2010 bloomberg mna law
TRANSCRIPT
ASIA PACIFIC LEGAL ADVISORY MERGERS & ACQUISITIONS RANKINGS 2010
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Bloomberg
MA <GO> LEAG <GO> MA <GO> LMX <GO> MA <GO> LEAG <GO>
1
. 1 Introduction
Table of Contents
. 2 Asia Pacific Market Commentary
. 4 Global M&A Activity . 5 Asia Pacific Ex-Japan Announced Deals
. 8 Asia Pacific Private Equity Announced Deals
. 9 Australia & New Zealand Announced Deals
. 12 Japan Announced Deals
. 15 Korea Announced Deals
. 18 China Announced Deals
. 21 Hong Kong Announced Deals
. 24 Taiwan Announced Deals
. 27 India Asia Announced Deals
. 30 South East Asia Announced Deals
. 33 Disclaimer
Bloomberg 2010 Annual
Email Fax Phone Contact
+81-3-3201-3952 [email protected] +81-3-3201-7228 Shima Furukawa Asia Pacific
[email protected] +81-3-3201-7228 +81-3-3201-3952 Shima Furukawa Japan
[email protected] +86-21-6104-3161 +86-21-6104-3060Miao Pan Greater China
Korea [email protected] +82-2-3704-1827 +82-2-3702-1627 Hyejin Cho
The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity-swaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of
recapitalizations according to Bloomberg standards.
Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a global perspective and local insight into unique deal structures in various markets through a network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and DealSpace & DealBrief newsletters
provide summary highlights of weekly M&A activity and top deal trends.
Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table results. Type MA <GO> 96 <GO> 82
<GO> to view live rankings.
01/01/2011
Asia Pacific M&A Legal Advisory League Table
Bloomberg
MA <GO> LEAG <GO> MA <GO> LMX <GO> MA <GO> LEAG <GO>
In rankings, UBS captured the No. 1 spot for advisors in the Asia-Pacific after advising on 73 deals worth a total of $101.65 billion during the year, including Asia-Pacific's top transactions -- Bharti Airtel's takeoverof Zain Africa and AXA's bid for AXA AP's Asian Businesses.
On the legal advisory side, the top spot went to Mallesons Stephen Jaques, which advised on 65 deals worth a total of $57.64 billion. Mallesons advised on top deals including Newcrest Mining's takeover of LihirGold and AMP's takeover of AXA Asia Pacific.
Asia-Pacific Commentary
2010 M&A Volume by Target RegionAsia-Pacific Market Highlights:Financial markets in the Asia-Pacific region in 2010 were characterized by new records as financial indices closedthe year at levels not seen since before the collapse of Lehman Brothers back in September 2008. Likewise, theAsia-Pacific M&A market was robust.
In 2010, the average deal size was $97.39 million, a high that surpassed last year by 40% and even exceeded therecord average transaction size of $91.77 million set in 2006. 9,984 deals were announced in 2010, up from 9,279deals the year before and just below the five-digit deal count figures last seen in 2008 and 2007. While the dealcount was up only 8% from 2009, the total volume increased by a whopping 46% ending the year with a total of$693.88 billion in volume, up from $475.91 billion the previous year.
Oil-related companies were the most popular targets sought by acquirers located in Asia-Pacific, with 256 dealsvalued at a total of approximately $75 billion. The most active target companies located in Asia-Pacific was RealEstate companies (including REITS), accounting for a total of 948 deals worth $55.8 billion.
Regionally, China helped the positive trend with 32% growth, while in Japan total volume decreased by 17% fromlast year. China was the biggest country player in Asia-Pacific both in size and numbers, and ended the year withvolume of $198.2 billion and a deal count of 3,209. Australia, which accounted for the highest deal volume in Asia-Pacific in the third quarter, fell to second place with the termination of BHP Billiton’s $42.9 billion offer for PotashCorp of Saskatchewan and ended with a total volume of $152.77 billion, followed by Southeast Asia’s $119.91billion. In terms of frequency, Japan managed to come in second with 2,106 deals and Southeast Asia came inthird with 1,520 deals.
Asia-Pacific Top 10 Deals YTD
2010 SummaryDeal Count 9,984 Deal Volume $693.88 BilAverage Deal Size $97.37 MilAverage Premium 16.58%
Announce Date Target Name Acquirer Name Seller Name Total Value (mil.)
2010-12-20 PLUS Expressways Bhd Jelas Ulung Sdn Bhd $10,909.23
2010-03-30 Zain Africa BV Bharti Airtel Ltd Mobile Telecommunications Co KSC $10,700.00
2010-11-15 AXA AP's Asian business AXA SA AMP Ltd $10,334.25
2010-08-24 Sumitomo Trust & Banking Co Chuo Mitsui Trust Holdings Inc $9,200.26
2010-07-30 Multiple Targets Multiple acquirers EDF SA $9,063.86
2010-04-01 Lihir Gold Ltd Newcrest Mining Ltd $8,963.39
2010-08-16 Cairn India Ltd Vedanta Resources PLC Cairn Energy PLC $8,380.30
2010-10-25 ASX Ltd Singapore Exchange Ltd $8,273.68
2010-11-15 AXA Asia Pacific Holdings Ltd AMP Ltd AXA SA $7,136.64
2010-10-01 Repsol YPF Brasil China Petroleum & Chemical Corp Repsol YPF SA $7,100.00
39%
11%19%
4%
4%
23%
North America
Latin America & Caribbean
Western Europe
Eastern Europe
Middle East & Africa
Asia Pacific
2
Bloomberg
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2010 Top Industries for Targets Located in Asia-Pacific
2010 Top Industries Targeted by Acquirers Located in Asia-Pacific
M&A Transaction Activity
Asia-Pacific M&A Capital Flow
0 20 40 60 80 100 120 140 160
Financial
Energy
Industrial
0 20 40 60 80 100 120 140 160 180
Financial
Consumer Non Cyclical
Industrial
Unit: USD Billions
Unit: USD Billions
Unit: USD Billions
$152.37
$64.31
$34.66
$15.94
$28.65
$29.40
$13.92
$28.12
$97.99
$27.55
$18.52
$62.09
$11.54
$22.24
$3.77
$14.54
0% 25% 50% 75% 100%
Asia Pac.
China
Hong Kong
Australia
Japan
SE Asia
S. Korea
India
Outflow InflowUnit: USD Billions
0
50
100
150
200
250
0
100
200
300
400
500
600
700
800
900
2008 Q1
2008 Q2
2008 Q3
2008 Q4
2009 Q1
2009 Q2
2009 Q3
2009 Q4
2010 Q1
2010 Q2
2010 Q3
2010 Q4
Global
Asia Pacific
3
Bloomberg
50.11%Americas
20.10%
Asia-Pacific
ex-Japan
26.39%EMEA
3.40%Japan
Regional Breakdown by Target
Region/Country
4
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- 20092010
Global M&A Activity
1/1/10 12/31/10
CHANGEFIRM
VOLUME DEAL
COUNT
Regional Breakdown by Target Region/Country
USD (Mln)
VOLUME
USD (Mln)
DEAL
COUNT
VOLUME
Americas 9,676 37.17%$1,106,542 $806,677 7,948
873 166.19%$229,417 $86,187 673 Latin America
8,917 28.26%$929,587 $724,791 7,356 North America
1,307 12.81%$87,846 $77,868 1,258 Canada
7,397 22.30%$779,449 $637,343 5,940 United States
EMEA 6,102 7.81%$582,729 $540,538 5,517
746 69.42%$83,480 $49,273 597 Eastern Europe
4,745 -6.01%$423,956 $451,065 4,352 Western Europe
1,712 -11.22%$133,542 $150,424 1,362 UK
562 -12.29%$59,247 $67,547 644 Germany
564 -18.49%$43,774 $53,703 459 France
Asia-Pacific ex-Japan 7,139 46.91%$443,826 $302,108 6,461
932 131.04%$108,508 $46,964 959 Australia
114 147.66%$3,497 $1,412 109 New Zealand
2,848 31.38%$127,428 $96,994 1,940 China
480 26.09%$38,014 $30,149 631 Hong Kong
1,123 93.77%$78,708 $40,620 1,242 South East Asia
594 131.14%$41,310 $17,872 597 India
Japan 1,512 -26.52%$75,118 $102,234 1,860
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$2,217,316 24,744 $1,750,274 21,953 26.68%Global
$0
$200,000
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$1,400,000
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2007
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QUARTERLY VOLUME
USD (Mln) #Deals
Bloomberg
5
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Top 10 Asia Pacific Ex-Japan Announced Deals
RANK
VOLUME
Ranked by Total Value
USD (Mln)
Announced
Date Target Name Acquirer Name (if applicable)Seller Name
Q4 Largest M&A Transactions
PLUS EXPRESSWAYS BHD 1 $10,909 JELAS ULUNG SDN BHD12/20/2010
AXA AP'S ASIAN BUSINESS 2 $10,334 AXA SA AMP LTD11/15/2010
ASX LTD 3 $8,274 SINGAPORE EXCHANGE LTD10/25/2010
AXA ASIA PACIFIC HOLDINGS LTD 4 $7,137 AMP LTD AXA SA11/15/2010
REPSOL YPF BRASIL 5 $7,100 CHINA PETROLEUM & CHEMICAL CORP REPSOL YPF SA10/01/2010
PAN AMERICAN ENERGY LLC 6 $7,060 BRIDAS CORP BP PLC11/28/2010
WESTFIELD RETAIL TRUST 7 $6,325 SHAREHOLDERS WESTFIELD GROUP11/03/2010
AXA ASIA PACIFIC HOLDINGS LTD 8 $6,119 AMP LTD11/15/2010
KOREA EXCHANGE BANK 9 $4,080 HANA FINANCIAL GROUP INC11/24/2010
RIVERSDALE MINING LTD 10 $3,498 RIO TINTO LTD12/06/2010
Top 10 Asia Pacific Ex-Japan Announced Deals
RANK
VOLUME
Ranked by Total Value
USD (Mln)
Announced
Date Target Name Acquirer Name Seller Name(if applicable)
2010 Largest M&A Transactions
PLUS EXPRESSWAYS BHD 1 $10,909 JELAS ULUNG SDN BHD12/20/2010
ZAIN AFRICA BV 2 $10,700 BHARTI AIRTEL LTD MOBILE TELECOMMUNICATIONS CO KSC03/30/2010
AXA AP'S ASIAN BUSINESS 3 $10,334 AXA SA AMP LTD11/15/2010
MULTIPLE TARGETS 4 $9,064 MULTIPLE ACQUIRERS EDF SA07/30/2010
LIHIR GOLD LTD 5 $8,963 NEWCREST MINING LTD04/01/2010
CAIRN INDIA LTD 6 $8,380 VEDANTA RESOURCES PLC CAIRN ENERGY PLC08/16/2010
ASX LTD 7 $8,274 SINGAPORE EXCHANGE LTD10/25/2010
AXA ASIA PACIFIC HOLDINGS LTD 8 $7,137 AMP LTD AXA SA11/15/2010
REPSOL YPF BRASIL 9 $7,100 CHINA PETROLEUM & CHEMICAL CORP REPSOL YPF SA10/01/2010
PAN AMERICAN ENERGY LLC 10 $7,060 BRIDAS CORP BP PLC11/28/2010
Bloomberg
$0
$40,000
$80,000
$120,000
$160,000
$200,000
$240,000
$280,000
$320,000
0
400
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1,200
1,600
2,000
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2,800
3,200
2007
Q1
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/
QUARTERLY VOLUME
USD (Mln) #Deals
6
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20092010
Asia Pacific Ex-Japan Announced Deals
1/1/10 12/31/10
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement, Ranked by Volume
MKT
SHARE
USD (Mln)
M&A Legal Advisory League Tables
Mallesons Stephen Jaques 64 1 6.0 57,638 9.6 3.6 11
Clayton Utz 54 2 5.6 43,791 7.3 1.7 30
Baker & McKenzie LLP 92 3 (0.4) 42,722 7.1 7.5 2
Freehills 73 4 1.1 37,572 6.3 5.2 4
Allens Arthur Robinson 64 5 0.2 35,181 5.9 5.7 3
Allen & Overy LLP 38 6 4.3 31,654 5.3 1.0 47
Linklaters LLP 37 7 1.1 31,380 5.2 4.1 6
Norton Rose LLP 35 8 3.2 29,080 4.9 1.7 31
AZB & Partners 108 9 4.2 28,045 4.7 0.5 68
Latham & Watkins LLP 21 10 2.5 26,513 4.4 1.9 26
Freshfields Bruckhaus Deringer 56 11 (4.5) 26,134 4.4 8.9 1
Allen & Gledhill 68 12 0.3 24,338 4.1 3.8 9
Herbert Smith/Gleiss Lutz/Stibbe 14 13 3.1 22,932 3.8 0.7 57
Blake Dawson 55 14 0.6 22,916 3.8 3.2 14
Blake Cassels & Graydon LLP 19 15 3.0 20,673 3.5 0.5 67
Sullivan & Cromwell LLP 12 16 1.5 19,935 3.3 1.8 28
Skadden Arps Slate Meagher & Flom LLP 32 17 (0.3) 19,668 3.3 3.6 12
Kim & Chang 87 18 (1.6) 19,230 3.2 4.8 5
Stikeman Elliott LLP 13 19 (0.9) 18,184 3.0 3.9 8
Minter Ellison 74 20 1.5 17,670 3.0 1.5 35
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$598,464 8,285 $360,343
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$40,000
$80,000
$120,000
$160,000
$200,000
$240,000
$280,000
$320,000
0
400
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1,200
1,600
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3,200
2007
Q1
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Q2
2007
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Q4
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QUARTERLY VOLUME
USD (Mln) #Deals
7
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20092010
Asia Pacific Ex-Japan Announced Deals
1/1/10 12/31/10
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement, Ranked by Deal Count
MKT
SHARE
USD (Mln)
M&A Legal Advisory League Tables
AZB & Partners 108 1 4.2 28,045 4.7 0.5 15
Baker & McKenzie LLP 92 2 (0.4) 42,722 7.1 7.5 2
Kim & Chang 87 3 (1.6) 19,230 3.2 4.8 1
WongPartnership LLP 77 4 (0.2) 13,362 2.2 2.4 15
Minter Ellison 74 5 1.5 17,670 3.0 1.5 6
Freehills 73 6 1.1 37,572 6.3 5.2 3
Lee & Ko 70 7 (2.2) 5,829 1.0 3.2 8
Allen & Gledhill 68 8 0.3 24,338 4.1 3.8 9
Mallesons Stephen Jaques 64 9 6.0 57,638 9.6 3.6 4
Allens Arthur Robinson 64 9 0.2 35,181 5.9 5.7 6
Freshfields Bruckhaus Deringer 56 11 (4.5) 26,134 4.4 8.9 11
Blake Dawson 55 12 0.6 22,916 3.8 3.2 10
Clayton Utz 54 13 5.6 43,791 7.3 1.7 5
Shin & Kim 48 14 (0.3) 10,463 1.8 2.1 19
Jones Day 48 14 (2.8) 5,490 0.9 3.7 13
Bae Kim & Lee 45 16 (0.5) 11,100 1.9 2.4 14
DLA Piper LLP 41 17 (1.3) 4,279 0.7 2.0 23
Allen & Overy LLP 38 18 4.3 31,654 5.3 1.0 26
Linklaters LLP 37 19 1.1 31,380 5.2 4.1 12
Norton Rose LLP 35 20 3.2 29,080 4.9 1.7 42
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$598,464 8,285 $360,343
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
TOTAL
Bloomberg
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
0
20
40
60
80
100
120
140
160
180
2007
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QUARTERLY VOLUME
USD (Mln) #Deals
8
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20092010
Asia Pacific Private Equity Announced Deals
1/1/10 12/31/10
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement, Ranked by Volume
MKT
SHARE
USD (Mln)
M&A Legal Advisory League Tables
Freehills 11 1 17.4 9,340 20.1 2.7 24
Kim & Chang 12 2 3.4 7,733 16.6 13.2 4
Allens Arthur Robinson 5 3 13.5 6,295 13.5 - -
Mallesons Stephen Jaques 5 4 9.9 4,597 9.9 0.0 63
Minter Ellison 12 5 9.7 4,521 9.7 0.0 65
Linklaters LLP 6 6 (11.5) 4,461 9.6 21.1 2
Baker & McKenzie LLP 14 7 4.6 4,300 9.3 4.7 17
Bae Kim & Lee 5 8 (1.5) 4,213 9.1 10.6 8
Torys LLP 2 9 7.6 3,526 7.6 - -
WongPartnership LLP 5 10 5.2 3,480 7.5 2.3 27
Simpson Thacher & Bartlett LLP 13 11 (18.6) 3,428 7.4 26.0 1
Shin & Kim 5 12 4.4 3,132 6.7 2.3 26
Gilbert + Tobin 4 13 3.3 2,775 6.0 2.7 24
Sullivan & Cromwell LLP 4 14 (3.7) 2,674 5.8 9.5 10
Blake Dawson 2 15 5.8 2,673 5.8 0.0 64
Freshfields Bruckhaus Deringer 11 16 (9.8) 2,501 5.4 15.2 3
DLA Piper LLP 4 17 4.5 2,165 4.7 0.2 52
Paul Weiss Rifkind Wharton & Garrison LLP 4 18 - 2,108 4.5 4.5 19
Weil Gotshal & Manges LLP 6 19 4.3 1,982 4.3 - -
Skadden Arps Slate Meagher & Flom LLP 4 20 (3.6) 1,971 4.2 7.8 13
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$46,500 507 $20,675
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
9
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
Top 10 Australia & New Zealand Announced Deals
RANK
VOLUME
Ranked by Total Value
USD (Mln)
Announced
Date Target Name Acquirer Name (if applicable)Seller Name
Q4 Largest M&A Transactions
AXA AP'S ASIAN BUSINESS 1 $10,334 AXA SA AMP LTD11/15/2010
ASX LTD 2 $8,274 SINGAPORE EXCHANGE LTD10/25/2010
AXA ASIA PACIFIC HOLDINGS LTD 3 $7,137 AMP LTD AXA SA11/15/2010
WESTFIELD RETAIL TRUST 4 $6,325 SHAREHOLDERS WESTFIELD GROUP11/03/2010
AXA ASIA PACIFIC HOLDINGS LTD 5 $6,119 AMP LTD11/15/2010
RIVERSDALE MINING LTD 6 $3,498 RIO TINTO LTD12/06/2010
ING INDUSTRIAL FUND 7 $2,311 MULTIPLE ACQUIRERS11/15/2010
MULTIPLE TARGETS 8 $2,301 ORIGIN ENERGY LTD MULTIPLE SELLERS12/14/2010
PORT OF BRISBANE 9 $2,103 Q PORT HOLDINGS STATE OF QUEENSLAND AUSTRALIA11/10/2010
DP WORLD AUSTRALIA 10 $1,500 CITIGROUP INC DP WORLD LTD12/22/2010
Top 10 Australia & New Zealand Announced Deals
RANK
VOLUME
Ranked by Total Value
USD (Mln)
Announced
Date Target Name Acquirer Name Seller Name(if applicable)
2010 Largest M&A Transactions
AXA AP'S ASIAN BUSINESS 1 $10,334 AXA SA AMP LTD11/15/2010
LIHIR GOLD LTD 2 $8,963 NEWCREST MINING LTD04/01/2010
ASX LTD 3 $8,274 SINGAPORE EXCHANGE LTD10/25/2010
AXA ASIA PACIFIC HOLDINGS LTD 4 $7,137 AMP LTD AXA SA11/15/2010
WESTFIELD RETAIL TRUST 5 $6,325 SHAREHOLDERS WESTFIELD GROUP11/03/2010
AXA ASIA PACIFIC HOLDINGS LTD 6 $6,119 AMP LTD11/15/2010
PACTIV CORP 7 $5,945 RANK GROUP LTD08/17/2010
INTOLL GROUP 8 $4,626 CANADA PENSION PLAN INVESTMENT07/15/2010
RIVERSDALE MINING LTD 9 $3,498 RIO TINTO LTD12/06/2010
ARROW ENERGY LTD 10 $3,323 MULTIPLE ACQUIRERS03/08/2010
Bloomberg
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
0
100
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700
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/
QUARTERLY VOLUME
USD (Mln) #Deals
10
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20092010
Australia & New Zealand Announced Deals
1/1/10 12/31/10
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement, Ranked by Volume
MKT
SHARE
USD (Mln)
M&A Legal Advisory League Tables
Mallesons Stephen Jaques 50 1 9.3 47,252 29.0 19.7 3
Clayton Utz 53 2 17.3 43,681 26.8 9.5 9
Freehills 71 3 (6.6) 36,876 22.7 29.3 2
Allens Arthur Robinson 63 4 (9.2) 35,181 21.6 30.8 1
Norton Rose LLP 26 5 16.4 27,014 16.6 0.2 65
Blake Dawson 53 6 (2.9) 22,911 14.1 17.0 4
Minter Ellison 74 7 2.6 17,670 10.9 8.3 11
Stikeman Elliott LLP 9 8 8.3 17,430 10.7 2.4 28
Sidley Austin LLP 3 9 9.4 15,339 9.4 0.0 99
Torys LLP 9 10 (5.4) 12,673 7.8 13.2 7
Sullivan & Cromwell LLP 6 11 4.5 12,213 7.5 3.0 19
Baker & McKenzie LLP 43 12 (7.8) 11,806 7.3 15.1 6
Blake Cassels & Graydon LLP 9 13 4.7 10,021 6.2 1.5 39
Gilbert + Tobin 15 14 (0.2) 9,222 5.7 5.9 13
Allen & Gledhill 5 15 0.3 8,506 5.2 4.9 14
Latham & Watkins LLP 3 16 5.2 8,382 5.2 0.0 97
Stamford Law Corp 8 17 5.0 8,275 5.1 0.1 68
Shook Lin & Bok LLP 1 18 4.9 8,274 5.1 0.2 64
Davis Polk & Wardwell 4 19 5.0 8,148 5.0 - -
Skadden Arps Slate Meagher & Flom LLP 6 20 3.0 7,950 4.9 1.9 34
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$162,760 1,458 $64,251
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
0
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/
QUARTERLY VOLUME
USD (Mln) #Deals
11
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20092010
Australia & New Zealand Announced Deals
1/1/10 12/31/10
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement, Ranked by Deal Count
MKT
SHARE
USD (Mln)
M&A Legal Advisory League Tables
Minter Ellison 74 1 2.6 17,670 10.9 8.3 4
Freehills 71 2 (6.6) 36,876 22.7 29.3 1
Allens Arthur Robinson 63 3 (9.2) 35,181 21.6 30.8 5
Clayton Utz 53 4 17.3 43,681 26.8 9.5 2
Blake Dawson 53 4 (2.9) 22,911 14.1 17.0 6
Mallesons Stephen Jaques 50 6 9.3 47,252 29.0 19.7 3
Baker & McKenzie LLP 43 7 (7.8) 11,806 7.3 15.1 7
DLA Piper LLP 30 8 1.7 3,520 2.2 0.5 11
Norton Rose LLP 26 9 16.4 27,014 16.6 0.2 38
Corrs Chambers Westgarth 20 10 (5.2) 5,305 3.3 8.5 9
Bell Gully 20 10 0.9 1,849 1.1 0.2 12
Cochrane Lishman Carson Luscombe 19 12 0.4 1,238 0.8 0.4 12
Gilbert + Tobin 15 13 (0.2) 9,222 5.7 5.9 10
Freshfields Bruckhaus Deringer 11 14 (11.2) 7,355 4.5 15.7 16
Allen & Overy LLP 11 14 1.3 2,904 1.8 0.5 29
Stikeman Elliott LLP 9 16 8.3 17,430 10.7 2.4 29
Torys LLP 9 16 (5.4) 12,673 7.8 13.2 29
Blake Cassels & Graydon LLP 9 16 4.7 10,021 6.2 1.5 23
Jones Day 9 16 (0.7) 612 0.4 1.1 16
Stamford Law Corp 8 20 5.0 8,275 5.1 0.1 29
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$162,760 1,458 $64,251
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
TOTAL
Bloomberg
12
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
Top 10 Japan Announced Deals
RANK
VOLUME
Ranked by Total Value
USD (Mln)
Announced
Date Target Name Acquirer Name (if applicable)Seller Name
Q4 Largest M&A Transactions
SANYO ELECTRIC CO LTD 1 $1,945 PANASONIC CORP12/21/2010
PANASONIC ELECTRIC WORKS CO LTD 2 $1,717 PANASONIC CORP12/21/2010
TOWER AUSTRALIA GROUP LTD 3 $1,207 DAI-ICHI LIFE INSURANCE CO LTD/THE12/28/2010
GULF OF MEXICO OIL & GAS ASSETS 4 $650 MARUBENI CORP BP PLC10/25/2010
VERIGY LTD 5 $607 ADVANTEST CORP12/06/2010
MULTIPLE TARGETS 6 $491 MULTIPLE ACQUIRERS TENASKA INC10/19/2010
FREEWORLD COATINGS LTD 7 $372 KANSAI PAINT CO LTD12/13/2010
NAGOYA RINKAI KOSOKU TETSUDO KK 8 $371 MULTIPLE ACQUIRERS11/12/2010
ASTON RESOURCES LTD MAULES CREEK 9 $341 ITOCHU CORP ASTON RESOURCES LTD12/07/2010
NGMOCO INC 10 $303 DENA CO LTD10/12/2010
Top 10 Japan Announced Deals
RANK
VOLUME
Ranked by Total Value
USD (Mln)
Announced
Date Target Name Acquirer Name Seller Name(if applicable)
2010 Largest M&A Transactions
SUMITOMO TRUST & BANKING CO 1 $9,200 CHUO MITSUI TRUST HOLDINGS INC08/24/2010
MULTIPLE TARGETS 2 $4,800 PRUDENTIAL FINANCIAL INC AMERICAN INTERNATIONAL GROUP INC09/30/2010
JAPAN NUCLEAR FUEL LTD 3 $4,774 MULTIPLE ACQUIRERS09/10/2010
JUPITER TELECOMMUNICATIONS CO LTD 4 $4,008 KDDI CORP LIBERTY GLOBAL INC01/25/2010
JAPAN AIRLINES CORP 5 $3,295 ETIC01/19/2010
OSI PHARMACEUTICALS INC 6 $3,259 ASTELLAS PHARMA INC03/01/2010
EMOBILE LTD 7 $3,089 EACCESS LTD03/31/2010
PANASONIC ELECTRIC WORKS CO LTD 8 $3,046 PANASONIC CORP07/29/2010
SANYO ELECTRIC CO LTD 9 $3,009 PANASONIC CORP07/29/2010
DIMENSION DATA HOLDINGS PLC 10 $2,648 NIPPON TELEGRAPH & TELEPHONE CORP07/15/2010
1. Tenaska Inc Gateway Plant Oil Ruck TX ERCOT, Tenaska Inc Fluvanna Virginia Plant Natural Gas Fluvanna VA SERC, Tenaska Inc Central Alabama Plant Gas Billingsley AL SERC, Tenaska Inc Tenaska Georgia Generation Power Plant SERC, Tenaska Inc Kiamichi Plant Gas Kiowa OK SPP 2. Chubu Electric Power Co Inc, ITOCHU Corp 3. Aichi Prefecture, City of Nagoya
1. AIG Edison Life Insurance Co, AIG Star Life Insurance Co Ltd 2. Chubu Electric Power Co Inc, The Chugoku Electric Power Co Inc, Hitachi Ltd, Hokkaido Electric Power Co Inc, Hokuriku Electric Power Co, Japan Atomic Power Co, The Kansai Electric Power Co Inc,Kyushu Electric Power Co Inc, Mitsubishi Heavy Industries Ltd, Shikoku Electric Power Co Inc, Tohoku Electric Power Co Inc, Tokyo Electric Power Co Inc, Toshiba Corp 3. Enterprise Turnaround Initiative Corp of Japan
Bloomberg
$0
$10,000
$20,000
$30,000
$40,000
$50,000
0
100
200
300
400
500
600
700
800
2007
Q1
2007
Q2
2007
Q3
2007
Q4
2008
Q1
2008
Q2
2008
Q3
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
/
QUARTERLY VOLUME
USD (Mln) #Deals
13
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20092010
Japan Announced Deals
1/1/10 12/31/10
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement, Ranked by Volume
MKT
SHARE
USD (Mln)
M&A Legal Advisory League Tables
Nagashima Ohno & Tsunematsu 99 1 11.6 33,230 31.2 19.6 6
Mori Hamada & Matsumoto 141 2 (10.2) 30,012 28.1 38.3 1
Shearman & Sterling LLP 19 3 1.7 22,877 21.4 19.7 5
Nishimura & Asahi 89 4 (0.3) 22,460 21.1 21.4 3
Sullivan & Cromwell LLP 17 5 (3.0) 17,051 16.0 19.0 7
Davis Polk & Wardwell 12 6 (4.4) 11,785 11.1 15.5 10
Skadden Arps Slate Meagher & Flom LLP 18 7 (11.2) 10,451 9.8 21.0 4
Gibson Dunn & Crutcher LLP 4 8 9.4 9,988 9.4 0.0 94
Paul Hastings Janofsky & Walker LLP 5 9 7.6 9,217 8.6 1.0 31
Anderson Mori & Tomotsune 39 10 1.2 9,038 8.5 7.3 12
Freshfields Bruckhaus Deringer 19 11 7.0 9,011 8.5 1.5 27
Simpson Thacher & Bartlett LLP 5 12 (17.2) 8,279 7.8 25.0 2
Allen & Overy LLP 14 13 6.8 8,153 7.6 0.8 35
Latham & Watkins LLP 13 14 3.0 6,461 6.1 3.1 18
Morrison & Foerster LLP 21 15 (11.1) 5,174 4.9 16.0 9
Debevoise & Plimpton LLP 3 16 4.3 4,940 4.6 0.3 52
Kikkawa Law Offices 3 17 4.5 4,763 4.5 - -
Linklaters LLP 13 18 2.9 3,490 3.3 0.4 45
Dewey & LeBoeuf LLP 2 19 1.3 3,371 3.2 1.9 23
Baker & McKenzie LLP 26 20 1.3 2,754 2.6 1.3 28
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$106,684 2,106 $127,926
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$10,000
$20,000
$30,000
$40,000
$50,000
0
100
200
300
400
500
600
700
800
2007
Q1
2007
Q2
2007
Q3
2007
Q4
2008
Q1
2008
Q2
2008
Q3
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
/
QUARTERLY VOLUME
USD (Mln) #Deals
14
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20092010
Japan Announced Deals
1/1/10 12/31/10
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement, Ranked by Deal Count
MKT
SHARE
USD (Mln)
M&A Legal Advisory League Tables
Mori Hamada & Matsumoto 141 1 (10.2) 30,012 28.1 38.3 1
Nagashima Ohno & Tsunematsu 99 2 11.6 33,230 31.2 19.6 3
Nishimura & Asahi 89 3 (0.3) 22,460 21.1 21.4 2
Anderson Mori & Tomotsune 39 4 1.2 9,038 8.5 7.3 4
Baker & McKenzie LLP 26 5 1.3 2,754 2.6 1.3 9
Morrison & Foerster LLP 21 6 (11.1) 5,174 4.9 16.0 5
Shearman & Sterling LLP 19 7 1.7 22,877 21.4 19.7 6
Freshfields Bruckhaus Deringer 19 7 7.0 9,011 8.5 1.5 16
Skadden Arps Slate Meagher & Flom LLP 18 9 (11.2) 10,451 9.8 21.0 11
Sullivan & Cromwell LLP 17 10 (3.0) 17,051 16.0 19.0 14
Allen & Overy LLP 14 11 6.8 8,153 7.6 0.8 11
Jones Day 14 11 (0.5) 656 0.6 1.1 8
Latham & Watkins LLP 13 13 3.0 6,461 6.1 3.1 15
Linklaters LLP 13 13 2.9 3,490 3.3 0.4 23
Allen & Gledhill 13 13 (2.7) 2,055 1.9 4.6 24
Davis Polk & Wardwell 12 16 (4.4) 11,785 11.1 15.5 6
Kim & Chang 10 17 (0.5) 217 0.2 0.7 13
AZB & Partners 9 18 1.7 1,808 1.7 0.0 71
Blake Dawson 9 18 (3.2) 1,634 1.5 4.7 19
Clifford Chance LLP 8 20 (2.5) 448 0.4 2.9 16
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$106,684 2,106 $127,926
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
TOTAL
Bloomberg
15
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
Top 10 Korea Announced Deals
RANK
VOLUME
Ranked by Total Value
USD (Mln)
Announced
Date Target Name Acquirer Name (if applicable)Seller Name
Q4 Largest M&A Transactions
KOREA EXCHANGE BANK 1 $4,080 HANA FINANCIAL GROUP INC11/24/2010
SK DO BRASIL LTDA 2 $2,400 AP MOLLER MAERSK GROUP SK ENERGY CO LTD12/23/2010
DAEWOO ENGINEERING & CONSTRUCTION 3 $863 KOREA DEVELOPMENT BANK12/15/2010
TONG YANG LIFE INSURANCE 4 $793 VOGO FUND LP TONG YANG SECURITIES INC11/15/2010
SSANGYONG MOTOR CO 5 $788 MAHINDRA & MAHINDRA LTD11/23/2010
GLADSTONE SANTOS LNG EXPORT 6 $655 MULTIPLE ACQUIRERS SANTOS LTD12/17/2010
CANADIAN ASSETS 7 $523 KOREA NATIONAL OIL CORP HUNT OIL CO12/14/2010
MULTIPLE TARGETS 8 $425 ACE LTD NEW YORK LIFE INSURANCE CO10/27/2010
KUMHO TIRE CO INC 9 $358 CREDITORS10/29/2010
DONGBU HANNONG CO LTD 10 $309 MULTIPLE ACQUIRERS DONGBU HITEK CO LTD12/14/2010
Top 10 Korea Announced Deals
RANK
VOLUME
Ranked by Total Value
USD (Mln)
Announced
Date Target Name Acquirer Name Seller Name(if applicable)
2010 Largest M&A Transactions
KOREA EXCHANGE BANK 1 $4,080 HANA FINANCIAL GROUP INC11/24/2010
HYUNDAI OILBANK CO LTD 2 $3,587 HYUNDAI HEAVY INDUSTRIES CO LTD INT'L PETROLEUM INVESTMENT CORP 07/21/2010
DAEWOO INTERNATIONAL CORP 3 $3,525 POSCO08/30/2010
DANA PETROLEUM PLC 4 $2,787 KOREA NATIONAL OIL CORP07/23/2010
SK DO BRASIL LTDA 5 $2,400 AP MOLLER MAERSK GROUP SK ENERGY CO LTD12/23/2010
KUMHO INDUSTRIAL CO LTD 6 $1,991 CREDITORS03/29/2010
DEPARTMENT AND DISCOUNT STORE 7 $1,153 LOTTE SHOPPING CO LTD GS HOLDINGS02/09/2010
TITAN CHEMICALS CORP 8 $1,105 HONAM PETROCHEMICAL CORP MULTIPLE SELLERS07/16/2010
DAEWOO ENGINEERING & CONSTRUCTION 9 $863 KOREA DEVELOPMENT BANK12/15/2010
TONG YANG LIFE INSURANCE 10 $793 VOGO FUND LP TONG YANG SECURITIES INC11/15/2010
1. Gladstone Santos LNG Export Terminal Australia 2. Korea Gas Corp, Total SA 3. New York Life Insurance Ltd, New York Life Insurance Worldwide HK 4. Dongbu CNI Co Ltd, Unnamed Buyers
1. AmanahRaya Trustees Bhn, CGDC Investments Corp, Permodalan Nasional Bhd, Union Harvard Investments SRL
Bloomberg
$0
$4,000
$8,000
$12,000
$16,000
$20,000
$24,000
0
50
100
150
200
250
300
350
2007
Q1
2007
Q2
2007
Q3
2007
Q4
2008
Q1
2008
Q2
2008
Q3
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
/
QUARTERLY VOLUME
USD (Mln) #Deals
16
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20092010
Korea Announced Deals
1/1/10 12/31/10
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement, Ranked by Volume
MKT
SHARE
USD (Mln)
M&A Legal Advisory League Tables
Kim & Chang 87 1 1.8 19,230 37.2 35.4 1
Bae Kim & Lee 45 2 3.2 11,100 21.5 18.3 3
Shin & Kim 48 3 4.2 10,463 20.2 16.0 4
Linklaters LLP 6 4 8.7 7,126 13.8 5.1 9
Lee & Ko 70 5 (12.5) 5,829 11.3 23.8 2
Yulchon 34 6 (2.3) 4,207 8.1 10.4 5
Shearman & Sterling LLP 3 7 5.8 3,958 7.7 1.9 24
Allen & Overy LLP 2 8 2.8 2,847 5.5 2.7 17
Ashurst LLP 1 9 5.4 2,787 5.4 - -
Morgan Lewis & Bockius LLP 1 10 4.6 2,400 4.6 0.0 50
Kadir Andri Aidham & Partners 2 11 2.8 1,461 2.8 - -
Freehills 3 12 2.7 1,375 2.7 - -
Yoon & Yang 20 13 1.7 1,333 2.6 0.9 28
Blake Dawson 3 14 2.3 1,276 2.5 0.2 34
AZB & Partners 1 15 1.5 788 1.5 - -
Clifford Chance LLP 1 16 1.5 770 1.5 - -
Blake Cassels & Graydon LLP 2 17 1.5 765 1.5 - -
Vinson & Elkins LLP 2 18 (6.9) 685 1.3 8.2 7
Skadden Arps Slate Meagher & Flom LLP 3 19 0.5 503 1.0 0.5 30
Paul Hastings Janofsky & Walker LLP 3 20 (2.8) 497 1.0 3.8 12
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$51,736 961 $47,993
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$4,000
$8,000
$12,000
$16,000
$20,000
$24,000
0
50
100
150
200
250
300
350
2007
Q1
2007
Q2
2007
Q3
2007
Q4
2008
Q1
2008
Q2
2008
Q3
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
/
QUARTERLY VOLUME
USD (Mln) #Deals
17
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20092010
Korea Announced Deals
1/1/10 12/31/10
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement, Ranked by Deal Count
MKT
SHARE
USD (Mln)
M&A Legal Advisory League Tables
Kim & Chang 87 1 1.8 19,230 37.2 35.4 1
Lee & Ko 70 2 (12.5) 5,829 11.3 23.8 2
Shin & Kim 48 3 4.2 10,463 20.2 16.0 4
Bae Kim & Lee 45 4 3.2 11,100 21.5 18.3 3
Yulchon 34 5 (2.3) 4,207 8.1 10.4 5
Yoon & Yang 20 6 1.7 1,333 2.6 0.9 18
Linklaters LLP 6 7 8.7 7,126 13.8 5.1 7
Shearman & Sterling LLP 3 8 5.8 3,958 7.7 1.9 18
Freehills 3 8 2.7 1,375 2.7 - -
Blake Dawson 3 8 2.3 1,276 2.5 0.2 18
Skadden Arps Slate Meagher & Flom LLP 3 8 0.5 503 1.0 0.5 7
Paul Hastings Janofsky & Walker LLP 3 8 (2.8) 497 1.0 3.8 18
Latham & Watkins LLP 3 8 - 20 0.0 - -
Allen & Overy LLP 2 14 2.8 2,847 5.5 2.7 18
Kadir Andri Aidham & Partners 2 14 2.8 1,461 2.8 - -
Blake Cassels & Graydon LLP 2 14 1.5 765 1.5 - -
Vinson & Elkins LLP 2 14 (6.9) 685 1.3 8.2 18
Nishimura & Asahi 2 14 0.6 321 0.6 - -
Davis Polk & Wardwell 2 14 0.4 264 0.5 0.1 11
Mori Hamada & Matsumoto 2 14 0.2 109 0.2 - -
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$51,736 961 $47,993
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
TOTAL
Bloomberg
18
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
Top 10 China Announced Deals
RANK
VOLUME
Ranked by Total Value
USD (Mln)
Announced
Date Target Name Acquirer Name (if applicable)Seller Name
Q4 Largest M&A Transactions
REPSOL YPF BRASIL 1 $7,100 CHINA PETROLEUM & CHEMICAL CORP REPSOL YPF SA10/01/2010
PAN AMERICAN ENERGY LLC 2 $7,060 BRIDAS CORP BP PLC11/28/2010
SHANGHAI BAILIAN GROUP CO LTD 3 $2,532 SHANGHAI FRIENDSHIP GROUP INC LTD11/04/2010
MULTIPLE TARGETS 4 $2,521 HENAN SHUANGHUI ROTARY VORTEX LTD11/29/2010
HENAN SHUANGHUI 5 $2,474 ROTARY VORTEX LTD11/29/2010
OCCIDENTAL ARGENTINA 6 $2,450 CHINA PETROLEUM & CHEMICAL CORP OCCIDENTAL PETROLEUM CORP12/10/2010
ING INDUSTRIAL FUND 7 $2,311 MULTIPLE ACQUIRERS11/15/2010
PETROCHINA BEIJING GAS PIPELINE CO 8 $1,981 KUNLUN ENERGY CO LTD PETROCHINA CO LTD12/28/2010
BANCO BTG PACTUAL SA 9 $1,800 MULTIPLE ACQUIRERS BTG INVESTMENTS LP12/06/2010
SINO POLYMER NEW MATERIALS CO LTD 10 $1,426 LUMENA RESOURCES CORP11/07/2010
Top 10 China Announced Deals
RANK
VOLUME
Ranked by Total Value
USD (Mln)
Announced
Date Target Name Acquirer Name Seller Name(if applicable)
2010 Largest M&A Transactions
REPSOL YPF BRASIL 1 $7,100 CHINA PETROLEUM & CHEMICAL CORP REPSOL YPF SA10/01/2010
PAN AMERICAN ENERGY LLC 2 $7,060 BRIDAS CORP BP PLC11/28/2010
SHANGHAI PUDONG DEVELOPMENT BANK 3 $5,831 CHINA MOBILE LTD03/10/2010
SYNCRUDE CANADA LTD 4 $4,650 CHINA PETROCHEMICAL CORP CONOCOPHILLIPS04/12/2010
PING AN BANK CO LTD 5 $4,257 SHENZHEN DEVELOPMENT BANK CO PING AN INSURANCE GROUP CO OF09/02/2010
ARROW ENERGY LTD 6 $3,323 MULTIPLE ACQUIRERS03/08/2010
BRIDAS ENERGY HOLDINGS LTD 7 $3,100 CNOOC LTD03/14/2010
PEREGRINO FIELD 8 $3,070 SINOCHEM GROUP STATOIL ASA05/21/2010
SHANGHAI BAILIAN GROUP CO LTD 9 $2,532 SHANGHAI FRIENDSHIP GROUP INC LTD11/04/2010
MULTIPLE TARGETS 10 $2,521 HENAN SHUANGHUI ROTARY VORTEX LTD11/29/2010
1.Bridas Energy Holdings Ltd, CNOOC Ltd 2.Fuxin Huifu Food Co Ltd,Fuxin Shuanghui Meat Processing Co Ltd,Harbin Shuanghui Great Northern Wilderness Food Co Ltd,Heilongjiang Baoquanling Shuanghui Northern Wilderness Food Co Ltd,Hubei Wuhan Shuanghui Food Co Ltd,Jiangsu Huaian Shuanghui Food Co Ltd,Jiyuan Shuanghui Food Co Ltd,Luohe Hongyi New Materials Co Ltd,Luohe Lianbang Chemcial Co Ltd,Luohe Shuanghui Color Printing Packing Co Ltd,Luohe Shuanghui Import &Export Trade Co Ltd,Luohe Shuanghui Meat Co Ltd,Luohe Shuanghui Wanzhong Poultry Development Co Ltd,Luohe Shuanghui Wanzhong Poultry Processing Co Ltd,Luohe Tianrun Color Printing Packaging Co Ltd,Luohe Zhuozhi New Packaging Co Ltd. Mianyang Shuanghui Food Co Ltd,Shandong Dezhou Shuanghui Food Co Ltd,Tangshan Shuanghui Food Co Ltd,Wangkui Shuanghui Great Northern Wilderness Food Co Ltd 3.APG Groep NV,Canada Pension Plan Investment Board,China Investment Corp,Goodman Group 4.Abu Dhabi Investment Council,China Investment Corp,Churchill Capital Equity Stubs Exor,Government of Singapore Investment Corp London Office Pte Ltd, Inversiones Bahia Ltd,JC Flowers & Co LLC, Ontario Teachers Pension Plan Board,RIT Capital Partners PLC,Santo Domingo Group
1.Bridas Energy Holdings Ltd, CNOOC Ltd 2.PetroChina Co Ltd,Royal Dutch Shell Plc 3. Fuxin Huifu Food Co Ltd,Fuxin Shuanghui Meat Processing Co Ltd,Harbin Shuanghui Great Northern Wilderness Food Co Ltd,Heilongjiang Baoquanling Shuanghui Northern Wilderness Food Co Ltd,Hubei Wuhan Shuanghui Food Co Ltd,Jiangsu Huaian Shuanghui Food Co Ltd,Jiyuan Shuanghui Food Co Ltd,Luohe Hongyi New Materials Co Ltd,Luohe Lianbang Chemcial Co Ltd,Luohe Shuanghui Color Printing Packing Co Ltd,Luohe Shuanghui Import &Export Trade Co Ltd,Luohe Shuanghui Meat Co Ltd,Luohe Shuanghui Wanzhong Poultry Development Co Ltd,Luohe Shuanghui Wanzhong Poultry Processing Co Ltd,Luohe Tianrun Color Printing Packaging Co Ltd,Mianyang Shuanghui Food Co Ltd,Shandong Dezhou Shuanghui Food Co Ltd,Tangshan Shuanghui Food Co Ltd,Wangkui Shuanghui Great Northern Wilderness Food Co Ltd,Luohe Zhuozhi New Packaging Co Ltd.
Bloomberg
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
0
200
400
600
800
1,000
2007
Q1
2007
Q2
2007
Q3
2007
Q4
2008
Q1
2008
Q2
2008
Q3
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
/
QUARTERLY VOLUME
USD (Mln) #Deals
19
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20092010
China Announced Deals
1/1/10 12/31/10
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement, Ranked by Volume
MKT
SHARE
USD (Mln)
M&A Legal Advisory League Tables
Vinson & Elkins LLP 6 1 0.6 14,215 7.2 6.6 3
Freshfields Bruckhaus Deringer 25 2 (5.1) 14,057 7.1 12.2 1
Baker & McKenzie LLP 24 3 4.8 13,558 6.8 2.0 24
Mallesons Stephen Jaques 11 4 5.2 12,324 6.2 1.0 38
Linklaters LLP 10 5 2.1 9,784 4.9 2.8 14
Latham & Watkins LLP 6 6 1.9 8,320 4.2 2.3 19
Blake Cassels & Graydon LLP 4 7 3.1 7,561 3.8 0.7 46
Sullivan & Cromwell LLP 3 8 2.1 7,407 3.7 1.6 31
Allens Arthur Robinson 6 9 2.0 7,357 3.7 1.7 28
Skadden Arps Slate Meagher & Flom LLP 14 10 (1.8) 7,172 3.6 5.4 6
Akin Gump Strauss Hauer & Feld LLP 1 11 3.6 7,060 3.6 0.0 148
Osler Hoskin & Harcourt LLP 3 12 (3.5) 5,457 2.8 6.3 4
Haiwen & Partners 3 13 2.8 5,452 2.8 0.0 132
Grandall Legal Group 11 14 (0.7) 5,211 2.6 3.3 7
DeHeng Law Firm 1 15 1.0 4,257 2.2 1.2 35
Hogan Lovells 5 16 (1.4) 3,843 1.9 3.3 8
Blake Dawson 3 17 0.3 3,362 1.7 1.4 33
Gilbert + Tobin 1 18 1.7 3,323 1.7 - -
Demarest e Almeida Advogados 1 19 1.6 3,070 1.6 - -
Commerce & Finance Law Office 3 20 0.3 2,591 1.3 1.0 39
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$198,201 3,209 $149,739
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
0
200
400
600
800
1,000
2007
Q1
2007
Q2
2007
Q3
2007
Q4
2008
Q1
2008
Q2
2008
Q3
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
/
QUARTERLY VOLUME
USD (Mln) #Deals
20
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20092010
China Announced Deals
1/1/10 12/31/10
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement, Ranked by Deal Count
MKT
SHARE
USD (Mln)
M&A Legal Advisory League Tables
Freshfields Bruckhaus Deringer 25 1 (5.1) 14,057 7.1 12.2 1
Baker & McKenzie LLP 24 2 4.8 13,558 6.8 2.0 2
King & Wood 15 3 0.7 1,757 0.9 0.2 83
Skadden Arps Slate Meagher & Flom LLP 14 4 (1.8) 7,172 3.6 5.4 3
Jones Day 14 4 0.4 2,491 1.3 0.9 4
WongPartnership LLP 14 4 (1.7) 1,255 0.6 2.3 6
Allen & Overy LLP 12 7 0.2 2,422 1.2 1.0 28
Mallesons Stephen Jaques 11 8 5.2 12,324 6.2 1.0 9
Grandall Legal Group 11 8 (0.7) 5,211 2.6 3.3 5
Global Law Office 11 8 0.1 1,455 0.7 0.6 59
Linklaters LLP 10 11 2.1 9,784 4.9 2.8 6
Beijing Kang Da Law Firm 10 11 0.5 896 0.5 0.0 83
Grandfield Law Firm 10 11 0.1 604 0.3 0.2 45
Clifford Chance LLP 9 14 (1.6) 367 0.2 1.8 10
Stamford Law Corp 8 15 0.7 1,472 0.7 0.0 28
Shearman & Sterling LLP 8 15 (1.1) 1,247 0.6 1.7 12
Slaughter & May 7 17 0.4 2,031 1.0 0.6 28
Vinson & Elkins LLP 6 18 0.6 14,215 7.2 6.6 45
Latham & Watkins LLP 6 18 1.9 8,320 4.2 2.3 12
Allens Arthur Robinson 6 18 2.0 7,357 3.7 1.7 45
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$198,201 3,209 $149,739
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
TOTAL
Bloomberg
21
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
Top 10 HK Announced Deals
RANK
VOLUME
Ranked by Total Value
USD (Mln)
Announced
Date Target Name Acquirer Name (if applicable)Seller Name
Q4 Largest M&A Transactions
AXA AP'S ASIAN BUSINESS 1 $10,334 AXA SA AMP LTD11/15/2010
MULTIPLE TARGETS 2 $2,521 HENAN SHUANGHUI ROTARY VORTEX LTD11/29/2010
HENAN SHUANGHUI 3 $2,474 ROTARY VORTEX LTD11/29/2010
KINGSTON CAPITAL ASIA LTD 4 $1,544 GOLDEN RESORTS GROUP LTD MULTIPLE SELLERS12/14/2010
BAYFRONT DEVELOPMENT PTE LTD 5 $1,152 SUNTEC REAL ESTATE INVESTMENT MULTIPLE SELLERS10/26/2010
SUN EXCEL INVESTMENTS LTD 6 $1,030 HOPSON DEVELOPMENT HOLDINGS LTD FARRICH INVESTMENTS LTD11/03/2010
CERTAIN ASSETS 7 $950 NOBLE GROUP LTD GRUPO CERRADINHO12/16/2010
EXPLORATION AND PRODUCTION ASSETS 8 $775 UNITED ENERGY GROUP LTD BP PLC12/14/2010
HYVA HOLDING BV 9 $697 MULTIPLE ACQUIRERS 3I GROUP PLC12/15/2010
BROCKMAN RESOURCES LTD 10 $628 WAH NAM INTERNATIONAL HOLDINGS LTD11/10/2010
Top 10 HK Announced Deals
RANK
VOLUME
Ranked by Total Value
USD (Mln)
Announced
Date Target Name Acquirer Name Seller Name(if applicable)
YTD Largest M&A Transactions
AXA AP'S ASIAN BUSINESS 1 $10,334 AXA SA AMP LTD11/15/2010
MULTIPLE TARGETS 2 $9,064 MULTIPLE ACQUIRERS EDF SA07/30/2010
MULTIPLE TARGETS 3 $2,521 HENAN SHUANGHUI ROTARY VORTEX LTD11/29/2010
HENAN SHUANGHUI 4 $2,474 ROTARY VORTEX LTD11/29/2010
ORIENT OVERSEAS DEVELOPMENTS LTD 5 $2,200 CAPITALAND LTD ORIENT OVERSEAS INTERNATIONAL LTD01/18/2010
KINGSTON CAPITAL ASIA LTD 6 $1,544 GOLDEN RESORTS GROUP LTD MULTIPLE SELLERS12/14/2010
DYNAMIC EVENT LTD 7 $1,378 CHINA PIPE GROUP LTD OCEAN AMPLE LTD04/29/2010
BAYFRONT DEVELOPMENT PTE LTD 8 $1,152 SUNTEC REAL ESTATE INVESTMENT MULTIPLE SELLERS10/26/2010
SINO VIEW GROUP LTD 9 $1,146 KIU HUNG ENERGY HOLDINGS LTD FAST GLORY HOLDINGS LTD08/23/2010
FARM LANDS/LIVESTOCK & MILK POWDER 10 $1,054 NATURAL DAIRY NZ HOLDINGS LTD03/24/2010
1.Fuxin Huifu Food Co Ltd,Fuxin Shuanghui Meat Processing Co Ltd,Harbin Shuanghui Great Northern Wilderness Food Co Ltd,Heilongjiang Baoquanling Shuanghui Northern Wilderness Food Co Ltd,Hubei Wuhan Shuanghui Food Co Ltd,Jiangsu Huaian Shuanghui Food Co Ltd,Jiyuan Shuanghui Food Co Ltd,Luohe Hongyi New Materials Co Ltd,Luohe Lianbang Chemcial Co Ltd,Luohe Shuanghui Color Printing Packing Co Ltd,Luohe Shuanghui Import &Export Trade Co Ltd,Luohe Shuanghui Meat Co Ltd,Luohe Shuanghui Wanzhong Poultry Development Co Ltd,Luohe Shuanghui Wanzhong Poultry Processing Co Ltd,Luohe Tianrun Color Printing Packaging Co Ltd,Luohe Zhuozhi New Packaging Co Ltd,Mianyang Shuanghui Food Co Ltd,Shandong Dezhou Shuanghui Food Co Ltd,Tangshan Shuanghui Food Co Ltd,Wangkui Shuanghui Great Northern Wilderness Food Co Ltd 2.Active Dynamic Ltd, Better Sino Ltd 3.Hutchinson Wampoa Properties Ltd,Cheung Kong Holdings Ltd 4.Unitas Capital, Unnamed Buyer
1.Eastern Power Networks Plc, London Power Network Plc, South Eastern Power Networks Plc 2.Cheung Kong Infrastructure Holdings Ltd,Hongkong Electric Holdings Ltd,Li Ka Shing Overseas Foundation.Li Ka Shing Foundation Ltd 3. Fuxin Huifu Food Co Ltd,Fuxin Shuanghui Meat Processing Co Ltd,Harbin Shuanghui Great Northern Wilderness Food Co Ltd,Heilongjiang Baoquanling Shuanghui Northern Wilderness Food Co Ltd,Hubei Wuhan Shuanghui Food Co Ltd,Jiangsu Huaian Shuanghui Food Co Ltd,Jiyuan Shuanghui Food Co Ltd,Luohe Hongyi New Materials Co Ltd,Luohe Lianbang Chemcial Co Ltd,Luohe Shuanghui Color Printing Packing Co Ltd,Luohe Shuanghui Import &Export Trade Co Ltd,Luohe Shuanghui Meat Co Ltd,Luohe Shuanghui Wanzhong Poultry Development Co Ltd,Luohe Shuanghui Wanzhong Poultry Processing Co Ltd,Luohe Tianrun Color Printing Packaging Co Ltd,Luohe Zhuozhi New Packaging Co Ltd,Mianyang Shuanghui Food Co Ltd,Shandong Dezhou Shuanghui Food Co Ltd,Tangshan Shuanghui Food Co Ltd,Wangkui Shuanghui Great Northern Wilderness Food Co Ltd 4.Active Dynamic Ltd, Better Sino Ltd 5.Hutchinson Wampoa Properties Ltd,Cheung Kong Holdings Ltd
Bloomberg
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
0
50
100
150
200
250
300
350
400
450
500
2007
Q1
2007
Q2
2007
Q3
2007
Q4
2008
Q1
2008
Q2
2008
Q3
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
/
QUARTERLY VOLUME
USD (Mln) #Deals
22
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20092010
Hong Kong Announced Deals
1/1/10 12/31/10
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement, Ranked by Volume
MKT
SHARE
USD (Mln)
M&A Legal Advisory League Tables
Norton Rose LLP 4 1 14.7 11,679 14.7 - -
Clayton Utz 5 2 13.0 10,751 13.5 0.5 33
Allen & Overy LLP 4 3 12.3 9,775 12.3 0.0 52
Herbert Smith/Gleiss Lutz/Stibbe 4 4 11.5 9,336 11.8 0.3 43
Baker & McKenzie LLP 12 5 2.2 3,051 3.8 1.6 14
Mayer Brown LLP 10 6 2.8 2,872 3.6 0.8 25
Allen & Gledhill 5 7 (2.0) 2,738 3.5 5.5 4
Slaughter & May 5 8 3.0 2,717 3.4 0.4 37
Commerce & Finance Law Office 3 9 3.3 2,591 3.3 - -
Jingtian & Gongcheng Attorneys at Law 1 10 1.0 2,474 3.1 2.1 11
O'Melveny & Myers LLP 4 11 1.7 2,229 2.8 1.1 20
Skadden Arps Slate Meagher & Flom LLP 6 12 (1.4) 2,128 2.7 4.1 6
Mallesons Stephen Jaques 11 13 1.4 1,912 2.4 1.0 21
Jones Day 12 14 0.4 1,780 2.2 1.8 12
Linklaters LLP 5 15 (3.3) 1,381 1.7 5.0 5
Shook Lin & Bok LLP 4 16 1.5 1,269 1.6 0.1 51
Weil Gotshal & Manges LLP 3 17 1.5 1,238 1.6 0.1 47
Freshfields Bruckhaus Deringer 11 18 (11.1) 1,157 1.5 12.6 1
WongPartnership LLP 4 19 (2.4) 1,147 1.4 3.8 8
Guantao Law Firm 1 20 1.3 1,005 1.3 - -
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$79,466 965 $50,533
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
0
50
100
150
200
250
300
350
400
450
500
2007
Q1
2007
Q2
2007
Q3
2007
Q4
2008
Q1
2008
Q2
2008
Q3
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
/
QUARTERLY VOLUME
USD (Mln) #Deals
23
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20092010
Hong Kong Announced Deals
1/1/10 12/31/10
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement, Ranked by Deal Count
MKT
SHARE
USD (Mln)
M&A Legal Advisory League Tables
Baker & McKenzie LLP 12 1 2.2 3,051 3.8 1.6 4
Jones Day 12 1 0.4 1,780 2.2 1.8 2
Mallesons Stephen Jaques 11 3 1.4 1,912 2.4 1.0 12
Freshfields Bruckhaus Deringer 11 3 (11.1) 1,157 1.5 12.6 5
Mayer Brown LLP 10 5 2.8 2,872 3.6 0.8 18
Skadden Arps Slate Meagher & Flom LLP 6 6 (1.4) 2,128 2.7 4.1 3
Clayton Utz 5 7 13.0 10,751 13.5 0.5 30
Allen & Gledhill 5 7 (2.0) 2,738 3.5 5.5 6
Slaughter & May 5 7 3.0 2,717 3.4 0.4 16
Linklaters LLP 5 7 (3.3) 1,381 1.7 5.0 1
Shearman & Sterling LLP 5 7 (1.9) 868 1.1 3.0 22
Stamford Law Corp 5 7 (0.8) 16 0.0 0.8 12
Norton Rose LLP 4 13 14.7 11,679 14.7 - -
Allen & Overy LLP 4 13 12.3 9,775 12.3 0.0 18
Herbert Smith/Gleiss Lutz/Stibbe 4 13 11.5 9,336 11.8 0.3 8
O'Melveny & Myers LLP 4 13 1.7 2,229 2.8 1.1 9
Shook Lin & Bok LLP 4 13 1.5 1,269 1.6 0.1 30
WongPartnership LLP 4 13 (2.4) 1,147 1.4 3.8 9
Allens Arthur Robinson 4 13 0.3 398 0.5 0.2 30
Commerce & Finance Law Office 3 20 3.3 2,591 3.3 - -
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$79,466 965 $50,533
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
TOTAL
Bloomberg
24
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
Top 10 Taiwan Announced Deals
RANK
VOLUME
Ranked by Total Value
USD (Mln)
Announced
Date Target Name Acquirer Name (if applicable)Seller Name
Q4 Largest M&A Transactions
KBRO CO 1 $1,186 DAFU MEDIA CO THE CARLYLE GROUP11/17/2010
FUBON FINANCIAL HOLDING CO LTD 2 $522 BANK OF THE PHILIPPINE ISLANDS ING GROEP NV12/08/2010
ALLIED MATERIAL TECHNOLOGY CORP 3 $426 DELTA ELECTRONICS INC12/17/2010
YUNG SHIN PHARMACEUTICAL 4 $346 YUNGSHIN GLOBAL HOLDING CORP12/08/2010
AAEON TECHNOLOGY INC 5 $178 ASUSTEK COMPUTER INC12/10/2010
FINANCIAL ONE CORP 6 $170 MULTIPLE ACQUIRERS12/22/2010
MULTIPLE TARGETS 7 $168 TSRC CORP MULTIPLE SELLERS12/24/2010
LAND & BUILDING 8 $166 CONTINENTAL CONSTRUCTION CO LTD TAIWAN LIFE INSURANCE CO LTD11/29/2010
PACIFIC ANTAI LIFE INSURANCE CO 9 $143 MULTIPLE ACQUIRERS CHINA PACIFIC INSURANCE GROUP CO12/28/2010
CATHAY SECURITIES INVESTMENT TRUST 10 $91 CATHAY FINANCIAL HOLDING CO LTD MULTIPLE SELLERS11/17/2010
Top 10 Taiwan Announced Deals
RANK
VOLUME
Ranked by Total Value
USD (Mln)
Announced
Date Target Name Acquirer Name Seller Name(if applicable)
2010 Largest M&A Transactions
KBRO CO 1 $1,186 DAFU MEDIA CO THE CARLYLE GROUP11/17/2010
NEW CENTURY INFOCOMM TECH CO LTD 2 $649 FAR EASTONE TELECOMMUNICATIONS CO06/25/2010
YOSUN INDUSTRIAL CORP 3 $643 WPG HOLDINGS LTD03/20/2010
FUBON FINANCIAL HOLDING CO LTD 4 $522 BANK OF THE PHILIPPINE ISLANDS ING GROEP NV12/08/2010
ALLIED MATERIAL TECHNOLOGY CORP 5 $426 DELTA ELECTRONICS INC12/17/2010
TAIWAN INTERNATIONAL SECURITIES 6 $378 CAPITAL SECURITIES CORP07/26/2010
YUNG SHIN PHARMACEUTICAL 7 $346 YUNGSHIN GLOBAL HOLDING CORP12/08/2010
LAND & BUILDING 8 $316 WEI CHUAN FOOD CORP07/07/2010
HUGA OPTOTECH INC 9 $237 EPISTAR CORP05/28/2010
AFPD PTE LTD 10 $226 AU OPTRONICS CORP TOSHIBA CORP03/31/2010
1.Ace Profit International Ltd,Citra Investments Ltd,Youngrich Investments Ltd 2.Dexco Polymers LP.Dexco Polymers Operating Co LLC 3.Dw Dexco Investment LLC, Exxon Equity Holding Co.ExxonMobil Chemical Co.ExxonMobil Chemical SBC Investment LLC.The Dow Chemical Co 4.China Construction Bank Corp, China Investment Corp, Taiwan China Life Insurance Co Ltd,Shanghai Huaxu Investment Co Ltd,Shanghai Jinjiang International Investment Management Co Ltd 5.Baixin Investment Co Ltd, Bohan Investment Co Ltd, Cathay Life Insurance Co Ltd, Cathay Venture Capital Co Ltd, Jieyou Enterprise Co Ltd, Liangting Realty Co Ltd, Tongji Realty Co Ltd, Wanda Investment Co Ltd, Zonglian Realty Co Ltd
Bloomberg
$0
$4,000
$8,000
$12,000
$16,000
$20,000
0
20
40
60
80
100
120
140
2007
Q1
2007
Q2
2007
Q3
2007
Q4
2008
Q1
2008
Q2
2008
Q3
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
/
QUARTERLY VOLUME
USD (Mln) #Deals
25
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20092010
Taiwan Announced Deals
1/1/10 12/31/10
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement, Ranked by Volume
MKT
SHARE
USD (Mln)
M&A Legal Advisory League Tables
Lee & Li 11 1 (2.3) 2,199 19.6 21.9 3
Chen & Lin 3 2 9.1 1,304 11.6 2.5 12
Paul Weiss Rifkind Wharton & Garrison LLP 1 3 9.4 1,186 10.6 1.2 17
Jones Day 12 4 (31.0) 1,164 10.4 41.4 2
Lexcel Partners Attorney-at-Law 12 5 (5.8) 470 4.2 10.0 5
LCS & Partners 14 6 (9.0) 400 3.6 12.6 4
Morrison & Foerster LLP 1 7 1.1 226 2.0 0.9 20
Freshfields Bruckhaus Deringer 2 8 (6.6) 100 0.9 7.5 6
Tsar & Tsai 1 9 (2.8) 97 0.9 3.7 10
Baker & McKenzie LLP 6 10 (41.6) 86 0.8 42.4 1
CMS 1 11 0.7 84 0.7 - -
Debevoise & Plimpton LLP 1 12 0.6 68 0.6 - -
Allen & Gledhill 1 13 (4.3) 68 0.6 4.9 9
Nishimura & Asahi 1 14 0.5 60 0.5 - -
Bae Kim & Lee 1 15 0.4 43 0.4 - -
Anderson Mori & Tomotsune 1 16 (0.3) 13 0.1 0.4 31
DLA Piper LLP 2 17 - 0 0.0 - -
Clifford Chance LLP 1 17 - 0 0.0 - -
Latham & Watkins LLP 1 17 (0.5) 0 0.0 0.5 23
Linklaters LLP 1 17 (5.0) 0 0.0 5.0 8
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$11,232 305 $24,867
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$4,000
$8,000
$12,000
$16,000
$20,000
0
20
40
60
80
100
120
140
2007
Q1
2007
Q2
2007
Q3
2007
Q4
2008
Q1
2008
Q2
2008
Q3
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
/
QUARTERLY VOLUME
USD (Mln) #Deals
26
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20092010
Taiwan Announced Deals
1/1/10 12/31/10
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement, Ranked by Deal Count
MKT
SHARE
USD (Mln)
M&A Legal Advisory League Tables
LCS & Partners 14 1 (9.0) 400 3.6 12.6 2
Jones Day 12 2 (31.0) 1,164 10.4 41.4 4
Lexcel Partners Attorney-at-Law 12 2 (5.8) 470 4.2 10.0 3
Lee & Li 11 4 (2.3) 2,199 19.6 21.9 1
Baker & McKenzie LLP 6 5 (41.6) 86 0.8 42.4 4
Chen & Lin 3 6 9.1 1,304 11.6 2.5 6
Freshfields Bruckhaus Deringer 2 7 (6.6) 100 0.9 7.5 10
DLA Piper LLP 2 7 - 0 0.0 - -
Paul Weiss Rifkind Wharton & Garrison LLP 1 9 9.4 1,186 10.6 1.2 12
Morrison & Foerster LLP 1 9 1.1 226 2.0 0.9 12
Tsar & Tsai 1 9 (2.8) 97 0.9 3.7 7
CMS 1 9 0.7 84 0.7 - -
Debevoise & Plimpton LLP 1 9 0.6 68 0.6 - -
Allen & Gledhill 1 9 (4.3) 68 0.6 4.9 12
Nishimura & Asahi 1 9 0.5 60 0.5 - -
Bae Kim & Lee 1 9 0.4 43 0.4 - -
Anderson Mori & Tomotsune 1 9 (0.3) 13 0.1 0.4 12
Clifford Chance LLP 1 9 - 0 0.0 - -
Latham & Watkins LLP 1 9 (0.5) 0 0.0 0.5 10
Linklaters LLP 1 9 (5.0) 0 0.0 5.0 8
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$11,232 305 $24,867
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
TOTAL
Bloomberg
27
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
Top 10 India Announced Deals
RANK
VOLUME
Ranked by Total Value
USD (Mln)
Announced
Date Target Name Acquirer Name (if applicable)Seller Name
Q4 Largest M&A Transactions
ISPAT INDUSTRIES LTD 1 $2,179 JSW STEEL LTD12/23/2010
INTERGEN NV 2 $1,232 CHINA HUANENG GROUP CORP GMR INFRASTRUCTURE LTD11/29/2010
CHENNAI NETWORK INFRASTRUCTURE LTD 3 $854 GTL INFRASTRUCTURE LTD12/16/2010
SSANGYONG MOTOR CO 4 $788 MAHINDRA & MAHINDRA LTD11/23/2010
GROSVENOR HOUSE HOTEL 5 $758 SAHARA INDIA PARIWAR ROYAL BANK OF SCOTLAND GROUP PLC11/14/2010
PARAS PHARMACEUTICALS LTD 6 $722 RECKITT BENCKISER GROUP PLC MULTIPLE SELLERS12/13/2010
STERLITE INFRA LTD SKORPION ZINC MINE $707 STERLITE INDUSTRIES INDIA LTD ANGLO AMERICAN PLC12/03/2010 7PIRAMAL HEALTHCARE LTD 8 $555 PIRAMAL HEALTHCARE LTD SHAREHOLDERS12/09/2010
ISPAT INDUSTRIES LTD 9 $479 JSW STEEL LTD12/21/2010
CERTAIN ASSETS 10 $456 AXIS BANK LTD ENAM SECURITIES PVT LTD11/17/2010
Top 10 India Announced Deals
RANK
VOLUME
Ranked by Total Value
USD (Mln)
Announced
Date Target Name Acquirer Name Seller Name(if applicable)
2010 Largest M&A Transactions
ZAIN AFRICA BV 1 $10,700 BHARTI AIRTEL LTD MOBILE TELECOMMUNICATIONS CO KSC03/30/2010
CAIRN INDIA LTD 2 $8,380 VEDANTA RESOURCES PLC CAIRN ENERGY PLC08/16/2010
CARABOBO-1 PROJECT 3 $4,848 MULTIPLE ACQUIRERS02/11/2010
HEALTHCARE SOLUTIONS BUSINESS 4 $3,720 ABBOTT LABORATORIES PIRAMAL HEALTHCARE LTD05/21/2010
CAIRN INDIA LTD 5 $2,927 VEDANTA RESOURCES PLC08/18/2010
ISPAT INDUSTRIES LTD 6 $2,179 JSW STEEL LTD12/23/2010
TOWER PORTFOLIO 7 $1,757 GTL INFRASTRUCTURE LTD BINARIANG GSM SDN BHD01/14/2010
KBL EUROPEAN PRIVATE BANKERS SA 8 $1,694 HINDUJA GROUP KBC GROEP NV05/21/2010
DIGICABLE NETWORK INDIA PVT LTD 9 $1,571 RELIANCE COMMUNICATIONS LTD07/01/2010
RELIANCE NATURAL RESOURCES LTD 10 $1,417 RELIANCE POWER LTD07/04/2010
Bloomberg
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
0
50
100
150
200
250
300
350
2007
Q1
2007
Q2
2007
Q3
2007
Q4
2008
Q1
2008
Q2
2008
Q3
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
/
QUARTERLY VOLUME
USD (Mln) #Deals
28
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20092010
India Announced Deals
1/1/10 12/31/10
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement, Ranked by Volume
MKT
SHARE
USD (Mln)
M&A Legal Advisory League Tables
AZB & Partners 106 1 29.2 27,957 38.8 9.6 3
Linklaters LLP 4 2 14.4 11,134 15.4 1.0 20
Allen & Overy LLP 6 3 14.7 10,738 14.9 0.2 37
Herbert Smith/Gleiss Lutz/Stibbe 2 4 14.8 10,700 14.8 0.0 49
Olswang 1 4 14.8 10,700 14.8 - -
Latham & Watkins LLP 3 6 7.6 8,385 11.6 4.0 4
Baker & McKenzie LLP 2 7 2.7 3,787 5.3 2.6 6
Stephenson Harwood 1 8 5.2 3,720 5.2 - -
WongPartnership LLP 4 9 2.5 2,007 2.8 0.3 34
Amarchand Mangaldas & Suresh A Shroff & Co 4 10 (24.6) 1,694 2.4 27.0 1
Mallesons Stephen Jaques 2 11 2.0 1,428 2.0 - -
White & Case LLP 3 12 1.9 1,369 1.9 0.0 47
Khaitan & Co 25 13 (1.8) 1,357 1.9 3.7 5
Shearman & Sterling LLP 7 14 1.4 1,248 1.7 0.3 35
Allen & Gledhill 2 15 1.5 1,246 1.7 0.2 36
Skadden Arps Slate Meagher & Flom LLP 2 16 1.1 1,232 1.7 0.6 26
Houthoff Buruma 1 16 1.7 1,232 1.7 0.0 49
Barbosa Mussnich & Aragao 1 18 1.6 1,160 1.6 - -
Crawford Bayley & Co 1 18 (0.6) 1,160 1.6 2.2 8
Tozzini Freire Teixeira E Silva 1 18 1.6 1,160 1.6 - -
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$72,095 822 $19,147
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
0
50
100
150
200
250
300
350
2007
Q1
2007
Q2
2007
Q3
2007
Q4
2008
Q1
2008
Q2
2008
Q3
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
/
QUARTERLY VOLUME
USD (Mln) #Deals
29
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20092010
India Announced Deals
1/1/10 12/31/10
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement, Ranked by Deal Count
MKT
SHARE
USD (Mln)
M&A Legal Advisory League Tables
AZB & Partners 106 1 29.2 27,957 38.8 9.6 1
Khaitan & Co 25 2 (1.8) 1,357 1.9 3.7 3
DLA Piper LLP 8 3 0.5 433 0.6 0.1 6
Shearman & Sterling LLP 7 4 1.4 1,248 1.7 0.3 14
Allen & Overy LLP 6 5 14.7 10,738 14.9 0.2 14
Simpson Thacher & Bartlett LLP 5 6 (0.2) 776 1.1 1.3 30
Linklaters LLP 4 7 14.4 11,134 15.4 1.0 4
WongPartnership LLP 4 7 2.5 2,007 2.8 0.3 14
Amarchand Mangaldas & Suresh A Shroff & Co 4 7 (24.6) 1,694 2.4 27.0 2
Davis Polk & Wardwell 4 7 (8.7) 823 1.1 9.8 14
O'Melveny & Myers LLP 4 7 0.4 310 0.4 - -
Latham & Watkins LLP 3 12 7.6 8,385 11.6 4.0 10
White & Case LLP 3 12 1.9 1,369 1.9 0.0 30
Clifford Chance LLP 3 12 0.5 791 1.1 0.6 6
Paul Weiss Rifkind Wharton & Garrison LLP 3 12 1.1 797 1.1 - -
Vinson & Elkins LLP 3 12 0.8 606 0.8 - -
Norton Rose LLP 3 12 0.6 588 0.8 0.2 30
Stikeman Elliott LLP 3 12 0.6 433 0.6 - -
Freshfields Bruckhaus Deringer 3 12 (1.0) 234 0.3 1.3 5
Berwin Leighton Paisner LLP 3 12 0.1 50 0.1 - -
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$72,095 822 $19,147
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
TOTAL
Bloomberg
30
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
Top 10 South East Asia Announced Deals
RANK
VOLUME
Ranked by Total Value
USD (Mln)
Announced
Date Target Name Acquirer Name (if applicable)Seller Name
Q4 Largest M&A Transactions
PLUS EXPRESSWAYS BHD 1 $10,909 JELAS ULUNG SDN BHD12/20/2010
ASX LTD 2 $8,274 SINGAPORE EXCHANGE LTD10/25/2010
PLUS EXPRESSWAYS BHD 3 $2,511 MULTIPLE ACQUIRERS10/15/2010
KAI KOS DEHSEH PROJECT 4 $2,280 PTT EXPLORATION & PRODUCTION PCL STATOIL ASA11/23/2010
BANCO BTG PACTUAL SA 5 $1,800 MULTIPLE ACQUIRERS BTG INVESTMENTS LP12/06/2010
BERAU COAL ENERGY TBK PT 6 $1,514 VALLAR PLC RECAPITAL ADVISORS PT11/16/2010
BUMI RESOURCES TBK PT 7 $1,334 VALLAR PLC BAKRIE GROUP11/16/2010
THAILAND OPERATIONS 8 $1,187 BIG C SUPERCENTER PCL CARREFOUR SA11/15/2010
SOLAR SILICON RESOURCES GROUP PTE LTD CONTEL CORP LTD AUZMINERALS RESOURCE GROUP PTE LTD 12/16/2010 9 $1,186 BAYFRONT DEVELOPMENT PTE LTD 10 $1,152 SUNTEC REAL ESTATE INVESTMENT MULTIPLE SELLERS10/26/2010
Top 10 South East Asia Announced Deals
RANK
VOLUME
Ranked by Total Value
USD (Mln)
Announced
Date Target Name Acquirer Name Seller Name(if applicable)
2010 Largest M&A Transactions
PLUS EXPRESSWAYS BHD 1 $10,909 JELAS ULUNG SDN BHD12/20/2010
ASX LTD 2 $8,274 SINGAPORE EXCHANGE LTD10/25/2010
CARABOBO-1 PROJECT 3 $4,848 MULTIPLE ACQUIRERS02/11/2010
ASTRO ALL ASIA NETWORKS PLC 4 $2,888 ASTRO HOLDINGS SDN BHD03/17/2010
PLUS EXPRESSWAYS BHD 5 $2,511 MULTIPLE ACQUIRERS10/15/2010
TANJONG PLC 6 $2,472 TANJONG CAPITAL SDN BHD07/30/2010
KAI KOS DEHSEH PROJECT 7 $2,280 PTT EXPLORATION & PRODUCTION PCL STATOIL ASA11/23/2010
ORIENT OVERSEAS DEVELOPMENTS LTD 8 $2,200 CAPITALAND LTD ORIENT OVERSEAS INTERNATIONAL LTD01/18/2010
PARKWAY HOLDINGS LTD 9 $2,026 KHAZANAH NASIONAL BHD05/27/2010
CENTENNIAL COAL CO LTD 10 $1,852 BANPU PCL07/05/2010
Bloomberg
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
0
100
200
300
400
500
600
700
2007
Q1
2007
Q2
2007
Q3
2007
Q4
2008
Q1
2008
Q2
2008
Q3
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
/
QUARTERLY VOLUME
USD (Mln) #Deals
31
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20092010
South East Asia Announced Deals
1/1/10 12/31/10
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement, Ranked by Volume
MKT
SHARE
USD (Mln)
M&A Legal Advisory League Tables
Allen & Gledhill 63 1 1.6 22,810 19.0 17.4 1
Shook Lin & Bok LLP 18 2 12.5 16,054 13.4 0.9 36
Baker & McKenzie LLP 18 3 3.3 14,771 12.3 9.0 2
Freehills 9 4 10.1 12,504 10.4 0.3 45
Zul Rafique & Partners 1 5 9.1 10,909 9.1 - -
Stamford Law Corp 24 6 3.9 10,721 8.9 5.0 12
WongPartnership LLP 66 7 0.1 9,767 8.1 8.0 6
Clayton Utz 2 8 7.0 8,384 7.0 0.0 71
Clifford Chance LLP 10 9 1.2 5,564 4.6 3.4 26
Slaughter & May 2 10 3.9 4,672 3.9 - -
Skadden Arps Slate Meagher & Flom LLP 8 11 (2.0) 4,662 3.9 5.9 8
Kadir Andri Aidham & Partners 3 12 3.6 4,349 3.6 - -
Torys LLP 4 13 3.3 3,903 3.3 - -
Allen & Overy LLP 9 14 2.4 3,692 3.1 0.7 38
Freshfields Bruckhaus Deringer 10 15 (5.0) 3,585 3.0 8.0 5
Linklaters LLP 7 16 (6.2) 3,004 2.5 8.7 4
Norton Rose LLP 7 17 (3.6) 2,775 2.3 5.9 7
O'Melveny & Myers LLP 7 18 1.2 2,666 2.2 1.0 35
Blake Cassels & Graydon LLP 2 19 1.9 2,312 1.9 - -
Drew & Napier LLC 7 20 (3.2) 2,155 1.8 5.0 11
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$119,960 1,522 $57,248
*Total Volume represents all announced transactions in US$ millions.
TOTAL
Bloomberg
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
0
100
200
300
400
500
600
700
2007
Q1
2007
Q2
2007
Q3
2007
Q4
2008
Q1
2008
Q2
2008
Q3
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
2010
Q3
2010
Q4
/
QUARTERLY VOLUME
USD (Mln) #Deals
32
MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>
- 20092010
South East Asia Announced Deals
1/1/10 12/31/10
CHANGEFIRM
RANK MKT
SHARE
VOLUME DEAL
COUNT
RANK MKT
SHARE
Any Involvement, Ranked by Deal Count
MKT
SHARE
USD (Mln)
M&A Legal Advisory League Tables
WongPartnership LLP 66 1 0.1 9,767 8.1 8.0 2
Allen & Gledhill 63 2 1.6 22,810 19.0 17.4 1
Stamford Law Corp 24 3 3.9 10,721 8.9 5.0 3
Shook Lin & Bok LLP 18 4 12.5 16,054 13.4 0.9 12
Baker & McKenzie LLP 18 4 3.3 14,771 12.3 9.0 4
AZB & Partners 11 6 0.9 1,117 0.9 - -
Clifford Chance LLP 10 7 1.2 5,564 4.6 3.4 5
Freshfields Bruckhaus Deringer 10 7 (5.0) 3,585 3.0 8.0 6
Freehills 9 9 10.1 12,504 10.4 0.3 26
Allen & Overy LLP 9 9 2.4 3,692 3.1 0.7 6
Skadden Arps Slate Meagher & Flom LLP 8 11 (2.0) 4,662 3.9 5.9 20
Linklaters LLP 7 12 (6.2) 3,004 2.5 8.7 10
Norton Rose LLP 7 12 (3.6) 2,775 2.3 5.9 26
O'Melveny & Myers LLP 7 12 1.2 2,666 2.2 1.0 20
Drew & Napier LLC 7 12 (3.2) 2,155 1.8 5.0 6
Allens Arthur Robinson 7 12 (3.0) 983 0.8 3.8 6
Latham & Watkins LLP 6 17 (3.2) 1,407 1.2 4.4 34
Jones Day 6 17 (0.3) 545 0.5 0.8 16
Minter Ellison 5 19 (2.0) 1,820 1.5 3.5 12
Gibson Dunn & Crutcher LLP 5 19 - 17 0.0 - -
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
$119,960 1,522 $57,248
*Total Volume represents all announced transactions in US$ millions.
*Tables based on deal count, then volume. Market share based on deal volume.
TOTAL
Bloomberg
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MA <GO> MA <GO> MA <GO>
33
Hyejin Cho
Miao Pan
Shima Furukawa
Shima Furukawa Asia Pacific
Korea
Greater China
Japan
+82-2-3702-1627
+86-21-6104-3061
+81-3-3201-3952
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01/01/2011
Bloomberg M&A league tables represent transactions that are either pending or completed, and for which Bloomberg has been notified.
Bloomberg M&A league tables include mergers, acquisitions, divestitures, self-tenders, spinoffs, debt-for-equity swaps, private placements of common equity and convertible securities, and purchases of convertible securities and cash injection components of recapitalizations according to Bloomberg standards. Excludes open market transactions. All deals except additional stake purchases are subjected to a minimum threshold of 5% equity or USD 50 million total
value. League table credit is based on announced total value of a deal.
Bloomberg LP and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the
information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities.
Asia Pacific M&A Legal Advisory League Table
Bloomberg 2010 Annual