Deal Drivers Europe - HY 200801 August 2008

This report provides an analysis of European M&A activity and trends for HY 2008. The market is analysed as a whole, and across eight key industry sectors. It also features advisory league tables for investment banks, law firms and PR advisers, as well as mid market practitioners.

As well as drawing on data and analysis from mergermarket's world class editorial and research teams, the report incorporates insights from Merrill Corporation, a leading firm in the M&A arena.

Deal Drivers provides a valuable and clear view of European M&A activity over the first half of 2008, as well as expectations for the market in the future.

Table of Contents

1. Foreword

2. Heat Chart

3. All Sectors

4. Financial Services

5. Industrials & Chemicals

6. Energy, Mining & Utilities

7. Consumer

8. Technology, Media & Telecommunications

9. Leisure

10. Pharma, Medical & Biotech

11. Business Services

12. About Merrill

13. Notes & Contacts

It is hard to be conclusive about where M&A might be heading in Europe. More bullish observers would point to the fact that the first six months of 2008 saw some €464bn in announced M&A deals, up from €390bn in H2 2007. A more bearish, and arguably realistic mindset however has to acknowledge a few more sobering realities. Firstly, H1 2008 value numbers include the €72bn spin-off by Swiss listed Altria Group of its tobacco division Philip Morris International – which was a demerger and not really an M&A deal. Second, exclude the €130bn bid by BHP Billiton for UK listed Rio Tinto and the next largest deal was the €13bn joint acquisition of brewer Scottish & Newcastle by Heineken and Carlsberg.

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