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Banque d'affaires / Revue Fusions & Acquisitions & Tableaux de Classements de Thomson Reuters pour Q2 2013

Banque d'affaires / Revue Fusions & Acquisitions & Tableaux de Classements de Thomson Reuters pour Q2 2013

Temps forts pour la France

Any French Involvement M&A Fees Down 2% YTD; Rothschild Leads
M&A Fees from completed M&A deals with any French involvement totaled US$582.3 million so far during the first half of 2013, dropping 2% from the same period in 2012. Rothschild earned the most fees for their advisory work on any French involvement completed M&A so far this year, commanding US$55.5 million – or 9.5% of the market.

Morgan Stanley Tops Any French Involvement M&A Ranking with 25% Share
Advising on four of the top ten announced M&A deals involving a French party, and with a 25% market share, Morgan Stanley took the top spot for any French involvement M&A advisory during the first half of 2013. JP Morgan and Rothschild followed in second and third place, respectively.

French Target M&A Up 13% YTD; Domestic Up 40%; Outbound drops 77%
The value of announced M&A transactions with French targets reached US$15.8 billion so far during the first half of 2013, up 13% on the same period in 2012 (US$14.0 billion). Domestic M&A increased 40% year-on-year to reach US$8.2 billion, which accounted for just under a half of French target activity. The remaining 48%, or US$7.6 billion, of French target M&A involved a foreign acquirer. Italy was the most active foreign acquirer, accounting for 41% of the inbound French M&A market. Outbound French M&A fell 77% to US$5.4 billion so far during 2013. US companies were the preferred targets of French acquirers, with US$1.6 billion worth of deals accounting for 29% of French outbound M&A activity. M&A in the financial sector accounted for 29% of French target M&A activity by value so far this year, while the energy & power and real estate sectors accounted for 20% and 14%, respectively.

French ECM Activity Up 150% YTD; Best YTD Since 2008; Societe Generale Leads
Equity capital markets activity in France totaled US$10.3 billion during the second quarter of 2013, marking the strongest quarterly total since the fourth quarter of 2009. The strong second quarter takes the value of 2013 French ECM activity to US$14.7 billion, a 150% increase from the same period in 2012 and marking the strongest year-to-date period since 2008 (US$15.4 billion). Societe Generale controls 18% of the market, by share, and tops the French ECM underwriting league table so far this year.

French DCM Down 13% YTD, Slowest YTD Since 2010; Societe Generale Leads
Debt capital markets activity in France totaled US$147.9 billion so far during the first half of 2013, a 13% decline from the same period in 2012 (US$170.7 billion) and the slowest year-to-date period for French DCM activity since 2010. Societe Generale took the top spot for French DCM underwriting so far during 2013 with US$19.3 billion, or 13% of the market.

Manchettes Global M&A

Goldman Sachs Top Worldwide M&A Advisor for First Half 2013 – Takes Top Spot in the US and Europe
Goldman Sachs maintained the top position for worldwide announced M&A advisory work during year-to-date 2013. The firm also placed first in US and European Any Involvement M&A during the first half of this year. JP Morgan moved up to second place from third, while Morgan Stanley fell to place from second. Bank of America Merrill Lynch and Centerview Partners were the biggest movers within the top 10 during the first half of this year. Morgan Stanley finished the first half of 2013 as the leading financial advisor for deal making in Asia Pacific and Japan.

Worldwide M&A Down 9% from 2012; Slowest Annual Period for Deal Making Since 2009
Announced worldwide M&A totals US$978.8 billion so far this year, a decrease of 9% compared to year-to-date 2012, and the slowest year-to-date period for worldwide M&A since 2009 (US$900.8 billion). Americas targets accounted for 53% of global activity in the year-to-date period, ahead of Europe (US$220.9 billion, 23%).

US M&A Up 34%; European Merger Activity Falls to 16-Year Low
US targeted M&A announced so far during 2013 totaled US$437.1 billion up 34% from year-to-date 2012 and is the strongest year-to-date period for US deal making since 2011. M&A in Europe has reached US$220.9 billion so far in 2013, down 43% from the previous year-to-date period and marks the slowest year-to-date period in the region since 1997 (US$175.2 billion).

Energy & Power, Real Estate and Financials Lead All Sectors; Media, Telecom and Healthcare Register Gains
M&A in the energy and power sector reached US$144.0 billion so far during 2013, down 30% from the first half of 2012, while M&A in the real estate sector totaled US$98.5 billion so far in 2013, up 12% from last year at this time. Media & Entertainment, telecom and healthcare deal making have all registered strong double-digit percentage gains over 2012 levels.

Buyside Financial Sponsor M&A Up 43%; US Accounts for 57%
Global private equity backed M&A totaled US$163 billion during year-to-date 2013, a 43% increase over 2012 levels. Second quarter activity has registered a 47% decrease over the first quarter of this year, for the first quarterly decline for PE-backed M&A since the first quarter of 2012. Private equity-backed M&A targeting the US reached US$93.9 billion during year-to-date 2013, accounting for 57% of annual activity.

Emerging Markets M&A Falls 16%; Cross-Border Down 29%
Year-to-date figures for emerging markets target M&A have reached US$121.9 billion, accounting for 12% of total M&A, down 16% compared to the first half of 2012. Chinese M&A activity accounted for approximately 44% of emerging markets acquirors and targets during the first half of 2013. Registering a decrease of 29% from last year at this time, cross-border M&A totaled US$292.4 billion during first half 2013, accounting for 30% of total M&A activity this year compared to 38% during year-to-date 2012. The US initiated 17% of all acquisitions abroad so far in 2013 ahead of the United Kingdom (15%) and China (12%), while the US, Germany and the Netherlands were the target of 35% of all cross-border acquisitions.

Cliquez ici pour la revue préliminaire Thomson Reuters des investissements bancaires en France et au niveau Global pour Q2 2013.

Thomson Reuters

Mercredi 10 Juillet 2013