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Banque d'affaires / Revue Fusions & Acquisitions & Tableaux de Classements de Thomson Reuters pour Q1 2014

Cliquez ci-dessous (1) pour la revue préliminaire Thomson Reuters des investissements bancaires en France et au niveau Global (2) pour Q1 2014.

Temps forts pour la France

Rothschild Tops 1Q 2014 Any French Involvement M&A Ranking
Working on 14 deals with a combined value of US$29.4 billion, Rothschild took the top spot for advisory on announced M&A with French involvement so far during the first quarter of 2014. BNP Paribas and Lazard followed in second and third place, respectively.

Any French Involvement M&A Fees Down 38% YTD; JP Morgan Leads
According to Thomson Reuters / Freeman Consulting, fees from completed M&A deals with any French involvement totaled US$227.4 million so far during 2014, falling 38% from the same period in 2013 (US$367.7 million). JP Morgan earned the most fees for their advisory work on completed M&A deals with French involvement so far this year, taking US$22.5 million, or a 10% share.

Any French Involvement M&A Up 153% YTD; Domestic M&A Up Fivefold; Inbound Up 480%; Outbound Up 132%
Bolstered by Numericable’s offer to buy Vivendi’s telecom unit SFR for US$16.3 billion, the value of announced M&A transactions with French involvement reached US$43.6 billion so far during 2014, up 153% from the same period last year (US$17.3 bln). French target M&A totalled US$37.5 billion so far during 2014, more than five-times the value registered during the same period in 2013 (US$7.2 billion).

Domestic M&A increased fivefold year-on-year to reach US$28.4 billion, which accounted for 76% of French target activity. The remaining 24%, or US$9.1 billion, involved a foreign acquirer. Luxembourg was the most active foreign acquirer, accounting for 47% of the inbound French M&A market, by value. Outbound French M&A increased 132% to US$4.6 billion. The preferred targets were US companies, with US$1.9 billion worth of deals accounting for 43% of French outbound M&A activity. The telecoms sector accounted for 38% of first quarter 2014 French involvement M&A activity, while consumer products & services accounted for 19%.

Note: These volumes exclude the effects of competing bids for SFR, to avoid double-counting and a misleading representation of the French M&A market. Only Numericable’s US$16.3 billion offer for SFR has been included in these 1Q 2014 volumes.

French DCM Up 17% YTD; 1Q’14 Up 74% on 4Q’13; BNP Paribas Leads with 14%
Debt capital markets activity in France totaled US$107.9 billion so far during 2014, up 17% from the same period last year (US$91.9 billion). French DCM activity so far during first quarter of 2014 increased 74% from the previous quarter, and marked the highest quarterly total since the first quarter of 2012. BNP Paribas took the top spot for French DCM underwriting so far during 2014 with US$14.8 billion, or 13.8% of the market.

French ECM Activity Down 8% YTD; Down 63% from 4Q’13; Societe Generale Leads
Equity capital markets activity in France totaled US$3.5 billion so far during 2014, an 8% decline from the same period last year. The first quarter total currently trails 63% behind the US$9.6 billion registered during the fourth quarter of 2013 and marks the lowest quarterly total since the third quarter of 2012. Societe Generale controls 31% of the market, by share, and tops the French ECM underwriting league table so far this year.

Please note that Bouygues Telecom’s US$18.1 billion offer for SFR has been excluded from 1Q 2014 values - to include both competing offers for SFR would give a misleading representation of the French M&A market. Credit has been given to the advisors of both pending bids in the financial advisor league table on page 2.

Manchettes Global M&A

WW M&A Up 35% Net Competing Bids; Slowest Year by Number of Deals Since 2003
Worldwide M&A totals US$710.3 billion so far this year, an increase of 54% compared to year-to-date 2013. Net competing bids for Time Warner Cable and SFR, worldwide mergers are up 35% compared to last year and mark the strongest annual start for deal making since 2011. By number of deals, year-to-date M&A is down 14% compared to 2013 levels and is the slowest year-to-date period for deal making, by number of deals since 2003.

Morgan Stanley Top Worldwide M&A Advisor for First Quarter 2014 – Takes Top Spot in the US and Japan
Morgan Stanley moved into the top position for worldwide announced M&A advisory work during first quarter 2014, boosted by top rankings in US and Japan Any Involvement M&A so far this year. Goldman Sachs maintained second place, while JP Morgan fell to third place from first a year ago. Morgan Stanley and Deutsche Bank were the biggest movers within the top 10 during first quarter 2014.

US Accounts for 51% of M&A; Strongest Start for Asia Pacific M&A on Record, Europe up 72%
US M&A announced so far during 2014 totals US$361.1 billion, up 62% from year-to-date 2013 and is the strongest year-to-date period for US deal making since 2007. Asia Pacific M&A announced so far during 2014 totals US$113.3 billion, up 67% from year-to-date 2013 and is the strongest year-to-date period for deal making in the region since records began in 1980. M&A in Europe is off to the best start since 2011, up 72% compared to a year ago

Media, Real Estate, Energy & Tech Lead All Sectors
M&A targeting the media & entertainment sector reached US$157.8 billion so far in 2014, more than triple the levels seen during year-to-date 2013 and the strongest annual start for deal making in the sector since 2000. The media, healthcare and consumer products sectors have registered the strongest year-over-year gains, while just consumer staple activity has declined by a 18%.

Private Equity Buyouts Fall 29%; US Accounts for 60%
Global private equity backed buyouts totaled US$56 billion during year-to-date 2014, a 29% decrease over 2013 levels. Buyout targets in the United States accounted for 60% of year-to-date activity, while private equity backed buyouts in Asia and Europe have increased by 67% and 32%, respectively.

Emerging Markets M&A Falls 17%; Cross-Border Up 78%
Year-to-date figures for M&A involving emerging markets have reached US$109.2 billion, accounting for 15% of total M&A, down 17% compared to first quarter 2013 levels. Chinese M&A activity accounted for approximately 42% of emerging markets acquirors so far this year. Registering an increase of 78% from last year at this time, cross-border M&A totaled US$235.2 billion during first quarter 2014, accounting for 33% of total M&A activity this year compared to 27% during first quarter 2013.

(1) Revue préliminaire investissements bancaires en France
(2) Niveau global

Thomson Reuters

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Lundi 5 Mai 2014