PwC M&A 2013 Review and

2014 Outlook
22 January 2014
David Brown
Transaction Services Leader, PwC China and Hong Kong

Foreword explanation of data shown in this presentation (1 of 2)

The data presented is based on information compiled by ThomsonReuters,

ChinaVenture and PwC analysis unless stated otherwise
Thomson Reuters and ChinaVenture record announced deals. Some
announced deals will not go on to complete
The deal volume figures presented in this report refer to the number of deals
announced, whether or not a value is disclosed for the deal
The deal value figures presented in this report refers only to those deals
where a value has been disclosed (referred to in this presentation as
disclosed value)
Domestic means China including Hong Kong and Macau
Outbound relates to mainland China company acquisitions abroad
Inbound relates to overseas company acquisitions of Domestic
companies
Private Equity deals or PE deals refer to financial buyer deals with deal
value over US$10mn and/or with undisclosed deal value but invested by PEs
PwC

Foreword explanation of data shown in this presentation (2 of 2)

VC deals refer to financial buyer deals with deal value less than US$10mn
and/or with undisclosed deal value but invested by VCs

Strategic buyer refers to corporate buyers (as opposed to financial buyers)

that acquire companies with the objective of integrating the acquisition in
their existing business
Financial buyer refers to investors that acquire companies with the
objective of realizing a return on their investment by selling the business at a
profit at a future date and mainly, but not entirely, comprise PE and VC
funds
In order to exclude foreign exchange impact, deal values from 2008 to 2012
were adjusted based on 2013 average Rmb/US$ exchange rate

PwC

Overview

PwC

Key messages (1 of 2)
Overall

China deal numbers recovered from multi-year lows in the first half of 2013, increasing by more
than 40% in the second half; nearly all categories of M&A showed strong growth

On an annualised basis despite the quiet first half overall deal volumes grew by 8% and
values by 28% in 2013 compared to 2012; deal values reached a record high at US$260 billion
with 43 deals greater than US$1 billion in 2013, compared to 30 in 2012

China Outbound

China outbound M&A recovered with more deals announced in the second half of 2013 than in
any earlier half-year period; and on a full-year basis, outbound M&A compared well with the last
few years, although the soft first half meant no new records in 2013

POE activity was surprisingly low in the first half but rebounded to a new six-month high with 88
announced deals in the second half, whilst SOE activity was robust and deal values held up well

SOEs continued to focus on E&P, resources (raw materials) and industrial sectors, whilst POE
activity was more diversified covering also industrial technologies, consumer related businesses
and high-tech

Destination markets were remarkably similar to 2012 with much of the POE money targeting
established technologies, know-how, IP and brands in mature markets such as the US and
Europe

PwC

Key messages (2 of 2)
Domestic and Foreign-Inbound Strategic

Domestic strategic M&A recovered strongly in the second half of 2013, although full year
numbers were less spectacular due to the slow first half which was affected by political and
economic uncertainties

Foreign inbound M&A was flat; Japanese investment has declined sharply over the last two years
as has investment from the US

Private Equity

Renminbi PE fundraising declined for the second straight year as the domestic Chinese PE
industry continued to consolidate; US$ denominated fundraising has been consistently healthy
over the same period

The number of new investments recovered in the second half of the year and, on a full year basis,
deal values held up well

Growth capital deals declined as the PE industry shifted focus towards PIPE and, increasingly,
buy-out transactions whilst PE interest in outbound deals continued, albeit still at low levels in
absolute terms

PE-backed IPOs showed some recovery in the second half of 2013 off a very low base but it was
the third straight year of decline for PE exits, almost entirely attributable to problems in the
equity capital markets; 2013 was the first year that IPO was not the dominant exit-route

The overhang of new investments compared to exits remains the number one issue affecting the
PE and VC industry

PwC

Outlook

We anticipate strong growth in China outbound, both from SOEs and POEs; 2014 will be a record
year driven by increasing experience and sophistication of Chinese buyers, underpinned by
government support and direction (including SOE reform see below)

Domestic M&A will also grow to new highs, driven by industry consolidation and sector reforms
which will increase competitive pressures; A-share listed companies will be important drivers of
this activity

Foreign inbound investment will also grow as confidence returns in overseas markets especially
in Europe and the US, and as MNCs realign their China strategies resulting in both sale and
purchase of business units and an increasing number of JVs with Chinese partners

PE exits will rebound strongly as IPO markets re-open, but sale by M&A will also grow and we
expect to see more secondary (PE to PE) activity; we also think that the number of new
investments will increase with the trend to buy-outs continuing; although smaller in number, we
will see more outbound PE deals and we expect to see some PE interest in investing in SOEs (see
below) and in A-share listed companies

SOE reform, including market liberalisation, specialisation, globalisation and diversified

shareholding will drive M&A activity across several of the sectors described above

In summary, we see strong tail-winds for M&A in China: the record trends seen in the second half
of 2013 will continue into 2014

Drivers of this activity will include: further liberalisation of markets; SOE reforms; government
support for M&A generally especially outbound; increasing direct investment activities of large
financial institutions; market-driven industry consolidation; increasing sophistication of Chinese
buyers; and recovering equity capital markets

PwC

China deal numbers recovered from multi-year lows in the first half
of 2013, increasing by more than 40% in the second half; nearly all
categories of M&A showed strong growth

Total deal volume, 2013 vs. 2012 (half yearly)

1H12
Volume

2H12
Volume

1H13
Volume

2H13
Volume

% Diff
2H13 v s
2H12

% Diff
2H13 v s
1H13

St rat egic buy ers

Dom estic
Foreign
Tot al St rat egic buy ers

1 ,1 7 7
1 52
1,329

1 ,4 9 0
1 34
1,624

1 ,09 6
1 23
1,219

1 ,6 08
1 52
1,7 60

8%
13%
8%

47%
24%
44%

Financial buy ers

Priv ate Equity
VC
Tot al Financial buy ers

1 64
220
384

1 68
2 53
421

1 62
27 6
438

2 05
462
667

22%
83%
58%

27%
67%
52%

China mainland Out bound

SOE
POE
Tot al China mainland Out bound

26
70
96

22
73
95

28
53
81

31
88
119

41%
21%
25%

11%
66%
47%

HK Out bound

67

99

88

76

(23%)

(14%)

1,87 6

2,239

1,826

2,622

17%

44%

Tot al

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

On an annualised basis despite the quiet first half overall deal

volumes grew by 8% and values by 28% in 2013 compared to 2012;
deal values reached a record high
Total deal volume and value, from 2008 to 2013

2008

Volume

2009

Value

Volume

2010

Value

Volume

2012

2011

Value

Volume

Value

Volume

2013

Value

Volume

Value

% Diff
% Diff
volume value
2013 vs. 2013 vs.
2012
2012

Strategic buyers
Domestic
Foreign
Total Strategic buyers

3,006
61 4
3,620

1 53.2
1 9.7
172.9

2,7 7 4
409
3,183

1 02.1
1 1 .5
113.6

2,947
539
3,486

1 42.8
1 8.3
161.1

3,262
482
3,744

1 1 9.9
1 7 .6
137.5

2,667
286
2,953

89.6
9.2
98.8

2,7 04
27 5
2,979

1 48.1
1 5.1
163.2

1%
-4%
1%

65%
63%
65%

Financial buyers
Priv ate Equity
VC
Total Financial buyers

365
694
1,059

22.4
1 .8
24.2

254
712
966

22.8
1 .8
24.6

425
1 ,01 1
1,436

25.4
2.6
27.9

502
903
1,405

32.6
1 .9
34.5

332
47 3
805

23.9
1 .0
24.9

367
7 38
1,105

35.0
0.9
35.9

11%
56%
37%

46%
-12%
44%

China mainland Outbound

SOE
POE
Total China mainland Outbound

27
99
126

6.9
3.7
10.5

45
99
144

26.8
6.6
33.4

64
1 24
188

35.2
6.6
41.8

48
1 58
206

33.6
9.6
43.2

48
1 43
191

40.4*
26.0
66.4

59
1 41
200

39.5
1 2.0
51.5

23%
-1%
5%

-2%
-54%
-22%

HK Outbound

156

6.8

152

6.3

171

19.2

183

8.4

166

13.0

164

9.6

-1%

-26%

4,961

214.4

4,445

177.9

5,281

250.0

5,538

223.5

4,115

203.1

4,448

260.2

8%

28%

Total

(US$bn )

(US$bn )

(US$bn )

(US$bn )

(US$bn )

(US$bn )

* CNOOCs US$15 bn Nexon deal was announced in 2012 and so

is included in 2012 numbers, although it was completed in 2013
Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

 deal values reached a record high with 43 deals greater than

US$1 billion in 2013, compared to 30 in 2012

Deal value by main category

US$ billion
250
51.5
200

41.8

10.5

43.2

22.4
19.7
150

33.4

18.3

32.6

66.4

15.1

17.6

22.8

23.9

11.5

100

35.0

25.4

9.2
153.2

142.8
102.1

50

148.1

119.9
89.6

0
2008

2009

Domestic Strategic Buyers

2010
Foreign Strategic Buyers

2011
Private Equity Deals

2012

2013

China Mainland Outbound

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

10

Strategic buyers

PwC

11

Domestic strategic M&A recovered strongly in the second half of

2013

Strategic buyer deals, 2013 vs. 2012 (half yearly)

No.

US$ billion

2,000

120

1,800
98.5

1,600
1,400

100

80

1,200
1,000
800
600

54.0

1,177

1,608

60

1,490
40

35.6

1,096

400
200

49.6

20
6.7

8.4

4.0
152

5.2
134

123

152

1H2012

2H2012

1H2013

2H2013

Announced Deal Volume Inbound

Announced Deal Value Inbound

Announced Deal Volume Domestic

Announced Deal Value Domestic

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

12

 although full year numbers were less spectacular due to the slow
first half which was affected by political and economic
uncertainties
Strategic buyer deals, from 2008 to 2013
No.

US$ billion

4,000

180

3,500

160

153.2

142.8

148.1

3,000

2,000

120

119.9

2,500
3,006

102.1

2,947

100

3,262

2,774

89.6
2,667

1,500

2,704

80
60

1,000
500

140

40
19.7

18.3

614

11.5
409

539

2008

2009

2010

17.6
482

9.2
286

275

2011

2012

2013

0
Announced Deal Volume Inbound
Announced Deal Value Inbound

15.1

20
0

Announced Deal Volume Domestic

Announced Deal Value Domestic

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

13

Strategic M&A activity by industry was broadly consistent with

earlier years, although technology and financial services deals
showed some upward trends
Strategic buyer deal volume by industry sector
No.
4000
3500
970

743
3000
2500

1125
358

432
2000
1500
1000

522
372

1015
106
404
381
310

664

252
137
369
446
320

539

614

529

428

475

2008

2009

2010

500

384
500

653

697

264

300

273

315

402

395

352
668

400
404

570

429

575

439

434

2011

2012

2013

0
Industrials

Raw Materials

High Technology

Consumer Related

Real Estate

Financial Services

Others

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

14

Foreign inbound M&A was flat; Japanese investment has declined

sharply over the last two years as has investment from the US

No.
650

Foreign strategic buyer deal volume by region of origin

600
550
500
450
400

70

350
300

70
127
92

250

67

200

87

150

29

100
50

124

67
35
23
73

54

31
79
27
46
35

48

67

94

98

89

0
2008
SE Asia
UK
Latin America

2009
Japan
British Virgin/Cayman
Other Europe

2010
EU
Oceania
Russia

2011

66

25
26
34
37

53

58

2012
US
Canada
n.a.

2013
Other Asia
Africa

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

15

European investors did the biggest value inbound deals, as they

have for three out of the last six years

Foreign strategic buyer deal value by region of origin

US$ billion
25

20

15

0.5
3.0
0.3

10

0.2
2.0
0.8
2.1

3.4
4.3
3.6

0
2008
EU
Oceania
Canada

0.4
2.4
0.2
1.8
1.0
0.8
2009
SE Asia
British Virgin/Cayman
Other Europe

2.9

1.6
5.3

0.3
0.5
0.7
0.9

0.3
1.2
0.4
1.8

5.9

2010
2011
US
UK
Japan
Africa
Other North Amercia
Russia

0.1
1.2
1.3
3.4

3.6

7.1

1.0
1.3
2012

2013
Other Asia
South America
n.a.

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

16

PE

PwC

17

Renminbi PE fundraising declined for the second straight year as

the domestic Chinese PE industry continued to consolidate; US$
denominated fundraising has been consistently healthy over the
same period
PE/VC fund raising for China investment*

No.

US$ billion
60

* Excludes PEs investing in China from non-region specific funds

300

277
250

50

249
21.8

200

40

172
165

150

21.1

14.9

123

39.8
100

130
20

30

20

31.8
9.5

50

21.0

20.3

10

13
0

4.5

6.7

2008

2009

0
Renminbi Fund Size

2010

2011
Non-renminbi Fund Size

2012

2013

Fund Volume

Source: AVCJ and PwC analysis

PwC

18

The number of new investments recovered in the second half of the

year

Private Equity deals, 2013 vs. 2012 (half yearly)

No.

US$ billion
18.5

300

20
16.5

250

18
16

15.1

14

200

12
150

8.8

10
8
205

100
168

164

162

6
4

50

2
0

1H2012

2H2012
Announced Deal Volume

1H2013

2H2013

Announced Deal Value

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

19

 and on a full year basis, deal values held up well

Private Equity deals, from 2008 to 2013

No.

US$ billion

550

40

500

400
350

35.0*

32.6

450

30

25.4

22.4

25

22.8

23.9

300

20

502

250
200

425
365

150

35

332

367

15
10

254

100
5

50
0

2008

2009

2010
Announced Deal Volume

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

2011

2012

2013

Announced Deal Value

* Includes US$9.8 bn Taikang and Guolian investment in
Petrochinas West Pipeline JV

20

PE investors industry focus was broadly consistent with earlier

years; we think TMT and healthcare sectors will grow in
importance
PE deal volume by industry sector
No.
550
500
450
400

13
30

350
8
47

300
250

14
33

200

40

150

60

100

12
20
23
32

77

54

45

50

2008

2009

50

Industrials
Healthcare
Materials

34
31
98

54
72

124

31
31

24
46

44

32

58

45

67

73
88

90

2010

2011

Consumer related
Real Estate
Retail

Media and Entertainment

Financial Services
Others

42
2012

82
2013

High Technology
Energy and Power

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

21

Growth capital deals declined as the PE industry shifted focus

towards PIPE and, increasingly, buy-out transactions

PE deal volume by type

No.
550
16

500
450
400
350

13
15

118
29

85

18

21

300

132

51

200
150

68

250

329

368

327

246

199

100

206

50
0
2008

2009

2010
Growth

2011
PIPE

2012

2013

Buyout

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

22

 whilst PE interest in outbound deals continued, albeit still at low

levels in absolute terms

China mainland PE backed outbound deal volume by PE category

No.
30

25

20
20
15

18

23

10
8
11

8
4

0
2008

2009

2010
SWFs

2011

2012

2013

Other PEs

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

23

PE-backed IPOs showed some recovery in the second half of 2013

off a very low base

PE/VC backed deal exit volume by type, 2013 vs. 2012 (half yearly)
No.
140
120

100
48
5

80
60

44

1
34

40
64

51

20

34

29
6

0
1H2012

2H2012
IPO

1H2013
M&A - trade

2H2013

M&A - PE

Source: AVCJ and PwC analysis

PwC

24

 but it was the third straight year of decline for PE exits, almost
entirely attributable to problems in the equity capital markets;
2013 was the first year that IPO was not the dominant exit-route
PE/VC backed deal exit volume by type
No.
350
8

300

6
83

250

91

200

150

92

84
100

212
171

85

44
50

98

88
46

35

0
2008

2009

2010
IPO

2011
M&A - trade

2012

2013

M&A - PE

Source: AVCJ and PwC analysis

PwC

25

The overhang of new investments compared to exits remains the

number one issue affecting the PE and VC industry

PE/VC deal volume vs. No. of exits

No.

1,500
1,400
1,300
1,200
1,100
1,000
900
800
700
600
500
400
300
200
100
0

425

502
367

365

254
332
1,011

738

712

694

88
89

46
51
2008

903

2009

212

171

91

97

2010
VC deals

PE deals

473
98
100

2011
M&A exit

2012

35
91
2013

IPO exit

Source: ThomsonReuters, ChinaVenture, AVCJ and PwC analysis

PwC

26

China mainland outbound

PwC

27

China outbound M&A recovered with more deals announced in the

second half of 2013 than in any earlier half-year period

China mainland outbound deals, 2013 vs. 2012 (half yearly)

No.

US$ billion

140

45

41.8 *

40

120

35
100

28.5

80

30

24.6

23.0

60

119
96

95

20
15

81

40

25

10
20

0
1H2012

2H2012
Announced Deal Volume

1H2013

2H2013

Announce Deal Value

* Includes US$15.1 bn CNOOC Nexus transaction

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

28

 and on a full-year basis, outbound M&A compared well with the

last few years but the soft first half meant no new records in 2013

China mainland outbound deals, from 2008 to 2013

No.

US$ billion

250

70
66.4 *
51.5

200

60
50

150

43.2

41.8

33.4
100

188

206

191

200

144

126
50

40
30
20

10.5

10

0
2008

2009

2010
Announced Deal Volume

2011

2012

2013

Announce Deal Value

* Includes US$15.1 bn CNOOC Nexus transaction

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

29

POE activity was surprisingly low in the first half but rebounded to
a new six-month high with 88 announced deals in the second half

China mainland outbound strategic buyer deals, 2013 vs. 2012 (half yearly)
US$ billion
30

No.
140
120

24.0

25

100

80

31
20.7

22

26

18.8

17.9

15
28

60
16.4
40

20

88

70

73

8.1
20

7.8

53

10

5
4.2

0
1H2012

2H2012

1H2013

2H2013

POE Announced Deal Volume

SOE Announced Deal Volume

POE Announced Deal Value

SOE Announced Deal Value

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

30

 whilst SOE activity was robust and deal values held up well

China mainland outbound strategic buyer deals, from 2008 to 2013

US$ billion
45

No.
250
40.4 *
35.2

200

39.5

33.6

35
48

26.8

150

64

48

59

26.0

45

20

100
158
124

99

6.9

15
143

141 12.0

99
9.6
6.6

6.6

2009

2010

10
5

3.7
2008

0
2011

2012

POE Announced Deal Volume

SOE Announced Deal Volume

POE Announced Deal Value

SOE Announced Deal Value

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

30
25

27

50

40

2013

* Includes US$15.1 bn CNOOC Nexus transaction

31

SOEs continued to focus on E&P, resources (raw materials) and

industrial sectors, whilst POE activity was more diversified
covering also industrial technologies, consumer related businesses
and high-tech
China mainland outbound deals by industry sector

No.
50

By number of deals, 2013 vs. 2012

45

40
35
30

30

25

33

20

5
0

18

26

15
10

33

17 10

18

15
6

28

22

17
5

11 13

2013 SOE

15
1

2013 POE

4 10

10
2

2012 SOE

5
1

14
7 3

4
2

2012 POE

Source: ThomsonReuters, ChinaVenture and PwC analysis

PwC

32

Destination markets were remarkably similar to 2012 with much of the

POE money targeting established technologies, know-how, IP and
brands in mature markets such as the US and Europe
Outbound M&A deal volume by region of destination 2013 vs. 2012
North America

57

Europe

57

51

Russia

63

Asia

8 5
25 33

11

South America

9 8
27 29
Africa

Oceania

2012
2013
Source: ThomsonReuters and PwC analysis

PwC

33

Key messages and 2014 outlook

PwC

34

Key messages (1 of 2)
Overall

China deal numbers recovered from multi-year lows in the first half of 2013, increasing by more
than 40% in the second half; nearly all categories of M&A showed strong growth

On an annualised basis despite the quiet first half overall deal volumes grew by 8% and
values by 28% in 2013 compared to 2012; deal values reached a record high at US$260 billion
with 43 deals greater than US$1 billion in 2013, compared to 30 in 2012

China Outbound

China outbound M&A recovered with more deals announced in the second half of 2013 than in
any earlier half-year period; and on a full-year basis, outbound M&A compared well with the last
few years, although the soft first half meant no new records in 2013

POE activity was surprisingly low in the first half but rebounded to a new six-month high with 88
announced deals in the second half, whilst SOE activity was robust and deal values held up well

SOEs continued to focus on E&P, resources (raw materials) and industrial sectors, whilst POE
activity was more diversified covering also industrial technologies, consumer related businesses
and high-tech

Destination markets were remarkably similar to 2012 with much of the POE money targeting
established technologies, know-how, IP and brands in mature markets such as the US and
Europe

PwC

35

Key messages (2 of 2)
Domestic and Foreign-Inbound Strategic

Domestic strategic M&A recovered strongly in the second half of 2013, although full year
numbers were less spectacular due to the slow first half which was affected by political and
economic uncertainties

Foreign inbound M&A was flat; Japanese investment has declined sharply over the last two years
as has investment from the US

Private Equity

Renminbi PE fundraising declined for the second straight year as the domestic Chinese PE
industry continued to consolidate; US$ denominated fundraising has been consistently healthy
over the same period

The number of new investments recovered in the second half of the year and, on a full year basis,
deal values held up well

Growth capital deals declined as the PE industry shifted focus towards PIPE and, increasingly,
buy-out transactions whilst PE interest in outbound deals continued, albeit still at low levels in
absolute terms

PE-backed IPOs showed some recovery in the second half of 2013 off a very low base but it was
the third straight year of decline for PE exits, almost entirely attributable to problems in the
equity capital markets; 2013 was the first year that IPO was not the dominant exit-route

The overhang of new investments compared to exits remains the number one issue affecting the
PE and VC industry

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Outlook

We anticipate strong growth in China outbound, both from SOEs and POEs; 2014 will be a record
year driven by increasing experience and sophistication of Chinese buyers, underpinned by
government support and direction (including SOE reform see below)

Domestic M&A will also grow to new highs, driven by industry consolidation and sector reforms
which will increase competitive pressures; A-share listed companies will be important drivers of
this activity

Foreign inbound investment will also grow as confidence returns in overseas markets especially
in Europe and the US, and as MNCs realign their China strategies resulting in both sale and
purchase of business units and an increasing number of JVs with Chinese partners

PE exits will rebound strongly as IPO markets re-open, but sale by M&A will also grow and we
expect to see more secondary (PE to PE) activity; we also think that the number of new
investments will increase with the trend to buy-outs continuing; although smaller in number, we
will see more outbound PE deals and we expect to see some PE interest in investing in SOEs (see
below) and in A-share listed companies

SOE reform, including market liberalisation, specialisation, globalisation and diversified

shareholding will drive M&A activity across several of the sectors described above

In summary, we see strong tail-winds for M&A in China: the record trends seen in the second half
of 2013 will continue into 2014

Drivers of this activity will include: further liberalisation of markets; SOE reforms; government
support for M&A generally especially outbound; increasing direct investment activities of large
financial institutions; market-driven industry consolidation; increasing sophistication of Chinese
buyers; and recovering equity capital markets

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Data compilation methodology

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Data compilation methodology:

Statistics contained in this presentation and the press release may vary from those contained in previous
press releases. There are three reasons for this: ThomsonReuters and ChinaVenture historical data is
constantly updated as deals are confirmed or disclosed; PricewaterhouseCoopers has excluded certain
transactions which are more in the nature of internal reorganisations than transfers of control; and
exchange rate data has been adjusted.
Included Deals
Acquisitions of private/public companies resulting in change of
control
Investments in private/public companies (involving at least 5%
ownership)
Mergers
Buyouts/buyins (LBOs, MBOs, MBIs)
Privatisations
Tender offers
Spinoffs
Splitoff of a wholly-owned subsidiary when 100%
sold via IPO
Divestment of company, division or trading assets resulting in
change of control at parent level
Reverse takeovers
Re-capitalisation
Joint Venture buyouts
Joint Ventures
Receivership or bankruptcy sales/auctions
Tracking stock
PwC

Excluded Deals
Property/real estate for individual properties
Rumoured transactions
Options granted to acquire an additional stake when not 100%
of the shares has been acquired
Any purchase of brand rights
Land acquisitions
Equity placements in funds
Stake purchases by mutual funds
Open market share buyback/retirement of stock unless part of
a privatisation
Balance sheet restructuring or internal restructuring
Investments in greenfield operations
Going private transactions

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