sino-europe outbound m&a review 2h 2015 · tmt (8). by deal value, the logistics &...

ING Wholesale Banking

Sino-Europe Outbound M&A Review 2H 2015

Half-yearly newsletter

April 2016

2

The 2H 2015 in a Nutshell

Public companies were the main buyers

Acquirer type by number of deals

Strategic companies were the main sellers

Seller type by number of deals

According to public information, there were 52 Sino-Europe outbound M&A transactions1 announced in 2H

2015, with a total consideration of US$13.0bn2. The deal volume saw a 13.0% rise from 46 deals in 2H 2014,

and the deal value increased by 6.6% from US$12.2bn in 2H 2014.

Investor Target Deal Value (US$’bn)

HNA Group Swissport International Ltd

HNA Group Avolon Holdings Ltd

China Investment Corp;

AEW Europe

Celsius Portfolio, which comprises 10 shopping centres across France and Belgium

1.5

2.5

2.8

Most active sectors

By deal volume, the industrials sector was most active with 11 deals

in 2H 2015, followed by the logistics & transportation sector (9), and

TMT (8).

By deal value, the logistics & transportation sector led the outbound

M&A trend with US$4.2bn total consideration, followed by the

financial sector (US$3.7bn) and real estate sector (US$2.5bn).

Most invested countries

The top three destination countries in Europe for Chinese buyers were the UK, Germany, and Russia by deal volume and Switzerland, Ireland and Russia by deal value.

Most active buyers

CEFC was the most active buyer, having announced 5 deals in 2H 2015, of which 4 of them were in Czech Republic. Fosun followed with 4 deals announced. HNA announced the two biggest deals in 2H 2015.

Top 3 deals in 2H 2015

26

50%

8

15%

18

35%

Strategic Financial Unknown

23

44%

17

33%

11

21%

1

2%

Public

Private

Unlisted SOE

Listed SOE

1. Source: Dealogic and Mergermarket - transactions with deal size over US$10m

2. 33 out of 52 announced deals disclosed the deal value

Sino-Europe outbound M&A review 2H 2015

3


Target sector - distribution by deal volume

• The industrials sector and logistics & transportation sector remained very attractive to Chinese companies.

• The logistics & transportation sector was more active than before. The expansion of the sector led to increased need for management and operational expertise for international expansion.

• Large deals took place in the logistics & transportation sector, financial sector and real estate sector, led by conglomerates such as Fosun and HNA.

• Interestingly within the TMT sector, sports theme stood out with 2 European football clubs acquired. CMC and Oriental Pearl Media co-invested in Infront Sports in July, post Wanda’s acquisition.

Target country – distribution by deal volume

Target country – distribution by deal value (US$m)

• The UK and Germany continued to be top destinations for Chinese acquirers by deal count.

• Russia with 6 deals announced, reflecting the development in the China’s Belt and Road initiative – natural resources as well as transportation and logistics assets were the main targets.

• Switzerland led the ranking by deal value as a result of HNA’s acquisition of the Zurich-based Swissport.

Target Country

Target sector - distribution by deal value (US$m)

The industrials sector ranked top by deal volume and logistics & transportation sector scored no. 1 by deal value.

The UK, Germany and Russia were the most popular countries in terms of deal volume. Switzerland, Ireland, and Russia were ranked as the top 3 countries in terms of deal value.

8

6 6 5

4 4 3 3

2 2 1 1 1 1 1 1 1 1 1

2,857 2,511

1,733 1,477 1,392 996 940

426 307 153 131 116 28 20 11

Target Sector

2

3

4

4

5

6

8

9

11

Power and Utilities

Natural Resources

Healthcare

Financial

Consumer

Real Estate

TMT

Logistics & Transportation

Industrials

91

300

306

333

426

1,338

2,478

3,662

4,161

Healthcare

Industrials

Consumer

TMT

Power and Utilities

Natural Resources

Real Estate

Financial


4


Sector trend

• The acquisition activities are likely to mirror China’s domestic trends, in particular industrial structure upgrade and consumption upgrade. Key themes in environmental technologies, cross-border tourism, logistics & transportation, TMT and healthcare are likely to drive overseas acquisitions.

• Acquisitions became more integral to value chain as Chinese corporates now build their own cross-industry eco-systems by connecting related sectors such as tourism, real estate, entertainment and transportation. This can be seen in the acquisitions by many Chinese conglomerates such as Dalian Wanda, Fosun and HNA.

• The industrials sector, consumer sector and TMT sectors are likely to remain active.

• Number of deals increased year on year, reflecting a continuation of momentum.

• Average deal size trended down as the number of smaller deals increased.

1H 2015 vs the past

Regional trend

• Major economies in Western Europe, namely Germany, the UK and France would remain the top picks for Chinese investors, due to the advanced level of economic development.

• Central and Eastern Europe (CEE) countries have seen an increase in inbound investments, with acquisitions announced in Russia, Turkey, Czech Republic and Poland. China’s Belt and Road initiative would further encourage Chinese companies to invest in the infrastructure, power and utilities, transportation sectors along the Belt and Road.

2H14 1H15 2H15 2H15 YoY-change

No. of deals 46 56 52 13.0%

Value of deals (US$m) 12,171 15,599 13,096 7.6%

Average deal size (US$m) 4871 422

1 397

1 (18.5%)

Deal Trends

1. For deals with disclosed value

5


China: structural reforms continue

The GDP of China expanded 6.9% in 2015, slightly below the government’s target of 7% but still in the right ball park. In 2016, instead of setting a specific target point, China allows a GDP growth range from 6.5% to 7%, suggesting the priority of structural reform over growth numbers.

While the economy faces enormous challenges, such as manufacturing purchasing manager’s index below 50 since the second quarter last year, reforms that are aimed at rebalancing the economy have never stopped. Through the “supply-side reform” that was brought to theme last year, China tries to deal with the overcapacity in heavy industries by shutting down “zombie enterprises” and directing the labour force freed up to the services sector, as well as supporting growth with tax cut and improved bank lending policies. By the government’s definition, “supply-side reform” also means innovation that can add to the diversity of supplies that would ultimately create additional demand. This could also be a ‘push’ factor for Chinese companies to consider additional growth sources aside from capacity expansion.

Market competition could the another key driver. Prime Minster Li Keqiang confirmed that the government will relax market entry in electricity, telecommunications, petroleum and natural gas sectors, by reducing ‘red tapes’ and making them attractive to wider market participants. In the stage of economic transformation, China is seen to be more encouraging towards small and private businesses than it has been for the past decades.

Europe: improving growth profile

Eurozone’s GDP was up 1.5% in 2015. This is quite a meaningful improvement compared to 0.9% in 2014, despite some unexpected turbulences such as refugees issue and terrorist attacks. Exceptionally low oil price and steadily decreasing unemployment rate underpinned strong consumer confidence and spending as the primary contributor to the growth. Investment recovery, however, was subpar according to ECB’s survey despite the availability of credit. Inflation remained low at 0.9% as of year end. Unemployment rate, while declined, averaged 11% in 2015 which is quite considerable.

ING’s GDP growth forecast for selected EU countries and China

Outlook

Source: ING research as of March 2016

0.9%

1.5% 1.6% 1.7%

2.9%

2.2% 2.1% 2.6%

1.6% 1.6% 1.7% 1.5% 1.0%

2.0% 2.5%

2.2%

-0.4%

0.7% 1.2% 1.2%

0.2%

1.2% 1.6% 1.8%

7.4% 6.9%

6.5% 6.5%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

2014A 2015A 2016F 2017F

Eurozone The UK Germany The Netherlands Italy France China

6


In March 2016, ECB unleashed bold stimulus package by cutting deposit rates to negative while incentivising banks to lend more by offering negative long term refinancing rates. This approach might continue to encourage growth although the effect would be more thorough if fiscal policies and structural reforms can be put forward by the government of Eurozone members.

The German economy achieved solid growth performance of 1.6% last year. Consumption was strong but uncertainties arising from geopolitical conflict with Ukraine and crisis in Greece might have discouraged investments. Unemployment rate of c.5% was comparatively low. Going forward it is likely to progress steadily if no big surprises. France’s GDP increased by 1.2% last year despite the terrorist attacks posting some weakening effect. The French government has been focusing on corporate investments and job creation. The initial results on the corporate side have shown visible improvements. Should this trend continue, job market recovery could be ultimately expected. The GDP of the Netherlands expanded 2.0% for 2015. Housing market – the driving force of the country’s recovery – continued its revival with prices picking up and rebound in volume. Stronger labour markets set ground for spending power, and demand for financing corporate investments and domestic properties picked up. The recovery of the Dutch economy would remain on a good track. While the GDP of Italy expanded marginally by 0.7% in 2015, it is a significant turnaround compared to the negative growth in 2014. The government has been focusing on structural reforms and made progress in restructuring non-performing-loans in the banking system. In 2016, factors such as low inflation, fuel prices, tax cuts, and the improving labor market situation should support real disposable household income and private consumption. The UK achieved 2.2% GDP growth – higher than most of its continental peers – thanks to private consumption and a robust service sector. With household consumption again expected to be the key driver for growth, supported by the solid labour market and wage growth, outlook for 2016 would be reasonably steady and strong.

Outlook (Cont’d)

2015 was a strong year for Sino-Europe M&As. It was reported that the value of outbound investments made by Chinese firms reached an unprecedented high in 2015. It is hard to ascertain if such trend would continue but the inherent need for M&As remain unchanged – seeking technology and consumption upgrades, especially in areas of innovation, technology, brands and healthcare which fit into the picture of structural reform and aging society. As China’s economy undergoes transformation, Chinese companies that have accumulated wealth from traditional industries are increasingly seeking opportunities that may have little, or even no apparent relationship with their current operations. They would not rule out M&As to achieve this, hence leading to some unexpected, or surprising deal announcements.

• Themes in the trend: power consolidation plays (hotels, tourism, business services, TMT), operations and management expertise (waste treatment, utilities), market expansion (transportation and infrastructure), technologies, patent and knowhow (healthcare, TMT, high-end manufacturing), diversification moves (anything)

• China-based buyer composition: public companies and conglomerates are playing an increasingly prominent role. Private equity funds remain active.

ING Perspectives: Key Signposts for the next 6-12 months

7


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The Review was prepared by ING’s Corporate Finance China Team, part of ING Corporate Finance Asia. If you have questions or comments, please contact us directly at +852 2913 8640 or [email protected].

Appendix: 2H 2015 Transaction Details

9


2H 2015 Transaction Details

Acquirer Target Details

Consumer

Fosun Holdings Ltd

(SEHK:656)

Silver Cross Ltd

Country: UK Stake sought: 100% Deal value: undisclosed EV: undisclosed Announcement date: 20/07/2015 Conglomerate

Nursery brand and pram manufacturer

Bright Food (Group) Co Ltd; China Investment Corp

Miquel Alimentacio Grup SA Country: Spain Stake sought: 100% Deal value: US$124m EV: undisclosed Announcement date: 08/08/2015

BF – Manufacturer of food and beverage products;

CIC – Sovereign wealth fund Supermarket chain

Yantai Changyu Pioneer Wine Co Ltd

(SZSE:200869)

Dicot Partners, S.L Country: Spain Stake sought: 75% Deal value: US$30m EV: undisclosed Announcement date: 31/08/2015

Wine manufacturer Wine manufacturing company

Chongqing Tianci Hot Spring Group Ltd

Gerbe SA Country: France Stake sought: 100% Deal value: undisclosed EV: undisclosed Announcement date: 03/09/2015 Owner and operator of hotels

Manufacturer of tights and stockings for women

(SEHK:1028)

Country: UK Stake sought: 100% Deal value: US$153m EV: US$153m Announcement date: 22/10/2015 Designer, manufacturer and retailer

of footwear Specialist retailer of toys, games

and gifts

10




Financial services

(SEHK:656)

Country: Germany Stake sought: 100% Deal value: US$233m EV: US$233m Announcement date: 05/07/2015

Conglomerate Private bank

People's Bank of China

People’s Bank of China

(BIT:UCG)

Country: Italy Stake sought: 2% Deal value: US$804m EV: US$40b Announcement date: 06/07/2015

Central bank Financial services company offering retail, commercial and investment

banking services

People's Bank of China

People’s Bank of China

Banca Monte dei Paschi di Siena SpA – MPS

(BIT:BMPS)

Country: Italy Stake sought: 2% Deal value: US$114m EV: US$5.7bn Announcement date: 06/07/2015

Central bank Banking and financial services group

Bohai Leasing

(SZSE:000415)

Avolon

(NYSE:AVOL)

Country: Ireland Stake sought: 100% Deal value: US$2.5bn EV: US$7.6bn Announcement date: 14/07/2015 Holding company with interests in

air traffic control and airport operations, part of HNA Group

Aircraft leasing company

11




Healthcare

Country: Switzerland Stake sought: 100% Deal value: not disclosed EV: not disclosed Announcement date: 27/08/2015 Private equity

Center for cancer medicine and cancer research

(SZSE:002004)

Swiss Biological Medicine Group SA Country: Italy Stake sought: 70% Deal value: US$33m EV: US$47m Announcement date: 01/12/2015 Manufactures and sells

pharmaceutical products Operating oncological treatment

hospital

Xiamen Comfort Science&Technology

(SZSE:002614)

(XTRA:MHH)

Country: Germany Stake sought: 75.3% Deal value: US$27m EV: US$34m Announcement date: 18/12/2015

Manufacturer of portable massage products, massage chair,

multimedia furnishing

Develops, markets and produces electronic goods for home

healthcare market

Shanghai Kehua Bio-engineering (SZSE:002022)

Technologenetics of Italy Country: Ireland Stake sought: 100% Deal value: US$32m EV: US$32m Announcement date: 21/12/2015

Engaged in research, manufacturing and distribution of in vitro diagnostic

products

Engaged in research, manufacturing and distribution of in vitro diagnostic

products

12




Industrials

Zhejiang Asia-Pacific Mechanical & Electronic Co Ltd

浙江亚太机电股份有限公司 (SZSE:002284)

Elaphe Propulsion Technologies Ltd Country: Slovenia Stake sought: 20% Deal value: US$11m EV: US$53m Announcement date: 29/07/2015 Engaged in development,

production and sale of brake system products

Automotive electromagnetic propulsion technology developer

Xinjiang Xuefeng Sci-Tech (Group) C

(SHSE:603227)

ZETH Chemical Industry Technology Co Ltd

Country: Kyrgyzstan Stake sought: 55% Deal value: not disclosed EV: not disclosed Announcement date: 31/07/2015 Explosives manufacturer Manufacturer of explosives

Hubei Forbon Technology Co

(SZSE:300387)

Holland Novochem BV Country: Netherlands Stake sought: 55% Deal value: US$20m EV: US$35m Announcement date: 04/08/2015 Engaged in developing, producing,

and selling of fertilizer additives Provider of fertilizer additives

Trimco International Holdings Ltd A-Tex A/S Country: Denmark Stake sought: 100% Deal value: not disclosed EV: not disclosed Announcement date: 25/08/2015 HK-based label solutions provider

Provider of brand identity products for the fashion industry

SGSB Group Co., Ltd.

SGSB Group Co., Ltd. (SHSE:900924)

H Stoll AG & Co KG Country: Germany Stake sought: 26% Deal value: US$32m EV: US$123m Announcement date: 29/08/2015

Manufacturer of industrial sewing machines

Automatic textile machinery developer and manufacturer

13


2H 2015 Transaction Details 2H 2015 Transaction Details


Industrials (Cont’d)

(MISX:KMAZ)

Country: Russia Stake sought: 50% Deal value: undisclosed EV: undisclosed Announcement date: 03/09/2015

Engaged in research, development, sales and export of motor vehicles, diesel engines of clean-type sedans

and gearboxes

Truck manufacturer

Jiangsu Hengli Highpressure Oil Cylinder Co Ltd (SHSE:601100)

Hawe Inline Hydraulik GmbH Country: Germany Stake sought: 100% Deal value: US$15m EV: US$15m Announcement date: 13/11/2015

Manufacturer of high pressure cylinders, hydraulic components, hydraulic systems, high pressure

pumps and motors

Hydraulic piston pump manufacturer

Beijing Zhonghuan Investment Management Co Ltd

Elektrofahrzeuge-Stuttgart GmbH

Country: Germany Stake sought: 75% Deal value: undisclosed EV: undisclosed Announcement date: 16/11/2015 Engaged in auto parts

manufacturing

Electric vehicles conversion solutions provider

Wolong Electric Group

中航国际控股 (SEHK:161)

Oli SpA Country: UK Stake sought: 100% Deal value: US$70m Announcement date: 23/11/2015 Development, manufacturing, sales,

after-sales services of military and civil aircraft, aero engine, airborne

equipment, weaponry system

Designer and manufacturer of lightweight interiors for the

aerospace industry

(SHSE:600580)

Country: Italy Stake sought: 80% Deal value: US$61m EV: US$76m Announcement date: 24/11/2015 Manufacturer of motors and

generators Industrial vibrators manufacturer

14




Industrials (Cont’d)

Shanghai Feilo Acoustics Co., Ltd. (SHSE:600651)

Country: UK Stake sought: 80% Deal value: US$163m EV: US$203m Announcement date: 10/12/2015 Manufacturer of commercial and

residential lighting Manufacturer of industrial and

commercial lighting

15





Hong Kong International Aviation Leasing Company Limi

海航集团

Grayrentals plc Country: UK Stake sought: 100% Deal value: undisclosed Announcement date: 21/07/2015

Conglomerate Operator and supplier of rental

refrigerated trailers

HNA Group Co. Ltd.

海航集团

Swissport International Ltd Country: Switzerland Stake sought: 100% Deal value: US$2.8bn Announcement date: 30/07/2015

Conglomerate Aviation ground handling division

Maorui Capital St Peter Line Country: Russia Stake sought: 25% Deal value: US$225m EV: US$901m Announcement date: 03/09/2015 Investment fund with a focus on the

tourism in China and Russia Passenger and cargo transportation

services provider

Travel Service AS Country: Czech Republic Stake sought: 10% Deal value: undisclosed EV: undisclosed Announcement date: 06/09/2015 Shanghai Energy Fund Investment

Co Ltd Charter airline company

CMST Development Co Ltd

(SHSE:600787)

Henry Bath & Son Ltd Country: UK Stake sought: 51% Deal value: US$60m EV: US$118m Announcement date: 15/09/2015 Provider of storage and

warehousing services

Metal commodities storage services provider

16




Logistics & Transportation (Cont’d)

Country: Turkey Stake sought: 64.5% Deal value: US$920m EV: US$1.4bn Announcement date: 17/09/2015 Consortium

Operator of a container handling marine terminal

Country: Turkey Stake sought: 1.3% Deal value: US$20m EV: US$1.5bn Announcement date: 17/09/2015 Consortium Operator of a container terminal

China Minsheng Invest

中国民生投资股份有限公司

Luxaviation SA Country: Luxembourg Stake sought: 33.7% Deal value: US$131m EV: US$390m Announcement date: 27/10/2015

Conglomerate Business aviation company which

also provides aircraft charter services

Country: Germany

Stake sought: Minority % Deal value: undisclosed Announcement date: 30/10/2015

Sovereign Wealth Fund Offers services to travelers on

German autobahns

17




Natural Resources

China Petrochemical Corp (Sino

(SEHK:386)

SIBUR Holding OAO Country: Russia Stake sought: 10% Deal value: US$1.3bn EV: US$13.4bn Announcement date: 03/09/2015

State-owned oil and gas refinery marketing company

Gas processing and petrochemicals company

Silk Road Fund

丝路基金有限责任公司

Yamal SPG OAO Country: Russia Stake sought: 9.9% Deal value: undisclosed EV: undisclosed Announcement date: 03/09/2015 Fund management company Liquefied natural gas plant

Dyneff SA Country: France Stake sought: 51% Deal value: undisclosed EV: undisclosed Announcement date: 24/09/2015 Shanghai Energy Fund Investment

Co Ltd Imports, stores, and distributes

petroleum products

18




Power & Utilities

China National Building Material Co Ltd

China National Building Material

中国建材 (SEHK:3323)

Power Station Country: Ukraine Stake sought: 100% Deal value: undisclosed EV: undisclosed Announcement date: 05/11/2015

Company engaged in producing cement, concrete, lightweight

building materials, glass fiber and composite materials

10 solar power plants in Ukraine

China Three Gorges Corp Power Station Country: Poland Stake sought: 49% Deal value: US$426m EV: US$1.1bn Announcement date: 28/12/2015 Manager of the Three Gorges Hydro

electrical power generation project 598MW wind farms in Poland

and Italy

19




Real Estate

(SEHK:656)

Resolution Property plc Country: UK Stake sought: Majority% Deal value: undisclosed EV: undisclosed Announcement date: 02/07/2015

Conglomerate

Property investment company specializing in investments

properties in office, retail, and industrial sectors

China Investment Corp; AEW Europe

Celsius Portfolio Country: France Stake sought: 100% Deal value: US$1.5bn Announcement date: 13/07/2015 CIC – Sovereign Wealth Fund

AEW – Real estate investment management company

Celsius Portfolio, which comprises 10 shopping centres across France and

Belgium

Fosun

(SEHK:656)

Property Portfolio Country: Italy Stake sought: 100% Deal value: US$381m Announcement date: 30/07/2015

Conglomerate Palazzo Broggi office building in

Milan

China National Travel Service (HK) Group Corp

China Travel Service

香港中国旅行社

Kew Green Hotels Ltd Country: UK Stake sought: 100% Deal value: US$620m Announcement date: 10/08/2015

Travel agency Low-budget hotel chain

海航集团

Country: France Stake sought: 10% Deal value: US$27m EV: US$513m Announcement date: 09/11/2015

Conglomerate Operator of tourist residences and

villages

20




Real Estate (Cont’d)

China CEFC Energy Co Ltd Hotels Country: Czech Republic Stake sought: 100% Deal value: undisclosed Announcement date: 24/11/2015

CEFC Investment (Europe) Company Le Palais Art Hotel Prague

21




Telecommunications, Media & Technology

华为

Country: Ireland Stake sought: 100% Deal value: undisclosed EV: undisclosed Announcement date: 13/07/2015 Technology firm SDN software technology assets

(SHSE:600637)

Country: Switzerland Stake sought: <5% Deal value: US$20m EV: undisclosed Announcement date: 16/07/2015 Oriental – Engaged in television

series production & broadcasting CMC – Venture capital

Promoter of sports with facilities provided

Beijing Shiji Information Technology

北京中长石基信息技术 (SZSE:002153)

Country: Austria Stake sought: 12.5% Deal value: US$28m Announcement date: 29/07/2015

Computer system integrator, service provider and developer in the

hospitality industry

Provider of cloud-based hotel analytics tool

Country: Czech Republic Stake sought: 60% Deal value: undisclosed EV: undisclosed Announcement date: 05/09/2015 Shanghai Energy Fund Investment

Co Ltd Football club operator

Country: Russia Stake sought: undisclosed Deal value: US$70m Announcement date: 12/10/2015

Venture capital Satellite project

22




Telecommunications, Media & Technology (Cont’d)

中国伽玛集团有限公司 (SEHK:164)

Country: Russia Stake sought: 65% Deal value: US$100m EV: undisclosed Announcement date: 19/10/2015

HK-based company, main source of revenue is gambling cruise ship

operating Cell phone manufacturer

星辉互动娱乐 (SZSE:300043)

Country: Spain Stake sought: 56% Deal value: undisclosed EV: undisclosed Announcement date: 31/10/2015

Manufacturer of remote-control vehicles

Football Club

Beijing Navgnss Integration (SZSE:300456)

Country: Sweden Stake sought: 98% Deal value: US$116m EV: US$118m Announcement date: 31/12/2015

Manufacturer of navigation equipment

Delivers MEMS-based sensors, actuators and precision structures

Disclaimer

This newsletter has been prepared for general information purpose only and is not intended to form the basis of any investment activity or decision whatsoever. Nothing in this newsletter should be construed as any form of advice or an offer or solicitation for the purchase or sale of any financial instrument and does not constitute investment research. Neither this newsletter nor anything contained herein shall form the basis of any contract and should not be relied upon in relation to any contract or commitment whatsoever.

This newsletter, and all information contained in it, is drawn up by ING Bank N.V. (“ING”) solely on the basis of publicly available information at the time that this newsletter was prepared. ING has not verified the validity, accuracy and completeness of such information nor has it performed any due diligence in relation to such information. No representation or warranty, explicit or implied, is or will be made, and no responsibility, liability or duty of care is or will be accepted by ING that the information contained herein is accurate, current, complete, correct or error free. Any liability in respect of such information or any inaccuracy in this newsletter, or omission from this newsletter, is hereby expressly disclaimed. ING shall not be obliged to update, rectify or provide additional information concerning the information given in this newsletter. In particular, but without prejudice to the generality of the above, no representation or warranty is given as to the achievement or reasonableness of any projections for the future, estimates, prospects, returns, assumptions or statements of opinion or expectation, which have involved significant elements of subjective judgment and analysis, contained in this newsletter. In all cases, the recipients of this newsletter should make their own independent assessment and conduct their own investigation of the companies and information mentioned herein and should take its own professional advice.

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sino-europe outbound m&a review 2h 2015 · tmt (8). by deal value, the logistics &...

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