Top-tier law firm Freehills continues to be the market’s choice in M&A and has maintained its position as Australasia’s leading M&A legal adviser, taking the number one spot for all Australia & New Zealand categories in the 2008 Thomson Reuters M&A Legal Advisor League Tables1, released today (see page 26).
The tables show that Freehills advised on more announced and completed M&A deals for a higher aggregate value than any other law firm in the region.
Freehills also topped the 2008 full-year Bloomberg M&A League Tables for Australia & New Zealand2, which were released 2 January 2009, for the fifth year in a row (see pages 13 & 14).
In discussing the developments in M&A this year, Freehills’ partner Rebecca Maslen-Stannage said, ‘The shape of the M&A landscape has changed as a result of the global financial crisis, with transactions this year being dominated by financial, healthcare and resources sector consolidation.’
In terms of what the key drivers of M&A activity will be during 2009, Ms Maslen-Stannage said, ‘I see M&A activity continuing steadily throughout this calendar year. Further consolidation of the financial and resources sectors will be a key source of M&A deal flow.’
Ms Maslen-Stannage continued, ‘The effects of the credit crunch will continue to permeate across the board. Buyers with cash remain in a strong position. It is a good time to be a buyer and particularly with the decline in the Australian dollar, good buying opportunities are emerging for offshore investors.’
Ms Maslen-Stannage said, ‘We have experienced another strong year, despite the global financial markets crisis. Our M&A team continues to work closely with clients on some of the most complex and strategic corporate transactions in Australia and throughout the Asia-Pacific region. Working on challenging and innovative deals is what we love doing and I’m pleased to note that our deal pipeline for 2009 is looking robust despite challenging market conditions.’
Landmark and innovative deals Freehills has acted on during 2008 include advising Bupa Australia on its merger with MBF, the biggest deal in the private health insurance industry, Commonwealth Bank of Australia on its acquisition of BankWest, Cadbury on the divestment of its Australian beverage business to Asahi, National Foods on its acquisition of Dairy Farmers and Santos on the signing of its historic coal-seam gas partnership with PETRONAS.
Endnotes
1. 2008 Thomson Reuters M&A Legal Advisor League Tables
2. 2008 full-year Bloomberg M&A League Tables for Australia & New Zealand
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