Mergers & acquisitions report vietnam 2011

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Mergers & Acquisitions Report: Vietnam 2011 Zurich, 22 January 2012

Transcript of Mergers & acquisitions report vietnam 2011

Page 1: Mergers & acquisitions report vietnam 2011

Mergers & Acquisitions Report: Vietnam

2011

Zurich, 22 January 2012

Page 2: Mergers & acquisitions report vietnam 2011

Executive Summary

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Mergers & Acquisitions activity (see Section 1) • Mergers & Acquisitions with Vietnamese participation has increased in 2011 to hit a new record. • While the number of deals has only slightly increased to 413 transactions (+7%), while the value has more

than doubled to 4.7 bil. USD (+103%). National vs. Cross-border M&A (see Section 2) • The majority of all transactions have been national transactions (77%). By value however especially foreign

acquisitions in Vietnam played a major role (66%). • The new record in Vietnamese M&A is due to a increase in the number of national combinations, while the

number of foreign acquisitions in Vietnam has decreased. • The new record in value of M&A is caused by an increase in value of national M&A as well as by foreign

acquisitions in Vietnam. • The most important foreign acquiror in Vietnam – in both, number and value – are companies from Japan. Industry (see Section 3) • With respect to the number of transactions, the majority of M&A transactions took place in the industrials,

consumer goods, and materials sector. • By value of deals, transactions in the financial sector, media & entertainment and consumer goods ranked

first. Top deals (Section 4) • The biggest M&A deal in 2011 was a national transaction. All other deals in the top ten were done by

foreign acquirors in Vietnam.

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Content

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1) M&A Activity in Vietnam 2) National and Cross-border M&A in Vietnam 3) M&A in Vietnam by Industry 4) Top Vietnames Deals

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1) M&A ACTIVITY IN VIETNAM

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Vietnamese M&A Activity in 2011

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In 2011, there have been 413 transactions valued at 4.7 bil. USD with Vietnamese participation. The number of M&A have increased (+7%). Compared with the 2010, the value of deals has more than doubled (+103%) – its highest level ever.

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Vietnames M&A Activity in 2011: Comparison with Asia-Pacific

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The number of transactions in Asia Pacific (see left figure) has decreased compared to 2010, while Vietnamese M&A has continued to increase. The value of transactions in Asia-Pacific (see right figure) has decreased as well, but value of Vietnamese transactions has drastically increased.

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Vietname M&A Activity: 2nd Half of 2012

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In the second half of 2011, there have been 165 transactions valued at 2.0 bil. USD with Vietnamese participation. While the value of M&A has increased compared to the 2nd half of 2010 and the first half of 2011, the number however has decreased.

compared to Number Value

H2 - 2010 -8.8% +104.8%

H1 - 2011 -21.8% +16.8%

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Vietnamese M&A Activity: Q4, 2011

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In the fourth quarter of 2011, there have been 85 transactions valued at 842 mil. USD with Vietnamese participation. The number of M&A compared to the 3rd quarter of 2011 has increased slightly, but is below the 4th quarter of 2010. The value has decreased compared to the quarter before, but increased over the 4th quarter 2010.

compared to Number Value

2010 - Q4 -8.6% +87.4%

2011 - Q3 +6.3% -27.4%

Trend in Vietnamese M&A

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2) NATIONAL AND CROSS-BORDER M&A ACTIVITY IN VIETNAM

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Vietnamese M&A Deals 2011: National vs. Crossborder

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The majority of all transactions in 2011 have been national transactions (see figure on the left side). By value (see right) however especially foreign acquisitions in Vietnam played a major role, contributing two thirds to the total value.

By number By value

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0% 66%

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National Vietnamese M&A Deals, 2000-2011

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Share of Vietnamese national deals in total M&A activity

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In 2011, there have been 290 national transactions valued at 1.2 bil USD - the highest number ever. The share of national M&A in total Vietnamese M&A has increased to 77% (a new record) and the share of value has decreased to roughly one third (34%). National combinations in Vietnam have played a significant role in 2011.

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Acquisitions by foreign companies in Vietnam in 2011 by countries

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Rank Country Number of deals

Value of deals (in mil. USD)

1 Japan 19 596

2 Singapore 10 54

3 South Korea 9 461

4 United States 5 259

5 Netherlands 3 502

6 Thailand 2 208

7 Germany 2 110

8 India 2 64

9 Australia 2 55

10 Hong Kong 2 25

Top 10 – By numbers

Rank Country Value of deals (in mil. USD)

Number

1 Japan 596 19

2 Netherlands 502 3

3 South Korea 461 9

4 United States 259 5

5 Thailand 208 2

6 Germany 110 2

7 Denmark 86 1

8 India 64 2

9 Australia 55 2

10 Singapore 54 10

Top 10 – By value

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3) M&A IN VIETNAM BY INDUSTRY

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Vietnamese Transactions by Industry in 2011

• With respect to the number of transactions, the majority of M&A transactions took place in the industrials, consumer goods, and materials sector.

• By value of deals, transactions in the financial sector, media & entertainment and consumer goods ranked first.

By number By value

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Materials

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4) TOP VIETNAMESE M&A DEALS

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Vietnamese Top Deals 2011

Rank Target Company Target Country

Acquiror Company Acquiror Country

Value (in mil. USD)

Status

1 Vinpearl JSC Vietnam Vincom JSC Vietnam 649 Completed

2 Vietcombank Vietnam Mizuho Corporate Bank Ltd Japan 567 Completed

3 GTEL Mobile JSC Vietnam VimpelCom Ltd Netherlands 502 Pending

4 Diana JSC Vietnam Uni-Charm (Thailand) Co Ltd Thailand 187 Completed

5 Masan Consumer Corp Vietnam Kohlberg Kravis Roberts & Co US 159 Completed

6 AES-VCM Mong Duong Power Co Vietnam PSC Energy Global Co Ltd South Korea 153 Pending

7 Thao Dien Investment JSC Vietnam Lotte Asset Development Co Ltd South Korea 151 Completed

8 Masan Resources Corp Vietnam Mount Kellet Capital Mgt LP US 100 Completed

9 PVI Holdings Vietnam HDI-Gerling Industrie AG Germany 92 Completed

10 Hue Brewery Ltd Vietnam Carlsberg Breweries A/S Denmark 86 Completed

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Appendix

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Unless otherwise stated: • All sources of data have been: Thomson Financial, Institute of Mergers, Acquisitions and Alliances (IMAA)

analysis. • Deals analyzed have been "announced" which is the standard of analysis for most reports. Announced means

that we have included deals with the status: Completed, Unconditional, Intended, Pending Due to Regulatory Reasons, and Pending, Partially Completed, Status Unknown, and Withdrawn. This explicitly excludes the deals with the status: Seeking Buyer, Rumor, Discontinued Rumor, and Seeking Buyer.

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Contact

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Institute of Mergers, Acquisitions and Alliances (IMAA) Kummer & Company AG Webster University Olgastrasse 10 Berchtoldgasse 1 8024 Zurich 1220 Vienna Switzerland Austria Phone +43 1 2699293 - 54 Phone +41 44 586 75 99 Fax +41 44 5002864 Fax +41 44 575 31 09 E-Mail [email protected] E-Mail [email protected] Homepage www.imaa-institute.org Homepage www.kummerco.com President: Prof. Dr. Christopher Kummer [email protected]