媒体垂询林世艺-mergermarketGreater

年第1季度大中华地区并购回顾2009年4月7日即时发布MediaContact:SeyeIm媒体垂询：林世艺[e-mail][phone]DealSubmission:ChunshekChan交易呈报：陈隽硕[e-mail][phone]PressRelease:新闻发布：年第1季度大中华地区并购回顾GreaterChinaM&Afiguresdown74%onpreviousquarterhittinglowestlevelin4years• A total of 123 deals worth US$14.3bn were announced in Greater China in the first quarter of 2009 – a 9% decline in total deal value from Q1 2008, but 37% fall in deal volume.• When compared with Q4 2008, deal value was down 74% while deal volume dropped by 35%.• This is the slowest quarter in terms of deal value since Q1 2005.FocusonConsumerandIndustrialsectors• Deals in the Consumer sector has made up 22% of the total deal volume with 27 deals worth a total of US$1.8bn.• Industrials & Chemicals sector – a traditional stronghold sector for Greater China M&A – returns to the spotlight. The 24 deals worth a total of US$3.1bn make up 22% of total deal value in the region.Cross-borderactivitydominatedbyoutboundacquisitions;inbounddealswane• Chinalco launches the largest outbound investment by a Chinese company to date with its $19bn investment in Anglo-Australian miner Rio Tinto (which includes a $7bn convertible bond component).• Chinese companies have shown a lot of interest in energy and mining companies, particularly since commodity prices have fallen sharply since their peaks in 2008. In February alone Chinese companies have made offers for four foreign energy and mining firms, including three in Australia.• Inbound activity has dropped to $1.6bn over 19 deals. On a quarterly basis, inbound M&A activity has reach a low not seen since 2003.Increasedregulatoryscrutinyforcross-borderdeals• The Chinese Ministry of Commerce blocked Coca-Cola’s bid for Huiyuan Juice on antitrust grounds – the first of such rulings since the new antimonopoly law was enacted in August 2008 – though some critics say Beijing was trying to protect the “sovereignty” of a national brand.• Australians are increasingly concerned with Chinese companies buying up domestic mining resources. The Australian treasurer has blocked Minmetals’ $2bn offer for debt-ridden Australian miner OZ Minerals on national security concerns. The two companies went back to the drawing board to negotiate a revised deal.Leaguetableanalysis• Morgan Stanley has dominated the financial advisory tables by both value and volume so far this year, having advised on seven deals worth US$16.2bn, including three ofthetopfourdealsintheregion.• Optima Capital has maintained its second position by volume thanks to its dominating position in the mid-market segment.• Having worked on the two largest transactions in the region, Linklaters takes top spot by value in the legal league tables with US$14.2bn worth of deals.• Herbert Smith/Gleiss Lutz/Stibbe is the most active firm in the region, having worked on six transactions valued at US$2.6bn and jumping eight places from its 2008 ranking. Freshfields Bruckhaus Deringer takes second place with five deals.* Mid-market based on deal value range of US$10m - US$250mmergermarketGreaterChinaM&ARound-upQ12009Contentsp.4 Top announced dealsp.6-9 Advisor league tablesp.10-14 Activity trend and sector breakdownp.15Criteriap.15AboutmergermarketPressRelease:新闻发布：年第1季度大中华地区并购回顾大中华地区并购金额比上季度下降74%　乃四年以来最低水平·2009年第1季度大中华地区共有123宗已公告交易，金额达到143亿美元——交易金额比去年同期下降了9%，但交易数量则下降了37%。·与2008年第4季度比较，交易金额下滑了74%，而交易数量则下降了35%。·这是自2005年第1季度以来并购交易金额最低的一个季度。消费业及工业成为并购行业焦点·消费业为第1季度最活跃并购行业，共有27宗已公告交易，占区内交易数量的22%；金额则达到18亿美元。·工业及化工业再次成为大中华地区并购金额龙头：24宗交易的金额共为31亿美元，占区内交易金额之22%。跨国并购活动由对外交易主导　外资并购衰落·中国铝业公司计划以190亿美元向英澳矿业公司力拓集团增资（当中包括70亿美元可转换债券部位），为有史以来最大宗中国企业对外投资。·自国际商品价格从2008年的高位回落，中资企业对收购海外能源及矿业公司的兴趣日增：单是在2月份，中国企业已经向四家海外能源及矿业公司提出收购，其中包括三家澳大利亚的公司。·第1季度只有19宗外资在大中华地区进行收购交易，金额仅达16亿美元。按季度计算，外资并购活动降至2003年以来的低位。中外监管机构更严格审核跨国交易·中国商务部以反垄断为由，否决了可口可乐与汇源果汁的并购案——此乃去年8月新反垄断法出炉以来，首宗以该理由被否决的外资并购案。有评论员认为此举显示了北京当局有意维护国家品牌的“主权”。·澳大利亚对中资公司近日大举购入国内矿业资源感到忧虑。澳大利亚财长以国土安全的理由，阻止了五矿集团以20亿美元收购当地负债累累的矿业公司OZMinerals；结果两家公司被逼重返谈判桌，商讨修订动议。排名表分析·本年迄今摩根士丹利已经为7宗金额达162亿美元的交易担任顾问，当中包括区内前四宗交易的其中三宗，无论按金额或数量计算，均能于财务顾问排名表中称霸。·创越融资于中型并购的领导地位，使其能在按数量的排名表里保持其亚军席次。·年利达律师事务所凭着区内前两宗交易的顾问工作，以142亿美元的交易金额，取得法律顾问排名表之榜首席次。·史密夫律师事务所为区内六宗金额达26亿美元的并购交易担任顾问，从2008年的排名跃升八名，成为区内最活跃的法律顾问。富而德律师事务所则凭着五宗交易取得按数量排名表的第二名。*中型并购交易金额为一千万美元至二亿五千万美元mergermarket2009年第1季度大中华地区并购综述目录p.5十大并购交易p.6-9顾问排名表p.10-14并购活动趋势及行业分布p.16准则p.16关于mergermarketPressRelease:新闻发布：年第1季度大中华地区并购回顾Greater China: Top Announced Deals Q1 2009Top 10 Announced Greater China Deals Q1 2009AnnouncedDateBidder CompanyBidder Financial AdvisorBidder Legal AdvisorTarget CompanyTarget/Seller Financial AdvisorTarget/Seller Legal AdvisorSellerC