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Banque d'affaires / Revue Fusions & Acquisitions & Tableaux de Classements - Q3 2012


Banque d'affaires / Revue Fusions & Acquisitions & Tableaux de Classements de Thomson Reuters pour Q3 2012 : revue préliminaire Thomson Reuters des investissements bancaires en France et au niveau Global pour Q3 2012. Full details can be found in the attached report below, but headlines follow:



Banque d'affaires / Revue Fusions & Acquisitions & Tableaux de Classements - Q3 2012





Temps forts pour la France

Any French Involvement M&A Fees Down 62% on 2011; Rothschild Leads – M&A Fees from completed M&A deals with any French involvement totaled US$621 million so far during 2012, a drop of 62% from the same period last year. Rothschild earned the most fees for their advisory work for any French involvement completed M&A so far during 2012, commanding US$50.1 million – or 8.1% of the market.

Rothschild Tops Any French Involvement M&A Ranking – Advising on five of the top ten announced M&A deals with French involvement, Rothschild took the top spot during the first nine months of 2012, moving up from third place during the same period in 2011. BNP Paribas follows closely in second place.

Any French Involvement M&A Down 56% from 2011; Slowest Quarter Since 3Q’04 - M&A involving French companies reached US$11.8 billion during the third quarter of 2012, a 35% decline from the second quarter of this year, and the slowest quarterly total for 8 years. The year-to-date total stands at US$59.4 billion, down 56% from the first nine months of 2011. French target M&A totaled US$22.6 billion so far during 2012, compared to US$66.4 billion during the first nine months of 2011. M&A in the real estate sector accounted for 31% of French target M&A activity so far this year.

French Equity Capital Markets Up 20% on 2011; 8 Times 2Q’12 Value - Equity capital markets activity in France totaled US$8.0 billion so far during 2012, an increase of 20% over the first nine months of 2011, mainly due to a strong first quarter. Third quarter French ECM activity reached US$2.0 billion, 8 times the value seen during the slow second quarter of this year. Societe Generale controls 18.5% of the market, by share.

French Debt Capital Markets Down 16% from 2011, Slowest Quarter for 5 years – Debt capital markets volume in France slowed to US$32.4 billion during the third quarter of 2012, down 48% from the previous quarter, and the slowest quarterly total since the third quarter of 2007. It takes year-to-date activity to US$230.3 billion, a decrease of 16% from the first nine months of 2011 (US$274.1 billion). Natixis took the top spot for DCM so far during 2012 with US$ 29.9 billion, or 14% 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 nine months of 2012, a position the firm also held during the first nine months of 2011. Morgan Stanley took the second spot for worldwide M&A. Goldman Sachs moved up one spot to first in the US Any Involvement rankings and maintained its lead in Europe and Asia Pacific. Deutsche Bank moved three places to take the fifth spot for worldwide financial advisory so far in 2012.

Worldwide M&A Falls 17% from 2011; Slowest First Nine Months for Deal Making since 2009
Announced worldwide M&A totals US$1,581 billion so far this year, a decline of 17% compared to year-to-date 2011, and is the slowest year-to-date period for worldwide M&A since 2009 (US$1,316 billion). Americas targets accounted for 47% of global activity in the year-to-date period, ahead of Europe (US$459 billion, 29%). US M&A announced so far during the first nine months of 2012 totaled US$542 billion, down 27% from year-to-date 2011.

Third Quarter Declines 27% from Q2; European Quarterly M&A Falls to 10-Year Low
Announced M&A during the third quarter of 2012 reached US$455 billion, down 27% from the second quarter of 2012 (US$620 billion). Quarterly M&A has not fallen below the US$500 billion threshold since the third quarter of 2009 (US$450.3 billion). M&A activity in Europe totals US$84.2 billion so far during the third quarter, the slowest quarter for activity since the third quarter 2002.

Energy & Power, Materials and Financials Lead All Sectors; Retail and Consumer Staples Register Gains
M&A in the energy and power sector reached US$278 billion in the first nine months of 2012, down 23% from first the first nine months of 2011, while M&A in the materials sector totaled US$184.3 billion so far in 2012, down 27% from last year at this time. Acquisitions in Europe accounted for 38% of year-to-date activity in the materials sector, bolstered by the year's largest transaction - the US$45.5 billion acquisition of Xstrata PLC by Glencore International. Just two sectors - retail and consumer staples - have registered gains over 2011 levels.

Buyside Financial Sponsor M&A Down 10%; US Accounts for 52%
Global private equity backed M&A totaled US$181 billion during the first nine months of the year, a 10% decrease over 2011 levels. Third quarter activity saw a 16% increase over the second quarter of this year, the second consecutive quarterly increase for PE-backed M&A. Private equity-backed M&A targeting the US reached US$94 billion during the first nine months of 2012, up 21% from activity seen during the first nine months of 2011 and accounted for 52% of year-to-date volume.

Emerging Markets M&A Falls 19%; Cross-Border Down Just 2%
Year-to-date figures for emerging markets target M&A have reached US$208 billion, accounting for 13% of total M&A, down 19% compared to the first nine months of 2011. Chinese M&A activity accounted for nearly 40% of emerging markets acquirors and targets during the first nine months of 2012. Down just 2% from last year at this time, cross-border M&A totaled US$662 billion during the first nine months of 2012, accounting for 42% of total M&A activity this year compared to 35% during year-to-date 2011. The US initiated 22% of all acquisitions abroad so far in 2012 ahead of the UK (9%) and Japan (8%), while the US, UK and Canada were the target of 40% of all cross-border acquisitions.

Leon Saunders Calvert, Head of Global Deals at Thomson Reuters, commented: “The long awaited resurgence of deal activity remains on hold, as confidence in macro-economic conditions is at best limited and at worst continuing to be eroded by the unresolved Euro-zone crisis. Unsurprisingly European volumes are more affected than any other region, but in the globalised economy the effects on emerging market activity are also keenly felt due to weaker appetite for riskier acquisitions of assets in growth markets. A change to the current trend is unlikely this year, with 2013 activity heavily dependent upon political developments on both sides of the Atlantic, as well as the ability to save the euro and address the fallout from a possible break up.”

Thomson Reuters
thomsonreuters.com

Cliquez ici pour la revue préliminaire Thomson Reuters des investissements bancaires en France :
http://share.thomsonreuters.com/PR/IB/Quarter_End/Thomson_Reuters_France_3Q12.pdf

Cliquez ici pour la revue préliminaire Thomson Reuters des investissements bancaires au niveau Global :
http://share.thomsonreuters.com/PR/IB/Quarter_End/Prelim_MA_3Q12.pdf

Mardi 2 Octobre 2012
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