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2009 International Mergers & Acquisitions: Executing Deals in the Economic Downturn
2009
INTERNATIONAL MERGERS & ACQUISITIONS
g Contents
About the Publisher _____________________________________________________________________________________ 4 Acknowledgement ______________________________________________________________________________________ 5
CHAPTER ONE: STATISTICAL DATA
6
Global M&A (Jan 2008 - Aug 2009) __________________________________________________________________________ 7 Global financial sponsor buyouts (Jan 2008 - Aug 2009) __________________________________________________________ 8 Global syndicated leveraged loans (Jan 2008 - Aug 2009) _________________________________________________________ 9 Americas M&A (Jan 2008 - Aug 2009)_______________________________________________________________________ 10 Asia Pacific M&A (Jan 2008 - Aug 2009) _____________________________________________________________________ 11 EMEA M&A (Jan 2008 - Aug 2009) _________________________________________________________________________ 12 Top 10 target sectors for global M&A (Jan 2008 - Aug 2009) _____________________________________________________ 13 Top 20 M&A deals (Jan 2008 - Aug 2009) ____________________________________________________________________ 14 Top 10 financial sponsor buyouts (Jan 2008 - Aug 2009) ________________________________________________________ 15
CHAPTER TWO: DEAL STRATEGIES & VALUE CREATION
16
M&A outlook survey reflects cautious optimism ______________________________________________________________ Innovation-driven acquisitions: ready to kick-start the revival of the M&A market? ___________________________________ Mergers and acquisitions – creating value in difficult times ______________________________________________________ High performance mergers _______________________________________________________________________________ Is now the right time to buy? _____________________________________________________________________________ Responsible investment – hot air or a new way forward? _______________________________________________________
CHAPTER THREE: DISTRESSED M&A
27
The new M&A: buying a business in bankruptcy _______________________________________________________________ Distressed M&A in Germany – a primer ____________________________________________________________________ M&A in the financial crisis: an Italian opportunity ______________________________________________________________ M&A transactions under the reformed Italian Bankruptcy Law ___________________________________________________ Acquisition of distressed businesses in Finland ________________________________________________________________ Debt for equity swaps: more lenders acquiring minority stakes in defaulting debtors __________________________________ Debt-equity swaps: a solution for cash-strapped German companies? _____________________________________________ Purchasing distressed assets: the people issues________________________________________________________________
CHAPTER FOUR: STRUCTURING THE DEAL
28 30 31 33 34 36 37 39
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Revised Swedish takeover rules ___________________________________________________________________________ Setting the rules for deal completion in the new environment in Russia ____________________________________________ Takeovers of listed companies in Poland _____________________________________________________________________ Regulatory issues in M&A in Brazil _________________________________________________________________________ Reverse takeovers in Australia ____________________________________________________________________________ The unwinding and ultimate demise of Australian listed funds: innovative solutions emerge out of necessity _______________
