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French M&A Roundup Q1 2012


Please see the following article below for the mergermarket Q1 2012 M&A Round-up for France.




Summary Overview

- French M&A activity totalled €3.6bn in Q1 2012, a decrease of 67% in value and the lowest quarterly total since Q3 2009 (€2.9bn). Also, the deal count of 124 for Q1 2012 demonstrates the current market difficulties, with an 18.4% decrease in deal count compared to Q1 2011 and the lowest number since Q4 2009 (121 deals).
- Only two French targets so far this year were valued over €500m; Klepierre SA’s 28.7% stake and Eramet SA’s 25.68% stake.
- France attracted foreign investment of €2.7bn, with cross-border inbound deals reaching their lowest level since Q3 2009 (€1.4bn) and down 70% compared to Q1 2011. The quarter saw 40 inbound deals, a decrease compared to the previous quarter (48 deals), but a slight increase to Q1 2011 (37 deals).
- Outbound deals amounted to €3.3bn in the first quarter of this year, a significant decrease on Q1 2011 (€16.1bn). Similarly, the number of deals decreased from 67 in Q1 2011 to 60 in Q1 2012.
- Having advised on two of the top five French deals in Q1 2012, Goldman Sachs again topped the financial adviser league table by value with €3.3bn and five deals, ahead of JPMorgan and Lazard, with €2.9bn and €2.2bn, respectively.
- Cleary Gottlieb Steen & Hamilton topped the legal adviser league table by value, up 12 places on Q1 2011, having advised on three deals totalling €2.3bn.

French M&A Roundup Q1 2012

French M&A Roundup Q1 2012

French M&A Roundup Q1 2012

French M&A Roundup Q1 2012

Notes

All data is based on announced transactions over US$ 5m. 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 include property transactions and restructurings where the ultimate shareholders’ interests are not changed.

All data excludes minority stake deals (10% - 30%) where the dominant target geography is Asia-Pacific and the deal value is less than US$ 100m.

- M&A Trend: Based on the dominant geography of the target company being France. Excludes lapsed and withdrawn bids;
- League Tables: Based on the dominant geography of the target, bidder or seller company being France. The financial adviser tables exclude lapsed and withdrawn bids and the legal adviser tables include lapsed and withdrawn bids. Data was run from 1 January to 31 March 2012. Previous period changes refer to the time period of Q1 2011;
- Cross-border M&A: Inbound refers to cross border M&A where the dominant geography of the target company is France. Outbound refers to cross border M&A where the dominant geography of the bidder company is France. Excludes lapsed and withdrawn bids;
- Deal Value Breakdown: Based on the dominant geography of the target company being France. Excludes lapsed and withdrawn bids. Previous period changes refer to the time period of Q1 2011. The €5m-500m range includes undisclosed deals(*);
- Industry Analysis: Based on the dominant geography of the target company being France. Industry sectors represent the primary industry sector of the target company only. Excludes lapsed and withdrawn bids;
- Top Announced Deals: Based on the dominant geography of the target, bidder or seller company being France. Excludes lapsed and withdrawn bids. FA refers to Financial Adviser and LA refers to Legal Adviser.

Criteria: http://www.mergermarket.com/pdf/deal_criteria.pdf

All data correct as of 03 April 2012.

Vendredi 13 Avril 2012
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