Merger and Acq
MONTHLY M&A INSIDER
OCTOBER 2012
A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY
EDITION
CONTENTS
GLOBAL OVERVIEW AMERICAS: LATIN AMERICA NORTH AMERICA ASIA-PACIFIC EUROPE MIDDLE EAST & AFRICA ABOUT MERRILL CORPORATION
01 09 18 29 41 52 62
MONTHLY M&A INSIDER
Part of The Mergermarket Group
MERGERMARKET
www.mergermarket.com
80 Strand London, WC2R 0RL United Kingdom t: +44 (0)20 7059 6100 f: +44 (0)20 7059 6101 sales@mergermarket.com 11 West 19th Street 2nd fl. New York, NY 10011 USA t: +1 212 686-5606 f: +1 212 686-2664 sales.us@mergermarket.com Suite 2401-3 Grand Millennium Plaza 181 Queen’s Road, Central Hong Kong t: +852 2158 9700 f: +852 2158 9701 sales.asia@mergermarket.com
GLOBAL OVERVIEW
GLOBAL M&A ACTIVITY DISAPPOINTED IN Q3 WITH DEAL VOLUME FALLING BY 16% FROM 3,203 IN Q3 2011 TO 2,679 IN Q3 2012. DEAL VALUE PAINTS A SIMILAR PICTURE, DROPPING BY A FIFTH FROM US$579BN TO US$461BN OVER THE SAME PERIOD. Robust deal values in North America
Casting a look to regional activity, North America stands out as a global bright spot: while Q3 has seen a decline in overall M&A, aggregate deal value climbed to the highest level since the first quarter of last year at US$235.7bn. Even in the private equity arena – a space hard hit by the slowdown of the past year – buyout and exit values witnessed healthy year-on-year increases. It appears that fewer, higher-value deals are boosting dealmaking among both financial and strategic investors. Certainly, this recent trend is evident in the consumer sector – particularly in relation to North American Kraft Foods’ spinoff of its snacks business. The deal, valued at US$26bn, ranks as the largest North American transaction in the quarter and forms part of a string of spinoffs by international food groups over the past year. In the consumer sector itself, the spinoff comprised 74% of North American consumer deal value, and contributed heavily to the sector’s eight-fold increase in deal value between Q3
OCTOBER 2012
A MERGERMARKET REPORT ON GLOBAL M&A ACTIVITY
EDITION
CONTENTS
GLOBAL OVERVIEW AMERICAS: LATIN AMERICA NORTH AMERICA ASIA-PACIFIC EUROPE MIDDLE EAST & AFRICA ABOUT MERRILL CORPORATION
01 09 18 29 41 52 62
MONTHLY M&A INSIDER
Part of The Mergermarket Group
MERGERMARKET
www.mergermarket.com
80 Strand London, WC2R 0RL United Kingdom t: +44 (0)20 7059 6100 f: +44 (0)20 7059 6101 sales@mergermarket.com 11 West 19th Street 2nd fl. New York, NY 10011 USA t: +1 212 686-5606 f: +1 212 686-2664 sales.us@mergermarket.com Suite 2401-3 Grand Millennium Plaza 181 Queen’s Road, Central Hong Kong t: +852 2158 9700 f: +852 2158 9701 sales.asia@mergermarket.com
GLOBAL OVERVIEW
GLOBAL M&A ACTIVITY DISAPPOINTED IN Q3 WITH DEAL VOLUME FALLING BY 16% FROM 3,203 IN Q3 2011 TO 2,679 IN Q3 2012. DEAL VALUE PAINTS A SIMILAR PICTURE, DROPPING BY A FIFTH FROM US$579BN TO US$461BN OVER THE SAME PERIOD. Robust deal values in North America
Casting a look to regional activity, North America stands out as a global bright spot: while Q3 has seen a decline in overall M&A, aggregate deal value climbed to the highest level since the first quarter of last year at US$235.7bn. Even in the private equity arena – a space hard hit by the slowdown of the past year – buyout and exit values witnessed healthy year-on-year increases. It appears that fewer, higher-value deals are boosting dealmaking among both financial and strategic investors. Certainly, this recent trend is evident in the consumer sector – particularly in relation to North American Kraft Foods’ spinoff of its snacks business. The deal, valued at US$26bn, ranks as the largest North American transaction in the quarter and forms part of a string of spinoffs by international food groups over the past year. In the consumer sector itself, the spinoff comprised 74% of North American consumer deal value, and contributed heavily to the sector’s eight-fold increase in deal value between Q3