Asia Pacific M&A Bulletin - PwC

Asia Pacific M&A Bulletin

2009

Advisory

Yoshimoto Kogyo Co LtdSale of 69.4% interest toa group of investorsincluding QuantumEntertainment via tenderoffer for JPY35.1 billion(US$387 million)

Financial Advisor:PwC Advisory Co Ltd

Corporate Finance2009 Japan

NEC Tokin CorpSale of 25.65% interestto NEC Corp forJPY16.1 billion(US$163 million)



Nippon MilkCommunity Co LtdMerger with Snow BrandMilk Products Co Ltd viaa share swap valued atJPY13.3 billion(US$149 million)



Kitz CorporationAcquisition of 100%interest in Perrin GmbHand its parent holdingcompany, NordArmaturen GmbH



Resource HoldingsLimitedSale toKeller Holdings Ltd forS$118.2 million(US$85 million)

Financial Advisor:pwc

Corporate Finance2009 Singapore

Chinfon CommercialBank Co LtdSale of VietnamOperations to TaipeiFubon Commercial BankCo Ltd forNT$2.53 million(US$78 million)


Corporate Finance2009 Taiwan

Gwalior ChemicalIndustries LimitedSale of chemicalbusiness toLanxess India Pvt Ltd forINR5.4 billion(US$113 million)


Corporate Finance2009 India

K S Oils LimitedEquity fund-raisingthrough privateplacement of equityshares, warrants andGDRs for US$90 million


Corporate Finance2009 India

Guan Sheng YuanGroupSale of 45% equity staketo Citic Capitalfor RMB510 million(US$73 million)


Corporate Finance2009 China

Epoch Material Co LtdAcquired byCabot MicroelectronicsCorp for US$66 million


Corporate Finance2009 Taiwan

Shanghai POSCO E&CReal Estate Development(Group) Co LtdSale to Shanghai Lujiazui Finance & Trade Zone Development Cofor RMB1.4 billion(US$202 million)

Financial Advisor:Samil PricewaterhouseCoopers

Corporate Finance2008 Korea

SSangyong Slag &Materials CoAcquired Eugene Corp– Cement businessfor US$53 million

Financial Advisor:Samil PricewaterhouseCoopers

Corporate Finance2008 Korea

M&A advisor of choice2009 2 MergerMarket2009 1 Thomson Reuters

M&A

Asia Pacific M&A Bulletin Year-End 2009PricewaterhouseCoopers 1

IT

M&A

M&A

We are the Accountancy Firmof the Year 2009MergerMarket Financial Times M&A 2009PwC Accountancy Firm of the Year

PwC

6,200120

1,600

Year-End 2009 Asia Pacific M&A Bulletin2 PricewaterhouseCoopers

2009

2009 53%3 2

61%8 76% 1

90%50%

33% 24% FTSE19%

2009 3 22CRB CMBT 35% 1

IMF

32%

2009 30% 200924%

2009 11 APEC

2009 40.1%

4

2008 20092

3 2009 GDP 8.4%2008 9.6% 1% 2009

GDP 5.8%2009

GDP 5.5% 4 0.4%

Chao Choon OngTransactions LeaderAsia Pacific


2010

IMF 20104%

10% 7.7%3.6%

2% 7.4% 20101.7% 2

IMF2010 GDP 2.7% 1.3% 1%

10% 10 IMF 2010

10% 201012%

OECD4% 12% 1999 1997

G3

GDP 18% GDP 6.7


G3

2009

EU

3

2010

1 6.8

2009 935%

2010 12009 11 2% 438%

43%289%


2004 ASEAN2010 1 19 6

2009 7ASEAN

2009 11ASEAN

2009 M&A

M&A

2008 10 2009M&A 2008 5,110

3% 2007 5,930 20%4,980 2009

12,800 2008 1%2007 2%

M&A2009

2,630 2,350 12%

2008 2,030 30%2008 6 30

2009 6,9006

2008 6 302009 4 6

200836% 4%


M&A M&A 2009 23% 28%

M&A2009 M&A

2009 M&A 235% 53% 2009

580 BHP 174%


312%

2

2009

24

26

AMP Limited

55

31

Hubei Triring Co., Ltd Hubei Energy Group Co.,Ltd 25

127

31

26

20% 25

50% 25

Stellar Megaunion CorpGuiherme Holdings Hong Kong

Ltd 27

23

Lend Lease Primelife Group56.77% 23


2009 M&A

2009BHP

1 200966%

2009 M&A2009

AMP LimitedAXA

5526

2009

2009 1

IN-IN M&A 80%

IN-IN

24

312010 4

2009 IN-OUT70%

2009 M&AIN-IN

IN-IN Stellar Megaunion CorpGuiherme Holdings Hong Kong Limited 27

26

OUT-IN 27%22%

2009 IN-OUT60% 2009

IN-OUT26

17


21

2008 2009

M&AM&A

IN-OUT

2009

2010M&A


M&A

5660

52

404448

303436

2622201612


North Asia

M&A

Matthew PhillipsTransactions LeaderChina

GDP2009 4

M&A 2009IN-IN

2008 2009 IN-OUT

2009 GDP

8.7%2009 1-11 9 2,000

45%

2009 10 16.1% 1119.2%

2009 1-11 7799.9%

200910 2009

2009 1-11 18.8%2009 11 1.2%

13

2009 1126.7

1

2009 4 2009 1-11 15.8%

20092009

FDIFDI

2008 12 1 9,000 2009 112 8,000

20092009 12 3,277

1,821 80%2009

FDI

9 CPI2009 11 0.6%

11

12

1 WTI 2008 1 57 2009 78 2009 1-10


200922% 2008 32%

2009

2009 M&A IN-IN OUT-IN2008

M&A2009

IN-IN OUT-IN1,600 2,700

2008 1,607 3,000

20072009

500 2008 27%

2008IN-IN OUT-IN

4.5 1232009 3

39

872009 94

200929

2006

TPG23

3i Prax Capital4,000

2009 2009

2

IN-OUTIN-OUT 2009

33%2009 IN-OUT 328

2008 82%

8915 3

26

17

CIC AES Corporation15% 16


CIC AES 8 200933

2009 IN-OUT IN-INOUT-IN 3 1 IN-OUT

2010IN-OUT

2010 GDP8.7 M&A

2010 IN-IN 200920%

2010

2009

PE 2010PE

PE

2010 2008

2010 2009

M&A

IN-OUT M&A40%


North Asia

David BrownTransactions LeaderHong Kong

2009

2009 GDP1 7.8% 2

3.6% 3 2.4%

42009 3 0.2%

32009 3 3.4%

3 200911 1.3%

2009 3 5.3 25.4%

2009

2009 6 1219% 2009 6

11 24

7% IPO 200918 40

2009 17010 1,850

2009 30%2009 1

5,488 2 32 11,800 2009 10

2008 8202009 580

2009360

210 40%

2008 5512009 508 2009 673

2009

2010


2 3,200

52.9%

CIIHMing An Holdings Company Limited China

Insurance HK Holdings Company Limited CIHK2

3,300

CITIC

70.3%CITIC

Gloryshare Investment LimitedCITIC

17 5,000

CRE Esprit Inc 51CRE

2009 125

2009 9

4 4,000

2009 9

10

35%

0.5%

HTIL

2009 11 CICGCL

20.1%CIC GCL

Morgan Stanley Private Equity Asia Holdings

China Pharma Limited 2009 8 Sihuan Pharmaceutical Holdings Group Ltd Sihuan

Sihuan

2 4,600China Pharma

2009 10 China Pharma2009 10Sihuan China Pharma

Sihuan


CIC

CITIC 40%

2009 7 CITIC20

2010

MTR

2010

20092010 M&A

2009M&A

2010


M&A 2009 4 2010

Peter YuCorporate Finance LeaderTaiwan

GDP 20093 1.29%

4 6.89%2009 GDP 2.53%

2009 4

20.3%

1

33.15 34.34 4%2009 32.28

TAIEX2009 78% 2009

10

2009 11

2010ECFA

ECFA

2009 M&A 2008 135137 2009

35 236 573%M&A

2009 200937% 435%

IN-INOUT-IN OUT-IN

2009

AIG 2

22 AIG 1,825

40035,000

1990

North Asia


AIG

6 4,91030%

9.95% 6 4,8003

2KBRO 18

15.5%2

6.6% 32% 160

2009 10

TPOTPO 4

CMO138

TSMCTSMC

2008

10

TSMC 20%1 9,320 TSMC

IC

Chipbond Technology

2 4,050

IC 50%

20102010

M&A

2010LED

LED

200911 M&A

2009

2010

100%


M&A

Matthew WybornCorporate Finance LeaderJapan

GDP 2 0.7%3 0.3%

2009

2009 42.7%38.6%

2009 1-1136%

2009 1 1100 2009 11 15 84

92132

325.7%

40% 1955

2009 1-9 596 200812.7%

54.1% 20.2%13.5%

ASEAN 15.6%33.1%

2009 44.2%

80.9%66.3% 53.5%

20098 10,767 4

10,5462009

BOJ0.3%

UFJ

2009 1-103 3,990 2

2009M&A 1,059 22%

IN-OUT74%

North Asia


2009 3

3812

11,000

AkaRx

211

8,500

24

31

2010 4

NEC

ADR

2009

J-REIT

ADR

ADR

ETIC

2010 1 19ETIC

7.91%4 2,100

16.38% 20 2,500


MID78.74%

MKS

MBO

MBO

24

2009 NTTSBI NIS

2010GDP 1.2% 1.8%

M&AMBO ADR

ETIC

IT

ITIN-OUT M&A

OUT-IN

2010 7

M&AINDEX

1990 2020 25%


Sang-Tai ChoiTransactions Managing PartnerKorea

20092009 0.2%

20091

2009 GDP 3.6%

2009 EU14%

2008 2009

1233.7% IT

20% 8%

200926% 410

2009

2009 2%

BOK

2009 6%9

7

20092%

BOK 20092%

KOSPI45% KOSDAQ 64%

20092.5% 2009 12

2.8%

20091,200 1

GM1 1,600

1,150

M&A 2010

North Asia


2009 M&A 8%43512% 1,250M&A 2009 OUT-IN IN-OUT

9% 12%OUT-IN 28%

2009 18KKR

OB

2009

7 GS69.6% 1,300 1

310 GS 2006

GS

96 5,700

1072.3% 6 2,500

65

10 KNOC40

KNOC17 23

12 LG 390%

4,200 36,310 LG 2

LG

12 KNOC 2Sumbe 3 3,500

KNOC

12 SK4,000

SK 49%

SK

20104%

IT2010 14%

2010

2009


2010

3.1%

8%

M&A 2010KEB

2010 M&A

2010 M&A

CMCA 2009

2KDB

KEB

M&A

KDB


Bharti Gupta RamolaTransactions LeaderIndia

2009-10 3 317%

7.8% 7%

1 2

6.3% 5.3%

4.2% 8.7%GDP

7.9%

8.3%1.7%

2009 8 1% 114.8% 2010

340% 1

2009 3 60%50%

IPO 20082009 1

FIIFII 2008

70%1 FII 2009

168 1FII 100

1 FII2009

5% FDI9 11% 153

2001 1,000

20091 2009

2008 1,284 2009 1,2012008 462

2009 204 50%

2009M&A 50%

South and Southeast Asia


M&A OUT-IN IN-OUT2009

IN-IN3

M&A IN-OUTOUT-IN IN-IN

IN-OUT

2009 IN-IN125 60%

IN-IN

24.6%17

Wireless TT Info Services Ltd 49% 13

AAA AAA

15.93% 82000

63.3%JHPL 80.2%

5 5,600JHPL 3 1,770

2009 IN-OUT 3

1202009

230MTN

2009 IN-OUT M&A 11412 90%

2009IN-OUT

Vale Do IvaiSA Acucar e Alcool VDI 2 4,000

Aegis BPO Services LtdICT Group Inc. 1 2,700

GMR GMRGI Barasentosa Lestari

PT BL 8,000

BPO 5,800McCamish Systems LLC

VP 3,180

20082009 OUT-IN 2008

OUT-IN 334 204 67%2009 244 66

2009OUT-IN

7,70050.93% 79.42%

OUT-INIT

2009 OUT-IN:

2009

20% 6 8,000


7 8,000.

Millennium Finance Corp. Ltd 100%

49% 2 2,500

Technology Infrastructure LtdGlobal Holding Corp Pvt. Ltd

GTL14.76% 1 100

2PE

2009 PE

2008 1102009 40 2009PE1 2,000 20083,500

2009 5,000 14 19 2008 5,000

30 1 252009

IT ITPE 40% 2009

PE

FIM Ltd 23.4% LNM India Internet Ventures Ltd 14.1%

Sophia Power Co. Ltd37.5% 3 2,500

Mohtisham Complexes Mohtisham Estates50% 1 2,800

Ind-Bharat Power Infra Pvt Ltd 18% 1

2009 PEPE

Max India5,000

5ChrysCapital Shriram

Transport Finance Company STFC 1112 PE

2,500 3,000 82.1

2009-10 3 31

8%2010

M&A2007

IPOPE

2010 OUT-IN

2010 IN-OUT

2010IN-OUT

2007 200 400



M&A 2010

Mirza DiranTransactions LeaderIndonesia

2009

GDP 4.3% 20094.1%

20092009 6 10,225 2009

12 9,400

3% 9

6.5%GDP

20091 87% 2009 12

2,5342009 29%

2009

2

KPK

2009 24857

PT Aneka Tambang Tbk

Arc Exploration Ltd Arc PT Cibaliung Sumber DayaCSD

Arc CSD 95% 5%CSD

800

PT Indika Mitra Energi 70%

PT Petrosea TbkPetrosea 1,650

16.6% 82% 98.6%2009 7 8,380 Clough

International Singapore Petosea 82%

BMSOTC 146 1 6,000

98% 137 1 5,0002 282 3 1,000


6,00055%

PT Bentoel Internasional Investama Tbk Bentoel

PT BAT Indonesia Tbk BAT 7,0057,420

Bentoel BAT7.688%

PT Global Mediacom Tbk FrenPT Mobile-8 Telecom Tbk

19% 2,115 2,200 SinarmasPT Gerbangmas Tunggal Sejahtera

99% PT Parahiyangan Griyanusa

PT Commerce International CI 49% 2,7352,270 CI PT

CIMB Sun Life

2010 5% 6%2009

4% 6%

ASEAN ACFTA 2010 1

ACFTA

M&A

M&A M&A2010

M&A



M&A

Paran PuvanesanCorporate Finance LeaderMalaysia

2009 23.9% 3 1.2%

4 1.5%

2009 3%2010 2%3%

1 1.3%

BNM

2%

2009 2009 13 3 36

2008113 3 1

2009

20093 838

200911 1,280

2009 132009 4

2009 11IPO 33

IPO 2009

2009

8% 3.73

2009 1 3.44

Deal Activity

M&A 2009 26 3,300


2009 M&A 5645

20082009 M&A

56% 101

2009

M&A IN-IN IN-OUT

2009 M&AIN-OUT M&A

2008 138 88% 17

2009 IN-IN M&A41% M&A 74%

2009 IN-IN

Optimal Group of Companies 6

Delegateam Sdn BhdSawarak Energy Bhd 4 700

10 44

TIME dotCom BhdDigi.Com

1 7,6001

3,500 Digi

Hap Seng Consolidated BhdMenara Citibank 50% 9,000

U 42%8,100

IN-OUTIN-OUT

Tan Sri Syed Mokhtar Al-BukharyVavasi Group

137

CIMB

RHB PT Bank Mestika Dharma 80% 3 4,900

TA Enterprise Bhd 4 SwissotelMerchant CourtQuayside Gem Ltd 31% 1 8,500

Khazanah Nasional Bhd

25% 15,000

Carlsberg Brewery Malaysia Bhd Carlsberg Singapore Pte Ltd 1 800

Genting YTL Berjaya Media Prima

Berjaya Corporation Bhd CoswayCorporation Bhd Biofield Sdn Bhd

Cosway MSdn Bhd Berjaya Holdings HK Ltd 2 6,200

YTL Corp Bhd Starhill Global Real Estate Investment Trust REIT Singapore

Starhill REIT 18,700

Media Prima Bhd The New Straits Times Press M Bhd 7,000

Genting Bhd 25Wisma Genting 2

48.7% Genting Malaysia Bhd 6,700


2010 M&A

2010 M&A

2

17

Hong Leon Bank EON Bank50

4

M&A

IN-OUT M&A 2015 ASEANASEAN

ASEAN

2010 M&A

2009 M&A2010



20105

Mary Jade T. Roxas-DivinagraciaTransactions LeaderPhilippines

2009 GDP 1.6%

1 0.4%2009

171

3,000GDP 3.84%

2,500Food Terminal Inc.

Philippine National Oil Co. Exploration Corporation

2010 2 12

2009 915.5%

1 20%9 9

0.2%

2009 17%

BPO BPO30 50

NOA2009

2009 3.1%

PSE 2008 1229 1,873 63% 2009 12 29

3,0532008 1 48.371 4.6%

2009 1 46.1

2009 2008 695% 66 IN-IN 2009

87% 61OUT-IN

89% 3 9,800IN-OUT

24% 1 3,0002009 2008 179 9%

162


2009

100% San Miguel Energy Corporation 1000

10 7,000

Strategic Power Development Corporation

3454 5,000

Aboitiz Power Corporation 100% Thermal Luzon, Inc. 700

6 9,100

2009

DMCI600 3 6,200

First Luzon Geothermal Energy Corporation100% Green Core Geothermal, Inc.Palinpinon Tongonan 305

2 2,000

MERALCO

MERALCO 20% 41,500

PLDT Beneficial Trust Fund 10.17% Crogan, Ltd 2.78% 3 8,000 MERALCO

12.95%

SMC

SMC 19.91% 82,340

SMC

3

1

100%Philippine

Telephone Corp 7.19%6.67% 1 3,700

Two Rivers Pacific Holdings Corp9.23% Boerstar Corp

3.57% Goldenmedia Corp 2.52% Elkhound Resources Inc. 1.35%

1.21% Walter W. Brown 0.51%Roberto V. Ongpin 0,07% 2 600


2010 52 9

5 891

2

DTI

3

BSP

ASEAN CAFTACAFTA 2010 1 1 7,000

20092 30%

2



Chao Choon OngTransactions LeaderSingapore

19652008 1.1%

2009 2% 1

QoQ 2 2

2009 4GDP QoQ 2.8%

429% 2

46.6%

8.2% 43 3.8% 16.4%

22009 7

20090.5%

M&A 2009 12

2009 2 OUT-IN IN-OUT IN-IN 141 1

117%1 258 2 350

3 M&A 242 61% 67

2133 22% 3 162

4 16% 188

2009 M&A 2008586 65% 207

2008 673 10% 2009 608

OUT-IN2009 OUT-IN 51

25%76

2009 M&A2010 M&A


56 3931

22

KrisEnergy Holdings Ltd 99% LBO 7 1,160

5

CIMC 100% Bright Day LtdYantai

Raffles Shipyard Ltd 36.91% 1 9,7201 4,250

55.21%CIMC 44.79%

2 3,900 1 7,280

KS5 3

2,000 2 3,000KS

KS Projects Division KS Flow Control Aqua-Terra Supply Co.

SSH Corp KS Distribution KS Distribution 44.38% 1 4,200

1 200

IN-OUT2009 IN-OUT 55

10IN-OUT 142

Fondo Omicron Plus ImmobiliareFondi Immobiliari Italiani SGR SpA

3 5,120

Ningbo Electric Power Development Co., Ltd

Fubang Holdings Ltd Anhui Huamao Group Co Ltd15.25% 7 6,670

100% Pastel Limited

3.35%6 4,150

36.16%

100%

50.81%Chandran Family Trust 2 2,220

45,900 1

0.3552

IN-ININ-IN M&A

80% 36 2009132 40%

ING ING20

157,000 230

2009 PE2009

PE 12 9 2,72010 19 2009

KrisEnergy Holdings Ltd 5AIF Capital III Shipping & Logistics Tat

Hong Holdings Ltd 11.4%4,540 Templeton Strategic

Emerging Markets Fund III HALCYON Energy Corp19.2% 1,350


2010

2010G3

20104.5% 6.5%

2010

2010

20101% 2%

2010 M&A

20092010 M&A LBO

22010

M&AM&A

ESCESC

2009 5

ESC M&A

M&A IPO



Gary MurphyDeals LeaderPwC SEAPEN Region*

2008 12 10.5%2009 12 120

2009 1.1%2009

4 1,541

142,000

2 Thai Khem Kaeng 20122009 4

VAT9 9.6% 10 7.4%

2009

SET1

2009 SET 450.063.1% 773.7

2009 11 69.1 2009 1270.4

* PwC SEAPEN5 3,000

2009 7.3%360

264 9.1%

303 82

76

2009 M&A 2009 147,100 6

67% 24 6,300

Navis Capital PartnersGrampian Country Food Group Ltd

Grampian Foods Siam Ltd LBO1


BAYGeneral Electric Capital International Holding Corp.

General Card Services Total Services SolutionsBAY

Tesco Card Services Ltd3 137

4 380 BAY CFG Services Co. Ltd

GE

ACL FinansaSyrus Plc 24.7%. 25,520 750

2009 10

16.3% 18.5% 34.9%251 7 5,410

Tarnin Holding Co., LtdDon Muang Tollway Co., Ltd

29.1% 36 1 6980.03% 29.1%

UBG Bhd. 100% UBG Energy LtdPearl Energy LtdPearl Thailand Holdings Ltd 6 5,380

1,920

PTT Plc65.6% PTT Exploration and Production

Plc. 100%G4/48 28.8%

49%40

Thonburi Hospital PlcPiyavate Hospital

Public Co., Ltd 40%

MBK Plc. 100% Siam Piwat Co., Ltd

Paradise Park Co., Ltd 34.6%15.4% 50%

2009GDP 2.8% 2008

10 3.5%2009 1 2 3

7.1% 4.9% 2.9% GDP4 3.5%

2010 3% 4%2.5% 3.5%

3.8%

10%

18.5%

2010 2Thai Khem Kaeng 1 4,300

520

2010 1 1 ASEANAFTA


20102009

2009 BOI2008 17.9%

BOI 2009Foreign Investor Confidence Survey

Report

58.8%29.9%

2010 M&A

GDP

76

GDP0.5%

M&A2010 1


M&A 2009

4 OUT-IN

PE

1

10 HSBC Insurance Asia Pacific Holdings Limited HSBC

1 8,8001 530 10%

18%

10 Fubon Financial Holding Company Ltd

Chinfon Commercial Bank Co. Ltd 25 3,000

7,810

112,000


Stephen GaskillTransactions LeaderVietnam

2009 GDP 2008 6.2%5.3% 6.9% 6

20108% 10%

2008 9.7% 14.7%

111 7%

8%5% 3% 5.4%

2009 12 31 18,4792008 17,489

2009 FDI215 2008

20072006 FDI 2

VN 6 448.312 494

IPO2009

IPO

1 2009 4M&A 2010


12 2 1

1 3,300

7Hoang

Gia Real Estate Investment and Development JSC Hoang Gia 44.25% 8,8505,050

Hoang Gia28.75% 5,750

7

90% 5,000

12

Truong Hai Automobile Co. Ltd THACO5,370 2,900

23.4% 29.2%

7 ANZ

BNP

2009PE

10 TPG BankInvestGroup BankInvest 3,500 2,200

2009 12 BankInvest 1,20010.15% 11.48%

9VOF

3 IRR 23%

8Duc

Thanh Wood Processing Joint Stock CompanyVietnam Rubber Corporation

Tan Dai Hung Plastic Joint Stock Company

IN-OUT1

2010 GDP 6%

M&AIN-IN

PE OUT-IN2010

1 1 2010


2010

2009

PEPE

2009

PE

2010

2010

2010

2007

2010

PE

PE

2010M&A

2010

2 2010 M&A

M&A

2010

2010M&A

M&A

M&A

PE

M&A


3 13

11.44 1.1

GDP

RBA 10 32009 3.75

RBA 3

2010

62009

90 95 80 85

6

2009 9611,084

881 5762009 5 BHP

Tom FentonCorporate Finance LeaderAustralia

2009

6

92009 2 GDP 0.6

3GDP 0.2% 2

2010

2009 12 5.75

2010

Australasia

M&A IPO 2010


5802

2009 12 5

2010

618 IPO

2009

carsales.com.au1 4,800 IPO 9

11 20IPO TPG

2006 3

311

3

9

2010 IPO

IPO SIMS Metal

2009

2009 M&A

AMP NABAXA AP

AXA AP 51AXA SA AXA AP

55 NAB

AMP

53

282009

87.75 8,800

74.546

Energy Developments Limited 3 9,600

50

ABC Learning Limited

Goodstart 1 4,100

Z

51

15

2012ANZ

RBS 55,000

RBS


Canwest Global Communications CorpTen Network

Holdings Limited6 3,000

RBA 18

6

20096

IPOIPO

Queensland Rail AscendiaRetail Rebel Sports

Loscam 2010

2010 IPO Ascendia Loscam

184

M&A AXA AP

Abbot Point Coal TerminalQueensland Motorways

380

2009


Mark AverillCorporate Finance Leader New Zealand

52009 2 0.2% 3 0.2%

2009 3 GDP2007 4 2.9%

2009

2009 11ANZ 2009 2

39% 2008 11 17%

2009 2 75%

NZ

NZ2009 3 0.50 10

0.76 120.70 0.73

20090.77 0.852009 6 6.1% 3

28.2% NZANZ 2009 6 13.6%

2008 11 8.5%

3.5% 6.5%10

2009 2 1.1% 30.5% 2009 10

24.3%2009 3

20095.2% 2009 1

9.2%

2009 10 11% 2011

20096 1 18%2%

3.3

2009 9 1 1.7%RBNZ 2009 12 9

2011 2% RBNZ1% 3%

RBNZ 2009 4 302.5%

2010

NZX50 2009 3 3 2,4182009 10 20 34.5%

3,252 20093,230 19%

2007 25%2009 1 11NZX 61 9,000 NZ

31 7,000 NZ 302,000 NZ

119% 200733%

2009 11 13

Australasia

2 2009


2009103 2008 130 2009 94

IN-IN52% OUT-IN 34%

14% IN-OUT

Shell New ZealandNZX

2009 12 Shell New Zealand

NZX New Zealand Refining Company 17%

2009 Abano Healthcare Group AbanoBay Audiology

Crescent Capital PartnersNational Hearing Care New Zealand Limited

National Hearing Care 1 5,800 NZAbano

NZXAbano

Abano Bay AudiologyPeter Hutson Bay Audiology

National Hearing Care 3,000 NZ13%

Crescent CapitalSimply Squeezed

Crescent Capital 2006 Simply SqueezeSteve Brownlie

40%PwC Crescent Capital

Crescent Capital

IT CSG 1 3,200 NZOnesource Group OnesourceGroup

Leasing SolutionsCSG 6,500

90% Leasing Solutions 100%

CSG

Direct CapitalExpress Logistics Group Toll Group 5,000

Direct Capital 2005Toll

2009

Amalgamated Holdings Sky City 5,900 NZ

Amalgamated HoldingsRydges Hotel group

Sky City

NZX PGG WrightsonPGW

Agria Corporation Agria PGW 3,600 NZ13%

PGW 1 8,100 NZPGW 3,300 NZ

Agria 2 4,900 NZ

PwCAgria


Agria 2009

20098,000 NZ

2 2008 10 1

New Zealand Farming System UruguayNZFSU 14.35% 1,400 NZ

NZFSU NZX

GDP2010 3 1 0.4% 2011 3

1 2.8% 2011 3

1.8% 3.7%

2008 1060%

35 NZ

M&A1,000 1

5,000 NZ 2,000ANZ

5

2010


M&A MARR M&A

2

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Asia Pacific M&A Bulletin - PwC