IFR Market Intelligence | European Mergers & Acquisitions: Prospects for the decade ahead

01 Executive summary

Section 01

Introduction

Chapter 01

The Global M&A cycle
M&A and the market
The prospects for M&A
Global M&A by country
Global M&A by sector
Consolidation or diversification?

Section 02

Market outlook
Forecasts for rest of decade

Chapter 02

What are the national and regional drivers of the European M&A market and how will they play out over the next 10 years?

Chapter 03

How will the credit squeeze that started in mid 2007 affect future M&A activity?

Chapter 04

What role will private equity play in the years to come?

Chapter 05

What are the ambitions of increasingly acquisitive Asian corporate buyers?

Chapter 06

Which industrial sectors, in which countries, offer the most exciting M&A potential?

Section 03

Sector reports

Chapter 07

Analysis of European market drivers
Financial Services
Manufacturing
Health and pharmaceuticals
Real estate
TMT
Consumer
Support Services
Energy

Section 04

Regional focus

Chapter 08

Chapter 09

Germany

Chapter 10

France

Chapter 11

Italy

Chapter 12

Spain and Portugal

Chapter 13

Nordic region

Chapter 14

Central and Eastern Europe

Chapter 15

Benelux

Chapter 16

Middle East and Africa

Chapter 17

Russia

Chapter 18

Asia and Australia

Section 05

Rationale

Chapter 19

Analysis of factors affecting M&A activity

Section 06

Dealmakers

Chapter 20

European corporates

Chapter 21

European private equity firms

Chapter 22

US private equity firms

Chapter 23

US corporates

Chapter 24

Asia corporates

Section 07

Hedge funds

Chapter 25

What is the impact of hedge funds on European M&A?

Section 08

Deal breakers

Chapter 26

Pension valuations

Chapter 27

Loan markets bubble

Chapter 28

Interest rates

Chapter 29

EU competition concerns

Chapter 30

Cultural issues

Section 09

Data

Chapter 31

Pipeline deals

Chapter 32

Announced and completed deals

Chapter 33

Financial sponsor deals

Chapter 34

Mid-markets

Chapter 35

League tables

Chapter 36

League tables

List of tables and figures

Table 1.1: Global M&A: completed bids segmented by capitalisation, 1995 – 2007
Table 1.2: Global M&A: completed bids sorted by origin of target and number of deals completed, 1995-2007
Table 1.3: Global M&A: number & value of completed bids sorted by origin of target, 2001-2007
Table 1.4: Global M&A: number & value of completed bids sorted by origin of target, 2001-2007
Table 1.5: Global M&A: completed bids sorted by target’s sector and the number of deals, 1995-2007
Table 1.6: Global consolidation: Global M&A activity in the same sector sorted by number of intra-sector deals, 1995-2007
Table 7.1: Top 10 deals any European involvement 1/1/2008-31/3/2008
Table 7.2: Any European involvement target macro industry breakdown based on date Announced 1/1/2008 - 31/3/2008
Table 7.3: Any European involvement (AD21) announced financial adviser ranking 1/1/2008-31/3/2008
Table 7.4: Any European involvement (AD21) announced financial adviser ranking by number of deals 1/1/2008-31/3/2008
Table 8.1: Any UK involvement announced financial advisers (AD32)
Table 8.2: Any UK involvement completed financial advisers (AF39)
Table 9.1: Any German involvement announced financial advisers (AD35)
Table 9.2: Any German involvement completed financial advisers (AF42)
Table 10.2: Any French involvement completed financial advisers (AF40)
Table 11.1: Any Italian involvement announced financial advisers (AD36)
Table 11.2: Any Italian involvement completed financial advisers (AF43)
Table 12.1: Any Spanish involvement announced financial advisers (AD34)
Table 12.2: Any Spanish involvement completed financial advisers (AF41)
Table 13.1: Any Nordic involvement announced financial advisers (AD37)
Table 13.2: Any Nordic involvement completed financial advisers (AF44)
Table 14.1: Any Central and Eastern European involvement announced financial advisers (AD52)
Table 14.2: Any Central and Eastern European involvement completed financial advisers (AD59)
Table 15.1: Any Benelux involvement announced financial advisers (AD40)
Table 15.2: Any Benelux involvement completed financial advisers (AF47)
Table 16.1: Any Middle East & North African Involvement Announced Financial Advisers (AD53)
Table 16.2: Any Middle East & North African Involvement Completed Financial Advisers
(AD60)
Table 17.1: Any Russian Involvement Announced Financial Advisers (AD58)
Table 17.2: Any Russian Involvement Completed Financial Advisers (AF65)
Table 18.1: Any Asia ex. Japan involvement announced financial advisers (AD25)
Table 18.2: Any Asia ex. Japan involvement completed financial advisers (AF32)
Table 18.3: Any Australian involvement announced financial advisers (AD24)
Table 18.4: Any Australian involvement completed financial advisers (AF31)
Tables 19.2, 19.3: What do you think will be the biggest “dealbreaker” issues in the next 12 months?
Table 20.1: Global Financial Sponsor and Strategic M&A Volume
Table 23.1: Top 25 Acquisitions of European companies by US
Table 31.1: Rumoured any European involvement ytd
Table 32.1: Top 15 worldwide M&A deals in 2007
Table 32.2: Top 10 any Europe M&A deals
Table 32.3: Any European involvement target macro industry breakdown based on date announced 1/1/2007 - 31/12/2007
Table 32.4: Top 10 Deals Any European Involvement 1/1/2007-31/12/2007
Table 33.1: Sector distribution of UK buyouts by number in the UK
Table 33.2: Sector distribution of UK buyouts by value (€m) in the UK
Table 33.3: Sector distribution of buyouts by number in France
Table 33.4: Sector distribution of buy-outs/by value in France
Table 33.5: Sector distribution of buyouts by number in Germany
Table 33.6: Sector distribution of buyouts by value in Germany
Table 33.7: Sector distribution of buyouts by number in Nordic region
Table 33.8: Sector distribution of buyouts by value (€m) in Nordic region
Table 33.9: Sector distribution of buyouts by number in Benelux
Table 33.10: Sector distribution of buyouts by value (€m) in Benelux
Table 33.11: Sector distribution of buyouts by number in Italy
Table 33.12: Sector distribution of buyouts by value (€m) in Italy
Table 33.13: Sector distribution of buyouts by number in Spain
Table 33.14: Sector distribution of buyouts by value (€m) in Spain
Table 34.1: Any European involvement announced (MM3c) undisclosed values & values up to US$200m based on number of transactions
Table 34.2: Any UK involvement announced (MM4c) undisclosed values & values up to US$200m based on number of transactions
Table 34.3: Any French involvement announced (MM4c) undisclosed values & values up to US$200m based on number of transactions
Table 34.4: Any German involvement announced (MM6c) undisclosed values & values up to US$200m based on number of transactions
Table 34.5: Any Italian involvement announced (MM7c) undisclosed values & values up to US$200m based on number of transactions
Table 34.6: Any Nordic involvement announced (MM9c) undisclosed values & values up to US$200m based on number of transactions
Table 34.7: Any Spanish involvement announced (MM8c) undisclosed values & values up to US$200m based on number of transactions
Table 34.8: Any Benelux involvement announced (MM10c) undisclosed values & values up to US$200m based on number of transactions
Table 34.9: Any European involvement announced financial advisers undisclosed values and values up to and including US$50m
Table 34.10: Any European involvement announced financial advisers undisclosed values and values up to and including US$100m
Table 34.11: Any European involvement announced financial advisers undisclosed values and values up to and including US$200m
Table 34.12: Any European involvement announced financial advisers undisclosed values and values up to and including US$500m
Table 34.13: Any UK involvement announced financial advisers undisclosed values and values up to and including US$50m
Table 34.14: Any UK Involvement Announced Financial Advisers undisclosed values and values up to and including US$100m
Table 34.15: Any UK involvement announced financial advisers undisclosed values and values up to and including US$200m
Table 34.16: Any UK involvement announced financial advisers undisclosed values and values up to and including US$500m
Table 34.17: Any French involvement announced financial advisers undisclosed values and values up to and including US$50m
Table 34.18: Any French Involvement Announced Financial Advisers undisclosed values and values up to and including US$100m
Table 34.19: Any French involvement announced financial advisers undisclosed values and values up to and including US$200m
Table 34.20: Any French involvement announced financial advisers undisclosed values and values up to and including US$500m
Table 34.21: Any German involvement announced financial advisers undisclosed values and values up to and including US$50m
Table 34.22: Any German involvement announced financial advisers undisclosed values and values up to and including US$100m
Table 34.23: Any German involvement announced financial advisers undisclosed values and values up to and including US$200m
Table 34.24: Any German involvement announced financial advisers undisclosed values and values up to and including US$500m
Table 34.25: Any Italian involvement announced financial advisers undisclosed values and values up to and including US$50m
Table 34.26: Any Italian involvement announced financial advisers undisclosed values and values up to and including US$100m
Table 34.27: Any Italian involvement announced financial advisers undisclosed values and values up to and including US$200m
Table 34.28: Any Italian involvement announced financial advisers undisclosed values and values up to and including US$500m
Table 34.29: Any Spanish involvement announced financial advisers undisclosed values and values up to and including US$50m
Table 34.30: Any Spanish involvement announced financial advisers undisclosed values and values up to and including US$100m
Table 34.31: Any Spanish involvement announced financial advisers undisclosed values and values up to and including US$200m
Table 34.32: Any Spanish involvement announced financial advisers undisclosed values and values up to and including US$500m
Table 34.33: Any Nordic involvement announced financial advisers undisclosed values and values up to and including US$50m
Table 34.34: Any Nordic involvement announced financial advisers undisclosed values and values up to and including US$100m
Table 34.35: Any Nordic involvement announced financial advisers undisclosed values and values up to and including US$200m
Table 34.36: Any Nordic involvement announced financial advisers undisclosed values and values up to and including US$500m
Table 34.37: Any Benelux involvement announced financial advisers undisclosed values and values up to and including US$50m
Table 34.38: Any Benelux involvement announced financial advisers undisclosed values and values up to and including US$100m
Table 34.39: Any Benelux involvement announced financial advisers undisclosed values and values up to and including US$200m
Table 34.40: Any Benelux involvement announced financial advisers undisclosed values and values up to and including US$500m
Table 35.1: Worldwide announced financial advisers (AD1)
Table 35.2: Any European involvement announced financial advisers (AD21)
Table 35.3: US target announced financial advisers (AD2)
Table 35.4: Any European involvement (AD21) announced financial adviser ranking 1/1/2007-31/12/2007
Table 35.5: Any European involvement (AD21). announced financial adviser ranking by number of deals 1/1/2007-31/12/2007
Table 35.6: Worldwide announced financial advisers (AD1)
Table 35.7: US Target announced financial advisers (AD2)
Table 35.8: Any UK involvement announced financial advisers (AD32)
Table 35.9: Any French involvement announced financial advisers (AD33)
Table 35.10: Any Spanish involvement announced financial advisers (AD34)
Table 35.11: Any German involvement announced financial advisers (AD35)
Table 35.12: Any Italian involvement announced financial advisers (AD36)
Table 35.13: Any Nordic involvement announced financial advisers (AD37)
Table 35.14: Any Benelux involvement announced financial advisers (AD40)
Table 36.1: Worldwide completed financial advisers (AF1)
Table 36.2: Any European involvement completed financial advisers (AF3)
Table 36.3: US Target completed financial advisers (AF2)
Table 36.4: Any French involvement completed financial advisers (AF40)
Table 36.5: Any UK involvement completed financial advisers (AF39)
Table 36.6: Any German involvement completed financial advisers (AF42)
Table 36.7: Any US involvement completed financial advisers (AD41)
Table 36.8: Any Nordic involvement completed financial advisers (AF44)
Table 36.9: Any Italian involvement completed financial advisers (AF43)
Table 36.10: Any Benelux involvement completed financial advisers (AF47)

Figure 0.1: Monthly M&A volume by stake acquisition
Figure 0.2: M&A volumes by target region
Figure 0.3: Global M&A by target industry
Figure 0.4: Global financial sponsor and strategic M&A volume
Figure 1.1: Does strength disguise weakness? the number and value of announced M&A deals in 2007 vs the number and value of completed M&A in 2007 – by quarter
Figure 1.2: The Global M&A cycle: value & number of completed bids by quarter, 1995 to end 2007
Figure 1.3: The seasonality of M&A: average number of completed deals & the average value of completed M&A by quarter, since 1995 - Global
Figure 1.4: M&A momentum: year-on-year change in the volume & value of completed M&A by quarter - Global (%)
Figure 1.5: Size matters: average deal size & LargeCap share of overall Global M&A – by value, 1995 to 2007*
Figure 1.6: M&A & the market: quarterly value of completed bids vs. the MSCI World index, 1995 - 2007* - Global
Figure 1.7: Private vs. public: overall value of completed M&A & the quoted sector's % of total target value - Global*
Figure 1.8: The price of M&A: overnight bid premiums paid for companies by market capitalisation – Global (%)*
Figure 1.9: Spot the bubble ...: the average level of leverage for LBOs & % of loan deals with a debt-to-EBITDA ratio of 6x or higher
Figure 1.10: The demand & supply of credit - Eurozone: the impact of economic risk & M&A on corporate demand for credit & on bank lending standards to corporates (net %)
Figure 1.11: The demand & the supply of credit - US: net % of banks tightening credit standards & net % of banks reporting stronger demand for loans from corporates
Figure 1.12: What happens next? delinquency, charge-off & default rates for US corporate loans/Global corporate bonds
Figure 1.11: Cash from chaos ... value of completed quoted sector M&A & % of total consideration paid in cash – Global
Figure 1.12: Does strength disguise weakness? the number & value of announced M&A deals in 2007 vs. the number & value of completed M&A in 2007 – by quarter
Figure 1.13: Global M&A 1995-2007
Figure 7.1: 2008 Analysis of European M&A
Figure 7.2: Target industry breakdown (US$bn) - Global M&A 2008 1/1/08–20/3/08
Figure 7.3: Most targeted European nations 2008 ytd 1/1/08–20/3/08
Figure 7.4: US vs. European M&A
Figure 7.5: European buyside financial sponsor volume January 1 - March 31
Figure 7.6: Worldwide buyside financial sponsor volume January 1 - March 31
Figure 19.1: How long will the credit crunch have an effect on the European M&A market?
Figure 19.2: How influential do you think the following factors are in affecting M&A activity?
Figure 19.3: Which sector do you think will have the highest M&A activity in the next 12 months?
Figure 19.4: Among optimists, which sector will have the highest M&A in the next 12 months?
Figure 19.5: What will be the key trend in M&A for the rest of 2008?
Figure 19.6: What is the primary factor that influences the sucess of an M&A transaction?
Figure 19.7: What do you think will be the biggest ‘dealbreaker’ issues in the next 12 months?
Figure 19.8: Country focus
Fig 19.9: Type of respondent
Figure 21.1: European targeted strategic vs. buyside financial sponsor M&A
Figure 21.2: European leverage syndicated loans
Figure 21.3: European high yield corporate bonds
Figure 21.4: Value range analysis - European buyside financial sponsor M&A
Figure 21.5: Average debt/EBITDA ratio - European buyout transactions
Figure 22.1: US buyside financial sponsor volume January 1 - December 31
Figure 22.2: Monthly buyside financial sponsor M&A volume and number of US$1bn+ sponsor announced deals
Figure 22.3: Worldwide announced M&A by target industry January 1 - December 31
Figure 22.4: Worldwide buyside financial sponsor volume January 1 - December 31
Figure 22.5: Global financial sponsors IB fees by region
Figure 23.1: US M&A graph
Figure 27.1: Rolling three-month average pro forma debt/EBITDA ratio for LBOs
Figure 32.1: 2007 analysis of worldwide M&A
Figure 32.2: Worldwide announced M&A by target industry January 1 - December 31
Figure 33.1: European buyside financial sponsor volume January 1 - December 31
Figure 33.2: UK buyside financial sponsor volume January 1 - December 31
Figure 33.3: US buyside financial sponsor volume January 1 - December 31
Figure 33.4: Monthly buyside financial sponsor M&A volume and number of US$1bn+ sponsor announced deals
Figure 33.5: Worldwide buyside financial sponsor volume January 1 - December 31

Reports

Table of Contents

01 Executive summary

Section 01

Chapter 01

Section 02

Chapter 02

Chapter 03

Chapter 04

Chapter 05

Chapter 06

Section 03

Chapter 07

Section 04

Chapter 08

Chapter 09

Chapter 10

Chapter 11

Chapter 12

Chapter 13

Chapter 14

Chapter 15

Chapter 16

Chapter 17

Chapter 18

Section 05

Chapter 19

Section 06

Chapter 20

Chapter 21

Chapter 22

Chapter 23

Chapter 24

Section 07

Chapter 25

Section 08

Chapter 26

Chapter 27

Chapter 28

Chapter 29

Chapter 30

Section 09

Chapter 31

Chapter 32

Chapter 33

Chapter 34

Chapter 35

Chapter 36

List of tables and figures