GLOBAL MERGERS & ACQUISITIONS REVIEWLEGAL ADVISORS
Full Year 2012
Thomson Reuters Soultions for the DealMaking Community
14
14Any Asia Pacific (ex-Japan) Involvement Announced (AE30)
16
Any Japanese Involvement Announced (AE51)
17
Any Asia Pacific (ex-Japan) Involvement Completed (AG31)
Any Japanese Involvement Completed (AG52)
8
Any Spanish Involvement Completed (AG43)
11
Any German Involvement Announced (AE43)
11
Any Australia or NZ Involvement Announced (AE27)
Any Australia or New Zealand Involvement Completed (AG28)
9
9
8
7
7
5
5
2
9
Top Ten European Involvement Announced Deals
1
2
1
7
Any Nordic Involvement Completed (AG46) 12
Any Nordic Involvement Announced (AE45)
Any Benelux Involvement Announced (AE46)
3
Asia Pacific (ex-Japan) M&A
Asia Pacific (ex-Japan) Deals Intelligence
Top Ten Any Asia (ex-Japan) Involvement Announced Deals
12
Any German Involvement Completed (AG44)
2
11
EMEA M&A
Any European Involvement Announced (AE39)
European Deals Intelligence
12
Any Italian Involvement Completed (AG45)
Any Italian Involvement Announced (AE44)
12
10Any French Involvement Completed (AG42)
Any Spanish Involvement Announced (AE42)
Worldwide Announced (AE1)
13
14
15
Any European Involvement Completed (AG40)
Any UK Involvement Announced (AE40)
10
3
14Any UK Involvement Completed (AG41)
Any French Involvement Announced (AE41)
US Target Completed (AG2)
Any Canadian Involvement Announced (AE34)
6
17
Top Ten US Announced Deals
10
Top Ten Japanese Involvement Announced Deals
11
15
https://www.thomsonone.com
Japan Deals Intelligence
19
18
Regional Contacts
Any Canadian Involvement Completed (AG35)
Any US Public Involvement Completed
Criteria Summary
18
16
Global Deals Intelligence
Scorecard: Worldwide Announced M&A
Scorecard: Worldwide Completed M&A
Top Fifteen Worldwide Announced Deals
US Target Announced (AE2)
Any US Involvement Completed (AG34)
Americas M&A
Worldwide Completed (AG1)
Americas Deals Intelligence
Any US Involvement Announced (AE33)
6
6
18
10 Japan M&A5
Mergers & Acquisitions Criteria Summary
6
16
Any Benelux Involvement Completed (AG47)
8
Full Year 2012 | Mergers & Acquisitions | Legal Advisors
M&A Legal Advisory Review
Table of Contents
9
13
Any Asian (ex-Japan) Involvement Announced (AE31)
Any Asian (ex-Japan) Involvement Completed (AG32)
13
Global M&A
WORLDWIDE M&A UP 2%, SPINOFFS & DIVESTITURES ACCOUNT FOR 47% OF M&A - Bolstered by recordlevels of spinoff and divestiture activity, the value of worldwide M&A totalled US$2.6 trillion during full year 2012, a2% increase from comparable 2011 levels. Worldwide spinoffs and divestitures, which totalled US$1.2 trillion for fullyear 2012, accounted for 47% of overall M&A activity this year, the highest annual percentage since records beganin 1980. Compared to the third quarter of 2012, the value of announced mergers & acquisitions increased 53%during the fourth quarter of 2012.
EMERGING MARKETS ACCOUNT FOR 28% OF M&A; CROSS BORDER UP 6% Accounting for over one-quarter of worldwide announced merger activity, M&A involving companies located in the emerging markets totalledUS$723.0 billion during full year 2012, a 9% increase from 2011. Cross Border M&A activity totalled US$944.1billion during full year 2012, accounting for 36% of overall M&A volume and up 6% compared to full year 2011.Cross border M&A was driven by the energy & power, industrials, and consumer staples sectors, which comprised42% of cross-border deal volume during 2012.
RESOURCES, REAL ESTATE, FINANCIALS LEAD ACTIVITY - The energy & power sector was most activeduring full year 2012, commanding 18% of announced M&A, while the financials and real estate sectors accountedfor 13% and 11% of M&A activity, respectively. Consumer staples and retail deal making led all sectors as togrowth rate, up 71% and 38%, respectively, during full year 2012, while materials and high technology registereddeclines of 22% and 18% over full year 2011.
BUYSIDE PRIVATE EQUITY M&A FLAT COMPARED TO 2011 Worldwide private equity-backed M&A activitytotalled US$321.4 billion during full year 2012. Private equity deal making in the energy & power, industrials andfinancial sectors accounted for 40% of activity during full year 2012. Accounting for 12% of worldwide M&A during2012, private equity-backed M&A was flat compared to 2011 levels.
Global Deals Intelligence
Full Year 2012
LEGAL ADVISORS
MERGERS & ACQUISITIONS REVIEWSpinoffs & Divestitures Push Worldwide M&A Up 2% to US$2.6 trillion l Cross Border M&A Up 6%
Worldwide Announced Financial Sponsor Activity
Worldwide Cross Border Volume
https://www.thomsonone.com
9.6%
10.6%
13.4%12.9%
21.0% 18.6%
8.4%
6.0%
9.9%
12.7%12.4%
0%
5%
10%
15%
20%
25%
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
%ofG
lobalM
&A
Rank
Valu
e(U
S$b)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of YTD Global M&A
29.2% 26.7%
31.7%33.7% 33.5%
45.0%
37.3%
27.0%
37.2%
35.0% 36.5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
%ofG
lobalM
&A
Rank
Valu
e(U
S$b)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of YTD Global M&A
1
Western Europe
South East Asia
Worldwide Announced M&A by Target Industry
1/1/2011 - 12/312011
31,8492,424,490.49,667
72,312.4
Rank Val
US$m
No.
Deals
1,144,683.7-60.3
19512,496.0
-5.8
6.8
334
-20.4
3,809
-12.5
1,145
-27.6
275
-42.6
-16.3 84,739.2Canada
146
1,313
613,855.3
Target Macro / Mid Industry
-64.79.4
1,088
North Africa
Europe 785,109.2
8,909.2
1,499
-30.2
Australasia -42.6
9,432
47,495.2-8.4
1,139
17.9374.9
15,744.237.7
1,876.1
Chile65,423.4Africa/Middle East
223192
45.7
14,416.5
Middle East 21,986.21,267
Chile
13,241
41,994.2
7911,941.8
728
1,451South America 1,003
703,460.6333771
North Africa
50214,362.0
Consumer Staples / Food and Beverage
Energy and Power / Oil & Gas
Real Estate / Residential
Retail / Other Retailing
Energy and Power / Oil & Gas
Telecommunications / Wireless
21,361.5
-8.1
77
401
-43.2
1,120
-65.8
106,481.5
7,381
37,956.2
-1.0
170 -22.1
898,363.596,309.4
10.6
8,93414329,885.0
490
-73.3
-19.5
United StatesNorth America
Central America
-1.8
129
1,553102,867.8882,129.9
18110,618.8
984,997.76,9468,397
-15.82,040,637.3
4,966.5 8610,400
994,672.9
31,033.2Caribbean
Worldwide-5.2Americas
126
28,449
134,004.5
711,763.23,544 110,824.5
9,384 444,318.9
58,210.0
4943,281.9
Middle East 13,437.0
11,185.0Africa/Middle East
Brazil
2,207
6,162 -26.0
135,108.9
821
12.5
-31.5-49.4
-5.2
Consumer Staples / Food and Beverage
1,918
7341,439 109,758.1
New Zealand
Europe
106
16,03613,382
551 15,091.4 462
1,189
Asia-PacificAsia-Pacific 438,206.2
8,119 980,220.8
222.91,075,760.7
-4.610,730
2429
8,55510,037
1.7
7,993.2-2.2
-10.4-1.7 1,085,322.3
Mexico
121
42,074
12,651.912,800
37,923 2,545,300.0
36,738.8 319470.4
95,539.9 46.6
-0.1
Scorecard: Worldwide Completed M&A
1/1/2012 - 12/31/2012No.
Deals
1/1/2012 - 12/31/2012 1/1/2011 - 12/312011Rank Val
US$mTarget Region/Nation
% Change
in Rank
Value
Rank Val
US$m
No.
Deals
AmericasWorldwide
Target Region/Nation
Rank Val
US$m
2,588,907.3
% Change
in Rank
Value
Scorecard: Worldwide Announced M&A
11,341.5Caribbean 160
Full Year 2012 | Mergers & Acquisitions | Legal Advisors
Mergers & Acquisitions
No.
Deals
1,214,223.8 11,883 1,234,909.5
South America2,1751,591
North America
Central AmericaPanama
35,942.9
1,075,091.71,518.8
286
935,064.4United States
91,847.7-21.657,042.2 720Brazil 72,781.5
Canada 140,027.4
123
10.3Sub-Saharan Africa
8,20211,427 6.8 444,383.0
14,615.0
143,476.6748,964.320,940.5Sub-Saharan Africa
68,297.6 2,827
25,040.2 531 21,239.1
2,073
320
Western Europe 641,632.6 9,8382,395United Kingdom
512,680.6 11,029Eastern Europe
134,350.6
Germany
Eastern Europe4,609600,938.7
29.5
2,49668,004.7Spain
0.359,529.394.3 657
116,564.8United Kingdom 123,754.8Spain 129,606.5 766
27,981.866,713.9 1,026
440-1.4
221.3Switzerland 89,905.5 34410,212
50,567.4 -6.0297,582.8
1,118 53,785.95,479 402,160.6
119,310.2Australasia 73,473.2 1,645 127,927.7
Australia 67,821.0 1,444135,788.278,000.8 1,224 1,229
1,329 -43.8AustraliaNew Zealand 4,741.9 178 8,556.9 -44.6154 6,383.75,209.9
129,046.1 1,087119
72,563.5132
103,668.3 1,856 70,962.5 2,320 South East Asia 52,280.0 61,774.246.147.814,392.721,278.4
-18.41,582
Singapore 49,950.1 363 17,057.4 Malaysia192.8 429-15.4
350Singapore 15,859.4 9.5300481 18,325.4 17,366.5 249610 20.1
North Asia 232,341.3 4,957 217,478.5 5,481 154,336.66.8 2,6682,410Malaysia 22,015.5
1,359167,850.3
1,3433,694North Asia
12.3China 157,359.1 3,419 140,157.1 98,363.6South Korea 87442,737.0
83,259.3China -15.4
912 2.8926 27,950.2South Korea 42,800.4 1,002 45,550.8 -6.0
South Asia 28,723.446,751.2 756
South Asia 12,965.4 656 36,748.0 683
1,3182.1
Japan-19.5 103,057.5 1,50339 1,613.3Central Asia 9,487.9 62 9,288.8
Japan 85,944.7 2,006 106,813.249Central Asia
1,887 90,725.710,660.4 560.8
13.6
Materials / Metals & Mining
Jan 1 - Dec 31 2012
Healthcare / Pharmaceuticals
Energy and Power / Oil & Gas
Financials / BanksEnergy and Power / Oil & Gas
Financials / Banks
Telecommunications / Telecommunications Services20,140.0
18,047.3
12/10/2012
36,088.7Russian Fed / Russian Fed
United States / United States
TNK-BP Ltd (50%) 28,000.0
Rank Value (US$m)Rank Date Date Effective Target (% Sought/Acquired) Acquiror
Switzerland / SwitzerlandXstrata PLC (65.9%)Pending
Acquiror / Target Nation
10/22/2012
9/17/2012Pending
Pending
10/1/2012Glencore International PLC
NK Rosneft'
Walgreen Co
66,416.82/7/2012
10/22/2012 Pending
45,803.1
Russian Fed / Russian Fed
Abbott Laboratories-Research (100%) Shareholders
TNK-BP Ltd (50%)
Kraft Foods Inc-N Amer Grocery (100%)NK Rosneft'Shareholders
26,469.2Spain / Spain 25,686.0
United States / United States
12/21/2012 Pending Bankia SA-Bad RE Assets (100%) SAREB
4/12/20125/25/2012
4/30/2012 ConocoPhillips-Refining ,Mktg (100%)FROBShareholders
23,785.7
10/15/2012 Pending Sprint Nextel Corp (70%)
6/27/2012 Banco Financiero y de Ahorros (100%)
United States / Switzerland21,657.1
Spain / SpainUnited States / United States
20,093.4
Canada / CanadaSpain / SpainChina / China
17,665.617,805.3
6/29/20128/22/201212/26/2012
Pending Nexen Inc (100%)
6/19/2012 Intended
China Telecom Corp-3G Assets (100%)Pending
Alliance Boots GmbH (55%)
7/23/2012FROB
Japan / United StatesAnheuser-Busch Inbev Belgium / MexicoSoftBank Corp
Pending
PendingGrupo Modelo SAB de CV (49.7%)
17,204.3
China Telecom Corp Ltd
CNOOC Canada Holding Ltd12/5/2012
Bankia SA (%)Pending
Energy and Power / Oil & GasPlains Expl & Prodn Co (100%) Freeport-McMoRan Copper & Gold United States / United States
Top Fifteen Worldwide Announced Deals
https://www.thomsonone.com
18%
13%
11%
10% 9%
8%
8%
6%
5%
5%4%
3%
Energy and PowerFinancialsReal EstateMaterialsIndustrialsConsumer StaplesHealthcareHigh TechnologyTelecommunicationsMedia and EntertainmentRetail
2
https://www.thomsonone.com
32
29
115 -826 0.3
37,918
-15.8%
2,040,637.3
-10.7%
1.0
0.3 27 37
22
-14
11
4
2.5
0.9
160
-67
12.0
1.5
65
262
4.0
19
1.3
48Cravath, Swaine & Moore 13
8.9
11.8
-30
2.5
124
-
Gibson Dunn & Crutcher 24
2,588,907.3
1.7%
91*423.0
Industry % Change from Same Period Last Year
100.0
Mattos Filho Veiga Filho Marrey Jr 25
Industry Total
112 78,449.0
18 79,436.1
94,392.9
3.1 -1.1
King & Wood Mallesons 22 23
Morrison & Foerster 4423 106
0.93.9101,569.7 110
1.83.7
162
70
4.7 1.1121,397.8
3.3118,939.4
4.1 396
0.338
1
55*
395
-1.8
31
16
8
17
15
Gibson Dunn & Crutcher
Allen & Overy 18
-1.6
14
4
0.4
12
22*
28
0.5
286
6.8138,748.7
6.5
0.3
112
4.898,748.7
0.3 -23
0.7
1.9
6.1
0.8
0.4
120,552.3-1.3
3.1
-0.2
134,636.6
5.7128
13 14
Jones Day 21 13 106,083.0
Paul, Weiss 20 50 107,639.6
1.6
4.8
13.8 1.3 133
21
21
75* 0.2
-39
0.4
-38
-75
-14
8
0.4
57
Change in
Sh (%)Rank
-15
0.5
# of Deals per Advisor
-92
0.6
-1
30
Full Year 2012 | Mergers & Acquisitions | Legal Advisors
0.9
0.7 -29
6
# of Deals
-46
244,784.5
13.5275,179.93 2
-62
0.3
0.6
Shearman & Sterling LLP-37
0.4
-93
9
30
Linklaters
Jones Day-24
8
12
11
161,952.3
Cleary Gottlieb Steen & Hamilton
4
144,905.7
11 16
Freshfields Bruckhaus Deringer
Dewey & LeBoeuf LLP
144,653.0
100,170.019
42
115,443.2
Clifford Chance
131,758.7
5.9
Kirkland & Ellis 15
10
111,954.1
4.8
5.5
14
4.9
Davis Polk & Wardwell
98,493.9
0.3 -14
30
3220
81,498.1
2.684,801.049
4.0
97,246.0 4.8
4.6
Mori Hamada & Matsumoto
Vinson & Elkins LLP
Baker & McKenzie 9
White & Case LLP
-61
Blake Cassels & Graydon
25
0.5
154
72
23
-3,395
3.2 36Bracewell & Giuliani
7877,599.3
109
24
100.0
76,128.3 99*
28,454
Worldwide Completed (AG1) - Based on Number of Deals
-
3.4
2011Rank
#
# of Deals per Advisor Rank Value per Advisor (US$m)
Market
-1.2
Market Market
Share Ch.
-
-0.2%
Sh (%)
5.7
-
0.1
3.4
-11
269 39
0.3
0.7
72*
97
1.3
0.4
23120
1.03
196 9
381
10
241
0.2
0.2
0.7
47
186
34*
-5.3
-3.5
0.3
1
105 26*
-1.2
34*97
-114
-55
249 5
0
217 7 0.8
-35
0.2 -33
94
-0.9 0.9
1.9 37 0.3
13
2.7
3.7
3.8
1.6
4.2
37
10
9
178
0.0
6.8 3.1
6.6
278
-9.9%
Industry Total
Industry % Change from Same Period Last Year
-12
-4,156
McCarthy Tetrault
McCarthy Tetrault
4.2
4.6
0.1
2.6
58
2 8
Shearman & Sterling LLP 14
Cleary Gottlieb Steen & Hamilton 10
Simpson Thacher & Bartlett 7
9
11
7.9
53
176,871.7
-
6
73
1.8
171,513.0 0.1
-2.4 -52254 0.77
-8
-2.6
-2.4
7.1
7.8
7.9
2.97.1
0.3
Latham & Watkins
Weil Gotshal & Manges 6 12
241,071.45 5
10
51
94
-52
180,641.2
10
39
231
4 9
159,096.63
7
134
18
19 -12
2.4 0.511
7.1
-8.8
7.9
7.4
3.0
Wachtell Lipton Rosen & Katz
-4.5 0.4 -22
Sullivan & Cromwell
0.8
46*
0.8
5283
3
9 0.6
290
-28
0.6
-180
0.8
0.2
243
Legal Advisor
Market
3
Change in
Wachtell Lipton Rosen & Katz
256,738.9 9.9
3 4 -0.5
Legal Advisor
346,991.8Skadden 1
2012Rank
Freshfields Bruckhaus Deringer
2011Rank
Rank Value
23413.4
2.2
-7 Skadden
Simpson Thacher & Bartlett
5 239,224.0
239,520.2
8
255,319.3 9.9
9.3
203,851.2
6Linklaters 4
6 14 205,389.7Weil Gotshal & Manges
2
9.2
185,620.4
12
-1.0Latham & Watkins 5
Sullivan & Cromwell 8 1 192,713.4
17
20
12
Baker & McKenzie
15
Cravath, Swaine & Moore
Clifford Chance 7.2
184,398.0
18 21
5.2
5.8
13
125,349.0 4.8
24
Allen & Overy 16 11
17
159,064.3
15
Davis Polk & Wardwell
149,194.2
White & Case LLP
124,389.5
189
146
Rank Value per Advisor (US$m)
# of Deals Value US$m
# of Deals per Advisor
Sh (%)
MarketMarket
1
# of
15.5
2011RankRankDeals
Market
Worldwide Announced (AE1) Worldwide Completed (AG1)
# ofRank
Sh (%) Share Ch.
Rank Value per Advisor (US$m)
Worldwide Rankings
5.3
US$m Sh (%)2012Rank
Market
61.8 316,412.6 200
Share Ch.
Kirkland & Ellis
19
281,372.212
Blake Cassels & Graydon
21
17 84,077.3
17*
144.1
0.5
0.3
230.1
41
0.5
Industry % Change from Last Quarter 53.4% 5.7%
Worldwide Announced (AE1) - Based on Number of Deals
-0.9
26
-56
Market
Industry % Change from Last Quarter 19.6%
Rank ValueMarket
-62
Market
Deals
152-0.9
93,620.5
7
# of Deals per Advisor Rank Value per Advisor (US$m)
141
46
25
-18
Legal Advisor Of DealsShare (%) # of Deals2012Rank
2011Rank
#
RankUS$m Share Ch.Sh (%)
Change in Rank Value Market
1.0 -61.0Jones Day 1 1 396
44,280DLA Piper 2 2 358
239,224
0.9 - -
106,083 21 4.1 -1.8
-65.0
Latham & Watkins 3 4 290 0.8 -46.0 5 9.2 -1.0
- -
0.8 31.0Kirkland & Ellis 4 10 286
239,520Linklaters 5 5 283
176,872
0.8 9.3 0.8
124,390 17 4.8 1.9
-28.0
Baker & McKenzie 6 3 278 0.7 -93.0 11 6.8 3.1
4
0.7 -52.0Allen & Overy 7 6 254
256,739Freshfields Bruckhaus Deringer 8 7 243
346,992
0.6 9.9 2.2
125,349 16 4.8 -2.4
-62.0
Skadden 9 11 234 0.6 -7.0 1 13.4 1.8
2
0.6 -52.0Clifford Chance 10 8* 231
205,390Weil Gotshal & Manges 11 22* 189
134,637
0.5 7.9 2.4
185,620 9 7.2 3.0
51.0
White & Case LLP 12 18* 178 0.5 30.0 15 5.2 3.1
6
0.4 -29.0 -Hogan Lovells 13 12 167
121,398Blake Cassels & Graydon 14 25* 162
13,407
0.4 4.7 1.1
52,986 - - -
30.0
CMS 15 8* 150 0.4 -133.0 - - - -
18
0.4 68.0 -Gowling Lafleur Henderson LLP 16* 59* 149
38,526Ashurst 16* 13 149
203,851
0.4 1.5 -2.9
7,832 - - -
-44.0
Simpson Thacher & Bartlett 18 14 146 0.4 -22.0 7 7.9 -4.5
45
0.4 -12.0Sullivan & Cromwell 19 20 134
27,067Mayer Brown LLP 20* 15 132
16,581
0.4 - -
192,713 8 7.4 -8.8
-23.0
Paul Hastings 20* 21 132 0.4 -7.0 - - - -
- -
-Mori Hamada & Matsumoto 22* 25* 128 71,850 27 2.8 -0.2
Shearman & Sterling LLP 22* 16* 128
0.3 -4.0
0.3 -24.0
Norton Rose 24 16* 124 0.3 -28.0
149,194 14 5.8 -1.6
--
32,992
-
- - - -
Herbert Smith Freehills LLP 25 28* 122 32,569 -0.3 -8.0100.02,588,907Industry Total 37,918 -4,156
Industry % Change from Last Quarter 5.7% 53.4%
Industry % Change from Same Period Last Year -9.9% 1.7%
DLA Piper 2 2 337
Change in
Legal Advisor Of Deals Sh (%) # of Deals2012Rank
1.3 -56.0 115,443Jones Day 1 1 381
US$m Rank
14
-
15 5.51.0 39.0
5 11.8241,071
1.2 -52.0
4 262
37,107
111,954
0.9 -67.0
5 3 249
Kirkland & Ellis 3 10 269
Latham & Watkins 4
Baker & McKenzie
1.5
19 4.897,246
159,097
0.9 -114.0
-2.68 7.80.9 -39.0Linklaters 6 5 241
Skadden 8 11 200
98,494Allen & Overy 7 7 217
0.7 -29.0 5.3
18 4.8
316,413
0.8 -55.0
-0.213 5.9
-3.5
1 15.5
161,952
Clifford Chance 9 8 196 0.7 -62.0 120,552
Weil Gotshal & Manges 11 23 160
Freshfields Bruckhaus Deringer 10 6 186
0.6 30.0 2.5
7 7.9
180,641
0.7 -92.0
- -- -
-2.4
6 8.9
81,498
Hogan Lovells 12 12 156 0.6 -26.0 57,020
Blake Cassels & Graydon 14 26 152
White & Case LLP 13 24 154
0.5 26.0 -0.9
23 4.0
84,077
0.5 25.0
- -- -
1.6
22 4.1
10,591
CMS 15 9 147 0.5 -98.0 16,751
Mori Hamada & Matsumoto 17* 42 141
Gowling Lafleur Henderson LLP 16 63* 143
0.5 41.0 2.6
- -
84,801
0.5 70.0
-1.338 2.8
- -
21 4.2
281,372
Ashurst 17* 13 141 0.5 -24.0 56,894
Paul Hastings 20 25 132
Simpson Thacher & Bartlett 19 14 133
0.5 4.0 - -
2 13.8
15,875
0.5 -30.0
0.310 7.1
1.3
- -
45,185
Shearman & Sterling LLP 21 17 124 0.4 -14.0 144,653
Herbert Smith Freehills LLP 22 37* 121 0.4 14.0
275,180Sullivan & Cromwell 23 19* 120
- -
3 13.50.4 -15.0 1.3
- -
-- -0.4 -20.0 31,166 -Mayer Brown LLP 24 16 119
-Norton Rose 25 18 114 0.4 -
-10.7%
-3,395Industry Total 28,454-23.0 40,960 - -
100.02,040,637
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter -0.2% 19.6%
-15.8%
3
https://www.thomsonone.com
29
24.3
25.1
* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries.* The data given refers to the time period 01/01/2012 - 12/31/2012 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded.* The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black.* Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.
23.8
35.7
29.4
20
8.46024.7
32.1 25.6
40.2
31.8
58.4
25.1
31.3
28.4
27.7
29.6 31.8
18.9 49.2
39.7
14.5
35.125.4
30.3
35
13.4
27.7
36.0
36.1 61.216.1
33.532.228.4 36.7 34.3
60.0
39.3
58.8
28.0
- 16.4
32.7Average Industry Total 31.2 39.3 34.731.0
31.5
Telecommunications 37.6
32.8 31.5
38.9
52.4 53.3 61.1
40.1
- 26.8
19.5 33.428.5 29.028.5
14.3 44.5 48.244.5 29.727.429.0 15.4
Retail 33.1 28.3 36.3
Real Estate 30.8
40.7
45.7
31.9 29.5
31.2 32.825.6
18.722.1 36.7 38.7
49.6 14.2 46.1 14.2 45.0Media and Entertainment 33.2 21.1 37.4 36.2 33.5 42.5
31 24.0 24.3 25.729.1 38.6
16.2
47.3Materials 33.8 28.9 39.1
25.5
20.1 41.1 19.6 27.4
40
30.0
42.2 28.4
23.3 40.1 58.3 63.3 20.1
27.3
37.4 23.3
38.6 41.1 28.2
Industrials 24.8 30.4 30.9 31.6 33.5
Healthcare 32.0 36.3
38.2
33.2 59.9
High Technology 33.6 32.3 44.8 38.5 46.5 40
27.9 29.4 34.7
40.1
31.1 21.5 28.1 13.6
30.0 3027.2 37.7 22.8 34.9 21.540.5 26.2 4151.841.7 39.9 39.8
29.4
33.7 32.9
45.8 51.6
24.9
39.5 23.526.8 26.444.5Financials 31.9 31.4 42.6
26.8 29.9 29.8 42.1 37.934.6
43.1 38.4 24.2
25.5
30.2
27.7 21 35.425.4
24.1 29.3 33.8 33.8 18.5
35.1 27.2
38.1 40
44.8
Energy and Power 29.6 31.7 37.8 35.4 24.3
Consumer Staples
57.8
39.3 66.128.2
34.5
44.9
33.0 57.8 35.2 38.738.1 40.7 47.3 47.3 23.3 30
2011World Americas UK Asia ex. Japan
Consumer Products and Services 32.2 35.0 35.7 30.7
Average Industry Total 11.6x
USA Canada
12.5x 9.3x
EMEA Europe Japan2012 UP
2012 DOWN
10.9x
12.2x 12.5x11.8x 9.3x 11.4x 12.9x10.6x
7.7x
12.2x 12.2x 13.8x 10.4x11.6x 12.2x 11.7x13.8x
5.9x
13.1x 14.6x
12.6x6.1x 6.4x 6.3x 6.3x 11.6x 12.6x 4.8
14.6x 9.4x
10.9x
12.9x11.2x
-
11.9x 11.9x 13.1x 11.2x
Telecommunications 9.6x 12.5x10.9x 11.7x -9.6x
15.8x 16.2x
11.1x
Retail 11.1x 11.2x 11.5x 17.2x 12.5x
12.6x
11.6x
13.5x
11.6x
8.3x 11.1x
11.7x 11.4x
20.7x 17.3x 15.8x
12.6x 11.5x 13.5x
Real Estate 18.3x 18.8x 21.5x 24.7x 19.5x
Media and Entertainment
11.9x 6.1x
11.7x 10.3x
17.6x 25.1x 20.7x 18.8x
12.9x 10.8x10.8x 11.7x 9.1x
18.3x 18.8x
11.7x
9.2x 11.4x
14.8x 10.8x
8.9x 13.1x8.2x 8.7x 7.3x 7.3xMaterials 10.3x 11.9x 10.2x
7.6x 11.4x
12.0x 13.1x
11.7x 10.2x11.7x 9.4x 11.9x
14.0x 10.3x
8.9x 8.4x
15.2x 7.9x 11.9x
Industrials 10.5x 11.7x 10.9x 14.3x 10.5x
15.7x 13.0x
15.1x 12.0x11.3x
12.2x9.8x
High Technology 11.9x 13.1x 14.7x 16.0x 7.1x12.0x10.8x 10.4x 10.0x 13.1x
12.0x
12.0x
12.0x 8.0x15.8x 16.0x
10.3x 14.9x 11.4x11.9x 13.1x
15.0x 12.2x
12.9x 11.8x 11.8x
11.4x 11.1x
Healthcare 14.3x 12.9x 14.6x 12.2x 14.3x 12.7x 12.9x
11.1x 11.0x 12.3x10.1x 9.2x 4.8x 6.8x 10.8x 12.3x10.2x
10.7x 12.8x 5.0 12.8x
Energy and Power 11.4x 11.1x 12.7x 12.2x
Consumer Staples 12.0x 11.5x 11.2x 10.5x8.6x 10.3x 11.5x10.1x 11.5x 7.3x 9.8x 13.4x6.2x
12.7x9.8x 11.4x 9.3x 14.8x13.1 13.1x 7.3x 11.4x 7.5x 10.5x9.8x 11.4x 6.2x 7.0x 13.3x
12.0x
USA
5.9x14.8xConsumer Products and Services
JapanAsia ex. JapanCanada EMEA Europe
Full Year 2012 | Mergers & Acquisitions | Legal Advisors
Worldwide M&A Matrix
World Americas2012 UP
2012 DOWN 2011UK
Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA
Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price
4
Energy & Power Industrials
Healthcare Materials
High Technology
Financials Real Estate
Consumer Staples Media
Overall M&A activity with US involvement decreased 3.8% from 2011, reaching US$1.2 trillion. The number of US-involvedM&A transactions decreased by 5.5%, dropping from 11,517 to 10,882 announced deals. Exclusive of the over $140 billionof value attributed to spinoffs executed in 2012 (including 4 of the top 10 overall deals in the year), US-involved M&A activitydeclined 11.9% over the course of 2012.
Despite a 13.1% decrease in the number of announced M&A deals with Canadian involvement and an 8.7% decrease inthe number of completed M&A deals with Canadian involvement, the value of both announced and completed M&A activityin Canada involvement surpassed 2011 totals by 38.7% and 12%, respectively.
The Energy & Power sector led the US market, with deal volume totaling US$173.4 billion, a 18.5% market share and a32% decrease compared to last year. Healthcare placed second, with US$154.4 billion, a 16.5% share. By deal count,High Technology was the most prolific sector, with 1,553 transactions.
On average, EBITDA multiples for Americas Targets during 2012 decreased to 12.2x from the 13.8x reported in 2011.From an industry perspective, among US target transactions, average industry multiples ranged from 9.6x forTelecommunications to 18.0x for Real Estate targets.
Baker & McKenzie
Simpson Thacher & Bartlett 8,957.7
LBOs as a Percentage of US Targeted Announced M&A
Baker & McKenzie
3
Wachtell Lipton Rosen & Katz
Sullivan & Cromwell
Morrison & Foerster
29,048.3 132,325.6
22,223.4
A&L Goodbody
11
18,349.9
Davis Polk & Wardwell
Skadden
Wachtell Lipton Rosen & Katz
Weil Gotshal & Manges
Latham & Watkins
Bracewell & Giuliani
(US$m)
37,617.1
Jones Day3
Top Ten US Announced Deals Jan 1 - Dec 31 2012
2
220.4
9,523.2
14,294.3
Latham & Watkins
Kirkland & Ellis
36.0
29
3
14.9
33.126,697.9
Latham & Watkins
80,679.8
65,615.9
17
163 17.4
67,909.8 12
1,554
Allen & Overy
Mkt.
(US$m) Rank Share
Rank Val
56,727.6
68,089.5
154,403.9 44,468.1
9,772.1
2
20.9
Kirkland & Ellis
3
566.0
1575.4
14.5
2
43.2
47,938.7
24.9
Latham & Watkins
2 44.0
24.9
50,633.7 2
18.9
15
3
2
8
2 22.1
Weil Gotshal & Manges 13,787.1
Wachtell Lipton Rosen & Katz
1
5
566
3
19.3
1125.8
21
7
586
6
23.2
976
840
14
5,370.3
12,852.4
Latham & Watkins
38.9221
21.73
15.6
50.0
29.4
26.02
34,498.6
74,222.8
18,461.1
1
12,481.2
40
12
83,025.9
19
805
36
16
857 477
1
3
14,031.1 43
28.9
1
2
11
Davis Polk & Wardwell 13,712.6 1
16.8
Minter Ellison
27.6
7,732.0
37
10,679.5 3
Davis Polk & Wardwell
Consumer Products & Services
Skadden
3
10,305.6 2
No.
Deals
50,915.3
30.6 2
Rank Val
Wachtell Lipton Rosen & Katz
Financials / Brokerage
No.
Deals
56.1
90,314.3
Rank
1
US Announced Advisors by Target Industry Jan 1 -Dec 31 2012
253.1
4
66,691.8
777,257.8 1
2
32.7
Share
Mkt.
Full Year 2012 | Mergers & Acquisitions | Legal Advisors
Overall US M&A Decreases 4%; Falls 12% Exclusive of Spinoff Value | Canadian Activity Up 36%
Americas M&A
173,401.9
Simpson Thacher & Bartlett1
668
10,191.3
16,936.1
10,570.8
Kirkland & Ellis
286
9/28/2012
https://www.thomsonone.com
Consumer Products and Services / Professional ServicesUnited States / United States12/20/2012
Americas Deals Intelligence
Target Macro / Mid IndustryRank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m)66,416.8
9/17/2012Healthcare / Pharmaceuticals
Shareholders United States / United States 36,088.7Energy and Power / Oil & Gas
Consumer Staples / Food and Beverage12/10/2012 Pending Abbott Laboratories-Research (100%) Shareholders United States / United States
10/1/2012 Kraft Foods Inc-N Amer Grocery (100%)
Energy and Power / Oil & GasTelecommunications / Telecommunications Services
4/12/2012 4/30/2012 ConocoPhillips-Refining ,Mktg (100%) Shareholders United States / United States 21,657.110/15/2012 Pending
Archstone Enterprise LP (100%)
SoftBank Corp Japan / United States 20,140.0Sprint Nextel Corp (70%)
Investor Group United States / United States 16,306.1Consumer Staples / Food and Beverage
Real Estate / REITs12/5/2012 Pending Plains Expl & Prodn Co (100%) Freeport-McMoRan Copper & Gold United States / United States 17,204.3
11/26/2012 Pending
Real Estate / REITs4/23/2012 11/30/2012 Pfizer Nutrition (100%) Nestle SA Switzerland / United States 11,850.0
1/23/2012 1/23/2012 Archstone-Smith Trust (26.5%) Lehman Brothers Holdings Inc United States / United States 11,810.09/28/2012 Tyco International Ltd-ADT (100%) Shareholders United States / United States 10,570.8Pending NYSE Euronext (100%) IntercontinentalExchange Inc
Jan 1 - Dec 31 2012US Target Announced M&A Target Industry by Value
20%
16.5%
9.7%
8.9%8.6%
7.9%
7.0%
7%
5%4.8%
3%3.5%0.0%
Energy and Power Healthcare Consumer StaplesReal Estate Financials IndustrialsHigh Technology Media and Entertainment TelecommunicationsMaterials Consumer Products and Services RetailGovernment and Agencies
0%
5%
10%
15%
20%
25%
30%
35%
40%
$0
$100
$200
$300
$400
$500
$600
$700
LBO Non-LBO LBO as % of US M&A
5
33*
100.0
14882,129.9Industry Total
Industry % Change from Same Period Last Year
38 39* 0.5 -2
19.9%Industry % Change from Last Quarter
25
-1.8%
Fried Frank Harris Shriver & Jacobson 51,339.0 0.7475.8 -2.3
5.8 3.5 45
6
36*
36* 0.76.0 4.1 45 3
A&L Goodbody 22 36 53,164.1
Dechert 23 53 52,949.4
2
-176* 0.1
57* 0.26.3 1.6 15
86.0 3.2
Baker Botts LLP 20 16 56,618.9
Freshfields Bruckhaus Deringer 21 22 55,173.2
-2
333* 0.7
63* 0.26.5 2.3 13
476.4 0.8
Greenberg Traurig 18 21 57,620.2
Linklaters 19 25 57,078.2
8
-1223* 0.9
32 0.76.9 2.5 48
596.5 1.8
Shearman & Sterling LLP 16 8 63,464.0
Baker & McKenzie 17 24 61,074.0
-20
-723* 0.9
23* 0.97.3 -14.0 59
597.2 -4.5
Cleary Gottlieb Steen & Hamilton 14 27 73,555.1
Davis Polk & Wardwell 15 2 64,044.3
22
-939* 0.6
43 0.58.6 7.3 33
388.3 4.2
Jones Day 12 6 81,642.6
Bracewell & Giuliani 13 59 75,689.3
5
0 -1 3.3
12* 1.29.7 5.0 80
2309.3 -5.9
Gibson Dunn & Crutcher 10 10 86,148.9
Vinson & Elkins LLP 11 20 85,372.2
51
-810* 1.2
2 3.310.6 6.4 228
819.8 -0.9
11 123,267.7
Kirkland & Ellis 9 26 93,755.7
33
-641 0.5
6 1.4
3714.0 3.9
15.1 3.9 96
2
-4313 137,114.6
170
32 0.5
133,574.4
7.6
44
3
15.5 6.8
2.5
7 1.3
4 3 198,893.1
21.8
2.322.6 78
-8
814* 1.1
Simpson Thacher & Bartlett 3 1 214,000.8
Wachtell Lipton Rosen & Katz
24.3
2 4 214,302.8 0.8
92-2.9
118
55
# of Deals
# of
RankDeals
Change in
Sh (%)
1.7
24.3 4.7 -1
1 5 249,690.0 28.3 11.6 -135
28
191,904.3
47 51,544.4-1
-13
2
7
Sullivan & Cromwell
2442
8,114
Dewey & LeBoeuf LLP 6
Cravath, Swaine & Moore
Weil Gotshal & Manges 7
37 0.5
9
8
-441
Industry % Change from Last Quarter
Industry Total 100.0
Industry % Change from Same Period Last Year -4.6%
14Cleary Gottlieb Steen & Hamilton 25
26.2%
39,626.9935,064.4
40,053.5 -
-40.184*4.3 4.1McCarthy Tetrault 23 121 40,375.4
4.3 0.0Debevoise & Plimpton 24 24
85
6
9*
-1.9 49 35*
0.6 3
Fried Frank Harris Shriver & Jacobson 22 17 41,869.6 4.5 0.6
9*85
Gibson Dunn & Crutcher 21 12 42,572.1 4.6
1.1 8
1.1
48 37
Vinson & Elkins LLP 20 13 44,052.1 4.7 -3.4
Alston & Bird 19 22 45,241.9 4.8 0.2
A&L Goodbody 18 110 51,428.9
20* 4768
5.5 5.2 6 84*
59,529.7 5.66.4
1.0
-50.8
0.1 -2
0.8
16 32 60,976.3 6.5 383.8
3 131*
77 17
63 26*
213*Musat & Asociatii - 66,416.8 7.1
White & Case LLP 17 74
14
7.0
Morrison & Foerster
10.0
-3.1Shearman & Sterling LLP 15 11 65,033.0
1
Minter Ellison 13 292* 66,811.8 7.2 7.2 0.0 -1
820*
3.0 7
68Paul, Weiss 12 47 71,143.7 7.6
1242Jones Day 11 9
3
38
12*
72,935.1 7.8 -3.5
Sullivan & Cromwell 10 1 82,187.7 8.8
2
39* 0.5 -7
35
Cravath, Swaine & Moore 9 8 91,583.7 9.8
2.9
-3.5
Kirkland & Ellis 8 18 94,177.8
Davis Polk & Wardwell 0.9
10.1 4.2
7 7 104,983.9 11.2
6
10.8
73 18
0.3
50 33*
6 10 106,139.3 11.4
Baker & McKenzie 5 33
Weil Gotshal & Manges
125,797.5 13.5
Simpson Thacher & Bartlett 4 3
2
Skadden 190,477.8
6
130,231.1
29
-10
-11
Market
0.8
US Target Announced (AE2)
10
Rank Value
Sh (%) Sh (%) Share Ch.
Market Change in
-724*202,623.7
1.65
41*
23
98
-16
-11
87
Value US$m
Skadden
2011Rank
# of Deals per Advisor
Sh (%)
Rank Value per Advisor (US$m)
2012Rank
2011Rank US$m RankLegal Advisor
Latham & Watkins 3
1
2
21.7Wachtell Lipton Rosen & Katz
141,427.7
20.44
6.6
0.9
15.1
Market
81
5.7
Share Ch.
-3.3
-4.7
-1.2
233
12
0.8
8
Paul, Weiss 14
Cleary Gottlieb Steen & Hamilton
Cravath, Swaine & Moore
Jones Day 13
11
50
119,606.8 9.9 4.5 2
-2.394,968.7 7.8
8.9
-61
10.2 442.8261
47
5.4
109,714.6
-82.9 44 0.5
2
8
6.2
100,547.6 4.92310 9.3 -230.6
8 20 0.913
54
7.2 -2.8
16*
192
-11.0
6.4
97
Cleary Gottlieb Steen & Hamilton
Kirkland & Ellis
Gibson Dunn & Crutcher
116,504.6 -15.5
-4.0
0.9
0.4
97
-5
12.2
139,314.6 36 5013.0
9.6
272 130,812.6Cravath, Swaine & Moore
-8
2.5 34
289
0.47
1.3
-814*
14.5 6123
87
1391
334.7
Dewey & LeBoeuf LLP
156,271.8
0.8
131,405.7 7.4
147
127,312.0 10.5
10610.9
-2.4
9-13
3 -16
6
21.4 8.26
8 1.0
3 2.3
50
14.7
1.019.8 2.6
209-2.1 2.1
1.4 Sullivan & Cromwell
232
Weil Gotshal & Manges 5 11
Latham & Watkins 4
3.0
5
12.9
178,340.7
156,568.0
7
1.2
-0.2
4.8
5.5
5.2
2.16.0
73,941.5
87,329.6
Sullivan & Cromwell
29
Shearman & Sterling LLP
9 1
Davis Polk & Wardwell 7
10 9
Kirkland & Ellis
182,352.4 15.1 -6.6 -152 114 -277 1.2
0.7 -233*61161
Skadden
7.2
1 237,565.9
2 243,431.1
3
10.0
22.6
54
2 4 227,441.7 5
253,406.7 20.9 75
18.8 -0.8
Wachtell Lipton Rosen & Katz
5
-28
1.5 -11 Wachtell Lipton Rosen & Katz
Sh (%)Sh (%) Share Ch.
Skadden
Latham & Watkins
Baker & McKenzie
27* 0.7
Simpson Thacher & Bartlett 3 1.2 Simpson Thacher & Bartlett -1.8
25.8277,269.71
20 -8
1 3 -0.1
8
-3
7
90,799.7
4.0
-4.3
80
43 0.5 -16
44
4
Weil Gotshal & Manges
11
10
11
16*
5
1
3
1.0-0.7 88
6
18
12*
13.9
-3.8
-21.2
Baker Botts LLP 21
-3
7.1
-4.8
4.2 -2.6
Change in
Sh (%) Share Ch. Deals Rank Sh (%) # of Deals # of DealsDeals Rank
Market # of Market2012Rank
59,358.6
Legal Advisor
213,372.6
6
41 66,301.6
Shearman & Sterling LLP
14
Vinson & Elkins LLP 14
# of Deals
22.1
Market Market
74,148.2
229,901.2
12 7 8.591,205.0 3.21293
8.2
10,882
14
79,737.4
Market
-2.1
91
# of
Rank Value per Advisor (US$m)
2.8
US$m
94,371.9 7.8
7.3
Freshfields Bruckhaus Deringer 15
Jones Day
Change in
0.2
1.1
46
54
Market
16
10
88,960.7
2011Rank
Rank
Value US$m
Rank Value per Advisor (US$m)
2012Rank
2011Rank
Rank Value
Legal Advisor
# of Deals per Advisor
95,257.1
7.5
-4
127
10
15Freshfields Bruckhaus Deringer
# of Deals per Advisor
-4
87,942.5
7.9
-14
144 1.6
11
85,202.415
20
70
21* 0.8
-7
86
305
Any US Involvement Announced (AE33) Any US Involvement Completed (AG34)
Full Year 2012 | Mergers & Acquisitions | Legal Advisors
1
87
-2.48.4
27* 59 0.6
-6
21.0
3515 78,011.0
26
75
4.8
-7
91
14*
0.7 0.6
16*
12 76,128.3
75-10.32 80,263.73.1
Bracewell & Giuliani
74,418.9 0.8
17
White & Case LLP 16 34
Gibson Dunn & Crutcher 17 0.46.1
6.1 -2437 Davis Polk & Wardwell 16 22*
-11
5.6Morrison & Foerster
7.1 6.1 34 52* 22
19
33*6.9Allen & Overy 18 26 73,123.9 0.773 Linklaters
19 33 67,914.4 2.6
18 0.7
3.6
64,877.9
0.8 43 A&L Goodbody
-16-0.5 61
Minter Ellison 20 113 67,504.7 Baker & McKenzie 20 97
6.2
6.0
0.2 -11
80.9
14 79*
21 - 66,416.8 5.5
5.6
1
0.1
1
83*
343 0.5
-161.1
32A&L Goodbody 22 90 64,789.4
338* 0.0Musat & Asociatii 22
14 1.631 57,819.4 5.4
505.5 0.9
-74.1
5.4
31 0.72.2
83* 0.1 -7 Greenberg Traurig 22 -180.763
Debevoise & Plimpton 23 24 49,158.3 36 54,806.8
McCarthy Tetrault 24 73 47,953.1
39 0.6 3 Allen & Overy
4.0 3.0
5.160
64 54,609.80.2
23
5.1 1.8 74 25 0.8
64
21
36* 0.6
White & Case LLP 24 33
53,009.2 7-17 57Dechert 25 4.9 2.5
Industry Total
3.9 47Clifford Chance 25 36 47,111.1 62 38 0.6
Industry % Change from Same Period Last Year -3.8%
Industry % Change from Last Quarter 35.0%
100.01,211,374.6
0.8
113
2.43
1.4
1,076,135.7
7*
22
11.1%
65
130
2012Rank
# of
Deals
US Target Completed (AG2)
# of Deals per AdvisorRank Value per Advisor (US$m)
https://www.thomsonone.com
0.7 2Alston & Bird
6,951
0.8
1.2 -7
46
0.6
1.0
1
9
Legal Advisor
*tie
19.6%
-633
-6.5%
9.9%
-5.2%
16.5%
Industry % Change from Last Quarter
-430
-5.8%
100.0
16.9%
Market
Industry Total-635 9,175
Americas Rankings
Market
Industry % Change from Same Period Last Year-5.5%
Rank Market
-8.5%
Latham & Watkins 5
6
*tie
https://www.thomsonone.com
65,033.0 15 7.0 -3.1Shearman & Sterling LLP 26* 25 63 0.8 -5
1.8
133
0.1
0.4
2.2 65
8,661.3
72* 0
5
0
-8.9%
Industry % Change from Same Period Last Year
1.1
12.0%
-7
8.9%
Any US Public Involvement Completed(Published in Collaboration with Westlaw Business)
-12.2%
Industry % Change from Last Quarter
Industry % Change from Same Period Last Year
2,147174,835.7
Industry % Change from Last Quarter
0.9
0.2
-2
0.8
-205
-8.7%
7.8%69.3%
Gowling Lafleur Henderson LLP 24 27 1 6.2
-7.4
9
11*
32*86
0.9 -141.2
-1
6 9,676.1
9,158.2127 5.1 -2.6
Borden Ladner Gervais LLP
0.3
13*
-5.1
22 9,262.1
5.08,754.3
Simpson Thacher & Bartlett
-26
34*
23 10 8,911.4
255.3 2.934
5
Sidley Austin LLP
-
30* 5.3 4.9 421
Wachtell Lipton Rosen & Katz 20 21 10,049.0
780 9,272.4
2
11,031.3 156.3 4.9
5.0 2.7 5.8 1.947*
0.8 917
20 0.7
Linklaters 18 68 5.5 Weil Gotshal & Manges 18 40 11,376.1
0.2 Skadden 19 47King & Wood Mallesons 19 54 11,963.0 4.6 7
5 43* 0.2
7
6.8 5.2
6.5 4.7 18*
20* 0.5
163.9
14 -Fried Frank Harris Shriver & Jacobson 17 41 11,821.4
-0.9 4
6.8 5.9 8 432* 0.416 56
Goodmans 15 12,014.8 9 1.36.915 19 17,324.0 6 1.5
1
1 99* 1
44
0.0 1 7Linklaters 14 45 12,085.0 5.46.9 34* 0.3
Paul, Weiss 13 16 12,937.1 11 25 0.52.2
7.8
7.4-3
2Burnet Duckworth & Palmer 12 33 13,705.4 13* 1.25.4
Latham & Watkins 11 31 14,714.9 14 21 70.7
256 41*
-3 5.9
1.5 -20
Cleary Gottlieb Steen & Hamilton 11 72 18,774.1
9.9 0.321,556.9 Davies Ward Phillips & Vineberg LLP 10 8 16,359.3 27 10* 1.3
Paul, Weiss
10.2
8 22* 0.6
25Bennett Jones 9 22 16,993.6 13* 1.2 -6
6Sullivan & Cromwell 8 7 17,898.9 1310.2 0.7
5Fasken Martineau DuMoulin LLP 7 14 18,794.8 47 6 2.2
92
5.3Norton Rose 7 25,714.8 11.85 -1.1 1.3
1.3
14.3
-1Stikeman Elliott 6 6 21,585.4 3 4.3McCarthy Tetrault 6 4 28,530.3 -2.413.1 5 2.1
9Norton Rose 5 5 27,242.8 4115.6 1.9
5 3.3
Torys
15.5 12.3 14*4
-3.4 7
-14McCarthy Tetrault 4 4 27,978.3 16.0 1.6 70
8
Stikeman Elliott 42,741.4 257 7.9 90 3 3.1 Blake Cassels & Graydon 3 2 31,920.9 2 5.6-3.0
-2
-9 12118.3
39275 4 18.3 -0.94 3Torys
84.42 3.518.4 -3.2
Sh (%)
1 32,247.2Osler Hoskin & Harcourt LLP 1 476127 26
Market Change in2012Rank
Blake Cassels & Graydon 1 1 50,552.2 23.2
# of DealsSh (%)Sh (%)Sh (%) # of Deals Legal Advisor RankShare Ch. Deals2011Rank
Any Canadian Involvement Announced (AE34)
DealsLegal Advisor
# of Change in2012Rank
2011Rank Share Ch.
20.3%
Rank Value per Advisor (US$m) # of Deals per AdvisorRank Value per Advisor (US$m)
US$m
Market Market
0.6
22
Industry Total
73*
42*
873,289.510
5.8
20
13,109.4
4.1
# of Deals per Advisor
14*
30*
Rank
0.3
0.8
9 10.8
0
7
12.4
11,963.0
-8 9.7
9.4
3
25
51,754.9
Deals
65
4.5
4,185
-11
38
0.5
35* 0.8
5.0 4.2 4 0.250* -1
4.2
24 27 51,474.3 -11
-1251,540.3 22
57
5.9
100.0
McCarthy Tetrault 25 69 45,814.0 5.3
-128 1.6
48*
26*
5
26*
Greenberg Traurig
Dechert 23
Davis Polk & Wardwell 19
0.9
5.9
33
44
20
16
A&L Goodbody
18*
Industry % Change from Same Period Last Year 38.7%
8.0
202,657.3
4
Ashurst 23
Goodmans 24
US$m
228,537.1
217,671.5
10.4%
47 65,151.6
20 61,272.3 7.0
7.4
7.5
15
31*
10 73* -4
2 64,716.7
35
45
2.3
Market
Any Canadian Involvement Completed (AG35)
# of
0.2
1
# of Deals per Advisor
-5
36*
Sh (%)
2.6
23
0.3
8,882.3
Rank Value
Rank Value per Advisor (US$m)
4.2 4.1
-4
0
-14
4
7
0.1
9
-
32,039.3
7 72,935.1
0.7
Rank Market Market
Value US$m
28
8.4
Market
3.0
3
Industry Total
9
-438
King & Wood Mallesons
Paul Hastings 25
0.7 7
0.5
2
0.8
0.9
-33
0.2
2012Rank
6.8
Linklaters 17 13
4
Freshfields Bruckhaus Deringer
3
6
66,981.1
1
5 6
Sh (%)
Market
11.2
5
23.2
Rank Value
8,179.3 -0.3
27Burnet Duckworth & Palmer
Sullivan & Cromwell
-0.1
255,919.6
26.2
3.1
14
Latham & Watkins
69,853.4
Simpson Thacher & Bartlett
Dewey & LeBoeuf LLP
Jones Day 1 1 242
US Target Announced (AE2) - Based on Number of Deals
Sh (%)
6.721 58,059.1
Alston & Bird
-12.8
18
Baker & McKenzie
Baker Botts LLP 21
22
-10
1.4
4.7
-0.6
1.1
-26
38
-13
5
-45
64 1.5
3.0
1.3
30
3.8
3.1
70
-23
-9
6
42*
2.3
Change in
2
Market
0.3
30*
26
8
61.411*57
Rank # of Deals
355
Fasken Martineau DuMoulin LLP
Industry % Change from Last Quarter
Skadden
Fried Frank Harris Shriver & Jacobson
25
13
21Sidley Austin LLP
Davies Ward Phillips & Vineberg LLP
10,690.7
Industry Total
21
2011Rank
Skadden
Sullivan & Cromwell
Legal Advisor
10 8
Bennett Jones
Latham & Watkins 17 23
1
25
Morrison & Foerster 13 55
14
Osler Hoskin & Harcourt LLP 2 2
9 22,288.3
33,627.7
31,099.7
48,355.5
3
22.2 0.6
9
15,326.3
10,951.036
29
76
14,829.8
3
7.0
3.1
5.5
8.3 7.4
-
202,573.9
23
38
-3
79*
1.2
7
5
0.2
24,247.9
8.1
11.1
19.6
8.1
20
18,025.6
1310 118,566.8
12 128,691.5
8.1
Cleary Gottlieb Steen & Hamilton 9 26
14.7 5.4
4.9
61
10
22*
6.8 -
17.6%
98
6.0
8.4 4.9
2
8.0
20
# of
9
3.4
4.9 4.5 9
0.1
79*
11
Gibson Dunn & Crutcher 10 9 93,298.9
Cravath, Swaine & Moore
12 18,190.7
74
Weil Gotshal & Manges
6.0
93,706.6
10.7
2.5
6.1
-0.8
9.9
13.6
15.7
39
100.0
29.3
8.3
Market
30
11
-8
0.9
9
21*
7
10.7
14*
1.0
1.8
136,644.6
23.2
198,340.6
3 1.7
0.7
22.7
-2.3
42
56
9.6
25
5
4.7
1.2
3.2
Vinson & Elkins LLP 12 24 83,754.3
17*48-3.1
Kirkland & Ellis
-31
Shearman & Sterling LLP 13 7 81,743.4
14 8 78,867.9
15 7.4
9.0 -3.2 132
-12
10 1.4
19
0.6
60
86
27*
1
2
1.3
2.1
64
9.4
Bracewell & Giuliani 0.6
Jones Day
29 86,127.2
8
16
75,319.8 8.6
100.0
45
7.7
5.9
26
19
Wachtell Lipton Rosen & Katz 2
Richard A Shaw Professional Corp 17,665.6
Davis Polk & Wardwell
Share Ch.
2,905
3.8
10
0.3
7.7
8.7
-13.1%
130
-26
Full Year 2012 | Mergers & Acquisitions | Legal Advisors
Americas Rankings
8.6
13
17Weil Gotshal & Manges
Kirkland & Ellis
# of Deals per Advisor
Legal Advisor Deals Sh (%) US$m Rank
61
Market
-3.57.8
2 2 233 2.9 35 894,177.8
11
-3.32.4 22 141,427.7
10.1 4.2
DLA Piper 4 5 152
3 15.1Latham & Watkins 3 3 192
- - - -1.9 23 31,089.8
-1.21.6 -3 190,477.8
Weil Gotshal & Manges 6 26* 113
2 20.4Skadden 5 4 130
6 11.4 0.31.4 46 106,139.3
- -1.2 -27 11,396.6
Simpson Thacher & Bartlett 7* 8 97
- -Wilson Sonsini Goodrich & Rosati 7* 6 97
4 13.9 -11.01.2 -7 130,231.1
-4.81.1 -13 42,572.1
Vinson & Elkins LLP 9* 16 85
21 4.6Gibson Dunn & Crutcher 9* 10 85
20 4.7 -3.41.1 8 44,052.1
- -1.0 -34 2,981.7
Morgan Lewis & Bockius 12* 11 81
- -Dorsey & Whitney LLP 11 7 83
36 2.4 -3.41.0 -12 22,089.7
-21.21.0 3 82,187.7
Bryan Cave LLP 14 9 80
10 8.8Sullivan & Cromwell 12* 15 81
- - - -1.0 -19 6,735.9
- -1.0 -7 6,763.7
Paul Hastings 15* 14 79
- -K&L Gates 15* 13 79
- - -1.0 -5 13,343.1 -
3.81.0 38 60,976.3
Davis Polk & Wardwell 18 20* 73
16 6.5Morrison & Foerster 17 48 77
-3.80.9 1 104,983.9 7 11.2
- -0.9 -1 5,131.8
Paul, Weiss 20* 30 68
- -Fenwick & West LLP 19 23* 69
5.70.8 8 71,143.7 12 7.6
5.60.8 47 59,529.7 17 6.4White & Case LLP 20* 58 68
0.8 -7 21,373.5Hogan Lovells 22 18 67
-0.8 -1 10,572.3 - -
0.8 -5 21,564.9 0.12.324* 23* 65
0.8
Sidley Austin LLP
Ropes & Gray 23 26* 66
Wachtell Lipton Rosen & Katz
38 2.3 -0.7
-5.2%
-7.0
8,114.0
37
24* 20* 1 21.7 -565 202624
Rank Value per Advisor (US$m)
2012Rank
2011Rank # of Deals Share Ch
Change in Rank Value# of Market
Industry % Change from Same Period Last Year -4.6%
Industry Total
Industry % Change from Last Quarter 16.5% 26.2%
935,064-441
Cooley LLP 26* 31 63 0.8 5 16,628.7 - - - -
-
7
EMEA Financial Sponsor Investments
EMEA Involvement Announced Advisors by Target Industry Jan 1 - Dec 31 2012
1,947
33
55
Davis Polk & Wardwell
36,829.0
45,803.1 Materials / Metals & MiningAcquiror / Target Nation Target Macro / Mid Industry
20,140.8
14
Freshfields Bruckhaus Deringer
Date Effective Target (% Sought/Acquired) Acquiror
Top Ten EMEA Involvement Announced Deals
Full Year 2012 | Mergers & Acquisitions | Legal Advisors
EMEA M&A
EMEA Announced M&A rises at 13% | Energy & Power Most Active Sector | Linklaters in First Place
358,997.0
Rank Date
Energy and Power
60,935.2 30.8
Financials
Rank Value (US$m)
Skadden
Freshfields Bruckhaus Deringer
Linklaters 82,926.4
Freshfields Bruckhaus Deringer
Linklaters
21,693.8
Industrials 131,806.8
Cleary Gottlieb Steen & Hamilton
9
6
Mkt.
196,942.1
Rank Val US$m
198,000.9
1 41.9
No. Deals
4,932.4 2 3.8
29.8
Share
1,010
Jones Day 4,436.4 3
White & Case LLP
117,921.2
13,450.1 1
21,361.5 Retail / Other RetailingUnited States / Switzerland
Russian Fed / Russian Fed
EMEA Deals Intelligence
Russian Fed / Russian Fed Energy and Power / Oil & Gas
25,686.0
Alliance Boots GmbH (55%)6/29/2012 Pending
3/29/20125/21/2012
26,469.2
International Power PLC (40.93%)6/29/2012Bankia SA (%)
11/30/2012
12/26/2012
12,240.3
https://www.thomsonone.com
TNK-BP Ltd (50%)
FROB
NK Rosneft'Bankia SA-Bad RE Assets (100%)
Cooper Industries PLC (100%)
Pending
Electrabel SA
Pending6/27/2012
Pending
10/22/2012
6/19/2012 Intended5/25/2012
Pending10/22/201212/21/2012
Consumer Staples / Food and BeverageFinancials / Banks
20,093.4
Energy and Power / Power12,855.9
Belgium / Mexico17,805.3
Anheuser-Busch InbevWalgreen Co
Industrials / Other IndustrialsEaton Corp
2/7/2012 Pending
TNK-BP Ltd (50%)
Grupo Modelo SAB de CV (49.7%)Spain / Spain
Xstrata PLC (65.9%) Glencore International PLC Switzerland / Switzerland
Banco Financiero y de Ahorros (100%) FROBReal Estate / Residential
Belgium / United KingdomUnited States / Ireland-Rep
Financials / BanksSpain / Spain
27.9
11.0
Rank
32
1,475
Primary Stock Exchange Listing of Most Acquisitive EMEA Companies - Top 10 (US$ bil)
1
Shearman & Sterling LLP 21,101.6 2
2
3
Garrigues
2
Energy and Power / Oil & Gas
12
25,217.5 12.8
2,875
28,000.0
Real Estate 130,868.5
43
SAREBSpain / Spain
9
23,785.7
27,414.7 1 13.9
16.0
NK Rosneft'
10.3 21
615.33
20
1,464
15
1
10
Announced M&A activity with EMEA involvement totalled US$1.145 trillion in 2012, rising 13% from the full year2011 totals. Fourth quarter 2012 deal value was more than double the totals recorded in the third quarter.
Energy and Power finished 2012 as the most active sector, with 1,475 deals grossing a combined US$198 billion,just edging out Financials which accrued US$196.9 billion. Industrials finished third, with US$131.8 billion worth ofactivity.
EMEA Targeted buyside financial sponsor activity reached only US$87.3 billion, falling short of the US$99.1 billionreported last year. However, fourth quarter totals in 2012 reached US$32.7 billion, accounting for the most activityin a single quarter since the second quarter of 2011. Although 2012 totals lagged behind those seen in 2011, themarket largely held onto annual volume levels regained after the 2009 trough.
Acquirors on the London exchange were EMEA's most acquisitve companies in 2012, with 479 deals accountingfor a combined total of US$99.1 billion in offers. The US$46 billion Xstrata / Glencore transaction from the firstquarter accounted for a significant portion of this M&A activity.
182 45.6
Freshfields Bruckhaus Deringer 54,360.0 46.1
3.4
Materials
Linklaters 47,848.9 3 40.6
Clifford Chance 53,813.2
11.9%
7.3%
16.0%16.7%
19.2%
15.4%
9.3%
6.9%
12.4%
13.0%
10.3%
0%
5%
10%
15%
20%
25%
$0
$50
$100
$150
$200
$250
$300
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of YTD EMEA M&A
$0.0
$0.0
$0.0
$99.1
$67.5
$31.0
$25.9
$21.2
$12.1 $9.1
London
Russian Trading System
Euronext Brussels
Frankfurt
New York
Zurich
Euronext Paris
8
*tie
-10
7,510.0
Share Ch.
1.3
32
9
7
Rank
Market
1.8
4.0
25
-13.8%
# of Deals
3,206
41*9
Deals
1.9
Sh ($)
0.5
4.5
1.8
-8.0%
8.6
Kirkland & Ellis
21,563.4
62
83*
3
0.7-6.8
0.4
12
18
54
Market
6
18
# of
0.4
83
Wachtell Lipton Rosen & Katz
Sullivan & Cromwell
-4.8
Change in
17
6
17,413.0
9,664.0
33
6.1
7 9
Rank Value per Advisor (US$m)
100.0
1.8
45,194.4 6.0
-6.5%
-351.71
64
3*
0.1
19
82*
162
33
-86
-24
1.2
15 0.5
1.3
-27
1.3
-50
3
-53
-9
-71
0.2
9
46*
89
Market
162
3*
6.4 0.3
54*
-6
9
6*
22*
0.7
0.2
McCarthy Tetrault
16
6
27 91,391.7
34
4
24 80,630.2
90*8.3
67*
-1175.9
15Wachtell Lipton Rosen & Katz
Blake Cassels & Graydon
38,907.3
78,080.4
Industry % Change from Last Quarter
Ashurst
Gibson Dunn & Crutcher
Any UK Involvment Announced (AE40)
Rank Value per Advisor (US$m)
100.0
Linklaters
14
13
Baker & McKenzie
Jones Day
Industry % Change from Same Period Last Year
24 -0.6
Industry % Change from Last Quarter
46
Industry Total
5
3.8
-15.8
-0.1
11Simpson Thacher & Bartlett
Bennett Jones
163Mattos Filho Veiga Filho Marrey Jr
142
55,327.8
41,486.9
25
39,498.414
Cleary Gottlieb Steen & Hamilton
Industry Total
Fried Frank Harris Shriver & Jacobson 25
14 66,759.9
Rank Value
1
4
5
Jones Day
22
4
Mattos Filho Veiga Filho Marrey Jr
7 16
22
8,547.9
Shearman & Sterling LLP 13
3
Freshfields Bruckhaus Deringer
10,095.0
59,514.1 5.5
3.6
2.5
2.5 -1.2
2.36.8
90,310.9
Allen & Overy
0.9
-0.7
65,537.6
2.9
5.1
42,805.1
6.0
55,601.9
48,182.4
Skadden
King & Wood Mallesons
8
Kirkland & Ellis
98,582.1
Sullivan & Cromwell
6
Cleary Gottlieb Steen & Hamilton
0.1
3.3
6.5
Weil Gotshal & Manges
5.3
0.0
Latham & Watkins 7
95
44
4.1
7.2
73,740.8
71,198.2
149
White & Case LLP 9*
24*
34*
75*
28
60*
6
48
870* 0.2
49
37
28*
48*
-2
1
-15
-2
159*
0.3
0.3
30
Slaughter & May
Clifford Chance
-6
-35
4
5Latham & Watkins
Hogan Lovells
4
13
24,421.6
8
Skadden
26
58*
10
7*
8
Latham & Watkins 47,341.0
10White & Case LLP
13
18
-6.13 69,527.3 9.2
131.8%
66,769.1
46
12
16
26
4.7
5.0
3.9
4.4
54
17
20
23
21
2 2
9
12
31
201,667.1
Slaughter & May
132,298.7
9
5
169,547.9
4
Cravath, Swaine & Moore
3 5
8
3
10
11
67
Industry % Change from Same Period Last Year
23
Legal Advisor2012Rank
2011Rank
30
10
28
108,663.7
9
-15.5%
Market
5.1
15,638
3
95 9*
205 1.3
2.7
2.5
150
51
-4.1
7.4
10.0
9.0
8.4
205.06.1
53
5.7
6.2
67
7.1
-4.1
5.5
157,305.7
18.5 1.7
24
0.5
12.1
15.5
78
1.32
192
13
228,782.4 21.0 4.2
0.1
22
-60
1.24*
0.3 -26
-43
0.5
0.6
1.0
2
1.0 -61
16*
-5
-4
16 -2
-6
0.6
-9
0.3
-27
0.4
0.3
0.2
Industry % Change from Last Quarter
-28.7%
3.4Blake Cassels & Graydon
13,411.2 5.4
10,279.9
Herbert Smith Freehills LLP
Ashurst
7.919,822.3
4.110,108.6
5.8
4.1
15,530.6
5.4
11,126.7
13,392.9
16
4
21
3.2
Skadden
Slaughter & May
Clifford Chance
69
19
Sullivan & Cromwell
-
0.1
14
9
12
Davis Polk & Wardwell
15
64,326.8
48,713.2
4-1
6
-25
-56
3.7
46,355.7
1.6
6.3
6.448,610.6
18
19
-10
Change in
# of Deals per Advisor
Garrigues
Davis Polk & Wardwell
0.1
28*
26
48
Any European Involvment Completed (AG40) Jan 1 - Dec 31
8.5
Linklaters 1
Share Ch.
Market # of
Full Year 2012 | Mergers & Acquisitions | Legal Advisors
EMEA Rankings
Legal Advisor Share Ch.2012Rank
Any European Involvement Announced (AE39)
Rank
Jan 1 - Dec 31
Market
# of Deals per Advisor
Rank
-20
Freshfields Bruckhaus Deringer
Market
210
5157
Rank
216
5 2.1
Sh ($)
Freshfields Bruckhaus Deringer 2 -4.6
-7.7
14.5
1.0
13.6
9.7
103,090.6
73,227.7
Sh ($) # of DealsDeals2012Rank
Market2011Rank Value US$mLegal Advisor
1
# of Deals
109,835.2253
Rank Value per Advisor (US$m)
Deals2011Rank
MarketMarket Change in
US$m Sh ($)Sh ($)
Rank Value # of
1.61
8
Clifford Chance
14.42 109,297.3
Rank Value per Advisor (US$m)
7
Wachtell Lipton Rosen & Katz
3
Linklaters
6
1
14.4
1
45
7
23
Cleary Gottlieb Steen & Hamilton
Allen & Overy 5
20
34
9
Shearman & Sterling LLP
17 22
11Jones Day
15Weil Gotshal & Manges
King & Wood Mallesons
14
150 6 1.2
0.229 56*
47
43,834.0
5.9
39,148.1
0.5
46
5.8 2.7
44,355.3
-18
-22
-200.4
-5
5.1 -2.7 -14
5.2 2.9 -17
38,458.4 0.417*55
1466 0.5
5.0 -0.3 41 -931* 0.3
4.8 0.2 25 64* 0.2 -7
0.2 -14 35,910.363
37,459.61616
36,335.8
51,565.8
Kirkland & Ellis
5
0.8 16
54,013.3
-19
18 4.7 3.3 47 0.422* -4
-1360*
32,847.1
0.0 28A&L Goodbody
304.3
0.94.7 34,255.4
-3.1
29
23
220* 19
20Simpson Thacher & Bartlett
4.3 -2.1 -70136 8
4.5
10
21
22
Baker & McKenzie 12
42-11
10.2
0.3
32,309.7 1.1
32,287.1Hengeler Mueller 4.3 1.7 45 26* 0.4 -8
31,196.31964* 0.2 -10 23Blake Cassels & Graydon 4.1 -0.7 48
-
1121 0.4
24
McCarthy Tetrault
0.0
3.6
85
110
24
3.126,866.6
30,286.3 10*
71*
-2,498
-210.7
0.2
-16.4%
4.0
12,730Industry Total
-325 233.6
12.6%
22.4%
-28.6%
1,091,698.9
98.1%
-2,878
Industry % Change from Last Quarter
Industry % Change from Same Period Last Year
757,189.4
Any UK Involvment Completed (AG41)Jan 1 - Dec 31
# of Deals per Advisor # of Deals per Advisor
1.4%
Jan 1 - Dec 31
-5.4%
# of
Share Ch.Sh ($) Rank
Market Rank2012RankLegal Advisor
Change in
Sh ($) Value US$m# of Deals2011Rank
Market
1 115,698.7 33.6
US$m Sh ($)
12.0 109
Deals
47,940.92
15.8 44,464.1
Freshfields Bruckhaus Deringer15 1
2
2.9 19.2 -4.9 60 4 -24
7217.8 3.623.4 0.722* 726 6Skadden 2 12 80,602.8
-1012.0 17.3 -14.1 90 2.82 -3
3 -17
2.3 7
1
27,602.2
3
-7.7
43,153.2
0.1 4
2.13 4
0.337*
5
17.2
19.4 Linklaters 3
Allen & Overy
11
10.0
11.1
270* 57,077.3
59,304.3
Weil Gotshal & Manges 23 24,887.1
82
0.816.6
-1.2
4.5 21*
1.8557
55,461.4
0.2
31 -3
5
50*
16.6 83*
Cravath, Swaine & Moore 6 76 55,514.9
Weil Gotshal & Manges
16.1 15.2 8 -20
1816.1 10.1 0.8
9.8 -4.7 41
-822,796.0 9.1 -2.1 0.413 29*
Clifford Chance 8 11 41,849.7 12.2 4.3 4
11 37*
78
-8
2.0
0.3
6
10.4 0.2Shearman & Sterling LLP 9 10 35,860.8
White & Case LLP 10 18 34,928.0
-317 26*
0.9 -1717*
10.2 194.5 26
76 5
10
2.0
0.5 -4
11Allen & Overy 11 2 28,638.6 Hogan Lovells 178.3 4-10.8
5.4 -225 21*
-7.5
0.8
30
30King & Wood Mallesons
7.0
6.2 -0.8 31
52
15*
-1
1.0
0.341*
-8
-6.3 0.428*
-6.8 6*46
16
1.2 McCarthy Tetrault 66 5.5
-2
-11
12 14,381.6
13,846.4
7.2Sullivan & Cromwell 12
Slaughter & May 13 7 22,650.4
6 24,905.8
6.6 7 54*
24
-60.2
1457-8
-272.7
0.9
1.038 19,023.4
5
0.624
4.3
5.5 3.1 24
Latham & Watkins 15 17,961.1
Kirkland & Ellis 14
2.4
DLA Piper 16 15 14,667.0
5.2 -17
103
34
-11
0.315
19
Wachtell Lipton Rosen & Katz
-4.6 10
4.5
39*
-9.2
39 9
14*
-50.4
4
-1.4
0.3
34*12
1.3
17
0.27
3.9
18
1.0
22 13,174.3 58*
40 13,289.2 2.0 12
-12.8
Jones Day
Shearman & Sterling LLP
32
-0.8
-4.2
10,425.3 -2.8
10,741.2 1.5
Hogan Lovells 19 13 11,789.0
DLA Piper -1.92013
3.9
0.3
3819 1.5
-25963.920
-141.56
8,444.50.8
0.8
18
13 29* 0
-1040 8*
47
27
7
37 1.0 -23 -1.4 0.6 -2
1
8,328.3
1 3.0
2.5
22
0.2 56
-0.4
-531.8 40 8* 1.3
1.9
25
23 9,302.9 2.7 -1.7
-9
8,104.1
0.224 -1.2 5
3.0 60.0 -
3.0
-278
0
24 -0
-
77*
Fried Frank Harris Shriver & Jacobson 0.262*
Cleary Gottlieb Steen & Hamilton-2.5
-2Blake Cassels & Graydon 20 47 3.1
16*3.0 32
33*
Baker & McKenzie 21 17
King & Wood Mallesons
Herbert Smith Freehills LLP
3.8
3.4
35
7,571.3
Eversheds 23
White & Case LLP
Arnold & Porter
25
-12
-221
-181.2
0.1
8,650.4
3.4% -5.5%
2.3%
343,907.5 100.0 100.0249,770.6Industry Total3,830
9,719.5
Industry % Change from Same Period Last Year
3.3
https://www.thomsonone.com
9
*tie
224* 0.1 1Stevens & Bolton 25* - 1,917.5 2.1 2.1
46
# of Deals per Advisor
16
0.1
-100.2
0.5
-2
-239
2
3
152*
1,911
6 -4
Industry % Change from Same Period Last Year
9
1.63.0
2,523.6 111*
1
17*
1
717.0 16
4
0.8- 1,301.5
1,943.7
-1.0
1,301.5
8
2
Market
Sh ($)
3,162.420
736.3
0.5
6,898.2 -19.5
0.1
2.1
25
2,140
2.3
14*
100.0
-15.62.4
3
Deloitte
1,301.5
23
44
0.524 717.031
0.5
0.8
1
708.8
100.0
Industry % Change from Last Quarter
82*
16
Slaughter & May
Uria Menendez
4
20*
Freshfields Bruckhaus Deringer 3
Cuatrecasas Goncalves Pereira
12
69.1%
-2.5%
1,016
14
Industry Total
Bird & Bird154,048.0
1.4
1
-22.1%
55
Change in
1170.0%
4
7
Industry % Change from Same Period Last Year
2
Sullivan & Cromwell 7
1Garrigues
Legal Advisor
Jones Day
Linklaters
Industry Total
8
5
11
10
Hogan Lovells
Lefosse Advogados
9
Covington & Burling
13
14*
DLA Piper
Souza, Cescon, Barrieu & Flesch Advogados
Debevoise & Plimpton
Haynes & Boone
Weil Gotshal & Manges
Kirkland & Ellis
20*
Industry % Change from Same Period Last Year
-
24*
82*Herbert Smith Freehills LLP
17
18*
McGrigors LLP
20*
18*
-
2
Allen & Overy
Clifford Chance
6
7
Baker & McKenzie
17*
13
Mattos Filho Veiga Filho Marrey Jr
3,475.510
4.5
-22.5
19.2
4.9
2.95
2.7
-0.1
1.8
-4.7
2.1
4
2011Rank
Rank Value per Advisor (US$m)
Share Ch.
6.8
2.1
5.6
Market
Linklaters
8* -7
3,234.4
1,959.6
Rank
147*
2,614.0
16*
7,853.0
74
0.5
3,733.4
0.4
0.8
4
29,548.5
1,974.0
Industry % Change from Last Quarter
3
93,097.2
2,102.2
1.7
0.3
17
0.4
-2
0.138* -1
18*
-289 Industry Total
Debevoise & Plimpton
1,346.0-
-
43
-161.7
111*3.5
5
3
33
Rank
Value US$m
Any French Involvment Completed (AG42)
34
1,486.3 -0.1
4
3.765
Legal Advisor
3.7 9
- 1,676.5
8
7
6
39
6,942.2
13 8
9 1,858.9
7,853.6
656.6
177.3%Industry % Change from Last Quarter
https://www.thomsonone.com
-5
1.9-0.4
-17.7%
0.9
-10.7%
Industry Total
68
417*
Deloitte
1,432.9
1
-0
15*
0.2
0.138*
0.5
2
21
1
-27.8%
1,403.0
0.9
1,225.0
24
1.0736.3
1,301.5
6
Kirkland & Ellis 1.8
21*
1.7
37*
-
Slaughter & May
3 0.6
-185
0
858
61
100.076,875.0
1
423 21*
25 0.5
6
Ashurst
1.0
1.61.6-
0.5 23Herbert Smith Freehills LLP
38* 10.1
38* Posse, Herrera & Ruiz1 -00.1
0.2
1
2
0.138*
27*1.61,225.0
1,301.5
21*
1.7
Dechert
18*McGrigors LLP
1.6-
-
-1.40.8
1818* -20.138*1,346.0 11 -3.01.738*0.90.9
1
1.70.1
0.1
18* -0.21,301.5 -10.1-2
1.8
11,346.0 38*-3.4 1
1,425.2
0.9
38* 10.138*1
38*
1.0 1.82616*
0.9
19 1.9
10.10.9 1
1,346.0 -20.138*5
-32.55
115
1.0
-1.9Souza, Cescon, Barrieu & Flesch Advogados1,533.0
1,600.0 1.0 1
-4
1.8
-2.5
- 0.1 1
-
1.0
0.138*
1,600.0
1
Sullivan & Cromwell 28
-8.0
-11.9
1
15DLA Piper
1.1 1.91.1
1,413.3
0.1 Allen & Overy
1.81.0 -10.138*14
-30.913*
-1.6
-01.11222 1,858.9 -1.31.2
38*1,676.5
1
1
38*
Jones Day5 15* 3512-1 1.9
26 -0.7 24* 2.2-1
0.5
1,943.7 1.3 11
10
10.138*2.2 1
-8.5 13*
Lefosse Advogados0.22
0.8 1,727.7Perez Llorca 70.913*2.386* 2.3 8
2,005.8
1.3 81,951.3
11-24.41.3
-4.6
0.22.4
0.82.5
11 -20
Mattos Filho Veiga Filho Marrey Jr
Hogan Lovells1.1
-5
-10.227*2
-4
15 -71.67*142.6 -2.8
2,029.1 1.3
3,013.3 2 Baker & McKenzie
14
0.32.0 3
-0.423 2.03,086.3
-1.2
-16.54.7 32.843,622.0
146,831.8 8.9
6.85,236.2
24
2.1 24
4-1
4.62 -12
Freshfields Bruckhaus Deringer
39-0.15 12
7*
-5.6 -233.6337
21 -17.9
Cuatrecasas Goncalves Pereira
33
-14
-4
11.2Clifford Chance
-111.6
1.410*8,592.5-9 -10.433 12
1Garrigues
15.7
46.035,353.0
1 -20.6
-147.21
-103.93
29.2 62-25
Uria Menendez 2 12,089.1
5
2
2012Rank
Market
US$m Sh ($)
MarketRank Value # of
Deals
7,614.9
Share Ch.Sh ($)
Market
# of Deals
Rank
Value US$m2011Rank
2012Rank
Any Spanish Involvment Announced (AE42)
-46.4%
59.5%
# of Deals per Advisor
-12.8%
Jan 1 - Dec 31
# of Deals per Advisor Rank Value per Advisor (US$m)
-0.2%
-8.3%
Jan 1 - Dec 31
-11.1%
Change in# of
Any Spanish Involvment Completed (AG43)
Market
# of Deals
88,544.9
Market
1
15
Sh ($) RankDeals
21*
5.4
39 2
0.9129
55
3.8
1.5
100.0
9.9%Industry % Change from Last Quarter
-60.8%Industry % Change from Same Period Last Year
1
-0.82.932
-314
-10.1Simmons & Simmons 22.11,917.525* 151 2.1 25
0.725*
230.1147*
De Brauw Blackstone Westbroek 24
Bonelli Erede e Pappalardo
24Dechert 151.82.1105 1,938.3 -3
Osler Hoskin & Harcourt LLP 38 1,985.4
Zaki Hashem & Partners
22
23 -
114*
Davis Polk & Wardwell 3,141.021-1
2 Tozzini Freire Teixeira e Silva
-2
48
Gide Loyrette Nouel -4.7
2.8
3,113.818
3,095.6
22 3.5
1.9
Ashurst
-4
2.7 46* 0.4
0.5
3
3.6 8
35*0.2
37Vinson & Elkins LLP 19
Hengeler Mueller 131*
3,065.0
2,512.8
74
91*
20 5
3.6421
2.6 0.3
Simpson Thacher & Bartlett 57* 2.3 1.1
10.535*0.80.1
51*7
Blake Cassels & Graydon3.3 0114*2.5 -
20*2.8 1718
19
Hogan Lovells48 19 3,265.018 -20.93.43,134.8 18*Hogan Lovells
-20.631*11-0.75117 91*42.23.63,321.9 -10.2 4.13,663.02817Shearman & Sterling LLP
16 4.33,791.410.1 19164.4 Sullivan & Cromwell
Wachtell Lipton Rosen & Katz
-60.362*6PLMJ Internacional SGPS SA -3.1-
15 4.8147*46 2 4,238.34.54,166.0 2.6 415 12 -6.1
4,075.7 4.4 224*1
0.1 Simpson Thacher & Bartlett
Latham & Watkins -7.94.94,329.8-91.2 8144.614 -71.49Allen & Overy8
De Brauw Blackstone Westbroek
192.6Willkie Farr & Gallagher
-4
274,319.2 13*25
2913
12
6.96,086.7
1.527 7.06,165.612
0
1.8 -193
13 42*81.6
-2.4
0.4
0.8 -24 Gianni Origoni Grippo Cappelli & Partners
Sullivan & Cromwell
11 6.66,179.3 20
Jones Day
18
385,405.5
22
-130.535*9
5,219.8
5.8
-
9
-13.42 4.77.835
Darrois Villey Maillot Brochier
11
6,361.4 210Freshfields Bruckhaus Deringer-1132 -18.78.17,210.0
Freshfields Bruckhaus Deringer
-171.116*206410
4 Paul, Weiss
1.5
8.27,280.6 7.8
Allen & Overy -10.3
6,520.1
268
89*91.77.0
-81.410*26
1.1 -25
3.1
9
-14.88.9
-8.8
Bredin Prat
Baker & McKenzie 8.9
3
Bredin Prat
-1936-5.4
16
7
-33
Gide Loyrette Nouel
0.823*8 7.77,182.8
67 -4.18.98,276.5 723*16
11.714.512,863.9386
Cleary Gottlieb Steen & Hamilton
6Darrois Villey Maillot Brochier
5
8,423.8
-120.8
9.1 3.014 Jones Day-90.630*12
9,876.2 14.713,035.4205 7.5King & Wood Mallesons10.6
3.3
-41.4135 7*304.5
14,267.4
16.814,869.9
Baker & McKenzie
31.116*207Weil Gotshal & Manges1 -2 40.1King & Wood Mallesons
8
12,856.0 224*
16*22
11.9
3
44
1.63
4 13.8
19.5
34
18,168.8
15.3 13.0
19,071.1
19.116,947.317Cleary Gottlieb Steen & Hamilton
Clifford Chance
1.0
0.82
Weil Gotshal & Manges
-19.321.5
2011Rank
2012Rank
3 10.0
1-21
2.3 26,352.51 4-12 Clifford Chance
2Linklaters
Share Ch.
# of
Deals Rank
535
49-7.0 1
Sh ($) Legal Advisor
Change inMarket
# of Deals
Market
8.3
# of
35
Market
Sh ($)
1.829.8
RankDeals
-10
Share Ch.
4
2.41
Jan 1 - Dec 31Any French Involvement Announced (AE41)
# of Deals
-14Linklaters 1
Change in
Sh ($)
0.2
3
-2
23
-4
1.0
111*
15
0.9
-20.290*
-11
-72.22
-1
0.290*
21
18*
9
-6
3
-3
0.2111*
0.8
1
Sh ($)
# of Deals per Advisor
Jan 1 - Dec 31
EMEA Rankings
Rank Value2011Rank
Rank Value per Advisor (US$m)
Full Year 2012 | Mergers & Acquisitions | Legal Advisors
2012Rank US$m
Market
Legal Advisor
Market
19.818,443.3
3
42
Rank Value per Advisor (US$m)
10
*tie
-13
6
Market
-28.4%-43.7%
-41.7%
-189 46,842.2
613.0 2
1.5
1.3
2
31*
1.4
2.1
0.8
-12.0
1
23
4
# of DealsSh ($)RankShare Ch.
51-6.3
Full Year 2012 | Mergers & Acquisitions | Legal Advisors
33.0
Hengeler Mueller
Any German Involvement Announced (AE43)
Allen & Overy
# of Deals per Advisor
-21.4%
9
Rank
Rank Value per Advisor (US$m)
Change in
20,997.9
4.9
3
1
28
30
5
3.7
4
1
7
3
Rank
2.7
# of Deals Deals
2
Value US$mShare Ch.US$m
Market
Rank Value per Advisor (US$m)
Legal Advisor Sh ($)
Market
1.6
EMEA Rankings
-65
Any Italian Involvment Completed (AG45)
43
22,193.4
44,039.0
White & Case LLP
Rank Value2011Rank Legal Advisor
0.8
# of
55
Deals
1
3.1
Freshfields Bruckhaus Deringer
6Clifford Chance
2
8.3 77
34.3
Shearman & Sterling LLP
20*
36.4
32,128.5
-11.6
-8
-12
-42.6365Hengeler Mueller 36,118.51
2012Rank
1
2012Rank
38.0
31.2
2
Sh ($) Sh ($)
-383.1
Market Change in
19.2
19
Freshfields Bruckhaus Deringer
# of
-15
Market
34,059.3
1.4
11,602.9
3 Clifford Chance-3
4 2.4
4
49
4.0
4 -7.4
-7.1
34 9
Linklaters 16.33
14.116,340.45
18,861.8 -21.012.4
22.4 2.54
8.4
41
7.112.311,516.35 21.313
-101.612.26 46Allen & Overy11.8 11,428.1Hogan Lovells 31.31213,621.736 269.5
16
74
52.253640
9 11.4
19 7
9.3 8CMS
11.610,809.6Jones Day
CMS -173.62238 10,773.6 4.9
White & Case LLP -50.927 7.613,502.37 11.7
-73.91
9 10.330*Sullivan & Cromwell 7 710,397.8 -4.09.0 -142.163
8,198.515 1
10,448.6 35
Jones Day 31.86*376.710 7,818.017 10Davis Polk & Wardwell 30.5 0.21.5
4 10.239*11 7,532.7 2.80.251*- 6.5 6.57,554.7
22 7,532.7 1.16.512
Gibson Dunn & Crutcher 11
12 7,421.3 34*7.5 5Cravath, Swaine & Moore 30.251*
6.47.1
20.3
46 Slaughter & May
7.1
-10.239*13
5.7 14Baker & McKenzie13 6,602.3-2.1
13Blake Cassels & Graydon 40.335*111 6.47,421.3 6.4
0.4
14Skadden -20.620*6,646.513
14 1015-5.4 -3.7
11.8
-10
16
15 5,728.510 4.9
-3.3
Shearman & Sterling LLP 10.718*
5,621.724 4.9 370.7 0.12316 5,852.6
-40.6
Baker & McKenzie 91.86*
P+P Pollath + Partners
64*
24*
-
30.818
6.05,619.6
3.4
Skadden836
4.2
4.5
10.5
1.7
Davis Polk & Wardwell 8 4,787.9
12
4,918.153
17 5,259.8
4.1 Willkie Farr & Gallagher 49 3.6-7.8
18
3 00.1
4.64,327.2 110*4.6 1 10.1
-60.427*7
Willkie Farr & Gallagher -30.330*4,718.2 3.820 4.177* 20*
-4
Greenberg Traurig
57
10.172*
-2
83*23.9- 20.13.9
8
Greenberg Traurig Gibson Dunn & Crutcher
Weil Gotshal & Manges0.4Cleary Gottlieb Steen & Hamilton
4,527.722
26*
0.2
2.542 4,588.121
60
4.0
3.24,397.1 3.8 4.323
139*
Bonelli Erede e Pappalardo
22
-25 27
10.172*
-00.172*
4.024*Castren & Snellman 139*5 3.5 1.4 -12
Industry % Change from Last Quarter
2011RankSh ($)
-14.1%
Rank
# of
24
-1Hannes Snellman
100.0 1,644
83*93,563.6
1
Market
3711
Sh ($)Value US$mLegal Advisor
MarketRank
-2.1
Rank Value Market
Industry % Change from Same Period Last Year
4,065.1
39.0%
Rank Value per Advisor (US$m)
0.6
Chiomenti Studio Legal 6.4
Sh ($)
11.0
11.2
Chiomenti Studio Legal -1019.315,447.9
14.6
Gianni Origoni Grippo Cappelli & Partners
Clifford Chance
17.7
8,039.4
25.52
3 -
10
16.6
Origoni & Partners
3Cleary Gottlieb Steen & Hamilton
5 16
4
15
-14.317.2
6
1,069.2
4.0 3.1
14.6
7.8 -12.4
14 -
4.8
Torys
White & Case LLP
13 4
1.8 Linklaters
3
-14
0.2 -
2.4
Sullivan & Cromwell
-2
100.0
19* -2
-61.8
-201506
9
0.4
43.0%
1
1
-12.5
1.1
1
55*
31*
-2
53.03
0.4
1
15*
43
17
0.2
27
27*
0.1
53*
Rank
61*
0.2
1
0.5
-1
-5
0
61*
61*
0.3
39*
2
7
2
# of
Deals
-0
2012Rank Share Ch.
-341
Jan 1 - Dec 31
64
0.183*
Change in
Any Italian Involvment Announced (AE44)
Deals2012Rank Share Ch.
1.3 -6
0.3
0.5
2.8
-1
16
-
4,916.7
12
1
11
16
# of Deals
4
6
2.6%
3
19*
-202
2
7
2.1
4
25
Skadden
Legal Advisor
93*
6,180.7
8,305.8
US$m
12.1
8.0
4 14,847.6
-5.2%
2011Rank
23
Squire Sanders & Dempsey LLP
1
Sh ($)
Paul Hastings
19
Market
15.3
27.4
Bonelli Erede e Pappalardo 25115,917.6 100.0
-13.7
10
4
15*
1
1030
9*
6*
2,079
# of Deals per Advisor
10.9 28*
2
1.1
3
38*
01
61*
13
2.1 2
0.2
1
128*
38*
3
17*5
-4.3
0.3 1
61*1
12.1
61*
4,094.0
11.4
3.0
1,150.2
3.5
15.3
9.7
4
2
0.3Grimaldi e Associati 552.53525
King & Wood Mallesons
19
-
Industry % Change from Last Quarter
Industry % Change from Same Period Last Year
20Cuatrecasas Goncalves Pereira
Blake Cassels & Graydon
-
Industry Total
5
4
2
Shearman & Sterling LLP
3
6
Industry Total
Latham & Watkins
20
Gianni Origoni Grippo Cappelli & Partners
669.9Debevoise & Plimpton 750.0 Legance Studio Legale Associato23*
77*
5
19
Weil Gotshal & Manges
9.1
Studio Pedersoli e Associati 2222 51*
1
Origoni & Partners
Bonelli Erede e Pappalardo
Linklaters
Cravath, Swaine & Moore 26
-19
9
2011Rank
Hogan Lovells
4
5.1
4,718.2
Blake Cassels & Graydon
3,734.9 4.0
93*
P+P Pollath + Partners
Cleary Gottlieb Steen & Hamilton
Jones Day
Willkie Farr & Gallagher
779.6
7,775.6
1.5
2.315
2.2
-
11,950.0
11
1.4
577*
8,305.8
Freshfields Bruckhaus Deringer
-0.94,065.1
2
-
18
16
24
23
Industry % Change from Last Quarter
23* 93*
Paul Hastings
100.0
25
1.4 1.1
750.0
78.5%
54,209.8
1.4
657.7 1.2
-25.2%
1.4
45
Industry % Change from Same Period Last Year
850.0McCarthy Tetrault 20
21
779.6Cuatrecasas Goncalves Pereira
796.0Studio Pedersoli e Associati
19 1,045.6
1.6
Blake Cassels & Graydon
-
24 1.5
1.9
-0.7
1.6
3.2 1.0
-1.9
1
5 0
0.2
-11.0
4.2
-27.64.6
5.1
38*
-28.3
2.0
2.2
1.02.4
4.2
6,581.6
2.2
6
17*
2,253.6
2,475.7
2.2
1,173.6
2.11,150.2
1,159.516 93*
De Brauw Blackstone Westbroek
Pinheiro Neto Advogados
Cravath, Swaine & Moore
17* 2.1
- 1.9
33
8
-
1,165.4
29
Linklaters
8
3
44
11
White & Case LLP
Sullivan & Cromwell
7
23
9
4,359.1
Legance Studio Legale Associato
1,744.6
2,739.9
10
Latham & Watkins
Torys 13
15
Industry % Change from Last Quarter
Freshfields Bruckhaus Deringer
Cleary Gottlieb Steen & Hamilton
DLA Piper 12
7
14
65
13
1,302.4
17*
1,174.2
12*
3*
1.0
Paul Hastings
Pinheiro Neto Advogados
0.2
0.2
0.9 Debevoise & Plimpton
-0.7
-21.9%
673
0.7 2
Industry Total
1.0
2
0.2
-00.2
2
1
0.4
Squire Sanders & Dempsey LLP
2.0
991.793*
21
21
1.7
1.8
17 2.1
5
0.4
13*
55* -
750.0
53*
0.2
0
55*
7*
31*
1
2
1.2 -2
1.2
695.5
https://www.thomsonone.com
2
55*
0
1.2
1
0.2
55*
13*
-9.8%
9
17.7
87
6,618.8
951.3
850.0
1
3,734.9
13
93*
Industry % Change from Same Period Last Year
McCarthy Tetrault
0.5
3*
Market
4
Jan 1 - Dec 31
2
42*
-11
Market
2
2 3.41,820.1 8 -31.2
-12.5
12
2,253.6
Paul, Weiss
3,646.6
3,890.9
10
37
Bonelli Erede e Pappalardo
1,045.6
-
31
-
5,833.4
4.4%
-1.7
1.3
-26.2
1.6
1.4
1.8
1,877.4
-
Rank Value per Advisor (US$m)
-2.1
0.819*
4.0
27*7*
5,833.4
Market Change in
6
-18
31*
0.6
2
18
6.8
19
16 4,785.4
6,397.9
-347
13*
4.6 4.6
4
4,294.8
3
-9
# of Deals
Jan 1 - Dec 31
4,327.2
17
38
8.8
Any German Involvment Completed (AG44)
10,626.2
-13.211.2
0.5
0.4
12.5
12.5
2
9.4
5.0
4.6
19*
12.3
8.3
6,859.3
0.8
3
-5
19*
27* 13
2
0.6
1.2
-2.9
4.6
7.9
8.1
-11
Jan 1 - Dec 31
-6.9%
# of Deals per Advisor
7.3
4.6
20.42
-17.4%
7*
10*
72*
-41.47
31*
0.6
2.4
3
28*
-15
-1
6.3
21*10
13
6 29*
8
3.5
3.6
2
9
2
1.8
Industry Total
24*
13
1.6
# of Deals per Advisor
9*26
29
21
64
-222.6513
1,174.2
1,325.6
2.3
1
2.5
0.7 6
12.2
1
0.21
4.8 4
-25.32.8
2.5
11
*tie
-22
-11.5%
8.0%
16
-29
Sh ($)Rank
Jan 1 - Dec 31
# of Deals
14
12
Market
5
-
-9
26*
00.718*
2.64*
-16
9
6
36
Deals
3.03
2*
5
21*
1.49*24
162.52*
# of Deals per AdvisorRank Value per Advisor (US$m)
Any Benelux Involvment Completed (AG47)
# ofMarket Change in2011Rank
1
Share Ch.
Market # of
Any Nordic Involvement Announced (AE45)
Rank Value per Advisor (US$m)
Jan 1 - Dec 31 Any Nordic Involvment Completed (AG46) Jan 1 - Dec 31
# of Deals per Advisor
RankMarket
Sh ($)
# of Deals per Advisor
# of Deals
Market
Deals
MarketRank Value Change in# ofMarket Market2011Rank Value US$mLegal Advisor Sh ($)US$m
2012Rank
7.1
Rank Value per Advisor (US$m)
Sh ($)
1Freshfields Bruckhaus Deringer813*
Rank Legal Advisor
-19
2012RankDeals
Advokatfirmaet Thommessen AS
Clifford Chance 2
Share Ch.
Freshfields Bruckhaus Deringer
Clifford Chance 1 7
# of Deals
1813,008.9
2212,839.3 16.5
Advokatfirman Vinge 499,803.75 2.13 12.6
5.914.4
20.8 14,188.6
81.0
10.3
2
10.9
0.7
16*
10*
16.7
2 5.7
3 13.640
12 11,083.0
10,452.32.2
9,847.038
31.8730
436,495.924 3.48.3 4Advokatfirmaet Wiersholm AS
6,423.49
4Latham & Watkins -60.245*4
8,946.5485Advokatfirmaet Thommessen AS 51.8440
7,922.335 6316.410.3
-100.820
38 4
-0.38.2
5.0
5
6Hannes Snellman8.2
3 52.5 2.0 7Kromann Reumert
6Kirkland & Ellis -10.245*6,398.1
17 8.0
Blake Cassels & Graydon 6,052.1158* 7.87.8
Advokatfirmaet Wiersholm AS 7
8
6,232.0 44
7,085.91358Herbert Smith Freehills LLP
7
50.331*
-1.110
40.332*9.29.2 5
6,425.410 8.499Linklaters -31.010*5,570.4 -1.07.1
-9
22 -122.543Mannheimer Swartling Advokatbyra
46
6
10Eversheds -10.621*13
-1
-00.428*3612 5,405.1 6.9
6,280.196.77.0
Blake Cassels & Graydon
10
11
5,494.891
Hannes Snellman -201.67
Advokatfirman Vinge
19
-0.4
215.9 12
37
Sullivan & Cromwell
11
12Castren & Snellman 51.0124,672.4108 6.0
4,187.249 3.25.4
5
5,507.670 12
32*
13Jones Day -40.328*7 -20.721*13Eversheds 7.2 6.2
14 2.97.15,444.0 59 3114Slaughter & MayHengeler Mueller 30.42725 0.45.03,898.4
4.8
-3.94.9 15Gernandt & Danielsson54
2 Allen & Overy
-5
4.8
2.41 5,280.434
2 67* 16
-21.49*15Mannheimer Swartling Advokatbyra 8 6.9 24
3,749.4-
3,851.4
16 -6.46.75,114.140.1
17Castren & SnellmanSkadden -60.152*3,734.96 -5.74.8 3
-
17 236.26.24,737.7125 121.411
-1.95.84,430.3 7Kromann Reumert -340.717*18 3,498.3 4.51 -9.1
Advokatfirmaet Haavind Vislie DA 10.167*158* 4.519 4.5 10.332*
Latham & Watkins
2
0
6419Cleary Gottlieb Steen & Hamilton
151816
4.5 204.5
3,485.1
Dewey & LeBoeuf LLP 81*13,474.520 30.245*5.24,002.0 4.5 4
-00.3
0.1
Davies Ward Phillips & Vineberg LLP 10.1103*-
Herbert Smith Freehills LLP 10.152*33,370.8 4.333 21Hengeler Mueller21 1.0 28
3,749.4-223,299.722 20 0.717*-0.94.2 16Allen & Overy -2
24
23 16Roschier 3,289.3 10 0.5-1.54.2 25* -19 -70.254*23 5
434 2.0
34.9
-0.13,031.2
3.625Gernandt & Danielsson
30 24
28-2.5 -00.1107*14.51.39 25*Advokatfirmaet Haavind Vislie DA
2,221 100.0 -2221,701
-7 3,474.5153*
15.4%
Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
-412
-15.6%
Industry Total
Industry % Change from Last Quarter
Industry Total 78,023.1
-29.9%Industry % Change from Same Period Last Year
274.4%
Deals
100.0
Jan 1 - Dec 31
# of Deals per Advisor
2011Rank
2012Rank Rank
Market
803 27.4
Sh ($)Legal Advisor
Market# of
Sh ($)US$m
Rank Value
# of Deals
Clifford Chance 1024.8
5.31
20
1Allen & Overy 1
Weil Gotshal & Manges
Rank
Linklaters
2011Rank
2012Rank Value US$m
169*322.0 Wachtell Lipton Rosen & Katz4
1.717.6
-14
25
Change in
Legal Advisor
15.415.4
1 28.9
19,679.7
20,448.0
0.718*
-27 210
22.042,356.7
3 22.3
40
1042,934.6
-3.7
93
4 2.7
Clifford Chance0.6
Allen & Overy-22
Sullivan & Cromwell 38,174.2
Freshfields Bruckhaus Deringer
5
4 2
4 3.8
8 -255.016113.817,570.44
16,858.519.8
12
-9.4
Cleary Gottlieb Steen & Hamilton
-49 22*
11.4
6
8*23
12.65
13.23
16,085.5
16
0.6
0.8
1.014*
Sullivan & Cromwell 7 14,518.6
7
Cleary Gottlieb Steen & Hamilton
6Wachtell Lipton Rosen & Katz
35,005.1
28
7 -1
22*
18.2
Skadden
-70.431*512 18 0.3
14,312.2831.112 De Brauw Blackstone Westbroek16
4
34
16.9 20945* 0.3
17.6 5.7
9.7 -1 NautaDutilh 2.64*13,087.8 322.1
Skadden115.0 29*
2*16.5
7.6 6
3.1 12,856.047-14.1 -23 29King & Wood Mallesons 10
27
0.9
1
0.4
114*1
11 9.812,523.513
20.1
Dechert
28
75* 11,971.30 - 12Morrison & Foerster
12.4
144
14.6
45*
75* Gibson Dunn & Crutcher
14.6
14.6
0.4
16
13
61 7.6
31*
0.3
8.811,276.3
33
15
-110.9
29* Simpson Thacher & Bartlett
0.2
-3
3.1De Brauw Blackstone Westbroek 11.622,355.8 47
11.38517 21,842.8
21,811.0
Loyens & Loeff
15
48.1
59*3
49
1411.3 143.5
511.1 1911.0 Bar & Karrer-
24 6.7
10.4
10.4
0.53.5
12,856.0
-
0.5
20,093.5 0.1
59*
75* 0.12
123*
20,118.2
-3
1 1
6
3
1 0.1
-353
35*
0.9
6
123*
25*7
0.1
28,027.0
14.6 2
31,720.5
18.7 9
8.8
10,871.6
9,572.5
34
23,895.9
14.528,027.0
12*
5.2
1
-36
-2
Slaughter & May
9,127.752
9,162.116
40*
0.5
7,519.32
7 18
Freshfields Bruckhaus Deringer
0
1
4
1.9
1
23
0.1
00.3
0.1
8*
5.3
7.0
-
0.3
2.5
7.2
1
-7.6
4.5
9.211.7
-6.7
6.9
114*
Squire Sanders & Dempsey LLP
17Mayer Brown LLP
8,964.2 26*
5.9
-3131,215
0.3
0
20 -27.2
4
-8.1
-1.212
40*
114*
-1
8.5
20.7
40* 0.3
16
47.5
12
-1
-0
11
1.0
0.3
0.56
5.7
3
4
20*8
6
0.1
0.5
0
-13
-7
7.2
3
-
-1
-4
-
15
2
14*
55*
1.9
-1
0.340*
3.1
7.1
-4.1
4.9
9.4
10.1
32
3.7
11.2
1.5
4.9
4.7
-29.3%
57.0%
Sh ($)
Market
36,885.1
76,749.6
3,734.9
4,223.4
7.35,623.8
3,898.4 5.1 0.8
66*
32*
12.8
4.318.5
4.9
4.0
0.3
1
-71.8
0.3
2.7
Sh ($)Rank
5
16
-2.2
Share Ch.
-2.0
9.57,259.6
9.4
16*
0.9
2.9
4.47.9
8.2
6,052.1
Change in
2
00.9
1
5.5
32*
27
40*
6,131.5
4
1.8
0.4
14
5.2
4.7
-6.3%
127,520.7 100.0
-20.5%-30.4%Industry % Change from Same Period Last Year
Industry % Change from Last Quarter
140
93
23
6,050.0
0.2
4.5
10.3
16.0
2.5
6,665.5
-4.7
-8.4
21,322.9
18
13
79
13*
9,253.5
2
28,797.9
123*
3,587.8
47,802.0
8,801.5
3.5
4.6
6,665.5
32,637.9
15.2
24
White & Case LLP 25
McCann Fitzgerald
0 Gorrissen & Federspiel-
1
21*
Davis Polk & Wardwell
1
5
21*
1
0.2
-19.1%
Roschier
37*
10.4
12.4
Skadden
Bonelli Erede e Pappalardo
44 28,027.0
52,824.2
10
8
EMEA Rankings
Any Benelux Involvment Announced (AE46)
Linklaters
19
6
35,953.9
9
Market
Share Ch.
2,825.815
33,855.5
12.8
Rank Value per Advisor (US$m)
2
-0.13.9
6.3
24Sullivan & Cromwell
Weil Gotshal & Manges
Darrois Villey Maillot Brochier
McCann Fitzgerald -
9Gibson Dunn & Crutcher
Simpson Thacher & Bartlett 11
12* 133
Alston & Bird
Creel, Garcia Cuella, Aiza y Enriquez 21
19
Cravath, Swaine & Moore
14
130
166*
Blake Cassels & Graydon
Stibbe
100.0
Bar & Karrer 12*
18
Davis Polk & Wardwell
Greenberg Traurig
-
4.3
King & Wood Mallesons
20
Industry Total
166*
Drew & Napier 24*
22
10.4
24*
3.53.5
6,788.6
6,788.6
-28.2%
23
-5.0%Industry % Change from Last Quarter
Bonelli Erede e Pappalardo
27.0%
4.8
192,674.7
6
5
1
2
0.1
0.3
2*
1,499
Industry % Change from Same Period Last Year
-45.9%
26*
-
41
23
Industry Total
https://www.thomsonone.com
2
McCarthy Tetrault
Darrois Villey Maillot Brochier 5.2
4.8
4.7
Full Year 2012 | Mergers & Acquisitions | Legal Advisors
6,042.7 -1.5
12
Industrials
Consumer Staples
Healthcare
Canada / Canada 17,665.6
9,219.3
India / Kazakhstan
Sullivan & Cromwell
Real Estate
King & Wood Mallesons
Baker & McKenzie
Allen & Gledhill
Arthur Cox
Freshfields Bruckhaus Deringer
2
Stamford Law Corp
5,691.6
China / China 18,047.3
Burnet Duckworth & Palmer
Blake Cassels & Graydon
Telecommunications / Wireless
82,019.8
25,745.9
Financials
Freshfields Bruckhaus Deringer
Linklaters
Baker & McKenzie
63,580.2
Energy & Power
83.5
Osler Hoskin & Harcourt LLP
Telecommunications
China Cross Border Announced M&A
Z&T Law Firm
4.4
Consumer Staples / Food and Beverage
1
9.4
63.6
4.0
8.5
Energy and Power / Oil & Gas
China / ChinaIndustrials / Automobiles & Components
Energy and Power / Oil & GasEnergy and Power / Oil & Gas
Financials / Banks
5,865.5
Singapore / Indonesia
12/12/2012
Fraser & Neave Ltd (69.6%)
China Telecom Corp-3G Assets (100%)
Investor Group Financials / InsuranceConsumer Staples / Food and Beverage
11/26/2012 Pending
China Telecom Corp Ltd7/23/2012
Progress Energy Resources Corp (100%)
Pending
6/28/2012
1
460
6,090.6
2
13,350.5
AZB & Partners
8.21,098.0
1,136.7
Date Effective Target (% Sought/Acquired) Rank Value (US$m) Target Macro / Mid Industry
1,648.8
Acquiror
3 7.731,022.8
1
199
2
3
11
Grandall Law Firm
Allen & Gledhill
669
7
WongPartnership LLP
4.9
1
2,868.9
41,528.3
3
2,013.7 1
2
1
11.0
8.2
14,098.2 6
2
Freshfields Bruckhaus Deringer
24.5
2
22.8
5
131.4 3
2
14,145.0
28.7 Debevoise & Plimpton
1
5.6
Simpson Thacher & Bartlett
2
2,894.4 3
Rank
8.2
7.4
Mkt.
1
Share992
3
Rank Val
8.69
4,230.0
4,737.6
64,143.7
5,261.2
(US$m)
No.
Deals
Asia Pacific (ex-Japan) Deals Intelligence
Rank Val(US$m)
Mkt.No.
DealsShare
2 20.4
11,483.5 Latham & Watkins
Amarchand Mangaldas
Rank
18.1
Skadden
2
5,481.3
1,429
57,755.7
15
10
Materials
4
3
637
24.3
2
9/1/20129/1/20129/18/2012
8/22/2012
12/5/2012
616
38.1
5
Rank Date
5/20/2012
CNOOC Canada Holding LtdOUE Baytown Pte Ltd
TCC Assets Ltd9/13/2012
12,491.0Singapore / Singapore
24.419,460.5
11/15/2012Nexen Inc (100%)
Pending
Pending Fraser & Neave Ltd (100%)
M&A activity with Asian involvement in 2012 increased 16.7% over 2011, to US$488.9 billion, from the US$420.2billion recorded last year.
Deals in the Energy & Power sector registered the highest value in 2012, accruing US$82 billion in activity from 637deals. The Materials sector reached US$64.1 billion in value, from a market-leading deal count of 1,429. Activity inthe Financials sector amounted to US$63.6 billion from 992 deals.
China outbound activity in the fourth quarter of 2012 decreased by 15.2% compared to the fourth quarter last year,reaching US$18.1 billion. Despite being behind 2011 totals at the end of the third quarter, China cross borderactivity for full-year 2012 reached US$96.7 billion, just surpassing the US$91 billion in activity recorded last year.
Australian M&A activity amounted to US$88 billion, a 50% decline from the US$173 billion grossed in 2011.Australian cross border activity totaled US$46.6 billion in 2012, falling far short of the US$88.9 billion accrued lastyear. Foreign companies invested US$11.2 billion in the Australian Materials sector, representing 28.6% of inboundvolume.
25,557.4
18,715.6
1
Pending
Pending
1,811.0
15,438.6
1
12,948.4
23,531.1
3
3
30,595.3
2
DBS Group Holdings Ltd 4,970.5
Canada / Canada
7,100.0
5,000.0
Acquiror / Target Nation
NCOC BV (8.4%) ONGC Videsh Ltd
Alibaba Group Holding Ltd
Petronas Carigali Canada Ltd
Alibaba Group Holding Ltd (20%)
Thailand / China
Hankook Tire Co Ltd-Tire Bus (100%) Shareholders South Korea / South Korea
British Virgin / SingaporeConsumer Products and Services / Professional Services
Ping An Insurance(Group)Co (15.6%) 9,385.9
Pending
Full Year 2012 | Mergers & Acquisitions | Legal Advisors
Asia Pacific (ex-Japan) M&A
Asian M&A Recovers I Fees Earned Drop 29% I Australian M&A Value Halved
Bank Danamon Tbk PT (67.4%)
https://www.thomsonone.com
4/2/2012
51,911.4 1,348
5
3
Jan 1 - Dec 31 2012Any Asian (Ex-Japan) Involvement Announced M&A by Target Industry
Top Ten Asia Pacific (ex-Japan) Announced Deals Jan 1 - Dec 31 2012
Any Asian (Ex-Japan) Involvement Advisors by Target Industry Jan 1 - Dec 31 2012
7
4
4,698.9
3
0%
20%
40%
60%
80%
100%
$0
$10
$20
$30
$40
$50 Outbound (US$b)
Inbound (US$b)
% of Cross Border is Outbound
16.8%
13.1%
13.0%
11.8%10.6%
8.5%
7.2%
6.3%
4.8%3.1%2.7%1.9%
0.1%Energy and Power Materials
Financials Consumer Staples
Industrials Real Estate
High Technology Telecommunications
Media and Entertainment Consumer Products and Services
Healthcare Retail
Government and Agencies
13
Sh (%) Share Ch.
Market
# of Deals per Advisor # of Deals per Advisor
Change in
Sh (%)
# ofMarketMarketMarket
Value US$m
Rank2011Rank
2012RankLegal Advisor
# of Change in
Rank Value per Advisor (US$m)
Market Market
4.6
Bae Kim & Lee 9
3
-6
Norton Rose
0.0
2.7
2012Rank
55,529.8
0.6
Rank Value per Advisor (US$m)
-1
Legal Advisor
Davis Polk & Wardwell 4
5.7
23
3
Freshfields Bruckhaus Deringer 1
5.0
Rank Value
Sh (%) Share Ch.US$m
* tie
25,745.973Burnet Duckworth & Palmer 5
Baker & McKenzie 9
Osler Hoskin & Harcourt LLP 7 102 23,531.1
7.1
5.5
11.48
2011Rank
21,922.911* Freshfields Bruckhaus Deringer
# of Deals
54 6
Sh (%)
38 12*1
26
0.8
5.6
4.8
3.6
3 22,832.0
3.8
Sullivan & Cromwell 3 15 27,464.6
-13
10
33
14 1
RankDeals
457.1
0.241*
0.5
5.5 Linklaters 2 1 21,876.8 42 -37.1 -3.5 9*
-2
# of DealsDeals Rank
-0.7 0.8
Paul, Weiss 2 116 27,953.0
Skadden 3 16 17,060.8
26,287.2
-4
5.4
2.7 54* 0.1
13
-618*
20 -40.2
2.4 0.5
Latham & Watkins 4 12 16,642.3 5.4 25* 0.4
-16Allen & Overy 5 2 16,141.5 5.2 0.6323
1.2
94*
43*
WongPartnership LLP 6 19 24,279.2
5.3
7Weil Gotshal & Manges 6 48 14,965.4 36*3.8
1
0.3154.9
-4.1 14
-5
4.5 94* 0.0 -91.783Kim & Chang 7 1
2 1.6
54
4.3 77
-0.5
4.8 1.4 15 0.436
8 14,022.94.8
Lee & Ko 8 6 13,300.4Skadden 8 11 23,523.0 -2.5
-351 21,041.2 4 1.2
72 0
12,344.1
-28
3 0.84.7 -1.3 4.1 1.018 12,745.7 -5 1.1-27
4.0 -3.4Baker & McKenzie 10 4
Allen & Overy 11 2 20,812.8
Linklaters 10
-811 10,643.7 3.5 -0.7 19
58414.3 -3.6
-14
13 0.5
9
34 29* 0.4
-5 Herbert Smith Freehills LLP 12 70
114.3 -2.0
4.0 2.7 0.4223.4 2.7
16* 0.4
10,594.1 22
Blake Cassels & Graydon 13
33 19,754.1 54* 0.1Cleary Gottlieb Steen & Hamilton 12 10
894* 0.0 -12 King & Wood Mallesons 13 13 10,526.7 8 0.94320 19,408.4 4.0 1.8 3
3.3 -1.1 46
3.4 -0.2
4 Allen & Gledhill 14 10 10,223.9 -206* 0.93.9 3.2 59* 0.18Stikeman Elliott 14 62 18,855.4
Morrison & Foerster 15 43 18,548.7 2.7 65* 0.17 7-8 29Fangda Partners 15 39 10,071.4 3.3 1.9 16 0.6
3.1 3.014 Jingtian & Gongcheng 16 147 9,670.7 19 1529* 0.4Stamford Law Corp 16 185 17,935.5
3.6 3.6
3.7 3.7 32 0.219
Richard A Shaw Professional Corp 17 - 17,665.6 170* 0.0 Sullivan & Cromwell 17 33 9,428.2 3.1 1.5 -249* 0.2
31
101 1
Weil Gotshal & Manges 18 54 17,580.4 3.6 2.8 11 -29Shin & Kim 18 14 8,612.2 15 0.62.8 -0.8
24
33 0.218
25* 0.3 3Slaughter & May 19 28 8,588.4 38* 0.314Latham & Watkins 19 13 15,900.0 -53.3 0.3 2.8 1.1
47 -26 White & Case LLP 203.0 -1.0Allen & Gledhill 20 9 14,542.6
0 -
10 0.5
11
19 4
2.7 2.5
32 8,416.3
127 8,161.9
2.7 1.1 29* 0.4
46* 0.22.9 0.8 Paul, Weiss 2137 -614 0.4Clifford Chance 21 21 14,368.4
20 0.3Fangda Partners 22 26 13,594.3 2.8 1.2 29 Vinson & Elkins LLP 22
31
-2 7 7,957.7 2.6 -3.4 -44 89* 0.1
1Fenwick & West LLP 23 191 7,816.0 89* 0.14
2.3 0.8
2.5 2.57 0.6532.3 1.1
Shook Lin & Bok LLP 24 29 11,271.7
Amarchand Mangaldas 23 36 11,389.5
-13Clifford Chance 24 20 7,726.8 20 0.5-0.220 31 0.2 25-14 2.5
Simpson Thacher & Bartlett 25 61 9,930.7 12.0 1.2 17
8,738
MarketRank
488,863.2
Any Asia Pacific (ex-Japan) Involvement Completed (AG31)
# of Deals per Advisor
7.1%
7,550.5 60* 0.22.1 8 -82.5
Change in
34* 0.2
Industry % Change from Same Period Last Year 16.7%
Industry Total 100.0
Any Asia Pacific (ex-Japan) Involvement Announced (AE30)
Industry % Change from Same Period Last Year-10.4%
O'Melveny & Myers 25 102
Industry Total
# of
-14.3%
Industry % Change from Last Quarter -3.2%
Deals2011Rank
Rank Value per Advisor (US$m) # of Deals per Advisor
Sh (%)
-12.2%
0.5%
Market Market Market
Industry % Change from Last Quarter9.0%
Rank Value per Advisor (US$m)
# of DealsShare Ch.Value US$m
Market Change in# of
Rank
Market
55,529.8 9.7
Sh (%)Legal Advisor US$m Deals2012Rank
2011RankLegal Advisor
18
# of DealsRank Sh (%)
Freshfields Bruckhaus Deringer 1 16 -4
Sh (%)2012Rank
Rank Value
Share Ch.
0.216
9.9 5.5 0.4
3
46 -9King & Wood Mallesons 1 5 37,246.4 1* 1.4
8.1
89
-3.9
-0.9
Paul, Weiss 2 143 30,378.3 5.4 5.3 49* -10Herbert Smith Freehills LLP 2 1 30,895.7 1* 1.4
8
89
Skadden 3 12 29,258.1 5.2 -0.5
3
63 -7Allen & Overy 3 2 24,803.8 6.5 -4.7
4
1.0
5.0 -1.2
42 22 0.4 -1
1.0Sullivan & Cromwell 4 9 27,749.6 6.5 -4.611 Ashurst
0.2 27
24,778.7 62
-120.530
9
Linklaters 6
61* 0.1 -8 -24
5.8-36 14 22,285.8
14
103 1 1.0
53* 0.1
Baker & McKenzie 5 Skadden 58 27,628.5 4.9 -2.1
Davis Polk & Wardwell 6 32 26,432.2 4.7 2.6
39
458 22,170.6 5.8 -2.2-14 -8
20 0.6 -10
15 0.7
Osler Hoskin & Harcourt LLP 7 5.7 -0.94.7 3.1 9 1
Burnet Duckworth & Palmer 8 97 25,745.9 113* 0.034.6 4.2
37 26,198.6 Freshfields Bruckhaus Deringer 7 13 22,010.469* 0.1
365.7 1.31 20 21,885.8
Allens 9
522 0.6Gilbert + Tobin 8
10 0.957
-25
13 0.5 -4
11* 0.5
-205.6 -3.84.4 2.7 6 21,297.556
-50Baker & McKenzie 10 7 17,754.9 884.6 -3.9Allen & Overy 10
35 24,564.2WongPartnership LLP 9
3 23,841.8
-31
57 3 1.4
-31 Clayton Utz 11 16* 0.7444.6 -6.2
4.3 -5.3
4 17,658.3
Linklaters 12
2 23,045.8 3 0.8Herbert Smith Freehills LLP 11 864.1 -6.0
-3Latham & Watkins 12 9 17,121.7 32 0.42421 0.4 -1010 21,376.0 3.8 -2.3 44
4.2 -2.7 44
4.5 -3.5
-12 Norton Rose 13 10 16,018.5 -1616* 0.73.8 2.0 76* 0.17Blake Cassels & Graydon 13 33 21,229.4
Cleary Gottlieb Steen & Hamilton 14 24 19,754.1 3.5 0.4 64* 0.110 5Weil Gotshal & Manges 14 35 14,965.4 3.9 2.1-6 45 0.316
3.7 0.3-15 Kim & Chang 15 26 14,022.9 83 -94 1.33.4 -5.1King & Wood Mallesons 15 4 19,167.5
Stikeman Elliott 16 81 18,998.3 3.4 2.9 61* 0.111
2 0.998
-7Corrs Chambers Westgarth 16 16 13,348.6 3.5 -1.64 24* 0.533
3.5 -1.1-7 Lee & Ko 17 19 13,300.4 77 -285 1.246 18,556.8
3.2 1.9
3.3 2.1 69* 0.19
Weil Gotshal & Manges 18 44 18,168.7
Morrison & Foerster 17
Bae Kim & Lee 18 33 12,745.7 3.3 1.2 0 -12 0.9
71
54
6* 1.119 14
37* 0.220
Stamford Law Corp 19 224 17,935.5 40* 0.23.2 3.2 -33Minter Ellison 19 15 11,964.8 3.1 -2.4
-21Clifford Chance 20 23 10,938.0 2.9 -0.6 34 23 0.51 1201* 0.0- 17,665.6Richard A Shaw Professional Corp 20 3.2 3.2
70 -29
3.1 0.7 45 19* 0.4
1 17,659.9 3.2 -7.2
Clifford Chance 22 29 17,177.1
Ashurst 21
-11
8 0.7 0.2
13*Allen & Gledhill 22
13Sullivan & Cromwell 21
29 10,223.9 -20
-32.8 -3.9
0.72.7 -0.2 46
52*
Allen & Gledhill 24 25
2.9 -4.1Latham & Watkins 23 7 15,976.0 Fangda Partners 23 61 10,071.4 28 0.5 72926 32* 0.3 -8
0.32.42.524
-5.9
38Jingtian & Gongcheng 15172 9,670.7-0.3
80Allens 25 5 13,808.9
0.548
0.82.5
14,827.6 2.6
4
-25 19
0.3217 2.5 1.3
4,971
Industry % Change from Last Quarter
-28.3%
51
1.7
Industry % Change from Same Period Last Year -10.4%
2.6
35*
Industry Total 560,824.8
Industry % Change from Same Period Last Year -3.8%
Industry % Change from Last Quarter 0.9%
10,697.3
11
4.4%
-7.9%
10,494
17
383,960.3
100.0
White & Case LLP 25
100.0
4*
14.8%
Any Asian (ex-Japan) Involvement Completed (AG32)Any Asian (ex-Japan) Involvement Announced (AE31)
9,570.3
12
Asia (Ex-Japan) RankingsFull Year 2012 | Mergers & Acquisitions | Legal Advisors
6,259
-4.0%
Industry Total
307,771.6
https://www.thomsonone.com
100.0
14
-13.8%
Australian Cross Border Announced M&A Asia (ex-Japan) Buyside Financial Sponsor Activity
Industry % Change from Last Quarter
* tie
Industry % Change from Last Quarter 55.3% -17.5%
-2.3
1,468
Industry % Change from Same Period Last Year -52.3% -4.4%
4
2.3
2.5
100.0
30*
93,884.1Industry Total
5323
26
25
24Osler Hoskin & Harcourt LLP
2,035
40.1%
2.72,497.7
-20.3
20.423*62.0
Industry Total
2,338.4
91,860.6
Mayer Brown LLP
22
100.0
6 1,370.9 1.5 -15.9
1,918.313 -10.22.1
-
144*
42.77 2,514.65522Stikeman Elliott -00.330*2.0Johnson Winter & Slattery -90.321*
2.92.9
21DLA Piper 82.0641 2,583.321 122*76
2,203.0
2,164.3 2.1 20.238*3
1
19Jipyong Jisung
- 2,739.720Baker Botts LLP
3,309.1-
10.173*
Orrick Herrington & Sutcliffe LLP
20
2.4 2.82.8
Bell Gully -31.212*29 -0.72.4 25
5
2,425.3
2.72.7
2.62.6 2
-9
2 20.146*
0.818
3.53.519Paul, Weiss 20.148*-
116 -1.93.50.328* 3,321.12218Clifford Chance
17Blake Cassels & Graydon 1.82.7
18White & Case LLP 2,456.0144*
2,513.856 3,661.86917McCullough Robertson5 0.332*
1.51322
1.41420
16Osler Hoskin & Harcourt LLP 20.328*2,667.524 -1.72.9
-4-0
-7
3.53.9
0.83.9
37
6
15Latham & Watkins
16Bell Gully
15Corrs Chambers Westgarth -61.89*2,732.38 -13.63.0
6
3,689.528
0.423*3,788.69 2-10.44.0 6
14Clifford Chance -70.519 4,111.19614Kirkland & Ellis 0.520*84.34.42,918.627 -0.13.2
25-12.73.4
10
13Cravath, Swaine & Moore-151.212*13Allen & Overy 3,134.49 34,351.320 -2.74.6 -00.238*
-60.330*45,225.017 -4.05.612Jipyong Jisung 10.174*1 12Skadden3,309.1- 3.63.6
3 11Norton Rose-30.239*-11.83.711Latham & Watkins 3,385.110 -52.310*
40
336,886.413 -5.27.3
-172.777,941.914-51.8113610Norton Rose 4,180.620
-10.66.0
-2.04.6 -3.48.510Baker & McKenzie
32.310*339Allen & Overy9Minter Ellison -343.625,509.37 73
-3.111.8
8,767.710 -5.09.3
11,035.488Skadden -40.328*5,735.116 -4.16.2 -344.728Minter Ellison 696
0.514.239 Corrs Chambers Westgarth-181.9 33 -52.310*
Clayton Utz
13,348.611
-14.37.6
-4.76.37Baker & McKenzie 775,748.014
6,955.45 -30-46 -10.418.86Clayton Utz 17,658.32
-3.022.45AllensAshurst -252.75-13.413.212,099.925
436 37 1.89*
51 4
52.58*
-2355
15
20,984.13
4Gilbert + Tobin 21,885.8Gilbert + Tobin 3812,839.911 0.14
71 0.725.323,792.34
3611.523.3
Ashurst
14.8
71.9814.0
-7.5
3.5313,334.5
4
1
2Herbert Smith Freehills LLP70
3
King & Wood Mallesons
3 -11.6Allens 14.5
2 4 13,586.8
3
77
-13
3.4 -14 27,500.81
32.1 62-35 8.43.7 5
-3.229.3
Rank Value
US$m2011Rank Sh (%) Share Ch.
30,116.2
Market
-10.0
Legal Advisor
1 1 1
2012Rank
20.518,831.1
Market
https://www.thomsonone.com
Australia & New Zealand RankingsFull Year 2012 | Mergers & Acquisitions | Legal Advisors
Rank Value per Advisor (US$m)
1Herbert Smith Freehills LLP King & Wood Mallesons75
2.9
4
4.23
-21
6
3.5
# of DealsSh (%)RankShare Ch.
-213.4
5.31
# of Deals per Advisor
2012Rank
Market
Sh (%)Value US$mRankDeals2011Rank
Rank Value per Advisor (US$m)
Legal Advisor# of DealsSh (%)
Market Rank # ofMarket
Any Australia or New Zealand Involvement Announced (AE27)
# of Change in
Any Australia or New Zealand Involvement Completed (AG28)
Market
4.1%-50.5%Industry % Change from Same Period Last Year
23
24
25
Middletons Lawyers
Squire Sanders & Dempsey LLP
Simpson Thacher & Bartlett
1,671.6
1,524.9
1.8
1.7
1.8
1.7
7
7
2
21*
21*
48*
0.3
0.3
0.1 2.4
7
6
-7 Simpson Grierson 14 16 1.0
# of Deals per Advisor
98 2,277.8
50
Deals
Change in
5
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
$50
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
%o
fAsi
a(e
x-Ja
pa
n)
Vo
lum
e
Ra
nk
Va
lue
(US
$b
)
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of Asia (ex-Japan) Volume YTD
0%
20%
40%
60%
80%
100%
$0
$10
$20
$30
$40
1Q
08
2Q
08
3Q
08
4Q
08
1Q
09
2Q
09
3Q
09
4Q
09
1Q
10
2Q
10
3Q
10
4Q
10
1Q
11
2Q
11
3Q
11
4Q
11
1Q
12
2Q
12
3Q
12
4Q
12
Ou
tbo
un
d
Ra
nk
Va
lue
(US
$b
)
Outbound (US$b)
Inbound (US$b)
% of Cross Border is Outbound
15
Media and Entertainment
Healthcare
Davis Polk & Wardwell
Shearman & Sterling LLP
AcquirorSoftBank CorpNDFMarubeni CorpTerra Firma Capital PartnersTonenGeneral Sekiyu KKSoftBank CorpDentsu IncDaikin Industries LtdInvestor GroupDainippon Sumitomo Pharma Co
https://www.thomsonone.com
3* 29.7 12,630.0Mintz Levin Cohn Ferris Glovsky & Popeo
4,311.23,700.02,707.2
Blake Cassels & Graydon 4,962.4
2* 33.1 1
*tie
10/24/2012 Intended8/29/2012
Any Japanese Involvement Announced M&A
Rank Value (US$m)20,140.012,612.0
Goodman Global Group Inc (100%)
Shearman & Sterling LLP
Nagashima Ohno & Tsunematsu
Freshfields Bruckhaus Deringer
7/12/2012
Sprint Nextel Corp (70%)
Paul, Weiss 5,600.0
9,954.1
Pending10/1/2012Pending
Japan / JapaneAccess Ltd (100%)
11/1/2012
2
2/29/2012 4/25/2012Jupiter Telecommunications (28.6%)
Japan / United States
40.4
5/9/2012
Consumer Staples
33.1
7/31/2012
11/19/2012
2656.4
Jan 1 - Dec 31 2012
Telecommunications / Telecommunications Services
506
33.1
1
2*
21,091.8
White & Case LLP
Mori Hamada & Matsumoto
Japan / United StatesTEPCO (75.73%)
10/15/2012
15
1
17,590.9
5,192.5
United Kingdom / United KingdomJapan / United States
6/1/2012 Exxon Mobil (99%)
PendingDate Effective
3
Mori Hamada & Matsumoto
Industrials
High Technology
16,943.0
Top Ten Japanese Involvement Announced Deals
Skadden
Jones Day
6,846.2
Telecommunications
Boston Biomedical Inc (100%) Healthcare / Biotechnology2,630.0Japan / United States
Aegis Group PLC (86.4%)
Annington Homes Ltd (100%)Gavilon Group LLC (100%)
Acquiror / Target Nation
Japan / United Kingdom
Blake Cassels & Graydon
Japan / Japan
Japan / Japan
Rank Date
2*
5/29/2012 Pending12/14/2012
1/29/2012
5,600.0
15,600.0
Real Estate / ResidentialEnergy and Power / Oil & Gas
High Technology / Internet Software & Services
5,089.04,965.9
27
11,889.5
Morrison & Foerster 10,148.0
Japan Deals Intelligence
Nishimura & Asahi
30,805.9Energy and Power
17,709.3
US$m
Any Japanese Involvement Advisors by Target Industry
Mkt.
917.0
Rank
2
3,571.85 23.3
120
23,281.4
Real Estate
Share (US$m)No. Deals
101
Mkt.
Rank Share
US$m
No. Deals
3 2,604.2
9
291
Nishimura & Asahi
Mori Hamada & Matsumoto
Nagashima Ohno & Tsunematsu
21.4
3
1
Materials 15,338.3
14,903.0
1
1
Nagashima Ohno & Tsunematsu
Skadden
(US$m)
Mori Hamada & Matsumoto 3
21,225.0
57.5
26
2
2*
17,577.9
12,742.7
94.9
57.1
20,470.2 96.4
20,140.0
1
2*
Financials
20,140.0 1
Cravath, Swaine & Moore
2* 94.9 1
Mori Hamada & Matsumoto
Dewey & LeBoeuf LLP
1
1 29.5
47.2
94.9
23
16
2,830.0
3*
226
3
232
440
2162.1
3
2 48.1
3
17,376.6
5,600.0
Target (% Sought/Acquired)
14
5
Full Year 2012 | Mergers & Acquisitions | Legal Advisors
Japan M&A
Japanese Announced M&A Down 1.3% | Outbound Deals Volume Reach Record High
4,962.4
41.4
Media and Entertainment / Broadcasting
Media and Entertainment / Advertising & MarketingIndustrials / Other Industrials
2,630.0 129.7
8,843.4
Cooley LLP
Target Macro / Mid Industry
Energy and Power / PowerConsumer Staples / Agriculture & Livestock
4,973.6
Linklaters
3* 41.7 2
34.6
41.8
3*
3,060.0
13,985.6
2
Mori Hamada & Matsumoto
2,673.2
1,608.3Sullivan & Cromwell
11,888.1
1,618.6
2 14.0
11.6
2
5,228.9 1Freshfields Bruckhaus Deringer
3 11.21,674.1
2,081.3
35.1
Nagashima Ohno & Tsunematsu
187
8
91
2
2
20,140.0 2* 94.9 1
Japanese Involvement Announced M&A Target Industry by Value Jan 1 - Dec 31 2012
In 2012, announced M&A activity with Japanese involvement reached US$182.7 billion, a 1.3% decrease from theUS$185 billion of value recorded in 2011.
In spite of the slight annual decline, the fourth quarter of 2012 recorded the highest quarterly announced volume forJapanese deals since 2000, with deal value reaching US$60 billion.
acquisition of a 70% interest in Sprint Nextel worth $20.1 billion was largest Japanese announcedand cross-border transaction, as well as the eighth largest Japanese involvement deal in history.
Japanese outbound M&A reached a record high in 2012, with 679 deals accruing $85.9 billion, a 23.4% increase invalue compared to 2011. US target transactions accounted for approximately 64% of the total value. Three US-target acquisition of Sprint Nextel, acquisition of Gavilon Group, and Daikin
On average, acquirors paid 10.3x EBITDA for Japanese targets in 2012, representing a decline of 2.5 "turns" from2011 averages. Average bid premia (to 4-week prior stock price) for Japanese targets increased 0.8 percetage
4,435.9
4,515.9
Potter Anderson & Corroon
5
2
1
32.0
Jan 1 - Dec 31 2012
2
129
11.5
19.1
Jones Day
25.2 2
41.7
25,181.8 2 29.5 3
Japan / Japan
2*
2*
Polsinelli Shughart PC
Morrison & Foerster
Paul, Weiss
20,140.0
20,140.0
20,140.0
Nagashima Ohno & Tsunematsu
94.9 1
94.9 1
Foulston, Siefkin, Powers & Elkouri (KS)20,140.0 2* 94.9 1
16.9%
11.6%
11.5%
9.6% 9.3%
8.4%
8.2%
7.7%
6.5%
4.8%3.3%
2.2%
Energy and Power Telecommunications High Technology
Industrials Consumer Staples Materials
Real Estate Financials Media and Entertainment
Healthcare Retail Consumer Products and Services 0
500
1,000
1,500
2,000
2,500
3,000
3,500
$0
$25
$50
$75
$100
$125
$150
$175
$200
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
# of Deals
16
Full Year 2012 | Mergers & Acquisitions | Legal Advisors
Japan Rankings
Rank Value per Advisor (US$m)
https://www.thomsonone.com
Sh (%) Sh (%)
8.6
2011Rank
Any Japanese Involvement Completed (AG52)
Share Ch.
1
Freshfields Bruckhaus Deringer
Value US$m
66,026.7
61,936.2
59,026.7
Legal Advisor
Any Japanese Involvement Announced (AE51)
Sh (%) # of Deals
MarketRankChange in Market Market2012Rank
# of Deals per Advisor
Deals Legal Advisor
Change in
36.7
Industry % Change from Same Period Last Year
2.8
2011Rank
11.0
Japense Outbound M&A Target Nation Region
Sullivan & Cromwell 6
5
-
5,054.4
Industry Total
25
103
13.1%
Nishimura & Asahi
Slaughter & May
14
Paul, Weiss
Potter Anderson & Corroon (DE)
6
41
Rank Value per Advisor (US$m)
77
Anderson Mori & Tomotsune 7 7
Skadden 5
Polsinelli Shughart PC 9 -
Cravath, Swaine & Moore 8 33*
Mori Hamada & Matsumoto 1
Nishimura & Asahi 3
Nagashima Ohno & Tsunematsu 2
Morrison & Foerster 4 11
2
Market
Share Ch.
Rank Value
127
Rank
# of
# of Deals per Advisor
Sh (%)
16.029,309.7
13.2
US$m
71,767.5 39.3
15.4
24,060.5
9.0
11.1
11.0
# of DealsDeals Rank
396.8
11.1
2.8
-6.5
17.7 9.632,371.0
14,562.0
4.5
5.0
28,149.7 15.2
1138
# of
4.6 2 16.31
2012Rank
1 45,251.7 24.8 -6.4
3 40,454.4 22.1
16
00.812
5.12
-154.3387
25.0 1710.2
21.535.0
23.4
-
12.4
42,162.3
39,504.6 448
1
4
9 34,796.2
13
0.620.6 13
-2.7
14.7
7 29* 0.3
16.7
15*
4 1.4
8.6 918 0.7 Anderson Mori & Tomotsune
6 -6
9.3
2 -312.9
0.330*
82* 0.1 1
2.7Simpson Thacher & Bartlett
13.6
299
28,186.8
22,877.98
Cleary Gottlieb Steen & Hamilton
Clayton Utz
7
46
39
20,990.0 11.5 10.1
22 82*
2
-27
20,200.0
- 20,140.0
10*
-6.2Allen & Overy 10 8 9,967.0
Foulston, Siefkin, Powers & Elkouri (KS)
0.617110* 111.0
5
- 20,140.0 1 22Skadden 111
12Blake Cassels & Graydon
13 5Simpson Thacher & Bartlett 0.3
11.0 105*
6 Lee and Li 12
21*
4
Morrison & Foerster
Sullivan & Cromwell
33* 0.28.0
7.9 -11.7
12
14,372.9
0.2
10
-7.4
7.0 -9.2 0.4 -5.714
9
5.1
9,189.5
Latham & Watkins
6
24.0
8
Jones Day 15 49 9,518.6 5.2
18*14 6 12,842.7
-217 10* 0.6
11 -3
Davis Polk & Wardwell 16 4 18* 0.5-9.5 107,933.58 0.8
4.3 -5.2Clifford Chance 17 115
4.7Freshfields Bruckhaus Deringer 2116 10 49,419.0 5.2 -4.5
72.7
Baker & McKenzie 17 26 9,198.6 5
Allen & Gledhill4.7 3511
36
18*
1.3
18* 0.4
-120.4
19 15 8,568.2
-21.5
-14.7 0.4 11
0.63.8 -0.3 17
Shearman & Sterling LLP 18 4 8,599.6
Davis Polk & Wardwell WongPartnership LLP 19 52 0.363.7 3.26,208.7 30*
1.527Clifford Chance
3.7
3.520 16 6,960.8 10*
3.0 0.11 102*Linklaters 21 27 6,720.1 1.5
17 40
13 16 0.5 -3
7White & Case LLP 22 71 6,450.6 3.3TMI Associates3.5 3.3 22
23 56 5,550.2
Hogan Lovells 24 3.0
Ashurst
91 5,490.5 0.39
3.0 2.5
2.9
15 -
21*
5 Ashurst 23-
6
-
117
12 -6.4
2.8
Industry Total
5,171.6
4,650.7
-14.6%
0.1 0 2.825
Hogan Lovells 24
Industry % Change from Last Quarter5.3%
-1.3% 4.4%
41.4%
100.0
Industry % Change from Last Quarter
182,703.5 2,780
Industry % Change from Same Period Last Year 5.6%
2
2,029
21.3
209
0
3
0.2
5 1.5
7
-2
-
-2
2
3
0.5
0.7
*Tie
Blake Cassels & Graydon1.8 3 59* 47*
6
10 18*
31
30*
3
0 -
-3
-2
15 13
50.3
-3
-10.6
67*
1
12
0.1
5
36*
26*
36*4.2
6
7
2.3
26* 0.3
19
5.9
15*
1.4
0.3
3.3
2.3
100.0
3.9
3.3
11.5%
2710* 0.6
0.0
105* 0.0
-5 13 7
9,499.0
O'Melveny & Myers 67
3
0.1
43
21
Baker & McKenzie
18
64
4.915
41
20
3.1
10,079.6
8,538.0
8,276.2
7,315.2
6,572.2
5,916.2
9,442.8
5.4
5.6
28
13
5.6
6.0
5.6
0.3
0.9
Market
30 6 1.1
1 -2 Mori Hamada & Matsumoto
21
6
Shearman & Sterling LLP 3
22 Nagashima Ohno & Tsunematsu
-2
-233.6
Market
5
2
99 3
3.9109
5
3
5,563.7
5,516.1
39.1
168,833.6
5,625.5
0.3
2.2
0
50
100
150
200
250
300
350
400
0
10
20
30
40
50
60
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Ra
nk
Va
lue
(US
$b
)
#o
fD
ea
ls
Americas
Europe
Asia Pacific
Americas Number of Deals
Europe Number of Deals
Asia Pacific Number of Deals
17
-
-
-
-
-
-
-
https://www.thomsonone.com
Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portionof the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for
the transaction agreed to or, in the absence of an agreement, the value of the highest offer.
JapanAkemi MamiyaTel: +813 6441 1158
Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation.
League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, andunconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
Robert Levine
A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.
Tel: +1 646 223 5682
E-mail: [email protected] with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at thetime of announcement of terms.
E-mail: [email protected]
EMEA
Tel: +44 (0) 20 7542 3566
Full Year 2012 | Mergers & Acquisitions | Legal Advisors
Ranking Criteria Summary
Serkan Tecimer
If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:
Asia-PacificJason Pacannuayan
Americas
Announced league tables include all deals that were announced between January 1, 2011 and December 31, 2012 and of which Thomson Reuters was made aware. All current dataand previous year's data is as of 5:00pm EST on December 31, 2012.
League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.
E-mail: [email protected]
Tel: +632 858 7262E-mail: [email protected]
While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable forany errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as tothe accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transactionor trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying orselling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.
© 2012 Thomson Reuters. All rights reserved.
Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.
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