Merril Datasite MA Insider April2012

7/31/2019 Merril Datasite MA Insider April2012

1/67

Monthly M&A InsIder

A mergermArket report on globAl m&A Activity

April 2012

EDITION


2/67


3/67Monthly M&A Insider 01

Behind these trends are macroeconomic concerns and

ongoing volatility, both of which are damaging confidence and

inhibiting dealmaking. In Europe, volatility will likely persist

through the year as sovereign debt problems are unlikely tobe resolved quickly. This will have an impact on valuations

and add to M&A risk.

Nevertheless, compared with Q4 2011, Europe saw an

increase in the total value of M&A in the first quarter, buoyed

by the announced US$61bn merger of Glencore with Xstrata.

Furthermore, companies from Asia continue to show good

appetite for European assets, with bidders from the region

seeing the present market situation as an opportunity to

acquire market share and expertise. In particular, Chinese

companies are increasingly interested in overseas assets,

as a way to diversify and mitigate the impact of falling profitmargins in their home territory.

Fears that growth in China may be slowing originate largely

from suppressed profits amongst Industrials & Chemicals

companies. These concerns could be assuaged however

if the recovery in the US is sustained and exports pick up.

Furthermore, although foreign investors are cooling on China,

a number of foreign businesses remain keen to establish

themselves in the country, attracted by the tremendous

opportunities that still exist.

In January, American Express purchased a stake in Chinese

mobile payments provider LianLian Pay, for US$125m. Thismove, which will allow American Express to offer digital

wallet services in the region, is a well considered attempt

to increase exposure to the fast growing consumer market

in Asia. The first quarter of 2012 also marked a landmark

investment into Chinas financial sector by western banks,

with UBS and Standard Chartered joining two Chinese

investors to acquire a 16.5% stake in China Cinda Asset

Management Corporation for US$1.6bn.Away from defensive stocks and ongoing consolidation

among financial services companies, perhaps one of the

most talked about deal announcements of late was the

US$1bn acquisition of mobile photography app Instagram

by Facebook. The deal is one amongst a stream of start-up

acquisitions, including direct marketer Tagtile and webcam

eye-tracking software GazeHawk, demonstrating a keen

desire to refresh the product offering and maintain innovation

at Facebook ahead of its flotation on the Nasdaq in May.

In the US, TMT M&A will continue to be a bright spot, and

there are also signs that niche cross-border pockets aresetting up for a strong 2012, such as deal making between

the US and Israel. Globally, the Media subsector has been

one of the most resilient, with volume only 3% below Q1 2011

levels in Q1 2012. Of note is Ciscos US$5bn acquisition of

broadcast software provider NDS Group from News Corp,

which is intended to assist with the development of their video

platform and expansion into China and India.

Taking stock of the global M&A situation, a number of

regional and sector niche opportunities mean that there

are good reasons to stay upbeat about deal making in 2012.

Crucially, the underlying factors influencing the downturnappear to be sentimentally rather than fundamentally

driven, so that those lucrative opportunities that do exist will

continue to be pursued, so long as financing can be obtained

and investors persuaded.

GLOBAL OVERVIEW

THE FIRST QUARTER OF 2012 SAW GLOBAL M&A DEAL VOLUME TOTAL 2,587 TRANSACTIONSCOLLECTIVELY VALUED AT US$421BN, REPRESENTING YEAR-ON-YEAR FALLS OF 20% AND 30% INACTIVITY AND VALUE TERMS. A SIMILAR TREND IS REFLECTED IN THE PRIVATE EQUITY SPHERE,WHERE THE SAME COMPARISON SHOWS VOLUME FALLING BY 20% AND VALUE BY 34%.

Head of Research: Elias Latsis

Editor: Felicity James

For advertising opportunities contact:

Erik WickmanTel: + (1) 212 [email protected]

Global overview: Rob Imonikhe

Latin America: Urna Chakraborty

North America: Ashley Klepach

Asia-Pacific: Timothy PhillipsEurope: Peter Kruk and Kirsty Wilson

Middle East & Africa: Silvia Paparello,Marie-Laure Keyrouz and Beatrice Bragho



LEAGUE TABLES

Monthly M&A Insider

Ranking Q1 2012 Q1 2011

Q1 2012 Q1 2011 Company name Value

(US$m)

Deal count Value

(US$m)

Value change

(%)

1 2 Goldman Sachs 125,364 56 143,280 -12.5%

2 8 Citigroup 111,578 34 81,479 36.9%

3 10 Deutsche Bank 107,651 41 68,435 57.3%

4 3 Morgan Stanley 107,200 54 126,915 -15.5%

5 1 JPMorgan 106,521 48 152,680 -30.2%

6 6 Barclays 95,618 33 89,937 6.3%7 7 Credit Suisse 79,315 31 82,732 -4.1%

8 16 Nomura Holdings 68,971 27 20,609 234.7%

9 5 Bank of America Merrill Lynch 61,069 39 97,137 -37.1%

10 18 BNP Paribas 55,785 4 20,230 175.8%

11 11 Rothschild 29,524 36 27,690 6.6%

12 26 RBC Capital Markets 28,044 28 12,612 122.4%

13 4 Lazard 24,709 34 101,791 -75.7%

14 9 UBS Investment Bank 23,398 33 71,062 -67.1%

15 20 Evercore Partners 15,493 19 18,177 -14.8%

16 82 TD Securities 14,757 9 1,999 638.2%

17 92 Greenhill & Co 13,580 6 1,618 739.3%

18 25 Jefferies & Company 12,677 20 13,729 -7.7%

19 32 BMO Capital Markets 12,002 13 8,217 46.1%20 15 HSBC 11,875 20 21,310 -44.3%

Source: mergermarket

The financial adviser league tables by value and volume have been run from 01-Jan-12 to 31-Mar-12. The tables cover all sectors and are based on thegeography of either the target, bidder or seller being Global.

TOP 20 FINANCIAL ADVISERS GLOBAL

VALUE

Ranking Q1 2012 Q1 2011


(US$m)

Deal count Deal count Deal count

change

1 1 Goldman Sachs 125,364 56 78 -22

2 3 Morgan Stanley 107,200 54 64 -10

3 4 JPMorgan 106,521 48 60 -12

4 10 Deutsche Bank 107,651 41 53 -125 7 Bank of America Merrill Lynch 61,069 39 58 -19

6 5 PwC 4,017 39 60 -21

7 9 Deloitte 2,387 38 57 -19

8 13 Rothschild 29,524 36 42 -6

9 12 Citigroup 111,578 34 44 -10

10 14 Lazard 24,709 34 35 -1

11 16 Barclays 95,618 33 29 4

12 6 UBS Investment Bank 23,398 33 59 -26

13 8 Credit Suisse 79,315 31 57 -26

14 20 RBC Capital Markets 28,044 28 24 4

15 18 Nomura Holdings 68,971 27 26 1

16 2 KPMG 1,928 24 78 -54

17 11 Ernst & Young 3,061 23 51 -2818 31 Houlihan Lokey 1,687 22 15 7

19 15 Jefferies & Company 12,677 20 34 -14

20 26 HSBC 11,875 20 17 3


TOP 20 FINANCIAL ADVISERS GLOBAL

VOLUME



Ranking Q1 2012 Q1 2011


(US$m)


change

1 4 Jones Day 23,011 56 71 -15

2 7 Linklaters 77,639 48 62 -14

3 9 Kirkland & Ellis 27,200 48 61 -13

4 1 DLA Piper 7,360 48 87 -395 2 Latham & Watkins 18,465 44 76 -32

6 6 Freshfields Bruckhaus Deringer 84,656 39 63 -24

7 3 Clifford Chance 22,385 39 73 -34

8 5 Allen & Overy 24,245 38 67 -29

9 12 CMS 1,417 35 50 -15

10 11 Hogan Lovells 5,108 34 50 -16

11 14 Sullivan & Cromwell 40,606 32 46 -14

12 10 Skadden Arps Slate Meagher & Flom 28,466 30 56 -26

13 13 Weil Gotshal & Manges 16,538 30 48 -18

14 27 Blake, Cassels & Graydon 13,685 26 28 -2

15 8 Baker & McKenzie 2,827 26 62 -36

16 49 Stikeman Elliott 16,237 25 19 6

17 17 White & Case 6,832 25 35 -1018 23 Dewey & LeBoeuf 23,301 23 30 -7

19 21 Wilson Sonsini Goodrich & Rosati P.C. 3,203 23 31 -8

20 35 Mayer Brown 1,970 23 22 1


The legal adviser league tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and include lapsed and withdrawn deals. The tables coverall sectors and are based on the geography of either the target, bidder or seller being Global.

TOP 20 LEGAL ADVISERS GLOBAL

VOLUME

Ranking Q1 2012 Q1 2011


(US$m)

Deal count Value

(US$m)

Value change

(%)

1 8 Freshfields Bruckhaus Deringer 84,656 39 78,791 7.4%

2 7 Linklaters 77,639 48 79,340 -2.1%

3 125 King & Wood Mallesons 62,034 10 2,947 2,005.0%

4 4 Sullivan & Cromwell 40,606 32 97,309 -58.3%

5 6 Skadden Arps Slate Meagher & Flom 28,466 30 82,892 -65.7%

6 53 Kirkland & Ellis 27,200 48 11,099 145.1%7 10 Allen & Overy 24,245 38 71,958 -66.3%

8 13 Dewey & LeBoeuf 23,301 23 62,875 -62.9%

9 29 Jones Day 23,011 56 22,205 3.6%

10 16 Clifford Chance 22,385 39 49,830 -55.1%

11 105 Paul Weiss Rifkind Wharton & Garrison 19,567 16 4,527 332.2%

12 12 Davis Polk & Wardwell 19,453 19 65,164 -70.1%

13 3 Latham & Watkins 18,465 44 97,784 -81.1%

14 36 Vinson & Elkins 17,175 21 15,963 7.6%

15 18 Weil Gotshal & Manges 16,538 30 44,552 -62.9%

16 34 Gibson Dunn & Crutcher 16,388 20 16,818 -2.6%

17 127 Stikeman Elliott 16,237 25 2,859 467.9%

18 11 Shearman & Sterling 15,231 17 69,153 -78.0%

19 195 Bennett Jones 14,245 6 1,020 1,296.6%20 2 Simpson Thacher & Bartlett 13,853 12 121,560 -88.6%


TOP 20 LEGAL ADVISERS GLOBAL

VALUE

LEAGUE TABLES



LEAGUE TABLES

VALUE

VALUE

Rank

Q1 2012 Company name Value(US$m)

Dealcount

1 Apollo Global Management 7,915 3

2= Access Industries 7,150 1

2= Riverstone Holdings 7,150 1

4 GS Capital Partners 3,578 2

5 Advent International 3,178 1

6 CITIC Capital Partners 2,500 3

7 CVC Capital Partners 2,423 3

8 Vista Equity Partners 2,251 3

9 Cinven 1,467 1

10 Blackstone Group 1,430 1

11 Insight Venture Partners 1,326 2

12 China Africa Development Fund 1,250 1

13 TPG Capital 871 2

14 Novo 708 1

15 Strategic Value Partners 663 1


Rank


Dealcount

1 Permira 5,000 1

2 Madison Dearborn Partners 3,178 1


4 EnCap Investments 2,850 15 Cinven 2,398 1

6 The Carlyle Group 2,293 3

7 Riverstone Holdings 2,123 2

8 Mid Europa Partners 1,801 2

9 Electra Partners 1,666 2

10 Intermediate Capital Group 1,467 1

11 Arle Capital Partners 1,260 1

12 Atlas Venture 1,002 3

13= Teachers Private Capital 1,000 1

13= Thoma Bravo 1,000 1

13= Vestar Capital Partners 1,000 1


VOLUME

VOLUME

Rank

Q1 2012 Company name Dealcount

Value(US$m)

1 The Riverside Company - 7

2 Lloyds TSB Development Capital 278 4

3= Grey Mountain Partners - 4

3= mutares - 4



7 CVC Capital Partners 2,423 3

8 Vista Equity Partners 2,251 3

9 General Atlantic 415 3

10 The Carlyle Group 352 3

11 Wynnchurch Capital 99 3

12 H.I.G. Capital 47 3

13= Arsenal Capital Partners 30 3

13= Platinum Equity 30 3

15= Ciclad - 3

15= Levine Leichtman Capital Partners - 3

15= Naxicap Partners - 3


Rank


Value(US$m)

1 Sun Capital Partners 98 6

2 Intel Capital 490 4

3 Audax Private Equity Group 124 4

4 The Carlyle Group 2,293 35 Atlas Venture 1,002 3

6 TA Associates 588 3

7 Platinum Equity 362 3

8 Scottish Equity Partners 208 3

9 Benchmark Capital 195 3

10 Softbank Capital Partners 180 3

11 American Capital 144 3

12 SV Angel 50 3

13 H.I.G. Capital - 3




ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON GLOBAL BUYOUTS

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON GLOBAL EXITS

The private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is Global.The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals.

The private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is Global.The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals.



TREND GRAPHS

GLOBAL M&A QUARTERLY TREND

0

200

400

600

800

1,000

1,200

1,400

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Q4

06

Q3

06

Q2

06

Q1

06

Value

(US$bn

)

Total value Mid-market value

Numberofdeals

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Total volume Mid-market volume

0

50

100

150

200

250

300

350

400

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Value

(US$bn

)

Buyout value Exit value

Numberofdeals

Buyout volume Exit volume

0

100

200

300

400

500

600

700

800

900

GLOBAL M&A ANNUAL TREND GLOBAL M&A ANNUAL PRIVATE EQUITY TREND

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

YTD 2012*201120102009200820072006

Va

lue

(US$bn

)


Numberofd

eals

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


0

100

200

300

400

500

600

700

800

900

YTD 2012*201120102009200820072006

Va

lue

(US$bn

)


Numberofd

eals


0

500

1,000

1,500

2,000

2,500

3,000

3,500

GLOBAL M&A QUARTERLY PRIVATE EQUITY TREND



TREND GRAPHS

GLOBAL M&A SECTOR BREAKDOWN YTD 2012

GLOBAL GEOGRAPHIC BREAKDOWN YTD 2012

VALUE

VALUE

VOLUME

VOLUME

35.5%

6.4%

2.6%

4.5%

1.3%3.7%

2.2% 1.4%

5.9%

1.7%

8.8%

13.9%

6.7%

5.5%

Industrials & Chemicals

Consumer

Business Services

Technology

Energy, Mining & Utilities

Financial Services

Pharma, Medical & Biotech

Construction

Media

Leisure

Transportation

Real Estate

Agriculture

Telecommunications

1.9% 4.5%

35.5%

39.5%

18.6% Asia-Pacific

Europe

North America

Middle East & Africa

Central & South America

9.0%

10.9%

2.1%

1.0% 0.9%

0.3%

3.4%

3.4%

3.2%

7.5%

3.8%

8.1%

21.6%

13.7%

11.1%


Consumer

Business Services

Technology


Financial Services


Construction

Media

Leisure

Transportation

Real Estate

Agriculture

Telecommunications

Defence

4.4%2.8%

34.3%

41.1%

17.4% Asia-Pacific

Europe

North America

Middle East & Africa

Central & South America



TREND GRAPHS

GLOBAL M&A DEAL SIZE BREAKDOWN

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2012*201120102009200820072006

42.3%

16.8%

20.8%

7.5%

12.6%

39.8%

16.9%

23.0%

7.9%

12.5%

42.0%

15.3%

19.3%

8.9%

14.5%

40.6%

16.5%

20.5%

7.9%

14.5%

27.3%

20.6%

27.6%

9.5%

14.9%

30.2%

19.3%

25.8%

10.2%

14.5%

29.0%

20.8%

27.0%

10.6%

12.5%

US$5,001m

Percen

tage

80

82

84

86

88

90

92

94

96

98

100

YTD 2012*201120102009200820072006

US$5,001m

1.2%

5.0%

4.7%

88.3%

1.3%

5.5%

5.1%

87.4%

0.6%

0.9%

3.9%

4.6%

90.1%

1.0%

3.8%

3.9%

90.9%

89.2%

4.5%

4.7%

1.1%

0.4%

1.1%

4.7%

4.9%

88.8%

0.7% 0.7% 0.5%

1.1%

4.4%

4.9%

89.1%

0.4%0.5%

Percen

tage

SECTOR ANALYSISGLOBAL SECTOR ANALYSIS

Sector Q1 2012 Q1 2011 % change

Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count value volume

Energy, Mining & Utilities 149,485 35.5% 232 163,572 27.1% 294 -9% -62Industrials & Chemicals 58,444 13.9% 559 116,474 19.3% 639 -50% -80

Consumer 28,222 6.7% 354 53,388 8.8% 418 -47% -64

Financial Services 36,951 8.8% 210 61,424 10.2% 266 -40% -56

Pharma, Medical & Biotech 24,726 5.9% 194 32,445 5.4% 262 -24% -68

Technology 26,982 6.4% 281 28,455 4.7% 359 -5% -78

Business Services 23,247 5.5% 288 20,337 3.4% 439 14% -151

Media 7,361 1.7% 88 15,222 2.5% 91 -52% -3

Transportation 10,794 2.6% 83 19,070 3.2% 99 -43% -16

Real Estate 15,629 3.7% 54 41,980 6.9% 51 -63% 3

Leisure 5,642 1.3% 88 7,048 1.2% 107 -20% -19

Telecommunications 5,738 1.4% 24 24,907 4.1% 44 -77% -20

Defence 9 0.0% 7 5,520 0.9% 12 -100% -5

Construction 19,079 4.5% 99 12,333 2.0% 119 55% -20Agriculture 9,070 2.2% 26 1,900 0.3% 46 377% -20

Total 421,379 2,587 604,075 3,246 -30% -659


10/67

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11/67

LATIN AMERICAA MERGERMARKET M&A REPORT ON

Monthly M&A Insider 09

Meanwhile, Mexico, Colombia and Costa Rica have also been

active in M&A for the first quarter, with Mexico and Colombia

both at 10 deals valued at US$1.1bn. Costa Rica only has two

reported deals for the quarter but they are collectively valued at

a whopping US$1bn, comprising 5.3% of deals by value.

The top deal of the quarter is Brazil-based Itau Unibanco

Holding SAs acquisition of a 49.99% stake in Brazil-based

Redecard SA. Announced on 07-Feb-12, it is valued at US$6.9m.

Itau Unibanco, a provider of commercial and investment banking

services, already owns a 50.01% stake in Redecard, a provider of

credit card payment processing services.

The lead Latin American financial adviser by value and

volume is Citigroup at number one, up nine spots from last

year, having advised on five deals worth US$15.5bn. In second

place is Banco Itau BBA, up five spots from Q1 2011, with

five deals worth US$9.6bn. The top Latin American legal

advisory firm by value is Mattos Filho, Veiga Filho, Marrey Jr

e Quiroga Advogados with five deals worth US$8.9bn followed

by Lefosse Advogados with four deals worth US$2.7bn. By

volume, the top Latin American legal firm is Pinheiro Neto

Advogados with 13 deals worth US$974m and Machado

Meyer Sendacz e Opice comes in second, having advised on

nine deals worth US$2.5bn.

IN Q1 2012 LATIN AMERICA M&A DROPPED IN TERMS OF BOTH VOLUME AND VALUE WHEN COMPAREDTO Q1 OF LAST YEAR, REPORTING 116 DEALS COLLECTIVELY WORTH US$19.1BN. THE SECTOR WITH THEHIGHEST MARKET SHARE, BUSINESS SERVICES, HAS 14 DEALS WORTH US$7.5BN, UP 680% FROM Q1 2011IN VALUE. BRAZIL REMAINS THE FORERUNNER IN THE FIRST QUARTER COMPRISING 75.4% OF DEALS BYVALUE AND 56% BY VOLUME WITH A TOTAL OF 65 DEALS WORTH US$14.4BN.


12/6710Monthly M&A Insider

Deal summary

Announced: 07-Feb-12 Deal Value: US$6,864m

Itau Unibanco Holding SA has agreed to acquire a 49.99%

stake in Redecard SA.

Itau Unibanco, the listed Brazil-based company

headquartered in Sao Paulo, is a provider of commercial and

investment banking services. Redecard, the listed Brazil-

based company headquartered in Barueri, is a provider of

credit card payment processing services.

TERMS:

R$35 (US$20.46) in cash per each Redecard share.

Itau Unibanco will acquire 336,390,251 shares in

Redecard, which corresponds to a 49.99% in the

target company.

Based on 672,970,705 Redecard shares outstanding, theimplied equity value of the transaction is R$23,553.975m

(US$13,732m).

The offer provides a premium of 9.5% over Redecards

closing share price of R$32.04 (US$18.68) on 06-Feb-12,

one day prior to the announcement of the transaction;

and a premium of 29.1% based on Redecards closing

share price of R$28.95 (US$15.84) on 06-Jan-12, the

last trading day one month prior to the announcement

of the transaction.

POST-DEAL DETAILS:

Once the transaction is completed, Redecard will be

delisted from BM&F Bovespa.

CONDITIONS:

Redecard shareholder approval

Regulatory approvals

Customary closing conditions

BACKGROUND:

Itau Unibanco already owns a 50.01% stake in Redecard.

DEAL OF THE QUARTER

Advisers

Target Bidder

Financial BR PartnersCitigroupRothschild (Luiz Muniz)

Financial Banco Itau BBA

Legal Legal Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados



DEAL OF THE QUARTER

Target

Anglo American Sur S.A.

Headquarters: 939 Avenida Marcos Penteado de Ulhoa RodriguesBarueri, Sao Paulo 06460-040Brazil

Sector: Business Services

Description: Brazil-based provider of credit card payment processing services

Bidder

Itau Unibanco Holding SA

Headquarters: 100 Praca Alfredo Egydio De Souza AranhaParque Jabaquara, Sao Paulo 04344-902Brazil

Sector: Financial Services

Description: Brazil-based provider of commercial and investment banking services



TOP 10 LATIN AMERICAN ANNOUNCED DEALS OF Q1 2012

Announced Bidder company Target company Target dominant

sector

Seller company Exit multiples (x) Bid premia

1-day

before

Deal

value

(US$m)Revenue EBITDA P/E

07-Feb-12 Itau Unibanco Holding SA Redecard SA(49.99% stake)

Business Services 7.6 12.3 18.2 9.5% 6,864

26-Mar-12 Mubadala DevelopmentCompany PJSC

Grupo EBX (5.63% stake) Energy, Mining &Utilities

- 2,000

30-Jan-12 Atlantia-Bertin Group JV Atlantia SpA (concessionmotorway assets); andBertin SA (concessionmotorway assets)

Construction Atlantia SpA;and Bertin SA

- 1,132

24-Jan-12 Banco Davivienda SA HSBC Costa Rica; HSBCEl Salvador; and HSBCHonduras SA

Financial Services HSBC Bank(Panama) SA n/a n/a - 801

24-Feb-12 CPFL Energias Renovaveis SA Bons Ventos Geradora deEnergia SA

Energy, Mining &Utilities

Fundo deInvestimento emParticipacoesBrasil Energia;ServtecInvestimentose ParticipacoesLtda; and FIPProgresso

- 620

08-Feb-12 BTG Pactual SA Celfin Capital Financial Services - 600

21-Feb-12 Cosan SA Industria eComercio

America Latina Logistica(5.67% stake)

Transportation 4.9 13.1 69.6 109.6% 524

07-Mar-12 AXA SA HSBC Holdings plc(property and casualtybusinesses in Hong Kong,Singapore and Mexico)

Financial Services HSBC Holdingsplc

n/a n/a - 494

15-Mar-12 Transmissora Alianca deEnergia Eletrica SA

Abengoa ParticipacoesHolding SA (50.00% stake)

Energy, Mining &Utilities

Abengoa SA - 492

07-Mar-12 Prosegur Compania deSeguridad SA

Transbank; and NordesteSeguranca

Business Services 1.0 - 472

Based on announced deals, including lapsed and withdrawn bids

Based on dominant geography of target company being Latin America

Data correct as of 10-Apr-12


TOP DEALS



The financial adviser league tables by value and volume have been run from 01-Jan-12 to 31-Mar-12. The tables cover all sectors and are based on thegeography of either the target, bidder or seller being Latin American.

VALUE

Ranking Q1 2012 Q1 2011


(US$m)

Deal count Value

(US$m)

Value change

(%)

1 10 Citigroup 15,525 5 5,596 177%

2 7 Banco Itau BBA 9,566 5 7,327 30.6%

3 31 BR Partners 7,121 2 75 9395%

4 13 Rothschild 6,864 2 5,240 31.0%

5 2 Goldman Sachs 4,335 5 13,305 -67.4%

6 15 Credit Suisse 2,272 2 4,011 -43.4%7 4 HSBC 1,715 3 8,376 -79.5%

8 9 Morgan Stanley 1,132 1 6,033 -81.2%

9 20 UBS Investment Bank 1,055 3 442 139%

10 1 BTG Pactual 974 3 14,435 -93.3%

11 14 Bank of America Merrill Lynch 753 2 5,233 -85.6%

12= 25 Barclays 693 1 201 245%

12= - ING 693 1 - -

13 - Stephens 656 2 - -

14 - Wells Fargo Securities 656 1 - -

15 - Standard Chartered 438 1 - -

16 6 Banco Bradesco BBI 352 1 7,738 -95.5%

17= - Daewoo Securities Co 308 1 - -

17= 16 Deutsche Bank 308 1 2,188 -85.9%17= - Samsung Securities Co 308 1 - -


TOP 20 FINANCIAL ADVISERS LATIN AMERICA

VOLUME

Ranking Q1 2012 Q1 2011


(US$m)


change

1 4 Citigroup 15,525 5 8 -3

2 1 Banco Itau BBA 9,566 5 11 -6

3 3 Goldman Sachs 4,335 5 9 -4

4 16 HSBC 1,715 3 2 15 28 UBS Investment Bank 1,055 3 1 2

6 2 BTG Pactual 974 3 10 -7

7 14 BR Partners 7,121 2 3 -1

8 9 Rothschild 6,864 2 4 -2

9 5 Credit Suisse 2,272 2 8 -6

10 13 Bank of America Merrill Lynch 753 2 3 -1

11 - Stephens 656 2 - -

12 11 Banco Bradesco BBI 352 2 3 -1

13 7 Morgan Stanley 1,132 1 4 -3

14= 31 Barclays 693 1 1 0

14= - ING 693 1 - -

15 - Wells Fargo Securities 656 1 - -

16 - Standard Chartered 438 1 - -17= - Daewoo Securities Co 308 1 - -

17= 19 Deutsche Bank 308 1 2 -1

17= - Samsung Securities Co 308 1 - -


TOP 20 FINANCIAL ADVISERS LATIN AMERICA

LEAGUE TABLES



The legal adviser league tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and include lapsed and withdrawn deals. The tablescover all sectors and are based on the geography of either the target, bidder or seller being Latin American.

LEAGUE TABLES

VOLUME

Ranking Q1 2012 Q1 2011


(US$m)


change

1 2 Pinheiro Neto Advogados 974 13 10 3

2 1 Machado Meyer Sendacz e Opice 2,518 9 12 -3

3 3 Souza, Cescon, Barrieu & Flesch Advogados 2,296 6 10 -4

4 7 Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados 8,966 5 8 -35 11 Lefosse Advogados 2,702 4 4 0

6 13 Tozzini Freire Teixeira e Silva Advogados 89 4 4 0

7 5 Clifford Chance 1,352 3 9 -6

8 92 Linklaters 1,295 3 1 2

9 - Azevedo Sette Advogados 515 3 - -

10 8 Lobo & de Rizzo Advogados 472 3 6 -3

11 28 Gomez-Pinzon Zuleta 438 3 3 0

12 27 Jones Day 390 3 3 0

13 110 White & Case 299 3 1 2

14 - Brigard & Urrutia 46 3 - -


16 4 Barbosa, Mussnich & Aragao 1,124 2 9 -7

17 - Kim & Chang 1,016 2 - -18 - Alston & Bird 705 2 - -

19 - Mundie e Advogados 649 2 - -

20 67 Philippi, Yrarrazaval, Pulido & Brunner 637 2 1 1


TOP 20 LEGAL ADVISERS LATIN AMERICA

VALUE

Ranking Q1 2012 Q1 2011


(US$m)

Deal count Value

(US$m)

Value change

(%)

1 18 Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados 8,966 5 1,676 435%

2 19 Lefosse Advogados 2,702 4 1,386 94.9%

3 5 Machado Meyer Sendacz e Opice 2,518 9 10,840 -76.8%

4 6 Souza, Cescon, Barrieu & Flesch Advogados 2,296 6 9,446 -75.7%

5= 12 Davis Polk & Wardwell 2,000 1 6,404 -68.8%

5= 37 Shearman & Sterling 2,000 1 370 441%6 7 Skadden Arps Slate Meagher & Flom 1,732 2 8,669 -80.0%

7 4 Clifford Chance 1,352 3 12,306 -89.0%

8 89 Linklaters 1,295 3 17 7518%

9 2 Barbosa, Mussnich & Aragao 1,124 2 15,562 -92.8%

10 - Kim & Chang 1,016 2 - -

11 1 Pinheiro Neto Advogados 974 13 18,724 -94.8%

12= - Addleshaw Goddard 801 1 - -

12= - Arias, Fabrega & Fabrega 801 1 - -

12= - Berdeja y Asociados 801 1 - -

12= 97 Consortium Centro America Abogados 801 1 0 -

12= - Dudley & Asociados 801 1 - -

12= - F.A. Arias & Munoz 801 1 - -

12= - Hughes Hubbard & Reed 801 1 - -12= - Lopez Rodezno & Asociados 801 1 - -

12= - Morgan & Morgan 801 1 - -


TOP 20 LEGAL ADVISERS LATIN AMERICA



TREND GRAPHS

0

10

20

30

40

50

60

70

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Q4

06

Q3

06

Q2

06

Q1

06


NumberofdealsV

alue

(US$bn

)

0

20

40

60

80

100

120

140

160

180


0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Value

(US$m

)


Numberofdeals


0

2

4

6

8

10

12

14

16

18

0

20

40

60

80

100

120

140

160

180

YTD 2012*201120102009200820072006


Numberofd

ealsVa

lue

(US$bn

)

0

100

200

300

400

500

600

700


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

YTD 2012*201120102009200820072006

Value

(US$m

)


Numberofd

eals


0

5

10

15

20

25

30

35

40

45

50

LATIN AMERICAN M&A QUARTERLY TREND

LATIN AMERICAN M&A ANNUAL TREND LATIN AMERICAN M&A ANNUAL PRIVATEEQUITY TREND

LATIN AMERICAN M&A QUARTERLY PRIVATEEQUITY TREND



TREND GRAPHS

LATIN AMERICAN M&A GEOGRAPHIC BREAKDOWN YTD 2012

VALUE VOLUME

75.4%

4.9%

5.6%

5.3%

5.8%

0.3%0.1%

2.6%

Brazil

Chile

Colombia

Costa Rica

Mexico

Peru

Uruguay

Argentina

56.0%

12.1%

8.6%

1.7%

8.6%

5.2%

0.9%6.9%

Brazil

Chile

Colombia

Costa Rica

Mexico

Peru

Uruguay

Argentina

LATIN AMERICAN M&A SECTOR BREAKDOWN YTD 2012

VALUE VOLUME

24.4%

39.3%

12.9%

0.7%

1.1%4.2%

0.1%0.1%

6.1%

1.5%2.4%



Consumer

Business Services

Financial Services

Technology

Leisure

Transportation

Construction

Real Estate


Media

18.1%

17.2%

16.4%12.1%

11.2%

6.0%

3.4%

3.4%

2.6%1.7%

0.9%

3.4%

3.4%Industrials & Chemicals


Consumer

Business Services

Financial Services

Technology

Leisure

Transportation

Construction

Real Estate


Agriculture

Media



LATIN AMERICAN M&A DEAL SIZE BREAKDOWN

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2012*201120102009200820072006

US$5,001m

46.9%

8.3%

21.8%

10.3%

12.7%

16.2%

10.8%

31.3%

16.2%

25.5%

30.5%

20.3%

24.5%

10.0%

14.7%

9.2%

29.3%

36.6%

10.1%

14.8%9.4%

6.9%

24.9%

19.2%

39.6%

28.9%

18.4%

27.3%

11.1%

14.4%

35.9%

29.7%

21.3%

13.1%

Percentage

20

30

40

50

60

70

80

90

100

YTD 2012*201120102009200820072006

1.0%

5.4%

7.4%

85.1%

0.2%

5.3%

6.3%

87.5%

0.6%

4.7%

5.3%

88.2%

0.3%

6.9%

5.4%

85.7%82.2%

6.3%

8.2%

1.2%1.0% 0.7% 1.2% 1.8% 2.0%

6.0%

6.0%

86.0%

0.8% 0.9%

Percentage

1.1%

9.5%

5.2%

84.5%

US$5,001m

TREND GRAPHS

LATIN AMERICAN SECTOR ANALYSIS


Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count Value Volume

Energy, Mining & Utilities 4,673 24.4% 20 11,100 28.0% 31 -58% -35%Industrials & Chemicals 434 2.3% 21 1,149 2.9% 21 -62% 0%

Consumer 1,384 7.2% 19 4,601 11.6% 29 -70% -34%

Financial Services 2,464 12.9% 13 517 1.3% 8 377% 63%

Pharma, Medical & Biotech 24 0.1% 3 161 0.4% 5 -85% -40%

Technology 139 0.7% 7 56 0.1% 5 148% 40%

Business Services 7,525 39.3% 14 965 2.4% 16 680% -13%

Media 292 1.5% 1 40 0.1% 3 0% -67%

Transportation 797 4.2% 4 8,008 20.2% 9 -90% -56%

Real Estate 28 0.1% 4 1,094 2.8% 2 -97% 100%

Leisure 211 1.1% 4 48 0.1% 4 340% 0%

Telecommunications 0 0.0% 0 11,385 28.7% 4 0% 100%

Defence 0 0.0% 0 0 0.0% 1 100% 0%

Construction 1,167 6.1% 4 194 0.5% 10 100% -60%Agriculture 5 0.0% 2 331 0.8% 9 -98% -78%

Total 19,143 116 39,649 157 -52% -26%

SECTOR ANALYSIS


20/67

A MERGERMARKET M&A REPORT ON

18Monthly M&A Insider

NORTH AMERICA

M&A DOWN IN Q1 2012 AFTER STEADY 2011ALTHOUGH M&A ACTIVITY HELD STEADY IN 2011, NORTH AMERICAN ACTIVITY DECLINED IN Q1 2012, WITH873 DEALS VALUED AT US $149M, REPRESENTING A 9.9% DECREASE IN VOLUME AND A 26.2% DECREASE INVALUE. WHEN COMPARED TO THE SAME TIME LAST YEAR, Q1 2012 ACCOUNTED FOR A 43.37% DECREASE INM&A ACTIVITY IN NORTH AMERICA. IN THE NORTH AMERICA REGION, PRIVATE EQUITY EXITS WERE THE ONLYTRANSACTIONS THAT HAD INCREASED FROM 2011, ACCOUNTING FOR 138 DEALS VALUED AT US$ 21.3M. THISREPRESENTS A 10.8% INCREASE IN ACTIVITY FROM THE SAME TIME LAST YEAR. WHILE NORTH AMERICANEXITS HAVE INCREASED, PRIVATE EQUITY BUYOUTS HAVE STAYED IN LINE WITH THE OVERALL NORTH AMERICATREND, DECREASING 35.95% SINCE Q4 2011.

A closer look at the M&A deal size breakdown reveals a

dramatic decrease in large-cap transactions with a deal value

greater than US$5bn, with 4 deals valued at US$26.572bn. This

represents an 80.15% decrease from Q1 2011. Another area

consistent with the downward trend in 2012 was small-cap

transactions, with a deal value between US$0m to US$250m.

This breakdown decreased 32.77% from Q1 2011. Deal values

of US$250 to US$500m remained steady when compared to the

same period in 2011.

Energy, Mining & Utilities dominate deal activity

in 2012

Like the overall M&A activity trend in North America, the

market share in Q1 2012 for the individual sectors have

drastically declined from the year prior, with a 43% decrease in

deal value. The Energy, Mining, & Utilities sector dominated in

2012, with 92 deals valued at US$46.026m, which represents a

30.9% market share. This represents a 51% decrease in value

from Q1 2011 and a 15% decreased by volume. The sector with

the second largest market share in Q1 2012 was Industrials

& Chemicals, with a 16.1% market share. Industrials &Chemicals accounted for 164 deals worth US$23.924m,

which accounted for a 57% decrease in deal values and a 10%

decrease in deal volume.

Agriculture was the sector with the largest announced

transaction for Q1 2012, with Glencore International plc

acquiring Viterra Inc. for a deal value of US$7.347bn. The

offer represented a 1.7% premium based on the previous

closing share price of CA$15.98 per share. The transaction is

still pending. Energy, Mining & Utilities did have the second

largest announced deal for Q1 2012. A consortium of investors,

made up of Apollo Global Management, Riverstone Holdings,

and Access Industries Inc, has agreed to acquire EP Energy

Corporation from El Paso Corporation for a deal value

of US$7.150bn.



DEAL OF THE QUARTER

Deal summary

Announced: 20-Mar-12 Deal Value: US$7,347m

PLAN OF ARRANGEMENT:

Viterra Inc.(TSX:VT), a Canada corporation, has signed

a definitive agreement to be acquired by Glencore

International plc (LON: GLEN), a Switzerland corporation.

The boards of directors of both companies have approved

the merger.

Viterra Inc., a Canadian company headquartered at

Regina, SK, is a vertically integrated global agri-business

company that provides premium quality ingredients to

leading global food manufacturers.

Glencore International , a Switzerland-based company

headquartered in Baarermattstrasse, BAAR is a holding

company operating within the commodity sector.

RATIONALE: The firm stated that the acquisition of Viterra is consistent

with Glencores strategy of strengthening its position as

one of the global leaders in grain and oilseeds markets.

They further stated that Viterras Tier 1 portfolio of assets

in Canada and Australia will allow Glencore to build

upon its position as one of the worlds largest commodity

suppliers and provides the opportunity to leverage

Glencores extensive global networks, expertise and best

practices in order to create additional value across its

agricultural businesses.

TERMS:

C$16.25 per VT share

The offer provides a premium of 1.7% based on VTs closing

share price on 19-Mar-12 of C$15.97 or 48% over VTs

closing share price on 08-Mar-12 of C$10.98, a day prior to

public announcement of expression of interest in VT.

The implied equity value of the transaction is

approx. C$6.1bn.

If a superior offer were to emerge for VT, the company would

be required to give GLEN at least 5 business days to make

adjustments to its current offer before VTs board of directors

could effect a change of recommendation of the deal.

CONDITIONS:

ICA (Canada)

CA (Canada)

HSR (USA)

FIRB Approval (Australia)

ACCC Approval (Australia)

EU Merger Regulation

MOFCOM (China)

JFTC (Japan)

KFTC (South Korea)

Competition Tribunal (South Africa)

AMC (Ukraine)

Competition Board (Turkey)

Overseas Investment Act (New Zealand)

VT EGM (66 2/3% affirmative vote required to approve)

FINANCING:

The transaction will be funded out of Glencores existing

cash resources and available credit facilities.

POST DEAL DETAILS: Glencore has entered into agreements with each of

Agrium and Richardson International which provide for

the sale of certain assets. Agrium will acquire the majority

of Viterras retail agri-products business including its 34%

interest in Canadian Fertilizer Limited (CFL) for which

Agrium will pay C$1.8bn. Richardson International will

acquire 23% of Viterras Canadian grain handling assets,

certain agri-centres and certain processing assets in

North America for C$0.8bn.

Regina, Canada will be the head office of North American

Agriculture business.



DEAL OF THE QUARTER

Exit multiples Y/E 31-Nov-11 Premium analysis

Multiples Value (US$m) Offer price per share (US$) 16.09

Revenue - - 1 day before 1.71%

EBITDA 10.4x 704.37 1 month before 58.84%

EBIT 15.0x 490.41 1 day after 1.9%

Earnings 22.6x 266.34 Pre-rumor 47.34%

EXPECTED CLOSE:

The transaction is expected to close in the second quarter

of 2012.

TERMINATION DATE:

The termination date for the transaction is 15-Oct-12 but

it can be extended under certain circumstances.

TERMINATION FEE: C$185m, or 3.03% based on the implied equity value of

the deal. The per-share increase required to cover this

fee in a superior offer would be C$0.49. Under certain

circumstances, there would be a reverse termination fee

and the parent would owe the company C$50m.

IRREVOCABLES:

Senior Officers and Alberta Investment Management

Corp, the largest shareholder of Viterra have entered into

agreements with Glencore supporting the transaction.

BACKGROUND OF THE MERGER:

There were rumors in the media that the firm might

have received expression of interest from several parties.

On 09-Mar-12, the company acknowledged that it has

received expressions of interest from third-parties but

there can be no assurance that a transaction will result.

On 15-March-12, the firm acknowledged that, in response

to expressions of interest from third parties to acquire the

company, a process has been established by the Board

of Directors of Viterra, which includes confidentialityagreements being entered into and the provision of due

diligence. Following this announcement, on 20-Mar-

12, the firm announced that it has signed a definitive

agreement pursuant to which Glencore has agreed to

acquire shares of Viterra for C$16.25 per share.

Advisers

Target/Seller Bidder

Financial Canaccord Genuity Limited;TD Securities Inc.

Financial Bank of America Merrill Lynch;RBC Capital Markets;

Legal Ashurst;Fasken Martineau Dumoulin;Sidley Austin;Stikeman Elliott;Torys

Legal Bennett Jones;Curtis, Mallet-Prevost, Colt, & Mosle;King & Wood Mallesons;Linklaters

PR PR Hill + Knowlton Strategies;Hinton & Associates;

RLM Finsbury



DEAL OF THE QUARTER

mergermarket/dealReporter Intelligence

11-Mar-11 Glencore is behind 3.5bn offer for Viterra report

12-Mar-11 Viterra: Glencore, ADm said to have indicated highest bid for Bunge chasing

12-Mar-11 Glencore CEO confirms interest in Gavilon

13-Mar-11 Viterra could see foreign suitors find Canadian partners before launching bids report

Bidder

Glencore International plcHeadquarters: Baarermattstrasse 3

Baar, ZugSwitzerland

Sector: Mining

Description: Switzerland-based producer and marketer of mineral, metal, energy, and agricultural commodities

Target

Viterra Inc.

Headquarters: 2625 Victoria AvenueRegina, SaskatchewanCanada

Sector: Consumer

Description: Canada-based vertically integrated global agri-business company



TOP DEALS & EXPECTED DEALS

TOP 10 NORTH AMERICAN ANNOUNCED DEALS OF Q1 2012

Announced Bidder company Target company Target dominated

sector

Seller company Exit multiples (x) Bid premia

1-day

before

Deal value


20-Mar-12 Glencore International plc Viterra Inc Agriculture 0.6 7.9 22.6 1.7% 7,347

24-Feb-12 Apollo GlobalManagement LLC;Riverstone Holdings LLC;and Access Industries Inc

EP Energy Corporation Energy, Mining &Utilities

El Paso Corporation - 7,150

25-Jan-12 Roche Holding Ltd Illumina Inc Pharma, Medical& Biotech

6.5 25.6 82.3 35.3% 6,846

28-Mar-12 Tyco Flow Control Pentair Inc Industrials &

Chemicals

1.5 18.9 118.4 - 5,230

27-Jan-12 Eastman ChemicalCompany

Solutia Inc Industrials &Chemicals

2.2 8.7 12.8 41.7% 4,600

30-Jan-12 ABB Ltd Thomas & BettsCorporation

Industrials &Chemicals

1.6 10.1 20.0 24.2% 3,770

16-Jan-12 Pembina Pipeline Corp Provident Energy Ltd Energy, Mining &Utilities

25.3% 3,681

15-Feb-12 Kellogg Company Procter & GambleCompany (Pringlessnack business)

Consumer Procter & GambleCompany

2.4 14.6 - 3,545

16-Mar-12 BCE Inc Astral Media Inc Media 3.3 10.6 15.2 38.0% 3,208

17-Feb-12 Advent InternationalCorporation; and GSCapital Partners

TransUnion Corp BusinessServices

Madison DearbornPartners LLC; andPritzker family

3.1 9.4 34.5 - 3,178


Based on dominant geography of target company being North America (US + Canada)





Situation Target company Sector Potential bidder

company

Financial adviser to

bidder (B); target (T);

seller (S)

Seller

company

Market cap/

est. value

(US$m)

Comments

Expected Deal Georgia GulfCorporation


WestlakeChemicalCorporation

Deutsche Bank (B);Morgan Stanley (B)

1,198 On 13-Jan-12, Georgia Gulf Corp, theUS-based manufacturer of chlorvinyland aromatics chemicals, receivedan unsolicited, US$35 per share offerfrom Westlake Chemical Corporaiton,the US-based manufacturer of basicchemicals, vinyls, polymers, and polyvinyl.On 01-Feb-12, Westlake raised theoffer price and stated that it would bewilling to pay part of the considerationin its own shares. The company alsodecided against nominating directorsto the Georgia Gulf Board of Directors.In the meantime, Georgia Gulf Board ofDirectors has deemed the price as notappropriate and has not accepted the offer.

Expected Deal Monster WorldwideInc

Technology Undisclosedbidder

Stone Key Partners(T); Bank ofAmerican MerrillLynch (T)

986 On 01-Mar-12, Monster Worldwide Inc, theUS-based provider of employment services,announced that the Board of Directors isreviewing strategic alternatives for thecompany. They have retained Stone KeyPartners and Bank of American MerrillLynch as financial advisers for the review.

Expected Deal Jakks Pacific Inc Consumer Oaktree Capital Rothschild (T) 492 On 13-Sep-11, Jakks Pacific Inc, the listedUS-based manufacturer of toy products,received a public unsolicited offer from

Oaktree Capital to buy the target at US$20per share. The bidder already owns a 4.99%stake in Jakks. This offer was unanimouslyrejected by the targets Board of Directors on05-Oct-11.

Expected Deal LHC Group Inc Pharma,Medical &Biotech

Undisclosedbidder

JPMorgan (T) 360 On 14-Feb-12, LHC Group Inc, the US-basedprovider of healthcare services to Medicarebeneficiaries, has announced that theBoard of Directors is exploring strategicalternatives for the company.

Expected Deal AMAGPharmaceuticals Inc

Pharma,Medical &Biotech

MSMB CapitalMA

286 On 03-Aug-11, AMAG Pharmaceuticals, thelisted US-based biopharmaceutical company,received an unsolicited proposal from MSMBCapital Management to acquire the companyat US$18 per share in cash. AMAG Boardof Directors has unanimously opposed theproposal and urged stockholders to take no

action on the offer. One of the reasons whythe Board of Directors might not supportthe acquisition is that MSMB is proposing toremove six of the seven current members ofAMAGs Board and to replace them with itsown nominees.

Expected deals based on confirmed announcements by companies involved

PIPELINE OF NORTH AMERICAN EXPECTED DEALS




Ranking Q1 2012 Q1 2011


(US$m)

Deal count Value

(US$m)

Value change

(%)

1 3 Goldman Sachs 47,800 37 82,724 -42.2%

2 6 Bank of America Merrill Lynch 39,102 26 70,175 -44.3%

3 10 Deutsche Bank 34,620 24 46,055 -24.8%

4 5 Barclays 31,808 25 73,118 -56.5%

5 9 Citigroup 31,187 19 51,228 -39.1%

6 16 RBC Capital Markets 29,459 30 12,103 143%7 1 JPMorgan 26,943 28 131,317 -79.5%

8 4 Morgan Stanley 26,358 26 74,943 -64.8%

9 2 Lazard 17,114 26 83,200 -79.4%

10 7 Credit Suisse 16,288 16 62,470 -73.9%

11 13 Evercore Partners 15,403 18 14,866 3.6%

12 44 TD Securities 14,757 9 1,999 638%


14 79 Greenhill & Co 12,862 4 546 2256%

15 14 Jefferies & Company 12,233 19 14,460 -15.4%

16 19 BMO Capital Markets 12,002 13 8,217 46.1%

17 15 Moelis & Company 10,306 15 14,333 -28.1%

18 51 Tudor, Pickering, Holt & Co 10,000 3 1,427 601%

19 25 Scotia Capital 8,474 7 5,452 55.4%20 47 Canaccord Genuity 8,406 9 1,632 415%


The financial adviser league tables by value and volume have been run from 01-Jan-12 to 31-Mar-12. The tables cover all sectors and are based on thegeography of either the target, bidder or seller being US or Canadian.

TOP 20 FINANCIAL ADVISERS NORTH AMERICA

LEAGUE TABLES

Ranking Q1 2012 Q1 2011


(US$m)


change

1 1 Goldman Sachs 47,800 37 51 -14

2 11 RBC Capital Markets 29,459 30 21 9

3 3 JPMorgan 26,943 28 39 -11

4 2 Bank of America Merrill Lynch 39,102 26 41 -155 6 Morgan Stanley 26,358 26 31 -5

6 13 Lazard 17,114 26 17 9

7 10 Barclays 31,808 25 23 2

8 9 Deutsche Bank 34,620 24 29 -5

9 17 Houlihan Lokey 736 21 13 8

10 8 Citigroup Inc 31,187 19 29 -10

11 7 Jefferies & Company 12,233 19 30 -11

12 31 Evercore Partners 15,403 18 8 10

13 5 Credit Suisse 16,288 16 35 -19


15 22 Moelis & Company 10,306 15 11 4

16 18 Robert W. Baird & Co 425 14 13 1

17 27 BMO Capital Markets 12,002 13 10 318 30 Sandler O'Neill & Partners 3,192 13 9 4

19 26 Wells Fargo Securities 5,446 12 10 2

20 25 Lincoln International 517 11 11 0


TOP 20 FINANCIAL ADVISERS NORTH AMERICA

VALUE

VOLUME



Ranking Q1 2012 Q1 2011


(US$m)


change

1 1 Kirkland & Ellis 26,190 48 57 -9

2 4 Jones Day 21,069 46 45 1

3 2 Latham & Watkins 12,644 38 53 -15

4 3 DLA Piper 2,329 33 46 -135 5 Sullivan & Cromwell 35,248 27 37 -10

6 12 Blake, Cassels & Graydon 10,566 25 27 -2

7 8 Weil Gotshal & Manges 15,409 24 32 -8


9 31 Stikeman Elliott 15,984 23 18 5

10 11 Wilson Sonsini Goodrich & Rosati 3,003 22 30 -8

11 30 Vinson & Elkins 17,175 21 18 3

12 20 Morgan Lewis & Bockius 1,911 21 24 -3

13 46 Morrison & Foerster 2,564 19 14 5

14 75 Gowling Lafleur Henderson 1,575 19 7 12

15 15 Dewey & LeBoeuf 20,794 18 25 -7

16 24 Davis Polk & Wardwell 17,453 17 21 -4

17 40 Gibson Dunn & Crutcher 16,288 17 15 218 45 Mayer Brown 1,140 17 14 3

19 21 McDermott Will & Emery 5,423 16 23 -7

20 36 Linklaters 11,861 14 16 -2


The legal adviser league tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and include lapsed and withdrawn deals. The tables coverall sectors and are based on the geography of either the target, bidder or seller being US or Canadian.

TOP 20 LEGAL ADVISERS NORTH AMERICA

LEAGUE TABLES

Ranking Q1 2012 Q1 2011


(US$m)

Deal count Value

(US$m)

Value change

(%)


2 42 Kirkland & Ellis 26,190 48 10,159 158%

3 8 Skadden Arps Slate Meagher & Flom 22,564 23 64,850 -65.2%

4 22 Jones Day 21,069 46 20,262 4.0%

5 9 Dewey & LeBoeuf 20,794 18 60,339 -65.5%

6 12 Davis Polk & Wardwell 17,453 17 51,140 -65.9%7 52 Vinson & Elkins 17,175 21 8,763 96.0%

8 28 Gibson Dunn & Crutcher 16,288 17 15,806 3.0%

9 26 Freshfields Bruckhaus Deringer 16,114 11 17,848 -9.7%

10 90 Stikeman Elliott 15,984 23 2,859 459%

11 79 Paul Weiss Rifkind Wharton & Garrison 15,905 13 4,527 251%

12 16 Weil Gotshal & Manges 15,409 24 34,901 -55.8%

13 167 Bennett Jones 14,245 6 505 2721%

14 2 Simpson Thacher & Bartlett 13,223 11 114,460 -88.4%

15 4 Latham & Watkins 12,644 38 80,613 -84.3%

16 18 Linklaters 11,861 14 30,458 -61.1%

17 1 Wachtell, Lipton, Rosen & Katz 11,297 10 135,577 -91.7%

18 7 Shearman & Sterling 10,915 10 67,589 -83.9%

19 41 Willkie Farr & Gallagher 10,844 8 10,428 4.0%20 33 Blake, Cassels & Graydon 10,566 25 14,733 -28.3%


TOP 20 LEGAL ADVISERS NORTH AMERICA

VALUE

VOLUME



LEAGUE TABLES

VALUE

VALUE

Rank


Dealcount


2 Access Industries 7,150 1



5 Advent International 3,178 1

6 Blackstone Group 1,430 1


8 Trilantic Capital Partners 464 1

9 Golden Gate Capital 354 1

10 Prospect Capital 266 1

11 GI Partners 250 1

12 Bain Capital 238 1

13 Insight Equity 192 2

14 Arlon Capital Partners 188 1

15 Z Capital Partners 177 2


Rank


Dealcount

1 Madison Dearborn Partners 3,178 1

2 EnCap Investments 2,850 1


4 The Carlyle Group 1,273 1

5 Teachers Private Capital 1,000 1

6 Thoma Bravo 1,000 17 Vestar Capital Partners 1,000 1

8 Abingworth Management 925 1

9 Advent Venture Partners 925 1

10 Atlas Venture 925 1

11 Novartis Venture Funds 925 1

12 Polaris Venture Partners 925 1

13 Berkshire Partners 750 1

14 Greenbriar Equity Group 750 1

15 Avista Capital Partners 722 2


VOLUME

VOLUME

Rank


Value(US$m)

1 The Riverside Company 0 7

2 Grey Mountain Partners 0 4

3 Wynnchurch Capital 99 3

4 Platinum Equity 30 3

5 Levine Leichtman Capital Partners 0 3




9 Insight Equity 192 2

10 Z Capital Partners 177 2

11 Birch Hill Equity Partners Management 138 2

12 The Stephens Group 83 2

13 Versa Capital Management 62 2

14 HIG Capital 47 2

15 Arsenal Capital Partners 30 2


Rank


Value(US$m)

1 Sun Capital Partners 98 6

2 Audax Private Equity Group 124 4

3 TA Associates 588 3

4 Benchmark Capital 195 3

5 American Capital 144 3

6 SV Angel 50 37 Avista Capital Partners 722 2

8 Angelo, Gordon & Co 351 2

9 Rho Capital Partners 180 2

10 Softbank Capital Partners 180 2

11 Morgenthaler Ventures 62 2

12 General Catalyst Partners 0 2

13 HIG Capital 0 2

14 Macquarie Group 0 2

15 Panorama Capital 0 2


ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON NORTH AMERICAN BUYOUTS

ACTIVITY TABLE OF PRIVATE EQUITY FIRMS ON NORTH AMERICAN EXITS

The private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is US orCanadian. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals.

The private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is US orCanadian. The tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals.



TREND GRAPHS

NORTH AMERICAN M&A QUARTERLY TREND

0

100

200

300

400

500

600

Q1

12

Q4

11

Q3

11

Q2

11

Q1

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q3

09

Q2

09

Q1

09

Q4

08

Q3

08

Q2

08

Q1

08

Q4

07

Q3

07

Q2

07

Q1

07

Q4

06

Q3

06

Q2

06

Q1

06

V

alue

(US$bn

)


Numberofdeals

0

200

400

600

800

1,000

1,200

1,400

1,600


0

50

100

150

200

250

Q112

Q411

Q311

Q211

Q111

Q410

Q310

Q210

Q110

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

V

alue

(US$bn

)


Numberofdeals


0

50

100

150

200

250

300

350

NORTH AMERICAN M&A ANNUAL TREND NORTH AMERICAN M&A ANNUAL PRIVATEEQUITY TREND

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

YTD 2012*201120102009200820072006


NumberofdealsV

alue

(US$bn

)

0

1,000

2,000

3,000

4,000

5,000

6,000


0

50

100

150

200

250

300

350

400

450

500

YTD 2012*201120102009200820072006

Value

(US$bn

)


Numberofdeals


0

200

400

600

800

1,000

1,200

NORTH AMERICAN M&A QUARTERLY PRIVATEEQUITY TREND



TREND GRAPHS

NORTH AMERICAN M&A SECTOR BREAKDOWN YTD 2012

VALUE VOLUME

16.1%

7.7%

12.3%

5.0%

6.6%

30.9%

4.5%

2.4%

2.9%

0.5%

0.4%

1.5%

5.7%3.7%


Technology


Business Services

Consumer


Financial Services

Leisure

Media

Construction

Transportation

Real Estate

Telecommunications

Agriculture

18.8%

16.0%

11.3%

10.7%

10.5%

10.5%

3.6%

3.2%2.2%

1.6%

1.3%

8.9%

0.5%

0.1%

0.4%


Technology


Business Services

Consumer


Financial Services

Leisure

Media

Construction

Transportation

Real Estate

Telecommunications

Defence

Agriculture

NORTH AMERICAN M&A DEAL SIZE BREAKDOWN

VALUE VOLUME

0

10

20

30

40

50

60

70

80

90

100

YTD 2012*201120102009200820072006

US$5,001m

52.8%

14.7%

16.8%

6.2%

9.5%

43.5%

18.8%

21.6%

6.5%

9.6%

49.3%

13.8%

17.5%

7.3%

12.2%

58.8%

13.3%

13.2%

5.4%

9.3%12.5%

9.7%

27.7%

18.0%

32.1%

37.6%

21.4%

20.5%

8.8%

11.7%

17.8%

26.3%

33.0%

11.0%

11.9%

Percentage

75

80

85

90

95

100

YTD 2012*201120102009200820072006

1.1%

1.5%

5.3%

5.3%

86.8%

1.1%

1.8%

6.2%

5.3%

85.6%

0.8%

3.7%

4.2%

90.6%

1.0%

3.5%

3.8%

91.0%

87.4%

5.2%

5.6%

1.1% 1.4%

4.9%

5.4%

87.6%

0.7% 0.7% 0.7%

1.5%

5.5%

5.4%

87.2%

0.5%0.6%

US$5,001m

Percentage



NORTH AMERICAN SECTOR ANALYSIS


Value ($m) Mrk share Deal count Value ($m) Mrk share Deal count Value Volume

Energy, Mining & Utilities 46,026 30.9% 92 93,422 35.5% 108 -51% -15%

Industrials & Chemicals 23,924 16.1% 164 56,192 21.4% 183 -57% -10%

Consumer 9,774 6.6% 92 5,683 2.2% 93 72% -1%

Financial Services 6,706 4.5% 78 6,123 2.3% 96 10% -19%

Pharma, Medical & Biotech 18,277 12.3% 99 23,523 8.9% 128 -22% -23%

Technology 11,444 7.7% 140 20,497 7.8% 168 -44% -17%

Business Services 7,503 5.0% 93 9,535 3.6% 140 -21% -34%

Media 4,252 2.9% 28 5,906 2.2% 33 -28% -15%Transportation 578 0.4% 14 1,044 0.4% 18 -45% -22%

Real Estate 5,460 3.7% 11 33,759 12.8% 13 -84% -15%

Leisure 3,525 2.4% 31 784 0.3% 20 350% 55%

Telecommunications 2,263 1.5% 5 160 0.1% 5 1314% 0%

Defence 9 0.0% 4 4,978 1.9% 7 -100% -43%

Construction 750 0.5% 19 1,437 0.5% 33 -48% -42%

Agriculture 8,507 5.7% 3 43 0.0% 7 19684% -57%

Total 148,998 873 263,086 1,052 -43% -17%

SECTOR ANALYSIS


32/67

A MERGERMARKET M&A REPORT ON

Monthly M&A Insider 30

ASIA-PACIFIC

Chindia dominate deal landscapeThe two Asian BRICs, China and India, stamped their mark

on the Asian M&A scene in Q1 2012. Making up nearly half of

Asia-Pacifics total deal value, the two giants surged ahead in

the Energy, Mining & Utilities sector. India was home to this

quarters biggest deal. Sesa Goa, the Indian-listed diversified

mining company, agreed to acquire Sterlite Industries, its

domestic-listed affiliate, under the umbrella of Vedanta

Resources in a share swap agreement that values the deal

at US$10.3bn.

In China, four of the regions top ten deals involved a Chinese

target. It also led the way by deal volume, racking up 101deals in the first quarter of 2012, followed by Japan with 81

and Australia with 62. In another possible harbinger of the

popularity of the Energy, Mining & Utilities sector in Asia, the

third-largest deal was Shanghai Baosteel Stainless Steels

US$4.1bn bid for the stainless steel business unit of Baoshan

Iron & Steel.

Malaysia was also featured in the top ten deals when

1Malaysia Development, a Malaysian state-owned strategic

development company, agreed to buy Tanjong Energy, a

Malaysia-based electrical power generating company, for

US$2.8bn. Perhaps like China, the Malaysian state-ownedfirm cited its federal strategy of long-term energy security as

the prime motive for the acquisition.

Top two sectors pull further aheadEnergy, Mining & Utilities, already the most popular sector in

Asia in Q1 2012 with a third of total deal value (US$25.7bn),

was joined by Industrials & Chemicals as the other major

sector to significantly increase its market share. Industrials

& Chemicals accounted for 24.2% of total deal value in Asia,

up from 20.9% in Q1 2011. Expect China and India, as well as

Southeast Asia, Japan and Australia, to feature more heavily

in these sectors in the upcoming quarters.

On a value percentage increase, however, only three sectors

managed to register a move upwards on Q1 2011. These were

Energy, Mining & Utilities, Real Estate and Pharma Medical& Biotech which were all up by 89.2%, 89.2% and 36.1%,

respectively on the first quarter of 2011.

Perhaps having fallen out with the Asian consumer boom

story, bidders ostensibly retreated from the Consumer and

Financial Services sectors, which saw significant declines in

both deal value and count. The Consumer sector saw its total

share of M&A nearly halve from 12.6% in Q1 2011 to just 6.8%

in Q1 2012, whereas its deal value was down 57.6% over the

same period. Financial Services saw its total deal value fall by

just over 50%, perhaps an indication that eurozone fears over

banks are also affecting Asian players.

ASIA-PACIFIC FOLLOWED MUCH THE SAME PATH AS THE REST OF THE WORLD IN POSTING A DECLINEIN M&A IN Q1 2012, WITH US$77.2BN IN DEALS. THE TOTAL DEAL VALUE WAS 14.5% LOWER THAN THEPREVIOUS QUARTER, WHILE ON A YEAR-ON-YEAR BASIS IT WAS DOWN BY 21.4%. AS A RESULT, IT WAS THELOWEST QUARTERLY TOTAL SINCE RIGHT AFTER THE FALLOUT FROM THE GLOBAL FINANCIAL CRISIS (Q12009). IN TERMS OF VOLUME, THE TOTAL NUMBER OF 441 DEALS IN THE FIRST QUARTER WAS A SIGNIFICANTDECLINE ON THE 574 DEALS THAT Q4 2011 WITNESSED. HOWEVER, THIS MAY HAVE CONTRIBUTED TO THEINCREASED AVERAGE DEAL SIZE IN THE FIRST QUARTER OF US$175M.



DEAL OF THE QUARTER

Deal summary

Announced: 25-Feb- 11 Deal value: US$10,289m

Sesa Goa, the India listed diversified mining company, has

agreed to acquire Sterlite Industries India Ltd, its domestic

listed affiliate under the umbrella of Vedanta Resources PLC.

STRUCTURE: The transaction will be conducted via a share exchange

Scheme of Arrangement.

TERMS:

0.6 Sesa Goa share per Sterlite.

The exchange ratio valued Sterlie at INR136.41 per share,

based on Sesa Goas prior closing price of INR227.35.

It valued the entire share capital of Sterlite at INR458bn

(US$9.26bn, using the exchange rate of US$ : 49.5137 INR).

The offer term represents a 15% premium over

INR118.65, the Sterlites prior closing price.

SIMULTANEOUS MERGER:

Along with Sterlite merger, Sesa Goa will issue 72.3m

and 78.7m shares to acquire its 70.5%-owned Vedanta

Aluminum Ltd (VAL) and The Madras Aluminum Co Ltd

(MALCO) respectively.

The transactions valued VAL at INR22.3bn (US$471m) and

MALCO at INR17.9bn (US$363m) based on Sesa Goas

prior closing price of INR227.35.

Both VAL and MALCO are part of Vedanta Resources.

SUBSTANTIAL SHAREHOLDERS:

Twinstar Holdings Ltd, a Vedanta Resources subsidiary,

owns 49.72% in Sterlite.

Citibank N.A. New York owns 12.75% in Sterlite

Finsider International Co, another Vedanta Resources

subsidiary, owns 46.2% in Sesa Goa.

Franklin Templeton Investments own in aggregate 12.2%in Sesa Goa.

FINANCING:

Sesa Goa will issue 2016.42m shares for Sterlite merger

representing 69.9% dilution.

For the whole transaction, Sesa Goa will issue a total of

2167.42m shares representing 71.3% dilution.

RATIONALE AND POST DEAL:

To consolidate the diversified mining business and create

INR10bn (US$200m) synergy.

Vedanta will transfer its 38.8% stake in Cairn India and the

US$5.9bn debt to Sesa Sterlite.

Sesa Sterlite, the post-deal entity, will own 58.9% in Cairn

India and will be listed on BSE, NSE and NYSE.

CONDITIONS:

Approval from Foreign Investment Promotion Board

India (FIPB)

Approval from Competition Commission of India (CCI)

Approval from BSE

Approval from NSE

Approval from the High Courts at Mumbai and Madras

Approval from the Supreme Court of Mauritius

Approval from Sterlite shareholders and creditors at EGM(min 75% votes req)

Approval from Sesa Goa shareholders and creditors at

EGM (min 75% votes req)

Approval from Vedanta shareholders at EGM (min 75%

votes req)

Approval from VAL shareholders and creditors

Approval from MALCO shareholders and creditors

Completion of mergers with Sterlite, VAL and MALCO are

inter-conditional



DEAL OF THE QUARTER

Bidder

Shoei Co Ltd

Headquarters: Sesa Ghor20 EDC ComplexPatto, PanajiGoa, India403 001

Sector: Energy, Mining & Utilities

Description: India-based company engaged in the business of prospecting, mining, processing and exporting iron ore

Target

Sterlite Industries (India) Limited

Headquarters: SIPCOT Industrial ComplexMadurai By Pass RoadT V Puram P.O.TuticorinTamil NaduIndia628 002

Sector: Energy, Mining & Utilities

Description: India-based non-ferrous metals and mining company involved in smelting, mining and refining of copper, zinc and aluminum

mergermarket/dealReporter Intelligence

22-Feb-12 Vedanta Resources plans to merge Sesa Goa with Sterlite Industries report

23-Feb-12 Vedanta Resources plans to offload holding in three India-based companies to Sterlite Industries report

25-Feb-12 Vedanta to merge Sterlite with Sesa Goa

AdvisersTarget/Seller Bidder

Financial Bank of America Merrill Lynch; JPMorgan;Morgan Stanley

Financial Citigroup

Legal Amarchand & Mangaldas & Suresh A Shroff & Co Legal Luthra & Luthra Law Offices (Advising: Citigroup)

PR RLM Finsbury PR -

Exit multiples Y/E 31-Mar-11 Premium analysis

Multiples Value (US$m) Offer price per share (US$) 20.89

Revenue 17.9x 413.5 1 day before 97.1%

EBITDA 29.8x 249.1 1 month before 102.48%

EBIT 39.5x 188.1 1 day after 83.4%

Earnings 22.3x 142.2 Pre-rumour -



TOP 10 ASIA-PACIFIC ANNOUNCED DEALS OF Q1 2012Announced Status Bidder company Target company Target dominant sector Seller company Exit multiples (x) Bid premia

1-day before

Deal

value


25-Feb-12 P Sterlite Industries (India)Limited

Energy, Mining& Utilities

Sesa Goa Limited 3.3 21.9 35.8 15.0% 10,289

06-Mar-12 P Industrial Bank Co Ltd(16.10% stake)

FinancialServices

China TobaccoCorporation; PICCAsset ManagementCompany Limited;Beijing InfrastructureInvestment Co Ltd; andShanghai Zheng Yang

International TradeCo Ltd

n/a n/a 5.4 -11.0% 4,181

29-Feb-12 P Baoshan Iron & SteelCo Ltd (Stainless SteelBusiness Unit)


Shanghai BaosteelStainless Steel Co Ltd

Baoshan Iron &Steel Co Ltd

1.0 22.8 - 4,073

29-Jan-12 P ExxonMobil Yugen Kaisha Industrials &Chemicals

TonenGeneral SekiyuK.K

ExxonMobilCorporation

- 3,926

30-Mar-12 P Roy Hill Holdings Pty Ltd(30.00% stake)


Marubeni Corporation;POSCO; and STXCorporation Co Ltd

HancockProspecting PtyLtd

- 3,655

07-Mar-12 P Tanjong Energy HoldingsSdn Bhd


1MalaysiaDevelopment

Tanjong PublicLimited Company

- 2,816

29-Feb-12 P Baoyin Special Steel PipeCo Ltd (58.50% stake);Baoshan Iron & Steel CoLtd (Special steel assets);

Shanghai BaosteelSpecial Metal MaterialsCo Ltd; Shanghai WugangGas Co Ltd (94.50%stake); and ZhonghangSpecial Materials Industry(9.71% stake)


Baosteel Special SteelCo Ltd

Baoshan Iron &Steel Co Ltd

n/a n/a n/a - 2,697

21-Feb-12 P Alibaba.com Limited(27.03% stake)

Technology Alibaba Group HoldingLtd

8.2 27.2 32.4 0.5 2,355

31-Jan-12 C UAE Exchange &Financial Services Ltd(40.00% stake)

BusinessServices

Centurion InvestmentCompany

BavaguthuRaghuram Shetty(Private Investor)

- 2,000

16-Mar-12 C China Cinda AssetManagement Corporation(16.54% stake)

FinancialServices

UBS AG; StandardChartered Plc;National Council forSocial Security Fund;and CITIC Capital

Partners Limited

Ministry ofFinance China

n/a n/a - 1,639

C = Completed; P = Pending; L = Lapsed


Based on dominant geography of target company being Asia-Pacific






Situation Target company Sector Potential bidder

company

Financial adviser

to bidder (B);

target (T); seller

(S)

Seller company Market cap/

est. value

(US$m)

Comments

Expected deal QSR Brands Bhd Leisure Johor Corporation;CVC CapitalPartners; MalayChamber ofCommerceMalaysia;

Kulim(Malaysia)Berhad

650 QSR Brands received offer from JohorCorp and CVC Capital Partners inDecember at MYR6.80 per share, andfrom Malay Chamber of CommerceMalaysia in January at MYR6.90. Thevendor has recected the latter.

Expected deal Pacific BrandsLimited

Consumer Kohlberg KravisRoberts & Co.

MacquarieGroup (B),

FlagstaffPartners (T)

600 Pacific Brands has received an unsolicitedapproach from KKR regarding a possible

full acquisition in January 2012. An updateis expected when Pacific Brands reportsits annual results in late February.

Expected deal Cockatoo CoalLimited

Energy,Mining &Utilities

SK NetworksCompany Ltd

MacquarieGroup (B)

400 Cockatoo has received binding commitmentfor AU$150m loan on 12-Mar-12, which isone of conditions for an extension of theexclusivity period up to 30-Apr-12.

Expected deal Norton GoldFields Limited


Zijin Mining GroupCo Ltd

Bank ofAmericaMerrill Lynch(T)

200 Norton Fields confirms it has received anindicative, non-binding and conditionalproposal from Zijin Mining Group Co., Ltd(Zijin) regarding a potential change of controltransaction for Norton on 04-Apr-12.

Expected deal WestSideCorporationLimited


Liquefied NaturalGas Limited

Moelis &Company (T),Allens ArthurRobinson (T)

120 WestSide Corporation received an indicativeproposal from Liquefied Natural Gas Limitedas part of 2-for-5 non-renounceable pro rataentitlement offer of new ordinary shares byWestSide to raise AU$25.4m.

SignificantM&A

SamsungElectronics(LCD business)

Technology IPO SamsungElectronicsCo Ltd

- Samsung Electronics announced that itdecided to spin off its LCD business unit by01-Apr-12. The new division will have aninitial capital of KRW750bn.

Expected deals based on confirmed announcements by companies involved

PIPELINE OF ASIA PACIFIC EXPECTED DEALS




Ranking 2011 2010


(US$m)

Deal count Value

(US$m)

Value change

(%)

1 2 Morgan Stanley 13,717 10 15,810 -1323.8%

2 10 Bank of America Merrill Lynch 13,606 4 9,615 4150.8%

3 7 Citigroup 12,609 6 12,290 259.6%

4 4 JPMorgan 12,389 6 14,938 -1706.4%

5 89 Rothschild 7,618 7 190 390947.4%

6 20 Credit Suisse 7,568 7 4,807 5743.7%7 50 CITIC Securities 7,225 4 864 73622.7%

8 1 Goldman Sachs 6,625 7 23,437 -7173.3%

9 32 HSBC 6,173 8 2,299 16850.8%

10 5 Deutsche Bank 5,174 7 13,153 -6066.3%

11 28 Standard Chartered 3,632 3 3,561 199.4%

12 55 Somerley 2,355 1 675 24888.9%


14 3 Barclays 1,609 4 15,481 -8960.7%

15 33 Macquarie Group 1,586 3 2,194 -2771.2%

16 74 Southwest Securities 1,322 2 352 27556.8%

17 39 Maybank Investment Bank 1,286 3 1,646 -2187.1%

18 41 RBC Capital Markets 1,271 2 1,427 -1093.2%

19 19 Ernst & Young 1,268 7 5,283 -7599.8%20 63 OSK Investment Bank 1,267 3 503 15188.9%


TOP 20 FINANCIAL ADVISERS ASIA-PACIFIC

The financial adviser league tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and exclude lapsed and withdrawn deals. The tables coverall sectors and are based on the geography of either the target, bidder or seller being Asia-Pacifc excluding Japan.

LEAGUE TABLES

Ranking 2011 2010


(US$m)


change

1 5 Morgan Stanley 13,717 10 13 -3

2 28 HSBC 6,173 8 4 4

3 102 Rothschild 7,618 7 1 6

4 8 Credit Suisse 7,568 7 10 -35 2 Goldman Sachs 6,625 7 14 -7

6 9 Deutsche Bank 5,174 7 9 -2

7 6 Ernst & Young 1,268 7 12 -5

8 10 Citigroup 12,609 6 9 -3

9 14 JPMorgan 12,389 6 6 0


11 4 PwC 478 6 14 -8

12 1 KPMG 150 5 16 -11

13 11 Bank of America Merrill Lynch 13,606 4 9 -5

14 30 CITIC Securities 7,225 4 4 0

15 19 Barclays 1,609 4 5 -1

16 13 Gresham Advisory Partners 106 4 7 -3

17 3 Deloitte 75 4 14 -1018 18 Standard Chartered 3,632 3 6 -3

19 12 Macquarie Group 1,586 3 9 -6

20 35 Maybank Investment Bank 1,286 3 3 0


TOP 20 FINANCIAL ADVISERS ASIA-PACIFIC

VOLUME

VALUE



LEAGUE TABLES

The legal adviser league tables by value and volume have been run from 01-Jan-12 to 31-Mar-12 and include lapsed and withdrawn deals. The tables cover allsectors and are based on the geography of either the target, bidder or seller being Asia-Pacifc excluding Japan.

VOLUME

Ranking 2011 2010


(US$m)


change

1 5 Freehills 7,633 14 15 -1

2 7 Desai & Diwanji 287 13 15 -2

3 28 Amarchand & Mangaldas & Suresh A Shroff & Co 11,646 10 7 3

4 125 Jingtian & Gongcheng 9,796 10 1 95 6 Clifford Chance 1,719 10 15 -5

6 4 Baker & McKenzie 2,173 9 16 -7

7 8 Kim & Chang 1,636 9 14 -5

8 41 Gilbert + Tobin 2,337 8 4 4

9 10 AZB & Partners 2,196 8 13 -5

10 - King & Wood Mallesons 1,222 8 - -

11 2 Allen & Overy 1,190 8 17 -9

12 11 Linklaters 1,747 7 12 -5

13 29 WongPartnership 717 7 7 0

14 3 Minter Ellison 1,484 6 17 -11

15 13 Norton Rose 639 6 12 -6

16 15 Khaitan & Co 558 6 12 -6

17 18 Lee & Ko 557 6 10 -418 63 Rajah & Tann 405 5 3 2

19 20 Allen & Gledhill 302 5 10 -5

20 68 White & Case 108 5 3 2


TOP 20 LEGAL ADVISERS ASIA-PACIFIC

VALUE

Ranking 2011 2010


(US$m)

Deal count Value

(US$m)

Value change

(%)

1 42 Amarchand & Mangaldas & Suresh A Shroff & Co 11,646 10 2,723 32769.0%

2 - Luthra & Luthra Law Offices 10,289 1 - -

3 66 Jingtian & Gongcheng 9,796 10 1,315 64494.3%

4 5 Freehills 7,633 14 12,735 -4006.3%

5 78 Latham & Watkins 5,822 4 929 52669.5%

6 168 Jipyong & Jisung 3,655 1 79 452658.2%7 14 Vinson & Elkins 2,896 3 9,320 -6892.7%

8 21 Freshfields Bruckhaus Deringer 2,645 3 5,333 -5040.3%

9 4 Allens Arthur Robinson 2,547 3 14,773 -8275.9%

10 - Fulbright and Jaworski 2,500 1 - -

11 117 Slaughter and May 2,355 1 369 53821.1%

12 11 Gilbert + Tobin 2,337 8 9,683 -7586.5%

13 8 AZB & Partners 2,196 8 10,726 -7952.6%

14 6 Baker & McKenzie 2,173 9 11,927 -8178.1%


16 9 Linklaters 1,747 7 9,946 -8243.5%

17 32 Clifford Chance 1,719 10 4,068 -5774.3%

18 41 Jun He Law Offices 1,639 1 2,740 -4018.2%

19 19 Kim & Chang 1,636 9 5,991 -7269.2%20 55 Kirkland & Ellis 1,580 4 2,153 -2661.4%


TOP 20 LEGAL ADVISERS ASIA-PACIFIC



VALUE

VALUE

Rank


Dealcount



3 Morgan Stanley Private Equity 300 1

4 Advantage Partners 254 2

5= Consus Partners 228 1

5= Industrial Bank of Korea 228 1

5= Mirae Asset Financial Group 228 1

8 L Capital Asia 200 1

9= Bain Capital 152 1

9= Crescent Capital Partners 152 1

9= WestLB 152 1


Rank


Dealcount

1 Catalyst Investment Managers 404 2

2 The Longreach Group 300 1

3 Vogo Investment 257 1

4 Mizuho Capital Partners 185 1

5 Millennium Technology Ventures 175 1

6 Japan Industrial Partners 130 1

7= Ant Capital Partners 117 1

7= SBI Holdings 117 1

9= Consus KC 113 1

9= Eugene Asset Management 113 1


VOLUME

VOLUME

Rank


Value(US$m)


2 Advantage Partners 254 2

3 Lunar Capital Management 150 2

4 General Atlantic 104 2


6 Morgan Stanley Private Equity 300 1

7= Consus Partners 228 1

7= Industrial Bank of Korea 228 1

7= Mirae Asset Financial Group 228 1

10 L Capital Asia 200 1


Rank


Value(US$m)

1 Catalyst Investment Managers 404 2

2 The Longreach Group 300 1

3 Vogo Investment 257 1

4 Mizuho Capital Partners 185 1

5 Millennium Technology Ventures 175 1

6 Japan Industrial Partners 130 1

Merril Datasite MA Insider April2012

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Transcript of Merril Datasite MA Insider April2012