Global M&A History from 1998 to 2010 rounded figures
Average Yearly Premium Average Yearly Deal Count Average Yearly Volume Total Deal Count Total Volume
Before Sep 07 18% 22,400 €2.1T 217,000 €20.5T
After Sep 07 23% 25,600 €1.7T 90,000 €5.8T
Overall 19% 22,800 €2.0T 299,000 €25.6T
Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Deal Volume and Count 18,290 24,860 20,920 18,380
19,160 21,880 24,440
28,550 32,940
27,620 21,940
24,060
€4.0
3.2
30,000
Trillions
15,670
40,000
€3.0 2.8
2.9
2.5 20,000
€2.0
2.1
2.0 1.8
1.7
1.5 1.2
10,000
1.6 1.3
€1.0
1.1
0
€0.0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Premium 40%
29.2%
30% 25.3%
24.0% 23.7% 22.0%
21.7%
22.4%
18.0% 18.2%
17.9%
20%
15.6% 14.1%
10%
4.0%
0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: Bloomberg, 1 January 1998 - 23 December 2010
1
Since 1998 Since Sep 2007
Globally General Electric General Electric
Deals
Largest Deal, in â‚Ź (rounded figures) Value Premium Announced Europe 182B 81% 10 Jan 2000 Vodafone / Mannesmann 49B 32% 26 Jan 2009 InBev / Anheuser-Busch
Globally Since 1998
AOL / Time Warner
Since Sep 2007
Pfizer / Whyeth
Most Acquisitive, in â‚Ź (rounded figures) Volume per Deal Europe 594 159B 268M Management Group 113 30B 264M Deutsche Bank
Deals Volume 282 37B 79 25B
per Deal 131M 313M
Value Premium Announced 179B 105% 14 Nov 1999 39B 28% 11 Jun 2008
Source: Bloomberg, 1 January 1998 - 1 September 2010
300
Monthly Average Deal Value
250
200
150
100
y = -23.059Ln(x) + 46.785 R2 = 0.131
50 y = -102.11x + 107.26 R2 = 0.0638
0 0%
10%
20%
30%
40%
50%
60%
70%
80%
Average Premium Source: Bloomberg, 1 January 1998 - 30 November 2010
2
Global: 2010 Adviser Morgan Stanley Goldman Sachs & Co JP Morgan Credit Suisse Barclays Capital UBS Deutsche Bank AG Bank of America Merrill Lynch Citi Lazard LLC Rothschild BNP Paribas Group Nomura Holdings Inc HSBC Bank PLC Societe Generale Evercore Partners Inc Perella Weinberg Partners RBC Capital Markets Blackstone Group Greenhill & Co Macquarie Group Ltd Banco Santander SA Jefferies Group Inc Standard Chartered PLC RBS BMO Capital Markets Scotia Capital Inc Tudor Pickering & Co LLC KPMG Corp Finance Banco BTG Pactual SA Centerview Partners LLP TD Securities Allen & Co CIBC Ondra Partners Credit Agricole CIB EFG-Hermes China International Capital Corp Daiwa Securities Group Inc CIMB
Rank (Market Share) Market Share (%) Volume (EUR, M) Deal Count 1 21.1017 345,538.31 317 2 20.1902 330,612.48 294 3 17.5872 287,989.35 262 4 16.1562 264,556.03 211 5 14.6302 239,568.48 149 6 13.1117 214,702.81 206 7 12.3132 201,627.46 203 8 11.5191 188,624.38 215 9 10.7515 176,054.30 168 10 9.2444 151,375.70 170 11 8.4771 138,812.06 196 12 5.2629 86,179.82 83 13 4.8568 79,529.68 172 14 4.6141 75,555.50 69 15 3.3648 55,098.09 31 16 3.0375 49,738.69 34 17 2.9158 47,746.54 20 18 2.8547 46,745.79 129 19 2.8096 46,006.42 31 20 2.6441 43,297.00 50 21 2.5077 41,062.77 105 22 2.4337 39,851.46 41 23 2.1007 34,398.05 109 24 1.862 30,489.87 30 25 1.6502 27,021.13 46 26 1.6399 26,853.90 69 27 1.5837 25,932.39 41 28 1.57 25,708.12 31 29 1.4835 24,291.85 189 30 1.3635 22,326.85 57 31 1.2773 20,915.39 16 32 1.2588 20,613.36 47 33 1.2141 19,881.38 12 34 1.2138 19,875.09 54 35 1.1994 19,639.48 1 36 1.0533 17,248.50 31 37 1.0064 16,479.19 3 38 1.004 16,439.68 27 39 0.922 15,097.86 53 40 0.8525 13,959.85 45
3
Deal Attribute Target Multiples FFO Free Cashflow Net Income Income B/F XO EBIT Net Income + Deprec Cashflow from Ops. EBITDA Book Value Stockholder Eqty Revenue Market Cap Enterprise Value Total Assets
# Deals 14 985 1129 1105 1166 1299 1283 1188 1883 1893 1841 1813 1779 2004
Min - Max Median 1.37 - 213.85 27.89 .01 - 3192.76 21.44 .00 - 2749.56 19 .00 - 2749.56 18.97 .00 - 4520.64 12.87 .00 - 2300.54 11.47 .00 - 1821.27 10.64 .00 - 2958.00 8.43 .00 - 3609.59 1.84 .00 - 3609.59 1.78 .00 - 3372.09 1.25 .00 - 824.00 1.24 .00 - 148.56 1.14 .00 - 1553.25 0.81
Deal Type Summary Company Takeover Cross Border Asset sale Additional Stake Purchase Private Equity Tender Offer Minority purchase Majority purchase Leveraged Buyout Private Placement Government Privatization Bankruptcy/Liquidation Reverse Merger Joint Venture Related Party Transaction Spin-off Option Agreement Management Buyout Competing Bid Secondary Transaction Dutch Auction/Self Tender Convertible Debt for Equity Going Private Infrastructure Real Estate Venture Capital Special Situations/Distressed Sale Leaseback Mandatory Offer Government Administration Mezzanine Recapitalization Squeeze out Co-Investment
# Deals 10709 9048 6151 2596 2051 528 3180 2222 463 796 48 276 135 1032 207 118 263 250 16 91 102 63 52 22 7 17 329 12 39 40 100 6 15 11 35
Volume 925.34B 795.24B 343.69B 264.31B 187.26B 179.01B 175.66B 169.1B 70.75B 55.18B 41.52B 38.66B 29.05B 20.08B 19.43B 18.75B 14.55B 11.61B 10.36B 10.3B 8.92B 7.67B 7.07B 7.06B 6.75B 5.74B 5.08B 4.44B 4.23B 4.08B 3.96B 2.32B 1.71B 1.55B 657.66M
Percent 56.54 48.59 21 16.15 11.44 10.94 10.73 10.33 4.32 3.37 2.54 2.36 1.78 1.23 1.19 1.15 0.89 0.71 0.63 0.63 0.54 0.47 0.43 0.43 0.41 0.35 0.31 0.27 0.26 0.25 0.24 0.14 0.1 0.09 0.04
Payment Type Summary Cash Stock Cash & Stock Undisclosed Cash or Stock Cash, Stock & Debt Debt Stock & Debt
# Deals 14433 1341 764 6028 58 58 69 28
Volume 1.03T 279.58B 133.46B 106.47B 24.4B 9.88B 5.78B 3.5B
Percent 64.56 17.6 8.4 6.7 1.54 0.62 0.36 0.22
Deal Size Breakdown > 10,000M 5000.01-10,000M 1000.01-5000M 500.01-1000M 0-500M
# Deals 7 30 271 309 23414
Volume 142.08B 202.84B 541.14B 218.11B 532.47B
Percent 0.03 0.12 1.13 1.29 97.43
Nature of Bid Summary Friendly Unsolicited to Hostile Unsolicited to Friendly Unsolicited Hostile
# Deals 12631 6 9 31 4
Volume 758.2B 22.61B 16.07B 12.29B 641.17M
Percent 99.58 0.05 0.07 0.24 0.03
Current Status Completed Pending
# Deals Volume 16932 831.88B 7099 804.76B
Percent 50.83 49.17
Premiums Paid >100% 75.01-100% 50.01-75% 25.01-50% 10.01-25% 0-10%
# Deals 70 52 116 313 229 11904
Volume 10.39B 5.18B 43.07B 187.82B 121.07B 445.4B
Percent 1.28 0.64 5.3 23.1 14.89 54.79
Current Premium >100% 75.01-100% 50.01-75% 25.01-50% 10.01-25% 0-10%
# Deals 18 7 21 41 83 23861
Volume 117.23M 42.16M 1.75B 7.2B 55.42B 1.57T
Percent 0.01 0.11 0.44 3.39 96.06
4
Global: 1995-2010 Adviser Goldman Sachs & Co Morgan Stanley JP Morgan Bank of America Merrill Lynch Citi Credit Suisse UBS Deutsche Bank AG Lehman Brothers Lazard LLC Rothschild BNP Paribas Group RBS Commerzbank AG HSBC Bank PLC Greenhill & Co Evercore Partners Inc Barclays Capital Societe Generale CIBC Nomura Holdings Inc RBC Capital Markets Dresdner Kleinwort Blackstone Group Mediobanca ABN AMRO Bank NV/Old Macquarie Group Ltd ING Groep NV Banco Santander SA Credit Agricole CIB KPMG Corp Finance JP Morgan Cazenove Houlihan Lokey Bank of America Centerview Partners LLP PwC BMO Capital Markets Ernst & Young Deloitte Touche Tohmatsu TD Securities
Rank (Market Share) Market Share (%) Volume (EUR, M) Deal Count 1 29.2138 7,920,998.16 4,170 2 25.6491 6,954,469.91 4,099 3 24.1986 6,561,198.47 5,343 4 22.1649 6,009,783.78 4,164 5 18.1778 4,928,706.97 3,941 6 17.3652 4,708,387.95 4,679 7 13.9962 3,794,911.50 3,589 8 10.9289 2,963,253.72 3,039 9 9.841 2,668,291.31 1,973 10 9.6125 2,606,326.53 2,672 11 7.384 2,002,079.35 2,665 12 4.0521 1,098,684.97 1,091 13 2.9739 806,334.17 1,444 14 2.5196 683,154.71 670 15 2.3681 642,087.21 817 16 2.3001 623,657.10 403 17 2.2342 605,770.01 208 18 2.1966 595,586.78 360 19 1.7838 483,667.32 751 20 1.7108 463,873.09 1,014 21 1.6987 460,571.85 1,384 22 1.6436 445,649.03 1,201 23 1.5419 418,075.23 484 24 1.4814 401,666.29 192 25 1.2453 337,656.61 265 26 1.24 336,200.75 309 27 1.2232 331,653.32 957 28 1.2039 326,427.18 981 29 1.1193 303,496.17 306 30 1.0917 295,991.86 303 31 1.0399 281,955.96 3,400 32 1.027 278,473.36 209 33 0.9124 247,392.75 1,103 34 0.8975 243,353.26 386 35 0.8185 221,932.85 42 36 0.7869 213,353.52 2,080 37 0.7664 207,804.56 562 38 0.723 196,032.04 1,707 39 0.7095 192,372.85 1,382 40 0.6879 186,503.82 303
5
Deal Attribute Target Multiples FFO Free Cashflow Net Income Income B/F XO EBIT Net Income + Deprec Cashflow from Ops. EBITDA Book Value Stockholder Eqty Market Cap Revenue Enterprise Value Total Assets
# Deals 314 11922 16892 16588 16495 18967 16854 16838 24572 24795 23546 24856 23367 25953
Min - Max Median .00 - 3723.50 26.78 .00 - 4821.78 22.27 .00 - 4913.39 19.8 .00 - 4227.01 19.52 .00 - 4923.91 13.53 .00 - 4816.97 12.01 .00 - 4886.85 11.46 .00 - 4730.27 8.55 .00 - 3609.59 1.97 .00 - 4458.95 1.91 .00 - 4563.64 1.27 .00 - 4826.22 1.25 .00 - 2659.64 1.06 .00 - 3137.26 0.8
Deal Type Summary Company Takeover Cross Border Asset sale Tender Offer Additional Stake Purchase Majority purchase Private Equity Minority purchase Leveraged Buyout Spin-off Bankruptcy/Liquidation Management Buyout Government Privatization Private Placement Real Estate Going Private Government Administration Dutch Auction/Self Tender Secondary Transaction Reverse Merger Joint Venture Convertible Option Agreement Squeeze out Competing Bid Related Party Transaction Special Situations/Distressed Debt for Equity Venture Capital Infrastructure Mandatory Offer Sale Leaseback Co-Investment Mezzanine Recapitalization
# Deals 147173 86533 77929 7167 25678 26117 15330 30904 2929 1642 3008 4048 668 2033 140 550 188 1277 476 334 4894 126 378 618 43 293 32 116 955 23 67 70 87 11 23
Volume 17.05T 7.95T 4.43T 3.38T 2.58T 2.4T 2.14T 1.59T 1.26T 759.18B 290.41B 269.04B 257.82B 236.32B 185.92B 177.71B 162.14B 160.38B 102.22B 87.36B 64.44B 60.71B 42.83B 39.92B 33.02B 23.78B 22.29B 20.29B 14.28B 12.61B 7.81B 7.47B 6.54B 3.95B 3.04B
Percent 62.9 29.31 16.33 12.46 9.52 8.86 7.89 5.86 4.65 2.8 1.07 0.99 0.95 0.87 0.69 0.66 0.6 0.59 0.38 0.32 0.24 0.22 0.16 0.15 0.12 0.09 0.08 0.07 0.05 0.05 0.03 0.03 0.02 0.01 0.01
Payment Type Summary Cash Stock Undisclosed Cash & Stock Cash or Stock Stock & Debt Cash, Stock & Debt Debt
# Deals 139305 25570 113746 15062 1225 1056 1628 985
Volume 12.66T 6.67T 2.58T 2.51T 713.76B 536.94B 375.87B 70.84B
Percent 48.47 25.54 9.89 9.59 2.73 2.06 1.44 0.27
Deal Size Breakdown > 10,000M 5000.01-10,000M 1000.01-5000M 500.01-1000M 0-500M
# Deals 292 413 3687 4260 297866
Volume 6.57T 2.82T 7.46T 2.98T 7.28T
Percent 0.1 0.13 1.2 1.39 97.18
Nature of Bid Summary Friendly Hostile Unsolicited to Friendly Unsolicited Unsolicited to Hostile
# Deals 178386 301 78 35 8
Volume 16.01T 718.08B 432.84B 53.6B 26.77B
Percent 99.76 0.17 0.04 0.02
Current Status Completed Pending
# Deals Volume 297629 26.23T 8889 882.63B
Percent 96.74 3.26
Premiums Paid >100% 75.01-100% 50.01-75% 25.01-50% 10.01-25% 0-10%
# Deals 812 669 1662 4534 4552 166586
Volume 335B 379.9B 830.29B 3.81T 3.65T 8.26T
Percent 1.94 2.2 4.81 22.05 21.16 47.84
Current Premium >100% 75.01-100% 50.01-75% 25.01-50% 10.01-25% 0-10%
# Deals 497 134 219 565 1018 304085
Volume 111.41B 37.16B 50.37B 164.06B 545.17B 26.21T
Percent 0.41 0.14 0.19 0.61 2.01 96.65
6
North American M&A History from 1998 to 2010 rounded figures
Average Yearly Premium Average Yearly Deal Count Average Yearly Volume Total Deal Count Total Volume
Before Sep 07 24% 11,600 €1.2T 113,000 €12.0T
After Sep 07 33% 10,800 €0.8T 37,000 €2.9T
Overall 26% 11,200 €1.1T 147,000 €14.5T
Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Deal Volume and Count 12,510 13,970 10,390 8,180
9,270
11,030 11,940
13,050
13,740 10,930 8,980
10,780
€2.0 2.0
15,000 1.5
1.6
1.5
1.6
€1.5
1.1
10,000
Trillions
11,970
20,000
€1.0
1.0 0.8
0.8 0.6
5,000
0.8 0.6
0.6
€0.5
0
€0.0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Premium 50%
39.2%
37.9%
40%
37.3%
36.7%
33.3% 30.2% 28.3%
30%
22.7% 20.4% 20.4%
22.3%
20.7%
20%
10% 4.0%
0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: Bloomberg, 1 January 1998 - 23 December 2010
7
North America: 2010 Adviser Goldman Sachs & Co Morgan Stanley Barclays Capital JP Morgan Credit Suisse Bank of America Merrill Lynch UBS Deutsche Bank AG Citi Lazard LLC Perella Weinberg Partners Evercore Partners Inc RBC Capital Markets Jefferies Group Inc Greenhill & Co BMO Capital Markets Tudor Pickering & Co LLC Blackstone Group BNP Paribas Group HSBC Bank PLC Rothschild Scotia Capital Inc TD Securities Centerview Partners LLP CIBC Societe Generale Allen & Co Macquarie Group Ltd Nomura Holdings Inc Moelis & Co Wells Fargo & Co Houlihan Lokey GMP Securities LP Peter J Solomon Co Standard Chartered PLC William Blair & Co LLC Banco Bilbao Vizcaya Argentaria Stifel Nicolaus Weisel Lexicon Partners National Bank Financial Inc
Rank (Market Share) Market Share (%) Volume (EUR, M) Deal Count 1 29.3758 238,622.08 201 2 22.5323 183,032.24 173 3 21.407 173,891.18 118 4 21.2271 172,429.74 158 5 18.6683 151,644.44 131 6 14.9605 121,525.50 153 7 13.0059 105,648.39 118 8 11.8904 96,586.87 100 9 10.8108 87,817.40 95 10 9.8823 80,274.94 77 11 5.8176 47,256.68 18 12 5.7888 47,022.82 28 13 4.8597 39,475.98 112 14 3.8487 31,263.44 96 15 3.7919 30,802.20 33 16 3.1893 25,906.69 64 17 3.1648 25,708.12 31 18 2.9654 24,088.19 24 19 2.9369 23,856.51 12 20 2.7195 22,090.44 17 21 2.6431 21,470.42 61 22 2.5497 20,711.30 36 23 2.5376 20,613.36 47 24 2.5306 20,556.59 15 25 2.3544 19,125.02 52 26 1.9106 15,519.92 4 27 1.8164 14,754.54 11 28 1.6724 13,585.02 61 29 1.5163 12,317.11 25 30 1.2949 10,518.36 34 31 1.1851 9,626.75 21 32 1.1369 9,234.96 81 33 1.0517 8,542.70 21 34 0.9738 7,910.23 9 35 0.9623 7,817.05 10 36 0.8379 6,806.44 42 37 0.8179 6,643.93 5 38 0.7986 6,487.10 38 39 0.7265 5,901.83 2 40 0.7107 5,773.25 25
9
Deal Attribute Target Multiples Free Cashflow Income B/F XO Net Income FFO Net Income + Deprec EBIT Cashflow from Ops. EBITDA Book Value Stockholder Eqty Revenue Market Cap Enterprise Value Total Assets
# Deals 361 359 373 8 450 397 457 402 644 651 629 619 621 708
Min - Max Median .01 - 1925.25 29.76 .00 - 2300.54 24.89 .00 - 2300.54 23.72 1.37 - 186.65 18.26 .00 - 2300.54 14.32 .00 - 983.92 14.12 .00 - 1821.27 12.65 .00 - 2958.00 9.71 .00 - 1391.42 2.23 .00 - 811.87 2.16 .00 - 2193.78 1.55 .00 - 824.00 1.4 .00 - 62.52 1.29 .00 - 1553.25 1.1
Deal Type Summary Company Takeover Cross Border Asset sale Private Equity Tender Offer Additional Stake Purchase Majority purchase Leveraged Buyout Minority purchase Bankruptcy/Liquidation Joint Venture Competing Bid Management Buyout Spin-off Secondary Transaction Private Placement Dutch Auction/Self Tender Real Estate Special Situations/Distressed Debt for Equity Going Private Infrastructure Option Agreement Venture Capital Convertible Reverse Merger Government Privatization Sale Leaseback Mezzanine Recapitalization Squeeze out Related Party Transaction Government Administration Co-Investment Mandatory Offer
# Deals 5631 4078 3449 1322 133 480 413 326 885 178 256 11 80 30 65 142 45 13 10 14 14 5 135 211 21 86 10 21 5 15 3 14 87 21 1
Volume 517.69B 370.84B 181.24B 147.93B 73.5B 67.81B 64.73B 60.46B 57.73B 34.89B 9.44B 8.46B 8.23B 7.49B 7.43B 6.27B 5.68B 5.38B 4.44B 4.26B 4B 3.84B 3.72B 3.38B 3.31B 3.12B 2.83B 2.64B 2.27B 1.71B 1.17B 1.09B 619.1M 592.92M 3.85M
Percent 63.74 45.66 22.31 18.21 9.05 8.35 7.97 7.44 7.11 4.3 1.16 1.04 1.01 0.92 0.91 0.77 0.7 0.66 0.55 0.52 0.49 0.47 0.46 0.42 0.41 0.38 0.35 0.32 0.28 0.21 0.14 0.13 0.08 0.07
Payment Type Summary Cash Stock Cash & Stock Undisclosed Cash or Stock Cash, Stock & Debt Debt Stock & Debt
# Deals 5879 568 429 3466 35 28 22 14
Volume 559.57B 101.08B 67.18B 39.27B 15.65B 3.6B 2.23B 1.08B
Percent 70.86 12.8 8.51 4.97 1.98 0.46 0.28 0.14
Deal Size Breakdown > 10,000M 5000.01-10,000M 1000.01-5000M 500.01-1000M 0-500M
# Deals 3 15 149 161 10444
Volume 55.45B 102.15B 299.75B 112.9B 242.01B
Percent 0.03 0.14 1.38 1.49 96.96
Nature of Bid Summary Friendly Unsolicited to Hostile Unsolicited to Friendly Unsolicited Hostile
# Deals 6361 3 7 16 1
Volume 398.25B 19.9B 7.67B 6.4B 225.85M
Percent 99.55 0.05 0.11 0.25 0.02
Current Status Completed Pending
# Deals Volume 8472 493.49B 2300 318.76B
Percent 60.76 39.24
Premiums Paid >100% 75.01-100% 50.01-75% 25.01-50% 10.01-25% 0-10%
# Deals 42 29 67 172 88 5992
Volume 6.96B 3.95B 37.52B 128.93B 65.16B 192.4B
Percent 1.6 0.91 8.63 29.65 14.98 44.24
Current Premium >100% 75.01-100% 50.01-75% 25.01-50% 10.01-25% 0-10%
# Deals 5 4 9 17 24 10713
Volume 51.77M 20.09M 459.85M 811.98M 11.19B 799.72B
Percent 0.01 0.06 0.1 1.38 98.46
10
North America: 1995-2010 Adviser Goldman Sachs & Co JP Morgan Morgan Stanley Bank of America Merrill Lynch Citi Credit Suisse Lehman Brothers UBS Deutsche Bank AG Lazard LLC Evercore Partners Inc Barclays Capital CIBC Rothschild RBC Capital Markets Greenhill & Co Blackstone Group Commerzbank AG Bank of America Centerview Partners LLP Houlihan Lokey BMO Capital Markets BNP Paribas Group TD Securities RBS HSBC Bank PLC Keefe Bruyette & Woods Scotia Capital Inc Macquarie Group Ltd Dresdner Kleinwort Jefferies Group Inc Wells Fargo Bank NA Perella Weinberg Partners Rohatyn Associates LLC Societe Generale Wachovia Corp Allen & Co Sandler O'Neill & Partners Stephens Inc Quadrangle Group
Rank (Market Share) Market Share (%) Volume (EUR, M) Deal Count 1 33.9114 5,323,901.26 2,846 2 27.4866 4,315,252.31 3,436 3 26.7404 4,198,089.18 2,547 4 25.4713 3,998,859.73 2,956 5 20.4216 3,206,075.79 2,293 6 19.9945 3,139,025.97 3,188 7 11.9264 1,872,376.09 1,430 8 10.104 1,586,268.03 1,797 9 9.5068 1,492,510.25 1,581 10 8.8766 1,393,573.38 1,375 11 3.7564 589,737.68 191 12 2.9739 466,882.62 286 13 2.8771 451,691.04 968 14 2.7565 432,755.77 692 15 2.7431 430,649.69 1,143 16 2.0974 329,284.99 220 17 2.0608 323,539.24 175 18 1.7282 271,313.13 303 19 1.5497 243,297.37 383 20 1.4113 221,574.05 41 21 1.3951 219,028.06 1,056 22 1.2891 202,375.88 551 23 1.1917 187,083.93 180 24 1.1715 183,925.05 302 25 1.1624 182,485.30 334 26 1.1111 174,430.06 173 27 1.0125 158,957.28 580 28 1.0028 157,433.99 394 29 0.9288 145,820.46 413 30 0.9212 144,623.59 178 31 0.9177 144,077.36 729 32 0.9089 142,693.26 242 33 0.9073 142,437.11 40 34 0.9048 142,055.32 5 35 0.8687 136,386.68 328 36 0.8535 133,987.91 137 37 0.797 125,130.97 86 38 0.7545 118,459.90 511 39 0.6814 106,969.59 174 40 0.6188 97,141.61 4
11
Deal Attribute Target Multiples Free Cashflow Income B/F XO Net Income FFO EBIT Net Income + Deprec Cashflow from Ops. EBITDA Book Value Stockholder Eqty Revenue Market Cap Enterprise Value Total Assets
# Deals 4488 5635 5722 243 5857 6646 6434 5807 8734 8903 8926 8652 8646 9460
Min - Max Median .00 - 4594.68 38.56 .00 - 4100.16 23.16 .00 - 4913.39 22.97 .00 - 640.11 19.71 .00 - 4923.91 16.02 .00 - 3138.36 14.03 .00 - 4886.85 13.29 .00 - 3136.80 9.48 .00 - 3160.14 2.45 .00 - 3862.98 2.39 .00 - 4599.09 1.62 .00 - 824.00 1.4 .00 - 2659.64 1.18 .00 - 3137.26 1.04
Deal Type Summary Company Takeover Cross Border Asset sale Private Equity Tender Offer Leveraged Buyout Additional Stake Purchase Majority purchase Spin-off Minority purchase Bankruptcy/Liquidation Management Buyout Real Estate Going Private Dutch Auction/Self Tender Government Administration Secondary Transaction Reverse Merger Private Placement Joint Venture Government Privatization Special Situations/Distressed Competing Bid Debt for Equity Venture Capital Infrastructure Squeeze out Convertible Co-Investment Option Agreement Mezzanine Sale Leaseback Recapitalization Related Party Transaction Mandatory Offer
# Deals 83035 38973 42633 9121 1827 1660 5195 5900 798 7977 1957 1336 96 307 450 127 275 246 361 1422 66 29 25 37 804 17 52 45 73 182 9 32 21 19 2
Volume 10.89T 3.83T 2.55T 1.57T 1.56T 968.37B 715.49B 614.6B 517.43B 509.6B 217.45B 158.38B 151.74B 135.1B 83.6B 63.06B 62.04B 56.37B 43.2B 32.3B 28.17B 21.93B 18.89B 12.65B 12.16B 9.18B 8.58B 7.92B 6.47B 4.76B 3.91B 3.33B 2.69B 1.13B 3.85M
Percent 69.35 24.4 16.25 10.02 9.94 6.17 4.56 3.91 3.3 3.25 1.39 1.01 0.97 0.86 0.53 0.4 0.4 0.36 0.28 0.21 0.18 0.14 0.12 0.08 0.08 0.06 0.05 0.05 0.04 0.03 0.02 0.02 0.02 0.01
Payment Type Summary Cash Stock Cash & Stock Undisclosed Cash or Stock Stock & Debt Cash, Stock & Debt Debt
# Deals 56893 14670 8921 66746 844 764 1122 522
Volume 6.88T 4.14T 1.54T 1.38T 549.13B 306.69B 232.04B 40.28B
Percent 45.67 27.48 10.22 9.15 3.65 2.04 1.54 0.27
Deal Size Breakdown > 10,000M 5000.01-10,000M 1000.01-5000M 500.01-1000M 0-500M
# Deals 171 255 2150 2346 148269
Volume 4.12T 1.74T 4.4T 1.65T 3.79T
Percent 0.11 0.17 1.4 1.53 96.79
Nature of Bid Summary Friendly Unsolicited to Friendly Hostile Unsolicited Unsolicited to Hostile
# Deals 97601 31 128 19 5
Volume 9.96T 262.7B 199.44B 47.46B 24.06B
Percent 99.81 0.03 0.13 0.02 0.01
Current Status Completed Pending
# Deals Volume 150733 15.37T 2458 334.25B
Percent 97.87 2.13
Premiums Paid >100% 75.01-100% 50.01-75% 25.01-50% 10.01-25% 0-10%
# Deals 464 397 1070 2629 2118 91111
Volume 128.23B 309.73B 698.36B 3T 2.3T 4.07T
Percent 1.22 2.95 6.64 28.55 21.9 38.75
Current Premium >100% 75.01-100% 50.01-75% 25.01-50% 10.01-25% 0-10%
# Deals 130 39 64 182 335 152441
Volume 22.2B 16.55B 11.41B 73.98B 163.03B 15.41T
Percent 0.14 0.11 0.07 0.47 1.04 98.17
12
European M&A History from 1998 to 2010 rounded figures
Average Yearly Premium Average Yearly Deal Count Average Yearly Volume Total Deal Count Total Volume
Before Sep 07 19% 7,600 €0.9T 76,000 €9.2T
After Sep 07 22% 8,400 €0.7T 30,000 €2.4T
Overall 19% 8,000 €0.9T 102,000 €11.3T
Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Deal Volume and Count 6,220
10,240 8,280
6,390
6,330
7,140
7,880
10,030 12,120
10,220
6,520
7,090
€1.5 1.5
1.5 1.2
Trillions
3,980
15,000
1.2
10,000
€1.0 0.9 0.8
0.7
0.7
0.7
0.6
0.6
5,000
€0.5
0.4
0.4
0
€0.0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Premium 30% 27.1%
26.5%
25.6%
24.9%
23.7% 22.3% 20.7%
20.2%
20% 16.8%
16.0% 14.6% 14.8%
10%
4.6%
0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: Bloomberg, 1 January 1998 - 23 December 2010
13
Europe: 2010 Adviser Morgan Stanley JP Morgan Goldman Sachs & Co Credit Suisse Deutsche Bank AG UBS Lazard LLC Citi Rothschild Bank of America Merrill Lynch BNP Paribas Group Societe Generale Barclays Capital HSBC Bank PLC Nomura Holdings Inc Blackstone Group Evercore Partners Inc RBC Capital Markets RBS Ondra Partners Credit Agricole CIB Banco Santander SA EFG-Hermes Standard Chartered PLC Greenhill & Co KPMG Corp Finance Jefferies Group Inc BES Investimento SA Scotia Capital Inc Macquarie Group Ltd Caixa Banco de Investimento SA Banco BTG Pactual SA Banco Bilbao Vizcaya Argentaria Perella Weinberg Partners Renaissance Capital Group Centerview Partners LLP Allen & Co JM Financial Ltd Enam Securities Pvt Ltd Merrill Lynch & Co
Rank (Market Share) Market Share (%) Volume (EUR, M) Deal Count 1 26.2994 164,755.39 140 2 22.6413 141,838.78 110 3 21.5681 135,115.65 105 4 21.2696 133,245.59 96 5 18.0894 113,323.13 91 6 14.4306 90,402.03 86 7 14.1371 88,563.43 118 8 13.8849 86,983.28 68 9 12.5858 78,844.94 148 10 11.8142 74,011.26 70 11 10.6803 66,907.86 66 12 8.7951 55,098.09 31 13 7.6293 47,794.51 48 14 7.4073 46,403.72 45 15 5.902 36,973.49 62 16 4.8129 30,151.18 12 17 3.9205 24,560.20 11 18 3.845 24,087.23 32 19 3.5616 22,312.08 34 20 3.135 19,639.48 1 21 2.7287 17,094.35 29 22 2.6114 16,359.40 30 23 2.5633 16,058.19 1 24 2.4478 15,334.38 12 25 2.4283 15,212.26 18 26 2.3202 14,534.95 105 27 2.1106 13,222.00 35 28 1.9509 12,221.67 33 29 1.8665 11,693.14 10 30 1.8321 11,477.27 28 31 1.6299 10,210.45 10 32 1.6044 10,051.16 14 33 1.5166 9,501.02 16 34 1.2956 8,116.66 7 35 1.2042 7,544.03 9 36 1.1304 7,081.43 8 37 1.0649 6,671.28 6 38 1.0595 6,637.04 2 39 1.0421 6,528.24 1 40 0.9849 6,170.16 2
15
Deal Attribute Target Multiples FFO Free Cashflow Income B/F XO Net Income EBIT Net Income + Deprec Cashflow from Ops. EBITDA Book Value Stockholder Eqty Revenue Market Cap Enterprise Value Total Assets
# Deals 3 260 337 357 364 401 346 355 530 531 517 466 451 557
Min - Max Median 25.93 - 213.85 44.84 .01 - 1821.27 23.17 .00 - 2300.54 19.64 .00 - 2300.54 19.55 .00 - 2898.84 12.55 .00 - 2300.54 11.84 .00 - 1821.27 11.7 .00 - 2653.18 8.5 .00 - 811.87 2.15 .00 - 811.87 2.09 .00 - 3372.09 1.49 .00 - 232.21 1.2 .00 - 74.19 1.13 .00 - 154.83 0.89
Deal Type Summary Cross Border Company Takeover Asset sale Additional Stake Purchase Private Equity Minority purchase Tender Offer Majority purchase Reverse Merger Leveraged Buyout Joint Venture Private Placement Option Agreement Related Party Transaction Secondary Transaction Spin-off Infrastructure Government Privatization Competing Bid Government Administration Convertible Management Buyout Venture Capital Sale Leaseback Dutch Auction/Self Tender Squeeze out Bankruptcy/Liquidation Debt for Equity Real Estate Mezzanine Special Situations/Distressed Mandatory Offer Co-Investment Going Private
# Deals 4811 3448 1660 615 814 907 175 660 23 171 280 89 75 23 50 23 6 33 5 8 9 112 91 15 34 10 92 14 6 2 3 10 11 2
Volume 518.94B 333.6B 136.04B 95.94B 82.8B 77.92B 71.84B 51.61B 22.67B 20.76B 13.37B 10.79B 8.74B 8.43B 8.13B 8.13B 6.55B 4.56B 3.06B 2.7B 2.07B 1.86B 1.69B 1.68B 1.65B 1.54B 1.28B 1.18B 1.07B 715.64M 216.73M 140.1M 113.11M 84.76M
Percent 82.86 53.27 21.72 15.32 13.22 12.44 11.47 8.24 3.62 3.31 2.14 1.72 1.4 1.35 1.3 1.3 1.05 0.73 0.49 0.43 0.33 0.3 0.27 0.27 0.26 0.25 0.21 0.19 0.17 0.11 0.03 0.02 0.02 0.01
Payment Type Summary Cash Undisclosed Stock Cash & Stock Debt Cash or Stock Cash, Stock & Debt Stock & Debt
# Deals 4110 2244 193 148 24 10 14 6
Volume 429.7B 64.67B 64.67B 38.99B 1.44B 1.23B 1.22B 1.18B
Percent 71.25 10.72 10.72 6.46 0.24 0.2 0.2 0.2
Deal Size Breakdown > 10,000M 5000.01-10,000M 1000.01-5000M 500.01-1000M 0-500M
# Deals 3 15 111 125 6832
Volume 50.01B 95.07B 218.51B 88.79B 173.87B
Percent 0.04 0.21 1.57 1.76 96.42
Nature of Bid Summary Friendly Unsolicited to Hostile Unsolicited Unsolicited to Friendly Hostile
# Deals 3452 3 5 1 2
Volume 215.14B 16.78B 4.4B 1.01B 408.96M
Percent 99.62 0.09 0.14 0.03 0.06
Current Status Pending Completed
# Deals Volume 1920 332.58B 5166 293.66B
Percent 53.11 46.89
Premiums Paid >100% 75.01-100% 50.01-75% 25.01-50% 10.01-25% 0-10%
# Deals 12 9 27 88 62 3267
Volume 5.49B 1.66B 10.35B 44.61B 29.77B 146.56B
Percent 2.3 0.7 4.34 18.71 12.49 61.46
Current Premium 75.01-100% 50.01-75% 25.01-50% 10.01-25% 0-10%
# Deals 1 5 10 25 7045
Volume 2.81M 26.21M 744.25M 12.46B 613.02B
Percent
0.12 1.99 97.89
16
Europe: 1998-2010 Adviser Rank (Market Share) Market Share (%) Volume (EUR, M) Deal Count Goldman Sachs & Co 1 29.3134 3,454,586.25 1,586 Morgan Stanley 2 28.734 3,386,307.41 1,782 JP Morgan 3 23.074 2,719,267.29 2,173 UBS 4 20.8668 2,459,152.06 1,882 Bank of America Merrill Lynch 5 20.0233 2,359,744.18 1,418 Credit Suisse 6 17.1583 2,022,108.57 1,917 Citi 7 17.102 2,015,474.54 1,478 Deutsche Bank AG 8 15.5459 1,832,081.72 1,616 Rothschild 9 13.9992 1,649,806.13 2,153 Lazard LLC 10 13.2506 1,561,579.02 1,742 BNP Paribas Group 11 8.6183 1,015,670.20 904 Lehman Brothers 12 8.4646 997,556.11 773 RBS 13 5.6397 664,637.86 1,092 Commerzbank AG 14 4.9204 579,873.61 432 HSBC Bank PLC 15 4.6223 544,739.79 631 Societe Generale 16 3.488 411,056.95 514 Greenhill & Co 17 2.9565 348,428.07 189 Mediobanca 18 2.8651 337,656.61 265 Dresdner Kleinwort 19 2.758 325,029.32 392 ABN AMRO Bank NV/Old 20 2.5175 296,683.25 234 Credit Agricole CIB 21 2.4343 286,876.98 263 JP Morgan Cazenove 22 2.3527 277,268.76 190 Banco Santander SA 23 2.0999 247,474.21 239 ING Groep NV 24 1.8808 221,652.01 675 KPMG Corp Finance 25 1.5239 179,592.67 2,257 Barclays Capital 26 1.476 173,942.13 118 Blackstone Group 27 1.331 156,863.57 61 Nomura Holdings Inc 28 1.2118 142,807.24 209 Ernst & Young 29 1.2021 141,673.35 901 Deloitte Touche Tohmatsu 30 1.196 140,944.39 917 RBC Capital Markets 31 1.1533 135,918.84 169 PwC 32 1.1524 135,812.34 1,208 Skandinaviska Enskilda Banken 33 0.942 111,016.73 481 UniCredit Group 34 0.8876 104,602.57 210 Macquarie Group Ltd 35 0.8698 102,503.43 209 Perella Weinberg Partners 36 0.8108 95,550.89 35 CIBC 37 0.8034 94,679.43 166 Fox-Pitt Kelton Cochran Caronia Waller LLC 38 0.7992 94,182.87 43 Evercore Partners Inc 39 0.787 92,753.14 52 Houlihan Lokey 40 0.7691 90,639.12 178
17
Deal Attribute Target Multiples Free Cashflow Net Income Income B/F XO EBIT Net Income + Deprec Cashflow from Ops. EBITDA FFO Book Value Stockholder Eqty Market Cap Revenue Enterprise Value Total Assets
# Deals 3881 6273 6180 6058 6965 5656 5870 17 8476 8514 7491 8444 7568 8822
Min - Max Median .00 - 3849.38 20.62 .00 - 4227.01 19.97 .00 - 4227.01 19.4 .00 - 4567.06 13.2 .00 - 4533.57 12.18 .00 - 4788.29 11.47 .00 - 3739.11 8.56 .00 - 1630.60 8.45 .00 - 3160.14 2.25 .00 - 3470.59 2.18 .00 - 4563.64 1.29 .00 - 4826.22 1.24 .00 - 1283.55 1.09 .00 - 2984.91 0.88
Deal Type Summary Company Takeover Cross Border Asset sale Tender Offer Majority purchase Additional Stake Purchase Private Equity Minority purchase Leveraged Buyout Government Privatization Spin-off Management Buyout Private Placement Government Administration Secondary Transaction Bankruptcy/Liquidation Real Estate Convertible Option Agreement Joint Venture Going Private Dutch Auction/Self Tender Squeeze out Reverse Merger Competing Bid Infrastructure Related Party Transaction Debt for Equity Co-Investment Venture Capital Sale Leaseback Special Situations/Distressed Mezzanine Recapitalization Mandatory Offer
# Deals 52299 52467 24682 3279 10162 9489 6988 10605 1486 396 284 2265 270 46 310 808 78 23 107 1684 114 383 435 46 12 16 36 34 25 211 25 6 3 4 26
Volume 6.89T 5.88T 2.01T 1.93T 1.55T 1.53T 1.02T 842.18B 551.51B 161.5B 147.08B 137.51B 115.7B 95.55B 78.33B 68.54B 60.8B 50.25B 35.37B 35.28B 34.97B 34.82B 29.42B 25.37B 12.24B 10.87B 10.12B 6.93B 5.34B 5.17B 4.21B 2.43B 715.64M 677.64M 616.31M
Percent 58.49 49.86 17.03 16.38 13.19 13.01 8.68 7.15 4.68 1.37 1.25 1.17 0.98 0.81 0.66 0.58 0.52 0.43 0.3 0.3 0.3 0.3 0.25 0.22 0.1 0.09 0.09 0.06 0.05 0.04 0.04 0.02 0.01 0.01 0.01
Payment Type Summary Cash Stock Undisclosed Cash & Stock Stock & Debt Cash or Stock Cash, Stock & Debt Debt
# Deals 47705 4846 43772 4319 205 252 420 225
Volume 6.64T 1.82T 1.41T 1.03T 266.51B 204.86B 165.78B 18.75B
Percent 57.42 15.78 12.19 8.95 2.3 1.77 1.43 0.16
Deal Size Breakdown > 10,000M 5000.01-10,000M 1000.01-5000M 500.01-1000M 0-500M
# Deals 135 185 1717 1996 100066
Volume 2.76T 1.28T 3.48T 1.4T 2.87T
Percent 0.13 0.18 1.65 1.92 96.13
Nature of Bid Summary Friendly Hostile Unsolicited to Friendly Unsolicited Unsolicited to Hostile
# Deals 56864 126 34 6 4
Volume 5.84T 566.2B 220.75B 43.51B 18.41B
Percent 99.69 0.22 0.06 0.01 0.01
Current Status Completed Pending
# Deals Volume 101561 11.43T 2538 352.43B
Percent 97.01 2.99
Premiums Paid >100% 75.01-100% 50.01-75% 25.01-50% 10.01-25% 0-10%
# Deals 211 182 499 1460 1639 53047
Volume 239.35B 85.96B 290.95B 1.18T 1.39T 3.52T
Percent 3.57 1.28 4.34 17.55 20.75 52.52
Current Premium >100% 75.01-100% 50.01-75% 25.01-50% 10.01-25% 0-10%
# Deals 139 46 74 191 354 103295
Volume 90.95B 28.45B 32.84B 77.55B 336.4B 11.22T
Percent 0.77 0.24 0.28 0.66 2.85 95.2
18
Eastern European M&A History from 1998 to 2010 rounded figures
Average Yearly Premium Average Yearly Deal Count Average Yearly Volume Total Deal Count Total Volume
Before Sep 07 20% 400 €45B 5,700 €430B
After Sep 07 19% 1,200 €78B 4,000 €270B
Overall 20% 800 €52B 9,300 €680B
Source: Bloomberg, 1 January 1998 - 23 December 2010
150
290
2,000
560
520
460
460
560
660
970
1,640
1,500
690
820
1,500
€200
Billions
Yearly Deal Volume and Count
€150 140 112
1,000
€100
79
83
76
500
0
€50
4
10
25
24
26
27
40
33
€0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Premium 40% 34.3% 30.8% 26.7%
30%
26.8% 18.6% 15.8% 13.0%
20%
16.7%
15.4% 12.7%
17.6%
10%
8.5% 5.5%
0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: Bloomberg, 1 January 1998 - 23 December 2010
19
Eastern Europe: 2010 Adviser Morgan Stanley JP Morgan Deutsche Bank AG Credit Suisse Lazard LLC UBS Citi EFG-Hermes Goldman Sachs & Co Bank of America Merrill Lynch KPMG Corp Finance Renaissance Capital Group Merrill Lynch & Co VTB Capital Nomura Holdings Inc AIB Corporate Finance Ltd Banco Santander SA Banco Bilbao Vizcaya Argentaria Centerview Partners LLP UniCredit Group Gazprombank BMO Capital Markets BNP Paribas Group RZB Group HSBC Bank PLC Sberbank of Russian Federation URALSIB Financial Corp Barclays Capital CIBC Societe Generale RBC Capital Markets Haywood Securities Macquarie Group Ltd Houlihan Lokey Rothschild Credit Agricole CIB PwC Deloitte Touche Tohmatsu Trigon Dom Maklerski SA DC Advisory Partners
Rank (Market Share) Market Share (%) Volume (EUR, M) Deal Count 1 44.1668 36,479.64 26 2 31.5617 26,068.41 11 3 29.5425 24,400.68 6 4 24.2834 20,056.89 10 5 24.2586 20,036.40 9 6 21.4471 17,714.22 4 7 19.8104 16,362.39 3 8 19.4421 16,058.19 1 9 15.4339 12,747.65 13 10 11.4438 9,451.99 3 11 10.3578 8,555.07 16 12 9.1338 7,544.03 9 13 7.4704 6,170.16 2 13 7.4704 6,170.16 4 15 7.102 5,865.89 7 16 5.2773 4,358.76 2 17 5.0957 4,208.76 1 18 5.0358 4,159.30 2 19 3.8078 3,145.03 2 20 2.9348 2,424.01 3 21 2.6612 2,197.99 4 22 2.1377 1,765.64 4 23 1.793 1,480.96 7 24 1.6451 1,358.80 8 25 1.6327 1,348.53 4 26 1.502 1,240.57 1 26 1.502 1,240.57 1 28 1.3825 1,141.88 1 29 1.2919 1,067.05 3 30 1.2107 1,000.00 1 31 0.9501 784.7 3 32 0.8805 727.29 1 33 0.8068 666.41 2 34 0.5249 433.52 3 35 0.4959 409.55 7 36 0.299 247 2 37 0.2676 221 1 38 0.2436 201.2 4 38 0.2436 201.2 1 40 0.1816 150 2
21
Deal Attribute Target Multiples Free Cashflow Net Income Income B/F XO Cashflow from Ops. Net Income + Deprec EBIT EBITDA Book Value Stockholder Eqty Revenue Market Cap Enterprise Value Total Assets
# Deals 32 39 38 38 41 42 41 64 64 60 61 56 64
Min - Max Median .27 - 1074.07 26.23 .83 - 2242.95 17.06 .83 - 2242.95 16.83 .14 - 579.17 10.81 .17 - 235.36 10.25 .29 - 2898.84 10.17 .12 - 134.64 8.26 .04 - 34.90 1.97 .04 - 34.90 1.93 .02 - 1300.14 1.56 .02 - 232.21 1.13 .02 - 4.47 1.07 .03 - 27.43 0.83
Deal Type Summary Cross Border Company Takeover Additional Stake Purchase Minority purchase Tender Offer Majority purchase Related Party Transaction Asset sale Government Privatization Option Agreement Private Equity Competing Bid Dutch Auction/Self Tender Joint Venture Sale Leaseback Mandatory Offer Venture Capital Private Placement Leveraged Buyout Reverse Merger Debt for Equity Secondary Transaction Squeeze out Management Buyout Bankruptcy/Liquidation Spin-off Government Administration
# Deals 549 304 102 134 30 171 11 135 28 16 60 1 4 47 1 3 5 5 9 4 3 4 1 6 1 1 2
Volume 52.16B 47.86B 21.79B 14.41B 13.28B 12.55B 6.97B 6.12B 4.22B 2.84B 2.47B 942.59M 711.44M 179.38M 154M 116.36M 113.17M 72.32M 64.91M 48.76M 16.59M 13.18M 7.78M 5.78M
Percent 63.15 57.95 26.38 17.45 16.08 15.19 8.44 7.41 5.11 3.44 2.99 1.14 0.86 0.22 0.19 0.14 0.14 0.09 0.08 0.06 0.02 0.02 0.01 0.01
Payment Type Summary Cash Undisclosed Cash & Stock Stock Cash, Stock & Debt Debt Stock & Debt
# Deals 436 277 12 33 3 5 1
Volume 29.09B 20.16B 16.75B 15.03B 586.1M 78.61M 3.62M
Percent 35.6 24.68 20.5 18.4 0.72 0.1
Deal Size Breakdown > 10,000M 5000.01-10,000M 1000.01-5000M 500.01-1000M 0-500M
# Deals 1 1 19 16 782
Volume 16.06B 5.1B 32.91B 11.82B 16.7B
Percent 0.12 0.12 2.32 1.95 95.48
Nature of Bid Summary Friendly Hostile
# Deals Volume 375 52.35B 2 408.96M
Percent 99.47 0.53
Current Status Pending Completed
# Deals Volume 295 61.27B 524 21.33B
Percent 74.18 25.82
Premiums Paid >100% 50.01-75% 25.01-50% 10.01-25% 0-10%
# Deals 3 1 11 9 353
Volume 4.59B 302.89M 7.25B 2.48B 38.14B
Percent 8.7 0.57 13.74 4.69 72.3
Current Premium 25.01-50% 10.01-25% 0-10%
# Deals 2 9 808
Volume 134.2M 7.15B 75.31B
Percent 0.16 8.66 91.17
22
Eastern Europe: 1995-2010 Adviser Rank (Market Share) Market Share (%) Volume (EUR, M) Deal Count Citi 1 15.7835 107,259.89 131 Deutsche Bank AG 2 15.749 107,025.05 126 Morgan Stanley 3 14.9359 101,499.66 128 JP Morgan 4 13.319 90,511.83 135 Credit Suisse 5 11.63 79,033.84 146 Bank of America Merrill Lynch 6 10.674 72,537.41 81 UBS 7 10.564 71,789.40 77 Rothschild 8 6.3196 42,945.78 123 Goldman Sachs & Co 9 6.0229 40,929.80 66 Lazard LLC 10 4.7117 32,019.07 47 Dresdner Kleinwort 11 3.9024 26,519.36 20 RBS 12 3.6023 24,479.86 106 Gazprombank 13 2.688 18,266.94 22 BNP Paribas Group 14 2.6197 17,802.50 55 UniCredit Group 15 2.5707 17,469.35 87 Commerzbank AG 16 2.4889 16,913.52 29 KPMG Corp Finance 17 2.4353 16,549.66 97 EFG-Hermes 18 2.3669 16,084.49 3 HSBC Bank PLC 19 2.3121 15,712.29 45 Renaissance Capital Group 20 2.0451 13,898.01 44 RZB Group 21 1.967 13,367.44 55 Trust Investment Bank 22 1.8962 12,885.68 2 ING Groep NV 23 1.7862 12,138.23 53 Deloitte Touche Tohmatsu 24 1.5421 10,479.50 85 Nomura Holdings Inc 25 1.3615 9,252.42 29 Ernst & Young 26 1.3364 9,081.94 55 ABN AMRO Bank NV/Old 27 1.2929 8,786.05 7 Lehman Brothers 28 1.2599 8,562.01 18 Societe Generale 29 1.2538 8,520.69 27 Troika Dialog 30 1.1791 8,012.89 20 PwC 31 0.9578 6,509.06 51 Merrill Lynch & Co 32 0.908 6,170.16 2 VTB Capital 32 0.908 6,170.16 4 34 0.8061 5,477.97 1 PDF Kurumsal Finansman Danmanlk Hizmet KIT Finance Investment Bank 35 0.7905 5,372.26 17 BMO Capital Markets 36 0.6899 4,688.53 7 AIB Corporate Finance Ltd 37 0.6753 4,589.06 5 Banco Santander SA 38 0.6664 4,528.76 2 Banco Bilbao Vizcaya Argentaria 39 0.6121 4,159.30 2 WestLB AG 40 0.61 4,145.51 3
23
Deal Attribute Target Multiples Free Cashflow Net Income Income B/F XO EBIT Net Income + Deprec Cashflow from Ops. EBITDA Book Value Stockholder Eqty Market Cap Revenue Enterprise Value Total Assets
# Deals 342 659 647 590 727 523 531 884 887 733 872 708 906
Min - Max Median .00 - 2519.67 16.5 .00 - 4227.01 16.38 .00 - 4227.01 15.74 .00 - 2898.84 11.03 .00 - 4227.01 9.85 .00 - 1106.07 8.78 .00 - 1036.71 7.71 .00 - 3160.14 1.95 .00 - 3160.14 1.91 .00 - 1234.81 1.23 .00 - 1385.67 1.11 .00 - 1269.79 1.05 .00 - 2530.40 0.8
Deal Type Summary Cross Border Company Takeover Majority purchase Additional Stake Purchase Minority purchase Asset sale Government Privatization Tender Offer Bankruptcy/Liquidation Spin-off Private Equity Dutch Auction/Self Tender Related Party Transaction Leveraged Buyout Private Placement Option Agreement Secondary Transaction Competing Bid Squeeze out Government Administration Joint Venture Management Buyout Special Situations/Distressed Sale Leaseback Real Estate Mandatory Offer Venture Capital Reverse Merger Going Private Debt for Equity Convertible
# Deals 5675 3771 1923 1463 1488 1502 244 370 57 20 394 82 13 53 29 19 13 1 41 7 251 60 1 2 1 4 5 6 4 5 1
Volume 390.2B 205.98B 205.66B 133.09B 115.21B 101.59B 69.17B 57.48B 30.94B 30.91B 23.85B 13.57B 7.07B 6.66B 6.51B 2.85B 1.54B 942.59M 684.87M 636.82M 547.88M 486.03M 360M 318.28M 237.34M 116.36M 113.17M 63.51M 38.7M 21.03M
Percent 57.42 30.31 30.26 19.58 16.95 14.95 10.18 8.46 4.55 4.55 3.51 2 1.04 0.98 0.96 0.42 0.23 0.14 0.1 0.09 0.08 0.07 0.05 0.05 0.03 0.02 0.02 0.01 0.01
Payment Type Summary Cash Undisclosed Stock Cash & Stock Cash or Stock Debt Cash, Stock & Debt Stock & Debt
# Deals 4171 4183 385 163 13 19 6 4
Volume 407.43B 133.57B 48.41B 41.03B 2.26B 968.93M 786.65M 93.82M
Percent 64.21 21.05 7.63 6.47 0.36 0.15 0.12 0.01
Deal Size Breakdown > 10,000M 5000.01-10,000M 1000.01-5000M 500.01-1000M 0-500M
# Deals 3 10 126 138 9020
Volume 38.9B 61.18B 248.48B 96.86B 234.16B
Percent 0.03 0.11 1.36 1.48 97.02
Nature of Bid Summary Friendly Unsolicited to Friendly Hostile
# Deals 5483 1 5
Volume 332.78B 771.65M 737.98M
Percent 99.89 0.02 0.09
Current Status Completed Pending
# Deals Volume 8875 614.36B 422 65.21B
Percent 90.4 9.6
Premiums Paid >100% 75.01-100% 50.01-75% 25.01-50% 10.01-25% 0-10%
# Deals 22 8 31 82 117 5229
Volume 7.17B 2.05B 3.07B 18.01B 25.7B 278.29B
Percent 2.15 0.61 0.92 5.39 7.69 83.25
Current Premium >100% 75.01-100% 50.01-75% 25.01-50% 10.01-25% 0-10%
# Deals 19 10 18 34 42 9174
Volume 5.2B 654.2M 5.73B 7.81B 11.9B 648.28B
Percent 0.76 0.1 0.84 1.15 1.75 95.4
24
Deutsche Bank Deutsche Bank M&A History from 1998 to 2010 Before Sep 07 21% 200 €0.2T 2,100 €2.3T
rounded figures
Average Yearly Premium Average Yearly Deal Count Average Yearly Volume Total Deal Count Total Volume
After Sep 07 28% 200 €0.2T 700 €0.8T
Overall 22% 200 €0.2T 2,700 €2.9T
Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Deal Volume and Count 190
230
220
170
180
200
220
220
240
230
160
200
€0.6
Trillions
250
300
0.5 200
€0.4 0.4 0.3
0.3 0.2
100
0.2
0.2 0.1 0.1
0.1
0.2
0.2
€0.2
0.1
0
€0.0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Premium 40% 34.6%
35.9% 32.3%
32.2%
30% 22.8%
22.8%
22.0% 19.4%
21.1% 16.6% 17.2% 13.6%
20%
16.1%
10%
0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: Bloomberg, 1 January 1998 - 23 December 2010
25
26
Basic Materials M&A History from 1998 to 2010 Before Sep 07 19% 1,720 €148B 16,800 €1,446B
rounded figures
Average Yearly Premium Average Yearly Deal Count Average Yearly Volume Total Deal Count Total Volume
After Sep 07 29% 2,600 €154B 9,100 €539B
Overall 21% 1,920 €145B 25,100 €1,891B
2,420 3,060
2,260
Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Deal Volume and Count 990
1,520
1,450
1,500
1,750
1,900
1,980
2,640
2,630
3,000
€300 276
285
2,000
€200 168
108
162
158
148
144 1,000
Billions
990
116
€100
100 74
85 69
0
€0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Premium 40% 35.2% 30.7% 28.4%
30% 23.8% 23.6%
19.5%
22.6%
19.4% 17.8%
17.4%
20%
16.9%
10% 6.7% 6.3%
0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: Bloomberg, 1 January 1998 - 23 December 2010
27
Basic Materials: 1995-2010 Adviser Morgan Stanley Goldman Sachs & Co Credit Suisse JP Morgan Bank of America Merrill Lynch UBS Citi Deutsche Bank AG Lazard LLC CIBC Rothschild RBC Capital Markets HSBC Bank PLC BNP Paribas Group RBS Banco Santander SA Societe Generale Greenhill & Co BMO Capital Markets Dresdner Kleinwort Lehman Brothers Macquarie Group Ltd Credit Agricole CIB Commerzbank AG Banco Bilbao Vizcaya Argentaria TD Securities Banco BTG Pactual SA Perella Weinberg Partners Houlihan Lokey Mizuho Financial Group Inc Nomura Holdings Inc China International Capital Corp Gresham Partners Ltd GMP Securities LP KPMG Corp Finance Scotia Capital Inc National Bank Financial Inc Barclays Capital PwC ABN AMRO Bank NV/Old
Rank (Market Share) Market Share (%) Volume (EUR, M) Deal Count 1 23.9211 477,134.39 291 2 23.4636 468,008.87 317 3 19.7898 394,731.50 392 4 19.6875 392,689.13 452 5 17.8712 356,462.25 275 6 16.7808 334,712.33 368 7 15.6794 312,744.09 287 8 15.1118 301,422.84 312 9 7.378 147,163.22 192 10 6.6019 131,682.96 149 11 5.6759 113,211.80 210 12 5.4533 108,771.58 116 13 3.8112 76,019.26 70 14 3.4107 68,030.82 75 15 3.3196 66,213.58 90 16 3.1563 62,957.06 43 17 3.0656 61,147.85 43 18 3.0312 60,461.74 32 19 2.9525 58,891.70 144 20 2.5281 50,425.85 29 21 2.301 45,896.80 74 22 2.1459 42,801.80 116 23 1.846 36,820.49 23 24 1.6395 32,701.12 42 25 1.602 31,954.53 14 26 1.2478 24,888.89 30 27 1.2355 24,643.12 26 28 1.1981 23,897.71 5 29 1.1601 23,140.40 59 30 1.1477 22,891.22 120 31 1.1339 22,616.83 101 32 1.0743 21,428.07 21 33 1.0569 21,080.68 42 34 1.0072 20,089.19 60 35 0.8556 17,065.70 204 36 0.836 16,674.45 32 37 0.7289 14,538.32 22 38 0.7074 14,110.18 21 39 0.694 13,842.74 133 40 0.6446 12,857.07 30
29
Deal Attribute Target Multiples Free Cashflow Net Income Income B/F XO EBIT Cashflow from Ops. Net Income + Deprec EBITDA Book Value Stockholder Eqty Market Cap Enterprise Value Revenue Total Assets
# Deals 1024 1429 1413 1509 1483 1603 1569 2440 2448 2333 2363 2071 2563
Min - Max Median .01 - 4036.24 18.85 .00 - 4871.78 16.66 .00 - 3308.43 16.59 .01 - 4146.08 11.43 .00 - 4581.47 10.1 .00 - 3008.91 9.59 .00 - 4005.47 7.48 .00 - 3160.14 1.85 .00 - 3160.14 1.77 .00 - 268.41 1.27 .00 - 1269.79 1.09 .00 - 4203.62 1.05 .00 - 3003.98 0.89
Deal Type Summary Company Takeover Cross Border Tender Offer Asset sale Additional Stake Purchase Majority purchase Minority purchase Private Equity Spin-off Leveraged Buyout Private Placement Government Privatization Bankruptcy/Liquidation Competing Bid Dutch Auction/Self Tender Management Buyout Going Private Squeeze out Option Agreement Related Party Transaction Reverse Merger Convertible Secondary Transaction Joint Venture Debt for Equity Government Administration Mandatory Offer Special Situations/Distressed Recapitalization Infrastructure Sale Leaseback Venture Capital Co-Investment
# Deals 9665 10295 751 8061 2933 2507 2923 753 277 133 292 64 232 12 42 200 28 65 160 41 59 8 17 756 5 2 7 1 2 1 4 19 1
Volume 1.22T 853B 344.93B 321.23B 244.64B 209.57B 134.56B 86.04B 54.24B 38.16B 16.8B 16.63B 13.62B 11.92B 11.58B 10.19B 5.99B 5.43B 4.09B 3.61B 2.57B 2.38B 1.68B 1.6B 1.57B 1.47B 1.18B 454.34M 327.64M 305M 226.67M 207.61M 9.9M
Percent 61.17 42.77 17.29 16.1 12.26 10.51 6.75 4.31 2.72 1.91 0.84 0.83 0.68 0.6 0.58 0.51 0.3 0.27 0.21 0.18 0.13 0.12 0.08 0.08 0.08 0.07 0.06 0.02 0.02 0.02 0.01 0.01
Payment Type Summary Cash Stock Undisclosed Cash & Stock Cash or Stock Cash, Stock & Debt Stock & Debt Debt
# Deals 11393 3179 7716 1874 111 83 73 84
Volume 1.06T 334.33B 210.45B 195.77B 70.18B 30.21B 17.91B 5.26B
Percent 55.14 17.35 10.92 10.16 3.64 1.57 0.93 0.27
Deal Size Breakdown > 10,000M 5000.01-10,000M 1000.01-5000M 500.01-1000M 0-500M
# Deals 22 34 316 352 24867
Volume 327.94B 224.16B 630.08B 240.95B 571.49B
Percent 0.09 0.13 1.23 1.38 97.17
Nature of Bid Summary Friendly Hostile Unsolicited to Friendly Unsolicited to Hostile Unsolicited
# Deals 11529 46 10 1 8
Volume 1.04T 88.13B 24.19B 5.5B 2.35B
Percent 99.43 0.4 0.09 0.01 0.07
Current Status Completed Pending
# Deals Volume 24320 1.89T 1271 109.39B
Percent 94.52 5.48
Premiums Paid >100% 75.01-100% 50.01-75% 25.01-50% 10.01-25% 0-10%
# Deals 83 70 186 422 384 10450
Volume 29.96B 52.85B 87.54B 258.34B 219.22B 512.81B
Percent 2.58 4.55 7.54 22.26 18.89 44.18
Current Premium >100% 75.01-100% 50.01-75% 25.01-50% 10.01-25% 0-10%
# Deals 57 15 30 60 121 25308
Volume 6.32B 628.84M 19.51B 19.39B 61.61B 1.89T
Percent 0.32 0.03 0.98 0.97 3.09 94.61
30
Deutsche Bank Basic Materials M&A History from 1998 to 2010 Before Sep 07 31% 24 €26B 233 €258B
rounded figures
Average Yearly Premium Average Yearly Deal Count Average Yearly Volume Total Deal Count Total Volume
After Sep 07 42% 20 €24B 69 €85B
Overall 32% 24 €23B 296 €296B
Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Deal Volume and Count 20
19
32
13
27
14
27
22
31
23
14
24
€90
88
40
Billions
30
60
€60 56
20
€30 26 19 13
11
0
13
17 12
8
11
10
11 €0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Premium 73.9%
80% 70%
56.0%
60% 47.0%
50%
38.4%
40%
34.6%
30%
22.7%
20.1%
20%
13.1% 9.7%
10%
13.5% -1.6%
10.5%
1.1%
0%
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 -10% Source: Bloomberg, 1 January 1998 - 23 December 2010
31
Deutsche Bank Basic Materials: 1995-2010
32
Chemicals M&A History from 1998 to 2010 Before Sep 07 15% 600 €55B 5,900 €534B
rounded figures
Average Yearly Premium Average Yearly Deal Count Average Yearly Volume Total Deal Count Total Volume
After Sep 07 25% 840 €52B 2,900 €182B
Overall 17% 640 €53B 8,600 €686B
Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Deal Volume and Count 360
550
560
600
590
630
700
860
1,010
910
650
800
€120 108
800
Billions
360
1,200
€80 78 62
61
400
57
52
51
54 €40
42
37 30
27
27
0
€0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Premium 50% 40.4%
40% 31.7%
30%
25.3% 22.0%
21.6% 19.4%
18.6%
17.1%
20%
15.3% 10.5%
10% 6.2% 6.5%
5.5%
0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: Bloomberg, 1 January 1998 - 23 December 2010
33
Chemicals: 1995-2010 Adviser Morgan Stanley Goldman Sachs & Co JP Morgan Bank of America Merrill Lynch Credit Suisse Deutsche Bank AG Citi Lazard LLC UBS Rothschild Dresdner Kleinwort Lehman Brothers Greenhill & Co RBS Commerzbank AG Perella Weinberg Partners HSBC Bank PLC Barclays Capital BNP Paribas Group Deloitte Haskins & Sells GF Securities Mitsubishi UFJ Financial Ernst & Young Mizuho Financial Group Inc Merrill Lynch & Co Nomura Holdings Inc ABN AMRO Bank NV/Old Mediobanca VTB Capital RBC Capital Markets Estater Gestao e Financas SA Credit Agricole CIB Houlihan Lokey Banco Santander SA PwC ING Groep NV Salomon Smith Barney Jefferies Group Inc Rohatyn Associates LLC China International Capital Corp
Rank (Market Share) Market Share (%) Volume (EUR, M) Deal Count 1 27.9605 205,606.70 122 2 24.4293 179,639.93 125 3 23.0586 169,560.79 210 4 19.7472 145,210.02 112 5 18.517 136,164.02 176 6 17.0531 125,398.98 141 7 16.3768 120,426.40 120 8 12.1875 89,620.43 109 9 11.1784 82,199.64 111 10 5.2892 38,893.99 54 11 4.5404 33,387.92 21 12 4.3144 31,726.08 45 13 4.0234 29,586.06 17 14 3.9769 29,243.93 44 15 3.4064 25,048.97 26 16 3.1979 23,515.71 4 17 2.2229 16,345.92 30 18 1.5973 11,745.93 11 19 1.5474 11,378.63 27 20 1.332 9,794.82 5 21 1.2681 9,324.81 2 22 0.9626 7,078.56 23 23 0.9378 6,895.89 67 24 0.9262 6,810.90 58 25 0.8972 6,597.19 5 26 0.8946 6,578.64 51 27 0.869 6,389.82 17 28 0.847 6,228.34 5 29 0.8391 6,170.16 3 30 0.7875 5,790.62 12 31 0.7803 5,737.83 12 32 0.6458 4,748.62 16 33 0.6332 4,656.27 25 34 0.6275 4,614.08 13 35 0.6023 4,428.81 60 36 0.586 4,309.26 28 37 0.5613 4,127.84 9 38 0.5538 4,072.35 11 39 0.5461 4,015.63 1 40 0.5301 3,898.06 8
35
Deal Attribute Target Multiples Free Cashflow Net Income Income B/F XO EBIT Cashflow from Ops. Net Income + Deprec EBITDA Book Value Stockholder Eqty Market Cap Enterprise Value Revenue Total Assets
# Deals 414 599 592 636 594 654 643 767 768 714 733 788 808
Min - Max Median .08 - 4036.24 20.57 .01 - 819.31 17.46 .02 - 3308.43 17.4 .01 - 1233.89 11.6 .02 - 3111.17 9.84 .00 - 2036.87 9.54 .01 - 3499.29 7.46 .00 - 306.43 1.68 .00 - 306.43 1.61 .00 - 232.21 1.21 .00 - 49.27 1.02 .00 - 450.00 0.82 .00 - 116.40 0.75
Deal Type Summary Company Takeover Cross Border Asset sale Majority purchase Additional Stake Purchase Tender Offer Private Equity Minority purchase Spin-off Leveraged Buyout Private Placement Management Buyout Going Private Squeeze out Bankruptcy/Liquidation Related Party Transaction Government Privatization Option Agreement Dutch Auction/Self Tender Competing Bid Reverse Merger Mandatory Offer Secondary Transaction Recapitalization Joint Venture Venture Capital Sale Leaseback Co-Investment Government Administration Debt for Equity
# Deals 3708 3505 2259 954 1145 250 382 982 74 70 48 105 16 32 65 20 21 7 11 1 9 4 10 1 287 14 1 1 1 1
Volume 427.44B 267.08B 128.21B 95.78B 78.61B 77.9B 53.19B 35.95B 24.97B 24.2B 4.9B 4.78B 4.54B 3.09B 2.59B 2.56B 2.46B 1.46B 1.34B 1.29B 1.11B 907.71M 858.9M 325.06M 266.18M 156.15M 10.61M 9.9M
Percent 58.13 36.32 17.44 13.02 10.69 10.59 7.23 4.89 3.4 3.29 0.67 0.65 0.62 0.42 0.35 0.35 0.34 0.2 0.18 0.18 0.15 0.12 0.12 0.04 0.04 0.02
Payment Type Summary Cash Stock Undisclosed Cash & Stock Cash or Stock Cash, Stock & Debt Debt Stock & Debt
# Deals 4097 482 3554 146 8 21 22 20
Volume 473.57B 98.36B 95.24B 27.17B 6.05B 5.83B 1.43B 1.1B
Percent 66.82 13.88 13.44 3.83 0.85 0.82 0.2 0.15
Deal Size Breakdown > 10,000M 5000.01-10,000M 1000.01-5000M 500.01-1000M 0-500M
# Deals 8 13 131 114 8458
Volume 107.45B 91.94B 265.89B 76.25B 193.82B
Percent 0.09 0.15 1.5 1.31 96.95
Nature of Bid Summary Friendly Unsolicited to Friendly Hostile Unsolicited to Hostile Unsolicited
# Deals 3436 2 5 1 1
Volume 330.17B 13.17B 5.98B 5.5B 1.29B
Percent 99.71 0.06 0.15 0.03 0.03
Current Status Completed Pending
# Deals Volume 8389 693.89B 335 41.45B
Percent 94.36 5.64
Premiums Paid >100% 75.01-100% 50.01-75% 25.01-50% 10.01-25% 0-10%
# Deals 21 14 49 110 118 3134
Volume 8.08B 4.34B 34.41B 70.26B 63.3B 179.02B
Percent 2.25 1.21 9.57 19.55 17.61 49.81
Current Premium >100% 75.01-100% 50.01-75% 25.01-50% 10.01-25% 0-10%
# Deals 16 5 8 12 35 8648
Volume 719.96M 232.33M 18.79B 3.98B 7.64B 703.98B
Percent 0.1 0.03 2.56 0.54 1.04 95.73
36
Deutsche Bank Chemicals M&A History from 1998 to 2010 Before Sep 07 16% 12 €10B 106 €97B
rounded figures
Average Yearly Premium Average Yearly Deal Count Average Yearly Volume Total Deal Count Total Volume
After Sep 07 47% 8 €11B 31 €40B
Overall 21% 12 €9B 134 €122B
Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Deal Volume and Count 8
4
14
7
14
6
14
18
9
11
3
12
€25
20
Billions
14
25
€20
21 19
15
€15 12
10 8 5
10
10
10 8 7
6
€5
5
5
1
0
€10
€0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Premium 60%
47.7%
45.6%
50%
40.0%
40%
30% 19.5%
20%
14.9%
9.0%
13.5%
9.5%
10%
12.5% 1.1%
0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: Bloomberg, 1 January 1998 - 23 December 2010
37
Deutsche Bank Chemicals: 1995-2010
38
Global Storage & Warehousing M&A History from 1998 to 2010 Before Sep 07 12% 36 €1.4B 367 €13B
rounded figures
Average Yearly Premium Average Yearly Deal Count Average Yearly Volume Total Deal Count Total Volume
After Sep 07 43% 60 €1.1B 209 €4B
Overall 16% 44 €1.3B 552 €17B
Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Deal Volume and Count 90
15
30
18
33
39
27
61
64
85
70
40
60
€3
3.0
Billions
13
2.5 2.3 60
€2
1.6 1.4
1.3
30 0.9 0.5
0.7
0.7
€1
1.0 0.6
0.2
0
€0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Premium 46.9%
38.4%
50%
40%
29.3%
28.2%
30%
20%
16.0% 13.1% 9.1% 4.8%
10%
6.6% 1.3%
0%
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 -5.8%
-10%
Source: Bloomberg, 1 January 1998 - 23 December 2010
39
Global Storage & Warehousing: 1995-2010 Adviser RBC Capital Markets UBS Rothschild Bridgewell Corporate Finance Ltd PwC Citi JP Morgan Morgan Stanley KPMG Corp Finance Lazard LLC Barclays Capital Scotia Capital Inc Nomura Holdings Inc CIBC UFJ Dresdner Kleinwort Bank of America Merrill Lynch ABN AMRO Bank NV/Old Deutsche Bank AG Oppenheimer & Co Commerzbank AG Brascan Financial Corp BMO Capital Markets Macquarie Group Ltd JP Morgan Cazenove Credit Suisse Daiwa Securities Group Inc Ernst & Young Simmons & Co Crosbie & Co Inc Guodu Securities Co Ltd Tebon Securities Co Ltd Banco BTG Pactual SA Sumitomo Mitsui Financial Group Inc Sal Oppenheim Jr & Cie KGaA Metzler Corporate Finance Gleacher Partners Standard Chartered PLC HSBC Institutional Trust Services Ltd/SG Greenhill & Co
Rank (Market Share) Market Share (%) Volume (EUR, M) Deal Count 1 6.2446 1,052.11 2 2 5.735 966.24 2 3 5.4819 923.6 5 4 5.2979 892.6 2 5 5.0589 852.33 4 6 4.9942 841.44 4 7 4.0275 678.56 3 8 3.8493 648.54 5 9 3.1519 531.04 7 10 3.0234 509.39 4 11 2.8877 486.52 2 12 2.5282 425.96 3 13 2.4075 405.63 2 14 2.3511 396.11 2 15 2.3296 392.5 1 15 2.3296 392.5 1 17 2.2349 376.54 3 18 2.2084 372.08 2 19 2.1923 369.36 3 19 2.1923 369.36 1 21 2.1884 368.71 3 22 2.1046 354.58 1 22 2.1046 354.58 1 24 1.6699 281.35 3 25 1.6159 272.26 1 26 1.3397 225.71 2 27 1.2725 214.4 3 28 1.225 206.39 4 29 1.2128 204.33 1 30 1.1205 188.79 1 31 1.1113 187.23 1 31 1.1113 187.23 1 33 1.0676 179.86 1 34 1.0406 175.33 2 35 0.9259 156 1 35 0.9259 156 1 37 0.5925 99.82 1 38 0.5563 93.73 1 38 0.5563 93.73 1 40 0.4916 82.83 1
41
Deal Attribute Target Multiples FFO Income B/F XO Net Income Free Cashflow EBIT Net Income + Deprec Cashflow from Ops. EBITDA Book Value Stockholder Eqty Market Cap Enterprise Value Revenue Total Assets
# Deals 1 26 26 20 28 27 28 27 35 35 31 32 35 35
Min - Max Median 37.44 - 37.44 37.44 .21 - 113.86 16.99 .21 - 116.97 16.89 .26 - 177.70 12.8 .21 - 1133.88 11.44 .08 - 18.16 9.86 .08 - 256.65 8.84 .07 - 99.92 7.29 .01 - 37.74 1.28 .01 - 37.74 1.27 .01 - 3.92 1.2 .01 - 5.60 1.1 .01 - 81.35 1.06 .00 - 8.05 0.77
Deal Type Summary Company Takeover Asset sale Cross Border Tender Offer Private Equity Leveraged Buyout Minority purchase Additional Stake Purchase Majority purchase Management Buyout Private Placement Bankruptcy/Liquidation Government Privatization Sale Leaseback Spin-off Joint Venture Secondary Transaction
# Deals 214 223 156 12 29 8 53 44 36 4 4 1 2 1 7 7 2
Volume 7.37B 5.07B 4.42B 1.62B 1.54B 1.29B 939.65M 688.34M 673.47M 450.29M 386.57M 92.53M 51.55M 9.33M
Percent 43.76 30.08 26.21 9.6 9.12 7.67 5.58 4.09 4 2.67 2.29 0.55 0.31 0.06
Payment Type Summary Cash Undisclosed Stock Cash & Stock Cash or Stock Debt Cash, Stock & Debt
# Deals 350 151 25 12 2 3 2
Volume 13.41B 2.69B 356.29M 320.74M 49.48M 16.43M 5.34M
Percent 79.58 15.98 2.11 1.9 0.29 0.1 0.03
Deal Size Breakdown 1000.01-5000M 500.01-1000M 0-500M
# Deals 1 2 556
Volume 2.87B 1.32B 12.66B
Percent 0.18 0.36 99.46
Nature of Bid Summary Friendly Hostile
# Deals Volume 279 6.56B 2 399.12M
Percent 99.29 0.71
Current Status Completed Pending
# Deals Volume 538 16.43B 21 419.72M
Percent 97.51 2.49
Premiums Paid >100% 75.01-100% 50.01-75% 25.01-50% 10.01-25% 0-10%
# Deals 1 1 1 4 5 269
Volume 117.16M 50.39M 12.04M 208.64M 763.3M 5.81B
Percent 1.68 0.72 0.17 3 10.97 83.46
Current Premium 75.01-100% 25.01-50% 0-10%
# Deals 1 2 556
Volume 66.11k 282.13M 16.57B
Percent 1.67 98.33
42
European Storage & Warehousing M&A History from 1998 to 2010 Before Sep 07 5% 12 €0.8B 121 €8B
rounded figures
Average Yearly Premium Average Yearly Deal Count Average Yearly Volume Total Deal Count Total Volume
After Sep 07 0% 12 €0.3B 48 €1B
Overall 5% 12 €0.7B 163 €9B
Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Deal Volume and Count 9
19
10
8
11
8
18
17
20
20
10
10
90
€3 2.9
60
Billions
4
€2
1.2
30
€1
0.9 0.6 0.5
0.4 0.1
0
0.7
0.4
0.1
0.2
0.3
0.2
€0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: Bloomberg, 1 January 1998 - 23 December 2010
Yearly Premium 30%
27.0%
19.3%
20%
9.5%
10% 6.6% 2.2%
0% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 -2.2%
-10% Source: Bloomberg, 1 January 1998 - 23 December 2010
43
European Storage & Warehousing: 1995-2010 Adviser RBC Capital Markets UBS Rothschild Bridgewell Corporate Finance Ltd PwC Lazard LLC Scotia Capital Inc CIBC ABN AMRO Bank NV/Old Commerzbank AG Brascan Financial Corp BMO Capital Markets Citi JP Morgan Cazenove KPMG Corp Finance Morgan Stanley Sal Oppenheim Jr & Cie KGaA Ernst & Young Metzler Corporate Finance Gleacher Partners Standard Chartered PLC HSBC Institutional Trust Services Ltd/SG Investec Ltd Steen Associates Lt Macquarie Group Ltd RBS Lehman Brothers BMR Advisors Deutsche Bank AG Robert W Baird & Co Mitsubishi UFJ Financial AdviCorp
Rank (Market Share) Market Share (%) Volume (EUR, M) Deal Count 1 12.1056 1,052.11 2 2 11.1176 966.24 2 3 10.6269 923.6 5 4 10.2703 892.6 2 5 7.7896 677 3 6 5.1801 450.2 3 7 4.6259 402.04 2 8 4.5577 396.11 2 9 4.2812 372.08 2 10 4.2424 368.71 3 11 4.0799 354.58 1 11 4.0799 354.58 1 13 3.3318 289.57 2 14 3.1326 272.26 1 15 2.3282 202.35 3 16 2.3185 201.5 1 17 1.7949 156 1 17 1.7949 156 2 17 1.7949 156 1 20 1.1486 99.82 1 21 1.0784 93.73 1 21 1.0784 93.73 1 23 0.6519 56.66 1 24 0.3955 34.38 1 25 0.3797 33 1 26 0.3107 27 2 27 0.2399 20.85 1 28 0.0403 3.5 1 29 1 29 1 29 1 29 1
45
Deal Attribute Target Multiples Free Cashflow Cashflow from Ops. EBIT Net Income Income B/F XO Net Income + Deprec EBITDA Revenue Book Value Stockholder Eqty Market Cap Enterprise Value Total Assets
# Deals 2 6 7 5 5 5 6 10 10 10 8 8 10
Min - Max Median 24.98 - 177.70 101.34 8.54 - 256.65 29.14 8.43 - 1133.88 16.25 11.10 - 116.97 15.56 11.10 - 113.86 15.56 9.20 - 18.16 13.49 7.29 - 99.92 10.59 .48 - 81.35 4.13 1.04 - 37.74 3.38 1.02 - 37.74 3.38 .90 - 2.90 1.49 .93 - 4.69 1.2 .97 - 8.05 1.14
Deal Type Summary Company Takeover Cross Border Asset sale Tender Offer Additional Stake Purchase Private Equity Leveraged Buyout Minority purchase Management Buyout Majority purchase Private Placement Joint Venture Secondary Transaction
# Deals 73 73 67 3 3 10 3 14 1 4 1 2 1
Volume 3.66B 2.92B 1.81B 1.11B 367.28M 366.76M 312.48M 237.96M 56.66M 37M 14.33M
Percent 42.08 33.63 20.78 12.76 4.23 4.22 3.6 2.74 0.65 0.43 0.16
Payment Type Summary Cash Undisclosed Cash & Stock Stock Cash or Stock Debt Cash, Stock & Debt
# Deals 107 49 3 4 1 1 1
Volume 7.62B 688.63M 234.14M 85.64M 40.09M 15.3M 5.34M
Percent 87.7 7.92 2.69 0.99 0.46 0.18 0.06
Deal Size Breakdown 1000.01-5000M 500.01-1000M 0-500M
# Deals 1 2 165
Volume 2.87B 1.32B 4.5B
Percent 0.6 1.19 98.21
Nature of Bid Summary Friendly Hostile
# Deals Volume 87 2.54B 1 354.58M
Percent 98.86 1.14
Current Status Completed Pending
# Deals Volume 164 8.58B 4 108.73M
Percent 98.75 1.25
Premiums Paid 25.01-50% 10.01-25% 0-10%
# Deals 1 1 86
Percent 1.96 12.26 85.79
Current Premium 0-10%
# Deals Volume 168 8.69B
Volume 56.66M 354.58M 2.48B
Percent 100
46