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Investment Banking Weekly Scorecard - 1 March 2013
Temps forts pour la France
- Any French Involvement M&A Fees Down 79% on 2011; Rothschild & BNP Lead
M&A Fees from completed M&A deals with any French involvement totaled US$253.1 million so far during 2012, a drop of 79% from the same period last year. Rothschild and BNP Paribas earned the most fees from their advisory work for any French involvement completed M&A so far during 2012, each commanding US$18.7 million – or 7.4% of the market.
- Lazard Tops Any French Involvement M&A Ranking
With advisory work on four of the top ten announced M&A deals with French involvement, Lazard took the top spot during the first half of 2012, leaping up from 11th place during the same period in 2011. BNP Paribas and Rothschild followed at second and third place, respectively.
- Any French Involvement M&A Down 65% on 1Q’12; Down 64% on 1H’11
M&A involving French companies totaled US$10.1 billion during the second quarter of 2012, a 65% decline from the first quarter of this year. The year-to-date total stands at US$39.0 billion, down 64% from the first 6 months of 2011. French target M&A totaled US$12.4 billion so far during 2012, compared to US$51.3 during the first half of 2011. M&A in the real estate sector accounted for 42.8% of French target M&A activity so far this year.
- French Equity Capital Markets Up 19% on 1H’11: Down 98% on 1Q’12
Equity capital markets activity in France totaled US$5.9 billion so far during 2012, an increase of 19% over the first half of 2011. 98% of this year’s activity occurred during the first quarter of 2012, French ECM during the second quarter of 2012 reached just US$140 million and marks the lowest quarterly total since the third quarter of 1999. Societe Generale controls 21.3% of the market, by share.
- French Debt Capital Markets Down 16% from 1H’11
Debt capital markets volume in France totaled US$182.1 billion so far during 2012, a decrease of 16% from the first six months of 2011 (US$216.0 billion). Natixis took the top spot for DCM so far during 2012 with US$ 24.3 billion, or 15% of the market.
Manchettes Global M&A
- Goldman Sachs Top Worldwide M&A Advisor - Leads in the US, Europe & Asia Pacific
Goldman Sachs maintained the top position for worldwide announced M&A advisory work during the first half of 2012, a position the firm also held during the first half of 2011. Morgan Stanley took the second spot for worldwide M&A. Goldman Sachs moved two spots to first in the US Any Involvement rankings and maintained its lead in Europe and Asia Pacific. Deutsche Bank moved five places to take the fourth spot for worldwide financial advisory so far in 2012.
- Worldwide M&A Falls 25% from 2011; Slowest First Half for US Deal Making since 2003
Announced worldwide M&A totals US$1,002 billion so far this year, a decline of 25% compared to year-to-date 2011, and is the slowest first half for worldwide M&A since 2010 (US$970 billion). Americas targets accounted for 41% of global activity in the year-to-date period, ahead of Europe (US$354 billion, 35%). US M&A announced so far during the first half of 2012 totaled US$299 billion, down 44% from year-to-date 2011 and is the slowest start to the year for US deal making since 2003.
- Second Quarter Improves Slightly; Government-related M&A accounts for 20% of Q2 Activity
Announced M&A during the second quarter of 2012 reached US$504 billion, up 1% from the first quarter of 2012 (US$498 billion). Compared to the second quarter of 2012, this quarter's activity is down 27%. Government-related purchases and divestitures accounted for 20% of announced deals during the second quarter of 2012, the highest percentage since the third quarter of 2010.
- Energy & Power, Materials and Financials Lead All Sectors
M&A in the Energy and power sector reached US$188 billion in the first half of 2012, down 28% from first the first half of 2011, while M&A in the materials sector totaled US$141 billion so far in 2012, down 23% from last year's first half. Acquisitions in Europe accounted for 49% of year-to-date activity in the materials sector, bolstered by the year's largest transaction - the US$48.9 billion acquisition of Xstrata PLC by Glencore International.
- Buyside Financial Sponsor M&A Down 19%; US Accounts for 55%
Global private equity backed M&A totaled US$102 billion during the first half of the year, a 19% decrease over the first half of 2011. Second quarter activity saw slight increases over the first quarter of this year, but fell 36% compared to the second quarter of 2011. Private equity-backed M&A targeting the US reached US$57 billion in the first half of 2012, up 14% from activity seen during the first half of 2011 and accounted for 55% of year-to-date volume.
- Emerging Markets M&A Falls 27%; Cross-Border Down 10%
Year-to-date figures for emerging markets target M&A have reached US$133 billion, accounting for 13% of total M&A, down 27% compared to the first half of 2011. Chinese M&A activity accounted for 18% of emerging markets acquirors and targets during the first half of 2012. Cross-border M&A totaled US$397 billion during the first half of 2012, accounting for 40% of total M&A activity this year. The US initiated 26% of all acquisitions abroad so far in 2012 ahead of Japan (8%) and France (7%). While the US, UK and Switzerland were the target of 40% of all cross-border acquisitions.
Just a quick note, Yesterday’s announcement of Walgreen’s $6.7 billion, 45% purchase in Alliance Boots is included in these figures. Alongside this deal, Walgreen’s was granted the option to purchase the remaining 55% at a later date at a specific price. The “option” is also included and valued at $17.5 billion. (Once Walgreen’s takes full control of Alliance Boots they will assume their full debt load, which is quite heavy, since they were purchased by KKR in a leveraged buyout in 2006.)
The “option”, which is line with Thomson Reuters criteria, currently ranks as the year’s largest cross-border deal and the 4th largest worldwide deal. Yesterday’s $6.7 billion deal is also on the cross-border list.
Leon Saunders Calvert, Head of Global Deals at Thomson Reuters, commented: “If M&A activity is confidence driven then it is hardly surprising to see depressed volumes in the first half of 2012. Higher risk deal making in particular has suffered, including private equity buyouts and cross border acquisitions, which in turn has had consequences for emerging markets heavily reliant on foreign investment. Governments are playing a significant and direct role in driving activity and indeed it is the politicians, whom the market is dependent upon to create genuine deal making opportunities through the healthy resolution of the Eurozone crisis. The success, or otherwise, of these talks will determine the M&A pipeline for the rest of the year and into 2013.”
Lien pour télécharger la revue préliminaire Thomson Reuters des investissements bancaires en France et au niveau Global pour Q2 2012 (PDF 9 pages) :
http://share.thomsonreuters.com/PR/IB/Quarter_End/France_Q212.pdf
Thomson Reuters
thomsonreuters.com
- Any French Involvement M&A Fees Down 79% on 2011; Rothschild & BNP Lead
M&A Fees from completed M&A deals with any French involvement totaled US$253.1 million so far during 2012, a drop of 79% from the same period last year. Rothschild and BNP Paribas earned the most fees from their advisory work for any French involvement completed M&A so far during 2012, each commanding US$18.7 million – or 7.4% of the market.
- Lazard Tops Any French Involvement M&A Ranking
With advisory work on four of the top ten announced M&A deals with French involvement, Lazard took the top spot during the first half of 2012, leaping up from 11th place during the same period in 2011. BNP Paribas and Rothschild followed at second and third place, respectively.
- Any French Involvement M&A Down 65% on 1Q’12; Down 64% on 1H’11
M&A involving French companies totaled US$10.1 billion during the second quarter of 2012, a 65% decline from the first quarter of this year. The year-to-date total stands at US$39.0 billion, down 64% from the first 6 months of 2011. French target M&A totaled US$12.4 billion so far during 2012, compared to US$51.3 during the first half of 2011. M&A in the real estate sector accounted for 42.8% of French target M&A activity so far this year.
- French Equity Capital Markets Up 19% on 1H’11: Down 98% on 1Q’12
Equity capital markets activity in France totaled US$5.9 billion so far during 2012, an increase of 19% over the first half of 2011. 98% of this year’s activity occurred during the first quarter of 2012, French ECM during the second quarter of 2012 reached just US$140 million and marks the lowest quarterly total since the third quarter of 1999. Societe Generale controls 21.3% of the market, by share.
- French Debt Capital Markets Down 16% from 1H’11
Debt capital markets volume in France totaled US$182.1 billion so far during 2012, a decrease of 16% from the first six months of 2011 (US$216.0 billion). Natixis took the top spot for DCM so far during 2012 with US$ 24.3 billion, or 15% of the market.
Manchettes Global M&A
- Goldman Sachs Top Worldwide M&A Advisor - Leads in the US, Europe & Asia Pacific
Goldman Sachs maintained the top position for worldwide announced M&A advisory work during the first half of 2012, a position the firm also held during the first half of 2011. Morgan Stanley took the second spot for worldwide M&A. Goldman Sachs moved two spots to first in the US Any Involvement rankings and maintained its lead in Europe and Asia Pacific. Deutsche Bank moved five places to take the fourth spot for worldwide financial advisory so far in 2012.
- Worldwide M&A Falls 25% from 2011; Slowest First Half for US Deal Making since 2003
Announced worldwide M&A totals US$1,002 billion so far this year, a decline of 25% compared to year-to-date 2011, and is the slowest first half for worldwide M&A since 2010 (US$970 billion). Americas targets accounted for 41% of global activity in the year-to-date period, ahead of Europe (US$354 billion, 35%). US M&A announced so far during the first half of 2012 totaled US$299 billion, down 44% from year-to-date 2011 and is the slowest start to the year for US deal making since 2003.
- Second Quarter Improves Slightly; Government-related M&A accounts for 20% of Q2 Activity
Announced M&A during the second quarter of 2012 reached US$504 billion, up 1% from the first quarter of 2012 (US$498 billion). Compared to the second quarter of 2012, this quarter's activity is down 27%. Government-related purchases and divestitures accounted for 20% of announced deals during the second quarter of 2012, the highest percentage since the third quarter of 2010.
- Energy & Power, Materials and Financials Lead All Sectors
M&A in the Energy and power sector reached US$188 billion in the first half of 2012, down 28% from first the first half of 2011, while M&A in the materials sector totaled US$141 billion so far in 2012, down 23% from last year's first half. Acquisitions in Europe accounted for 49% of year-to-date activity in the materials sector, bolstered by the year's largest transaction - the US$48.9 billion acquisition of Xstrata PLC by Glencore International.
- Buyside Financial Sponsor M&A Down 19%; US Accounts for 55%
Global private equity backed M&A totaled US$102 billion during the first half of the year, a 19% decrease over the first half of 2011. Second quarter activity saw slight increases over the first quarter of this year, but fell 36% compared to the second quarter of 2011. Private equity-backed M&A targeting the US reached US$57 billion in the first half of 2012, up 14% from activity seen during the first half of 2011 and accounted for 55% of year-to-date volume.
- Emerging Markets M&A Falls 27%; Cross-Border Down 10%
Year-to-date figures for emerging markets target M&A have reached US$133 billion, accounting for 13% of total M&A, down 27% compared to the first half of 2011. Chinese M&A activity accounted for 18% of emerging markets acquirors and targets during the first half of 2012. Cross-border M&A totaled US$397 billion during the first half of 2012, accounting for 40% of total M&A activity this year. The US initiated 26% of all acquisitions abroad so far in 2012 ahead of Japan (8%) and France (7%). While the US, UK and Switzerland were the target of 40% of all cross-border acquisitions.
Just a quick note, Yesterday’s announcement of Walgreen’s $6.7 billion, 45% purchase in Alliance Boots is included in these figures. Alongside this deal, Walgreen’s was granted the option to purchase the remaining 55% at a later date at a specific price. The “option” is also included and valued at $17.5 billion. (Once Walgreen’s takes full control of Alliance Boots they will assume their full debt load, which is quite heavy, since they were purchased by KKR in a leveraged buyout in 2006.)
The “option”, which is line with Thomson Reuters criteria, currently ranks as the year’s largest cross-border deal and the 4th largest worldwide deal. Yesterday’s $6.7 billion deal is also on the cross-border list.
Leon Saunders Calvert, Head of Global Deals at Thomson Reuters, commented: “If M&A activity is confidence driven then it is hardly surprising to see depressed volumes in the first half of 2012. Higher risk deal making in particular has suffered, including private equity buyouts and cross border acquisitions, which in turn has had consequences for emerging markets heavily reliant on foreign investment. Governments are playing a significant and direct role in driving activity and indeed it is the politicians, whom the market is dependent upon to create genuine deal making opportunities through the healthy resolution of the Eurozone crisis. The success, or otherwise, of these talks will determine the M&A pipeline for the rest of the year and into 2013.”
Lien pour télécharger la revue préliminaire Thomson Reuters des investissements bancaires en France et au niveau Global pour Q2 2012 (PDF 9 pages) :
http://share.thomsonreuters.com/PR/IB/Quarter_End/France_Q212.pdf
Thomson Reuters
thomsonreuters.com
