Freehills tops the Thomson M&A League Tables for the third year running
03 January 2007Freehills continues its number one position in the strong legal market for mergers and acquisitions (M&A), according to Thomson Financial’s Australian and New Zealand M&A League Tables for calendar 2006, which were released today (see page 23 and 24).
For the third consecutive year, Freehills acted on a greater number of Australian and New Zealand announced and completed M&A transactions for a higher aggregate deal value than any other law firm in this market. Freehills also topped the 2006 Bloomberg and Mergermarket M&A League Tables for the second consecutive year.
In announcing the results today, Freehills partner Rebecca Maslen-Stannage said, ‘It’s been quite a year in M&A, and topping the league tables in such a strong year is doubly satisfying. The tables reflect the incredible depth of talent in our M&A team, which consistently delivers strong outcomes for clients in what has become an increasingly complex and exciting year in the M&A space,' said Rebecca.
Freehills’ performance extended to the Asia-Pacific M&A League Tables, outperforming rival firms. Asia-Pacific ex-Japan announced M&A volume surged to a total of US$437.5 billion in 2006 from US$294.3 billion last year, a 48.7% increase, according to Thomson Financial.
Commenting on the trends which have shaped the local M&A landscape during 2006, Rebecca said, 'This year we have seen the size and pace of private equity deals continue to increase with private equity involvement in the Australian market reaching levels that are comparable to the US and the UK. Surplus funds and favourable credit conditions have prompted funds to become more aggressive when competing for target assets. We see the strong M&A deal flow continuing into the first half of 2007.'
Key transactions announced in 2006 which have involved private equity participants include the Macquarie-led consortium’s bid for Qantas, KKR’s joint venture with Seven Network; CVC Asia Pacific’s acquisition of DCA Group; Newbridge Capital’s acquisition of 60 Myer stores around Australia; and Archer Capital’s bid for Rebel Sport.
'In 2006, we have seen foreign acquirers return to the local market,' Rebecca continued. 'CEMEX, Peabody Energy Corporation, Tullow Oil, Hospira, Daniher Corporation and SvitzerWijsmuller Marine, as well as numerous foreign private equity houses, have all announced deals with significant Australian targets.'
The Australian energy and resources sector has also been a key driver of M&A activity during 2006. 'High commodity prices and strong cash flows have positioned large producers well for acquisitions,' said Rebecca.
Freehills acted on most of the landmark deals announced during 2006, including CEMEX’s takeover bid for Rinker Group; Suncorp Metway’s merger with Promina Group; John Fairfax Holdings’ proposed merger with Rural Press; Svitzerwijsmuller’s proposed acquisition of Adsteam Marine; Peabody’s acquisition of Excel Coal; Orica’s acquisition of Minova; and Hastings Diversified Utilities Fund and Utilities Trust of Australia’s acquisition of South-East Water.
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