‘Overseas investors and resources have underpinned ongoing momentum in M&A activity during the third quarter of 2009,’ according to Freehills M&A partner Andrew Pike.
‘There are a significant number of transactions involving foreign acquirers from for example Canada, China, Japan, the US and UK.’
In comparing the type of activity in M&A to last quarter, Mr Pike said, ‘The number of announced transactions this quarter remains relatively consistent, however it is the types of deals that are changing. We are seeing less distressed acquisitions and a fundamental shift to strategic acquisitions and traditional consolidation.’
‘We are starting to see true signs of life. The IPO market is back and there is a promising trend towards issuers raising funds for strategic acquisitions and growth opportunities, rather than to shore-up balance sheets.’
Freehills continues to be the most active law firm in the region, advising on more deals than any other law firm.
Freehills again ranked number one, advising on the most number of deals (61) according to the Q3 2009 Bloomberg M&A legal advisory league tables for Australia & New Zealand by deal count released today. (see this years results page 11) Freehills has topped the Bloomberg tables advising on the most number of deals for almost six years in a row.
Figures released by Bloomberg on 1 October also place Freehills among the top two law firms in the Asia-Pacific for announced M&A activity for the first nine months of the year.
Freehills has also topped the Thomson Reuters M&A League Tables, released on 5 October, which reflect both announced and completed transactions for the first three quarters of the 2009 calendar year. We are ranked first on number (73 deals) and second on value (US$75.66 billion) of announced deals. For completed deals we are first on both number (66) and value (US$17.42 billion). (see page 22 of Thomson-Reuters results)
The Mergermarket M&A league tables also rank Freehills number one again, advising on the most number of deals this quarter.
Freehills M&A team has acted on some of the markets most high profile, complex and strategic deals during 2009 include advising:
- Cadbury on the divestment of its Australian beverage business to Asahi
- Eldorado Gold Corporation on its proposed scrip-for-scrip acquisition of Sino Gold Mining
- OZ Minerals on its sale of key assets
- Viterra Inc on its acquisition of ABB Grain Ltd
- Pure Energy Resources on its acquisition by BG Group
- Centro on its stabilisation arrangements
- Gloucester Coal on its recent M&A activity, including proposed merger with Whitehaven Coal and Noble Group’s subsequent takeover offer, and
- Morgan Stanley on its joint venture with Citi.
Mr Pike said, ‘Our number one position in the league tables is testament to the strength, flexibility and diversity of Freehills’ M&A capabilities.’
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