kirkland & Ellis 5,720 33
170 12 Poellath & Partners 5,584 8
255 13 Araoz & Rueda 5,018 6
4 14 Cleary Gottlieb Steen & Hamilton 4,851 9
26 15 Baker Botts 4,841 4
51 16 Baker & McKenzie 4,679 10
65 17 Vinge 4,663 10
135 18 Dickson Minto 4,357 5
18 19 Dechert 3,705 6
11 20 Allen & Overy 3,655 8
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
1 1 Kirkland & Ellis 5,720 33
6 2 Linklaters 16,450 26
5 3 DLA Piper 1,352 26
2 4 Clifford Chance 16,777 25
11 5 Jones Day 1,035 19
3 6 Latham & Watkins 2,080 18
14 7 White & Case 7,912 17
4 8 Weil Gotshal & Manges 6,651 15
10 9 Simpson Thacher & Bartlett 11,710 14
8 10 SJ Berwin 2,292 14
16 11 CMS 1,316 14
20 12 Travers Smith 2,066 12
56 13 Osborne Clarke 666 12
7 14 Freshfi elds Bruckhaus Deringer 13,062 10
13 15 Baker & McKenzie 4,679 10
41 16 Vinge 4,663 10
25 17 Cleary Gottlieb Steen & Hamilton 4,851 9
22 18 O'Melveny & Myers 567 9
100 19 Poellath & Partners 5,584 8
9 20 Allen & Overy 3,655 8
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 4
Global M&A Trend Data and Top Deals
Top Announced Deals H1 2008 - All Regions
Announced Date Bidder Company Bidder Legal Adviser Target Company Target/Seller Legal Adviser Seller CompanyDeal Value USD (m)
06-Feb-08 BHP Billiton Ltd
Allen & Overy (Advising BNP Paribas; Citi; Goldman Sachs; HSBC Bank; UBS); Blake Dawson; Davies Ward Phillips & Vineberg; Freehills; Lovells (Advising Goldman Sachs); Skadden Arps Slate Meagher & Flom; Slaughter and May
Rio Tinto plc
Allens Arthur Robinson; Linklaters; McCarthy Tetrault; Sullivan & Cromwell; Advising Financial Advisers: Cravath Swaine & Moore; Herbert Smith/Gleiss Lutz/Stibbe; Johnson Winter & Slattery
210,868
30-Jan-08 Altria Group Inc (Shareholders) Philip Morris International Inc
Advising seller: Gibson Dunn & Crutcher; Hunton & Williams; McCarthy Tetrault; Sutherland Asbill & Brennan
Altria Group Inc 106,884
02-Jun-08 China Unicom Ltd
Freshfi elds Bruckhaus Deringer; Skadden Arps Slate Meagher & Flom (Advising JPMorgan); Slaughter and May (Advising China International Capital Corporation Limited); Sullivan & Cromwell
China Netcom Group Corporation (Hong Kong) Limited
Linklaters; Shearman & Sterling 29,589
05-Jun-08 Verizon Wireless IncDebevoise & Plimpton (Advising Morgan Stanley); Milbank Tweed Hadley & McCloy (Advising Morgan Stanley); Simpson Thacher & Bartlett
Alltel Corporation IncMorrison & Foerster; Wachtell Lipton Rosen & Katz; Advising seller: Cleary Gottlieb Steen & Hamilton (Advising Goldman Sachs); Ropes & Gray
Atlantis Holdings LLC (affi liate of TPG LLP and GS Capital Partners 28,100
21-May-08 Time Warner Cable Inc (Shareholders) Time Warner Cable Inc (86.30% stake)
Latham & Watkins; Paul Weiss Rifkind Wharton & Garrison; Weil Gotshal & Manges (Advising Evercore Partners); Advising seller: Cravath Swaine & Moore; Skadden Arps Slate Meagher & Flom
Time Warner Inc 25,461
Global M&A Activity - Quarterly
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Global Buyout M&A Activity - Yearly
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mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 5
Pre- Ann. Date Potential Bidder Company Bidder Legal Adviser Target Company Target Legal AdviserValue
EUR (m)
17-Mar-08 Electricite de France SA; Centrica plc; and Iberdrola SA British Energy Group Plc 7,677
06-Nov-07 Credit Mutuel SA Bonelli Erede Pappalardo Banca Popolare di Milano 4,454
17-Jun-08 Hellman & Friedman LLC; Providence Equity Freshfi elds Bruckhaus Deringer Informa Plc 2,533
30-May-08 China National Offshore Oil Corporation Ltd; China Awilco Offshore ASA 1,367
05-May-08 WPP Group Plc Taylor Nelson Sofres Plc 1,213
Pre- Ann. Date Potential Bidder Company Bidder Legal Adviser Target Company Target Legal AdviserValue
USD (m)
11-Jun-08 InBev SA Linklaters; Clifford Chance; Sullivan & Cromwell; Paul Weiss Rifkind Wharton & Garrison Anheuser-Busch Companies Inc Linklaters; Clifford Chance; Sullivan & Cromwell;
Paul Weiss Rifkind Wharton & Garrison 46,349
20-May-08 NRG Energy Inc Calpine Corporation 8,960
10-Mar-08 Nationwide Mutual Insurance Company Jones Day Nationwide Financial Services Inc Jones Day 6,510
02-Mar-08 United Technologies Corporation Wachtell, Lipton, Rosen & Katz Diebold Incorporated Wachtell, Lipton, Rosen & Katz 2,632
10-Jun-08 Precision Drilling Trust Grey Wolf Inc 1,788
Pre- Ann. Date Potential Bidder Company Bidder Legal Adviser Target Company Target Legal AdviserValue
USD (m)
12-Dec-07 KT Corporation KT Freetel Co Ltd 5,137
24-Jun-08 BG Group Plc Allen & Overy; Mallesons Stephen Jaques; Linklaters; Simpson Grierson Contact Energy Ltd 3,565
05-Dec-07 Nakheel Group; and Lend Lease Corporation Mirvac Group 3,024
15-Feb-08 Steel Partners Japan Strategic Fund (Offshore) LP Sapporo Holdings Limited Nishimura & Asahi 2,724
14-May-08 Country Garden Holdings Co Ltd; and Yeung Kwok Television Broadcasts Limited 2,526
Expected Deals
Europe
North America
Asia-Pacifi c
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 6
Global M&A Activity - Quarterly
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Mix of Announced Global Deals by Industry Sector H1 2008 - Value
Energy, Mining & Utilities59.2%
Consumer7.3%
Agriculture<0.1%
Industrials & Chemicals2.4%
Pharma, Medical & Biotech3.8%
Defence1.3%
Leisure<0.1% Business Services
0.4%
Financial Services8.8%
TMT15.6%
Mix of Announced Global Deals by Industry Sector H1 2008 - Volume
Energy, Mining & Utilities12.9%
Consumer18.8%
Agriculture1.2%
Industrials & Chemicals18.8%
Pharma, Medical & Biotech3.8%
Defence1.2%
Leisure2.4%
Business Services9.4%
Financial Services17.6%
TMT9.4%
Mix of Announced Deals by Geographic Region H1 2008 - Value
North America32.0%
Central & South America0.6%
Western Europe58.2%
Japan0.2%
North Asia8.1%
Southern Europe0.3%
Australasia<0.1%
Northern Europe0.2%
Central & Eastern Europe0.3%
Regional Rankings Value Volume
Global 2 10
Americas:
USA 2 5
Mid Atlantic 5 4
Mid West 1 4
New England 1 2
South/South West 9 3
West 5 15
Canada 12 25
Central & South America 12 2
Asia-Pacifi c:
Asia-Pacifi c (excl Japan) 3 20
Asia (excl Japan) 2 23
South East Asia 5 29
Greater China 4 16
Australasia 7 14
India 43 43
Japan 1 9
Regional Rankings Value Volume
Europe 7 29
UK 7 37
Germany 70 39
France 57 57
Benelux 26 23
Ireland 5 10
Iberia - -
Italy 14 46
Nordic 63 95
Central & Eastern Europe 13 12
Spain - -
Sweden - -
Russia 9 6
Buyouts:
Global 29 38
USA 12 14
Europe 51 101
Asia-Pacifi c (excl Japan) - -
Skadden Arps Slate Meagher & Flom
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 7
Regional Rankings Value Volume
Global 37 2
Americas:
USA 12 4
Mid Atlantic 48 5
Mid West 46 8
New England 74 43
South/South West 19 4
West 9 6
Canada 19 20
Central & South America 83 83
Asia-Pacifi c:
Asia-Pacifi c (excl Japan) 20 5
Asia (excl Japan) 14 8
South East Asia 48 49
Greater China 11 1
Australasia 22 9
India 34 16
Japan 47 47
Regional Rankings Value Volume
Europe 90 5
UK 57 1
Germany 40 11
France 79 27
Benelux 42 13
Ireland 59 59
Iberia 46 20
Italy 73 39
Nordic 69 18
Central & Eastern Europe 84 84
Spain 42 17
Sweden 64 11
Russia - -
Buyouts:
Global 50 3
USA 29 11
Europe 44 3
Asia-Pacifi c (excl Japan) 31 31
DLA Piper
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Mix of Announced Global Deals by Industry Sector H1 2008 - Value
Industrials & Chemicals38.5%
Financial Services17.5%
TMT4.3%
Transport7.2%
Consumer4.7%
Construction0.3%
Pharma, Medical & Biotech17.6%
Business Services5.6%
Leisure1.9%
Energy, Mining & Utilities2.4%
Defence<0.1%
Mix of Announced Global Deals by Industry Sector H1 2008 - Volume
Industrials & Chemicals19.2%
Financial Services7.3%
Business Services21.2%Energy, Mining & Utilities
4.0%
TMT19.9%
Transport2.6%
Construction3.3%
Pharma, Medical & Biotech6.6%
Leisure4.0%
Consumer11.3%
Defence0.7%
Mix of Announced Deals by Geographic Region H1 2008 - Value
North America69.8%
Western Europe12.2%
Southern Europe0.5%
Northern Europe0.1%
North Asia14.9%
Australasia2.3%
Japan<0.1%
South & Central Asia<0.1%
South East Asia<0.1%
Africa & Middle East0.2%
Mix of Announced Deals by Geographic Region H1 2008 - Volume
North America36.4%
Central & South America0.7%
Western Europe42.4%
North Asia5.3%
Japan0.7%
Central & Eastern Europe0.7%
Northern Europe4.0%
Southern Europe1.3%
Australasia6.6%
South & Central Asia0.7%
South East Asia0.7%
Africa & Middle East0.7%
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 8
Regional Rankings Value Volume
Global 31 1
Americas:
USA 16 1
Mid Atlantic 24 1
Mid West 9 1
New England 47 11
South/South West 18 1
West 13 3
Canada 98 32
Central & South America - -
Asia-Pacifi c:
Asia-Pacifi c (excl Japan) 30 6
Asia (excl Japan) 19 6
South East Asia 62 17
Greater China 20 5
Australasia 32 11
India 2 7
Japan 7 6
Regional Rankings Value Volume
Europe 49 8
UK 36 14
Germany 77 19
France 25 7
Benelux 46 25
Ireland 50 51
Iberia 23 10
Italy 22 47
Nordic 65 34
Central & Eastern Europe 43 16
Spain 23 10
Sweden 42 28
Russia 33 20
Buyouts:
Global 63 5
USA 36 3
Europe 59 25
Asia-Pacifi c (excl Japan) - -
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Mix of Announced Global Deals by Industry Sector H1 2008 - Volume
Energy, Mining & Utilities6.8%
Consumer13.0%
Construction4.3%
Industrials & Chemicals23.6%
Pharma, Medical & Biotech3.8%
Transport1.9%
Leisure2.5%
Business Services13.7%
Financial Services10.6%
TMT11.8%
Mix of Announced Deals by Geographic Region H1 2008 - Volume
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Mix of Announced Deals by Geographic Region H1 2008 - Value
North America72.0%
Western Europe4.5%
South East Asia0.1%
Southern Europe4.7%
Northern Europe1.3%
Central & Eastern Europe0.9%
North Asia5.0% Australasia
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Africa & Middle East0.4%
South & Central Asia10.1%
Mix of Announced Global Deals by Industry Sector H1 2008 - Value
Consumer13.7%
Energy, Mining & Utilities12.8%
TMT22.0%
Financial Services10.8%
Business Services12.2%Leisure
5.6%
Transport4.6%
Pharma, Medical & Biotech3.8%
Industrials & Chemicals3.5%
Construction2.2%
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 9
Regional Rankings Value Volume
Global 1 3
Americas:
USA 30 25
Mid Atlantic 22 18
Mid West 33 52
New England 18 34
South/South West 60 63
West - -
Canada 7 19
Central & South America 7 5
Asia-Pacifi c:
Asia-Pacifi c (excl Japan) 1 7
Asia (excl Japan) 3 3
South East Asia 14 12
Greater China 3 3
Australasia 2 20
India 32 16
Japan 36 25
Regional Rankings Value Volume
Europe 1 1
UK 1 3
Germany 3 5
France 1 2
Benelux 4 8
Ireland 2 8
Iberia 2 6
Italy 1 9
Nordic 2 3
Central & Eastern Europe 3 2
Spain 2 6
Sweden 2 4
Russia 4 4
Buyouts:
Global 2 2
USA 22 30
Europe 2 2
Asia-Pacifi c (excl Japan) 4 7
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Mix of Announced Deals by Geographic Region H1 2008 - Value
Western Europe74.4%
Japan<0.1%
Australasia4.1%North Asia
8.7%
Northern Europe3.2%
Central & Eastern Europe0.8%
Southern Europe2.0%
North America4.3%
Central & South America1.5%
South & Central Asia0.2%
Africa & Middle East0.8%
Mix of Announced Deals by Geographic Region H1 2008 - Volume
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Mix of Announced Global Deals by Industry Sector H1 2008 - Value
Energy, Mining & Utilities65.1%
Consumer7.3%
TMT12.3%
Financial Services2.4%
Business Services1.7%
Leisure0.2%
Transport1.2%
Defence1.3%Pharma, Medical & Biotech
3.8% Industrials & Chemicals7.2%
Agriculture<0.1%
Construction0.8%
Mix of Announced Global Deals by Industry Sector H1 2008 - Volume
Energy, Mining & Utilities15. 0%
TMT12. 6% Financial Services
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Business Services8. 7%
Leisure2. 4%
Transport2. 4%
Defence0. 8%
Pharma, Medical & Biotech3. 8%
Industrials & Chemicals20. 5%
A griculture0. 8%
Construction4. 7%
Consumer11 . 8%
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 10
Regional Rankings Value Volume
Global 3 31
Americas:
USA 4 65
Mid Atlantic 4 64
Mid West 232 232
New England - -
South/South West 75 65
West 191 107
Canada 1 2
Central & South America 8 3
Asia-Pacifi c:
Asia-Pacifi c (excl Japan) 12 88
Asia (excl Japan) 141 159
South East Asia - -
Greater China - -
Australasia 11 47
India 47 52
Japan - -
Regional Rankings Value Volume
Europe 2 96
UK 9 63
Germany 137 137
France - -
Benelux - -
Ireland - -
Iberia - -
Italy - -
Nordic 37 43
Central & Eastern Europe 14 38
Spain - -
Sweden 21 17
Russia 10 23
Buyouts:
Global - -
USA - -
Europe - -
Asia-Pacifi c (excl Japan) - -
McCarthy Tetrault
Global M&A Activity - Quarterly
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Val
ue o
f Dea
ls ($
bn)
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Mix of Announced Deals by Geographic Region H1 2008 - Value
Western Europe90.4%
Northern Europe<0.1% North America
8.0% Central & South America1.6%
Mix of Announced Global Deals by Industry Sector H1 2008 - Value
Energy, Mining & Utilities68.3%
Construction<0.1%
Industrials & Chemicals1.0%Pharma, Medical & Biotech
3.8%
Leisure<0.1%
Business Services<0.1%
Financial Services0.1%
TMT<0.1%
Consumer30.4%
Mix of Announced Global Deals by Industry Sector H1 2008 - Volume
Energy, Mining & Utilities42.1%
TMT10.5% Financial Services
10.5%
Business Services5.3%
Leisure2.6%
Pharma, Medical & Biotech3.8% Industrials & Chemicals
7.9%
Construction2.6%
Consumer15.8%
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 11
EuropeWith M&A deals a bit thin on the ground in recent months, the major deals are dramatically affecting the league tables. Europe is no exception, with the largest deal of the year so far, BHP Billiton’s EUR 144bn bid for Rio Tinto, structuring the tables by value. Linklaters are up from third place at the end of last year, to top this quarter’s table by value, advising on 110 deals worth a total of EUR 230bn. The European leaders by both value and volume in H1 2008, Linklaters have also topped the value tables in the UK, France and Italy. Meanwhile, McCarthy Tetrault is this quarter’s runner up in the European value table, up 13 places from the year end 2007 after their part in advising the target in the BHP/Rio Tinto deal.
While the value table is witnessing some dramatic changes amongst the top places this quarter, the top four positions in the volume tables continue to be held by the major UK fi rms. Freshfi elds and Clifford Chance, however, not having advised on the BHP/Rio deal, have just a fraction of the total deal values of their magic circle rivals, Linklaters and Allen & Overy.
However Clifford Chance continue to dominate the European buyout tables, holding their top place in both the value and volume tables, just above Linklaters, with 24 deals worth EUR 16.6bn so far in 2008.
European M&A activity is down in Q2 this year with 59% less by value and 5% less by vol-ume since Q1. Compared to Q2 2007, the busiest quarter over the past few years, activity is down 67% by value and 19% by volume. Overall activity for H1 2008 is down 23% by value and 17% by volume, compared to H1 2007.
Top Announced Deals H1 2008 - Europe
Announced Date Bidder Company Bidder Legal Adviser Target Company Target/Seller Legal Adviser Seller CompanyDeal Value EUR (m)
06-Feb-08 BHP Billiton Ltd
Allen & Overy (Advising BNP Paribas; Citi; Goldman Sachs; HSBC Bank; UBS); Blake Dawson; Davies Ward Phillips & Vineberg; Freehills; Lovells (Advising Goldman Sachs); Skadden Arps Slate Meagher & Flom; Slaughter and May
Rio Tinto plc
Allens Arthur Robinson; Linklaters; McCarthy Tetrault; Sullivan & Cromwell; Advising Financial Advisers: Cravath Swaine & Moore; Herbert Smith/Gleiss Lutz/Stibbe; Johnson Winter & Slattery
144,085
30-Jan-08 Altria Group Inc (Shareholders) Philip Morris International Inc Advising seller: Gibson Dunn & Crutcher; Hunton & Williams; McCarthy Tetrault; Sutherland Asbill & Brennan Altria Group Inc 71,922
25-Jan-08 Carlsberg A/S; and Heineken NV
A&L Goodbody; Allen & Overy; Ashurst (Advising Credit Suisse); Lehman Brothers); Hammarskiold & Co; Kromann Reumert; Matheson Ormsby Prentice; Norton Rose; Plesner; Roschier; Vinge
Scottish & Newcastle plc Arthur Cox; Freshfi elds Bruckhaus Deringer; Linklaters; Travers Smith 13,007
01-Feb-08 Aluminum Corporation of China; and Alcoa Inc
Ashurst (Advising Lehman Brothers); Cleary Gottlieb Steen & Hamilton; Clifford Chance; Macfarlanes; Mallesons Stephen Jaques; Simpson Thacher & Bartlett; Wachtell Lipton Rosen & Katz; WongPartnership
Rio Tinto plc (12% stake) Allens Arthur Robinson; Linklaters; Sullivan & Cromwell 9,458
07-Apr-08 Novartis AGAllen & Overy; Baer & Karrer; Heller Ehrman White & McAuliffe; Kaye Scholer; Latham & Watkins (Advising Goldman Sachs)
Alcon Inc (24.85% stake)Pestalozzi Lachenal Patry; Sullivan & Cromwell; Advising seller: Blake, Cassels & Graydon; Cravath Swaine & Moore; Howrey
Nestle SA 6,746
European M&A Activity - Quarterly
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Valu
e of
Dea
ls (€
bn)
0
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eals
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mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 12
Europe
League Table of Legal Advisers to European M&A: Value League Table of Legal Advisers to European M&A: Volume
Y/E 2007 H1 2008 Company NameValue
(EURm)No of Deals
3 1 Linklaters 230,098 110
15 2 McCarthy Tetrault 221,862 9
4 3 Allen & Overy 202,123 85
5 4 Sullivan & Cromwell 175,244 24
8 5 Herbert Smith/Gleiss Lutz/Stibbe 167,981 46
17 6 Slaughter and May 159,057 27
6 7 Skadden Arps Slate Meagher & Flom 158,943 28
23 8 Cravath Swaine & Moore 158,089 7
57 9 Freehills 155,543 11
44 10 Lovells 151,058 4347 11 Davies Ward Phillips & Vineberg 145,229 2
181 12 Allens Arthur Robinson 144,962 8
166 13 Blake Dawson 144,709 5
325 14 Johnson Winter & Slattery 144,085 1
76 15 Gibson Dunn & Crutcher 77,341 11300 16 Hunton & Williams 71,928 2
160 17 Sutherland Asbill & Brennan 71,922 1
2 18 Clifford Chance 61,016 103
1 19 Freshfi elds Bruckhaus Deringer 58,580 105
22 20 Ashurst 29,344 43
Y/E 2007 H1 2008 Company NameValue
(EURm)No of Deals
1 1 Linklaters 230,098 110
3 2 Freshfi elds Bruckhaus Deringer 58,580 105
2 3 Clifford Chance 61,016 103
4 4 Allen & Overy 202,123 85
5 5 DLA Piper 3,041 82
7 6 CMS 6,789 73
8 7 White & Case 24,882 66
11 8 Jones Day 7,711 53
6 9 Baker & McKenzie 6,509 52
12 10 Herbert Smith/Gleiss Lutz/Stibbe 167,981 46
18 11 Vinge 26,703 45
15 12 Lovells 151,058 43
14 13 Ashurst 29,344 43
52 14 Osborne Clarke 2,624 40
17 15 Mannheimer Swartling 2,263 39
9 16 Eversheds 1,092 39
13 17 Cleary Gottlieb Steen & Hamilton 16,795 37
25 18 Loyens & Loeff 3,588 34
23 19 Pinsent Masons 656 34
19 20 Norton Rose 17,554 33
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 13
League Table of Legal Advisers to European Buyouts: Value League Table of Legal Advisers to European Buyouts: Volume
Note: based on fi rms advising the bidder on buyout deals where the dominant geography of the target company is Europe
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
1 1 Clifford Chance 16,665 24
4 2 Linklaters 14,762 22
3 3 Freshfi elds Bruckhaus Deringer 13,037 9
54 4 Sullivan & Cromwell 11,610 4
57 5 Hengeler Mueller 8,371 6
18 6 Slaughter and May 6,990 3
9 7 Lovells 6,187 7
92 8 Poellath & Partners 5,584 8
71 9 Dickson Minto 4,357 5
- 10 Baker Botts 3,933 1
17 11 Baker & McKenzie 3,407 5
2 12 Allen & Overy 3,367 7
- 13 Pekin & Bayar Law Firm 3,227 1
212 14 Noerr Stiefenhofer & Lutz 3,210 2
144 15 Shearman & Sterling 3,074 3
14 16 White & Case 3,059 10
12 17 Ashurst 2,709 6
- 18 Milbank Tweed Hadley & McCloy 2,349 5
64 19 SALANS 2,262 3
- 20 Akin Gump Strauss Hauer & Feld 2,156 2
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
1 1 Clifford Chance 16,665 24
2 2 Linklaters 14,762 22
4 3 DLA Piper 943 18
8 4 CMS 1,316 14
3 5 SJ Berwin 2,137 13
11 6 Travers Smith 2,066 12
27 7 Osborne Clarke 666 12
12 8 White & Case 3,059 10
6 9 Freshfi elds Bruckhaus Deringer 13,037 9
23 10 Vinge 563 9
58 11 Poellath & Partners 5,584 8
17 12 Addleshaw Goddard 1,109 8
14 13 Lovells 6,187 7
5 14 Allen & Overy 3,367 7
29 15 Chiomenti Studio Legale 2,051 7
13 16 Mayer Brown 1,498 7
37 17 Olswang 163 7
15 18 Hammonds 162 7
152 19 Halliwells 62 7
80 20 Hengeler Mueller 8,371 6
Europe
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 14
EuropeLegal Advisers to UK M&A: Value Legal Advisers to UK M&A: Volume
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
1 1 UBS 177,292 27
10 2 Deutsche Bank 175,391 20
6 3 Rothschild 171,746 46
9 4 Credit Suisse 168,794 15
7 5 JPMorgan Cazenove 167,731 26
3 6 Merrill Lynch 159,493 18
2 7 Morgan Stanley 158,225 13
4 8 Goldman Sachs 156,678 16
5 9 Citigroup 151,970 17
20 10 Lazard 149,393 8
40 11 BNP Paribas 146,943 8
21 12 HSBC Bank 145,984 7
141 13 Gresham Advisory Partners 144,271 2
26 14 Macquarie Group 144,211 4
58 15 SG 144,154 3
Legal Advisers to French M&A: Value Legal Advisers to French M&A: Volume
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
3 1 Linklaters 198,600 45
4 2 Allen & Overy 180,427 43
5 3 Sullivan & Cromwell 157,761 11
35 4 Freehills 154,935 5
7 5 Slaughter and May 153,819 24
6 6 Herbert Smith/Gleiss Lutz/Stibbe 153,197 14
10 7 Skadden Arps Slate Meagher & Flom 151,635 10
41 8 Lovells 148,993 22
25 9 McCarthy Tetrault 147,637 5
23 10 Cravath Swaine & Moore 147,177 4
34 11 Davies Ward Phillips & Vineberg 145,229 2
113 12 Allens Arthur Robinson 144,817 6
96 13 Blake Dawson 144,131 2
200 14 Johnson Winter & Slattery 144,085 1
1 15 Freshfi elds Bruckhaus Deringer 40,659 41
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
1 1 DLA Piper 2,370 56
2 2 Clifford Chance 33,411 46
3 3 Linklaters 198,600 45
5 4 Allen & Overy 180,427 43
6 5 Freshfi elds Bruckhaus Deringer 40,659 41
25 6 Osborne Clarke 2,624 39
4 7 Eversheds 1,077 34
7 8 Pinsent Masons 656 33
11 9 Ashurst 27,985 32
12 10 Travers Smith 3,721 32
10 11 Hammonds 1,838 27
21 12 Olswang 747 27
8 13 Addleshaw Goddard 1,302 26
13 14 Jones Day 4,912 25
9 15 Slaughter and May 153,819 24
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
5 1 Linklaters 12,954 18
10 2 Clifford Chance 10,602 13
39 3 Gide Loyrette Nouel 8,972 19
41 4 Debevoise & Plimpton 8,418 6
2 5 Cleary Gottlieb Steen & Hamilton 8,365 10
20 6 Davis Polk & Wardwell 7,024 5
17 7 Shearman & Sterling 6,792 5
60 8 Vinge 5,702 4
105 9 Dechert 5,638 3
- 10= Gernandt & Danielsson 5,626 1
114 10= Macfarlanes 5,626 1
83 10= McDermott Will & Emery 5,626 1
- 10= Sorainen 5,626 1
9 14 Freshfi elds Bruckhaus Deringer 5,452 9
34 15 Herbert Smith/Gleiss Lutz/Stibbe 5,127 8
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
5 1 Gide Loyrette Nouel 8,972 19
1 2 Linklaters 12,954 18
4 3 CMS 3,137 14
6 4 Bredin Prat 1,840 14
3 5 Clifford Chance 10,602 13
9 6 White & Case 3,811 13
16 7 Jones Day 2,190 12
14 8 Mayer Brown 1,161 11
8 9 Cleary Gottlieb Steen & Hamilton 8,365 10
11 10 Freshfi elds Bruckhaus Deringer 5,452 9
7 11 Allen & Overy 3,525 9
19 12 Willkie Farr & Gallagher 2,101 9
26 13 Herbert Smith/Gleiss Lutz/Stibbe 5,127 8
10 14 SJ Berwin 555 8
35 15 Darrois Villey Maillot Brochier 2,677 7
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 15
EuropeLegal Advisers to German M&A: Value
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
1 1 Freshfi elds Bruckhaus Deringer 14,230 42
9 2 Hengeler Mueller 11,018 23
2 3 Linklaters 10,240 22
3 4 Clifford Chance 9,289 26
7 5 Sullivan & Cromwell 6,324 4
76 6 Poellath & Partners 5,319 16
80 7 Willkie Farr & Gallagher 3,952 4
11 8 Shearman & Sterling 3,859 15
25 9 Davis Polk & Wardwell 3,503 2
191 10 Roschier 3,183 3
63 11 Hammarskiold & Co 3,183 2
209 12= Bowman Gilfi llan 2,863 1
59 12= Vinge 2,863 1
54 14 Ashurst 2,133 6
10 15 Herbert Smith/Gleiss Lutz/Stibbe 2,062 13
Legal Advisers to German M&A: Volume
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
1 1 Freshfi elds Bruckhaus Deringer 14,230 42
2 2 Clifford Chance 9,289 26
5 3 CMS 693 26
4 4 Hengeler Mueller 11,018 23
3 5 Linklaters 10,240 22
9 6 Baker & McKenzie 230 17
32 7 Poellath & Partners 5,319 16
13 8 Shearman & Sterling 3,859 15
8 9 Herbert Smith/Gleiss Lutz/Stibbe 2,062 13
6 10 Allen & Overy 2,024 11
17 11 DLA Piper 275 10
7 12 Noerr Stiefenhofer & Lutz 211 10
22 13 SJ Berwin 133 8
15 14 White & Case 470 7
23 15 Hogan & Hartson 382 7
Legal Advisers to Spanish M&A: Value
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
3 1 Uria Menendez 4,584 15
4 2 Linklaters 3,218 7
6 3 Garrigues 2,536 18
37 4 KPMG Abogados 2,478 17
1 5 Clifford Chance 2,176 5
2 6 Cuatrecasas - Goncalves Pereira, Castelo 2,090 19
21 7 Freshfi elds Bruckhaus Deringer 1,664 7
14 8 Allen & Overy 1,394 3
- 9 Gide Loyrette Nouel 1,187 3
105 10= PricewaterhouseCoopers legal 1,026 1
77 10= Willkie Farr & Gallagher 1,026 1
27 12= Hengeler Mueller 1,000 1
76 12= Slaughter and May 1,000 1
- 12= Wolf Theiss 1,000 1
28 15 CMS 958 6
Legal Advisers to Spanish M&A: Volume
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
2 1 Cuatrecasas - Goncalves Pereira, Castelo 2,090 19
3 2 Garrigues 2,536 18
4 3 KPMG Abogados 2,478 17
1 4 Uria Menendez 4,584 15
11 5 Araoz & Rueda 535 14
8 6 Linklaters 3,218 7
7 7 Freshfi elds Bruckhaus Deringer 1,664 7
12 8 CMS 958 6
5 9 Clifford Chance 2,176 5
16 10 Jones Day 524 5
15 11 Allen & Overy 1,394 3
- 12 Gide Loyrette Nouel 1,187 3
34 13 Bredin Prat 891 3
47 14 Darrois Villey Maillot Brochier 882 3
9 15 Baker & McKenzie 102 3
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 16
EuropeLegal Advisers to Irish M&A: Value
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
1 1 Arthur Cox 3,094 17
13 2 Linklaters 1,563 2
7 3 Allen & Overy 1,552 2
9 4 A&L Goodbody 1,548 5
17 5 Skadden Arps Slate Meagher & Flom 1,518 2
- 6= Burness 1,455 1
- 6= Lavery Kirby Gilmartin 1,455 1
5 6= Shearman & Sterling 1,455 1
6 9 Matheson Ormsby Prentice 773 12
2 10 Freshfi elds Bruckhaus Deringer 568 2
- 11 Winston & Strawn 345 1
- 12= AZB & Partners 290 1
- 12= L V V Iyer Associates 290 1
8 14 William Fry 263 11
22 15 Mason Hayes & Curran 251 5
Legal Advisers to Irish M&A: Volume
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
1 1 Arthur Cox 3,094 17
2 2 Matheson Ormsby Prentice 773 12
4 3 William Fry 263 11
5 4 McCann FitzGerald 153 6
3 5 A&L Goodbody 1,548 5
6 6 Mason Hayes & Curran 251 5
19 7 LK Shields Solicitors 18 3
9 8 Linklaters 1,563 2
12 9 Allen & Overy 1,552 2
24 10 Skadden Arps Slate Meagher & Flom 1,518 2
8 11 Freshfi elds Bruckhaus Deringer 568 2
32 12 Macfarlanes 133 2
15 13 O'Donnell Sweeney Eversheds 25 2
38 14 Maples & Calder - 2
- 15 Burness 1,455 1
Legal Advisers to Italian M&A: Value
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
7 1 Linklaters 11,749 9
1 2 Bonelli Erede Pappalardo 7,745 14
3 3 Chiomenti Studio Legale 7,240 27
29 4 Legance Studio Legale Associato 6,573 15
9 5 Freshfi elds Bruckhaus Deringer 5,918 6
54 6 Slaughter and May 5,077 3
5 7 Sullivan & Cromwell 4,902 3
65 8 Debevoise & Plimpton 4,795 4
- 9 ALTIUS 4,068 3
50 10 Herbert Smith/Gleiss Lutz/Stibbe 4,052 2
4 11 Gianni, Origoni, Grippo & Partners 4,021 15
8 12 Latham & Watkins 3,458 3
15 13 Grimaldi e Associati 3,173 9
- 14= Arnold & Porter 3,148 1
6 14= Skadden Arps Slate Meagher & Flom 3,148 1
Legal Advisers to Italian M&A: Volume
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
1 1 Chiomenti Studio Legale 7,240 27
50 2 Legance Studio Legale Associato 6,573 15
3 3 Gianni, Origoni, Grippo & Partners 4,021 15
2 4 Bonelli Erede Pappalardo 7,745 14
5 5 d'Urso Gatti e Associati Studio Legale 2,198 14
7 6 MBL & Partners 188 12
4 7 Clifford Chance 2,489 11
10 8 Simmons & Simmons 1,216 10
16 9 Linklaters 11,749 9
11 10 Grimaldi e Associati 3,173 9
15 11 Dewey & LeBoeuf 2,586 9
12 12 NCTM Studio Legale Associato 614 7
6 13 Freshfi elds Bruckhaus Deringer 5,918 6
13 14 Lovells 1,708 6
8 15 Cleary Gottlieb Steen & Hamilton 925 6
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 17
EuropeLegal Advisers to Nordic M&A: Value Legal Advisers to Nordic M&A: Volume
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
1 1 Vinge 26,703 45
3 2 Linklaters 24,705 20
14 3 Roschier 18,047 12
15 4 Allen & Overy 16,768 6
44 5 Kromann Reumert 16,254 11
48 6 Hammarskiold & Co 16,204 5
8 7 Plesner 14,291 16
11 8 Freshfi elds Bruckhaus Deringer 13,538 8
154 9 Norton Rose 13,297 3
18 10 Ashurst 13,027 3
71 11 Arthur Cox 13,023 2
192 12= A&L Goodbody 13,007 1
72 12= Matheson Ormsby Prentice 13,007 1
4 14 White & Case 6,562 18
5 15 Clifford Chance 6,346 11
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
2 1 Vinge 26,703 45
1 2 Mannheimer Swartling 2,263 38
3 3 Linklaters 24,705 20
10 4 White & Case 6,562 18
5 5 Plesner 14,291 16
4 6 Thommessen 3,655 14
11 7 Wiersholm 3,570 13
7 8 Selmer 1,158 13
6 9 Roschier 18,047 12
30 10 Wistrand Advokatbyra 584 12
29 11 Kromann Reumert 16,254 11
16 12 Clifford Chance 6,346 11
12 13 Lindahl 1,280 11
14 14 Hannes Snellman 993 11
28 15 Delphi & Co 39 11
Legal Advisers to Swedish M&A: Value
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
1 1 Vinge 13,696 43
2 2 Linklaters 7,456 11
4 3 White & Case 6,519 13
19 4 Gernandt & Danielsson 5,828 7
118 5 Gide Loyrette Nouel 5,702 2
147 6 Sorainen 5,626 2
10 7= Davis Polk & Wardwell 5,626 1
- 7= Debevoise & Plimpton 5,626 1
156 7= Dechert 5,626 1
- 7= Macfarlanes 5,626 1
- 7= McDermott Will & Emery 5,626 1
16 12 Roschier 4,591 5
8 13 Clifford Chance 3,543 7
30 14 Hammarskiold & Co 3,197 4
27 15 Allen & Overy 2,916 2
Legal Advisers to Swedish M&A: Volume
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
2 1 Vinge 13,696 43
1 2 Mannheimer Swartling 1,971 36
7 3 White & Case 6,519 13
4 4 Linklaters 7,456 11
5 5 Lindahl 1,280 11
12 6 Wistrand Advokatbyra 534 11
10 7 Delphi & Co 39 11
13 8 Setterwalls 319 8
6 9 Gernandt & Danielsson 5,828 7
14 10 Clifford Chance 3,543 7
30 11 DLA Piper 28 6
9 12 Roschier 4,591 5
16 13 Freshfi elds Bruckhaus Deringer 331 5
31 14 Hammarskiold & Co 3,197 4
11 15 Cleary Gottlieb Steen & Hamilton 1,902 4
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 18
EuropeLegal Advisers to Central Eastern Europe M&A: Value
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
1 1 Clifford Chance 10,398 18
8 2 White & Case 6,386 15
2 3 Linklaters 5,258 16
71 4 Herbert Smith/Gleiss Lutz/Stibbe 4,641 1
25 5 Akin Gump Strauss Hauer & Feld 4,020 4
12 6 Dewey & LeBoeuf 3,761 10
11 7 Cleary Gottlieb Steen & Hamilton 3,566 7
3 8 Freshfi elds Bruckhaus Deringer 2,907 9
30 9 Brzobohaty Broz & Honsa 2,874 2
7 10 Allen & Overy 2,670 8
17 11 Baker & McKenzie 2,504 9
40 12 Blake, Cassels & Graydon 2,415 2
4 13 Skadden Arps Slate Meagher & Flom 2,286 5
45 14= Bennett Jones 2,233 1
21 14= McCarthy Tetrault 2,233 1
Legal Advisers to Central Eastern Europe M&A: Volume
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
2 1 Clifford Chance 10,398 18
4 2 Linklaters 5,258 16
5 3 White & Case 6,386 15
12 4 Weil Gotshal & Manges 1,691 11
8 5 Dewey & LeBoeuf 3,761 10
3 6 Freshfi elds Bruckhaus Deringer 2,907 9
1 7 Baker & McKenzie 2,504 9
6 8 Allen & Overy 2,670 8
14 9 Cleary Gottlieb Steen & Hamilton 3,566 7
10 10 Sorainen 2,183 6
7 11 CMS 208 6
16 12 Skadden Arps Slate Meagher & Flom 2,286 5
19 13 Squire, Sanders & Dempsey 927 5
45 14 Akin Gump Strauss Hauer & Feld 4,020 4
24 15 Wolf Theiss 550 4
Legal Advisers to Russian M&A: Value
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
6 1 Clifford Chance 7,560 9
47 2 Herbert Smith/Gleiss Lutz/Stibbe 4,641 1
22 3 Akin Gump Strauss Hauer & Feld 4,020 4
2 4 Linklaters 3,722 7
11 5= Dewey & LeBoeuf 3,721 9
21 5= White & Case 3,721 9
9 7 Cleary Gottlieb Steen & Hamilton 3,566 7
32 8 Blake, Cassels & Graydon 2,415 2
1 9 Skadden Arps Slate Meagher & Flom 2,286 5
31 10= Bennett Jones 2,233 1
18 10= McCarthy Tetrault 2,233 1
24 12 Chadbourne & Parke 2,177 3
40 13 SALANS 2,052 2
12 14 Allen & Overy 1,686 3
15 15 Cravath Swaine & Moore 1,508 1
Legal Advisers to Russian M&A: Volume
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
2 1 Clifford Chance 7,560 9
4 2= Dewey & LeBoeuf 3,721 9
3 2= White & Case 3,721 9
6 4 Linklaters 3,722 7
8 5 Cleary Gottlieb Steen & Hamilton 3,566 7
5 6 Skadden Arps Slate Meagher & Flom 2,286 5
12 7 Squire, Sanders & Dempsey 927 5
1 8 Freshfi elds Bruckhaus Deringer 906 5
26 9 Akin Gump Strauss Hauer & Feld 4,020 4
27 10 Chadbourne & Parke 2,177 3
15 11 Allen & Overy 1,686 3
9 12 Hogan & Hartson 913 3
43 13 Blake, Cassels & Graydon 2,415 2
13 14 SALANS 2,052 2
10 15 Latham & Watkins 1,454 2
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 19
EuropeLegal Advisers to Benelux M&A: Value
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
1 1 Allen & Overy 11,654 29
5 2 Freshfi elds Bruckhaus Deringer 9,550 21
6 3 Herbert Smith/Gleiss Lutz/Stibbe 7,806 20
9 4 Linklaters 6,951 13
8 5 Clifford Chance 5,225 14
13 6 Bonelli Erede Pappalardo 5,052 2
25 7 White & Case 4,188 14
218 8 ALTIUS 4,068 6
18 9 Slaughter and May 4,052 1
92 10 WilmerHale 3,349 2
2 11 De Brauw Blackstone Westbroek 3,307 13
17 12 Loyens & Loeff 3,181 33
65 13 Weil Gotshal & Manges 2,928 3
29 14 CMS 2,803 17
4 15 Sullivan & Cromwell 2,108 5
Legal Advisers to Benelux M&A: Volume
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
2 1 Loyens & Loeff 3,181 33
1 2 Allen & Overy 11,654 29
6 3 Freshfi elds Bruckhaus Deringer 9,550 21
4 4 Herbert Smith/Gleiss Lutz/Stibbe 7,806 20
9 5 CMS 2,803 17
8 6 Clifford Chance 5,225 14
14 7 White & Case 4,188 14
5 8 Linklaters 6,951 13
3 9 De Brauw Blackstone Westbroek 3,307 13
11 10 Houthoff Buruma 1,181 13
7 11 Baker & McKenzie 599 12
10 12 NautaDutilh 461 10
16 13 DLA Piper 433 9
12 14 Simmons & Simmons 1,912 8
19 15 Lovells 1,115 7
Legal Advisers to Iberian M&A: Value
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
3 1 Uria Menendez 4,601 18
4 2 Linklaters 3,358 8
6 3 Garrigues 2,536 18
37 4 KPMG Abogados 2,478 17
1 5 Clifford Chance 2,176 5
2 6 Cuatrecasas - Goncalves Pereira, Castelo 2,120 21
21 7 Freshfi elds Bruckhaus Deringer 1,849 8
14 8 Allen & Overy 1,394 3
- 9 Gide Loyrette Nouel 1,282 4
28 10 CMS 1,143 7
122 11= PricewaterhouseCoopers legal 1,026 1
84 11= Willkie Farr & Gallagher 1,026 1
26 13= Hengeler Mueller 1,000 1
83 13= Slaughter and May 1,000 1
- 13= Wolf Theiss 1,000 1
Legal Advisers to Iberian M&A: Volume
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
2 1 Cuatrecasas - Goncalves Pereira, Castelo 2,120 21
1 2 Uria Menendez 4,601 18
3 3 Garrigues 2,536 18
4 4 KPMG Abogados 2,478 17
11 5 Araoz & Rueda 535 14
7 6 Linklaters 3,358 8
8 7 Freshfi elds Bruckhaus Deringer 1,849 8
13 8 CMS 1,143 7
5 9 Clifford Chance 2,176 5
16 10 Jones Day 524 5
- 11 Gide Loyrette Nouel 1,282 4
12 12 Allen & Overy 1,394 3
36 13 Bredin Prat 891 3
58 14 Darrois Villey Maillot Brochier 882 3
40 15 Morais Leitao Galvao Teles Soares Da Silva & Ass. 443 3
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 20
The AmericasGibson Dunn & Crutcher have lept to the top of the US tables by value this quarter following the USD 106bn spin-off of Philip Morris from Altria, which has put four new names at the top of the tables in 2008. With Hunter & Williams, McCarthy Tetrault and Sutherland Asbill & Brennan have all witnessed dramatic increases in their rankings, following their advice on the second largest deal of 2008 globally.
The only consistency this quarter is Skadden Arps’ second place ranking, which remains unchanged from the year end 2007. The American legal powerhouse is also the global runner up by value, helped by their part in advising BHP Billiton in their USD 211bn bid for Rio Tinto, in the largest global deal of the year to date. The fi rm has also taken fi rst place in both the Mid-West and New England tables by value.
Simpson Thatcher & Bartlett continue to dominate the US buyout tables, while White & Case, following their advice to private equity houses Avista Capital Partners and Nordic capital on their USD 4.1bn bid for ConvaTec, have jumped into third place this quarter, up from 60th posi-tion at the year end 2007.
Despite the weakness of the US market, American M&A has seen a rise in value in the second quarter of 2008, with all of the region’s top deals this year being announced in Q2. Deal value is up 98% in Q2 compared to Q1 so far this year, however, it is down 49% compared to last year’s record quarter - Q2 2007. However, overall activity for H1 2008 is down 55% by value and 25% by volume, compared to H1 2007.
Top Announced Deals H1 2008 - North America (US and Canada)
Announced Date Bidder Company Bidder Legal Adviser Target Company Target/Seller Legal Adviser Seller CompanyDeal Value USD (m)
05-Jun-08 Verizon Wireless IncDebevoise & Plimpton (Advising Morgan Stanley); Milbank Tweed Hadley & McCloy (Advising Morgan Stanley); Simpson Thacher & Bartlett
Alltel Corporation IncMorrison & Foerster; Wachtell Lipton Rosen & Katz; Advising seller: Cleary Gottlieb Steen & Hamilton (Advising Goldman Sachs); Ropes & Gray
Atlantis Holdings LLC (affi liate of TPG LLP and GS Capital Partners 28,100
21-May-08 Time Warner Cable Inc (Shareholders)
Time Warner Cable Inc (86.30% stake)
Latham & Watkins; Paul Weiss Rifkind Wharton & Garrison; Weil Gotshal & Manges (Advising Evercore Partners); Advising seller: Cravath Swaine & Moore; Skadden Arps Slate Meagher & Flom
Time Warner Inc 25,461
28-Apr-08 Mars IncorporatedDavies Ward Phillips & Vineberg; Paul Hastings Janofsky & Walker (Advising JPMorgan); Simpson Thacher & Bartlett
The Wm Wrigley Jr Company Latham & Watkins (Advising Goldman Sachs); Skadden Arps Slate Meagher & Flom; Stikeman Elliott 22,638
11-May-08 EnCana Corporation (Shareholders) McCarthy Tetrault EnCana Corporation (Integrated
Oil and Canadian Plains divisions)Advising seller: Bennett Jones; Dewey & LeBoeuf; Felesky Flynn; Paul Weiss Rifkind Wharton & Garrison EnCana Corporation 21,545
13-May-08 Hewlett-Packard Company
Baker & McKenzie; Cleary Gottlieb Steen & Hamilton; Freshfi elds Bruckhaus Deringer; Simpson Thacher & Bartlett (Advising Lehman Brothers)
Electronic Data Systems Corporation
Paul Weiss Rifkind Wharton & Garrison (Advising Evercore Partners); Weil Gotshal & Manges (Advising Citigroup); Willkie Farr & Gallagher
13,044
North American M&A Activity - Quarterly(USA and Canada)
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mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 21
League Table of Legal Advisers to US M&A: Value League Table of Legal Advisers to US M&A: Volume
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
14 1 Gibson Dunn & Crutcher 171,438 41
2 2 Skadden Arps Slate Meagher & Flom 124,591 71
28 3 Hunton & Williams 115,141 15
39 4 McCarthy Tetrault 108,108 11
38 5 Sutherland Asbill & Brennan 107,916 4
3 6 Simpson Thacher & Bartlett 107,847 42
5 7 Latham & Watkins 98,882 90
10 8 Cleary Gottlieb Steen & Hamilton 86,103 41
6 9 Weil Gotshal & Manges 81,509 50
4 10 Wachtell Lipton Rosen & Katz 70,548 23
13 11 Debevoise & Plimpton 62,135 20
1 12 Sullivan & Cromwell 59,114 35
26 13 Paul Weiss Rifkind Wharton & Garrison 53,241 29
19 14 Cravath Swaine & Moore 52,966 24
48 15 Morrison & Foerster 37,054 24
29 16 Jones Day 36,846 117
8 17 Davis Polk & Wardwell 34,984 23
67 18 Ropes & Gray 34,784 21
17 19 Stikeman Elliott 34,749 17
36 20 Davies Ward Phillips & Vineberg 32,755 9
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
4 1 Jones Day 36,846 117
1 2 Latham & Watkins 98,882 90
2 3 Kirkland & Ellis 25,380 82
6 4 DLA Piper 27,348 73
3 5 Skadden Arps Slate Meagher & Flom 124,591 71
8 6 Weil Gotshal & Manges 81,509 50
16 7 O'Melveny & Myers 20,320 48
5 8 Dewey & LeBoeuf 32,201 44
23 9 Wilson Sonsini Goodrich & Rosati 5,335 44
10 10 Simpson Thacher & Bartlett 107,847 42
13 11 Gibson Dunn & Crutcher 171,438 41
15 12 Cleary Gottlieb Steen & Hamilton 86,103 41
11 13 Hogan & Hartson 18,521 40
19 14 Morgan Lewis & Bockius 3,599 38
9 15 Sullivan & Cromwell 59,114 35
12 16 Clifford Chance 20,987 34
7 17 Baker & McKenzie 14,457 33
14 18 Vinson & Elkins 12,735 33
30 19 McDermott Will & Emery 5,137 33
25 20 Allen & Overy 19,471 31
The Americas
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 22
League Table of Legal Advisers to US Buyouts: Value League Table of Legal Advisers to US Buyouts: Volume
Note: based on fi rms advising the bidder on buyout deals where the dominant geography of the target company is USA
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
1 1 Simpson Thacher & Bartlett 8,906 8
3 2 Weil Gotshal & Manges 5,910 8
60 3 White & Case 4,853 7
- 4= Araoz & Rueda 4,100 1
181 4= Vinge 4,100 1
11 6 Dechert 3,705 6
9 7 Kirkland & Ellis 3,586 29
2 8 Debevoise & Plimpton 2,670 3
5 9 Cleary Gottlieb Steen & Hamilton 2,480 3
- 10 Bird & Bird 2,063 1
- 11 Bracewell & Giuliani 1,815 1
22 12 Skadden Arps Slate Meagher & Flom 1,577 5
29 13 Ropes & Gray 1,460 6
6 14 Latham & Watkins 1,364 11
8 15 Davis Polk & Wardwell 1,300 3
- 16 Steptoe & Johnson 1,300 1
- 17Olshan Grundman Frome Rosenzweig & Wolosky 1,224 1
55 18 Hogan & Hartson 925 6
17 19 Baker Botts 908 2
43 20 Dewey & LeBoeuf 882 1
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
1 1 Kirkland & Ellis 3,586 29
2 2 Latham & Watkins 1,364 11
5 3 Jones Day 224 11
4 4 Simpson Thacher & Bartlett 8,906 8
3 5 Weil Gotshal & Manges 5,910 8
38 6 White & Case 4,853 7
7 7 O'Melveny & Myers 492 7
16 8 Dechert 3,705 6
6 9 Ropes & Gray 1,460 6
21 10 Hogan & Hartson 925 6
20 11 DLA Piper 397 6
17 12 Proskauer Rose 269 6
22 13 Morgan Lewis & Bockius 139 6
12 14 Skadden Arps Slate Meagher & Flom 1,577 5
31 15 McDermott Will & Emery 121 5
11 16 Bingham McCutchen 846 4
25 17 Gibson Dunn & Crutcher 726 4
19 18 Vinson & Elkins 285 4
9 19 Debevoise & Plimpton 2,670 3
23 20 Cleary Gottlieb Steen & Hamilton 2,480 3
The Americas
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 23
The AmericasLeague Table of Legal Advisers to Canadian M&A: Value
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
7 1 McCarthy Tetrault 28,241 34
28 2 Bennett Jones 26,256 9
49 3 Dewey & LeBoeuf 24,245 3
30 4 Paul Weiss Rifkind Wharton & Garrison 21,745 2
69 5 Felesky Flynn 21,545 1
4 6 Blake, Cassels & Graydon 9,310 35
15 7 Linklaters 8,807 4
10 8 Osler Hoskin & Harcourt 6,258 19
1 9 Stikeman Elliott 4,361 25
51 10 White & Case 3,506 3
31 11 Borden Ladner Gervais 3,253 12
16 12 Skadden Arps Slate Meagher & Flom 2,978 3
44 13 Simpson Thacher & Bartlett 2,952 2
18 14 Hogan & Hartson 2,875 2
60 15 Mayer Brown 2,861 2
League Table of Legal Advisers to Canadian M&A: Volume
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
1 1 Blake, Cassels & Graydon 9,310 35
4 2 McCarthy Tetrault 28,241 34
2 3 Stikeman Elliott 4,361 25
3 4 Osler Hoskin & Harcourt 6,258 19
5 5 Fasken Martineau 1,738 18
10 6 Borden Ladner Gervais 3,253 12
12 7 Ogilvy Renault 2,547 12
20 8 Burnet Duckworth & Palmer 1,906 12
11 9 Davies Ward Phillips & Vineberg 1,527 12
7 10 Torys 1,367 12
8 11 Bennett Jones 26,256 9
6 12 Goodmans 856 8
9 13 Dorsey & Whitney 1,371 7
16 14 Lang Michener 729 7
13 15 Fraser Milner Casgrain 1,714 6
League Table of Legal Advisers to US (Mid Atlantic) M&A: Value
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
7 1 Gibson Dunn & Crutcher 132,201 21
21 2 Hunton & Williams 107,002 4
26 3 Sutherland Asbill & Brennan 107,001 2
22 4 McCarthy Tetrault 106,947 4
1 5 Skadden Arps Slate Meagher & Flom 68,392 31
6 6 Latham & Watkins 49,203 35
2 7 Simpson Thacher & Bartlett 48,647 21
9 8 Cleary Gottlieb Steen & Hamilton 47,940 13
13 9 Debevoise & Plimpton 46,319 9
4 10 Weil Gotshal & Manges 44,307 23
5 11 Wachtell Lipton Rosen & Katz 40,027 10
38 12 Cravath Swaine & Moore 37,558 12
28 13 Paul Weiss Rifkind Wharton & Garrison 32,760 19
3 14 Sullivan & Cromwell 32,248 15
62 15 Milbank Tweed Hadley & McCloy 29,166 7
League Table of Legal Advisers to US (Mid Atlantic) M&A: Volume
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
4 1 Jones Day 11,084 47
3 2 Kirkland & Ellis 11,134 37
1 3 Latham & Watkins 49,203 35
2 4 Skadden Arps Slate Meagher & Flom 68,392 31
17 5 DLA Piper 3,498 29
6 6 Dewey & LeBoeuf 13,281 24
13 7 Morgan Lewis & Bockius 3,161 24
8 8 Weil Gotshal & Manges 44,307 23
20 9 Gibson Dunn & Crutcher 132,201 21
5 10 Simpson Thacher & Bartlett 48,647 21
10 11 Clifford Chance 6,731 20
19 12 Paul Weiss Rifkind Wharton & Garrison 32,760 19
23 13 O'Melveny & Myers 5,826 19
7 14 Dechert 2,585 19
12 15 Hogan & Hartson 6,440 17
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 24
*Includes: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont
The AmericasLeague Table of Legal Advisers to US (Mid West) M&A: Value
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
7 1 Skadden Arps Slate Meagher & Flom 43,271 24
25 2 Simpson Thacher & Bartlett 41,419 7
10 3 Latham & Watkins 39,214 27
15 4 Stikeman Elliott 31,194 8
18 5 Davies Ward Phillips & Vineberg 29,758 2
121 6 Paul Hastings Janofsky & Walker 23,319 6
12 7 Davis Polk & Wardwell 16,382 5
6 8 Weil Gotshal & Manges 15,358 9
46 9 Jones Day 13,046 45
1 10 Sullivan & Cromwell 11,861 10
8 11 Hogan & Hartson 11,324 8
9 12 Fried Frank Harris Shriver & Jacobson 10,823 4
4 13 Kirkland & Ellis 10,707 28
19 14 Debevoise & Plimpton 10,069 3
21 15 Dewey & LeBoeuf 9,829 13
League Table of Legal Advisers to US (Mid West) M&A: Volume
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
2 1 Jones Day 13,046 45
1 2 Kirkland & Ellis 10,707 28
3 3 Latham & Watkins 39,214 27
4 4 Skadden Arps Slate Meagher & Flom 43,271 24
8 5 McDermott Will & Emery 2,136 17
7 6 Dorsey & Whitney 1,307 14
14 7 Dewey & LeBoeuf 9,829 13
6 8 DLA Piper 2,222 13
5 9 Sidley Austin 6,371 12
26 10 Foley & Lardner 3,475 12
9 11 Sullivan & Cromwell 11,861 10
18 12 Gibson Dunn & Crutcher 5,649 10
20 13 Weil Gotshal & Manges 15,358 9
39 14 O'Melveny & Myers 7,853 9
22 15 Shearman & Sterling 7,515 9
League Table of Legal Advisers to US (New England) M&A: Value League Table of Legal Advisers to US (New England) M&A: Volume
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
15 1 Skadden Arps Slate Meagher & Flom 42,733 16
3 2 Weil Gotshal & Manges 31,347 16
1 3 Latham & Watkins 28,798 13
20 4 Cravath Swaine & Moore 28,783 5
81 5 Paul Weiss Rifkind Wharton & Garrison 26,036 4
26 6 WilmerHale 13,370 10
22 7 Dewey & LeBoeuf 11,013 9
55 8 Gibson Dunn & Crutcher 8,910 4
90 9 Edwards Angell Palmer & Dodge 7,768 6
12 10 Debevoise & Plimpton 6,765 2
- 11 Lane Powell Spears Lubersky 6,125 1
2 12 Simpson Thacher & Bartlett 5,182 10
18 13 Allen & Overy 4,808 5
4 14 Clifford Chance 4,374 3
70 15 Herbert Smith/Gleiss Lutz/Stibbe 4,288 1
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
3 1 Goodwin Procter 3,796 19
7 2 Skadden Arps Slate Meagher & Flom 42,733 16
4 3 Weil Gotshal & Manges 31,347 16
2 4 Kirkland & Ellis 2,055 16
1 5 Latham & Watkins 28,798 13
8 6 Ropes & Gray 3,880 13
5 7 WilmerHale 13,370 10
11 8 Simpson Thacher & Bartlett 5,182 10
15 9 Cleary Gottlieb Steen & Hamilton 2,134 10
12 10 Dewey & LeBoeuf 11,013 9
6 11 Jones Day 880 8
14 12 Baker & McKenzie 418 8
58 13 Edwards Angell Palmer & Dodge 7,768 6
10 14 Bingham McCutchen 1,820 6
33 15 Wilson Sonsini Goodrich & Rosati 716 6
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 25
League Table of Legal Advisers to US (South/South West) M&A: Value League Table of Legal Advisers to US (South/South West) M&A: Volume
League Table of Legal Advisers to US (West) M&A: Value League Table of Legal Advisers to US (West) M&A: Volume
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
7 1 Simpson Thacher & Bartlett 79,077 13
10 2 Cleary Gottlieb Steen & Hamilton 64,180 17
6 3 Wachtell Lipton Rosen & Katz 50,482 10
12 4 Debevoise & Plimpton 39,458 8
8 5 Latham & Watkins 36,126 24
23 6 Morrison & Foerster 35,773 9
57 7 Davies Ward Phillips & Vineberg 31,044 6
97 8 Milbank Tweed Hadley & McCloy 31,028 5
4 9 Skadden Arps Slate Meagher & Flom 31,003 26
46 10 Ropes & Gray 28,450 6
18 11 Weil Gotshal & Manges 25,204 15
70 12 Paul Hastings Janofsky & Walker 23,653 9
29 13 Stikeman Elliott 22,638 2
32 14 Paul Weiss Rifkind Wharton & Garrison 22,341 13
68 15 Freshfi elds Bruckhaus Deringer 20,128 4
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
3 1 Jones Day 17,977 48
2 2 Vinson & Elkins 11,424 28
5 3 Skadden Arps Slate Meagher & Flom 31,003 26
8 4 DLA Piper 15,851 26
1 5 Latham & Watkins 36,126 24
4 6 Kirkland & Ellis 6,815 22
38 7 Cleary Gottlieb Steen & Hamilton 64,180 17
17 8 King & Spalding 11,675 16
11 9 Baker Botts 7,600 16
29 10 Akin Gump Strauss Hauer & Feld 3,919 16
13 11 Weil Gotshal & Manges 25,204 15
24 12 Hogan & Hartson 9,280 15
7 13 Alston & Bird 3,565 14
10 14 Simpson Thacher & Bartlett 79,077 13
39 15 Paul Weiss Rifkind Wharton & Garrison 22,341 13
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
9 1 Weil Gotshal & Manges 27,064 18
3 2 Simpson Thacher & Bartlett 25,570 15
44 3 Cleary Gottlieb Steen & Hamilton 20,934 13
14 4 Paul Weiss Rifkind Wharton & Garrison 19,490 10
5 5 Skadden Arps Slate Meagher & Flom 18,730 14
12 6 Gibson Dunn & Crutcher 18,261 19
2 7 Latham & Watkins 17,874 41
29 8 Freshfi elds Bruckhaus Deringer 15,273 7
15 9 Debevoise & Plimpton 14,453 9
16 10 Willkie Farr & Gallagher 14,031 3
13 11 Baker & McKenzie 13,371 8
22 12 Kirkland & Ellis 12,888 40
11 13 Jones Day 12,595 34
1 14 Sullivan & Cromwell 12,111 14
7 15 Wachtell Lipton Rosen & Katz 11,409 5
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
8 1 Houlihan Lokey 1,718 23
2 2 Goldman Sachs 24,165 21
4 3 Credit Suisse 9,748 20
9 4 Morgan Stanley 31,606 18
1 5 JPMorgan 31,197 18
3 6 UBS 18,346 17
11 7 Jefferies & Company 2,171 15
6 8 Citi 24,423 14
7 9 Merrill Lynch 5,990 14
5 10 Lehman Brothers 31,789 13
13 11 Deutsche Bank 4,635 12
21 12 Wachovia 3,735 11
10 13 Lazard 7,780 9
28 14 William Blair & Company 112 9
14 15 RBC Capital Markets 2,170 8
The Americas
League Table of Legal Advisers to US (West) M&A: Value League Table of Legal Advisers to US (West) M&A: VolumeLeague Table of Legal Advisers to US (West) M&A: VolumeLeague Table of Legal Advisers to US (West) M&A: VolumeLeague Table of Legal Advisers to US (West) M&A: Volume
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
8 1 Houlihan Lokey 1,718 23
2 2 Goldman Sachs 24,165 21
4 3 Credit Suisse 9,748 20
9 4 Morgan Stanley 31,606 18
1 5 JPMorgan 31,197 18
3 6 UBS 18,346 17
11 7 Jefferies & Company 2,171 15
6 8 Citi 24,423 14
7 9 Merrill Lynch 5,990 14
5 10 Lehman Brothers 31,789 13
13 11 Deutsche Bank 4,635 12
21 12 Wachovia 3,735 11
10 13 Lazard 7,780 9
28 14 William Blair & Company 112 9
14 15 RBC Capital Markets 2,170 8
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
8 1 Houlihan Lokey 1,718 23
2 2 Goldman Sachs 24,165 21
4 3 Credit Suisse 9,748 20
9 4 Morgan Stanley 31,606 18
1 5 JPMorgan 31,197 18
3 6 UBS 18,346 17
11 7 Jefferies & Company 2,171 15
6 8 Citi 24,423 14
7 9 Merrill Lynch 5,990 14
5 10 Lehman Brothers 31,789 13
13 11 Deutsche Bank 4,635 12
21 12 Wachovia 3,735 11
10 13 Lazard 7,780 9
28 14 William Blair & Company 112 9
14 15 RBC Capital Markets 2,170 8
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
1 1 Latham & Watkins 17,874 41
4 2 Kirkland & Ellis 12,888 40
5 3 Jones Day 12,595 34
2 4 Wilson Sonsini Goodrich & Rosati 3,076 33
9 5 O'Melveny & Myers 2,210 31
6 6 DLA Piper 8,462 29
15 7 Heller Ehrman White & McAuliffe 1,288 24
10 8 Gibson Dunn & Crutcher 18,261 19
22 9 Weil Gotshal & Manges 27,064 18
7 10 Cooley Godward Kronish 1,980 17
18 11 Hogan & Hartson 2,757 16
24 12 Dorsey & Whitney 502 16
26 13 Simpson Thacher & Bartlett 25,570 15
12 14 Fenwick & West 1,478 15
3 15 Skadden Arps Slate Meagher & Flom 18,730 14
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 26
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
25 1 Shearman & Sterling 11,838 5
48 2 Weil Gotshal & Manges 8,067 2
5 3 White & Case 7,168 3
3 4 Sullivan & Cromwell 6,829 2
34 5= Machado Meyer Sendacz e Opice 6,199 2
57 5=Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados 6,199 2
8 7 Linklaters 5,633 3
41 8 McCarthy Tetrault 5,552 4
26 9= Davis Polk & Wardwell 5,519 1
62 9= Gibson Dunn & Crutcher 5,519 1
10 11 Baker Botts 3,520 2
1 12 Skadden Arps Slate Meagher & Flom 3,207 5
- 13= Khaitan & Co 2,600 1
- 13= Milbank Tweed Hadley & McCloy 2,600 1
96 15 Debevoise & Plimpton 2,065 2
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
10 1 Shearman & Sterling 11,838 5
3 2 Skadden Arps Slate Meagher & Flom 3,207 5
44 3 McCarthy Tetrault 5,552 4
2 4 White & Case 7,168 3
1 5 Linklaters 5,633 3
43 6 Vinson & Elkins 1,910 3
- 7 Barbosa, Muessnich & Aragao 1,854 3
- 8 Frank Galicia y Robles 1,154 3
35 9 Estudio Echecopar Garcia 811 3
17 10 Baker & McKenzie 14 3
20 11 Weil Gotshal & Manges 8,067 2
9 12 Sullivan & Cromwell 6,829 2
14 13= Machado Meyer Sendacz e Opice 6,199 2
32 13=Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados 6,199 2
37 15 Baker Botts 3,520 2
League Table of Legal Advisers to South and Central American M&A: Value
League Table of Legal Advisers to South and Central American M&A: Volume
The Americas
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 27
Asia-Pacifi cFollowing the global trend, the Asia-Pacifi c league tables in H1 2008 are experiencing some dramatic movements amongst the top positions.
Linklaters has topped the Asia-Pacifi c (ex. Japan) table by value this quarter with a total of 21 deals worth USD 273bn. They have also jumped up through the buyout tables, to be ranked fourth this quarter up from 28th at the year end 2007. The UK fi rm are advisers to the target in the largest Asian deal of the year, China Unicom’s USD 29.6bn bid for China Netcom.
This quarter has seen a drop in local fi rms’ rankings, with Freehills, the leaders by both value and volume at the year end 2007, down at seventh place this quarter by value and in second place by volume. Last year’s leaders in both buyout tables, they are now at eighth by value, and second by volume. Meanwhile, Skadden Arps, up from 14th, and Slaughter and May, up from 50th at the year end 2007, have taken third and fourth places respectively. Both are advising the bidder in the China Unicom/China Netcom deal.
Activity in Asia-Pacifi c is up 67% by value compared to Q1 2008, but down 12% by volume. Com-pared to the same period last year, deal value is up 58% and volume is down by 14%. Overall activity in H1 2008 is up 13% by value and down 6% by volume compared to H1 2007.
Top Announced Deals H1 2008 - Asia-Pacifi c
Announced Date Bidder Company Bidder Legal Advisor Target Company Target Legal Advisor Deal Value (USDm)
02-Jun-08 China Unicom Ltd
Freshfi elds Bruckhaus Deringer; Skadden Arps Slate Meagher & Flom (Advising JPMorgan); Slaughter and May (Advising China International Capital Corporation Limited); Sullivan & Cromwell
China Netcom Group Corporation (Hong Kong) Limited Linklaters; Shearman & Sterling 29,589
13-May-08 Westpac Banking Corporation Gilbert + Tobin St George Bank Ltd Allens Arthur Robinson 17,936
24-Jun-08 BG Group Plc Allen & Overy; Linklaters; Mallesons Stephen Jaques; Simpson Grierson Origin Energy Limited Clayton Utz; Freehills 15,723
02-Jun-08 China Merchants Bank Co Ltd DLA Piper Wing Lung Bank Limited Clifford Chance; Freshfi elds Bruckhaus Deringer 4,655
11-Jun-08 Daiichi Sankyo Company Limited Jones Day; P&A Law Offi ces Ranbaxy Laboratories Limited (60.62% stake) Vaish Associates 4,625
Asia-Pacific M&A Activity - Quarterly(incl Japan)
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25
50
75
100
125
150
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Valu
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mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 28
League Table of Legal Advisers to Asia-Pacifi c (ex Japan) M&A: Value
League Table of Legal Advisers to Asia-Pacifi c (ex Japan) M&A: Volume
Asia-Pacifi c
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
2 1 Linklaters 272,697 21
6 2 Sullivan & Cromwell 258,765 10
14 3 Skadden Arps Slate Meagher & Flom 252,787 12
50 4 Slaughter and May 240,934 4
8 5 Allens Arthur Robinson 238,753 21
7 6 Allen & Overy 235,802 10
1 7 Freehills 233,377 33
90 8 Lovells 218,233 7
52 9 Herbert Smith/Gleiss Lutz/Stibbe 217,051 9
12 10 Blake Dawson 214,641 25
158 11 Davies Ward Phillips & Vineberg 212,406 5
102 12 McCarthy Tetrault 211,097 2
99 13 Johnson Winter & Slattery 211,057 4
146 14 Cravath Swaine & Moore 210,868 1
5 15 Freshfi elds Bruckhaus Deringer 45,576 16
3 16 Mallesons Stephen Jaques 36,680 36
84 17 Shearman & Sterling 33,923 9
4 18 Clayton Utz 21,249 9
10 19 Clifford Chance 20,545 18
26 20 Gilbert + Tobin 19,029 7
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
2 1 Mallesons Stephen Jaques 36,680 36
1 2 Freehills 233,377 33
3 3 Baker & McKenzie 4,910 29
8 4 Blake Dawson 214,641 25
11 5 DLA Piper 6,835 25
14 6 Jones Day 8,058 24
7 7 Linklaters 272,697 21
17 8 Allens Arthur Robinson 238,753 21
22 9 White & Case 15,992 21
13 10 Allen & Gledhill 9,815 21
10 11 Deacons 2,641 21
6 12 Clifford Chance 20,545 18
20 13 Kim & Chang 5,575 17
12 14 WongPartnership 5,525 17
5 15 Minter Ellison 2,335 17
9 16 Freshfi elds Bruckhaus Deringer 45,576 16
55 17 Corrs Chambers Westgarth 3,700 16
43 18 AZB & Partners 5,776 14
32 19 Shin & Kim 7,655 13
16 20 Skadden Arps Slate Meagher & Flom 252,787 12
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 29
League Table of Legal Advisers to Asia-Pacifi c (ex Japan) Buyouts: Value
League Table of Legal Advisers to Asia-Pacifi c (ex Japan) Buyouts: Volume
Asia-Pacifi c
Note: based on fi rms advising the bidder on buyout deals where the dominant geography of the target company is Asia- Pacifi c (ex Japan)
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
19 1 Shin & Kim 1,613 2
15 2 Baker & McKenzie 1,272 53 3 Mallesons Stephen Jaques 1,120 2
28 4 Linklaters 848 2
22 5 Kim & Chang 830 2
46 6 Bae Kim & Lee 791 2
8 7 WongPartnership 722 1
1 8 Freehills 697 4
10 9 Allen & Gledhill 691 3
35 10= Debevoise & Plimpton 640 1
- 10= Nishith Desai Associates 640 1
- 12 Raslan Loong Advocates & Solictors 412 1
18 13 Simpson Thacher & Bartlett 411 2
23 14 Shook Lin & Bok Singapore 258 1
17 15 Corrs Chambers Westgarth 186 1
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
5 1 Baker & McKenzie 1,272 5
1 2 Freehills 697 4
- 3 Lexygen 55 4
9 4 Allen & Gledhill 691 3
16 5 Shin & Kim 1,613 2
6 6 Mallesons Stephen Jaques 1,120 2
10 7 Linklaters 848 2
36 8 Kim & Chang 830 2
28 9 Bae Kim & Lee 791 2
14 10 Simpson Thacher & Bartlett 411 2
17 11 Paul Weiss Rifkind Wharton & Garrison 163 2
- 12 J Sagar Associates 28 2
7 13 WongPartnership 722 1
43 14= Debevoise & Plimpton 640 1
- 14= Nishith Desai Associates 640 1
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 30
Asia-Pacifi cLeague Table of Legal Advisers to Asian M&A
(ex Japan and Australasia): ValueLeague Table of Legal Advisers to Asian M&A
(ex Japan and Australasia): Volume
League Table of Legal Advisers to Japanese M&A: Value League Table of Legal Advisers to Japanese M&A: Volume
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
2 1 Sullivan & Cromwell 45,009 7
16 2 Skadden Arps Slate Meagher & Flom 40,306 7
1 3 Linklaters 39,066 18
3 4 Freshfi elds Bruckhaus Deringer 38,421 14
68 5 Shearman & Sterling 33,717 8
33 6 Slaughter and May 30,066 3
9 7 Clifford Chance 20,265 15
15 8 Simpson Thacher & Bartlett 13,976 6
5 9 Mallesons Stephen Jaques 13,486 6
99 10 Ashurst 13,205 2
13 11 Cleary Gottlieb Steen & Hamilton 12,941 4
96 12 Sidley Austin 11,003 3
130 13 Gibson Dunn & Crutcher 10,629 3
41 14 Bae Kim & Lee 10,512 9
11 15 Allen & Gledhill 9,709 20
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
6 1 Allen & Gledhill 9,709 20
15 2 White & Case 8,985 19
1 3 Linklaters 39,066 18
8 4 Kim & Chang 5,575 17
5 5 WongPartnership 5,525 17
7 6 Jones Day 7,378 16
3 7 Clifford Chance 20,265 15
13 8 DLA Piper 6,021 15
4 9 Freshfi elds Bruckhaus Deringer 38,421 14
32 10 AZB & Partners 5,776 14
2 11 Baker & McKenzie 2,355 14
22 12 Shin & Kim 7,655 13
38 13 Amarchand & Mangaldas & Suresh A Shroff 2,443 10
23 14 Rajah & Tann 2,270 10
12 15 Bae Kim & Lee 10,512 9
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
37 1 Skadden Arps Slate Meagher & Flom 9,554 4
2 2 Nishimura & Asahi 9,504 24
- 3 Gibson Dunn & Crutcher 7,650 2
70 4= Dewey & LeBoeuf 7,555 1
- 4= Edwards Angell Palmer & Dodge 7,555 1
- 4= WilmerHale 7,555 1
39 7 Jones Day 4,694 5
- 8= P&A Law Offi ces 4,625 1
- 8= Vaish Associates 4,625 1
4 10 Sullivan & Cromwell 3,248 8
1 11 Mori Hamada & Matsumoto 3,242 12
13 12 Freshfi elds Bruckhaus Deringer 2,936 5
5 13 Clifford Chance 2,613 4
7 14 Nagashima Ohno & Tsunematsu 2,220 14
9 15 Shearman & Sterling 1,962 4
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
2 1 Nishimura & Asahi 9,504 24
3 2 Nagashima Ohno & Tsunematsu 2,220 14
1 3 Mori Hamada & Matsumoto 3,242 12
11 4 Sullivan & Cromwell 3,248 8
4 5 Morrison & Foerster 1,446 7
17 6 Jones Day 4,694 5
8 7 Freshfi elds Bruckhaus Deringer 2,936 5
6 8 Baker & McKenzie 884 5
24 9 Skadden Arps Slate Meagher & Flom 9,554 4
7 10 Clifford Chance 2,613 4
5 11 Shearman & Sterling 1,962 4
9 12 White & Case 39 4
33 13 Anderson Mori & Tomotsune 1,634 3
12 14 Allen & Overy 1,015 3
64 15 Kim & Chang 47 3
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 31
League Table of Legal Advisers to Greater China M&A: Value League Table of Legal Advisers to Greater China M&A: Volume
League Table of Legal Advisers to Australasian M&A: Value League Table of Legal Advisers to Australasian M&A: Volume
Asia-Pacifi c
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
2 1 Freshfi elds Bruckhaus Deringer 36,590 10
3 2 Sullivan & Cromwell 33,456 4
1 3 Linklaters 32,608 9
10 4 Skadden Arps Slate Meagher & Flom 30,115 4
36 5= Shearman & Sterling 29,589 1
12 5= Slaughter and May 29,589 1
11 7 Clifford Chance 18,330 6
- 8 Ashurst 13,205 2
17 9 Simpson Thacher & Bartlett 13,163 2
35 10 Mallesons Stephen Jaques 12,961 3
32 11 DLA Piper 5,947 12
146 12 Guantao Law Firm 5,152 1
27 13 Haiwen & Partners 4,414 6
49 14 White & Case 4,206 4
23 15 Allen & Overy 4,137 2
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
12 1 DLA Piper 5,947 12
1 2 Freshfi elds Bruckhaus Deringer 36,590 10
2 3 Linklaters 32,608 9
9 4 King & Wood 1,170 8
5 5 Jones Day 2,409 7
4 6 Clifford Chance 18,330 6
46 7 Haiwen & Partners 4,414 6
3 8 Baker & McKenzie 1,654 6
26 9 Morrison & Foerster 1,359 6
8 10 LCS & Partners 135 6
6 11 Herbert Smith/Gleiss Lutz/Stibbe 3,533 5
18 12 Allen & Gledhill 3,455 5
15 13 WongPartnership 1,799 5
17 14 Norton Rose 1,388 5
22 15 Sullivan & Cromwell 33,456 4
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
4 1 Allens Arthur Robinson 238,753 20
5 2 Linklaters 233,631 3
1 3 Freehills 233,377 32
8 4 Allen & Overy 226,733 3
7 5 Blake Dawson 214,641 25
20 6 Sullivan & Cromwell 213,756 3
18 7 Skadden Arps Slate Meagher & Flom 212,481 5
108 8 Lovells 211,275 3
93 9 Davies Ward Phillips & Vineberg 211,109 2
43 10 Johnson Winter & Slattery 211,057 4
- 11= Cravath Swaine & Moore 210,868 1
53 11= Herbert Smith/Gleiss Lutz/Stibbe 210,868 1
59 11= McCarthy Tetrault 210,868 1
176 11= Slaughter and May 210,868 1
2 15 Mallesons Stephen Jaques 23,858 33
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
2 1 Mallesons Stephen Jaques 23,858 33
1 2 Freehills 233,377 32
5 3 Blake Dawson 214,641 25
9 4 Allens Arthur Robinson 238,753 20
6 5 Deacons 2,641 20
8 6 Baker & McKenzie 2,965 17
4 7 Minter Ellison 2,335 17
20 8 Corrs Chambers Westgarth 3,700 16
11 9 DLA Piper 865 11
3 10 Clayton Utz 21,249 9
17 11 Jones Day 680 8
7 12 Gilbert + Tobin 19,029 7
43 13 Simpson Grierson 16,274 7
19 14 Skadden Arps Slate Meagher & Flom 212,481 5
25 15 Cochrane Lishman 1,883 5
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 32
Asia-Pacifi c
League Table of Legal Advisers to South-East Asian M&A: Value League Table of Legal Advisers to South-East Asian M&A: Volume
League Table of Legal Advisers to Indian M&A: Value League Table of Legal Advisers to Indian M&A: Volume
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
8 1 AZB & Partners 5,763 13
74 2 Jones Day 4,676 4
- 3= P&A Law Offi ces 4,625 1
- 3= Vaish Associates 4,625 1
17 5 Desai & Diwanji 4,032 9
49 6 Shearman & Sterling 3,770 3
67 7 Blake, Cassels & Graydon 3,534 3
58 8 Hogan & Hartson 3,305 3
3 9 Khaitan & Co 2,947 6
47 10 J Sagar Associates 2,694 5
9 11 Allen & Overy 2,618 3
- 12= Baker Botts 2,600 1
- 12= Milbank Tweed Hadley & McCloy 2,600 1
18 14 Amarchand & Mangaldas & Suresh A Shroff 2,443 10
- 15 Arnold & Porter 2,300 1
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
1 1 AZB & Partners 5,763 13
5 2 Amarchand & Mangaldas & Suresh A Shroff 2,443 10
4 3 Desai & Diwanji 4,032 9
2 4 Khaitan & Co 2,947 6
22 5 J Sagar Associates 2,694 5
3 6 Luthra & Luthra Law Offi ces 473 5
24 7 Jones Day 4,676 4
69 8 White & Case 1,286 4
8 9 Clifford Chance 240 4
- 10 Lexygen 55 4
15 11 Shearman & Sterling 3,770 3
72 12 Blake, Cassels & Graydon 3,534 3
65 13 Hogan & Hartson 3,305 3
12 14 Allen & Overy 2,618 3
9 15 Freshfi elds Bruckhaus Deringer 641 2
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
8 1 Sullivan & Cromwell 14,656 4
86 2 Sidley Austin 9,903 2
6 3= Cleary Gottlieb Steen & Hamilton 9,880 1
- 3= Gibson Dunn & Crutcher 9,880 1
36 3= Skadden Arps Slate Meagher & Flom 9,880 1
1 6 Allen & Gledhill 9,559 19
32 7 Lovells 4,658 2
- 8 Haiwen & Partners 4,113 2
5 9 WongPartnership 4,079 13
19 10 Shook Lin & Bok Singapore 3,854 5
17 11 White & Case 3,441 11
104 12 Rodyk & Davidson 3,238 5
7 13 Kadir, Andri & Partners 2,546 3
14 14 Linklaters 2,331 4
58 15 Shearn Delamore & Co 2,153 3
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
2 1 Allen & Gledhill 9,559 19
1 2 WongPartnership 4,079 13
8 3 White & Case 3,441 11
7 4 Rajah & Tann 2,140 9
4 5 Baker & McKenzie 1,355 8
5 6 Drew & Napier 1,996 6
3 7 Clifford Chance 1,795 6
10 8 Shook Lin & Bok Singapore 3,854 5
105 9 Rodyk & Davidson 3,238 5
14 10 Stamford Law 651 5
24 11 Sullivan & Cromwell 14,656 4
6 12 Linklaters 2,331 4
67 13 Shahrizat Rashid & Lee 362 4
51 14 Shearman & Sterling 358 4
13 15 Kadir, Andri & Partners 2,546 3
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 33
Breakdown of Deals by Region and Industry
Mix of Announced Deals by Geographic Region H1 2008 - Volume
North America31.8%
Central & South America3.4%
Western Europe23.9%
Southern Europe7.3%
Northern Europe4.9%
Central & Eastern Europe6.7%
North Asia7.2%
South East Asia2.8%
Africa & Middle East3.1%Australasia
3.4%
South & Central Asia1.5%
Japan3.6%
Mix of Announced Deals by Geographic Region H1 2008 - Value
North America30.4%
Central & South America3.4%
Western Europe36.7%
Southern Europe4.4%
Japan1.9%
South & Central Asia2.6%
Central & Eastern Europe4.9%
Northern Europe2.6%
South East Asia2.4%
Africa & Middle East1.3%
Australasia4.1%
North Asia6.5%
Mix of Announced Global Deals by Industry Sector H1 2008 - Value
Financial Services14.1%
Business Services4.3%
Consumer16.2%
Energy, Mining & Utilities30.1%
TMT14.0%
Construction1.8%
Agriculture0.2%
Industrials & Chemicals10.6%
Pharma, Medical & Biotech4.9% Defence
0.4%Transport2.1%
Leisure1.3%
Mix of Announced Global Deals by Industry Sector H1 2008 - Volume
Industrials & Chemicals20.7%
Financial Services10.9%
Business Services12.3%
Consumer13.5%
Energy, Mining & Utilities10.3%
TMT13.6%
Leisure3.6%
Transport3.0%
Pharma, Medical & Biotech6.0%
Construction5.0%
Agriculture0.8%
Defence0.4%
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 34
Criteria
• The H1 2008 house league tables are based on announced transactions (where the bidder or target or parent of either is from the country or region to which the table refers), over USD 5m in the period from 1 January 2008 to 30 June 2008. Deals with undisclosed deal values are included where the target’s turnover exceeds USD 10m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders’ interests are not changed.
• The trend graphs and pie charts are based on the dominant geography or industry of the target and include announced transactions over USD 5m in the given time period. Deals with undisclosed deal values are included where the target’s turnover exceeds USD 10m. Activities excluded from the graphs and charts include property transactions and restructurings where the ultimate shareholders’ interests are not changed.
• The top deals tables are based on announced transactions between 1 January 2008 and 30 June 2008, and refl ect the domi-nant geography of the target company.
• Top Firm Profi les: trend and pie chart data all based on dominant geography and industry of the target company.
Nordic: Denmark, Sweden, Finland, Norway, Faroe Islands, Greenland and IcelandBenelux: Belgium, the Netherlands and LuxembourgIberia: Portugal and SpainCEE: Armenia, Azerbaijan, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania, Macedonia, Moldova, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine
US (mid-Atlantic): Delaware, District Columbia, Maryland, New Jersey, New York, PennsylvaniaUS (mid-West): llinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Da- kota, Wisconsin New England: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, VermontSouth/SouthWest: Alabama, Arizona, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, New Mexico, North Caro lina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, West VirginiaWest: Alaska, California, Colorado, Hawaii, Idaho, Montana, Nevada, Oregon, Utah, Washington, Wyoming
Greater China: China, Hong Kong, Macau, TaiwanSouth East Asia: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam
mergermarket M&A League Tables of Legal Advisers - First Half 2008 - July 3, 2008 Page 35
About mergermarket
mergermarket is part of The Mergermarket Group which has over 450 employees worldwide and regional head offi ces in London, New York and Hong Kong.
mergermarket is an unparalleled mergers and acquisitions (M&A) intelligence tool. In any market, the life blood of advisers is deal fl ow. mergermarket is unique in the provision of origination intelligence to the investment banking, Financial, private equity, acquisition fi nance, public relations (PR) and corporate markets.
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