q1 2009 legal advisors - mergermarket · 2009-04-08 · press release: mergermarket m&a league...

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press release mergermarket M&A League Tables of Legal Advisers Q1 2009

2 April 2009, for immediate release

Contact:

Europe & Americas: Asia-Pacifi c:Hannah Bagshawe Seye [email protected] [email protected]: +44 20 7059 6118 Tel: +852 2158 9706

Press Release: www.mergermarket.com 2mergermarket M&A League Tables of Legal Advisers Q1 2009

Top spot globally in mergermarket’s legal league tables ranked by value for the fi rst quarter of 2009 belongs to Skadden Arps Slate Meagher & Flom. The fi rm, up from third place in 2008, advised on 28 deals in Q1 with a total value of just under $170bn. Linklaters, while losing fi rst place by value in Q1, has advised on the most deals, putting it at the top of the volume tables with 42 transactions.

Linklaters owes its drop from 1st to 18th place in terms of value to its not having been mandated on any of the Pharma ‘mega deals’ which have dominated 2009 so far. Signifi cant consolidation in the Pharmaceuticals sector has given rise to other con-siderable shifts in the legal league tables this year. Wachtell, Lipton, Rosen & Katz, which ranked outside the top 20 for 2008, comes in second globally by value having been mandated to work on both Pfi zer’s acquisition of Wyeth, and Merck’s off er for Schering Plough – two of the three largest deals of the year so far, with a combined value of over $107bn.

This pattern of change is repeated in the regional tables, particularly those ranked by value, where some of the ‘usual suspects’ are absent from the top of the tables so far this year. In Europe, for example, Wilson Sonsini Goodrich & Rosati, who fi nished 2008 in 227th place, is ranked eighth ahead of a number of magic circle fi rms; while in the US Davis Polk & Wardwell slots into fourth spot – up 18 places from its 2008 position.

An additional focus of M&A activity in the fi rst quarter - related to the focus on the healthcare sector - has been the dominance of US companies. Deals involving US companies contributed 49% of the total value of global M&A (up from 31% for 2008). Asian activity levels are particularly low by comparison, with China’s recent decision to block Coke’s acquisition of a mid-sized Chinese juice company on anti-trust grounds likely to ensure that this does not change.

Looking forward, US M&A looks set to continue to dominate. The technology sector, with large deals in the pipeline including that involving IBM and Sun Microsystems, is expected to follow healthcare as the next happy hunting ground. In both health-care and technology the most appealing targets are based in the US. However, it remains to be seen whether overseas acquir-ers will have what it takes to step up and act as consolidators in what is widely viewed as a once-in-a-lifetime opportunity to acquire cheap targets.

So far this year global M&A is down, with total values showing a decrease of 14% from the previous quarter and 29% when compared with Q1 2008. By volume, the drop is even more dramatic: 28% fewer deals have been announced so far in Q1 2009 than in Q4 2008, and 53% fewer than in Q1 2008.

mergermarket M&A League Tables of Legal Advisers Q1 2009

Contents

Section 1:

p. 2 - 7 Global

Section 2:

p. 8 -18 Europe

Section 3:

p.19 - 26 Americas

Section 4:

p. 27 - 34 Asia-Pacifi c

p. 35 Criteria

p. 36 About mergermarket


Global: League Tables of Legal Advisers

League Table of Legal Advisers to Global M&A: ValueY/E 2008 Q1 2009 House Value (US$m) Deal Count

3 1 Skadden Arps Slate Meagher & Flom 169,011 28

21 2 Wachtell, Lipton, Rosen & Katz 124,946 9

2 3 Sullivan & Cromwell 107,984 15

30 4 Davis Polk & Wardwell 95,360 13

5 5 Freshfi elds Bruckhaus Deringer 93,348 34

9 6 Cliff ord Chance 87,396 24

13 7 Simpson Thacher & Bartlett 84,029 10

20 8 Shearman & Sterling 80,326 28

14 9 Latham & Watkins 72,330 31

25 10 Dewey & LeBoeuf 70,313 24

28 11 Paul Weiss Rifkind Wharton & Garrison 67,664 13

35 12 Stikeman Elliott 66,406 12

24 13 Blake, Cassels & Graydon 66,201 16

29 14 Debevoise & Plimpton 65,079 7

7 15 Cravath Swaine & Moore 64,046 11

177 16 Cadwalader, Wickersham & Taft 64,015 2

11 17 Cleary Gottlieb Steen & Hamilton 60,888 16

1 18 Linklaters 59,937 42

48 19 Fried Frank Harris Shriver & Jacobson 55,320 6

144 20 Wilson Sonsini Goodrich & Rosati 48,905 12

League Table of Legal Advisers to Global M&A: VolumeY/E 2008 Q1 2009 House Value (US$m) Deal Count


2 2 Jones Day 4,984 35



1 5 DLA Piper 2,387 29




14 9 Dewey & LeBoeuf 70,313 24

8 10 Allen & Overy 13,329 23

5 11 Baker & McKenzie 5,738 22

15 12 Weil Gotshal & Manges 4,600 21

12 13 CMS 3,851 20

10 14 White & Case 2,061 19

16 15 Herbert Smith/Gleiss Lutz/Stibbe 11,802 18



44 18 Cooley Godward Kronish 2,943 16


88 20 Nishimura & Asahi 3,086 15


Global: League Tables of Legal Advisers

League Table of Legal Advisers to Global Mid-Market M&A: ValueY/E 2008 Q1 2009 House Value (US$m) Deal Count




4 4 Jones Day 1,306 14



5 7 Baker & McKenzie 966 11

16 8 Shearman & Sterling 857 9

3 9 Skadden Arps Slate Meagher & Flom 837 11

19 10 Herbert Smith/Gleiss Lutz/Stibbe 812 8

23 11 Blake, Cassels & Graydon 792 9

46 12 Davis Polk & Wardwell 775 5

39 13 Mori Hamada & Matsumoto 733 7

18 14 Cleary Gottlieb Steen & Hamilton 729 7

7 15 Cliff ord Chance 720 7

56 16 Willkie Farr & Gallagher 649 5

48 17 Paul Weiss Rifkind Wharton & Garrison 617 7

50 18 Nishimura & Asahi 603 7

10 19 Kirkland & Ellis 596 4

88 20 Mannheimer Swartling 588 5

League Table of Legal Advisers to Global Mid-Market M&A: VolumeY/E 2008 Q1 2009 House Value (US$m) Deal Count


4 2 Jones Day 1,306 14








22 10 Blake, Cassels & Graydon 792 9

9 11 Allen & Overy 495 9

1 12 DLA Piper 440 9


24 14 Morrison & Foerster 417 8

36 15 Mori Hamada & Matsumoto 733 7




69 19 Nishimura & Asahi 603 7

199 20 Schjodt 458 7

* Mid-Market based on deal value range of US$ 10m - US$ 250m


Top 10 Announced Global Deals Q1 2009 Announced Date

Bidder Company Bidder Legal Advisor Target Company Target/Seller Legal Advisor Seller Company Deal Value (US$m)

26-Jan-09 Pfi zer Inc Cadwalader, Wickersham & Taft; Clifford Chance; Debevoise & Plimpton (Advising Barclays Bank); Skadden Arps Slate Meagher & Flom (Advising Bank of America Merrill Lynch; Goldman Sachs; JPMorgan)

Wyeth Dewey & LeBoeuf (Advising Evercore Partners); Paul Weiss Rifkind Wharton & Garrison (Advising Morgan Stanley); Simpson Thacher & Bartlett; Stikeman Elliott; Wachtell, Lipton, Rosen & Katz

64,015

30-Jan-09 Roche Holding Ltd Davis Polk & Wardwell; Freshfi elds Bruckhaus Deringer; Homburger; Skadden Arps Slate Meagher & Flom (Advising Greenhill & Co); Sullivan & Cromwell (Advising Greenhill & Co)

Genentech Inc (44.10% stake) Cravath Swaine & Moore (Advising Goldman Sachs); Latham & Watkins; Wilson Sonsini Goodrich & Rosati

47,120

09-Mar-09 Merck & Co Inc Cleary Gottlieb Steen & Hamilton; Davis Polk & Wardwell (Advising JPMorgan); Fried Frank Harris Shriver & Jacobson

Schering Plough Corporation Blake, Cassels & Graydon; Shearman & Sterling (Advising Morgan Stanley); Skadden Arps Slate Meagher & Flom; Sullivan & Cromwell (Advising Goldman Sachs); Wachtell, Lipton, Rosen & Katz

43,198

23-Mar-09 Suncor Energy Inc Blake, Cassels & Graydon; Shearman & Sterling

Petro-Canada Macleod Dixon; McCarthy Tetrault; Torys

18,391

21-Feb-09 Enel SpA Bonelli Erede Pappalardo; Chiomenti Studio Legale; Cuatrecasas, Goncalves Pereira; Latham & Watkins

Endesa SA (25.01% stake) Advising seller: Uria Menendez Acciona SA 14,246

19-Mar-09 OneWest Bank FSB (consortium)

Cleary Gottlieb Steen & Hamilton; Simpson Thacher & Bartlett; Sullivan & Cromwell; Weiner Brodsky Sidman Kider

IndyMac Federal Bank FSB Sonnenschein Nath & Rosenthal 13,900

12-Jan-09 RWE AG Cravath Swaine & Moore; Hengeler Mueller; Linklaters; Norton Rose

Essent Holding (energy generation operations)

Advising seller: Freshfi elds Bruckhaus Deringer; Simmons & Simmons

Essent Holding 12,426

12-Feb-09 Aluminum Corporation of China Chiomenti Studio Legale; Clifford Chance; Mallesons Stephen Jaques; Simpson Thacher & Bartlett

Rio Tinto (stakes in nine mining assets)

Advising seller: Allens Arthur Robinson; Fried Frank Harris Shriver & Jacobson; Johnson Winter & Slattery (Advising Credit Suisse; Morgan Stanley); Linklaters; Wachtell, Lipton, Rosen & Katz

Rio Tinto Plc 11,838

23-Feb-09 Vattenfall AB Linklaters nv Nuon Allen & Overy; Covington & Burling; Herbert Smith/Gleiss Lutz/Stibbe; Sullivan & Cromwell (Advising Goldman Sachs)

10,789

19-Jan-09 HM Treasury Slaughter and May Royal Bank of Scotland Group Plc (30% stake)

Freshfi elds Bruckhaus Deringer (Advising Bank of America Merrill Lynch; Morgan Stanley; UBS Investment Bank); Linklaters

7,742

Global: Top Announced Deals Q1 2009


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Global Buyout M&A Activity - Quarterly

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Global: M&A Activity Trend


Mix of Announced Global Deals by Industry Sector Q1 2009 - Value

Pharma, Medical & Biotech40.7%

Leisure1.0%

TMT3.3%

Energy, Mining & Utilities29.4%

Construction0.2%

Financial Services12.5%

Defence0.2%

Industrials & Chemicals3.9%

Agriculture0.7%

Real Estate2.0%

Transport1.1%

Business Services2.1%

Consumer2.8%

Mix of Announced Global Deals by Industry Sector Q1 2009 - Volume

Consumer14.0%




TMT14.6%

Leisure3.9%

Transport3.6%



Construction3.8%

Agriculture0.9%

Real Estate2.4%

Defence0.5%

Mix of Announced Deals by Geographic Region Q1 2009 - Volume

North America33.0%

Central & South America4.3%

Western Europe22.5%

Southern Europe6.8%

Northern Europe3.7%

Central & Eastern Europe4.8%

Africa & Middle East2.0%

South East Asia2.3%

South & Central Asia1.5%

Australasia3.4%

Japan6.4%

North Asia8.6%

Mix of Announced Deals by Geographic Region Q1 2009 - Value

North America56.2%


Western Europe14.2%

Africa & Middle East1.2%

South East Asia1.2%

South & Central Asia2.6%

Australasia4.9%

Japan2.5%

North Asia4.2%


Northern Europe0.7%

Southern Europe8.8%

Global: Breakdown of Announced Deals Q1 2009


Roche/Genentech transaction dictates European value table; Linklaters remains most active fi rm• The top three law fi rms in the European value table for Q1 2009 all advised on Roche’s bid for the remaining shares it did not own in US based Genentech. Freshfi elds Bruckhaus Deringer led the pack with a total of 30 deals worth $91.4bn. Freshfi elds also worked on fi ve of the top ten announced deals in Europe.• Linklaters was the busiest legal adviser in Q1 2009, netting 39 transactions across Europe, with total value of $59.6bn. This is a far cry however from the 60 transactions worth $251.7bn Linklaters had advised on for the same period in 2008. Slaughter and May made an impressive leap to take fi fth position in the volume tables, up from 25th in the full year 2008 rankings, having advised the HM Treasury on its stake purchases in both RBS and Lloyds Banking Group.

European M&A drops 64% from Q1 2008• Q1 2009 saw a total of 646 deals valued at $107.5bn, a decrease of 58% by value and 60% by volume from Q1 2008 (where 1,548 deals with a total value of $298.7bn were announced). Meanwhile activity is down 33% from the previous quarter (from 969 deals) with deal value down by 52% (from $226bn).• European activity by target company makes up 26% of global M&A activity by value and 39% by number of deals announced so far this year. This compares to 43% for 2008.• The lack of mega deals in Europe has meant that the total deal value for the fi rst quarter has fallen to lows last seen in Q4 2001.

Energy, Mining & Utilities and Financial Services dominate; Germanic region most active• Over 80% of the total value of European M&A this quarter has taken place in two sectors: Energy, Mining & Utilities (58%) and Financial Services (24%). Nine of the top ten announced deals for the region this quarter fall into one of these two sectors. Energy, Mining & Utilities has seen 48 deals announced with a total value of $61.8bn, while the Financial Services sector has seen 63 deals totalling $25.5bn.• The Benelux region has been the most active in terms of total deal value, contributing 29% of Europe’s overall M&A this quarter. Two of the top three transactions announced in Europe this year involve Dutch companies – Essent Holding selling energy-generating assets to RWE for $12.4bn and Vattenfall’s bid to acquire Nuon for $10.8bn.• The Germanic region is currently the most active region by volume, accounting for 21% of European M&A, displacing the UK & Ireland which now account for 19%, down from 24% in 2008.

Buyout activity plummets by 90% from Q1 2009• Private equity deals in Europe have suffered a massive 90% drop in value, down to just $3.2bn from $33.2bn in the fi rst quarter of 2008. Meanwhile, European buyout activity has dropped by 66% this quarter, from 292 deals in Q1 2008 to just 100 transactions this quarter. • Buyout activity accounts for a tiny 3% of total European M&A deal value in Q1 2009 and just 15% of deal volume.

Europe: M&A roundup Q1 2009European M&A Activity - Quarterly

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European Mid Market M&A Activity - Quarterly($10m to $250m)

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Europe: League Tables of Legal Advisers

League Table of Legal Advisers to European M&A: ValueY/E 2008 Q1 2009 House Value (US$m) Deal Count









61 9 Homburger 47,120 2

51 10 Chiomenti Studio Legale 26,515 9

48 11 Uria Menendez 20,766 5

7 12 Slaughter and May 19,148 14


54 14 Bonelli Erede Pappalardo 18,353 5

34 15 Cuatrecasas, Goncalves Pereira 17,745 5

2 16 Allen & Overy 12,921 19

39 17 Norton Rose 12,800 7

104 18 Simmons & Simmons 12,541 10

36 19 Hengeler Mueller 12,426 5

16 20 Allens Arthur Robinson 11,888 3

League Table of Legal Advisers to European M&A: VolumeY/E 2008 Q1 2009 House Value (US$m) Deal Count



4 3 Allen & Overy 12,921 19

6 4 CMS 3,851 18




10 8 Jones Day 1,491 13

13 9 Lovells 2,446 12

8 10 White & Case 50 11








70 18 Plesner 719 9





League Table of Legal Advisers to European Mid-Market M&A: ValueY/E 2008 Q1 2009 House Value (US$m) Deal Count



13 3 Jones Day 897 9

8 4 Weil Gotshal & Manges 754 7



59 7 Bredin Prat 515 4

26 8 Vinge 487 5

82 9 Schjodt 458 7

67 10 Wiersholm 444 4

18 11 Chiomenti Studio Legale 431 5



74 14 Gibson Dunn & Crutcher 389 3

179 15 Bryan Cave 360 3

35 16 Thommessen 341 3

52 17 Desai & Diwanji 321 2

23 18 Slaughter and May 319 4


29 20 Addleshaw Goddard 297 4

League Table of Legal Advisers to European Mid-Market M&A: VolumeY/E 2008 Q1 2009 House Value (US$m) Deal Count





106 5 Schjodt 458 7


1 7 DLA Piper 225 6


19 9 Vinge 487 5

21 10 Chiomenti Studio Legale 431 5








38 18 Halliwells 258 4

41 19 Berwin Leighton Paisner 214 4

4 20 Eversheds 106 4



Top 10 Announced European Deals Q1 2009 Announced Date Bidder Company Bidder Legal Advisor Target Company Target/Seller Legal Advisor Seller Company Deal Value (US$m)

21-Feb-09 Enel SpA Bonelli Erede Pappalardo; Chiomenti Studio Legale; Cuatrecasas, Goncalves Pereira; Latham & Watkins

Endesa SA (25.01% stake) Advising seller: Uria Menendez Acciona SA 14,246

12-Jan-09 RWE AG Cravath Swaine & Moore; Hengeler Mueller; Linklaters; Norton Rose

Essent Holding (energy generation operations)

Advising seller: Freshfi elds Bruckhaus Deringer; Simmons & Simmons

Essent Holding 12,426

23-Feb-09 Vattenfall AB Linklaters nv Nuon Allen & Overy; Covington & Burling; Herbert Smith/Gleiss Lutz/Stibbe; Sullivan & Cromwell (Advising Goldman Sachs)

10,789

19-Jan-09 HM Treasury Slaughter and May Royal Bank of Scotland Group Plc (30% stake)

Freshfi elds Bruckhaus Deringer (Advising Bank of America Merrill Lynch; Morgan Stanley; UBS Investment Bank); Linklaters

7,742

12-Feb-09 Snam Rete Gas SpA Clifford Chance Italgas SpA; and Stogit SpA Internal ENI SpA 6,071

07-Mar-09 HM Treasury Slaughter and May Lloyds Banking Group Plc (21.60% stake)

Freshfi elds Bruckhaus Deringer (Advising Bank of America Merrill Lynch; Citigroup; UBS Investment Bank); Linklaters

5,638

23-Feb-09 Assicurazioni Generali SpA Freshfi elds Bruckhaus Deringer Alleanza Assicurazioni Spa 4,621

31-Mar-09 International Petroleum Investment Company

Compania Espanola de Petroleos SA (32.50% stake)

Not disclosed Santander Central Hispano SA

3,788

20-Feb-09 Acciona SA CMS; Uria Menendez Endesa SA (renewable energy generation assets)

Advising seller: Bonelli Erede Pappalardo; Cuatrecasas, Goncalves Pereira; Latham & Watkins

Endesa SA 3,707

30-Jan-09 Banco Bilbao Vizcaya Argentaria SA; Banco de Sabadell SA; Banco Espanol de Credito SA; Banco Popular Espanol SA; Caja de Ahorros y Monte de Piedad de Madrid; and Santander Central Hispano SA

Uria Menendez Metrovacesa SA (65.43% stake) Freshfi elds Bruckhaus Deringer; Vialegis

3,332

Europe: Top Announced Deals Q1 2009


Mix of Announced European Deals by Industry Sector Q1 2009 - Value



Consumer1.0%


Leisure0.9%

Construction0.4%


Transport1.3%

Pharma, Medical & Biotech1.7% Real Estate

5.1%

TMT3.1%

Mix of Announced European Deals by Industry Sector Q1 2009 - Volume

Defence0.3%

Real Estate2.6%Agriculture

0.6%Construction

4.5%


Transport4.3%

TMT12.6%


Consumer16.7%




Leisure4.2%

Mix of Announced European Deals by Geographic Region Q1 2009 - Volume

UK & Ireland19.1%

France10.6%

Italy7.0%

Iberia7.9%

Benelux8.5%

Nordic9.9%


South Eastern Europe4.0%

Other0.5%

Germanic21.3%

Mix of Announced European Deals by Geographic Region Q1 2009 - Value

UK & Ireland17.5%

Iberia21.7%

Benelux29.0%

Nordic2.6%


Other0.2%

South Eastern Europe1.1%

Italy12.3%

Germanic7.0%

France2.3%

Europe: Breakdown of Announced Deals Q1 2009


Legal Advisers to UK M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count






14 6= Allens Arthur Robinson 11,838 2

96 6= Chiomenti Studio Legale 11,838 2

19 6= Mallesons Stephen Jaques 11,838 2

98 9= Fried Frank Harris Shriver & Jacobson 11,838 1

15 9= Johnson Winter & Slattery 11,838 1

56 9= Wachtell, Lipton, Rosen & Katz 11,838 1



3 14 Allen & Overy 2,065 11

7 15 Freehills 1,424 4

Legal Advisers to German M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count





80 5 Norton Rose 12,426 2




14 9 Lovells 2,425 5

29 10= Hammarskiold & Co 554 1

154 10= Hannes Snellman 554 1

28 10= Roschier 554 1



- 15= Schindhelm Rechtsanwaltsgesellschaft 338 1

- 15= Senger Reimann Kunzmann 338 1

Legal Advisers to UK M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count



5 3 Allen & Overy 2,065 11



1 6 DLA Piper 179 6

10 7 Ashurst 763 5

15 8 Norton Rose 374 5

3 9 Eversheds 63 5


62 11 Freehills 1,424 4

14 12 Jones Day 772 4

20 13 Halliwells 258 4

22 14 Latham & Watkins 144 4

13 15 Hammonds 96 4

Legal Advisers to German M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count


2 2 CMS 26 11




17 6 Lovells 2,425 5

12 7 Noerr Stiefenhofer & Lutz - 4

51 8 Oppenhoff & Partner 203 3


6 10 Baker & McKenzie - 3


23 12 Norton Rose 12,426 2


242 14 Franz Rechtsanwaelte Partnerschaftsgesellschaft 19 2

20 15 Mayer Brown 15 2



Legal Advisers to French M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count



20 3 Darrois Villey Maillot Brochier 951 3


6 5 Sullivan & Cromwell 700 2

- 6= Fredrikson & Byron 700 1

- 6= Wilson Sonsini Goodrich & Rosati 700 1

13 8 Freshfi elds Bruckhaus Deringer 689 4


- 10= Barbe Carpentier Thibault Groener Associes 580 1

213 10= Travers Smith 580 1

38 12 Jones Day 540 7


32 14 Bonelli Erede Pappalardo 432 2

10 15= Debevoise & Plimpton 432 1

59 15= Legance Studio Legale Associato 432 1

Legal Advisers to Benelux M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count




39 4= Hengeler Mueller 12,426 3

88 4= Norton Rose 12,426 3


2 7 Allen & Overy 10,899 7


- 9 Covington & Burling 10,789 1



- 12= Allen & Gledhill 668 1

- 12= JSM 668 1

- 12= LCS & Partners 668 1

156 12= Mori Hamada & Matsumoto 668 1

24 12= NautaDutilh 668 1

Legal Advisers to French M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count


7 2 Jones Day 540 7




25 6 Lovells - 4

23 7 Darrois Villey Maillot Brochier 951 3

- 8 Paul Weiss Rifkind Wharton & Garrison 235 3

2 9 Gide Loyrette Nouel 39 3

3 10= CMS - 3

9 10= White & Case - 3



26 14 Sullivan & Cromwell 700 2

143 15 Bonelli Erede Pappalardo 432 2

Legal Advisers to Benelux M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count


2 2 Allen & Overy 10,899 7



1 5 Loyens & Loeff 168 4

28 6= Hengeler Mueller 12,426 3

35 6= Norton Rose 12,426 3

15 8 Eubelius 35 3

5 9 De Brauw Blackstone Westbroek 9 3




11 13 White & Case 25 2

13 14 DLA Piper 7 2

14 15= Houthoff Buruma - 2

18 15= Lovells - 2



Legal Advisers to Nordic M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count


5 2= Allen & Overy 10,789 1

111 2= Covington & Burling 10,789 1

77 2= Sullivan & Cromwell 10,789 1


4 6 Roschier 971 4

10 7 Plesner 719 9

17 8 Gorrissen Federspiel Kierkegaard 706 4


61 10 Hannes Snellman 611 4


6 12 Hammarskiold & Co 554 1

41 13 Schjodt 445 7


- 15 Buetzow Attorneys 417 1

Legal Advisers to Swedish M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count


20 2= Allen & Overy 10,789 1


- 2= Sullivan & Cromwell 10,789 1




16 8 Roschier 554 2

47 9= Freshfi elds Bruckhaus Deringer 554 1

22 9= Hammarskiold & Co 554 1

1 11 Vinge 327 7


2 13 Gernandt & Danielsson 146 5

8 14= Cederquist 137 2

140 14= Kromann Reumert 137 2

Legal Advisers to Nordic M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count

11 1 Plesner 719 9


27 3 Schjodt 445 7

1 4 Vinge 327 7


5 6 Wiersholm 444 5


7 8 Roschier 971 4



22 11 Kromann Reumert 238 3

3 12 Thommessen 181 3

38 13 Castren & Snellman 24 3

6 14 White & Case - 3


Legal Advisers to Swedish M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count


1 2 Vinge 327 7




11 6 Roschier 554 2

7 7= Cederquist 137 2

69 7= Kromann Reumert 137 2


12 10 Setterwalls 16 2

24 11= Plesner - 2

18 11= Wiersholm - 2

14 13= Allen & Overy 10,789 1


- 13= Sullivan & Cromwell 10,789 1



Legal Advisers to Italian M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count



58 3= Cuatrecasas, Goncalves Pereira 14,246 1

18 3= Latham & Watkins 14,246 1

52 3= Uria Menendez 14,246 1



3 8 Linklaters 695 3



43 11= Giliberti Pappalettera Triscornia e Associati 263 1

90 11= SJ Berwin 263 1

10 13 Studio Legale Pavesi Gitti Verzoni 225 1

193 14= Foley & Lardner 160 1

99 14= Willkie Farr & Gallagher 160 1

Legal Advisers to Irish M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count

2 1 Matheson Ormsby Prentice 283 3

1 2 Arthur Cox 260 4

3 3= A&L Goodbody 160 1

83 3= Jones Day 160 1

- 3= Thommessen 160 1

- 3= Vinge 160 1

- 7= Baker Botts 100 1

95 7= Maples & Calder 100 1

- 7= Paul Weiss Rifkind Wharton & Garrison 100 1

59 10= Blake Lapthorn 98 1

52 10= Loyens & Loeff 98 1

Legal Advisers to Italian M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count




9 4 Dewey & LeBoeuf 147 4

2 5 Gianni, Origoni, Grippo & Partners 102 4



50 8 Russo De Rosa Bolletta e Associati 70 2

44 9 Pirola Pennuto Zei & Associati 36 2

63 10= Cuatrecasas, Goncalves Pereira 14,246 1

25 10= Latham & Watkins 14,246 1

45 10= Uria Menendez 14,246 1




Legal Advisers to Irish M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count

1 1 Arthur Cox 260 4

2 2 Matheson Ormsby Prentice 283 3

4 3 William Fry 14 2

3 4= A&L Goodbody 160 1

84 4= Jones Day 160 1

- 4= Thommessen 160 1

- 4= Vinge 160 1

- 8= Baker Botts 100 1

24 8= Maples & Calder 100 1

- 8= Paul Weiss Rifkind Wharton & Garrison 100 1



Legal Advisers to Central & Eastern European M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count

8 1 Akin Gump Strauss Hauer & Feld 1,913 2


4 3= Linklaters 514 1

29 3= Weil Gotshal & Manges 514 1






38 10 Wolf Theiss 131 1


18 12 SALANS 46 2


- 14 Tomic & Partners 31 1

43 15 CMS 26 3

Legal Advisers to Russian M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count




70 4= DLA Piper 300 1

3 4= Herbert Smith/Gleiss Lutz/Stibbe 300 1


20 7= Allen & Overy 26 1

48 7= CMS 26 1

- 7= Paul Hastings Janofsky & Walker 26 1

- 10= Deloitte & Touche Legal 21 1

15 10= SALANS 21 1

- 10= Yulchon 21 1

Legal Advisers to Central & Eastern European M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count




11 4 CMS 26 3




20 8 SALANS 46 2

1 9 White & Case 25 2


7 10= Weil Gotshal & Manges 514 1



17 14 Wolf Theiss 131 1


Legal Advisers to Russian M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count




34 4= DLA Piper 300 1



15 7= Allen & Overy 26 1

31 7= CMS 26 1

- 7= Paul Hastings Janofsky & Walker 26 1

- 10= Deloitte & Touche Legal 21 1

14 10= SALANS 21 1

- 10= Yulchon 21 1



Legal Advisers to Iberian M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count





- 5 Chiomenti Studio Legale 14,246 1


9 7 CMS 3,707 2

14 8 Vialegis 3,332 1


- 10= Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados

281 1

- 10= Tozzini Freire Teixeira E Silva Advogados 281 1



7 14 Garrigues 63 4


Legal Advisers to Spanish M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count







9 7 CMS 3,707 2

14 8 Vialegis 3,332 1



281 1




7 14 Garrigues 63 4


Legal Advisers to Iberian M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count





3 5 Garrigues 63 4




11 9 CMS 3,707 2



60 12 Vialegis 3,332 1

- 13= Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados

281 1



Legal Advisers to Spanish M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count





3 5 Garrigues 63 4




11 9 CMS 3,707 2



49 12 Vialegis 3,332 1


281 1





Skadden fi rm leaders in 2009 so far• Skadden Arps Slate Meagher & Flom is the clear leader of the league tables for the Americas in the fi rst quarter of 2009. Of its total global count of $169bn worth of deals, $165bn (or 98%) came from deals the com-pany worked on with US involvement – being mandated on only fi ve transactions outside of the region. The fi rm ranks 1st in both value and volume terms for the US thus far.• With the addition of the recently announced $18.4bn acquisition of Petro-Canada by Suncor Energy to its list of deals, Shearman & Sterling appear to be revelling in the current economic climate. Considering the fi rm has moved from its ranking of 27th for 2008 to being the fourth most active fi rm in the region at the end of the fi rst quarter, this could signal a strong 2009.• Cadwalader, Wickersham & Taft makes an appearance in the top 20 by value having worked on only two deals for the fi rst quarter, although one of the deals was the largest deal of the year. • Although it is still the second most active fi rm in the US so far this year, Latham & Watkins suffered a drop of 10 places to 14th in value terms despite working on the second largest deal in the US.

Life Sciences & Healthcare provides welcome boost to dire M&A market• The top three deals in the region all fall into the Life Sciences & Healthcare (L&H) sector, and account for a combined value of $154.3bn – or just under 70% of total North American deal value.• North American L&H deals make up approximately 40% of the total global M&A value for Q1 2009.• Consolidation in the sector is set to continue, as companies scramble for solid product pipelines. GlaxoSmithKline is in the process of streamlining its operations and could be pursuing opportunities for speci-ality pharma and medical device company Allergan, with a market cap of just over $14.5bn. Procter & Gamble, having recently divested unwanted units, fi nds itself in a very solid position with almost $6bn on its books and a market rife with cheap acquisition targets.• Activity within Financial Services, on the other hand, seems to be cooling off. After a strong quarter at the end of 2008, the sector now accounts for just under 7% of M&A deal value in the region (at $15.6bn). • Deal volume has been evenly spread across all sectors in the fi rst quarter, but has suffered a drop of about 21% from what was already a slow quarter at the end of 2008. Compared to the same period last year, activity has dropped by a dramatic 52%.• Despite the handful of mega pharma deals in Q1 2009, there is no escaping the fact that activity in sectors outside of L&H has slowed down considerably, and is showing no signs of turnaround just yet.

Americas: M&A roundup Q1 2009North American M&A Activity - Quarterly

(USA and Canada)

0

100

200

300

400

500

600

Qtr 103

Qtr 203

Qtr 303

Qtr 403

Qtr 104

Qtr 204

Qtr 304

Qtr 404

Qtr 105

Qtr 205

Qtr 305

Qtr 405

Qtr 106

Qtr 206

Qtr 306

Qtr 406

Qtr 107

Qtr 207

Qtr 307

Qtr 407

Qtr 108

Qtr 208

Qtr 308

Qtr 408

Qtr 109

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1,000

1,200

1,400

1,600

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North American Mid market M&A Activity - Quarterly(USA and Canada, $10m to $250m)

0

5

10

15

20

25

30

35

40

45

Qtr 103

Qtr 203

Qtr 303

Qtr 403

Qtr 104

Qtr 204

Qtr 304

Qtr 404

Qtr 105

Qtr 205

Qtr 305

Qtr 405

Qtr 106

Qtr 206

Qtr 306

Qtr 406

Qtr 107

Qtr 207

Qtr 307

Qtr 407

Qtr 108

Qtr 208

Qtr 308

Qtr 408

Qtr 109

Valu

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Dea

ls ($

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Volume


Americas: League Tables of Legal Advisers

League Table of Legal Advisers to US M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count


















67 18 Homburger 47,120 1



League Table of Legal Advisers to US M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count



1 3 Jones Day 4,441 23





3 8 Kirkland & Ellis 1,784 15

4 9 DLA Piper 1,036 15

17 10 Morgan Lewis & Bockius 2,467 13





33 15 White & Case 1,801 11

13 16 O'Melveny & Myers 665 11


42 18 Morrison & Foerster 1,251 10

74 19 Bryan Cave 1,209 10




League Table of Legal Advisers to US Mid-Market M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count


5 2 Jones Day 778 8










13 12 Vinson & Elkins 540 5

10 13 Wilson Sonsini Goodrich & Rosati 498 6

61 14 Bryan Cave 441 6

83 15 McGuireWoods 440 3


26 17 Cooley Godward Kronish 403 7

15 18 Morgan Lewis & Bockius 396 5

126 19 Osler, Hoskin & Harcourt 369 3

8 20 Hogan & Hartson 330 4

League Table of Legal Advisers to US Mid-Market M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count


3 2 Jones Day 778 8









7 11 Wilson Sonsini Goodrich & Rosati 498 6



27 14 Vinson & Elkins 540 5


11 16 Morgan Lewis & Bockius 396 5

18 17 K&L Gates 116 5



29 20 WilmerHale 304 4



Top 10 Announced Americas Deals Q1 2009 Announced Date

Bidder Company Bidder Legal Advisor Target Company Target/Seller Legal Advisor Seller Company Deal Value (US$m)

26-Jan-09 Pfi zer Inc Cadwalader, Wickersham & Taft; Clifford Chance; Debevoise & Plimpton (Advising Barclays Bank); Skadden Arps Slate Meagher & Flom (Advising Bank of America Merrill Lynch; Goldman Sachs; JPMorgan)

Wyeth Dewey & LeBoeuf (Advising Evercore Partners); Paul Weiss Rifkind Wharton & Garrison (Advising Morgan Stanley); Simpson Thacher & Bartlett; Stikeman Elliott; Wachtell, Lipton, Rosen & Katz

64,015

30-Jan-09 Roche Holding Ltd Davis Polk & Wardwell; Freshfi elds Bruckhaus Deringer; Homburger; Skadden Arps Slate Meagher & Flom (Advising Greenhill & Co); Sullivan & Cromwell (Advising Greenhill & Co)

Genentech Inc (44.10% stake) Cravath Swaine & Moore (Advising Goldman Sachs); Latham & Watkins; Wilson Sonsini Goodrich & Rosati

47,120

09-Mar-09 Merck & Co Inc Cleary Gottlieb Steen & Hamilton; Davis Polk & Wardwell (Advising JPMorgan); Fried Frank Harris Shriver & Jacobson

Schering Plough Corporation Blake, Cassels & Graydon; Shearman & Sterling (Advising Morgan Stanley); Skadden Arps Slate Meagher & Flom; Sullivan & Cromwell (Advising Goldman Sachs); Wachtell, Lipton, Rosen & Katz

43,198

23-Mar-09 Suncor Energy Inc Blake, Cassels & Graydon; Shearman & Sterling

Petro-Canada Macleod Dixon; McCarthy Tetrault; Torys

18,391

19-Mar-09 OneWest Bank FSB (consortium)

Cleary Gottlieb Steen & Hamilton; Simpson Thacher & Bartlett; Sullivan & Cromwell; Weiner Brodsky Sidman Kider

IndyMac Federal Bank FSB Sonnenschein Nath & Rosenthal 13,900

16-Mar-09 Agrium Inc Blake, Cassels & Graydon; Paul Weiss Rifkind Wharton & Garrison; Shearman & Sterling (Advising RBC Capital Markets Inc)

CF Industries Holdings Inc Skadden Arps Slate Meagher & Flom 3,023

12-Jan-09 Abbott Laboratories Baker & McKenzie; Jones Day; Shearman & Sterling (Advising Morgan Stanley)

Advanced Medical Optics Inc Dewey & LeBoeuf (Advising UBS Investment Bank); Latham & Watkins (Advising Goldman Sachs); Skadden Arps Slate Meagher & Flom

2,711

03-Feb-09 CF Industries Holdings Inc Skadden Arps Slate Meagher & Flom

Terra Industries Cravath Swaine & Moore; Shearman & Sterling (Advising Credit Suisse); Wachtell, Lipton, Rosen & Katz

2,172

23-Feb-09 International Petroleum Investment Company

Clifford Chance; Torys NOVA Chemicals Corporation Gibson Dunn & Crutcher (Advising UBS Investment Bank); Osler, Hoskin & Harcourt; Wachtell, Lipton, Rosen & Katz

2,028

29-Jan-09 Xstrata Coal South America Ltd

Freshfi elds Bruckhaus Deringer Glencore International AG (Prodeco business in Colombia)

Glencore International AG 2,000

Americas: Top Announced Deals Q1 2009


Mix of North American Deals by Industry Sector Q1 2009 - Value


Life Sciences & Healthcare72.2%

Construction0.1%

Agriculture1.0%

Real Estate0.1%

Defense0.3%

Media0.3%

Telco0.1%

Technology0.8%

Energy, Mining, Oil & Gas12.4%

Consumer0.9%


Industrials/Manufacturing/Engineering

1.9%

Leisure0.3%

Mix of North American Deals by Industry Sector Q1 2009 - Volume

Leisure3.8%

Industrials/Manufacturing/Engineering

20.0%



Consumer9.9%

Energy, Mining, Oil & Gas10.7%

Technology13.4%

Media4.4%

Telco0.8%

Transport1.9%

Life Sciences & Healthcare10.1%

Construction2.5%

Agriculture0.2%

Real Estate1.1%

Defense1.1%

Mix of Announced Americas Deals by Geographic Region Q1 2009 - Volume

US (North East)16.3%

US (Mid West)16.3%

US (South)22.3%

US (West)23.0%

Canada10.2%


Mix of Announced Americas Deals by Geographic Region Q1 2009 - Value

US (North East)47.1%

US (West)31.4%

Canada10.6%

US (Mid West)3.9%

US (South)2.7%


Americas: Breakdown of Announced Deals Q1 2009


Americas: League Tables of Legal AdvisersLegal Advisers to Canadian M&A: Value

Y/E 2008 Q1 2009 Company Name Value (US$m) Deal Count



9 3 Torys 20,473 5

29 4 Macleod Dixon 19,258 6

1 5 McCarthy Tetrault 19,131 10


4 7 Osler, Hoskin & Harcourt 3,400 8


30 9= Cliff ord Chance 2,028 1

32 9= Gibson Dunn & Crutcher 2,028 1


5 12 Stikeman Elliott 783 8

31 13 Dorsey & Whitney 693 4

36 14 Heenan Blaikie 654 2


Legal Advisers to Central & South American M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count



8 3 Machado Meyer Sendacz e Opice 1,975 3

4 4 Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados

1,962 7

- 5= Franca e Nunes Pereira Advogados 1,895 1

- 5= Velloza, Girotto e Lindenbojm Advogados Associados

1,895 1

7 7 Pinheiro Neto Advogados 1,439 3

16 8 Tozzini Freire Teixeira E Silva Advogados 1,391 2

1 9 Barbosa, Mussnich & Aragao 1,302 3

30 10= Bredin Prat 1,110 1

40 10= Motta Fernandes Rocha Advogados 1,110 1

- 10= Pompeu, Longo, Kignel & Cipullo Advogados 1,110 1

6 10= Skadden Arps Slate Meagher & Flom 1,110 1

174 14 DLA Piper 924 3

73 15 Thompson & Knight 900 1

Legal Advisers to Canadian M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count


2 2 McCarthy Tetrault 19,131 10

4 3 Osler, Hoskin & Harcourt 3,400 8

3 4 Stikeman Elliott 783 8

21 5 Macleod Dixon 19,258 6

6 6 Torys 20,473 5


9 8 Bennett Jones 336 5

5 9 Fasken Martineau 300 5


15 11 Dorsey & Whitney 693 4

12 12 Cassels Brock & Blackwell 464 4

14 13 Burnet Duckworth & Palmer 391 3

7 14 Davies Ward Phillips & Vineberg 186 3

32 15 Heenan Blaikie 654 2

Legal Advisers to Central & South American M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count

2 1 Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados 1,962 7


4 3 Machado Meyer Sendacz e Opice 1,975 3

3 4 Pinheiro Neto Advogados 1,439 3

1 5 Barbosa, Mussnich & Aragao 1,302 3



7 8 Tozzini Freire Teixeira E Silva Advogados 1,391 2


11 10 Rodrigo Elias & Medrano 450 2

22 11 White & Case 21 2

34 12= Jones Day - 2

- 12= Vieira Rezende Barbosa e Guerriero - 2

- 14= Franca e Nunes Pereira Advogados 1,895 1

- 14= Velloza, Girotto e Lindenbojm Advogados Associados

1,895 1


Legal Advisers to US (North East) M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count
















Legal Advisers to US (Mid-West) M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count




22 4 Jones Day 3,464 9





18 9= Cravath Swaine & Moore 2,172 1







Legal Advisers to US (North East) M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count




3 4 Kirkland & Ellis 1,554 9


7 6 Goodwin Procter 268 8










Legal Advisers to US (Mid-West) M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count

1 1 Jones Day 3,464 9



37 4 Bryan Cave 1,168 6







51 11 K&L Gates 45 4

7 12 DLA Piper 24 4






Legal Advisers to US (South) M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count

41 1 Vinson & Elkins 1,193 7





56 6 Akin Gump Strauss Hauer & Feld 661 2






65 12 Fulbright and Jaworski 489 3


99 14 McGuireWoods 440 3


Legal Advisers to US (West) M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count







15 7= Freshfi elds Bruckhaus Deringer 47,120 1

- 7= Homburger 47,120 1


209 10= Sonnenschein Nath & Rosenthal 13,900 1

- 10= Weiner Brodsky Sidman Kider 13,900 1



18 14 Jones Day 3,653 12


Legal Advisers to US (South) M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count

10 1 Vinson & Elkins 1,193 7



1 4 Jones Day 643 5


23 6 Andrews Kurth 77 5

16 7 K&L Gates 45 5


4 9 DLA Piper 927 4

8 10 Greenberg Traurig 181 4




31 14 Fulbright and Jaworski 489 3


Legal Advisers to US (West ) M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count


5 2 Jones Day 3,653 12






13 8 Fenwick & West 1,220 8

4 9 DLA Piper 78 8




28 13 Goodwin Procter 262 6


11 15 Gibson Dunn & Crutcher 2,390 5



Linklaters remains on top of the value tables; Freehills the most active advisor in Q1• Linklaters has held its 2008 top spot in the value league tables for Asia-Pacifi c (excluding Japan), having worked on 6 transactions valued at $14.5bn. The fi rm advised Rio Tinto on its stake sales in mining assets as well as RBS on the disposal of its 4.26% stake in Bank of China. Clifford Chance and Mallesons Stephen Jaques both make signifi cant progress into second and third place in value tables, respectively.• With a strong foothold in the Australian Energy & Mining sector, Freehills has moved into fi rst place in the volume rankings, advising on 11 transactions valued at $5.3bn this year.

Asia-Pacifi c M&A falls by 34% from Q1 2008• Q1 2009 has seen the announcement of 375 M&A transactions valued at $59.5bn in Asia-Pacifi c. Deal fl ow has dramatically decreased by 43% compared to Q1 2008 though this fares better than Europe and North America, while overall deal values have fallen by 34%. Value and volume fi gures have decreased by 41% and 20% respectively when compared to the previous quarter. • The Asia-Pacifi c region made up 22% of global M&A activity and contributed just 15% of total deal values. The region has, however, seen the most deals above the $600m mark so far this year - 22 transactions com-pared to 18 in North America.

Japan overtakes China to become most active Asian market for the fi rst time in fi ve years• Japan has overtaken China this quarter as the most active country in the Asia-Pacifi c region for the fi rst time since Q1 2004. Japanese M&A accounts for 28% of the number of Asia-Pacifi c deals, while Chinese activity makes up 25%. Recent Japanese M&A has been increasingly driven by fi rms increasing their stakes in partial subsidiaries in order to address the issue of infl uence and control for listed majority owned subsidiaries.

Chinalco’s bid for Rio Tinto’s assets boosts Energy, Mining & Utilities sector• The Energy, Mining & Utilities sector has accounted for 39% of M&A activity in the region by value. The sec-tor has been driven by Chinese demand for energy and natural resources, with Chinese companies announc-ing offers for four foreign energy and mining fi rms in February alone, including the largest announced deal in the region, Aluminum Corporation of China’s (Chinalco) $11.8bn bid for various mining assets of Rio Tinto. The Chinalco transaction is China’s second largest outbound transaction ever, following the company’s 12% stake acquisition along with Alcoa Inc in Rio Tinto last year. With Chinese miner Minmetals in negotiations with Oz Minerals and Yanzhou Coal Mining Company reportedly looking at Australian miner Felix Resources, the resource trend looks set to continue throughout 2009. • The recent announcement that China has rejected Coca-Cola’s 2008 bid for Huiyuan Juice might impact both Chinese inbound and outbound deals going forward, and the recent rejection by the Australian government of Minmetals’ acquisition of Oz Minerals unless it is structured to exclude the nationally important Prominent Hill assets might serve as an early warning of increased regulatory scrutiny within the Asia-Pacifi c region.

Asia-Pacifi c: M&A roundup Q1 2009Asia-Pacific M&A Activity - Quarterly

(incl Japan)

0

25

50

75

100

125

150

175

Qtr 103

Qtr 203

Qtr 303

Qtr 403

Qtr 104

Qtr 204

Qtr 304

Qtr 404

Qtr 105

Qtr 205

Qtr 305

Qtr 405

Qtr 106

Qtr 206

Qtr 306

Qtr 406

Qtr 107

Qtr 207

Qtr 307

Qtr 407

Qtr 108

Qtr 208

Qtr 308

Qtr 408

Qtr 109

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300

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800

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Volume

Asia-Pacific Mid Market M&A Activity - Quarterly(incl Japan, $10m to $250m)

0

5

10

15

20

25

30

Qtr 103

Qtr 203

Qtr 303

Qtr 403

Qtr 104

Qtr 204

Qtr 304

Qtr 404

Qtr 105

Qtr 205

Qtr 305

Qtr 405

Qtr 106

Qtr 206

Qtr 306

Qtr 406

Qtr 107

Qtr 207

Qtr 307

Qtr 407

Qtr 108

Qtr 208

Qtr 308

Qtr 408

Qtr 109

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e of

Dea

ls ($

bn)

0

50

100

150

200

250

300

350

400

450

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Value

Volume


Asia-Pacifi c: League Tables of Legal Advisers

League Table of Legal Advisers to Asia-Pacifi c ex. Japan M&A: ValueY/E 2008 Q1 2009 House Value (US$m) Deal Count



16 3 Mallesons Stephen Jaques 12,896 7



13 6 Johnson Winter & Slattery 11,896 2

- 7= Chiomenti Studio Legale 11,838 1


22 7= Simpson Thacher & Bartlett 11,838 1

9 10 Freehills 5,329 11


10 12 Blake Dawson 3,316 5





34 17 Kim & Chang 2,358 6

21 18 Gilbert + Tobin 2,124 2

73 19 Amarchand & Mangaldas & Suresh A Shroff & Co 2,079 3

66 20 Yulchon 1,904 3

League Table of Legal Advisers to Asia-Pacifi c ex. Japan M&A: VolumeY/E 2008 Q1 2009 House Value (US$m) Deal Count


10 2 Clayton Utz 1,511 9




6 6 Minter Ellison 532 7




7 10 Kim & Chang 2,358 6

15 11 AZB & Partners 1,500 6




36 15 Khaitan & Co 561 5


21 17 Corrs Chambers Westgarth 1,210 4

24 18 Lee & Ko 837 4

44 19 Stamford Law 698 4

12 20 Deacons 349 4



League Table of Legal Advisers to Asia-Pacifi c ex. Japan Mid-Market M&A: ValueY/E 2008 Q1 2009 House Value (US$m) Deal Count

48 1 Khaitan & Co 553 4


9 3 Blake Dawson 362 2






2 9 Mallesons Stephen Jaques 287 3



7 12= Corrs Chambers Westgarth 248 1

166 12= Cravath Swaine & Moore 248 1

98 12= Latham & Watkins 248 1

- 12= Proskauer Rose 248 1

3 16 Freehills 247 5

107 17 McCarthy Tetrault 218 1


- 19 C&C Advogados 206 1

32 20 Lee & Ko 201 2

League Table of Legal Advisers to Asia-Pacifi c ex. Japan Mid-Market M&A: VolumeY/E 2008 Q1 2009 House Value (US$m) Deal Count

3 1 Freehills 247 5

35 2 Khaitan & Co 553 4



6 5 Kim & Chang 175 4



2 8 Mallesons Stephen Jaques 287 3




8 12 Blake Dawson 362 2

12 13 Jones Day 345 2




18 17 Lee & Ko 201 2

16 18 Clayton Utz 192 2

13 19 AZB & Partners 175 2

99 20 Grandall Legal Group 166 2

* Mid-market based on deal value range of US$ 10m - US$ 250m


Top 10 Announced Asia-Pacifi c Deals Q1 2009 Announced Date Bidder Company Bidder Legal Advisor Target Company Target/Seller Legal Advisor Seller Company Deal Value (US$m)

12-Feb-09 Aluminum Corporation of China Chiomenti Studio Legale; Clifford Chance; Mallesons Stephen Jaques; Simpson Thacher & Bartlett

Rio Tinto (stakes in nine mining assets)

Advising seller: Allens Arthur Robinson; Fried Frank Harris Shriver & Jacobson; Johnson Winter & Slattery (Advising Credit Suisse; Morgan Stanley); Linklaters; Wachtell, Lipton, Rosen & Katz

Rio Tinto Plc 11,838

14-Jan-09 Hopu Investment Management Co

Herbert Smith/Gleiss Lutz/Stibbe Bank of China Limited (4.26% stake)

Advising seller: Davis Polk & Wardwell (Advising Bank of China International Holdings; Morgan Stanley); Linklaters; Slaughter and May (Advising Morgan Stanley)

Royal Bank of Scotland Group Plc

2,381

16-Feb-09 China Minmetals Corporation Blake Dawson; Gilbert + Tobin OZ Minerals Limited Freehills 2,097

02-Feb-09 Government of Kazakhstan BTA Bank JSC (78% stake) 2,027

16-Mar-09 Tianjin Port Development Holdings Ltd

Freshfi elds Bruckhaus Deringer Tianjin Port Company Limited (56.81% stake)

Global Law Offi ce; K&L Gates Tianjin Port (Group) Company Limited

1,807

20-Jan-09 KT Corporation Bae Kim & Lee; Kim & Chang KT Freetel Co Ltd (45.76% stake)

Yulchon 1,805

02-Mar-09 Reliance Industries Ltd Amarchand & Mangaldas & Suresh A Shroff & Co

Reliance Petroleum Ltd (24.62% stake)

None used 1,691

19-Mar-09 Goldman Sachs Skadden Arps Slate Meagher & Flom

USJ Co Ltd Nishimura & Asahi 1,433

05-Jan-09 Quippo Telecom Infrastructure Limited

Desai & Diwanji Wireless-TT Info-Services Limited (49% stake)

Advising seller: AZB & Partners Tata Teleservices Limited 1,312

20-Feb-09 Kirin Holdings Company Limited San Miguel Brewery Inc (43.25% stake)

San Miguel Corporation 1,233

Asia-Pacifi c: Top Announced Deals Q1 2009


Mix of Announced Asia-Pacific Deals by Industry Sector Q1 2009 - Value



TMT10.6%



Consumer13.3%

Leisure3.2%

Transport4.6%


Construction0.6%

Agriculture1.2%

Real Estate1.8%

Mix of Announced Asia-Pacific Deals by Industry Sector Q1 2009 - Volume



Consumer15.5%


TMT13.1%


Leisure3.7%

Transport4.3%


Construction4.0%

Agriculture2.1% Real Estate

3.5%

Mix of Announced Asia-Pacific Deals by Geographic Region Q1 2009 - Volume

Japan28.1%

China24.7%

Australia13.1%

India8.1%

Hong Kong5.6%

South Korea5.0%

Indonesia3.1%

Philippines2.2%

Malaysia1.7%

Other8.6%

Mix of Announced Asia-Pacific Deals by Geographic Region Q1 2009 - Value

Japan16.8%

China21.2%

Australia33.7%

India8.5%

Hong Kong1.6%

South Korea4.6%

Indonesia1.4%

Philippines5.1%

Malaysia0.6%

Other6.5%

Asia-Pacifi c: Breakdown of Announced Deals Q1 2009


Legal Advisers to Asia (ex. Japan & Australasia) M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count







- 4= Johnson Winter & Slattery 11,838 1








22 15 Kim & Chang 2,358 6

Legal Advisers to Chinese M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count













- 13= Davis Polk & Wardwell 2,381 1

- 13= Slaughter and May 2,381 1

65 15= Freehills 2,097 1

- 15= Gilbert + Tobin 2,097 1

Legal Advisers to Asia (ex. Japan & Australasia) M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count



1 3 Kim & Chang 2,358 6

5 4 AZB & Partners 1,500 6




22 8 Khaitan & Co 561 5

14 9 Lee & Ko 837 4


12 11 Jones Day 345 4





Legal Advisers to Chinese M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count







96 7 Clayton Utz 771 2

3 8 DLA Piper 733 2

22 9 Grandall Legal Group 166 2


139 11 Li & Partners Solicitors 55 2

12 12 Morrison & Foerster 27 2

95 13 Pillsbury Winthrop Shaw Pittman 24 2









Legal Advisers to Australasian M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count








- 7= Fried Frank Harris Shriver & Jacobson 11,838 1


3 10 Freehills 5,329 11


17 12 Gilbert + Tobin 2,124 2




Legal Advisers to Japanese M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count

1 1 Mori Hamada & Matsumoto 3,550 13





2 6 Nagashima Ohno & Tsunematsu 1,344 5


5 8 Gibson Dunn & Crutcher 1,057 1



57 11= Gide Loyrette Nouel 790 1

- 11= Squire, Sanders & Dempsey 790 1

42 11= White & Case 790 1

- 11= William Fry 790 1


Legal Advisers to Australasian M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count









8 9 Deacons 349 4


13 11 McCullough Robertson 434 3

12 12 Simpson Grierson - 3




Legal Advisers to Japanese M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count


1 2 Mori Hamada & Matsumoto 3,550 13




3 6 Nagashima Ohno & Tsunematsu 1,344 5


18 8 TMI Associates 316 4





96 13 Yanagida & Nomura 632 2


27 15 Anderson Mori & Tomotsune 69 2



Legal Advisers to South East Asian M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count

9 1 WongPartnership 1,702 3


96 2= Lee & Lee 1,110 1

- 4 Quiason Makalintal Barot Torres & Ibarra 895 1

1 5 Allen & Gledhill 704 3



139 7= Deacons 335 1


12 7= Shook Lin & Bok Singapore 335 1

94 11= Clayton Utz 254 1

91 11= Freehills 254 1

- 13 McCarthy Tetrault 218 1

115 14 Jones Day 145 2


Legal Advisers to Indian M&A: ValueY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count


21 2= Baker Botts 1,700 1

3 2= Shearman & Sterling 1,700 1

2 4 Desai & Diwanji 1,633 3


4 6 Khaitan & Co 561 5


112 8= Davis Polk & Wardwell 125 1

41 8= Trilegal 125 1



54 11= Talwar, Thakore and Associates 86 1

17 13= J Sagar Associates 15 1

53 13= Nishith Desai Associates 15 1

- 15 Indus G&D Law 7 2

Legal Advisers to South East Asian M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count

3 1 WongPartnership 1,702 3

1 2 Allen & Gledhill 704 3





8 7 White & Case 25 2


54 8= Lee & Lee 1,110 1

- 10 Quiason Makalintal Barot Torres & Ibarra 895 1


139 11= Deacons 335 1


10 11= Shook Lin & Bok Singapore 335 1

102 15= Clayton Utz 254 1

52 15= Freehills 254 1

Legal Advisers to Indian M&A: VolumeY/E 2008 Q1 2009 Company Name Value (US$m) Deal Count


3 2 Khaitan & Co 561 5


1 4 Desai & Diwanji 1,633 3

- 5 Indus G&D Law 7 2

56 6= Baker Botts 1,700 1

12 6= Shearman & Sterling 1,700 1


118 9= Davis Polk & Wardwell 125 1

36 9= Trilegal 125 1



27 12= Talwar, Thakore and Associates 86 1

6 14= J Sagar Associates 15 1

17 14= Nishith Desai Associates 15 1



The global Q1 2009 house league tables are based on announced transactions over US$ 5m in the period from 1 January 2009 to 31 March 2009. Deals with undisclosed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders’ interests are not changed. League tables are based on the dominant geography of the target, bidder or seller.

The trend graphs and pie charts are based on the dominant industry and/or dominant geography of the target and include announced transactions over US$ 5m in the given time period. Deals with undis-closed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. 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 2009 and 31 March 2009 and are based on dominant geography of the target only.

Unless stated otherwise, all data includes lapsed and withdrawn bids.

All data correct as of 2 April 2009.

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-West): llinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin US (North East): Connecticut, Maine, Massachusetts, New Hamshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont US (South): Alabama, Arkansas, Delaware, District of Columbia, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, West VirginiaUS (West): Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming

South East Asia: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam

Criteria


Contact:

Europe & Americas Asia-Pacifi c:

Hannah Bagshawe Seye [email protected] [email protected]: +44 20 7059 6118 Tel: +852 2158 9706

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q1 2009 legal advisors - mergermarket · 2009-04-08 · press release: mergermarket m&a league...

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