Accélération des fusions-acquisitions en France grâce à SFR

Thomson Reuters

Description

Etude de Thomson Reuters qui montre que les fusions-acquisitions ont été multipliées par 2,5 sur le premier trimestre 2014, en comparaison avec le premier trimestre 2013.

Sujets

• Fusion-acquisition
• SFR
• Économie

Informations

• Publié par: Fil_Economie
• Publié le: 28 mars 2014
• Nombre de lectures: 3 254
• Langue: English

Extrait

M&A andCapital Markets Review  France
First Quarter 2014

First Quarter 2014
French M&A and Capital Markets–First Quarter 2014

Media Contacts


Eu rope
Clare Arber


[phone]

[e-mail]

Americas

Lauren Herman

[phone]

[e-mail]


AsiaPacific
Julie Wang Evans
[phone]
[e-mail]

Japan
Yukiko Matsushima
[phone]
[e-mail]

Roth schild Tops 1Q 2014 Any French Involvement M&A Ranking–Working on 14 deals with a combined
value of US$29.4 billion, Rothschild took the top spot for advisory on announced M&A with French involvement so

far during the first quarter of 2014.BNP Paribas and Lazard followed in second and third place, respectively.


Any French Involvement M&A Fees Down 38% YTD; JP Morgan Leads–According to Thomson Reuters /
Freeman Consulting, fees from completed M&A deals with any French involvement totaled US$227.4 million so
far during 2014, falling 38% from the same period in 2013 (US$367.7million). JPMorgan earned the most fees
for their advisory work on completed M&A dealswith French involvement so far this year, taking US$22.5 million,
or a 10% share.

Any French Involvement M&A Up 153% YTD; Domestic M&A Up Fivefold; Inbound Up 480%; Outbound Up
132% Bolstered byNumericable’s offer to buy Vivendi’s telecom unit SFR for US$16.3 billion, thevalue of
announced M&A transactions with French involvement reached US$43.6 billion so far during 2014, up 153% from
the same period last year (US$17.3 bln).French target M&A totalled US$37.5 billion so far during 2014, more
than fivetimes the value registered during the same period in 2013 (US$7.2 billion).Domestic M&A increased
fivefold yearonyear to reach US$28.4 billion, which accounted for 76% of French target activity.The remaining
24%, or US$9.1 billion, involved a foreign acquirer.Luxembourg was the most active foreign acquirer, accounting
for 47% of the inbound French M&A market, by value.Outbound French M&A increased 132% to US$4.6 billion.
The preferredtargets were US companies, with US$1.9 billion worth of deals accounting for 43% of French
outbound M&A activity.The telecoms sector accounted for 38% of first quarter2014 French involvement M&A
activity, while consumer products &services accounted for 19%.
Note: These volumes exclude the effects of competing bids for SFR, to avoid doublecounting and a misleading
representation of the French M&A market.OnlyNumericable’sbillion offer for SFR has been included in US$16.3
these 1Q 2014 volumes.

French DCM Up 17% YTD;1Q’14Up 74% on4Q’13;BNP Paribas Leads with 14% –Debt capital markets
activity in France totaled US$107.9 billion so far during 2014, up 17% from the same period last year (US$91.9
billion). FrenchDCM activity so far during first quarter of 2014 increased 74%from the previous quarter, and
marked the highest quarterly total since the firstquarter of 2012.BNP Paribas took the top spot for French DCM
underwriting sofar during 2014 with US$14.8 billion, or 13.8% of the market.

French ECM Activity Down 8% YTD;Down 63% from 4Q’13; Societe Generale LeadsEquity capital markets 
activity in France totaled US$3.5 billion so far during 2014, an 8% decline from the same period last year.The
first quartertotal currently trails 63% behind the US$9.6 billion registered during the fourth quarter of 2013 and
marks the lowest quarterly total since the third quarter of 2012.Societe Generale controls 31% of the market, by
share, and tops the French ECM underwriting league table sofar this year.

For Research Purposes Only. Data accurate as of Mar 26, 2014. Strictly Embargoed for Publication until Mar 28, 2014

DEALS INTELLIGENCE

First Quarter 2014 l Mergers & Acquisitions  France
M&A Rankings

This leaguetable is reflective of all completed and pending offers, including competing
offers. Credithas been given to advisors on both pending bids for SFR.

For Research Purposes Only. Data accurate as of Mar 26, 2014. Strictly Embargoed for Publication until Mar 28, 2014

DEALS INTELLIGENCE

First Quarter 2014 l Mergers & Acquisitions  France
Announced M&A Volumes

Any French Involvement M&A Volumes
350

300

250

63.8
73.6
29.5

200
36.1
87.4
64.9 93.7
44.4
31.7
150
38.6
85.4
29.5
54.5 37.4
11.2
69.7
100
16.6
83.4
48.7
29.2
63.4
62.7
62.0
53.9 16.8
5021.8
24.9 19.1
26.5 20.1
91.4 30.4132.4 74.031.3 13.2 25.6 45.2 29.6 17.6 43.6
0
04 05 06 07 08 09 10 11 12 13 14
1Q 2Q 3Q 4Q

200

180

160

French Target M&A Volumes

33.0

13.4

140
28.0
48.6
120
26.8
100
46.8
5.3
9 9
80
57.7
16.7
8.6
6028.2 15.5
24.5
10.3
13.4
14.1
4012.4
15.6 36.9
12.3 8.1
28.9 7.0
15.3
2011.9 7.6
15.0
7.6 11.6
82.8 23.3101.1 45.213.2 10.0 13.9 14.59.0 7.237.5
0
04 05 06 07 08 09 10 11 12 13 14
1Q 2Q 3Q 4Q

These volumes exclude the effects of competing bids for SFR to avoid a misleading representation of the French M&A market.BouyguesTelecom’s US$18.1
billion offer for SFR has been excluded from 1Q 2014 values.

For Research Purposes Only. Data accurate as of Mar 26, 2014. Strictly Embargoed for Publication until Mar 28, 2014

DEALS INTELLIGENCE

First Quarter 2014 l Mergers & Acquisitions–France
Announced M&A: Inbound vs. Outbound

Inbound
US$9.1 bln (480%)

YTD Most Acquisitive Nations (US$ mil)
Luxembourg $4,241
United Kingdom$1,860
China $1,089

YTD French Deal Flow

Domestic
US$28.4 bln
(+404%)

Outbound
US$4.6 bln (+132%)

YTD Most Targeted Nations (US$ mil)
United States of
$1,950
America
Germany $732

China

$645

YTD Announced M&A deal value (% change vs. last YTD)
These volumes exclude the effects of competing bids for SFR to avoid a misleading representation of the French M&A market.B ouygues Telecom’s US$18.1
billion offer for SFR has been excluded from 1Q 2014 values.
For Research Purposes Only. Data accurate as of Mar 26, 2014. Strictly Embargoed for Publication until Mar 28, 2014

DEALS INTELLIGENCE

First Quarter 2014 l Mergers & Acquisitions  France
Announced M&A Volumes by Industry

These volumes exclude the effects of competing bids for SFR to avoid a misleading representation of the French M&A market.B ouygues Telecom’s US$18.1
billion offer for SFR has been excluded from 1Q 2014 values.

For Research Purposes Only. Data accurate as of Mar 26, 2014. Strictly Embargoed for Publication until Mar 28, 2014

DEALS INTELLIGENCE

First Quarter 2014 l Mergers & Acquisitions  France
M&A Top Deals List–Announced Any French Involvement

This table shows the competing bids for SFR.Bouygues Telecom’s US$18.1 billion offer for SFR has been excluded from 1Q 2014 volumesthroughout this report to
avoid a misleading representation of the French M&A market.Credit has been given to the advisors of both pending bids in the financial advisor league table on page 2.

For Research Purposes Only. Data accurate as of Mar 26, 2014. Strictly Embargoed for Publication until Mar 28, 2014
DEALS INTELLIGENCE

First Quarter 2014 l Capital Markets  France
Capital Markets Rankings

For Research Purposes Only. Data accurate as of Mar 26, 2014. Strictly Embargoed for Publication until Mar 28, 2014

DEALS INTELLIGENCE

First Quarter 2014 l Capital Markets  France
Debt Capital Markets
$140 200
Quarterly French DCM Volumes126 126
119
117
$120110
108
97
150
$100
87
85
80
76 77
$8071 66
60
63
62
61100
57 5858
56 5551
52
$6051
46
51 47
41 40
40
$4031
50
$20
$0 0
1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14
Proceeds (US$ bil)No. Issues

For Research Purposes Only. Data accurate as of Mar 26, 2014. Strictly Embargoed for Publication until Mar 28, 2014

DEALS INTELLIGENCE

First Quarter 2014 l Capital Markets  France
Equity Capital Markets
Quarterly French ECM Volumes
$20 50
15.9
15.3
40
$15
13.3
13.1
12.7
12.6
12.2
11.1
10.430
9.6
$10
7.0
20
3.9 4.4
5.1
3.9 5.83.8
$53.5
3.2 3.2
2.6 1.910
2.2 2.22.1
1.7 1.91.8
1.7
1.0 1.1
0.9
0.2
$0 0
1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14
Proceeds (US$ bil)No. Issues

For Research Purposes Only. Data accurate as of Mar 26, 2014. Strictly Embargo