The Mergers & Acquisitions Review - Edition 5
After a prolonged period of uncertainty and decreased M&A activity, deal-making is undergoing something of a resurgence. Over the course of recent years, corporations across the world have been carefully navigating the economic downturn and attempting to consolidate their positions. In 2011 the market has proved more conducive to M&A and, at least in the first half year, confidence seems to be returning. Opportunities are seemingly limited to those companies and private equity houses that enjoy a stable financial basis. Governments have addressed the perceived failings of the regulatory framework and, for the most part, reforms have now been implemented. One of the underlying reasons for the drop in M&A was the drought of acquisition finance; without the necessary funding, few players were able to launch major takeover bids. However, the loan market appears to have gained a new lease of life and banks are adamant that they are willing and able to fuel well-conceived bids. The task that lies ahead of companies and funds is identifying truly value-generative targets and negotiating the new regulatory framework. There is increased emphasis on the views of shareholders following the financial crisis, and companies are best advised to gauge shareholder sentiment early. The provenance of M&A is undergoing a gradual shift, with deal-making in the Asia-Pacific region reaching its highest-ever level in 2010 and also representing its highest proportion of the total global value of M&A. In addition, the emerging markets are witnessing heightened deal activity, in particular the BRIC nations. These trends seem set to continue.
It would be premature, however, to suggest that M&A has completed a Lazarus-like revival. The recovery of deal-making is in its infancy and it is still highly susceptible to external forces. A number of major political and economic factors may impede sustained M&A activity, and could even force it to retreat. The sovereign debt tribulations in Europe, the weakening of the US economy, the 'Arab Spring' uprisings, the earthquake in Japan, rising commodity prices and global austerity measures all pose severe challenges. Given the fragile state of the global economy, such issues could well shackle the fledgling M&A revival. In short, economists remain uncertain about the health of M&A, and although many commentators hope that it will continue to gather pace, albeit slowly, there are a number of variables that may waylay deal-making. Economists have not ruled out short-term stagnation in deal value and volume, as a precursor to the dawning of an M&A renaissance further down the line.
One would hope that in this uncertain time the following chapters should provide cause for cautious optimism, while also reiterating some of the lessons from the recent lean years.
About the Editor
Simon Robinson has been a partner in Slaughter and May since 1989 and has undertaken a broad range of corporate and commercial work, including private and public acquisitions, joint ventures, corporate reconstructions, public equity offerings and financings.
His clients include leading banks and insurance companies, asset management companies, investment trusts and industrial and commercial companies, particularly in the health-care, transport, media and retail sectors. Geographically, he has experience in the Far East, Eastern and Western Europe and North America.
Earlier in his career, he contributed to a number of publications on mortgage securitisations in the UK; in recent years he has been the author of the UK chapter for the annual editions of the Mergers and Acquisitions and Corporate Governance volumes in the Getting the Deal Through series.
Acknowledgements
The publisher acknowledges and thanks the following for their learned assistance throughout the preparation of this book:
European Overview
- Simon Robinson
- Slaughter and May
EU Competition
- Michael Rosenthal and Paul McGeown
- Hunton & Williams
European Private Equity
- Thomas Sacher and Steffen Schniepp
- Beiten Burkhardt Rechtsanwaltsgesellschaft mbH
US Antitrust
- D Bruce Hoffman
- Hunton & Williams
US Private Equity
- Gary Horowitz
- Simpson Thacher & Bartlett LLP
US Energy Transactions
- Sarah A W Fitts
- Debevoise & Plimpton LLP
Shareholders and Boards of Directors in US Mergers & Acquisitions
- George A Casey and Cody L Wright
- Shearman & Sterling LLP
Argentina
- Pedro Iván Mazer
- Alfaro-Abogados
Austria
- Christian Herbst
- Schönherr Rechtsanwälte GmbH
Bahrain
- Haifa Khunji and Elise S Paul-Hus
- KBH Kaanuun
Belgium
- Koen Geens and Marieke Wyckaert
- Eubelius
Bolivia
- Luis F Moreno G
- Moreno Baldivieso Estudio de Abogados
Brazil
- Marcus Fontes, Max Fontes and Paulo de Tarso Ribeiro
- Fontes & Tarso Ribeiro Advogados
Bulgaria
- Yordan Naydenov and Nikolay Kolev
- Boyanov & Co
Canada
- Robert Yalden, Ward Sellers and Emmanuel Pressman
- Osler, Hoskin & Harcourt LLP
Cayman Islands
- Antony Duckworth and Alan de Saram
- Charles Adams Ritchie & Duckworth
Colombia
- Sergio Michelsen Jaramillo
- Brigard & Urrutia Abogados
Costa Rica
- John Aguilar Jr and Alvaro Quesada
- Aguilar Castillo Love
Cyprus
- Nancy Ch Erotocritou
- Harneys Aristodemou Loizides Yiolitis LLC
Denmark
- Henrik Thouber and Anders Ørjan Jensen
- Gorrissen Federspiel
Ecuador
- Alejandro Ponce Martínez
- Quevedo & Ponce
Estonia
- Priit Lätt
- Glimstedt
Finland
- Jan Ollila, Anders Carlberg and Wilhelm Eklund
- Dittmar & Indrenius
France
- Didier Martin
- Bredin Prat
Germany
- Heinrich Knepper and Christian Möller
- Hengeler Mueller
Greece
- Cleomenis G Yannikas, Vassilis-Thomas G Karantounias and Sophia K Grigoriadou
- Dryllerakis & Associates
Hong Kong
- George Goulding and Jason Webber
- Slaughter and May
Hungary
- Péter Berethalmi and Balázs Karsai
- Nagy és Trócsányi Ügyvédi Iroda
India
- Rabindra Jhunjhunwala and Ashwin Mathew
- Khaitan & Co
Indonesia
- Yozua Makes
- Makes & Partners Law Firm
Ireland
- Patrick Spicer
- Matheson Ormsby Prentice
Israel
- Clifford Davis and Keith Shaw
- S Horowitz & Co
Japan
- Hiroki Kodate and Kenichiro Tsuda
- Anderson Mōri & Tomotsune
Korea
- Sang Hyuk Park and Gene Oh Kim
- Kim & Chang
Latvia
- Semjons Fogels
- Glimstedt & Partners
Lithuania
- Audrius Žvybas
- Bernotas & Dominas Glimstedt
Luxembourg
- Marie-Béatrice Noble and Stéphanie Antoine
- Noble & Scheidecker
Malta
- Nicolai Vella Falzon and Jeanette Ciantar
- Fenech & Fenech Advocates
Mexico
- Aarón Levet V and Alberto Solís M
- Santamarina y Steta SC
Montenegro
- Slaven Moravčeviç and Milan Dakiç
- Moravčeviç Vojnoviç Zdravkoviç in cooperation with Schönherr
Netherlands
- Onno Boerstra and Guus Kemperink
- Van Doorne
Nigeria
- L Fubara Anga
- ÆLEX
Norway
- Geir Evenshaug and Gard A Skogstrøm
- Arntzen de Besche Advokatfirma AS
Pakistan
- Mansoor Hassan Khan
- Khan & Associates
Panama
- Julianne Canavaggio
- Arias, Fábrega & Fábrega
Peru
- Emil Ruppert and Sergio Amiel
- Rubio Leguía Normand
Portugal
- Rodrigo Almeida Dias
- F Castelo Branco & Associados
Russia
- Ilia Rachkov and Evgeny Maslennikov
- Noerr
Saudi Arabia
- Johannes Bruski and Zeyad Khoshaim
- Allen & Overy LLP
Serbia
- Matija Vojnoviç and Petar Kojdiç
- Moravčeviç Vojnoviç Zdravkoviç in cooperation with Schönherr
Singapore
- Lee Suet-Fern and Elizabeth Kong Sau-Wai
- Stamford Law Corporation
Slovakia
- Jana Pagáčová
- RuŽička Csekes s.r.o.
South Africa
- Ezra Davids and Ashleigh Hale
- Bowman Gilfillan
Spain
- Christian Hoedl and Javier Ruiz-Cámara
- Uría Menéndez
Sweden
- Biörn Riese, Eva Hägg and Anna Lundgren
- Mannheimer Swartling Advokatbyra
Switzerland
- Lorenzo Olgiati, Martin Weber, Jean Jacques Ah Choon, Harun Can and David Mamane
- Schellenberg Wittmer
Tanzania
- Ngassa Dindi
- LawCastles
Turkey
- Tunç Lokmanhekim and Saniye Simge Eren
- ELIG
Ukraine
- Anna Babych and Artem Gryadushchyy
- Vasil Kisil & Partners
United Arab Emirates
- Daniel Abela and Elise S Paul-Hus
- KBH Kaanuun
United Kingdom
- Simon Robinson
- Slaughter and May
USA
- Richard Hall and Mark Greene
- Cravath, Swaine & Moore LLP
USA
- Rolin P Bissell and Elena C Norman
- Young Conaway Stargatt & Taylor, LLP
Uruguay
- Fernando Jiménez de Aréchaga (Jr), Nicolás Constantinidi and Ignacio Menéndez
- Jiménez de Aréchaga, Viana & Brause
Venezuela
- Guillermo de la Rosa, Juan D Alfonzo and Nelson Borjas
- Torres, Plaz & Araujo
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