mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 1 Contacts: Europe & North America Hannah Bagshawe [email protected]Tel: +44 20 7059 6118 Asia-Pacific Seye Im [email protected]Tel: +852 2158 9706 Table of Contents: Global League Tables & Data 2-4 Expected Deals 5 Top Firm Profiles 6-10 European League Tables & Data 11-19 North American Tables & Data 20-26 Asia-Pacific League Tables & Data 27-32 Global M&A Breakdown 33 Criteria 34 About mergermarket 35 The first half 2008 M&A league tables saw Goldman Sachs just eke out a leading position over JPMorgan to emerge as the leading M&A firm by value. While Goldman’s was simply maintaining its leading position, JPMorgan was able to significantly improve on its fourth place finish in 2007. This impressive finish was aided in part because its traditional strengths in the US were buttressed by the inclusion of all Bear Stearns’ deals by virtue of its takeover of the latter. However this formed only a small part of their story, which also featured very strong performances in Europe in Asia, offered a few other surprises, notably the weak showing of industry heavyweight Morgan Stanley and Lehman Brothers. Morgan Stanley, which had grown used to shadowing industry leader Goldman Sachs for years, advised on just half as many deals by value as its nemesis in the US market in the first half of 2008. And Lehman Brothers, which a decade ago had been a leading light in the process of European consolidation by virtue of its key role advising and financing on the ground-breaking hostile bid for Telecom Italia, ranks just 16th in that market in the year so far. Meanwhile, the emergence of China’s CICC in 20th position – the first time a Chinese firm has ever appeared in the upper echelons of the M&A league tables – could herald a taste of things to come as M&A activity continues to grow in regions outside of Europe and North America. China makes up a growing portion of Asian M&A nowadays, in contrast with the recent past which has seen Australian deals dominate the market. The long line of strategic buyers that have emerged following General Electric’s recent decision to put its Kentucky-based appliances business up for sale offers a couple of key insights into the current M&A market. Had this sale process been announced just one year ago, private equity firms would have dominated the auction process yet the principle parties to have shown an interest are known to have comprised large strategic buyers from all four corners of the globe. Likewise the global M&A markets have been affected by the deleveraging of the banking system in the form of a severe decline in the leveraged buy-out market, leaving strategic buyers to fill in the void in a variety of sectors. And while cross-border M&A has yet to seriously take off to the extent it had been expected, encouraging signs have recently emerged in key sectors. The best example was seen at the beginning of June when the Japanese pharmaceuticals giant Daiichi Sankyo surprised the market with a USD 4.6 bid for India’s Ranbaxy. Given the weakness of the US and European banking sector, it is not surprising to see that this sector has grown quiet in these geographies, while remaining a solid area of activity in Asia. Energy and commodities remains a major M&A sector in 2008 across the globe although it showing signs of plateauing. The more consistent sectors of activity going forward comprise industrials as well as the consumer sector. Europe has marginally exceeded the US in terms of overall M&A activity, a rare occurrence which underlines the weaknesses of the latter. How- ever, as much of the expected cross-border activity is likely to involve US companies as targets, this situation could be reversed quite quickly. More disappointing has been the comparatively low levels of M&A activity in Latin America, despite the strength of markets there due to commod- ity price increases. mergermarket league tables of financial advisers to global M&A: H1 2008 July 1, 2008 For Immediate Release
Transcript
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 1
Global League Tables & Data 2-4Expected Deals 5Top Firm Profi les 6-10European League Tables & Data 11-19 North American Tables & Data 20-26Asia-Pacifi c League Tables & Data 27-32Global M&A Breakdown 33Criteria 34About mergermarket 35
The fi rst half 2008 M&A league tables saw Goldman Sachs just eke out a leading position over JPMorgan to emerge as the leading M&A fi rm by value. While Goldman’s was simply maintaining its leading position, JPMorgan was able to signifi cantly improve on its fourth place fi nish in 2007. This impressive fi nish was aided in part because its traditional strengths in the US were buttressed by the inclusion of all Bear Stearns’ deals by virtue of its takeover of the latter. However this formed only a small part of their story, which also featured very strong performances in Europe in Asia, offered a few other surprises, notably the weak showing of industry heavyweight Morgan Stanley and Lehman Brothers. Morgan Stanley, which had grown used to shadowing industry leader Goldman Sachs for years, advised on just half as many deals by value as its nemesis in the US market in the fi rst half of 2008. And Lehman Brothers, which a decade ago had been a leading light in the process of European consolidation by virtue of its key role advising and fi nancing on the ground-breaking hostile bid for Telecom Italia, ranks just 16th in that market in the year so far.
Meanwhile, the emergence of China’s CICC in 20th position – the fi rst time a Chinese fi rm has ever appeared in the upper echelons of the M&A league tables – could herald a taste of things to come as M&A activity continues to grow in regions outside of Europe and North America. China makes up a growing portion of Asian M&A nowadays, in contrast with the recent past which has seen Australian deals dominate the market.
The long line of strategic buyers that have emerged following General Electric’s recent decision to put its Kentucky-based appliances business up for sale offers a couple of key insights into the current M&A market. Had this sale process been announced just one year ago, private equity fi rms would have dominated the auction process yet the principle parties to have shown an interest are known to have comprised large strategic buyers from all four corners of the globe.
Likewise the global M&A markets have been affected by the deleveraging of the banking system in the form of a severe decline in the leveraged buy-out market, leaving strategic buyers to fi ll in the void in a variety of sectors. And while cross-border M&A has yet to seriously take off to the extent it had been expected, encouraging signs have recently emerged in key sectors. The best example was seen at the beginning of June when the Japanese pharmaceuticals giant Daiichi Sankyo surprised the market with a USD 4.6 bid for India’s Ranbaxy.
Given the weakness of the US and European banking sector, it is not surprising to see that this sector has grown quiet in these geographies, while remaining a solid area of activity in Asia. Energy and commodities remains a major M&A sector in 2008 across the globe although it showing signs of plateauing. The more consistent sectors of activity going forward comprise industrials as well as the consumer sector.
Europe has marginally exceeded the US in terms of overall M&A activity, a rare occurrence which underlines the weaknesses of the latter. How-ever, as much of the expected cross-border activity is likely to involve US companies as targets, this situation could be reversed quite quickly. More disappointing has been the comparatively low levels of M&A activity in Latin America, despite the strength of markets there due to commod-ity price increases.
mergermarket league tables of fi nancial advisers to global M&A: H1 2008
July 1, 2008For Immediate Release
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 2
Global
League Table of Financial Advisers to Global M&A: Value League Table of Financial Advisers to Global M&A: Volume
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
1 1 Goldman Sachs 566,555 122
4 2 JPMorgan 561,190 140
3 3 Citi 523,910 116
9 4 Deutsche Bank 464,540 81
8 5 Credit Suisse 453,675 113
2 6 Morgan Stanley 416,422 108
7 7 UBS 407,877 135
5 8 Merrill Lynch 375,425 113
10 9 Rothschild 323,396 122
6 10 Lehman Brothers 311,335 70
11 11 Lazard 280,694 82
14 12 BNP Paribas 263,087 41
27 13 Macquarie Group 241,974 46
87 14 SG 230,963 17
58 15 Gresham Advisory Partners 228,810 9
19 16 HSBC Bank 219,325 24
30 17 Centerview Partners 109,926 4
12 18 ABN AMRO 60,240 48
16 19 Banc of America Securities 45,461 31
131 20 China International Capital (CICC) 44,790 8
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
2 1 JPMorgan 561,190 140
5 2 UBS 407,877 135
4 3 KPMG Corp Fin 15,220 126
3 4 Goldman Sachs 566,555 122
7 5 Rothschild 323,396 122
1 6 Citi 523,910 116
8 7 Credit Suisse 453,675 113
11 8 Merrill Lynch 375,425 113
6 9 Deloitte 10,919 110
10 10 Morgan Stanley 416,422 108
9 11 PricewaterhouseCoopers Corp Fin 17,979 108
12 12 Ernst & Young 30,752 92
13 13 Lazard 280,694 82
15 14 Deutsche Bank 464,540 81
14 15 Lehman Brothers 311,335 70
19 16 Houlihan Lokey 10,103 67
21 17 Jefferies & Company 11,474 49
17 18 M&A International 1,559 49
16 19 ABN AMRO 60,240 48
22 20 Macquarie Group 241,974 46
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 3
League Table of Financial Advisers to Global Buyouts: Value League Table of Financial Advisers to Global Buyouts: Volume
Global
Note: based on fi rms advising the bidder on buyout deals
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
3 1 Deutsche Bank 19,794 12
7 2 Merrill Lynch 14,152 10
5 3 Morgan Stanley 12,801 9
2 4 Goldman Sachs 12,638 9
20 5 Rothschild 9,946 14
26 6 Ernst & Young 9,221 20
13 7 PricewaterhouseCoopers Corp Fin 7,495 23
8 8 Credit Suisse 6,585 9
14 9 UBS 6,392 8
46 10 RBC Capital Markets 5,932 3
4 11 Lehman Brothers 5,294 6
23 12 Mediobanca 4,790 4
6 13 JPMorgan 4,591 4
24 14 ABN AMRO 4,487 7
48 15 Barclays Bank 4,222 4
- 16 Sardis Capital 3,227 1
172 17 Hawkpoint Partners 3,102 1
1 18 Citi 3,068 6
15 19 Deloitte 2,985 21
196 20 Banca IMI/Intesa Sanpaolo 2,749 4
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
1 1 PricewaterhouseCoopers Corp Fin 7,495 23
5 2 KPMG Corp Fin 1,670 23
2 3 Deloitte 2,985 21
4 4 Ernst & Young 9,221 20
12 5 Rothschild 9,946 14
14 6 Deutsche Bank 19,794 12
13 7 Merrill Lynch 14,152 10
15 8 Grant Thornton Corporate Finance 380 10
10 9 Morgan Stanley 12,801 9
7 10 Goldman Sachs 12,638 9
6 11 Credit Suisse 6,585 9
17 12 BDO Corporate Finance 125 9
11 13 UBS 6,392 8
20 14 ABN AMRO 4,487 7
9 15 Lehman Brothers 5,294 6
3 16 Citi 3,068 6
22 17 Close Brothers Group 1,581 5
16 18 Macquarie Group 586 5
42 19 Mediobanca 4,790 4
8 20 JPMorgan 4,591 4
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 4
Global M&A Trend Data and Top Deals
Top Announced Deals H1 2008 - All Regions
Announced Date Bidder Company Bidder Financial Adviser Target Company Target/Seller Financial Adviser Seller CompanyDeal Value USD (m)
02-Mar-08 United Technologies Corporation Morgan Stanley Diebold Incorporated Goldman Sachs 2,632
10-Jun-08 Precision Drilling Trust RBC Capital Markets Grey Wolf Inc UBS 1,788
Pre- Ann. Date Potential Bidder Company Bidder Financial Adviser Target Company Target Financial AdviserValue
USD (m)
12-Dec-07 KT Corporation KT Freetel Co Ltd 5,137
24-Jun-08 BG Group Plc Goldman Sachs; Deutsche Bank; Morgan Stanley; Gresham Advisory Partners Contact Energy Ltd 3,565
05-Dec-07 Nakheel Group; and Lend Lease Corporation Mirvac Group 3,024
15-Feb-08 Steel Partners Japan Strategic Fund (Offshore) LP Sapporo Holdings Limited Mizuho Financial Group; Citi 2,724
14-May-08 Country Garden Holdings Co Ltd; and Yeung Kwok Television Broadcasts Limited 2,526
Expected Deals
Europe
North America
Asia-Pacifi c
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 6
Regional Rankings Value Volume
Global 1 4
Americas:
USA 1 2
Mid Atlantic 1 3
Mid West 2 1
New England 1 1
South/South West 1 2
West 5 2
Canada 8 29
Central & South America 5 8
Asia-Pacifi c
Asia-Pacifi c (excl Japan) 7 7
Asia (excl Japan) 9 3
South East Asia 4 2
Greater China 14 14
Australasia 6 9
India 7 10
Japan 3 9
Regional Rankings Value Volume
Europe: 3 12
UK 7 13
Germany 4 9
France 24 18
Benelux 4 9
Ireland - -
Iberia 36 25
Italy 10 16
Nordic 14 18
Central & Eastern Europe 18 22
Spain 32 19
Sweden 10 12
Russia 15 15
Buyouts:
Global 4 10
USA 14 4
Europe 3 11
Asia-Pacifi c (excl Japan) - -
Goldman SachsMix of Announced Global Deals by Industry Sector H1 2008 - Value
Consumer24.4%
Energy, Mining & Utilities42.3%
Construction0.3%
Transport0.1%
Leisure0.8%
Agriculture0.3%
Defence0.9% Industrials & Chemicals
3.3%Financial Services
7.6%Business Services
2.7%
Pharma, Medical & Biotech3.8%
TMT13.5%
Mix of Announced Global Deals by Industry Sector H1 2008 - Volume
Financial Services18.8%
Business Services13.3%
TMT16.4%
Industrials & Chemicals12.5%
Energy, Mining & Utilities9.4%
Consumer14.8%
Construction1.6%
Pharma, Medical & Biotech6.3%
Leisure4.7%
Agriculture0.8%
Defence0.8%
Transport0.8%
Mix of Announced Deals by Geographic Region H1 2008 - Value
North America28.7%
Central & South America2.0%
Western Europe62.3%
Australasia3.0%
Japan0.2%
Southern Europe1.0%
Northern Europe0.5%
North Asia0.5%
South & Central Asia0.1% South East Asia
0.8%Africa & Middle East
0.9%
Mix of Announced Deals by Geographic Region H1 2008 - Volume
North America52.3%
Western Europe18.0%
Central & South America3.1%
Australasia3.1%
South & Central Asia1.6%
South East Asia6.3%
Japan2.3%
Africa & Middle East2.3%
North Asia2.3%
Northern Europe2.3%
l & Eastern Europe1.6%
Southern Europe4.7%
Global M&A Activity - Quarterly
0
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eals
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mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 7
Regional Rankings Value Volume
Global 3 6
Americas:
USA 3 8
Mid Atlantic 2 6
Mid West 8 7
New England 4 6
South/South West 6 9
West 4 8
Canada - -
Central & South America 3 4
Asia-Pacifi c
Asia-Pacifi c (excl Japan) 1 9
Asia (excl Japan) 3 5
South East Asia 1 5
Greater China 4 12
Australasia 8 7
India 6 6
Japan 9 5
Regional Rankings Value Volume
Europe: 5 11
UK 11 11
Germany 22 15
France 19 12
Benelux 19 11
Ireland - -
Iberia 1 2
Italy 15 19
Nordic 16 19
Central & Eastern Europe 10 5
Spain 1 2
Sweden 11 23
Russia 10 4
Buyouts:
Global 18 16
USA 4 2
Europe 38 29
Asia-Pacifi c (excl Japan) - -
CitiMix of Announced Global Deals by Industry Sector H1 2008 - Value
Consumer21.9%
Energy, Mining & Utilities43.2%
Pharma, Medical & Biotech3.1% Financial Services
4.1%
Business Services3.2%
Industrials & Chemicals2.2%
Leisure0.5%
Transport0.7%
Construction0.4%
TMT20.6%
Mix of Announced Global Deals by Industry Sector H1 2008 - Volume
Financial Services15.0%
TMT15.9%
Leisure1.8%
Transport3.5%
Pharma, Medical & Biotech5.3% Industrials & Chemicals
13.3%
Business Services10.6%
Consumer10.6%
Energy, Mining & Utilities17.7%
Construction6.2%
Mix of Announced Deals by Geographic Region H1 2008 - Volume
North America31.0%
Central & South America6.2%
Western Europe13.3%
Northern Europe2.7%
North Asia3.5%
Japan15.9%
Australasia5.3%
South & Central Asia2.7%
South East Asia2.7%
Southern Europe8.8%
Central & Eastern Europe5.3%
Africa & Middle East2.7%
Mix of Announced Deals by Geographic Region H1 2008 - Value
Central & South America3.5%
Central & Eastern Europe0.8%
Africa & Middle East0.6%
South East Asia0.1%South & Central Asia
0.2%
Northern Europe0.1%
Southern Europe2.0%
North America19.7%
Australasia1.5%
North Asia6.4%
Japan0.6%
Western Europe64.5%
Global M&A Activity - Quarterly
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mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 8
Regional Rankings Value Volume
Global 2 1
Americas:
USA 2 1
Mid Atlantic 4 1
Mid West 1 2
New England 11 4
South/South West 2 1
West 3 5
Canada 30 33
Central & South America 4 1
Asia-Pacifi c
Asia-Pacifi c (excl Japan) 2 10
Asia (excl Japan) 2 4
South East Asia 9 17
Greater China 3 4
Australasia 10 13
India 14 30
Japan 14 16
Regional Rankings Value Volume
Europe: 2 6
UK 5 7
Germany 3 4
France 2 8
Benelux 3 4
Ireland 9 15
Iberia 13 15
Italy 9 10
Nordic 7 7
Central & Eastern Europe 3 11
Spain 12 13
Sweden 1 3
Russia 4 7
Buyouts:
Global 13 20
USA 1 5
Europe 64 69
Asia-Pacifi c (excl Japan) - -
JPMorganMix of Announced Global Deals by Industry Sector H1 2008 - Value
Consumer27.1%
Energy, Mining & Utilities41.7%
Business Services3.8%
Financial Services7.3%
TMT11.0%
Transport1.3%
Leisure0.6%
Industrials & Chemicals4.0%
Construction0.3%
Defence0.9%Pharma, Medical & Biotech
2.1%
Mix of Announced Global Deals by Industry Sector H1 2008 - Volume
Financial Services20.3%
Business Services6.3%
Consumer13.3%
Energy, Mining & Utilities12.6%
TMT16.8%
Construction2.8%
Leisure2.8%
Transport1.4%
Industrials & Chemicals16.1%
Defence0.7%
Pharma, Medical & Biotech7.0%
Mix of Announced Deals by Geographic Region H1 2008 - Value
Central & South America1.9%
Western Europe64.8%
Southern Europe1.7%
North America20.8%
Australasia0.2%
South East Asia0.5%
Africa & Middle East0.1%
North Asia6.2%
Northern Europe1.9%
South & Central Asia0.4%
Central & Eastern Europe1.5%
Mix of Announced Deals by Geographic Region H1 2008 - Volume
North America49.0%
Central & South America3.5%
Western Europe23.1%
Southern Europe5.6%
Northern Europe4.2%
Australasia2.8%
Central & Eastern Europe4.2%
North Asia2.8%
South & Central Asia2.1%
South East Asia0.7%
Africa & Middle East2.1%
Global M&A Activity - Quarterly
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mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 9
Regional Rankings Value Volume
Global 7 2
Americas:
USA 9 7
Mid Atlantic 9 9
Mid West 13 16
New England 10 3
South/South West 3 5
West 6 6
Canada 14 17
Central & South America 7 5
Asia-Pacifi c
Asia-Pacifi c (excl Japan) 3 2
Asia (excl Japan) 8 8
South East Asia 15 6
Greater China 7 5
Australasia 2 2
India - -
Japan 2 8
Regional Rankings Value Volume
Europe: 7 7
UK 2 6
Germany 2 3
France 17 3
Benelux 10 10
Ireland - -
Iberia 16 9
Italy 16 13
Nordic 2 6
Central & Eastern Europe 11 13
Spain 20 17
Sweden 8 9
Russia 9 13
Buyouts:
Global 9 13
USA 10 9
Europe 9 13
Asia-Pacifi c (excl Japan) - -
UBS
Global M&A Activity - Quarterly
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Value
VolumeMix of Announced Deals by Geographic Region H1 2008 - Value
Central & South America1.9%
Western Europe60.4%
North America23.2%
North Asia2.9%
Australasia6.6%
Africa & Middle East0.3% South East Asia
0.3%
Northern Europe1.4%
Central & Eastern Europe0.1%
South & Central Asia2.6%
Japan0.7%
Southern Europe1.3%
Mix of Announced Deals by Geographic Region H1 2008 - Volume
Northern Europe2.9%
North Asia5.1%
Japan2.9%
Australasia11.6%
Southern Europe4.3%
entral & Eastern Europe2.2%
South East Asia2.2%
South & Central Asia0.7% Africa & Middle East
2.2%
Western Europe26.1%
Central & South America4.3%
North America35.5%
Mix of Announced Global Deals by Industry Sector H1 2008 - Volume
Energy, Mining & Utilities13.0%
Consumer11.6%
Construction4.3%
Agriculture1.4%
Industrials & Chemicals20.3%
Pharma, Medical & Biotech3.8%
Defence0.7%
Transport2.9%
Leisure2.2%
Business Services7.2%
Financial Services10.9%TMT
16.7%
Mix of Announced Global Deals by Industry Sector H1 2008 - Value Construction
0.6% Agriculture<0.1%
Industrials & Chemicals8.8%
Pharma, Medical & Biotech3.8%
Defence0.2%
Transport1.6%
Leisure0.4% Business Services
2.6%
Financial Services7.0%
TMT10.0% Consumer
6.7%
Energy, Mining & Utilities56.5%
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 10
Regional Rankings Value Volume
Global 37 3
Americas:
USA 54 21
Mid Atlantic 39 24
Mid West 43 22
New England 37 55
South/South West 86 44
West 41 22
Canada 54 21
Central & South America 36 13
Asia-Pacifi c
Asia-Pacifi c (excl Japan) 39 3
Asia (excl Japan) 44 15
South East Asia - -
Greater China 45 19
Australasia 25 3
India 22 2
Japan 5 6
Regional Rankings Value Volume
Europe: 34 3
UK 29 5
Germany 25 5
France 44 10
Benelux 15 3
Ireland 32 11
Iberia 19 4
Italy 18 3
Nordic 40 5
Central & Eastern Europe 56 34
Spain 18 3
Sweden 36 5
Russia - -
Buyouts:
Global 27 2
USA 38 15
Europe 20 4
Asia-Pacifi c (excl Japan) 11 4
KPMG Corp Fin
Global M&A Activity - Quarterly
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Volume
Mix of Announced Deals by Geographic Region H1 2008 - Value
Japan36.7%
Western Europe24.8%
Southern Europe17.7%
Northern Europe3.0%
South East Asia0.6%
South & Central Asia2.5%
Australasia8.6%
North America2.9%
Africa & Middle East1.0%
Central & Eastern Europe0.6%
North Asia1.6%
Mix of Announced Deals by Geographic Region H1 2008 - Volume
Western Europe35.4%
Southern Europe14.2%
Northern Europe8.7%
Central & Eastern Europe2.4%
North Asia1.6%
Japan9.4%
Australasia11.8%
South & Central Asia3.1%
South East Asia1.6% North America
7.9%
Central & South America2.4%
Africa & Middle East1.6%
Mix of Announced Global Deals by Industry Sector H1 2008 - Volume
Financial Services15.0%
Energy, Mining & Utilities7.1%
TMT10.2%
Transport1.6%
Industrials & Chemicals22.8%
Construction7.9%
Leisure6.3%
Agriculture0.8%
Pharma, Medical & Biotech6.3%
Consumer10.2%
Business Services11.8%
Mix of Announced Global Deals by Industry Sector H1 2008 - Value
Financial Services47.8%
Business Services4.0%
Consumer10.8%
Energy, Mining & Utilities11.9%
Industrials & Chemicals14.4%
Leisure1.3%
Pharma, Medical & Biotech3.5%
TMT3.9%
Construction1.3% Agriculture
0.6%
Transport0.4%
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 11
EuropeDeutsche Bank is the uncontested leader in H1 2008, jumping up from 10th posi-tion at the year end 2007 to top the European H1 2008 table by value. The fi rm has also topped the global and European buyout tables by value, as well as the value tables in the UK, Germany, the Nordic region and in Russia.
The bank has advised on four out of the top fi ve European deals in 2008 includ-ing the largest deal globally so far this year, BHP Billiton’s EUR 144bn bid for Rio Tinto.
The top spots in Europe have seen some movement this quarter, with the excep-tion of Goldman Sachs, which is down to third place from second at the year end 2007. JPMorgan, the runner up by value, is up from 6th place from the end of last year, while Credit Suisse, now in fourth position, was ranked just ninth at the year end 2007.
European M&A activity is down in Q2 this year with 60% less by value and 8% less by volume since Q1. Compared to Q2 2007, the busiest quarter over the past few years, activity is down 68% by value and 22% by volume.
Top Announced Deals H1 2008 - Europe
Announced Date Bidder Company Bidder Financial Adviser Target Company Target/Seller Financial Adviser Seller CompanyDeal Value EUR (m)
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 13
League Table of Financial Advisers to European Buyouts: Value League Table of Financial Advisers to European Buyouts: Volume
Europe
Note: based on fi rms advising the bidder on buyout deals where the dominant geography of the target company is Europe
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
9 1 Deutsche Bank 16,685 7
6 2 Merrill Lynch 12,744 7
3 3 Goldman Sachs 11,052 5
18 4 Morgan Stanley 9,917 5
17 5 Rothschild 8,860 14
19 6 Ernst & Young 8,671 19
11 7 PricewaterhouseCoopers Corp Fin 6,063 20
14 8 Mediobanca 4,790 4
7 9 UBS 4,556 5
42 10 RBC Capital Markets 3,933 1
22 11 ABN AMRO 3,329 5
- 12 Sardis Capital 3,227 1
2 13 Deloitte 2,794 20
132 14 Banca IMI/Intesa Sanpaolo 2,749 4
5 15 UniCredit Group 2,134 4
118 16= Hawkpoint Partners 2,016 1
15 16= Lehman Brothers 2,016 1
53 18 Close Brothers Group 1,581 6
34 19 CALYON 1,425 3
21 20 KPMG Corp Fin 1,413 18
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
2 1 PricewaterhouseCoopers Corp Fin 6,063 20
1 2 Deloitte 2,794 20
3 3 Ernst & Young 8,671 19
4 4 KPMG Corp Fin 1,413 18
5 5 Rothschild 8,860 14
9 6 Grant Thornton Corporate Finance 380 10
7 7 BDO Corporate Finance 125 9
15 8 Deutsche Bank 16,685 7
21 9 Merrill Lynch 12,744 7
13 10 Close Brothers Group 1,581 6
6 11 Goldman Sachs 11,052 5
19 12 Morgan Stanley 9,917 5
8 13 UBS 4,556 5
23 14 ABN AMRO 3,329 5
34 15 Mediobanca 4,790 4
139 16 Banca IMI/Intesa Sanpaolo 2,749 4
17 17 UniCredit Group 2,134 4
39 18 CALYON 1,425 3
54 19 Sal Oppenheim jr & Cie 1,260 3
24 20 BNP Paribas 504 3
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 14
EuropeFinancial Advisers to UK M&A: Value Financial Advisers to UK M&A: Volume
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
1 1 UBS 177,292 27
10 2 Deutsche Bank 175,391 20
6 3 Rothschild 171,746 46
9 4 Credit Suisse 168,794 15
7 5 JPMorgan Cazenove 167,731 26
3 6 Merrill Lynch 159,493 18
2 7 Morgan Stanley 158,225 13
4 8 Goldman Sachs 156,678 16
5 9 Citigroup 151,970 17
20 10 Lazard 149,393 8
40 11 BNP Paribas 146,943 8
21 12 HSBC Bank 145,984 7
141 13 Gresham Advisory Partners 144,271 2
26 14 Macquarie Group 144,211 4
58 15 SG 144,154 3
Financial Advisers to French M&A: Value Financial Advisers to French M&A: Volume
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
10 1 Deutsche Bank 186,693 22
1 2 UBS 176,603 27
6 3 Rothschild 172,185 48
2 4 Morgan Stanley 168,455 14
7 5 JPMorgan Cazenove 168,438 27
9 6 Credit Suisse 167,568 16
4 7 Goldman Sachs 166,752 17
3 8 Merrill Lynch 159,493 18
141 9 Gresham Advisory Partners 154,413 3
26 10 Macquarie Group 154,285 5
5 11 Citi 153,130 18
20 12 Lazard 149,393 8
40 13 BNP Paribas 146,943 8
21 14 HSBC Bank 145,984 7
58 15 SG 144,154 3
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
1 1 Rothschild 172,185 48
3 2 PricewaterhouseCoopers Corp Fin 4,127 40
2 3 Deloitte 3,751 40
5 4 Ernst & Young 6,960 37
4 5 KPMG Corp Fin 2,511 37
6 6 UBS 176,603 27
11 7 JPMorgan Cazenove 168,438 27
9 8 BDO Corporate Finance 351 26
14 9 Deutsche Bank 186,693 22
8 10 Merrill Lynch 159,493 18
7 11 Citi 153,130 18
13 12 Grant Thornton Corporate Finance 1,022 18
12 13 Goldman Sachs 166,752 17
16 14 Credit Suisse 167,568 16
10 15 Morgan Stanley 168,455 14
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
8 1 CALYON 17,417 9
4 2 JPMorgan 15,745 10
21 3 Merrill Lynch 13,907 7
28 4 SG 12,728 15
9 5 Lazard 12,024 16
2 6 BNP Paribas 8,595 13
14 7 Deutsche Bank 7,636 4
16 8 Ernst & Young 7,625 9
32 9 Natixis 6,364 3
3 10 Rothschild 6,294 28
5 11 Morgan Stanley 5,886 2
56 12 Ricol et Lasteyrie et Associes 5,723 2
- 13 PK Partners 5,626 1
- 14= Credit Mutuel-CIC Asset Management 5,558 1
126 14= Fortis 5,558 1
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
1 1 Rothschild 6,294 28
3 2 Lazard 12,024 16
5 3 UBS 3,842 16
7 4 SG 12,728 15
2 5 BNP Paribas 8,595 13
8 6 Aforge Finance 600 11
6 7 CALYON 17,417 10
10 8 JPMorgan 15,745 10
13 9 Close Brothers Group 864 10
11 10 KPMG Corp Fin 225 10
4 11 Ernst & Young 7,625 9
17 12 Citi 2,390 9
23 13 Deloitte 31 8
25 14 Merrill Lynch 13,907 7
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 15
Financial Advisers to German M&A: Value Financial Advisers to German M&A: Value
Financial Advisers to Spanish M&A: Value Financial Advisers to Spanish M&A: Value
Europe
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
3 1 Deutsche Bank 13,242 19
4 2 UBS 11,533 13
7 3 JPMorgan 9,010 9
1 4 Goldman Sachs 7,775 7
2 5 Morgan Stanley 5,092 6
12 6 Merrill Lynch 5,049 3
6 7 Rothschild 4,808 8
73 8 Metzler Corporate Finance 3,948 3
5 9 Ernst & Young 3,680 14
13 10 Credit Suisse 3,523 8
- 11 EFG Eurobank Ergasias 2,986 2
122 12 SEB Enskilda 2,944 3
- 13 Investment Bank of Greece 2,549 1
- 14= Lilja & Co 2,400 1
29 14= Mediobanca 2,400 1
- 14= Sietz and Partner Limited & Co 2,400 1
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
2 1 Deutsche Bank 13,242 19
1 2 Ernst & Young 3,680 14
4 3 UBS 11,533 13
9 4 JPMorgan 9,010 9
5 5 KPMG Corp Fin 744 9
10 6 PricewaterhouseCoopers Corp Fin 188 9
3 7 Rothschild 4,808 8
12 8 Credit Suisse 3,523 8
6 9 Goldman Sachs 7,775 7
13 10 Sal Oppenheim jr & Cie 990 7
7 11 Lazard 394 7
8 12 Morgan Stanley 5,092 6
17 13 Close Brothers Group 165 6
30 14 UniCredit Group 2,024 5
15 15 Citi 1,478 5
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
1 1 Citi 3,830 8
9 2 BNP Paribas 2,538 5
34 3 CALYON 1,832 3
4 4 Morgan Stanley 1,774 3
3 5 Lehman Brothers 1,746 3
14 6 Rothschild 1,633 2
42 7 N+1 1,119 3
28 8 Ernst & Young 1,084 6
- 9= goetzpartners 1,026 1
6 9= Merrill Lynch 1,026 1
7 11 Santander Global Banking and Markets 939 1
2 12 JPMorgan 881 3
18 13 Lazard 878 5
11 14 Deutsche Bank 876 1
- 15 Natixis 806 2
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
1 1 Deloitte 775 19
8 2 Citi 3,830 8
2 3 KPMG Corp Fin 650 7
5 4 Ernst & Young 1,084 6
3 5 Atlas Capital Close Brothers 440 6
16 6 BNP Paribas 2,538 5
17 7 Lazard 878 5
6 8 Socios Financieros 218 4
38 9 CALYON 1,832 3
13 10 Morgan Stanley 1,774 3
18 11 Lehman Brothers 1,746 3
25 12 N+1 1,119 3
4 13 JPMorgan 881 3
12 14 ABN AMRO 412 3
11 15 Rothschild 1,633 2
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 16
EuropeFinancial Advisers to Irish M&A: Value Financial Advisers to Irish M&A: Volume
Financial Advisers to Italian M&A: Value Financial Advisers to Italian M&A: Volume
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
- 1= BNP Paribas 2,023 3
3 1= Credit Suisse 2,023 3
18 3= Dresdner Kleinwort 1,455 1
- 3= Lexicon Partners 1,455 1
10 3= NCB Corporate Finance 1,455 1
6 6 Davy Corporate Finance 928 8
- 7 Banc of America Securities 665 3
- 8 Swiss Capital Group 568 2
14 9 JPMorgan 345 1
- 10 Kotak Mahindra Group 290 1
26 11 Merrion Capital Group 232 2
27 12= AIB Corporate Finance 216 1
- 12= UniCredit Group 216 1
16 14 Deloitte 190 2
23 15 Goodbody Corp Fin 171 4
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
2 1 Davy Corporate Finance 928 8
7 2 Goodbody Corp Fin 171 4
- 3= BNP Paribas 2,023 3
10 3= Credit Suisse 2,023 3
- 5 Banc of America Securities 665 3
- 6 Swiss Capital Group 568 2
18 7 Merrion Capital Group 232 2
4 8 Deloitte 190 2
1 9 IBI Corporate Finance 85 2
- 10 Baker Tilly Corporate Finance 38 2
5 11 KPMG Corp Fin - 2
33 12= Dresdner Kleinwort 1,455 1
- 12= Lexicon Partners 1,455 1
6 12= NCB Corporate Finance 1,455 1
31 15 JPMorgan 345 1
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
3 1 Rothschild 6,934 25
1 2 Mediobanca 6,606 21
2 3 KPMG Corp Fin 1,125 12
15 4 Morgan Stanley 3,014 11
6 5 Merrill Lynch 8,653 10
10 6 UniCredit Group 3,485 10
8 7 Credit Suisse 4,608 9
7 8 Banca IMI/Intesa Sanpaolo 4,069 9
4 9 Lazard 5,199 6
16 10 JPMorgan 4,419 6
27 11 Fineurop Soditic 433 6
18 12 Lehman Brothers 4,703 5
13 13 UBS 1,660 5
5 14 Deloitte 314 5
17 15 PricewaterhouseCoopers Corp Fin 49 5
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
1 1 Merrill Lynch 8,653 10
12 2 Rothschild 6,934 25
2 3 Mediobanca 6,606 21
18 4 Lazard 5,199 6
30 5 ABN AMRO 5,152 2
26 6 CALYON 5,052 2
5 7 Lehman Brothers 4,703 5
3 8 Credit Suisse 4,608 9
9 9 JPMorgan 4,419 6
7 10 Goldman Sachs 4,344 4
17 11 Banca IMI/Intesa Sanpaolo 4,069 9
11 12 BNP Paribas 4,052 1
15 13 UniCredit Group 3,485 10
8 14 Morgan Stanley 3,014 11
4 15 Citi 1,891 3
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 17
EuropeFinancial Advisers to Nordic M&A: Value
Financial Advisers to Swedish M&A: Value Financial Advisers to Swedish M&A: Volume
Financial Advisers to Nordic M&A: Volume
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
8 1 Deutsche Bank 24,912 7
7 2 UBS 22,364 11
13 3 Credit Suisse 18,499 10
25 4 FIH PARTNERS 14,102 10
24 5 Lehman Brothers 13,327 2
26 6 Rothschild 13,262 5
4 7 JPMorgan 12,673 11
5 8 Morgan Stanley 10,963 5
15 9 Ernst & Young 6,436 19
68 10 SG 5,957 3
146 11= CALYON 5,626 1
- 11= PK Partners 5,626 1
10 13 SEB Enskilda 4,619 13
1 14 Goldman Sachs 3,998 5
3 15 Merrill Lynch 3,433 4
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
12 1 JPMorgan 9,317 7
13 2 Deutsche Bank 8,703 4
3 3 Morgan Stanley 8,669 3
15 4 Ernst & Young 6,306 12
- 5 SG 5,957 3
95 6= CALYON 5,626 1
- 6= PK Partners 5,626 1
4 8 UBS 4,015 5
9 9 SEB Enskilda 3,734 7
2 10 Goldman Sachs 3,280 4
14 11 Citi 2,669 2
10 12 Credit Suisse 2,574 6
1 13 Handelsbanken Capital Markets 2,348 5
28 14 ABN AMRO 1,496 3
27 15 Erneholm & Haskel 1,002 3
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
6 1 Ernst & Young 6,306 12
11 2 Danske Markets Corporate Finance 102 8
15 3 JPMorgan 9,317 7
1 4 SEB Enskilda 3,734 7
7 5 KPMG Corp Fin 80 7
41 6 Credit Suisse 2,574 6
5 7 D Carnegie & Co 541 6
3 8 PricewaterhouseCoopers Corp Fin 366 6
4 9 UBS 4,015 5
2 10 Handelsbanken Capital Markets 2,348 5
20 11 Deutsche Bank 8,703 4
13 12 Goldman Sachs 3,280 4
8 13 Nordea Corporate Finance 270 4
9 14 Lazard 264 4
28 15 FIH PARTNERS 133 4
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
3 1 Ernst & Young 6,436 19
2 2 PricewaterhouseCoopers Corp Fin 1,081 17
1 3 SEB Enskilda 4,619 13
10 4 Danske Markets Corporate Finance 885 12
7 5 KPMG Corp Fin 289 12
9 6 UBS 22,364 11
16 7 JPMorgan 12,673 11
36 8 Credit Suisse 18,499 10
23 9 FIH PARTNERS 14,102 10
5 10 Deloitte 467 10
8 11 Nordea Corporate Finance 486 9
4 12 D Carnegie & Co 1,074 8
14 13 Lazard 873 8
20 14 Deutsche Bank 24,912 7
12 15 ABG Sundal Collier 777 6
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 18
Europe
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
2 1 Merrill Lynch 9,938 12
7 2 Deutsche Bank 7,509 8
9 3 JPMorgan 5,443 6
11 4 Troika Dialog Group 5,115 8
3 5 Credit Suisse 5,081 6
13 6 Rothschild 4,309 10
8 7 ABN AMRO 3,815 4
28 8 Alfa Bank 3,726 4
6 9 Renaissance Capital 3,714 9
5 10 Citi 3,689 9
1 11 UBS 3,383 5
4 12 Morgan Stanley 3,083 5
10 13 BNP Paribas 2,856 3
34 14 HSBC Bank 2,417 4
19 15 Dresdner Kleinwort 2,284 3
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
7 1 Deutsche Bank 6,897 7
2 2 Merrill Lynch 6,679 8
11 3 Troika Dialog Group 5,115 8
9 4 JPMorgan 5,093 5
4 5 Credit Suisse 4,957 5
8 6 ABN AMRO 3,815 4
19 7 Alfa Bank 3,726 4
6 8 Renaissance Capital 3,564 8
1 9 UBS 3,259 4
5 10 Citi 3,173 8
3 11 Morgan Stanley 3,083 5
13 12 Rothschild 2,643 7
17 13 Dresdner Kleinwort 2,284 3
- 14 Handelsbanken Capital Markets 2,233 1
12 15 Goldman Sachs 1,588 3
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
10 1 Merrill Lynch 9,938 12
5 2 Rothschild 4,309 10
1 3 Deloitte 256 10
7 4 Renaissance Capital 3,714 9
15 5 Citi 3,689 9
3 6 Deutsche Bank 7,509 8
19 7 Troika Dialog Group 5,115 8
14 8 Raiffeisen Investment 1,044 8
13 9 PricewaterhouseCoopers Corp Fin 656 7
8 10 Ernst & Young 553 7
18 11 JPMorgan 5,443 6
6 12 Credit Suisse 5,081 6
9 13 UBS 3,383 5
4 14 Morgan Stanley 3,083 5
34 15 ING 873 5
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
8 1 Merrill Lynch 6,679 8
9 2 Troika Dialog Group 5,115 8
2 3 Renaissance Capital 3,564 8
10 4 Citi 3,173 8
1 5 Deutsche Bank 6,897 7
13 6 Rothschild 2,643 7
5 7 JPMorgan 5,093 5
4 8 Credit Suisse 4,957 5
3 9 Morgan Stanley 3,083 5
- 10 Urals Energy Management Company 333 5
11 11 ABN AMRO 3,815 4
26 12 Alfa Bank 3,726 4
7 13 UBS 3,259 4
18 14 Dresdner Kleinwort 2,284 3
6 15 Goldman Sachs 1,588 3
Financial Advisers to Central Eastern Europe M&A: Value
Financial Advisers to Russian M&A: Value Financial Advisers to Russian M&A: Volume
Financial Advisers to Central Eastern Europe M&A: Volume
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 19
EuropeFinancial Advisers to Benelux M&A: Value
Financial Advisers to Iberian M&A: Value Financial Advisers to Iberian M&A: Volume
Financial Advisers to Benelux M&A: Volume
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
5 1 Merrill Lynch 8,329 9
3 2 ABN AMRO 7,958 14
12 3 JPMorgan 7,145 10
1 4 Goldman Sachs 6,226 7
11 5 Lazard 4,730 5
22 6 BNP Paribas 4,200 3
39 7 CALYON 4,052 1
6 8 Lehman Brothers 3,828 3
10 9 Deutsche Bank 3,263 3
4 10 UBS 2,602 7
8 11 Citi 2,027 4
7 12 Rothschild 1,727 8
26 13 Rabobank 1,483 7
20 14 Credit Suisse 1,237 5
16 15 KPMG Corp Fin 1,151 13
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
1 1 Citi 3,830 8
9 2 BNP Paribas 2,538 5
35 3 CALYON 1,927 4
4 4 Morgan Stanley 1,774 3
3 5 Lehman Brothers 1,746 3
14 6 Rothschild 1,688 3
7 7 Santander Global Banking and Markets 1,257 2
44 8 N+1 1,119 3
29 9 Ernst & Young 1,107 8
19 10 Lazard 1,068 6
- 11= goetzpartners 1,026 1
6 11= Merrill Lynch 1,026 1
2 13 JPMorgan 881 3
11 14 Deutsche Bank 876 2
28 15 Deloitte 874 20
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
1 1 Deloitte 874 20
10 2 Citi 3,830 8
6 3 Ernst & Young 1,107 8
2 4 KPMG Corp Fin 650 7
18 5 Lazard 1,068 6
4 6 Atlas Capital Close Brothers 440 6
17 7 BNP Paribas 2,538 5
39 8 CALYON 1,927 4
8 9 UBS 813 4
11 10 Socios Financieros 218 4
14 11 Morgan Stanley 1,774 3
19 12 Lehman Brothers 1,746 3
13 13 Rothschild 1,688 3
27 14 N+1 1,119 3
7 15 JPMorgan 881 3
Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals
1 1 ABN AMRO 7,958 14
3 2 Deloitte 325 14
2 3 KPMG Corp Fin 1,151 13
9 4 JPMorgan 7,145 10
4 5 ING 670 10
18 6 Merrill Lynch 8,329 9
6 7 Rothschild 1,727 8
17 8 PricewaterhouseCoopers Corp Fin 834 8
5 9 Goldman Sachs 6,226 7
12 10 UBS 2,602 7
11 11 Rabobank 1,483 7
50 12 Close Brothers Group 554 7
14 13 M&A International 42 7
20 14 KBC Securities 456 6
25 15 BDO Corporate Finance - 6
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 20
The AmericasGoldman Sachs lead the US H1 2008 table by value, with 84 deals worth a total of USD 288bn. The leading investment bank globally, Goldman are advisers to the top three North American American deals this quarter.
American rival JPMorgan is close behind, however, with a total of USD 236bn and 85 deals, pushing them into top position in the US volume table. The US runners up by value are also second in the global value table, and are in fi rst place in the US buyout table in H1 2008.
Meanwhile US heavyweight Morgan Stanley, seems to be among the fi rms most affected by current market conditions, with less than half of leading fi rm Goldman Sachs’ deal value. Morgan Stanley is ranked 7th in H1 2008, down from 3rd place at the year end 2007. However the fi rm have risen dramatically in the volume tables to 3rd place so far this quarter, up from 8th position at the end of last year.
Despite the weakness of the US market, American M&A has seen a rise in value in the second quarter of 2008, with all of the region’s top deals this year being an-nounced in Q2. Deal value is up 98% in Q2 compared to Q1 so far this year, how-ever, it is down 50% compared to last year’s record quarter - Q2 2007.
Top Announced Deals H1 2008 - North America (US and Canada)
Announced Date Bidder Company Bidder Financial Adviser Target Company Target/Seller Financial Adviser Seller CompanyDeal Value USD (m)
05-Jun-08 Verizon Wireless Inc Lehman Brothers; Morgan Stanley; UBS Alltel Corporation Inc ABN AMRO; Advising seller: Citi; Goldman Sachs; Royal Bank of Scotland Group
Atlantis Holdings LLC (af-fi liate of TPG LLP and GS Capital Partners
28,100
21-May-08 Time Warner Cable Inc (Shareholders)
Time Warner Cable Inc (86.30% stake)
Evercore Partners; Morgan Stanley; Advising seller: Banc of America Securities; BNP Paribas; Citi; Deutsche Bank; Goldman Sachs; Wachovia
Time Warner Inc 25,461
28-Apr-08 Mars Incorporated JPMorgan The Wm Wrigley Jr Company Goldman Sachs; William Blair & Company 22,638
11-May-08 EnCana Corporation (Shareholders)
CIBC World Markets; Lehman Brothers; Scotia Capital
EnCana Corporation (Integrated Oil and Canadian Plains divisions)
Advising seller: Merrill Lynch; RBC Capital Markets EnCana Corporation 21,545
13-May-08 Hewlett-Packard Company JPMorgan; Lehman Brothers Electronic Data Systems Corporation Citi; Evercore Partners 13,044
North American M&A Activity - Quarterly(USA and Canada)
0
100
200
300
400
500
600
700
Qtr1 03
Qtr2 03
Qtr3 03
Qtr4 03
Qtr1 04
Qtr2 04
Qtr3 04
Qtr4 04
Qtr1 05
Qtr2 05
Qtr3 05
Qtr4 05
Qtr1 06
Qtr2 06
Qtr3 06
Qtr4 06
Qtr1 07
Qtr2 07
Qtr3 07
Qtr4 07
Qtr1 08
Qtr2 08
Valu
e of D
eals
($bn
)
0
200
400
600
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1,200
1,400
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Volu
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f Dea
ls
ValueVolume
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 21
The Americas
League Table of Financial Advisers to US M&A: Value League Table of Financial Advisers to US M&A: Volume
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
1 1 Goldman Sachs 288,339 84
4 2 JPMorgan 235,582 85
2 3 Citi 218,595 48
5 4 Lehman Brothers 207,693 45
8 5 Deutsche Bank 154,318 34
6 6 Credit Suisse 145,564 60
3 7 Morgan Stanley 139,720 64
15 8 Centerview Partners 109,926 4
9 9 UBS 91,837 55
7 10 Merrill Lynch 74,510 56
11 11 Banc of America Securities 44,133 27
18 12 Evercore Partners 43,400 10
20 13 ABN AMRO 41,718 15
16 14 Wachovia 40,124 27
45 15 William Blair & Company 36,277 23
10 16 Lazard 35,490 44
24 17 Royal Bank of Scotland Group 30,163 2
48 18 BNP Paribas 26,177 3
12 19 Greenhill & Co 17,587 5
28 20 Sandler O'Neill & Partners 16,462 17
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
1 1 JPMorgan 235,582 85
2 2 Goldman Sachs 288,339 84
8 3 Morgan Stanley 139,720 64
10 4 Houlihan Lokey 8,875 62
4 5 Credit Suisse 145,564 60
7 6 Merrill Lynch 74,510 56
5 7 UBS 91,837 55
3 8 Citi 218,595 48
6 9 Lehman Brothers 207,693 45
9 10 Lazard 35,490 44
13 11 Jefferies & Company 10,243 42
11 12 Deutsche Bank 154,318 34
12 13 Banc of America Securities 44,133 27
16 14 Wachovia 40,124 27
14 15 Rothschild 11,498 27
18 16 William Blair & Company 36,277 23
25 17 Lincoln International 273 20
23 18 M&A International 485 19
15 19 RBC Capital Markets 3,023 18
20 20 Sandler O'Neill & Partners 16,462 17
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 22
League Table of Financial Advisers to US Buyouts: Value League Table of Financial Advisers to US Buyouts: Volume
The Americas
Note: based on fi rms advising the bidder on buyout deals where the dominant geography of the target company is USA
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
6 1 JPMorgan 4,270 2
19 2 Barclays Bank 3,634 2
9 3 Credit Suisse 3,507 4
1 4 Citi 2,352 3
- 5 Royal Bank of Scotland Group 2,063 1
11 6 Wachovia 1,996 3
5 7 Deutsche Bank 1,845 2
- 8 Broadpoint Securities Group 1,815 1
8 9 Banc of America Securities 1,571 2
13 10 UBS 1,500 2
90 11 RBC Capital Markets 1,345 1
31 12 Duff & Phelps 1,300 2
29 13 Jefferies & Company 1,300 1
2 14 Goldman Sachs 1,010 3
- 15 Greenwich Capital Markets 985 1
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
4 1 Credit Suisse 3,507 4
1 2 Citi 2,352 3
11 3 Wachovia 1,996 3
5 4 Goldman Sachs 1,010 3
3 5 JPMorgan 4,270 2
18 6 Barclays Bank 3,634 2
7 7 Deutsche Bank 1,845 2
10 8 Banc of America Securities 1,571 2
9 9 UBS 1,500 2
42 10 Duff & Phelps 1,300 2
2 11 Lehman Brothers 840 2
12 12 Houlihan Lokey 219 2
25 13 Lazard - 2
- 14 Royal Bank of Scotland Group 2,063 1
- 15 Broadpoint Securities Group 1,815 1
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 23
The Americas
League Table of Financial Advisers to Canadian M&A: Value League Table of Financial Advisers to Canadian M&A: Volume
League Table of Financial Advisers to US (Mid Atlantic) M&A: Value League Table of Financial Advisers to US (Mid Atlantic) M&A: Volume
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
14 1 Merrill Lynch 27,459 6
15 2 Scotia Capital 25,976 13
1 3 RBC Capital Markets 25,544 13
2 4 CIBC World Markets 24,548 20
27 5 Lehman Brothers 21,545 1
6 6 Deutsche Bank 7,366 4
20 7 GMP Securities 3,751 10
4 8 Goldman Sachs 3,632 2
23 9 Handelsbanken Capital Markets 3,500 1
10 10 BMO Capital Markets 3,486 8
9 11 Morgan Stanley 3,272 4
28 12 ABN AMRO 2,519 2
11 13 Credit Suisse 2,324 2
8 14 UBS 2,153 4
30 15 FirstEnergy Capital 2,099 6
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
1 1 CIBC World Markets 24,548 20
4 2 Scotia Capital 25,976 13
2 3 RBC Capital Markets 25,544 13
5 4 GMP Securities 3,751 10
7 5 BMO Capital Markets 3,486 8
3 6 TD Securities 1,671 8
20 7 Macquarie Group 1,997 7
10 8 Merrill Lynch 27,459 6
17 9 FirstEnergy Capital 2,099 6
15 10 National Bank Financial 2,023 6
23 11 Peters & Co 950 6
13 12 Canaccord Adams 1,927 5
19 13 Tristone Capital 990 5
49 14 Jefferies & Company 412 5
30 15 Deutsche Bank 7,366 4
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
1 1 Goldman Sachs 200,365 31
4 2 Citi 185,013 27
5 3 Lehman Brothers 160,710 20
3 4 JPMorgan 151,979 36
7 5 Deutsche Bank 140,130 16
8 6 Credit Suisse 129,981 29
11 7 Centerview Partners 109,011 3
2 8 Morgan Stanley 85,132 34
10 9 UBS 39,950 21
6 10 Merrill Lynch 39,849 25
14 11 Wachovia 33,850 11
20 12 ABN AMRO 29,160 3
9 13 Banc of America Securities 28,888 10
- 14 Royal Bank of Scotland Group 28,100 1
12 15 Lazard 27,180 27
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
1 1 JPMorgan 151,979 36
4 2 Morgan Stanley 85,132 34
2 3 Goldman Sachs 200,365 31
5 4 Credit Suisse 129,981 29
11 5 Houlihan Lokey 5,716 28
3 6 Citi 185,013 27
10 7 Lazard 27,180 27
8 8 Merrill Lynch 39,849 25
7 9 UBS 39,950 21
6 10 Lehman Brothers 160,710 20
15 11 Jefferies & Company 4,020 18
9 12 Deutsche Bank 140,130 16
13 13 Wachovia 33,850 11
12 14 Banc of America Securities 28,888 10
14 15 Rothschild 3,512 10
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 24
League Table of Financial Advisers to US (Mid West) M&A: Value League Table of Financial Advisers to US (Mid West) M&A: Volume
League Table of Financial Advisers to US (New England) M&A: Value League Table of Financial Advisers to US (New England) M&A: Volume
The Americas
*Includes: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
3 1 JPMorgan 60,238 28
1 2 Goldman Sachs 53,325 29
27 3 William Blair & Company 35,573 10
8 4 Merrill Lynch 27,975 15
4 5 Morgan Stanley 27,010 16
5 6 Credit Suisse 26,050 23
7 7 Lehman Brothers 17,378 8
2 8 Citi 12,473 13
9 9 Greenhill & Co 9,805 2
31 10 Sandler O'Neill & Partners 9,691 6
13 11 Banc of America Securities 7,101 10
18 12 Lazard 5,185 13
11 13 UBS 4,805 7
19 14 Rothschild 4,509 9
21 15 Wachovia 3,683 8
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
2 1 Goldman Sachs 53,325 29
1 2 JPMorgan 60,238 28
3 3 Credit Suisse 26,050 23
7 4 Houlihan Lokey 1,851 21
11 5 Morgan Stanley 27,010 16
8 6 Merrill Lynch 27,975 15
4 7 Citi 12,473 13
5 8 Lazard 5,185 13
9 9 William Blair & Company 35,573 10
10 10 Banc of America Securities 7,101 10
12 11 Lehman Brothers 17,378 8
19 12 Wachovia 3,683 8
18 13 Rothschild 2,294 8
13 14 Robert W Baird & Co 795 8
20 15 RSM EquiCo Capital Markets 226 8
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
1 1 Goldman Sachs 46,002 17
5 2 Morgan Stanley 36,449 9
11 3 Deutsche Bank 33,763 7
3 4 Citi 29,022 8
10 5 Evercore Partners 26,721 2
19 6 Wachovia 26,011 4
14 7 Banc of America Securities 25,618 3
170 8 BNP Paribas 25,461 1
2 9 Lehman Brothers 12,705 8
8 10 UBS 11,823 12
4 11 JPMorgan 7,060 10
59 12 ABN AMRO 5,733 4
6 13 Merrill Lynch 4,968 5
- 14 Scotia Capital 2,298 1
13 15 Jefferies & Company 2,078 13
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
1 1 Goldman Sachs 46,002 17
10 2 Jefferies & Company 2,078 13
4 3 UBS 11,823 12
2 4 JPMorgan 7,060 10
9 5 Morgan Stanley 36,449 9
8 6 Citi 29,022 8
5 7 Lehman Brothers 12,705 8
11 8 Deutsche Bank 33,763 7
7 9 Lazard 1,137 6
6 10 Merrill Lynch 4,968 5
17 11 Houlihan Lokey 89 5
15 12 Wachovia 26,011 4
39 13 ABN AMRO 5,733 4
54 14 Thomas Weisel Partners Group 764 4
30 15 Lincoln International 13 4
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 25
League Table of Financial Advisers to US (South/South West) M&A: Value League Table of Financial Advisers to US (South/South West) M&A: Volume
League Table of Financial Advisers to US (West) M&A: Value League Table of Financial Advisers to US (West) M&A: Volume
The Americas
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
1 1 Goldman Sachs 77,773 29
5 2 JPMorgan 71,592 35
9 3 UBS 65,626 22
3 4 Lehman Brothers 61,489 17
4 5 Morgan Stanley 59,157 23
2 6 Citi 54,491 16
15 7 ABN AMRO 32,246 4
97 8 Royal Bank of Scotland Group 28,100 1
7 9 Merrill Lynch 27,664 18
56 10 William Blair & Company 23,237 11
30 11 Evercore Partners 15,407 5
6 12 Credit Suisse 12,433 22
10 13 Banc of America Securities 10,494 13
8 14 Lazard 9,044 13
21 15 Greenhill & Co 8,829 2
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
1 1 JPMorgan 71,592 35
2 2 Goldman Sachs 77,773 29
7 3 Morgan Stanley 59,157 23
8 4 Houlihan Lokey 6,398 23
9 5 UBS 65,626 22
5 6 Credit Suisse 12,433 22
6 7 Merrill Lynch 27,664 18
4 8 Lehman Brothers 61,489 17
3 9 Citi 54,491 16
10 10 Banc of America Securities 10,494 13
12 11 Lazard 9,044 13
13 12 Jefferies & Company 5,822 13
16 13 BB&T Capital Markets 229 12
21 14 William Blair & Company 23,237 11
11 15 Wachovia 8,058 10
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
3 1 Lehman Brothers 31,789 13
2 2 Morgan Stanley 31,606 18
4 3 JPMorgan 31,197 18
10 4 Citi 24,423 14
1 5 Goldman Sachs 24,165 21
7 6 UBS 18,346 17
12 7 Evercore Partners 14,492 4
8 8 Credit Suisse 9,748 20
15 9 Lazard 7,780 9
9 10 Banc of America Securities 6,853 6
5 11 Merrill Lynch 5,990 14
22 12= Greenhill & Co 5,915 1
- 12= Moelis & Company 5,915 1
6 14 Deutsche Bank 4,635 12
29 15 Sandler O'Neill & Partners 4,420 5
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
8 1 Houlihan Lokey 1,718 23
2 2 Goldman Sachs 24,165 21
4 3 Credit Suisse 9,748 20
9 4 Morgan Stanley 31,606 18
1 5 JPMorgan 31,197 18
3 6 UBS 18,346 17
11 7 Jefferies & Company 2,171 15
6 8 Citi 24,423 14
7 9 Merrill Lynch 5,990 14
5 10 Lehman Brothers 31,789 13
13 11 Deutsche Bank 4,635 12
21 12 Wachovia 3,735 11
10 13 Lazard 7,780 9
28 14 William Blair & Company 112 9
14 15 RBC Capital Markets 2,170 8
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 26
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
2 1 Credit Suisse 24,243 8
7 2 Rothschild 18,588 7
1 3 Citi 18,543 7
3 4 JPMorgan 13,498 9
8 5 Goldman Sachs 11,179 4
9 6 Morgan Stanley 10,473 4
4 7 UBS 9,317 7
25 8 Banco Bradesco BBI 9,288 3
19 9 Banco Itau Holding Financeira 8,214 2
- 10 Lehman Brothers 4,141 3
5 11 ABN AMRO 3,692 5
27 12 Jefferies & Company 1,800 1
20 13 Dresdner Kleinwort 1,367 2
26 14 BNP Paribas 958 1
53 15 HSBC Bank 925 2
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
2 1 JPMorgan 13,498 9
3 2 Credit Suisse 24,243 8
6 3 Rothschild 18,588 7
1 4 Citi 18,543 7
5 5 UBS 9,317 7
7 6 Merrill Lynch 870 6
4 7 ABN AMRO 3,692 5
8 8 Goldman Sachs 11,179 4
12 9 Morgan Stanley 10,473 4
9 10 PricewaterhouseCoopers Corp Fin 32 4
25 11 Banco Bradesco BBI 9,288 3
- 12 Lehman Brothers 4,141 3
15 13 KPMG Corp Fin - 3
16 14 Banco Itau Holding Financeira 8,214 2
19 15 Dresdner Kleinwort 1,367 2
League Table of Financial Advisers to South and Central American M&A: Value
League Table of Financial Advisers to South and Central American M&A: Volume
The Americas
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 27
Asia-Pacifi cM&A in Asia has remained strong this quarter with several large scale deals being an-nounced recently. The largest deal was announced in China, which involved China Unicom merging with a competitor, China Netcom Group, in a deal worth USD 29.6bn. This deal was made on the Chinese government’s instruction in order to restructure the Chinese telecoms sector and to prevent China Mobile from continuing to dominate the market.
In May this year Westpac Bank agreed to acquire St George Bank for USD 17.9bn. If com-pleted, the deal will create the largest bank, by market value, within Australia.
The 15 investment banks that were involved in BHP Billiton’s offer for Rio Tinto earlier this year have taken the top spots in the Asia-pacifi c league tables by value. Citi leads the tables H1 2008, with 20 deals worth USD 266bn, followed by JPMorgan, also with 20 deals, with a total of USD 262bn. Macquarie have held on to their top position in the Asia-Pacifi c (ex.Japan) table by volume, overtaking UBS by just one deal.
Activity in Asia-Pacifi c is up 65% by value compared to Q1 2008, but down 13% by vol-ume. Compared to the same period last year, deal value is up 56% and volume is down by 14%.
Top Announced Deals H1 2008 - Asia-Pacifi c
Announced Date Bidder Company Bidder Financial Advisor Target Company Target Financial Advisor Deal Value (USDm)
02-Jun-08 China Unicom Ltd China International Capital (CICC); JPMorgan; Lehman Brothers
China Netcom Group Corporation (Hong Kong) Limited Citi; Rothschild 29,589
13-May-08 Westpac Banking Corporation Caliburn Partnership St George Bank Ltd UBS 17,936
24-Jun-08 BG Group PlcDeutsche Bank; Goldman Sachs; Gresham Advisory Partners; Morgan Stanley
Origin Energy Limited Macquarie Group 15,723
02-Jun-08 China Merchants Bank Co Ltd JPMorgan Wing Lung Bank Limited Credit Suisse; UBS 4,655
11-Jun-08 Daiichi Sankyo Company Limited Nomura Ranbaxy Laboratories Limited
(60.62% stake) Religare Capital Markets 4,625
Asia-Pacific M&A Activity - Quarterly(incl Japan)
0
25
50
75
100
125
150
Qtr1 03
Qtr2 03
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Qtr4 03
Qtr1 04
Qtr2 04
Qtr3 04
Qtr4 04
Qtr1 05
Qtr2 05
Qtr3 05
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Qtr1 06
Qtr2 06
Qtr3 06
Qtr4 06
Qtr1 07
Qtr2 07
Qtr3 07
Qtr4 07
Qtr1 08
Qtr2 08
Valu
e of D
eals
($bn
)
0
100
200
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600
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me o
f Dea
ls
ValueVolume
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 28
League Table of Financial Advisers to Asia-Pacifi c (ex Japan) M&A: Value
League Table of Financial Advisers to Asia-Pacifi c (ex Japan) M&A: Volume
Asia-Pacifi c
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
4 1 Citi 266,098 20
7 2 JPMorgan 262,335 20
1 3 UBS 252,163 29
3 4 Morgan Stanley 250,426 22
19 5 Rothschild 242,950 12
5 6 Deutsche Bank 240,555 19
6 7 Goldman Sachs 240,531 21
2 8 Macquarie Group 239,059 30
8 9 Lazard 233,998 10
9 10 Credit Suisse 230,990 18
14 11 Gresham Advisory Partners 228,810 9
10 12 Merrill Lynch 228,199 23
21 13 BNP Paribas 217,146 14
12 14 HSBC Bank 213,619 5
195 15 SG 210,868 1
15 16 Lehman Brothers 57,207 15
37 17 China International Capital (CICC) 44,790 8
23 18 Caliburn Partnership 23,967 6
20 19 PricewaterhouseCoopers Corp Fin 7,929 23
11 20 ABN AMRO 6,154 10
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
1 1 Macquarie Group 239,059 30
5 2 UBS 252,163 29
3 3 KPMG Corp Fin 2,206 27
7 4 Merrill Lynch 228,199 23
4 5 PricewaterhouseCoopers Corp Fin 7,929 23
8 6 Morgan Stanley 250,426 22
11 7 Goldman Sachs 240,531 21
6 8 Ernst & Young 4,244 21
2 9 Citi 266,098 20
9 10 JPMorgan 262,335 20
18 11 Deutsche Bank 240,555 19
10 12 CIMB Group 5,083 19
12 13 Credit Suisse 230,990 18
23 14 Lehman Brothers 57,207 15
22 15 BNP Paribas 217,146 14
14 16 Rothschild 242,950 12
17 17 Deloitte 931 12
19 18 Lazard 233,998 10
13 19 ABN AMRO 6,154 10
24 20 Gresham Advisory Partners 228,810 9
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 29
League Table of Financial Advisers to Asia-Pacifi c (ex Japan) Buyouts: Value
League Table of Financial Advisers to Asia-Pacifi c (ex Japan) Buyouts: Volume
Asia-Pacifi c
Note: based on fi rms advising the bidder on buyout deals where the dominant geography of the target company is Asia- Pacifi c (ex Japan)
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
13 1 Credit Suisse 2,021 3
10 2 PricewaterhouseCoopers Corp Fin 1,292 21 3 Deutsche Bank 1,264 3
3 4 Morgan Stanley 1,194 2
- 5 Woori Investment & Securities Co 780 1
12 6 Ernst & Young 550 1
17 7 Lehman Brothers 412 1
5 8 Macquarie Group 376 3
6 9 ABN AMRO 258 1
21 10 Oaktower Partnership 257 1
28 11 KPMG Corp Fin 196 3
42 12= Deloitte 191 1
- 12= Pacifi c Road Corporate Finance 191 1
24 14 DBS Bank 72 1
20 15 Somerley 61 1
Y/E 2007 H1 2008 Company NameValue
(USDm)No of Deals
10 1 Credit Suisse 2,021 3
14 2 Deutsche Bank 1,264 3
1 3 Macquarie Group 376 3
20 4 KPMG Corp Fin 196 3
5 5 PricewaterhouseCoopers Corp Fin 1,292 2
3 6 Morgan Stanley 1,194 2
- 7 Woori Investment & Securities Co 780 1
16 8 Ernst & Young 550 1
12 9 Lehman Brothers 412 1
7 10 ABN AMRO 258 1
17 11 Oaktower Partnership 257 1
42 12= Deloitte 191 1
- 12= Pacifi c Road Corporate Finance 191 1
19 14 DBS Bank 72 1
26 15 Somerley 61 1
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 30
Asia-Pacifi cLeague Table of Financial Advisers to Asian M&A
(ex Japan and Australasia): ValueLeague Table of Financial Advisers to Asian M&A
(ex Japan and Australasia): Volume
League Table of Financial Advisers to Japanese M&A: Value League Table of Financial Advisers to Japanese M&A: Volume
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
13 1 Lehman Brothers 55,525 13
9 2 JPMorgan 50,778 15
1 3 Citi 48,605 15
31 4 China International Capital (CICC) 44,790 8
21 5 Rothschild 31,146 7
6 6 Merrill Lynch 16,848 17
5 7 Credit Suisse 16,515 14
4 8 UBS 14,528 14
3 9 Goldman Sachs 12,592 16
2 10 Morgan Stanley 11,830 13
18 11 Lazard 11,239 4
14 12 Macquarie Group 7,361 12
15 13 BNP Paribas 6,278 13
12 14 Deutsche Bank 6,168 13
17 15 PricewaterhouseCoopers Corp Fin 6,113 14
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
3 1 CIMB Group 5,083 19
6 2 Merrill Lynch 16,848 17
13 3 Goldman Sachs 12,592 16
12 4 JPMorgan 50,778 15
1 5 Citi 48,605 15
7 6 Ernst & Young 4,136 15
11 7 Credit Suisse 16,515 14
9 8 UBS 14,528 14
2 9 PricewaterhouseCoopers Corp Fin 6,113 14
22 10 Lehman Brothers 55,525 13
4 11 Morgan Stanley 11,830 13
17 12 BNP Paribas 6,278 13
24 13 Deutsche Bank 6,168 13
14 14 Macquarie Group 7,361 12
5 15 KPMG Corp Fin 889 12
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
2 1 Nomura 17,440 40
15 2 UBS 10,564 7
13 3 Goldman Sachs 9,134 7
1 4 Mizuho Financial Group 5,749 24
11 5 KPMG Corp Fin 5,628 14
10 6 Mitsubishi UFJ Securities 5,047 19
- 7 Religare Capital Markets 4,625 1
7 8 Daiwa Securities Group 4,228 23
4 9 Citi 3,259 18
3 10 GCA Savvian 2,957 14
- 11 SBI Holdings 2,724 1
12 12 Ernst & Young 2,090 7
50 13 Rothschild 1,660 2
6 14 JPMorgan 1,608 2
17 15 Credit Suisse 1,572 2
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
1 1 Nomura 17,440 40
3 2 Mizuho Financial Group 5,749 24
2 3 Daiwa Securities Group 4,228 23
4 4 Mitsubishi UFJ Securities 5,047 19
5 5 Citi 3,259 18
6 6 KPMG Corp Fin 5,628 14
10 7 GCA Savvian 2,957 14
13 8 UBS 10,564 7
12 9 Goldman Sachs 9,134 7
7 10 Ernst & Young 2,090 7
11 11 Morgan Stanley 1,366 5
14 12 Merrill Lynch 1,230 4
8 13 PricewaterhouseCoopers Corp Fin 774 4
74 14 Orix M&A Solutions 6 3
55 15 Rothschild 1,660 2
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 31
League Table of Financial Advisers to Greater China M&A: Value League Table of Financial Advisers to Greater China M&A: Volume
League Table of Financial Advisers to Australasian M&A: Value League Table of Financial Advisers to Australasian M&A: Volume
Asia-Pacifi c
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
8 1 Lehman Brothers 49,835 9
20 2 China International Capital (CICC) 44,790 8
9 3 JPMorgan 39,611 8
1 4 Citi 30,765 4
35 5 Rothschild 29,589 2
7 6 Credit Suisse 9,875 7
4 7 UBS 7,956 8
2 8 Morgan Stanley 7,192 5
26 9 Shenyin Wanguo Securities 5,382 3
10 10 Merrill Lynch 4,637 4
6 11 Deutsche Bank 3,636 5
16 12 Somerley 2,935 8
18 13 BNP Paribas 2,497 7
3 14 Goldman Sachs 2,196 4
46 15 Everbright Securities 2,029 2
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
20 1 Lehman Brothers 49,835 9
8 2 Optima Capital 269 9
34 3 China International Capital (CICC) 44,790 8
11 4 JPMorgan 39,611 8
18 5 UBS 7,956 8
1 6 Somerley 2,935 8
16 7 Credit Suisse 9,875 7
5 8 BNP Paribas 2,497 7
3 9 Morgan Stanley 7,192 5
19 10 Deutsche Bank 3,636 5
60 11 M&A International 115 5
2 12 Citi 30,765 4
7 13 Merrill Lynch 4,637 4
10 14 Goldman Sachs 2,196 4
23 15 DBS Bank 1,363 4
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
4 1 Morgan Stanley 239,475 10
3 2 UBS 238,428 17
2 3 Deutsche Bank 234,387 6
1 4 Macquarie Group 232,761 21
7 5 Gresham Advisory Partners 228,810 9
10 6 Goldman Sachs 228,631 7
18 7 Lazard 222,759 6
6 8 Citi 218,598 8
11 9 Credit Suisse 214,475 4
5 10 JPMorgan 212,436 6
9 11 Merrill Lynch 212,281 7
15 12 Rothschild 211,865 6
- 13 BNP Paribas 211,333 2
17 14= HSBC Bank 210,868 1
- 14= SG 210,868 1
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
1 1 Macquarie Group 232,761 21
3 2 UBS 238,428 17
2 3 KPMG Corp Fin 1,378 16
13 4 Morgan Stanley 239,475 10
8 5 Gresham Advisory Partners 228,810 9
5 6 PricewaterhouseCoopers Corp Fin 1,816 9
4 7 Citi 218,598 8
10 8 Deloitte 877 8
11 9 Goldman Sachs 228,631 7
18 10 Merrill Lynch 212,281 7
16 11 Deutsche Bank 234,387 6
19 12 Lazard 222,759 6
17 13 JPMorgan 212,436 6
12 14 Rothschild 211,865 6
15 15 Caliburn Partnership 23,967 6
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 32
Asia-Pacifi c
League Table of Financial Advisers to South-East Asian M&A: Value League Table of Financial Advisers to South-East Asian M&A: Volume
League Table of Financial Advisers to Indian M&A: Value League Table of Financial Advisers to Indian M&A: Volume
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
16 1= Nomura 4,625 1
- 1= Religare Capital Markets 4,625 1
26 3 Lehman Brothers 4,209 3
8 4 Ernst & Young 3,592 10
- 5 JM Financial 3,295 5
3 6 Citi 3,271 5
5 7 Goldman Sachs 2,715 3
7 8 Merrill Lynch 2,661 6
2 9 Morgan Stanley 2,625 3
41 10 HSBC Bank 2,606 2
9 11 Ambit Corporate Finance 2,605 4
18 12 ABN AMRO 2,600 1
- 13 Dalal and Shah 2,378 1
44 14 JPMorgan 2,300 1
14 15 Standard Chartered plc 1,305 2
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
1 1 Ernst & Young 3,592 10
13 2 KPMG Corp Fin 571 7
6 3 Merrill Lynch 2,661 6
5 4 Yes Bank 104 6
- 5 JM Financial 3,295 5
4 6 Citi 3,271 5
7 7 Ambit Corporate Finance 2,605 4
15 8 Avendus Advisors 80 4
28 9 Lehman Brothers 4,209 3
40 10 Goldman Sachs 2,715 3
11 11 Morgan Stanley 2,625 3
12 12 Rothschild 1,201 3
10 13 ENAM Securities Private 757 3
2 14 PricewaterhouseCoopers Corp Fin 90 3
18 15 HSBC Bank 2,606 2
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
6 1 Citi 13,326 7
23 2 Lazard 10,005 2
7 3 Credit Suisse 8,786 5
2 4 Goldman Sachs 8,247 10
1 5 CIMB Group 4,854 16
22 6 Aseambankers Malaysia 4,740 9
14 7 Lehman Brothers 4,525 3
8 8 Morgan Stanley 3,665 4
9 9 JPMorgan 3,650 3
13 10 BNP Paribas 3,629 5
3 11 Merrill Lynch 2,524 5
5 12 RHB Investment Bank 2,213 3
- 13 Woori Investment & Securities 2,073 1
24 14 DBS Bank 1,736 4
12 15 UBS 1,735 6
Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals
1 1 CIMB Group 4,854 16
11 2 Goldman Sachs 8,247 10
9 3 Aseambankers Malaysia 4,740 9
10 4 OSK Investment Bank 369 8
23 5 Citi 13,326 7
13 6 UBS 1,735 6
4 7 Credit Suisse 8,786 5
15 8 BNP Paribas 3,629 5
7 9 Merrill Lynch 2,524 5
8 10 Macquarie Group 1,156 5
14 11 Morgan Stanley 3,665 4
3 12 DBS Bank Ltd 1,736 4
35 13 Deutsche Bank 1,510 4
6 14 PricewaterhouseCoopers Corp Fin 818 4
20 15 Kenanga Investment Bank 108 4
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 33
Breakdown of Deals by Region and Industry
Mix of Announced Global Deals by Industry Sector H1 2008 - Value
Financial Services14.1%
Business Services4.3%
Consumer16.1%Energy, Mining & Utilities
30.2%
TMT13.8%
Construction1.8%
Agriculture0.2%
Industrials & Chemicals10.7%
Pharma, Medical & Biotech4.9% Defence
0.4%Transport2.1%
Leisure1.3%
Mix of Announced Global Deals by Industry Sector H1 2008 - Volume
Industrials & Chemicals20.7%
Financial Services10.9%
Business Services12.3%
Consumer13.6%
Energy, Mining & Utilities10.3%
TMT13.5%
Leisure3.6%
Transport2.9%
Pharma, Medical & Biotech6.0%
Construction5.0%
Agriculture0.8%
Defence0.4%
Mix of Announced Deals by Geographic Region H1 2008 - Value
North America30.4%
Central & South America3.4%
Western Europe36.7%
Southern Europe4.4%
Japan1.9%
South & Central Asia2.6%
Central & Eastern Europe4.9%
Northern Europe2.6%
South East Asia2.4%
Africa & Middle East1.3%
Australasia4.1%
North Asia6.5%
Mix of Announced Deals by Geographic Region H1 2008 - Volume
North America31.8%
Central & South America3.4%
Western Europe23.9%
Southern Europe7.3%
Northern Europe4.9%
Central & Eastern Europe6.7%
North Asia7.2%
South East Asia2.8%
Africa & Middle East3.1%Australasia
3.4%
South & Central Asia1.5%
Japan3.6%
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 34
Criteria
• The H1 2008 house league tables are based on announced transactions (where the bidder or target or parent of either is from the country or region to which the table refers), over USD 5m in the period from 1 January 2008 to 30 June 2008. Deals with undisclosed deal values are included where the target’s turnover exceeds USD 10m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders’ interests are not changed.
• The trend graphs and pie charts are based on the dominant geography or industry of the target and include announced transactions over USD 5m in the given time period. Deals with undisclosed deal values are included where the target’s turnover exceeds USD 10m. Activities excluded from the graphs and charts include property transactions and restructurings where the ultimate shareholders’ interests are not changed.
• The top deals tables are based on announced transactions between 1 January 2008 and 30 June 2008, and refl ect the domi-nant geography of the target company.
• Top Firm Profi les: trend and pie chart data all based on dominant geography and industry of the target company.
Nordic: Denmark, Sweden, Finland, Norway, Faroe Islands, Greenland and IcelandBenelux: Belgium, the Netherlands and LuxembourgIberia: Portugal and SpainCEE: Armenia, Azerbaijan, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania, Macedonia, Moldova, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine
US (mid-Atlantic): Delaware, District Columbia, Maryland, New Jersey, New York, PennsylvaniaUS (mid-West): llinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Da- kota, Wisconsin New England: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, VermontSouth/SouthWest: Alabama, Arizona, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, New Mexico, North Caro lina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, West VirginiaWest: Alaska, California, Colorado, Hawaii, Idaho, Montana, Nevada, Oregon, Utah, Washington, Wyoming
Greater China: China, Hong Kong, Macau, TaiwanSouth East Asia: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam
mergermarket M&A league tables of fi nancial advisers - First Half 2008 - July 1, 2008 Page 35
About mergermarket
mergermarket is part of The Mergermarket Group which has over 450 employees worldwide and regional head offi ces in London, New York and Hong Kong.
mergermarket is an unparalleled mergers and acquisitions (M&A) intelligence tool. In any market, the life blood of advisers is deal fl ow. mergermarket is unique in the provision of origination intelligence to the investment banking, Financial, private equity, acquisition fi nance, public relations (PR) and corporate markets.
With an unrivalled network of analysts covering M&A in North America, Europe and Asia-Pacifi c, mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its mergermarket.com platform and by real-time email alerts to subscribers.
This wealth of intelligence, together with a series of deal databases, individual and house league tables, profi les and editorial have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you see that mergermarket is used by over 1000 of the world’s foremost advisory fi rms to assist in their origination process.
