German M&A and Private Equity Forum February 2011 InterContinental, Düsseldorf.

Transcription

1 German M&A and Private Equity Forum February 11 InterContinental, Düsseldorf Lead strategic partner: Strategic partners:

2 German M&A and Private Equity Forum February 11 InterContinental, Düsseldorf 9:00 Chair s welcome remarks: Prof Dr Gerhard Wegen, Partner, M&A and Arbitration, Gleiss Lutz 9:10 Head-to-Head Discussion: Assessing the German regulatory environment for 11 Jella Benner-Heinacher, Managing Director, Deutsche Schutzvereinigungfür Wertpapierbesitz v. Shareholder Dr Hendrik Leber, Managing Partner, ACATIS Investment Prof Dr Gerhard Wegen, Partner, M&A and Arbitration, Gleiss Lutz (moderator) 9:30 Panel: Comparing and contrasting Public and Private Company Activity Regulatory changes effect on M&A strategy? What are 11's prospects? Will deal rationale shift? Has hostile takeover willingness increased? Jörn Caumanns, EVP, M&A, Bertelsmann Ulrich Dickel, Head of M&A, Franz Haniel & Cie Jack Artman, Senior Director and Head of M&A, Infineon Technologies Horst Rottbeck, Manager of Corporate M&A, Brenntag Dietrich Becker, Partner, Perella Weinberg Partners Hans-Christoph Stadel, Partner, MCF Corporate Finance Dr Christian Cascante, Partner, Corporate/M&A, Gleiss Lutz (moderator) 10:30 Coffee and networking break 11:00 Case Study: Sustainable investment - does green due diligence affect M&A? Dr Ignacio Campino, Representative of the Board of Management for Sustainability and Climate Change, Deutsche Telekom AG 11:15 Panel: Private equity Private equity's role in German M&A activity Financial investors vs. strategic buyers What sectors are the most attractive for investors? Stephan Illenberger, Member of the Executive Board, Paris, and CEO,, AXA Private Equity Dr Mirko Meyer-Schonherr, Partner, PAI Partners Hanns Ostmeier, President, BVK Stefan Zuschke, Partner, BC Partners Dr Jan Bauer, Partner, Corporate/M&A, Gleiss Lutz David Cayet, Managing Partner, Accuracy Catherine Ford, Managing Editor Remark, The Mergermarket Group (moderator) 12:15 Presentation: Accenture's 'Inside Corporate M&A - The formula of the fittest' study and analysis Moritz Kübel, Manager, Corporate Strategy, M&A Practice, Accenture 12:30 Panel: Post-merger integration How do you measure milestones and deal success? Addressing the integrational and cultural issues of a deal What are the most common failures post-deal? Marc Gründler, Head of M&A /Transaction Services, REWE Group Christoph Jores, Head of M&A and Integration, TNT Post Holding Deutshcland Marcus Mueller, Senior Manager, M&A Integration, Siemens AG Lysander Chrisstofels, Integration Officer, Merck KgaA Jonathan Sherry, EVP, M&A and Private Equity Group, Zurich Financial Services Dr Stefan Ohl, Managing Director, Alix Partners Mirko Dier, Executive Partner, Global Head of M&A and Merger Integration, Accenture Catherine Ford, Managing Editor Remark, The Mergermarket Group (moderator) 13:30 Networking lunch 14:30 Panel: Acquisition finance and refinancing 's buyout boom What are the main sources of acquisition finance? When is the optimum time to refinance maturities? Refinancing distressed companies Michael Bork, Managing Director, Barclays Private Equity Per Wehrmann, Portfolio Management, High Yield, DWS Investment Oskar von Kretschmann, Head of High Yield & Distressed Debt, & Austria, Deutsche Bank Ralph Hagelgans, Managing Partner, Livingstone Partners Robert Schach, Assistant Editor High Yield, Debtwire (moderator) 15:15 Presentation: Insurance in M&A - alternatives to traditional risk allocation Georg von Mangoldt, VP, Marsh Private Equity and M&A Practice 15:25 Networking Coffee 15:45 Panel: Strategic growth of Mittelstand - future development in a German economy How are Mittelstand dealing with succession issues? What are the key drivers of primary deals? China vs. Mittelstand - friend or foe? Razvan Olosu, CEO, Novero Philipp Schack, Managing Director, Tital GmBH Guido May, Managing Director, Silverfleet Capital Dr Ralf Pampel, Co-Head and Managing Director, METZLER Corporate Finance Christian Grandin, Managing Partner, Livingstone Partners Giovanni Amodeo, Global Editor-in-Chief, mergermarket (moderator) 16:30 Panel: s role in emerging markets M&A What is driving deal flow into emerging markets? Opportunities vs. challenges of cross-border deals Michael Rolle, CFO, DHL Central Europe Dr Mathias Wagner, SVP of Corporate Business Development/M&A, Fresenius SE Florian Ley, Head of Finance, ItN Nanovation AG Dr Stefan Odenthal, Managing Director Energy & Industry, Hilti Group Philip Whitchelo, Head of M&A Strategy, IntraLinks Thomas Williams, Head of Coverage, mergermarket (moderator) 17:15 Closing remarks 17:30 Networking drinks reception and canapés

3 Top 10 German M&A deals, 10 Announced date Status sector Bidder Bidder Seller Seller Deal value ( m) Dec-10 P EnBW Energie Baden- Wuerttemberg AG (54.99% stake) Energy, Mining & Utilities Land of Baden- Wuerttemberg Nov-10 P Hochtief AG Construction ACS Actividades de Construccion y Servicios, SA Sep-10 C Deutsche Postbank AG (70.05% stake) Mar-10 C Ratiopharm Dec-10 P Evonik Steag (51% stake) Financial Services Pharma, Medical & Biotech Energy, Mining & Utilities Deutsche Bank AG Teva Pharmaceutical Industries Ltd Rhein-Ruhr consortium of municipal utility companies Electricite de France SA France 10,578 Spain 6,1 3,882 Israel VEM Vermogensverwaltung 3,625 Evonik Industries AG 3,146 Jun-10 C Cognis Industrials & May-10 C 4G mobile broadband spectrum (12 Frequency Blocks) May-10 C 4G mobile broadband spectrum (11 Frequency Blocks) May-10 C 4G mobile broadband spectrum (10 Frequency Blocks) Dec-10 P Takko Modemarkt & Co KG C = Completed; P = Pending BASF SE Permira; GS Capital Partners; SV Life Sciences TMT Vodafone D2 TMT Telefonica O2 & Co OHG TMT Deutsche Telekom AG Consumer Apax Partners LLP 2,408 Bundesnetzagentur 1,423 Bundesnetzagentur 1,379 Bundesnetzagentur 1,300 Advent International Corporation USA 1,250

4 250 German M&A trends 60, ,000 40, , , German M&A deal size splits, volume > 500m 251m- 500m 101m- 250m 15m- 100m < 15m Not disclosed

5 German M&A sector split, volume 3% 2% 5% Industrials & 5% TMT 8% 7% 8% 33% Consumer Business Services Pharma, Medical & Biotech Energy, Mining & Utilities Financial Services Construction Leisure 14% 15% Other 5% German M&A sector split, value 3% 3% 1% Energy, Mining & Utilities 8% 33% TMT Construction Industrials & 9% Financial Services Pharma, Medical & Biotech Consumer 12% 13% 13% Business Services Real Estate Other

6 1 Inbound M&A trends 30, ,000 80, , , Outbound M&A trends 45, , ,000 30,000 25,000,000 15, ,

7 Top 10 German private equity buyout & exit deals, 10 Announced date Status sector Bidder Bidder Seller Seller Deal type Deal value ( m) Jun-10 C Cognis Dec-10 P Takko Modemarkt & Co KG Industrials & Oct-10 P MWM Industrials & Dec-10 P Loyalty Partner Jun-10 C Karstadt Dec-10 P PolymerLatex Jun-10 P Utimaco Safeware AG Jul-10 C Tyco Waterworks Europe Oct-10 P Schneider Versand Jun-10 C Cinterion Wireless Modules C = Completed; P = Pending BASF SE Permira; GS Capital Partners; SV Life Sciences Consumer Apax Partners LLP Business Services Caterpillar Inc American Express Company Consumer Berggruen Holdings Inc; BCBG Max Azria Group Inc Industrials & Yule Catto Holdings TMT Shield Bidco Ltd Industrials & Triton Partners Consumer Silverfleet Capital Partners TMT Gemalto NV Advent International Corporation USA 3i Group plc USA Palamon Capital Partners LP Exit 2,408 USA SBO 1,250 Exit 580 Exit 496 USA IBO 450 Sweden Netherlands TowerBrook Capital Partners LP Sophos plc Tyco International Ltd Barclays Private Equity Ltd T-Mobile Venture Fund & Co KG; Granville Baird ; SAPFI Kapital Management USA Exit 443 IBO 252 Switzerland IBO 187 MBO 169 Exit 163

8 70 German private equity buyout trends 16, , ,000 8,000 6,000 4, , German private equity exit trends ,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000