q2 2014 global m&a legal cover.ppt - typepad...european m&a doubles; best start for asia pacific m&a...

MERGERS & ACQUISITIONS REVIEWREUTERS / Brendan McDermid

MERGERS & ACQUISITIONS REVIEWLEGAL ADVISORS

First Half 2014

8

First Half 2014 | Mergers & Acquisitions | Legal Advisors

M&A Legal Advisory ReviewTable of Contents

9

13

Any Asian (ex-Japan) Involvement Announced (AE31)

Any Asian (ex-Japan) Involvement Completed (AG32)

13

Global M&A

Global Deals Intelligence

Scorecard: Worldwide Announced M&A

Scorecard: Worldwide Completed M&A

Top Fifteen Worldwide Announced Deals

Americas M&A

Worldwide Completed (AG1)

15

13

14

15

Any European Involvement Completed (AG40)

Any UK Involvement Announced (AE40)

10

14Any UK Involvement Completed (AG41)

Any French Involvement Announced (AE41)

10Any French Involvement Completed (AG42)

Worldwide Announced (AE1) 3

Asia Pacific (ex-Japan) M&A

Asia Pacific (ex-Japan) Deals Intelligence

Top Ten Any Asia (ex-Japan) Involvement Announced Deals

2

EMEA M&A

Any European Involvement Announced (AE39)

European Deals Intelligence

1

2

1

3

8

5

2

9

Top Ten European Involvement Announced Deals

8

Any Australia or NZ Involvement Announced (AE27)

Any Australia or New Zealand Involvement Completed (AG28)

9

9

14

14Any Asia Pacific (ex-Japan) Involvement Announced (AE30)

Any Asia Pacific (ex-Japan) Involvement Completed (AG31)

18

10 Japan M&A5

Mergers & Acquisitions Criteria Summary

6

16

Any Benelux Involvement Completed (AG47)

US Target Announced (AE2)

Any US Involvement Completed (AG34)

Americas Deals Intelligence

Any US Involvement Announced (AE33) Japan Deals Intelligence

19

18

Regional Contacts

Any Canadian Involvement Completed (AG35)

Any US Public Involvement Completed

Criteria Summary

18

16

17

Top Ten US Announced Deals

10

Top Ten Japanese Involvement Announced Deals

11

6

6

Any Italian Involvement Announced (AE44)

12

Any Spanish Involvement Announced (AE42)

US Target Completed (AG2)

Any Canadian Involvement Announced (AE34)

6

12

Any German Involvement Completed (AG44)

11

7

Any Nordic Involvement Completed (AG46) 12

Any Nordic Involvement Announced (AE45)

Any Benelux Involvement Announced (AE46)

7

7

5

12

Any Italian Involvement Completed (AG45) Any Japanese Involvement Completed (AG52)

Any Spanish Involvement Completed (AG43)

11

Any German Involvement Announced (AE43)

11

17

Thomson Reuters Soultions for the Deal Making Community

16

Any Japanese Involvement Announced (AE51)

https://www.thomsonone.com

Worldwide Announced Buyside Financial Sponsor Activity

LEGAL ADVISORS

MERGERS & ACQUISITIONS REVIEWWW M&A Up 73%; Strongest First Half Since '07 l Hostile / Unsolicited M&A Accounts for 8% l Healthcare M&A Breaks Full Year Record l Skadden Top Advisor

First Half 2014

WORLDWIDE M&A UP 73%; STRONGEST FIRST HALF PERCENTAGE GAIN SINCE 1998 - Powered by aresurgence of deals over $5 billion, the value of worldwide M&A totalled US$1.8 trillion during the first half of 2014,a 73% increase from comparable 2013 levels and the strongest first half for worldwide deal making since 2007.The 73% year-over-year gain marks the strongest first half percentage gain since the first half of 1998, when dealactivity more than doubled. Just over 18,300 worldwide deals were announced during the first half of 2014, a slightincrease compared to the first half of last year. Second quarter 2014 M&A totalled US$1.1 trillion, a 60% increasefrom the first quarter of this year and the first quarter to top US$1 trillion since the second quarter of 2007.

EUROPEAN M&A DOUBLES; BEST START FOR ASIA PACIFIC M&A ON RECORD - M&A activity forEuropean targets totalled US$508.8 billion during the first half of 2014, more than double the level of activity seenduring first half 2013. With US$337.8 billion in announced deals during the first half of 2014, Asia Pacific M&Aregistered the strongest first half for deal making in the region since records began in 1980.

HOSTILE & UNSOLICITED M&A ACCOUNTS FOR 8% OF WORLDWIDE M&A - Hostile and unsolicited bidstotalled US$145.1 billion during the first half of 2014, accounting for 8% of worldwide merger activity, the highestpercentage since the first half of 2007 when hostile and unsolicited deal making accounted for 9% of announcedactivity.

CROSS BORDER M&A MORE THAN DOUBLES – Cross Border M&A activity totalled US$689.1 billion during thefi t h lf f 2014 ti f 39% f ll M&A l d th d bl fi t h lf 2013 l l

Global Deals Intelligence

$109 9

$192.0

$322.1

$$79.6

$125.0$73.4

$160.6

$162.5

$55.9

$73 9

$69.7 $92.8

$79.7

$97.4

$281.2

$100.9

$35.7$86.2

$106.2 $92.0

$111.5

13.2%

21.8%19.1%

8.8%

6.5%

10.3%

13.0%12.4%

16.2%

15.6%

5%

10%

15%

20%

25%

$200

$300

$400

$500

$600

$700

$800

$900

% o

f Glo

bal M

&A

Ran

k Va

lue

(US$

b)

Q4 Volume (US$b) Q3 Volume (US$b)


% of YTD Global M&A

Paul, Weiss

▲ ▲

Jan 1 – Jun 30

Rank Value per Advisor (US$m)

Share Ch.

Kirkland & Ellis

▲

Worldwide Announced (AE1)

19

Industry % Change from Last Quarter 60.1%

US$m Sh (%)▲

2.6%

# of RankDeals # of Deals

# of Deals per Advisor

Sh (%)

119,969.5

15

18 33

107,185.3

105,101.9

118,176.3

106,076.118

Jones Day

16 1617

Shearman & Sterling LLP

9.6162,810.9

6.56.7

13

8

425

6.1

Wachtell Lipton Rosen & Katz6

Willkie Farr & Gallagher

Blake Cassels & Graydon

24

14Allen & Overy

Slaughter & May

6.8Cleary Gottlieb Steen & Hamilton 5

Latham & Watkins 8 1 194,234.4

11.5

▲

291,507.6 16.513.2

202,348.3

2

10 202,922.89

11.9

2 76

20 211,629.2233,849.9

26

Davis Polk & Wardwell

2013 Rank

Rank Value

10521.99.3 57

Market

10.4

Market

6.8 ▲

Legal Advisor387,497.3Skadden 1

2014 Rank

Sullivan & Cromwell

Market

3

Change in

Freshfields Bruckhaus Deringer307,740.3 17.4 ▲

3

7

5

0.6▲

4222

0.3-5117

0.50.6

7▼5

0.21285

44*▲

-7 ▼-0.6 ▼

▲4

6Weil Gotshal & Manges ▲

1.7▼

3.6 0.4 209278 ▲

13

3.8 0.510*▲

9.2

-3.1 155143

11.411.0

169,390.2

12

▼ ▼10*

18

92-51768

▲

20

▼-0.0 -1358 0.324*

▲132,181.0 ▼▲

46*33*

20.3

-0.1

129,573.0

14

White & Case LLP 10

Simpson Thacher & Bartlett 7

9

11

22

▼

Linklaters5.65.8

0.3

1.3 ▲15

4.5

0.2% ▲

-3538

35

3.07.5 -2.87.3

40

▲ 219

48

1.8

0.5 -48

▼

10-

▲

0.3▲

35

9

-▲

00.1

0.3

23

▲

5

0.50.4

▲

-24▼

0.9 ▲

Bredin Prat 21 75 99,487.3 5.6 84*2168*26Debevoise & Plimpton 20 23 99,722.9

▼

▲▲114,782.4

6.0

0.5

2.2

-38

300.3

5516

1.2

2

13

0.2

0.2

0.5 ▲

6.8

0.9

0.1

108 0.6

33*

▲

▲

▼485.9 2.8

-0.5▲▼

157

102,153.9

5.495,518.6 521.7

▲5.2 48

3.4

82

Sidley Austin LLP 22 51Gibson Dunn & Crutcher 2823

44▲

91,220.892,648.0

5.2 ▲2.74.9

Industry % Change from Same Period Last Year

100.0Herbert Smith Freehills 25Industry Total

26 87,362.2Osler Hoskin & Harcourt LLP 24

1,771,748.8

72.8% ▲

19*63▲0.9

▲

029*

-1052 0.233*

38

18,319

first half of 2014, accounting for 39% of overall M&A volume and more than double first half 2013 levels.

TRIPLE-DIGIT PERCENTAGE GAINS IN HEALTHCARE & MEDIA DRIVE M&A - Driven by pharmaceutical dealmaking, the healthcare sector was most active during the first half of 2014, commanding 18% of announced M&Aand already besting the full-year record for M&A in the sector set in 2007 (US$274.8 billion). The media &entertainment sectors accounted for 13% and 12% respectively

Worldwide Cross Border Activity

*tie

$73.5$154.3

$204.1

$78.3$16.4

$61.3$114.5 $152.0

$109.9 $82.8

$24.8

$86.9 $68.5$36.2

$73.9$51.7

0%$0

$100

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$146.6$281.0

$406.1$258.3

$113.4 $175.1$234.2 $171.6 $132.7

$244.7

$241.3

$273.8

$645.8

$364.1

$112.5

$202.9$246.5

$269.4$166.4

$444.4$262.8

$254.4

$371.9

$326.3

$148.5

$269.9$204.5

$203.1

$189.7

$249.5

$406.1

$430.8

$154.4

$168.2

$263.0 $200.5 $252.7

$240.1

33.7%33.6%

44.9%

38.3%

27.2%

37.3%

35.2%

35.3%

30.7%

38.9%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

% o

f Glo

bal M

&A

Ran

k Va

lue

(US$

b)



% of YTD Global M&A

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com

1

Western Europe

646 44 6Australia 390 30 574 4▲33,097.949,412.3 455 597

53444 205 4

2,70959,422.6 652 32,102.4

Australia 54 978 2 560▲▲4,429

23,532.2 178.4▲154,273.1

890 8,452.82,260 151,730.0

Republic of Irela 104,062.0 8340,801.74,529.1 61

1,130United Kingdom 77,641.7 1,03516,313.9Germany

602.627,602.4▲2,197.6 50542,967.2United Kingdom 53,354.4

France

Eastern Europe1,683▲190,140.8▲

▲

-52.4

803

90.3

Western Europe 488,432.5 4,734964France

210,098.2Eastern Europe

132,626.9

8,317.4 284 15,487.4▲6,540

888

1585,004

Sub-Saharan Africa

3,8664,857 156.9 180,374.2▼

9,513.5

20,362.7Europe118.5

100

756,086.0United States

54,231.833.024,528.7 204Brazil 18,442.2

Canada

North America

Central AmericaMexico

5,905.3

799,140.95,383.0

6,932.4Caribbean 46


Mergers & Acquisitions

No. Deals

866,210.3 5,990 529,279.4▼

AmericasWorldwide

Target Region/NationRank Val

US$m

1,771,748.8

% Change in Rank Value

Scorecard: Worldwide Announced M&A

No. Deals

1/1/2014 - 6/30/2014 1/1/2013 - 6/30/2013Rank Val

US$mTarget Region/Nation

% Change in Rank Value

Rank Val US$m

No. Deals

14,024.6 135

▲

▲10,534.4

▲37,733.9 14.1

▼

65.6

47

18,281

1,249.15,717

18,319 1,025,102.9 72.8

4,744.4-57.9

▼

▲▲

455.063.7 597,414.3

Mexico

4,615 444,977.1

-48.9482,711.0

69.94,985

10179

4,1355,439

Asia-Pacific 337,811.2 82.4

29 807 8Australasia

64

824

273

35,246.5

Asia-Pacific

South America850551

43,054.9

Scorecard: Worldwide Completed M&A

1/1/2014 - 6/30/2014

404 31,294.7

217

▲▲▲

358,361.35,524.4Sub-Saharan Africa

29,724.0 99,009.8

544

▼

Africa/Middle East

Brazil

1.7

▲

-70.0 ▼1,403 42,764.6

4,569 185,225.2

6,137

13,247.8

218▲ 6,754.1

Middle East

Caribbean

Worldwide6.6Americas

32

13,073 14,2021,132,244.44,778

1,021,567.0

3,293.7 374,838

507,304.0

27,864.04,365.4

55684,847.7

555,308.8 4,36627,487.1

▲15.2

▼-21.313.7

427224

▼

35

445,272.462,031.6

3.4

4,283

60.6

▲

21,149.3590

South America697

▲30748,838.9

506,469.9 3,776

▼-82.6

▲

▲3,586

84 4

Central America

▲

United StatesNorth America

161473.1

11,501.4Argentina

7,216.0

7,651.026,429.4

▲

▼

1,047

156375

North Africa

▼

▲▲

▼5,566

▼

27,332.1

4215,574.9

372

▲

1,138

Peru27,672.5Africa/Middle East

7440

-43.5

9,491.9

Middle East 9,116.5593

15.7565

-46.354.7

8,200.6-21.5

3,258.1 4916,124.9 263

508,795.2

5,040.4

725

72.2

Australasia

1,364

69.218,877.9

232,905.4

▲

743

259,351.6

▲49.3

4,202

▼▼

4,493.5

96

-19.5

-41.4

73

1,517.2

-82.7

50.337169

9.5

85.1

73.3Canada

▲-24.5

-9.8

No. Deals

560,682.6

33,964.2

-30.5

128

-53.7

31

North Africa

Europe

Worldwide Announced M&A by Target Industry

1/1/2013 - 6/30/2013

▼

Rank Val US$m

18%

13%

12%

11%9%

8%

7%

7%

5%

4%3%3%

South East Asia

Healthcare / Healthcare Equipment & Supplies4/24/2014 Pending Biomet Inc (100%) Zimmer Holdings Inc United States / United States 13,350.0

Top Fifteen Worldwide Announced Deals

5/6/2014

PendingWhatsApp Inc (100%)

Healthcare / PharmaceuticalsPending Germany / United StatesMerck & Co-Consumer Care Bus (100%)

Pending

14,200.0

General Electric-Energy Assets

Suntory Holdings Ltd

19,467.7

Novartis AGJapan / United States

4/22/2014

Forest Laboratories Inc (100%)

6/19/2014 Intended Shire PLC

GlaxoSmithKline PLC-OncologyBeam Inc (100%)

3/11/2014 Pending

Alstom SA-Energy Businesses (100%)Pending

SFR (100%)

1/13/2014

2/18/2014 Pending2/19/20144/30/2014

France / France

Hong Kong / ChinaSwitzerland / France

Numericable Group SAIreland-Rep / United States

Facebook Inc United States / United States

Pending CITIC Ltd (100%)4/16/2014Pending

6/15/2014

23,286.3

United States / Ireland-Rep

67,186.3United States / United States 56,297.8

Medtronic Inc

4/7/2014 Lafarge SA (100%)CITIC Pacific LtdHolcim Ltd

Pending

Rank Value (US$m)Rank Date Date Effective Target (% Sought/Acquired) AcquirorUnited States / United StatesTime Warner Cable Inc (100%) Comcast Corp 70,677.1

Allergan Inc (91%)

Acquiror / Target Nation

AbbVie Inc

4/30/2014

5/18/2014Pending

Pending Covidien PLC (100%)

2/13/2014

4/22/2014 PendingDirecTV Inc (100%)

Valeant Pharmaceuticals IntlAT&T Inc

47,568.9

United States / United States

44,543.539,544.6

47,922.1United States / Ireland-Rep

17,124.2United States / France

15,687.516,000.0 Healthcare / Pharmaceuticals

Healthcare / Pharmaceuticals

Materials / Construction MaterialsFinancials / Asset Management

Media and Entertainment / Cable

Jan 1 - Jun 30 2014


38Central Asia1,030 35,041.0

3,848.4 359.9 ▲-7.4

Central Asia 5,198.2 28 376.1Japan 31,259.5 1,030 42,446.5 717

1,282.1 ▲▼ Japan-26.4 32,449.4 656

19 836.7▲

24,637.5 331South Asia 8,549.3 296 10,177.2 37916,462.7 529 25.3477 13,141.5

South Korea 38,418.5 530 16,224.3 136.8South Asia

▲ South Korea 32213,798.235,491.3▲ China 705China 159,386.6 1,712 87,482.8 46,859.0 ▼-24.35621,570

▲ North Asia82.2

Malaysia 4,639.3 ▲North Asia 224,804.6 2,619

836 South East Asia

75,525.193.8 1,1701,072249 45.4

115,997.8 2,339

▼

227 3,190.8

821 23,983.5 38,287.2 -45.7

70,167.73,671.5 123Malaysia 7,961.5 -53.9188 ▼

37,121.3Singapore 23,053.6 198 5,053.4 Singapore356.2181

54.8-30.1▲ 15,458.410,807.9

563134109

20,786.42

437

646 44.6Australia 390116.03,879.6

30,574.4

▲4New Zealand 2,216.2 76 1,712.4 ▲29.472

53444,205.4Australia 54,978.2 560Papua New Guin

29,807.8


Actavis PLC

Switzerland / United Kingdom

Bayer AG

3,244.5 ▲

23,306.8

7.6

35

▲

84.4

477

High Technology / Internet Software & Services

▼

Consumer Staples / Food and Beverage


Telecommunications / Telecommunications Services

Healthcare / Healthcare Equipment & Supplies

Industrials / Machinery

Target Macro / Mid Industry

▲

▼

-16.0 ▼78.6

▲

▲HealthcareMedia and EntertainmentEnergy and PowerFinancialsReal EstateIndustrialsMaterialsHigh TechnologyConsumer StaplesTelecommunicationsConsumer Products and Services


2

14,902.9 - -100 0▼ 1 021 567 01 129Industry Total 13 073

-17Cooley LLP 24 74* 53

-Mori Hamada & Matsumoto 25 16 52 0.4 -▼-- -0.4 27 ▲ 8,175.8 -

0.2 ▲- -0.4 4 - -

22 4.3▲ 29,856.2Kim & Chang 23 29* 55

Herbert Smith Freehills 21* 12 58 0.4 -35 ▼ 44,199.0Shearman & Sterling LLP 21* 32* 58 0.4 10 ▲ 37,757.7 -4.5 ▼26 3.7

- -- -0.5 5 - -- -

▲ 4,173.90.5 21

Morgan Lewis & Bockius 20 25* 59Bryan Cave LLP 19 46* 60 ▲ 5,624.8Blake Cassels & Graydon 17* 15 61 0.5 -21 ▼ 40,522.8 -4.7 ▼24 4.0

9.7 ▲- -0.5 -29 - -8 14.2

▼ 2,256.60.5 -20

CMS 17* 13 61Hogan Lovells 16 14 65 ▼ 144,934.9Davis Polk & Wardwell 15 25* 67 0.5 13 ▲ 205,276.7 7.2 ▲1 20.1

2.2 ▲19 5.70.5 -61 -8.4 ▼28 3.5

▼ 58,437.30.6 14

Linklaters 14 4 70Norton Rose Fulbright 13 22 72 ▲ 35,342.8Simpson Thacher & Bartlett 12 41* 77 0.6 35 ▲ 203,998.5 2 20.0

-0.1 ▼13 8.70.6 -16 -4.4 ▼16 7.2

▼ 88,879.60.6 -12

Skadden 11 10 80White & Case LLP 9* 11 83 73,523.0Clifford Chance 9* 9 83 0.6 -23 ▼ 41,234.9

Freshfields Bruckhaus Deringer 0.7 -29

23 4.0

40.7 29

37 2.2 ▼14 8.2

▼ 22,406.18-8.2 ▼

-44 -2.87 8 88

▼ 174,821.917.917* 92

▼ 83,789.7Baker & McKenzie 6 3 90

▲ 183,002.25Weil Gotshal & MangesDLA Piper LLP 4 2 125

8.4 ▲5 17.10.7 -48

▲Kirkland & Ellis 2 5 133

▼Latham & Watkins 3 7 126 8.0

59,657.6▲ 81,925.0

1.0 -281.0 21.0 3

14,395.6

US$m Rank7

1815

1.5 3 ▲ 147,018.3Jones Day 1 1 195

41

17*-23-21

Market

580.2

56,287.3

10

203,998.5

Change in Legal Advisor

Market

Jan 1 – Jun 30

# of Deals per Advisor Rank Value per Advisor (US$m)

Deals

-35

-29

Of Deals Sh (%)

-16

Rank Value

0.2

9

0.6

2132 44,199.0

3421*

0.3

0.5-16

512

Worldwide Rankings

# of Rank

67▲7.2

2014 Rank

Market

6 205,276.7Sh (%) Share Ch.

Worldwide Completed (AG1)

1 20.1

2013 Rank Value US$m


Davis Polk & WardwellSimpson Thacher & BartlettWachtell Lipton Rosen & Katz

Legal Advisor

Weil Gotshal & Manges

144,934.9267

156,020.55 11

10

4 8

10.8

13.9

14.214.4

13.1 ▲14.111.9

Industry Total


9.7 ▲

4.0-3.7

4.8 ▲

▼4.34.0

5

36-8.4 0.5-3.7 45▼ 0.3

▼ -613

70 14-17

133 2▲ 1.0-2.00.1

0.2

▼ 7

83 9*

-8.2

64*26▼▼

▲

0.1

0.7

1.5

22

▲ 195

115*

0.6

58*29

1.03

80 1188

165

▲126▼ 2

0.1

0.6162*

14

0.7

8

▼

▼

▲-

8.5

-3.7 ▼

Sh (%)14.45.8

MarketShare Ch.

# Market

10.80.1

-

▲# of Deals

Worldwide Completed (AG1) - Based on Number of Deals

▲-5.1

2013 Rank

2014 Rank

100 040,094.5 50*

13 073 1 129-7.4 31Cleary Gottlieb Steen & Hamilton

6140,522.8 ▼▼7

24▼▼

25

0.483

1223 9*

-4.73.9

Slaughter & May 6

Clifford ChanceHerbert Smith Freehills

▲

-0.1-5.1

-12

58,437.3 5.75.5

Fried Frank Harris Shriver & JacobsonSullivan & CromwellLinklaters 9

Baker & McKenzie43

174,821.9

920

41,234.9

1.449,316.237

81,925.0

5.8

8.014

7.2Cravath, Swaine & Moore

59,657.6

Freshfields Bruckhaus Deringer 1

1718

Debevoise & Plimpton142,412.3

73,523.0154

83,789.7Skadden

130,737.6

Latham & Watkins 15

8

12

56

147,018.3

183,002.218.7191,489.2

De Brauw Blackstone Westbroek

35

143,896.89

11 52

8.7

Allens

Hogan LovellsJones Day

3 2

Market# of Deals

3.012

0.5

0.5 13

16


30.2


-140.6

▲

▲

▲▲▼

15

0.25

Change in

Jan 1 – Jun 30

Sh (%)Rank

-18 ▼

▼ Allen & Overy 0.66 84

▼-2

▼-6

474* 0.2-20

0.2▲

20.0 17.6 ▲ 77

-4.4

11.5

8.213 5 ▼88,879.6

13.8141,242.0 ▲

16

▲12.8

7.0

12.8

3

White & Case LLP

Kirkland & Ellis 1871,599.3

35

▼

72▼30

Macfarlanes 592*

15.3 12.5 ▲ 21 76*

53*

▼- -

-4817.9

8.49290▲

8.5 2917.1

▲6▼

17.6 ▲

14▲22

6

▲▲

0.7

▼▼▲

1 021 567 0

▲

▼

▼

*tie

-23.3%

Industry % Change from Last Quarter 2.6% ▲Industry % Change from Same Period Last Year 0.2% ▲

-9.8%

0.5-3.1

1.8

Industry % Change from Last Quarter -3.9%-7.9%Industry % Change from Same Period Last Year

▼

▲ Skadden

▼

▲60.1%

▼▼

72.8% ▲

100.0▼ 1,021,567.0-1,129

Market

Industry Total 13,073

100.0▲ 1,771,748.8Industry Total 18,319 +38Shearman & Sterling LLP 24* 19 58 107,185.3 160.3 -13 -

▼ 6,031.86.1▼

- - -0.0

▼ 966.8 - -- -Gowling Lafleur Henderson LLP 24* 21* 58 0.3 -9CMS 23 11 59

0.3 350.3 -52

▲ -Cooley LLP 22 75* 62 3,449.6 - -25 4.9 ▲

- --0.9Herbert Smith Freehills 19* 13 63 0.3 -35 ▼ 87,362.2

0.3 -9,543.4 - -

17 ▲ 5,455.1Bryan Cave LLP 19* 41* 630.3 1 ▲ -Mori Hamada & Matsumoto 19* 25 63 -

- - -9 ▲1.7

-Morgan Lewis & Bockius 18 27* 67 0.4 9 ▲ 27,913.90.4 9.6

19,867.3 - --5 ▼ 169,390.2Blake Cassels & Graydon 17 17* 68

0.4 2 ▲ -Norton Rose Fulbright 16 21* 69 -28 4.1 ▼7 ▲3.6

-2.8Hogan Lovells 15 14 71 0.4 -16 ▼ 72,746.00.4 11.4

102,153.9 19 5.820 ▲ 202,348.3Simpson Thacher & Bartlett 14 27* 78

0.5 -48 ▼ ▼Linklaters 13 6 82 -0.54 13.2 ▼

10 ▼-0.1-0.6Davis Polk & Wardwell 12 24 85 0.5 22 ▲ 233,849.9

0.5 9.2202,922.8 6 11.5

-24 ▼ 162,810.9White & Case LLP 10* 10 920.5 18 ▲ ▲Weil Gotshal & Manges 10* 16 92 3.8

35 3.3 ▼33 ▼-0.2

-1.7Clifford Chance 9 8 96 0.5 -27 ▼ 58,083.20.6 3.5

387,497.3 1 21.9-55 ▼ 61,777.2Baker & McKenzie 8 3 100

0.6 6 ▲ ▲Skadden 7 12 105 10.413 6.8 ▲3 ▲6.8

0.5Allen & Overy 6 4 108 0.6 -38 ▼ 119,969.50.6 16.5

17,809.0 - --5 ▼ 291,507.6Freshfields Bruckhaus Deringer 5 9 117

0.7 -56 ▼ -DLA Piper LLP 4 2 125 -8 11.0 ▼

17 ▲Latham & Watkins 3 5 155 0.9 13 ▲ 194,234.4

0.9 6.0118,176.3 14 6.7

30 ▲ 106,076.1Kirkland & Ellis 2 7 1571.2 23 ▲Jones Day 1 1 219

RankUS$m Share Ch.Sh (%)Change in Rank Value Market Market

Legal Advisor Of Dealshare (%) # of Deals2014 Rank

2013 Rank

# Market# of Deals per Advisor Rank Value per Advisor (US$m)

Jan 1 – Jun 30

▼

Worldwide Announced (AE1) - Based on Number of Deals

▼Industry % Change from Last Quarter -23.3%

Industry Total


▲ 111 0.4

-3.9%▼

100.0 13,073

▼

-1,129

# of Deals18

Change in Sh (%)

-9.8%

1,021,567.0

-7.9%

WW Announced Incl. Withdrawn (AE71)† Jan 1 – Jun 30

Rank Value per Advisor (US$m) # of Deals per Advisor

Share Ch. Deals Rank2014 Rank

2013 Rank

Rank Value Market Market # of

Freshfields Bruckhaus Deringer 2 9 413,847.9 20.2

Legal Advisor US$m Sh (%)1

43* 0.2 ▼2 588,879.5 28.8 15.5 ▲

356,190.1 17.4 2.011.5 ▲ 118

0.4 ▲

-

Sullivan & Cromwell 4 10Davis Polk & Wardwell 3 1

6.9 ▲ 58 17▲ 86 14

0.4 ▲White & Case LLP 5 4 232,011.8 11.3 -0.2

309,413.2 15.1▼ 94 11 0.5 ▼▲ 93 3 0.8 ▲Weil Gotshal & Manges 6 5 217,859.4 10.6 0.2

Cleary Gottlieb Steen & Hamilton 7 25 211,629.2 10.3 5.9 ▲ 42 15* 0.4 ▲42Simpson Thacher & Bartlett 8 12 208,972.5 10.2 2.6 ▲ 79 1 1.0 ▲19Wachtell Lipton Rosen & Katz 9 6 194,757.7 9.5 -0.3 ▼ 41 71* 0.1 ▲41Latham & Watkins 10 3 194,234.4 9.5 -2.9 ▼ 156 54* 0.2 ▲11Paul, Weiss 11 16 174,302.7 8.5 2.6 ▲ 50 89* 0.1 ▲50Kirkland & Ellis 12 13 171,195.2 8.4 0.9 ▲ 160 5 0.8 ▲31Blake Cassels & Graydon 13 14 170,002.7 8.3 1.4 ▲ 70 12 0.5 ▼-7Willkie Farr & Gallagher 14 19 152,879.9 7.5 1.8 ▲ 49 65* 0.2 ▲20Allen & Overy 15 15 143,317.6 7.0 0.2 ▲ 110 7 0.7 ▼-38Fried Frank Harris Shriver & Jacobson 16 17 138,256.4 6.8 0.9 ▲ 43 68* 0.2 ▲43Jones Day 17 23 118,176.3 5.8 1.3 ▲ 219 6 0.7 ▲20Slaughter & May 18 24 114,782.4 5.6 1.1 ▲ 35 4 0.8 ▲35Shearman & Sterling LLP 19 8 107,185.3 5.2 -3.5 ▼ 58 19 0.4 ▼-16Linklaters 20 20 102,153.9 5.0 -0.5 ▼ 82 8 0.6 ▼-48Debevoise & Plimpton 21 18 99,722.9 4.9 -1.0 ▼ 26 34* 0.2 ▲26Bredin Prat 22 85 99,487.3 4.9 4.0 ▲ 21 - - ▲21Sidley Austin LLP 23 54 95,518.6 4.7 3.0 ▲ 52 21 0.3 ▲52

0.4 ▲Osler Hoskin & Harcourt LLP 24 48 94,411.2 4.6 2.4 39▲ 64 56*▲ 39 13

▼Herbert Smith Freehills 25 27 94,302.0 4.6 0.5 0.218,424

-

-156

Industry % Change from Same Period Last Year 73.4% ▲ 73.4% ▲

Industry Total 2,047,858.4 100.0

†Created in response to market demand following the 2013 Legal League Table Criteria Review, our annual forum for determining andresponding to the evolving concerns and demands of our Leagal contributors. For more information on our Legal League Table Criteria, or forinformation on how you can participate in our annual Criteria Reviews, please refer to the contact information at the end of this Release.

Industry % Change from Last Quarter 55.4% ▲ 55.4% ▲

-37

10-6144

-2413

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3

Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA Jan 1 – Jun 30

UK

Worldwide M&A Matrix

World Americas2014 UP 2014 DOWN 2013


JapanAsia ex. JapanUSA Canada EMEA Europe

Consumer Products and Services 14.4x 8.3x 8.9x 23.8x 12.4x

15.8x10.2x10.6x 10.6x 10.1x 14.0x 10.8x 16.6x 15.9x10.9x

8.4x - 14.3x7.7x9.5x11.9x 11.1x 13.6x

Consumer Staples 12.8x 11.9x 11.2x 13.5x14.0x 8.8x 13.5x10.9x 13.0x9.0x

9.9x 12.1x 13.8 13.8xEnergy and Power 11.0x 10.1x 8.4x 12.5x - -9.5x 6.9x 10.2x 3.1x 11.7x 10.3x6.9xHealthcare 17.1x 17.6x 17.7x 12.0x 18.6x 13.6x 15.6x

14.7x

19.8x 11.8x

6.6x 9.5x

14.4x 9.0x 9.0x

12.7x

10.4x

22.4x

12.0x

22.4x 8.2x- 21.1x

12.7x 11.0x 5.7xHigh Technology 13.3x 11.3x 19.6x 11.5x 8.9x12.0x19.0x 6.3x 11.8x 19.0x 14.0x15.6x -14.4x

14.6x7.9xIndustrials 13.0x 10.7x 12.0x 8.2x 13.7x 8.8x 12.1x 9.5x

8.4x 16.0x

14.6x 6.9x

6.7x 11.5x 8.8xMaterials 11.8x 10.8x 14.3x

9.8x 13.8x11.9x 13.4x

9.5x 13.1x 9.2x 13.8x

11.3x 10.9x

12.9x 13.4x11.9x 8.9x 6.9x 6.9x13.1x 11.4x 9.3x

- 28.7x

11.3x

8.3x 10.3x

10.9x 11.8x

8.9x 16.5x 20.0x 24.3x

4.1x - 14.0x 11.6x 11.4xReal Estate 19.8x 18.9x 12.6x 26.6x 9.3x

Media and Entertainment

14.3x

11.4x

14.3x

13.6x 10.0x

7.1x 15.2x

24.6x 27.1x - - 19.4x

4.6x

Retail 12.5x 12.8x 12.0x 10.8x 19.4x

13.4x

Telecommunications 11.3x 11.8x9.1x 15.2x -15.2x17.3x 12.0x

11.8x

12.6x14.8x-

- - 6.6x 12.6x 6.6x 17.3x

10.3x6.1x 6.0x - - 14.2x 10.3x 16.8x

6.7x

12 0x 13.1x 8 4x 11.9x15.1x 12 5x 9.5x11 6x

6.3x 5.5x

11 1x 13 6x11 5x 7.3x 13 8x 14.5x12.6xAverage Industry Total 13.3x 13 6x 11.2x

Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price Jan 1 – Jun 30

12.0x 8.4x12.5x11.6x 11.1x 13.6x11.5x 13.8xg y

USA Canada

13.6x

EMEA Europe Japan2014 UP 2014 DOWN 2013

World Americas UK Asia ex. Japan

Consumer Products and Services 22.8 23.3 35.3 31.8 23.8 23.618.6 34 - - 23.2 1428.221.0 33.352.4

33.9

30.3

39.1 28.2 15.1 27.2

34.8Energy and Power 27.2 27.4 28.9 35.8 0.3

Consumer Staples 25.3 52.421.7

30.1 19.4 28.8 28.8 23.322.7 - -23.2

32.0 55.1 30.1

22.2

19.4

18.0

36.6Financials 26.0 31.0 32.6

24.9 26.6 33.9 29.2

26.2

26.6 27.433.9 42.9

22

- 25.630.4 22.2

47.7 27.6 20.435.434.4 48.2 53.3

31.623.7 23.726.6 20.4 20.6 - 28.7

39.9 28.6 38.4

17.0 21.3 7.2

33.5

45.2 45.2 16.4Healthcare 30.4 37.4

41.672.6 6.9

High Technology 24.3 29.6 29.3

27.2

32.0 28.8 30.0Industrials 22.3 27.9 35.0 25.9 29.6

41.4

55.9 19.0

31.0 29.5 44.7 44.7 18.0

48.1

33.5Materials 31.7 31.1 36.1

28.6

27.6 55.5 56.1 26.227.9

37.0 37.3

41.9 43.1 25.8 43.122.7 38.8

-

26.7

42.2 28.3 42.2 30.2 33.9Media and Entertainment 24.6 28.4 27.6 37.3 4.3

25.5 22.8

23.1 26.3-28.121.8 19.0 25.6 14.823.5 16.0

Retail 22.3 26.9 39.0

Real Estate 18.8

35.6 38.4 19.316.8 12.116.829.1 - 10.0- 29.0

Average Industry Total 25.5 37.4 39.128.8

14.2Telecommunications 29.4

32.636.3

34.5

26.5

26.0

- 16.8

27.3

26.5 36.332.2

-

36.0

24.8 23.410.1

27.42827.7 38.9 46.9

-

37.1

25.4

20.121.6

26.8

28.8

33.9

16.1

27.7

20.5

15.2

27.2

30.8

16.9 22.6

16.5 18.2

7.6-33.028.4 -

23.8 22.9

26.3 14.2

33.6

23.9

33.8

26.2

21.1

22.9

0.3

28.0

* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2013 -6/30/2014 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.


4

Telecommunications Media

Energy & Power Industrials

Real Estate Financials

Healthcare

MaterialsHigh Technology

4,300.0

22,741.9

11,799.62 2

505

3,513.0

Debevoise & PlimptonWachtell Lipton Rosen & Katz

3

20.86,607.14,731.3

74,914.2

21.6

45.2

2

38.9Weil Gotshal & Manges

Proskauer Rose LLP

20.83

103,550.7

322,010.92

1

30,020.2

22,348.5

4,347.1

25,332.3

165,890.6

Driven by deal making over $5 billion, Americas volume increased 81.6% over totals reached through the first half of lastyear, accruing US$1.1 trillion in activity, from 7,265 announced deals.

US Targeted M&A also posted significant gains, rising 69.9% over announced M&A during the first half of 2013. US-targeted volume accrued a total of US$756.1 billion during the first half of 2014, driven by 4,616 deals.

The Media & Entertainment sector led the US market for the first half of 2014, with deal volume totaling US$178.1 billion, a23.6% market share. Healthcare placed a close second, accruing US$165.9 billion for a 22% share. Energy and Powerrounded out the top 3 industries, with US$103.6 billion and a 13.7% share of the market.

Accumulating US$89.9 billion in transaction value, announced Canadian Involvement activity rose by 37.8% over the totalsreached in the same period last year. Completed Canadian Involvement however, fell to US$76.5 billion from 899 deals, a6.3% decrease from completed activity during the first half of 2013.

US targets enjoyed the highest average exit multiples worldwide during the first half of 2014 (15.1x), followed by Asia ex.Japan (14.5x). Most industries saw modest increases in multiples compared to the same period last year, with the biggestincreases coming in Industrials, which stood at 13x through June 30.

Latham & Watkins

3 13.7

(US$m) ShareMkt.

Fenwick & West LLP

No. Deals

2 54.060.4

47,749.1

White & Case LLP

Mkt.(US$m) Rank Share

Rank Val

Latham & Watkins431

24.7

7

31,742.8 3

Sullivan & Cromwell

100,149.7

14.9

Skadden

26,021.2

4

3

303

Skadden


13

31.2

24

Willkie Farr & Gallagher 45.245.5

10 2Skadden4

549

Jones Day

3

Skadden 1

14

20.4 6 Kirkland & Ellis

1

77,233.2

32.828.5

288

21,534.2

3

3

8 Paul, WeissSkadden

10,380.0

2

2

81,002.9

9,743.0

Osler Hoskin & Harcourt LLP

211

8

2

49.3

17

45.61

6 3 36.338.3

5 8,705.4

13 2Kirkland & Ellis

8,259.41

178,088.2

Sullivan & Cromwell

Consumer Products & Services

11,642.61

866

87,754.2

No. Deals

22.1 5

386 1

8,913.7

4,755.0

6

484

16.3

28.328.3

36

20.011

14,908.1



Rank Val

80,507.2 3

Simpson Thacher & Bartlett

1

21,518.0

89,507.1

Rank

15

369

Americas M&A Increase 82% From First Half 2013 | Media & Entertainment Volume Drives US Activity | Canadian Activity Rises 38%

Americas M&A

Americas Deals Intelligence Jan 1 - Jun 30 2014

1

5


25.1 6 Latham & Watkins31,474.7

37.08,921.5 3

Cravath, Swaine & Moore

US Announced Advisors by Target Industry

18,747.1 61 Wachtell Lipton Rosen & Katz 10,680.8 1 57.0 2 Jones Day 7,239.8 2 38.6 3 Willkie Farr & Gallagher 7,230.8 3 38.6 1

Proskauer Rose LLP 4,347.1 3 13.7 3

Top Ten US Announced Deals Jan 1 - Jun 30 2014

LBOs as a Percentage of US Targeted Announced M&A

Energy and Power / Power

Target Macro / Mid Industry70,677.1

Healthcare / Healthcare Equipment & SuppliesUnited States / United States4/30/2014 Pending 12,198.5

United States / United States2/19/2014Japan / United States

67,186.34/22/2014

Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m)

Ireland-Rep / United StatesWhatsApp Inc (100%)

2/13/2014 United States / United StatesMedia and Entertainment / Cable

Pending United States / United States 56,297.8Allergan Inc (91%)5/18/2014

Pending Time Warner Cable Inc (100%) Comcast Corp

23,286.3Pending

Media and Entertainment / CablePending DirecTV Inc (100%) AT&T Inc United States / United States

Healthcare / PharmaceuticalsHealthcare / Pharmaceuticals

5/6/2014 Pending Merck & Co-Consumer Care Bus (100%)

Valeant Pharmaceuticals Intl

High Technology / Internet Software & Services2/18/2014 Pending

19,467.7Forest Laboratories Inc (100%) Actavis PLC

4/30/2014 Beam Inc (100%) Suntory Holdings LtdFacebook Inc

15,687.5

Biomet Inc (100%) Zimmer Holdings Inc United States / United States 13,350.0Bayer AG Healthcare / Pharmaceuticals

Jan 1 - Jun 30 2014US Target Announced M&A Target Industry by Value

Pepco Holdings Inc (100%) Exelon Corp

Germany / United States 14,200.0Pending

3/6/2014 Pending Safeway Inc (100%) AB Acquisition LLC United States / United States 9,199.4 Retail / Food & Beverage Retailing

1/13/2014 Consumer Staples / Food and Beverage

4/24/2014

23.6%

21.9%

13.7%

10.2%

6.3%

4.6%4.2%

4.2%3.0%3.0%2.9%2.5%

0.0%Media and Entertainment Healthcare Energy and PowerHigh Technology Financials Consumer StaplesReal Estate Industrials MaterialsRetail Consumer Products and Services TelecommunicationsGovernment and Agencies

0%

5%

10%

15%

20%

25%

30%

35%

$0

$100

$200

$300

$400

$500

$600

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

% o

f US

M&

A

Ran

k Va

lue

(US

$b)

Non-LBO LBO LBO as % of US M&A

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34*

11

47

40 22

13

9.8 4.7

24*

0.5

13

14 25

Osler Hoskin & Harcourt LLP

15Gibson Dunn & Crutcher

17

38

Arnold & Porter

Paul, Weiss 13

1112

Debevoise & Plimpton

24

12.8

18

-7.1Jones Day

Kirkland & EllisWillkie Farr & Gallagher

9 3

99,527.6 10.0

▼

11.4

-4▲ 16 0.3

1019

-5▲23.3▲

1▲

2.713154* 121.38

17.0 ▲136,495.1 13.714 22.6

23.3

▲

0.7▲

▲ 422.0 71*

23▲ 9

3 3 2.113

33Hogan Lovells

Latham & Watkins

4421.7

▲

▲Fried Frank Harris Shriver & Jacobson 23

371

344.6 ▲

24*

▲

47 140,599.4Debevoise & Plimpton-1 Jones Day

▼140,272.920▼

46

47 80* ▼7 ▲12

12.146

-414*

23.4 22.1▲ 141,008.4 0.125.1

40

5924.7

4

151,571.7 70.826.6

104 80*▼

0.11

1715.15▲

▲Baker & McKenzie

66 ▲ ▲ ▲5 1.42

18.2618.2

181,348.1 684.1 1.1▼ 2.0

29.1

127,517.9

142,290.7

Latham & Watkins 5 1Weil Gotshal & Manges 4

19 165,905.5

136,074.2

6.6

113,458.8

97,724.4

13.7 -1.6

-5.70.1

30*28

Simpson Thacher & Bartlett 7

10 21

White & Case LLP10

Wachtell Lipton Rosen & Katz

1184,156.1191,489.2

46 3 ▲11* 1.00.6 -13

33 ▲0.8 8 ▲ Wachtell Lipton Rosen & Katz

637Simpson Thacher & Bartlett▼

2

▲Sullivan & Cromwell


Cleary Gottlieb Steen & Hamilton

4 1.3

Davis Polk & Wardwell 3

Skadden

3Davis Polk & Wardwell

Sh (%)Sh (%) Share Ch.

2 ▲2

29.531.8

1 4 ▲14.529.1

17746

18

341,078.7 34.3

19.9 -3.4 1211289,662.4 ▲ 17198,071.1

2

175,464.4

Slaughter & May5

96▲▼ 1.0

181,139.2

15.3

9.2▲

3

7* 1.0▲ 0.5

-5.733

89,671.5

6

5

▲

15*

120 ▲30

862

9.8

29

45

▼▲

8.4

9.0-1.28.6 ▼

11

1415

27*


Allens17

0.8

Kirkland & Ellis

▲

6 39,918.4

50,422.047,710.6

16 29,716.827,918.9

9 56,586.2

74,659.321.7130,647.5

▼

-1

0.1109*


▲▼


Fried Frank Harris Shriver & JacobsonWhite & Case LLP

64,301.4

▼

# of Deals Legal Advisor

▲Rank Sh (%) # of Deals

0.820

▲

▼

160,414.8

Market

9.6

▼30.5

-0.98.5

32.6196,665.1

▲

7.0

-1.8 ▼5.2

▲

22

5.7

Sullivan & Cromwell 19

▲

37

5

-6▲

0.7▲

-4.9

14.3

4.1

2.4

7.98.0

-10.4

63*


20 51 79,156.0

US$m

16.71.7

▲

-▲ 0.7

97,232.9 23

2

439.594,420.0

148

9.1

69,910.1

Sidley Austin LLP

Freshfields Bruckhaus Deringer

22Blake Cassels & Graydon

16 90,510.7

# of Market

3

2.5 32

-12▼

1.9

3.5

0.0

7

19 14 83,747.2

21 39 78,271.6

9

15 Macfarlanes 12 316*

Market

3399,312.0

0.6

Market

10.0

# of Deals per AdvisorChange inMarket2014

Rank2014 Rank

2013 Rank

Rank ValueLegal Advisor

2013 Rank

Change in Sh (%) Share Ch.

132,933.3

9.4

3-

-4.9


66 1.4

Rank Value US$m


RankMarket

# of DealsDeals

0.62.6

▲▲

▲0.219.9 0

29 ▲


60

▲12.4 -2 ▼100

▼153

2310

20▼

21

▼

1718

2124 10.7

128

4243* 0.4

538*

18* 8

Any US Involvement Announced (AE33) Jan 1 – Jun 30 Any US Involvement Completed (AG34) Jan 1 – Jun 30


57,897.8 -2.2 ▼5.2 70.5

2 2.6-14 ▼4 ▲ Skadden 16 8 1.256-2.6

▼8.4 2.2 ▲ 42 13 -100.90.8

-6.5Shearman & Sterling LLP 18 16 85,731.7 0.7 2

0.6 -318

6.60.6

▼39,800.3 24*-3.7

1.1 ▲ 40 ▲▼▼

14*7.9-1427 346.6

9

21Arthur Cox -832▲

15 2011

5.2 -3.1 ▼45* 0.4-4 ▼0.7

30*Slaughter & May 22 20 72,507.899* 0.1

4.9▼31,610.5

-17.07.3

21* 0.71.8 ▲-3.4 28

4.6▼67* 0.2 5 ▲ Blake Cassels & Graydon 22 -90.6▼

103 69,130.4▼ 39 ▼23 0.7 1 ▲ 38

14* 0.8 2436

0.2 ▼23

26,208.2Gibson Dunn & Crutcher

-2 Sidley Austin LLP 24 84 ▲4.4 3.6 ▲ 40

Americas Rankings

164* 0.0▲5.0 ▲ 27 29 0.6 13▲

25 76 47,177.6 6.222* - 67,186.3 8.9 118.9 ▲

Baker & McKenzie Paul, Weiss 33100.0

Industry % Change from Last Quarter ▼

25

13.7%

▼

▲

22-0.621,502.0 294.3 ▲0.8

▲13* 1.05.1 4.2 ▲ 37 21Gibson Dunn & Crutcher 22 36 26,401.3Sidley Austin LLP 23 69 26,050.1

1 ▲5 ▲19 0.9

43* 0.45.4 -3.5 ▼ 15▲ 335.2 2.0

Cleary Gottlieb Steen & Hamilton 20 15 29,326.8Blake Cassels & Graydon 21 16 27,174.8

-7 ▼-7 ▼43* 0.4

31* 0.66.4 -4.4 ▼ 21▼ 155.8 -3.6

White & Case LLP 18 23 43,570.2Sullivan & Cromwell 19 12 32,287.3

11 ▲-3 ▼20 0.9

16 1.09.2 1.8 ▲ 36▲ 328.6 2.0

Skadden 16 10 48,099.1Fried Frank Harris Shriver & Jacobson 17 18 46,722.2

15 ▲-3 ▼7* 1.3

1 3.111.2 -0.8 ▼ 115▼ 499.5 -2.1

Cravath, Swaine & Moore 14 25 62,958.8Kirkland & Ellis 15 8 56,903.9

-8 ▲29* 0.6

3 2.281▲ 2212.4 6.1

013 3 67,703.9 13.4 -6.2 ▼12 - 130,298.3 ▲ 125.7 25.7

1 ▲1 ▲145* 0.0

87* 0.140 131,653.3 26.0 23.5 ▲ 310 14 133,530.1 ▲ 1426.4 16.0

-1 ▼-12 ▼47* 0.4

87* 0.126.8 25.3 ▲ 3▲ 9926.9 19.6

29.33 ▲1 ▲2 2.6

51* 0.312

3 ▲3 ▲

▲ 204 0.1

0.575*

7 173,780.2 ▲31.2

19.434.315.5157,758.4

5925 ▲20 ▲4 1.6

43 175,188.5Davis Polk & Wardwell

34.62 2 176,779.5

# of RankDeals

Change inSh (%)Market

32.5 10 1.29.7

▲

# of Deals27

▲ 40 ▲

506,469.9Industry Total

9 53 135,930.5

▼23*1234.9 51.1

47

34*▲

4

60 139,905.984 150,689.2

27.6 ▲29.8


11 22,559.324 -6.5 ▼ 263

25

8

-4.5

6

-7.6%

3,776

19 136,384.426.3

756,086.0 100.0

Jones DayDebevoise & Plimpton 7

▲

11

Allens 11

Slaughter & May

480

Hogan Lovells

MacfarlanesLatham & Watkins

0.2▲

▲

2

▲Industry % Change from Same Period Last Year 69.9%Industry % Change from Last Quarter 47.5% ▲

10.0164*

4,616

8.9

▲35

1

19*8.9

▼52*12

-5.8

Kellogg Huber Hansen Todd Evans & F 22* - 67,186.3▲▲ 1 164* 0.0

8.9Crowell & Moring 22* - 67,186.3 8.9

Arnold & Porter 20 88 69,112.3 ▼Fried Frank Harris Shriver & Jacobson 21 8 68,741.9 9.1

0.3 -30.8 ▲

8.6

Wachtell Lipton Rosen & Katz 18 3 75,696.573,647.2 9.7 6.9

10.0

9.154* ▲Osler Hoskin & Harcourt LLP 19 11

-13.3 33 23▼51

11.1-0.3

27 -329-3.4 ▼ 15

-40.6

▲

▼▼

050.817

7.6 15*

0.7▼-0.1Shearman & Sterling LLP 17 14

1411.9

Blake Cassels & Graydon 16

92,357.2 12.2Gibson Dunn & Crutcher

86,654.17 11.583,526.0

▲250.93.9

▲

47*

▲Paul, Weiss 13 35 93,174.2 ▲10

3735 19*

4Kirkland & Ellis 12 16 93,782.4 12.4

95,466.699,527.6 13.2

12.6 5.6

6.812.31.4

Cleary Gottlieb Steen & Hamilton 8

▲Debevoise & Plimpton 11 2316

11924* ▲

Jones Day 9 24 108,396.8 14.3 7.5

6 5 132,956.9

21.0 ▲

▲3.1

9

Jan 1 – Jun 30

2013 Rank US$m RankSh (%)

▲ 44

Market

68

Rank Value

7 10

174,908.4

2014 Rank

24.412 184,304.934

17.0

Davis Polk & Wardwell 5 1 146,271.1158,452.8

▲

619.4

267,752.3

▲▲

41

44

53-7.7

8.8

Legal Advisor

17.6

Sullivan & CromwellLatham & Watkins

▼59

23.12

▲

10.8

128,704.9116,720.1

▼4.6

0.3

15

Harris, Wiltshire & Grannis LLP

4.6

Simpson Thacher & Bartlett15.4

*ti

Sidley Austin LLP

10

37

18

25

19

Industry Total

90,226.7


White & Case LLP

Industry % Change from Last Quarter

12

Skadden


Industry Total

Crowell & Moring 25*

Share Ch.35.4

▲


US Target Announced (AE2)

Market

6.8

Value US$m1

46

13* 1.0

1.3

-5

▲

2.9

2.6 18

39*19 0.4134

11.6%

31

▲

34

1

224

▲

▲ 37

0.7

19*▲

144

1.2

477

0.8 ▲

# of Deals

▲

6.8

5

9

16

6

18



25,911.523 -1 ▲ ▼ 11Kim & Chang 25 4.3 -1.4 680.0

Industry % Change from Same Period Last Year 87.3% ▲ ▲

00.2

81.0% ▲

994,907.1

1.5

▲ 35

2.23

0.8

-3.6

13.7 ▲Deals


# of

36101 Simpson Thacher & Bartlett

Sh (%)

▲0.5

▼5▲

34

0.7 0Shearman & Sterling LLP

0.8

190

5.3%▲-3.1% ▼ ▼

Industry % Change from Same Period Last Year-45.6%

▲

100.0

▲

-1.7

Baker & McKenzie

▲-6.7% ▼

▲

Industry Total

-42.0%

189,589.21Legal Advisor

603,061.8 113-

▲

-12

100.0

US Target Completed (AG2)

# of Deals per AdvisorRank Value per Advisor (US$m)

8.7%

5,939

0.7▲37.4

4,841

Market

Jan 1 – Jun 30

Sh (%) Share Ch.

2.4%▲

67,186.3 1 234*

Rank Market

▼11.5%

Market Change in


2014 Rank

2013 Rank


-0.1% ▼

11

234*234*

0.00.0

11▲

67,186.36.86.8

6.86.8

▲▲

Kellogg Huber Hansen Todd EvansHarris, Wiltshire & Grannis LLP

25*25*

--

67,186.3

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6

1.5 ▼-220.2 0 -

13 2,562.7 3.4 -18.0 ▼ 13 9

51 2,325.22,325.2 23.523

McCarthy Tetrault 249 2,681.9 -18.2

1.9

▼

47

35*

1 -61

2

5.2

2.3

22 2,765.0Cleary Gottlieb Steen & Hamilton62* ▼1

0.132*2

▲▲

Burnet Duckworth & Palmer23.6 -18.5

33*

▼ -70.3

35* 00.2▲ 351 2,895.0

2▼ Minter Ellison

▼40* 3.8 2.7 -121 ▼

▼3.5 3.5 3.9 -0.340* Gowling Lafleur Henderson LLP 20 23 3,003.4▲66* 0.13,044.8 ▲ 14.0 4.0Freshfields Bruckhaus Deringer 19 0.6▲Deloitte 18 - 3,046.2 0.2 24.0 35*

40*▼3 ▲ 2

-3 ▼2

▼

Drew & Napier 19 -

▲Andrews Kurth LLP 17 - 3,100.0 ▲ 35*4.1 4.1 0.2

32* 0.34.30.7

▼

6

-19.4 -24.1 2.6 6 4▲ 20*

2

8 0.9▲16 41▼Herbert Smith Freehills 3

▲-30

1

▼4 28* 1

120.3 1▲ 4 ▲Shearman & Sterling LLP 14 35 3,480.1 ▲2.84.6 25* 0.4

▲Bennett Jones 13 21 4,261.5 ▲ 12 10* 1.30.63 ▲Latham & Watkins 12 22 5,013.8 15 0.92.2 ▲▼Greenberg Traurig 11 39 5,169.8 ▲ 1 66* -40.1

850 14 5.122*

6.6▼6

▲6.86.8

▼

▲7.0

▼17*

-71.1▼King & Wood Mallesons 10 31 5,370.0 ▲ -34.8 2 35* 0.2

Allen & Overy8.9

8 16* 0.8-18.74Davies Ward Phillips & Vineberg LLP 0.3 ▼Skadden 9 18 6,380.0 25* 0.4 -4▲8.3

▼-1 ▼Paul, Weiss 8 4 7,421.4 ▼ 79.7

2 5.13.5 12.2 -21 ▼Blake Cassels & Graydon 7 2 9,337.6▲ 1812.8

-31.3 ▼ 46▼ 1014.6 ▲Norton Rose Fulbright 6 38 11,201.5 5 2.0

-18 ▼Stikeman Elliott 5 3 11,518.4 ▼ 3815.1 4.210* 1.3

Skadden14.6 -10.6 34 ▼

9.2 3-11 ▼Borden Ladner Gervais LLP 4 17 13,926.7 18.2 9.9 ▲ 12

6Norton Rose Fulbright 16,976.2 -1329 15.8 ▲ 21 6 1.6 ▼Torys 3 5 26,158.9 7* 1.78.2

3 ▲9 ▲ ▲ 1534.2

▲ 172 37.5 30.6-2 20▼ Davies Ward Phillips & Vineberg LLP-144 3.337.7 -9.7 ▼▼31 -92.4 ▼1 28,862.7Osler Hoskin & Harcourt LLP 1 430

Market Change in2014 Rank

Osler Hoskin & Harcourt LLP 1 4 22,978.5 25.6Sh (%)

Jan 1 – Jun 30

DealsLegal Advisor Sh (%) # of Deals# of Change in # of Deals per AdvisorRank Value per Advisor (US$m)

RankUS$mMarket Market

Legal AdvisorShare Ch.

0.2

22 58.8

22*

▼

0.5

-14

0.1

0.2

-2

0.5

1-2

0.522*

5.6▲3

15 3,260.03,172.12 Ashurst

633*

-1 4.0

▲ 1▲ 62*

Clifford Chance 24

0.22,365.8

Market

0.2

-16

0.2

--21.7

Any Canadian Involvement Completed (AG35)

# of Rank Value per Advisor (US$m) # of Deals per Advisor

RankShare Ch.

Jan 1 – Jun 30

# of DealsSh (%)Sh (%)

1.7

▲

28,676.9

-25

Deals2013 Rank

123

1.32.6 2.6

Rank Market MarketValue US$m

▲

▼


Americas Rankings

Gilbert + Tobin

Paul, Weiss

Minter Ellison

11

King & Wood Mallesons

8.9

5.6

5,549.3

5,050.75,280.4

McCarthy Tetrault

3,370.9White & Case LLP 18

20

23

2.6

2.5

-2.111.7-13.0

0.37,852.3

14.0

8.7

5.0

10,498.8

2,235.1

6,116.4

9

Rank Value

5

Latham & Watkins

Stikeman Elliott

2013 Rank

5

3

6

2014 Rank

18,496.2

9,949.9

Simpson Thacher & Bartlett ▲▲

▲

18.920.6

108*

Andrews Kurth LLP

14

21

28*

0.2

17*

33*

0.5

0.7

-3

42.9

010* 0.8

-33

▲

7▼

2

1

3.9

14

7

Any Canadian Involvement Announced (AE34)

3

21

16

Torys

2

2

6,012.7

8,036.8

13,092.9

Gowling Lafleur Henderson LLP

8,030.4

6

12

12

12,574.7

9


76

4,557.2

3,100.0108*

86*

50

4,532.6

30

-

3.8

2.6

22*

6.7

1

3,207.8

2.8

10

18

Burnet Duckworth & Palmer

17

5.10.8

3.6

454

6.7 -0.5 ▼6.8

7

38

10▲ 9

-1.6

▼

1.2

11.1

-20.05.0

5.9

▲

▲

-1.6▲

▲

15Fried Frank Harris Shriver & Jacobson

▲

0.8

Bennett Jones 17▼

▲

6.25.9

▲

14

0.3

Dentons 13 72 ▲

16

▲

12*

*ti

-2 ▲ 5,840.5 - - -

13.7158,452.8

6 20* 0.7 4

Rank1.4

Market

▲▲2* 134

1 35.4

12.41237108,396.81 119

2.9

Market

0.7

-90

93,782.41

100.0

Share ChDeals

Industry Total8 2,540.3 3.3 -18.5 ▼ ▲

Legal Advisor


Davis Polk & Wardwell 25

-9.1% ▼



1.0

▲

▼ 2.1%-0.4% ▼

▼

Sidley Austin LLP 25 71 25,547.5514,482.7

21

-42.4%

26,901.8

Industry % Change from Same Period Last Year 15.8%

2,009

1.2

-6.3%9.1%18.7%

-6

101.1

Jones Day

▼

▼

▼

89976,537.9


2.6 182

▼

▲

▼

Kirkland & Ellis▼

▲

8

▲▲

Industry Total19*▲

0.5▼

Deals

▲

25,651.5

2.1

0.9-1234*

24 14

-1141* 0.6

▲

13

25,631.9

27,694.1 26*

1011

▼34 1.6

▼

-2 ▼4 ▲

▼

-10

10

22

5.0 4.1

-4.615

5.0

5.4

5.05.2

Gibson Dunn & CrutcherKim & Chang 23


24

20 33,329.0

7 49,657.1

14

17White & Case LLP 18 49,826.7


9.7

176,893.4

16

Fried Frank Harris Shriver & Jacobson 19 45,477.7 8.8Skadden

Baker & McKenzie


▲

US$m

4

182,242.7

89,879.9

Weil Gotshal & Manges2


0.7

-7▲

8 34,448.2

2.14

37.8%

▼

▼6

Sh (%)


Jan 1 – Jun 30

▲

16

3

-3

▲

▼

Market

▲

40*

Rank # of Deals

▼ Sidley Austin LLP

▼

-

▲

Change in

▼

▼

US Target Announced (AE2) - Based on Number of Deals Jan 1 – Jun 30

Slaughter & May

Hogan Lovells11

Jones Day 9

5

Debevoise & PlimptonDe Brauw Blackstone Westbroek

Allens12 -

12

752

157,571.5169,815.7

3

130,647.5

8

15

Wachtell Lipton Rosen & Katz 1

Industry Total

2014 Rank

2,230.0

Sh (%)MarketRank Value


65.2%Industry % Change from Last QuarterIndustry % Change from Same Period Last Year

2.4

29.5

34.42

Legal Advisor

Vinson & Elkins LLP

-4

40

33.0

19

Market

▲

▲

-1.7

-5.5

Cleary Gottlieb Steen & Hamilton 22

Freshfields Bruckhaus Deringer-5.9

2.7-3.5

-4.4

▼

▼1.8

6.56.7

1819

-2

1.139

-4

-12

1552

205

21*

▲1,291

42

-18

9

3

6 0.3

-166*

1.9

0.3

2.527.1

30.6

92*

2013 Rank

25.6

25

▲

2

28

5.6%

13

6

4329

▲

35.4

139,485.994

37.232.9

10*21.7

191,489.21

26.6 ▲

7 62*

75*

# of

1.4

1.4

Market

17

▲6

136,789.1▲

-20

0.466*

3

151,522.0

23.0

25.619.4

▲▲

29.014.1

▲27.1

9.0

6

19*

Latham & Watkins 13 ▼25.4 25.4

-3.7

24.9

Macfarlanes

10.2

19.6

24 62,212.6Kirkland & Ellis

14

10 20 136,190.9

1.04 63,792.7

9

▲26.5

12.1 5.5 ▲12.4

50

25

21

20

▲

▲ 121* 0.1 ▲

6▲421*

2.7 -13

▲

1.10.3


39 131,578.3

139,296.343

52,432.8 ▼-2.1

45*

32

▼

2.6 Goodwin Procter LLP

17

1.0

1.653

24

▲15*

100.0

2

9.7

Share Ch.

1.3%

2.5

▼

Any US Public Involvement Completed

100.0

-1.6

23

-3

0.2 ▼

15*

Rank Value per Advisor (US$m)2014 Rank

2013 Rank Sh (%)

Change in Rank ValueSh (%) US$m

▼2.2 4 ▲ 174,908.414.3 7.5 ▲▲ 9

Skadden 4 5 683 23.1Latham & Watkins 3 2*

10* 584

101▲1.5 6 ▲ 267,752.3

-3.6

-4.6 ▲1.3 14 ▲

- -1.3 34 ▲

21.0Weil Gotshal & Manges 5 7 59Bryan Cave LLP 6*

10* 58-

-1.3 16 ▲ 4,997.1- --Cooley LLP 6* 27* 58

28 3.62,789.6

Morgan Lewis & Bockius 6* 2.8 ▲1.3 16 ▲ 27,415.8-7.7 ▼1.2 16 ▲ 146,271.1

DLA Piper LLP 10 4 515 19.4Davis Polk & Wardwell 9 13* 53- - - -1.1 -12 ▼ 2,627.8

- -1.0 -5 ▼ 7,079.1Vinson & Elkins LLP 11* 8* 45

- -Wilson Sonsini Goodrich & Rosati 11* 6 45- - - -1.0 1 ▲ 19,083.1

2.8 ▲1.0 17 ▲ 22,654.4Simpson Thacher & Bartlett 13* 15* 44

31 3.0Fenwick & West LLP 13* 23* 447 17.0 13.7 ▲1.0 9 ▲ 128,704.9

▲0.9 6 ▲ 9,943.3 - -15* 4112.2 13.7

4.615* 40* 41 ▲0.9 25 ▲ 92,357.2 14

3.9 ▲0.8 5 ▲ 90,226.7Sullivan & Cromwell 18 18* 36

15 11.9Gibson Dunn & Crutcher 17 18* 3710.8 ▲0.8 4 ▲ 184,304.9 2 24.4-5.8 ▼0.8 1 ▲ 68,741.9

Paul, Weiss 19* 25* 3521 9.1Fried Frank Harris Shriver & Jacobson 19* 17 35

19*6.8 ▲0.8 10 ▲ 93,174.2 13 12.3

34Ropes & Gray0.3 ▲0.8 -5 ▼ 132,956.9 6 17.6

18 10.0

12 35▼0.7 7 ▲ 24,292.1 30

33Akin, Gump, Strauss, Hauer & Feld 24* 21* 31

▼0.7 -4 ▼ 75,696.5

Industry % Change from Same Period Last Year 69.9% ▲

-4.5

756,086.0+480


▲Industry % Change from Last Quarter -3.1% ▼ 47.5%

# of

11.6% ▲

# of Deals

White & Case LLP

-13.3

Industry Total 4,616

3.222 23*

10 13.2Willkie Farr & Gallagher 24* 43* 31

23 13*

4.6 ▲0.7 16 ▲ 99,527.6

*tie

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EMEA Involvement Announced Advisors by Target Industry Jan 1 - Jun 30 2014

5


Allen & Overy

41,316.6

2


35,517.9

56,920.9 9,678.8

Announced M&A activity with EMEA involvement totaled US$697.2 billion in the first half 2014, up 97.8% compared to theUS$352.3 billion reached for the same period last year. The largest deals between Covidien/Medtronic, Shire/Abbvie andLafarge/Holcim account for nearly one-fifth of this first half total.

The Healthcare sector led the EMEA marketplace, with 427 deals grossing a combined US$191.5 billion, includingCovidien/Medtronic and Shire/AbbVie deals worth US$47.9bn and US47.6bn respectively. Industrials accrued US$79.9billion, and Materials totaled US$70.0 billion worth of activity.

Additionally, financial sponsors were more active this year compared to 2012 and 2013. EMEA-targeted buyside financialsponsor activity reached US$89.6 billion in the first half 2014, up from the US$59.3 billion reported in the first half 2013. Thismarked the highest first half total since the pre-crisis levels in 2007. The largest FS-backed deal was the US$3.1 billion offerfor Danish electronic payments provider Net Holdings in March.

Acquirors listed on the Swiss stock exchange were EMEA's most acquisitive companies this year, with a combined total ofUS$44.0 billion in offers.

Skadden2

78,608.7

40,828.8 Cleary Gottlieb Steen & Hamilton1

119,986.5

41.1

2

79,871.4

70,035.3

2

18,563.6 21.2

50.6

10 2 9.7

5 3

17.0

640

Real Estate 64,446.3

EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)

19,678.8

4,838.6 Real Estate

Primary Stock Exch. Listing of Most Acquisitive EMEA Companies - Top 10 (US$ bil)

59.0

5,517.9 2 9.7

1LinklatersAllen & Overy 4,838.6

5

12 484

58.3

8.5

17.0

8.5

10

EMEA Deals Intelligence

427 No. Deals

12

Share

566

4

4

Rank


EMEA M&A



Sullivan & Cromwell 111,445.0

Bredin Prat

Mkt.

5

Linklaters

Rank Val US$m

Skadden

Healthcare

96,957.8 3

EMEA Announced M&A Increases 98% | Healthcare Highest Valued Sector | Financial Sponsor Activity Rises

10

191,476.2 1 58.2

1,187 22.8

8 Industrials

Materials

25%$300

Healthcare / PharmaceuticalsHolcim Ltd Switzerland / France

Top Ten EMEA Involvement Announced DealsAcquiror / Target Nation Target Macro / Mid Industry

6/15/2014 Covidien PLC (100%) 47,922.1

Materials / Construction MaterialsTelecommunications / Telecommunications Services

Germany / United States

Alstom SA-Energy Businesses


Industrials / MachineryHealthcare / Pharmaceuticals

Telecommunications / Telecommunications Services

17,124.2

Healthcare / Pharmaceuticals14,200.04/22/2014 Novartis AG

23,286.3

Switzerland / United KingdomGeneral Electric-Energy Assets United States / France

16,000.0Bayer AG

10,854.2

Actavis PLC2/18/2014

GlaxoSmithKline PLC-Oncology (100%)

United Kingdom / Netherlands

23,306.8

Medtronic Inc

Lafarge SA (100%)PendingPending

AbbVie Inc

France / France

Shire PLC

Numericable Group SASFR (100%)Forest Laboratories Inc (100%)

Pending

Pending

Pending

Ziggo NV (71.6%)

United States / Ireland-Rep Healthcare / Healthcare Equipment & Supplies

Liberty Global PLC1/27/2014

4/30/2014 Pending

3/11/2014

Pending6/19/20144/7/2014

Ireland-Rep / United States

Rank Value (US$m)

Pending

Acquiror

39,544.6United States / Ireland-Rep 47,568.9

Rank Date Date Effective Target (% Sought/Acquired)

5/6/2014

Intended

Merck & Co-Consumer Care Bus (100%)


Jan 1 – Jun 30 2014

3/17/2014 Pending Grupo Corporativo ONO SA (100%) Vodafone Holdings Europe SLU Spain / Spain 10,025.1

$44.0

$39.8

$39.6$39.4

$34.9

$18.8

$15.1$11.2 $8.0

$7.8Swiss Stock Exchange

Frankfurt

London

Euronext Paris

New York

Zurich

Nasdaq

Madrid

Euronext Brussels

OMX Stockholm

$33.4

$76.7 $74.7

$27.1$4.0 $15.5

$21.9 $18.4 $25.2$51.0

$61.2

$45.5

$89.0

$44.4

$9.1$16.3

$37.9$20.1

$34.1

$38.6

$37.1

$60.3

$54.2

$27.9

$14.6

$37.1

$23.3

$18.8

$22.1

$46.0

$91.1$56.2

$24.9

$18.7

$25.1$22.3

$24.0

$33.9

17.6%

19.7% 16.5%

10.2%

7.5%

13.1%14.1%

9.6%

18.1%

16.7%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

% o

f EM

EA

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)% of YTD EMEA M&A

https://www.thomsonone.com Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables8

20-6.31125 146 13 188 1

3.0 ▼▼11 2 ▼

27*49*

-00.40 2

▼3.3 -0.2 ▼ 28 -2416* 0.50.1 -13 ▼ 23-2

-23▼93* 0.1 -17

2.9 ▲ 23 ▲4.4 -10.5 ▼

Hengeler Mueller 40 4.420,150.319,836.7

0.260.4

20Latham & Watkins

5

▲22*

4.5 ▼3*709

19

▼

20-2.520,818.4 ▼

52 ▲126* 19

20.1

7Allen & Overy▼

20,601.4 0.94.6

-3

0.8 1 ▲ 25,201.818 5.5 52* -10▼6.2▼

-511 0.8▼0.5

▼-24▼0.2

69663 1.1 ▼

1.2

13-2.9

-2028 16*

-3.4 ▼

▼

48

-5

▲

▼0 -6

0.211

30,990.1

-9.7130,737.6

▼7.3 5

▼0.1

-27

-8.7

1.376 28▲ 87*

-17.3 -43

6.8 -10.9 ▼

28.7

55,142.617.0 ▼

▼

67*162*10

9Slaughter & May 30.3

27.726.6

133,422.3

17

▲

1

Hogan Lovells

1.40.337*

18*-

6De Brauw Blackstone Westbroek 5

34

1

8


Debevoise & Plimpton 7Jones Day

# of

▼ 166,740.0Davis Polk & Wardwell# of DealsDeals

Change in # of Deals

160,138.0Baker & McKenzie


Sh ($)▲ 21

Market2014 Rank Sh ($)

Market

Jan 1 - Jun 30

Rank2013 Rank Value US$m

Any European Involvement Completed (AG40)

25* 6 ▲

Change in# of Deals per Advisor

36.6Share Ch.Sh ($)

EMEA Rankings

Jan 1 - Jun 30

Legal AdvisorRank Value

Share Ch.Market2014

Rank Sh ($)


Legal Advisor

20.631.631.0

322

Rank

▲ 26.335.1

3Sullivan & Cromwell

MarketDeals

228,353.1 33.9

Market # of


Market Rank US$m


Any European Involvement Announced (AE39)

991 2


-5

2013 Rank

Amarchand Mangaldas

0.3

90*748

18.0 ▲

30.8


34.4

1.0

138

6922

33.8

▼

▲

Skadden

26

▲

29.3

25.723

3321

▲▲

4

30.6

9144,133.2141,098.0

39

139,498.0

133,465.929.3

141,042.0

12

16

391*


148140,369.4139,877.1

▲▼

Linklaters


Herbert Smith FreehillsCravath, Swaine & Moore

31

▲Skadden

▲


22

▲

AllensMacfarlanes

13

17

▼1.10.0

0.4 ▼1

45* 2

50.1

-150.3

-5100*

-70.2

20*

33*

-340.1

0.40.3

02

85 1.2

18*37*

6-22

0.417.2

▲

15.2 ▲

▼

0.4

293

▲▼

17

3.628

1929

20.8 15.6 19

15.8

20.5

-1.9

▲13.7

5.2

▲

10.3 ▲10.7

13.7▲

15.6

5.9

8.1

▲

4.911.6

6.6

4.86.6

5.8

▲

▲

▲

▲

7.6

▲

▼▲

14.213.9

313.542

10.77

20

▲

0.211

12

0 0

138,209.9


Slaughter & MaySimpson Thacher & Bartlett 105,278.4

115,441.4

95,487.3

106,308.6

21156


34

17

20

Latham & Watkins

1011

18

Arthur Cox

8

Davis Polk & WardwellHerbert Smith Freehills

2 15

912


Allen & Overy

9

6

3 1334

145

139,751.3

78,273.0

▲

12.4

9.8

66

30.9

13,533.4

28,343.4

Clifford Chance

White & Case LLP

11

21

17

1514

▲▼

3 24Cleary Gottlieb Steen & Hamilton 2 9Shearman & Sterling LLP

0.1

281*

1412 0.6

19

-12

100*0.9

13

4

7

71*

568*

803

6155

126*

10.7

17

5

▲

▲

174*

10

1

1652,416.0

▲7

67

▲1.07.1 ▲

38

Hogan Lovells

63,035.61014

83,225.0

A&L Goodbody 28


13

52,380.67.8

76,671.5

13.6

64Matheson

11.4

8.08

65,840.915

19

Bredin Prat 7

6.87.4

Linklaters

45,564.658

53,792.5

7.8

41,298.36.0

9.4

5249,582.2

Homburger

25

40,385.86.122

7

23

21

39,767.0 5.924

44,325.5

5 9231116

Clifford Chance

Bar & Karrer

5.8145

5 5 ▲Lenz & Staehelin

Fried Frank Harris Shriver & Jacobson

39 544 6

13.85

4091,634.4 ▼

18▲-2.6

93,184.3121

92,756.8 41*0.1

1.2

-3

13▲

3

30.7▲

▼

▼

▲

-5

▼

-1715

▼

▲

16

▲5

0.40.5

13 0.70.9

-50.2

-411018*

3852*

1.6

8

1

51

12

27

▼90▼-7

-9.5

35*28.3

26.7 ▲ 530.20.9

61*

0.324.4

▲

▲

▲▲

▲

30.5

13

43

12

28.7

12.1

14,799.7

77,621.7

33,117.9

138,067.7

*tie

254,636.5Bredin Prat ▲2

-81*

100.0212,000.2Industry Total

-77.5%

100.0

-2.3%18.6% ▲

1,764

▲

-42

16

▼

2.30.3

-1.9-2

23Cravath, Swaine & Moore

5

▼▲

Herbert Smith Freehills

22

▲▲

10,186.5 5.96.2

164,806.7

▼

Fried Frank Harris Shriver & Jacobson▼

Latham & Watkins 19 10 10,215.9Garrigues

6.1 ▲

6.3

119*6.1103

-

Hengeler Mueller

220

5.5 ▲

0

▲

-▲

Blake Cassels & Graydon6.6

6.2 1.0 23

▼-210

0Covington & Burling 0.10.1

81*2▲

2.1 22.1 ▲2.2 2.2

4,668.6▼

0.9 7524

1614 0.81 22

▲

▼0.6

▼-51.8▼

-1.8

▲ 2 81*0.10.1

2

3▼

6-1315 10*

▼-28.4-9

2.7-20

-3

0.432*17*

92.2

0.1 1584*

4,713.84,905.4Kirkland & Ellis 211

-11

-4.1 0.72.3

106,017.9

0.1 21*▼

0

1.30.2

▼▲13419

▼2.82.6

180.1

3 10,456.9 36.2 119*

58*7*

1-13.8 ▼

-41.1 ▲

▼0.6

36*

1.1-17.2

-1.6

84* ▼-10.1-3

- 7 -▼ ▲

0▼

0.1 1.31527 510,856.5

6.76.8

6.6

11,257.3 7▲▲

4.0 ▼0.432* -3Loyens & Loeff 15 11,003.6Weil Gotshal & Manges 14

3.3 ▼20.42

2 Allen & Overy3.5

7,626.184*

▼▼ 23 5-20-111.6

3* ▼1.8

DLA Piper LLP 12Stibbe 13 80 12,023.5

18 12,191.110▲ 8.33 17,527.86.9 ▲ 6

▲ 393.6 37.3

58.57.4

▲ 11Debevoise & Plimpton2.2

36* 0.3 Freshfields Bruckhaus DeringerWachtell Lipton Rosen & Katz

13130,298.3

8 24*100.7

▲5 90144

120.20.1119*

61.4 3 153*-

▼61.661.5 ▲

61.3

▲ 0.6▲

0

14*

6.3

11.7▼

510.2 9.8 ▲ 38*

7.8624*

▲ 12 22*0.3 0 -623-

61.7130,737.6

-0.8 6 ▲1.3 -11 ▲

-3▲11.4 -1.9

▼22 9*14

▼ 98


7 8 ▲61.9 0.23 53*1.7 192*17.5 14.6 ▲13.4 6.8

6▲

-6.9 ▲0.9

Weil Gotshal & Manges 917.5 17.0 ▲ 26*

-1131,131.1▼

▼22 62.8 35.8 ▲De Brauw Blackstone Westbroek 7

▼30 -4

109* 1.35

76-6160.6

-10▲

43Hogan Lovells

63.163.2Jones Day

20* 7 ▲1337

135,364.60.7

5 133,838.234

Slaughter & May

12133,987.0

417.7 ▲16.7


▼2.14▲▼

▼63.9 54.3 ▲ 21 1.5

65.5 64.7 ▲ 8▲135,921.3

Davis Polk & Wardwell43 64.1 ▲

5▲ 10

▲2

4917*63.1

0.639,168.0 23.8 1.37*▲ 23

23.6 ▲ 48Deals

138,936.81 12.7 11Sh ($) Value US$m# of Deals

2013 Rank

MarketSh ($)

-41.0%

Rank 2014 Rank

# of Share Ch.Sh ($) Rank

Market Market

Jan 1 - Jun 30

# of Deals per Advisor # of Deals per Advisor

4.7%

Jan 1 - Jun 30

-1.5%▼ ▼▲-8.7%

672,959.3 -399

▼Industry % Change from Last QuarterIndustry % Change from Same Period Last Year

Industry Total

▼▲

-10.3%

100.0-1125 14

455,962.06 13,188.1

5,782▼-11.2 ▼49*

-6630.2

Legal AdvisorChange in

192*

Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

14,232.3Linklaters

Clifford Chance

3116

▲

24 -

20

A&L Goodbody

6.7

6,807.8

17.0%

4,370.1

14

6,409.217

3.6


5,599.9

18

1

18 3.0

2.2

▼

▲

0.0

28,915.1

17

19

10

Allen & Overy

844

7845

21

8

1

9Simpson Thacher & Bartlett 19,291.1

30 13,984.4

Hogan Lovells

66.5%

25

2220

13

2

▼

28.6% ▲

▼24

2.84,752.74,608.8

Allens

-1

1314*

Macfarlanes

133,136.1

▼

Any UK Involvement Completed (AG41)

Cleary Gottlieb Steen & Hamilton 2.9


281* -13

-5.3%

7,1851

18.3

Any UK Involvement Announced (AE40)

Industry Total25

130,993.318,820.8

22,006.8

17.729,218.7

US$m75,827.7 46.0

5,083.3

28,839.2

-7.32.9

9,704.7

10,854.2

10,025.1

2

AllensClifford Chance

Slaughter & May

16


Ropes & Gray 5382*

Jones Day23

17

Linklaters

5

6

19

11


Herbert Smith FreehillsWhite & Case LLP

22

NautaDutilh

Ramon & Cajal Abogados 21


100.05.9

Legal Advisor

▲110.2%Industry % Change from Last Quarter

2014 Rank

65.6%

116Bar & Karrer


5.5

16,814.9

-6.8

▲

383 30,095.8Skadden

Industry TotalDavis Polk & Wardwell

Rank Value


2

2013 Rank

39,544.6

▲

130,474.6

61.8

▲

▲

Change inMarket

Baker & McKenzie

Market

▼

6

# of Market


38*415

5.93.1 -0.3

21192*

61.5

3.2

130,669.6

7,436.7

-9

0.3

▼-13.0%

1.5

21*

40

40*0.6

2.4

Deals Sh ($)

12

24*

2346*

# of DealsRank

▲

1,411

6*21

13.1%

13

8

9

81*

6

21*

-2

▼

▲

-6.9▼

▲

61.9

▲61.7

57.0

58.2

Share Ch.

0.6

26

61.3 ▲

57.5

0.7

12*

1

-38.7

https://www.thomsonone.com Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables9

3

1043

8

▲

▲

▼

▲

▲

1▲

4

Legal AdvisorChange in Market# of Deals

Rank Value2013 Rank

Market MarketSh ($)

Jan 1 - Jun 30


EMEA Rankings

Jan 1 - Jun 30

0.71

▲▲ 14.5

2Bredin Prat

19*

1.5

1Sh ($)

0.440*

95,487.3Legal Advisor

64.119*

-1

0.440* ▼

▲

74*

▼

3

-2

0.816*

0.2

-4

1

0.7124* 0.1

6

-4

2.9

15

53*

7

-2

▲

0.9

▲

▼

▼-7

▲1

▼

▼

-

▲2

Bredin Prat 1 ▲0

1934.8 7*

Change in

1.5

Market2014 Rank US$m

▲# of Deals

3Sh ($)

1.4

# of

16

MarketValue US$m

28.6RankDeals

15,288.6Share Ch.

▲Share Ch.

# of Deals Rank

Freshfields Bruckhaus Deringer5* 8

▲6.822.8

▲▲

15.35

15.98,472.665De Pardieu Brocas Maffei12,159.6Freshfields Bruckhaus Deringer

1.432.92

Allen & Overy21.55 5*19

4 32.3

46.7 ▲21

69,559.745.4 41.3

Blake Cassels & Graydon2

▲48,159.0 56*9*18

32.33

179* Shearman & Sterling LLP3 2 4▲0.2▲67,600.2

13.77,339.0Linklaters

▲20.530*5▲10.5-70.9375 15*11▲26.241,965.5 28.2 ▼ 11.76,262.8195 8.2White & Case LLP

16 ▼Cleary Gottlieb Steen & Hamilton▼-50.4▲ 34*Homburger

6Cleary Gottlieb Steen & Hamilton

-

40,868.6

Lenz & Staehelin 7* 39,544.6-7*

27.4 21.7130*1

526.526.5

-0.111.36,021.686

0.1 10.93410.139,544.6

1▲26.51

179*

▲1

0.126.5130*26.5

Bar & Karrer▲ 10.9

7*

9.411.026.5

BDGS Associes▲Gibson Dunn & Crutcher

10.45,531.7▲10.530*5▲▲0.3 2

Amarchand Mangaldas 26.539,544.6

▲ 186*81

179*7*130* Linklaters

0.2 1▲ 326.50 -6.4-

8.09.45,015.6Blake Cassels & Graydon▲9

Simpson Thacher & Bartlett-00.274*256*39,544.6 37*10

23▲24.234* ▼-7.58.73

A&L Goodbody0.1

24,947.2▲19.2

▲▲15.5

0.342*▲Ropes & Gray

7* 26.539,544.6 130*Orrick Herrington & Sutcliffe LLP

11128,644.4

-

0 Baker & McKenzie-12

40.9 315*

13 16.7 361312

7.84,188.48.78.74,636.5-


32▲6.3Jones Day

45

424,876.8 9 50.530*▼ Osborne Clarke32 ▲ -14.1

Herbert Smith FreehillsMayer Brown LLP ▲7.07.03,729.7-40.720*14

57 6.114

▲23,306.8 ▲15.6

▲130*

0.915 7.015*17 ▲11 3,728.616.123,983.2 15

Weil Gotshal & Manges▼-10.353*3Franklin Firm LLP ▲5.81-16 6.43,444.410.1 6916▲15.6 Stikeman Elliott

141.7 5.73,054.98117Skadden▲17 322▲10.914.421,387.713*Hogan Lovells

-00.523*6▲5.42644 ▲ 13 2,392.8

6618 51.012.318,303.6 4.5 2▲ 18Cravath, Swaine & Moore 4.5-

Gide Loyrette Nouel12.3 442*▲12.3 ▲0.3

Sherman & Howard (CO) - 11.5 ▲11.5

▲42.133.70

3.9▲1-

219.4 0.3▲ 4

Slaughter & May 19Skadden 31

18,289.117,867.5

-20 42*

Allen & Overy▲

1.40.3

44.1 15

53*0.1 ▲Latham & Watkins

2-0.5 ▼ 9 9

3.8 ▼

19 4.3

-9.7▲1.1

2,053.33.9

▲

25*Sullivan & Cromwell 2,059.7211

3186*

▲130*

7

3,422.1

8,197.1Clifford Chance

2223 4 7,362.5

BDGS Associes1.49*

Debevoise & Plimpton 241 ▲-1 Hogan Lovells▼

25 51 2 20.1130*1▲2.32.3-

1 13 317 3 0 5 100 06▲ 53 452 6▼

▲3▼

20

5,853.5

11

7

16

2,049.822

2013 Rank

2014 Rank

6

Industry Total

9


48*

21

1.1

2,305.6

Rank

4,656.0

Any French Involvement Completed (AG42)

133.810

1214

▲27

2,036.323

25* 5

2,193.0

2.7

MarketRank Value per Advisor (US$m)


0.5

5,833.9

23

-11.3

24Herbert Smith FreehillsGinestie Paley-Vincent

274.9

Sh ($)


6

12.017,124.2

Any French Involvement Announced (AE41)

18

10.7

5.5

16.7

-9.2

16.7

▲2.0▼

11.1

3.8 ▲153*31071 112

17

0.3

8

*tie

12.9%

28*

3.2

0.41.5

2

Sh ($)

18 2 3.8

Ashurst 22 17

Sh ($)


25 51 2.2 1.13,317.3

15 3*

1,2640.5 100.06▲

▲ ▲78.8%

# of Deals

53,452.6

Market

10.6%

144▼

Change in

Any Spanish Involvement Completed (AG43)

▲

Share Ch.Sh ($)Market

RankDeals# of Market

# of DealsRank

Value US$m2013 Rank

2014 RankLegal AdvisorDeals

14,887.3

8.6% 4.4%

Jan 1 - Jun 30

▲ 73.8%Industry % Change from Last Quarter ▲


39.86

13,262.0

2014 Rank

MarketUS$m Sh ($)

MarketRank Value2013 Rank

73.6314▲9

Clifford Chance▲ 2 32.3 ▲31.910,741.214 37.7 ▲103.44

▲1.796,444.60 17.4 ▲153 7

15▲1

-919.4Linklaters-

▲20.516*13.2 -100.813*▲ 4

7Skadden

16.0 16.0▼

3 ▲ 6

White & Case LLP5 -

▼-24.1215.0

▲0.516*2▲ ▲2

21.3- 21.310,059.822.18

-1.511.510.8

▲-1 Baker & McKenzie▼

Uria Menendez0.616*30.214.2 1

▲2

▲52.47▲▲53.15*

6.56.55.96.7

2▲13

28* 1 ▲DeloitteProskauer Rose LLP0.2

28* 0.2 ▼1▲14.214.2

11.3

5.5 1▲14.2

11.3 2▲5,317.4 2 10*0.4 Stikeman Elliott0.225*0.225*6.5- 6.5 1▲2,169.0

▼-3▲1▲18*

Cleary Gottlieb Steen & Hamilton1.3 ▼-121.1

1 ▼-19.8 9*6.2

2,331.82

1518*3.0

4.95 11*6

▲10.225*

▲10.225*10.2

q2 2014 global m&a legal cover.ppt - typepad...european m&a doubles; best start for asia pacific m&a...

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