Beijing firms take top two spots in Asia-Pacific M&A league table
By Yun Zhang
|
Tuesday, 4 August 2009
Beijing-based law firms Commerce & Finance and DeHeng (Beijing) have climbed to the head of the Asia-Pacific (ex Japan) M&A legal advisory league table by value, in the first half of 2009. This marks the first time that a PRC firm has topped a legal advisory lead board.
According to Mergermarket, in the first six months of 2009 Commerce & Finance and DeHeng (Beijing) have advised on US$20bn and US$19bn worth of deals, respectively. The firms have taken the top two spots in Mergermarket's H1 2009 Asia-Pacific (ex Japan) M&A league table by value. Haiwen & Partners, the only other PRC firm in the rankings, is in 19th place by volume, having advised on eight deals worth US$4.6 billion.
Mergermarket's league tables show there were 462 deals announced in Q2 2009, over 11% more than in the previous quarter. It seems the downward trend in activity seen in the past five quarters in the region may have come to an end. The strong performance of PRC firms owes much to bustling M&A activity in China, where global share in H1 2009 has increased to 8.3% by value and 7.4% by volume, up from 5.8% and 5.4% respectively in 2008.
League Table of Legal Advisers to Asia-Pacifi c ex. Japan M&A: Value
|
Y/E 2008
|
H1 2009
|
House
|
Value (US$m)
|
Deal Count
|
|
41
|
1
|
Commerce and Finance Law Offi ces
|
20,248
|
4
|
|
-
|
2
|
DeHeng (Beijing) Law Offi ces
|
19,171
|
5
|
|
16
|
3
|
|
17,793
|
22
|
|
1
|
4
|
|
16,540
|
12
|
|
6
|
5
|
|
15,256
|
8
|
|
22
|
6
|
|
13,923
|
4
|
|
17
|
7
|
|
13,899
|
18
|
|
13
|
8
|
|
13,591
|
3
|
|
19
|
9
|
|
12,867
|
13
|
|
39
|
10
|
Wachtell, Lipton, Rosen & Katz
|
12,828
|
2
|
|
|
|
|
|
|
League Table of Legal Advisers to Asia-Pacifi c ex. Japan M&A: Volume
|
Y/E 2008
|
H1 2009
|
House
|
Value (US$m)
|
Deal Count
|
|
2
|
1
|
|
10,261
|
26
|
|
1
|
2
|
|
6,584
|
23
|
|
3
|
3
|
|
17,793
|
22
|
|
4
|
4
|
|
10,244
|
21
|
|
7
|
5
|
|
7,165
|
19
|
|
17
|
6
|
|
13,899
|
18
|
|
10
|
7
|
|
1,855
|
16
|
|
6
|
8
|
|
984
|
16
|
|
12
|
9
|
|
1,085
|
15
|
|
5
|
10
|
|
6,079
|
14
|
|
|
|
|
|
|
Source: Mergermarket
PRC and Hong Kong top announced deals H1 2009
|
Deal
|
Deal Value (US$m)
|
Legal advisor to bidder
|
Legal advisor to target/seller
|
|
China Yangtze Power - China Three Gorges
Project Corporation (hydroelectricity
generation assets and
stakes in peripheral
service companies)
|
15,818
|
DeHeng (Beijing) Law Offices
|
n/a
|
|
Chinalco - Rio Tinto (Stakes in 9 mining companies)
|
11,838
|
and Finance Law Offices;
|
|
|
China Petrochemical - Addax Petroleum
|
8,800
|
Stikeman Elliott; Vinson & Elkins
|
Fasken Martineau; Fraser Milner Casgrain; Osler, Hoskin & Harcourt
|
|
|
7,319
|
|
|
|
GCL-Poly Energy acquisition of Jiangsu Zhongneng
|
2,569
|
|
n/a
|
|
China Minmetals - OZ Minerals
|
2,393
|
|
|
|
|
2,381
|
|
Advising seller: Linklaters; Advising financial advisors: Davis Polk & Wardwell; Slaughter and May |
|
Ping An Insurance acquisition of stake in Shenzhen Development Bank
|
2,278
|
DeHeng (Beijing) Law Offices; DLA Piper
|
|
|
Tianjin Port Development acquisition of stake in Tianjin Port Company
|
1,936
|
|
Global Law Office; K&L Gates
|
China CITIC Bank acquisition of stake in CITIC International Financial Holdings |
1,750
|
|
|
Source: Mergermarket
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