The largest recent transactions, all worth at least $500 million, involving targets or acquirors from each of six European jurisdictions or regions: France, the United Kingdom, Italy, Germany, Spain, and the Nordic countries. All deals were announced between April 1, 2012, and October 1, 2012. Deals that were pending at press time are starred(*). Research by mergermarket and Rebecca Geiger.
France
Target: International Power Plc (30.23% stake)
Counsel: Linklaters; Clifford Chance
Bidder: Electrabel S.A.
Counsel: Linklaters; Weil, Gotshal & Manges
Counsel for financial adviser Lazard: Cleary Gottlieb Steen & Hamilton
Value: $10.9 billion
Target: Edison International S.p.A. (19.36% stake)
Sellers: Delmi SpA; A2A SpA
Counsel: Bonelli Erede Pappalardo; Cleary Gottlieb Steen & Hamilton
Bidder: Electricité de France S.A. via Transalpina di Energia S.r.l.
Counsel: Clifford Chance; Gianni, Origoni, Gríppo, Cappelli & Partners; Jones Day; Paul, Weiss, Rifkind, Wharton & Garrison; Studio Legale Associato; Willkie Farr & Gallagher
Counsel for financial adviser BNP Paribas: Freshfields Bruckhaus Deringer
Value: $6 billion
Target: Egyptian Company for Mobile Services (Mobinil) (63.64% stake)
Sellers: Orascom Telecom Media; Technology Holding S.A.E.
Counsel: Cleary Gottlieb Steen & Hamilton
Bidder: France Télécom-Orange
Counsel: Dechert; Zaki Hashem & Partners
Value: $3.3 billion
Target: CFAO Group (29.8% stake and 70.2% stake)
Counsel: Sullivan & Cromwell
Sellers: PPR SA; Discodis S.A.S.; other shareholders
Counsel for PPR: Cleary Gottlieb Steen & Hamilton
Bidder: Toyota Tsusho Corporation
Counsel: Baker & McKenzie; CMS Bureau Francis Lefebvre; Darrois Villey Maillot Brochier
Value: $3 billion
Target: Accor S.A. (United States Economy Hotel division)
Seller: Accor S.A.
Counsel: Proskauer Rose
Bidder: Blackstone Group
Counsel: Simpson Thacher & Bartlett
Value: $1.9 billion
United Kingdom
Target: International Power plc (30.23% stake)
Counsel: Clifford Chance
Bidder: Electrabel S.A.
Counsel: Linklaters; Weil, Gotshal & Manges
Counsel for financial adviser Lazard: Cleary Gottlieb Steen & Hamilton
Value: $10.9 billion
Target: Suddenlink Communications (Cequel Communications Holdings LLC)*
Counsel: Paul Hastings; Seyfarth Shaw
Seller: Suddenlink Equity Holders, composed of Goldman Sachs Capital Partners, Oaktree Capital Management LLC, and Quadrangle Group LLC
Counsel: Fried, Frank, Harris, Shriver & Jacobson
Bidder: BC Partners Limited; Canada Pension Plan Investment Board (CPPIB)
Counsel: Latham & Watkins; Wachtell, Lipton, Rosen & Katz
Counsel for CPPIB: Torys
Value: $6.6 billion
Target: Aegis Group plc*
Counsel: Blake, Cassels & Graydon; Moses & Singer; Slaughter and May
Counsel for Aegis shareholder Vincent Bolloré: Sullivan & Cromwell
Bidder: Dentsu Inc.
Counsel: Baker & McKenzie; Linklaters
Counsel for financial adviser Morgan Stanley: White & Case
Value: $5 billion
Target: Hamilton Sundstrand Corporation*
Seller: United Technologies Corporation
Counsel: Jones Day; Morgan, Lewis & Bockius; Linklaters; Wachtell, Lipton, Rosen & Katz
Bidders: Carlyle Group LP; BC Partners Limited
Counsel: Latham & Watkins
Value: $3.5 billion
Target: Logica Plc
Counsel: Blake, Cassels & Graydon; Freshfields Bruckhaus Deringer
Bidder: CGI Group Inc.
Counsel: Norton Rose; Sullivan & Cromwell
Counsel for financial advisers CIBC World Markets, National Bank of Canada, and TD Bank Group: Clifford Chance
Counsel for financial adviser Goldman, Sachs & Co.: Slaughter and May
Value: $3.1 billion
Italy
Target: Edison International S.p.A. (19.36% stake)
Seller: Delmi SpA and A2A SpA
Counsel: Bonelli Erede Pappalardo; Cleary Gottlieb Steen & Hamilton
Bidder: Electricité de France S.A. via Transalpina di Energia S.r.l.
Counsel: Clifford Chance; Gianni, Origoni, Grippo, Cappelli & Partners; Jones Day; and Paul, Weiss, Rifkind, Wharton & Garrison; Willkie Farr & Gallagher
Counsel for financial adviser BNP Paribas: Freshfields Bruckhaus Deringer
Value: $6 billion
Targets: Simest SpA (76% stake); Gruppo Sace Spa*
Seller: Italian Ministry of Economy and Finance and Ministry of Economic Development
Counsel: Chiomenti Studio Legale
Bidder: Cassa depositi e prestiti S.p.A.
Counsel: Gianni, Origoni, Grippo, Cappelli & Partners
Value: $4.8 billion
Target: Snam SpA (30% stake)
Counsel: NCTM
Seller: Eni S.p.A.
Counsel: d'Urso Gatti e Bianchi - Studio Legale Associato
Bidder: Cassa depositi e prestiti S.p.A.
Counsel: Gianni, Origoni, Grippo, Cappelli & Partners
Counsel for banks: Allen & Overy
Value: $4.4 billion
Target: Ecorodovias Infraestrutura e Logistica S.A. (19% stake)*
Seller: Impregilo SpA
Counsel: Bonelli Erede Pappalardo
Bidder: Primav Construcoes e Comercio S.A.
Counsel: White & Case
Value: $1.5 billion
Target: Grupo Costanera (49.99% stake)
Seller: Atlantia Group via Autostrade Per L'italia SpA
Counsel: White & Case
Bidder: Canada Pension Plan Investment Board (CPPIB)
Counsel: Torys
Value: $1.2 billion
Germany
Target: Dr. Ing h.c.F. Porsche AG (50.1% stake)*
Seller: Porsche Automobil Holding SE
Counsel: Baker & McKenzie; Freshfields Bruckhaus Deringer; Hengeler Mueller
Bidder: Volkswagen AG
Counsel: Clifford Chance; Flick Gocke Schaumburg; Schoenherr; White & Case
Counsel for Volkswagen supervisory board members: CMS Hasche Sigle; Hogan Lovells
Value: $5.6 billion
Target: Lincare Holdings Inc.
Counsel: Weil, Gotshal & Manges
Bidder: Linde AG
Counsel: Cravath, Swaine & Moore; Freshfields Bruckhaus Deringer; Greenberg Traurig
Counsel for financial advisers Morgan Stanley AG: Willkie Farr & Gallagher
Value: $4.6 billion
Target: Ariba Inc
Counsel: Gunderson Dettmer Stough Villeneuve Franklin & Hachigian; Hogan Lovells
Counsel for financial adviser Morgan Stanley & Co.: Gibson, Dunn & Crutcher
Bidder: SAP AG
Counsel: Allen & Overy; Jones Day
Counsel for financial adviser Deutsche Bank AG and JPMorgan Chase & Co.: Hengeler Mueller
Counsel for financial adviser Deutsche Bank AG: Davis Polk & Wardwell
Value: $4.3 billion
Target: Open Grid Europe GmbH
Counsel: Glade Michael Wirtz
Seller: E.ON AG
Counsel: Hengeler Mueller
Bidder: Consortium led by Macquarie Infrastructure and Real Assets (MIRA) including Macquarie European Infrastructure Fund 4; Asset management arm of Munich Re and Ergo (MEAG); British Columbia Investment Management Corporation; and Abu Dhabi Investment Authority via its subsidiary Infinity Investments SA
Counsel: Linklaters
Counsel for bidder's financial advisers: Clifford Chance
Value: $4.1 billion
Target: Elster Group SE
Counsel: Allen & Overy
Counsel for independent members of the administrative board of Elster Group: Hogan Lovells
Counsel for Elster Group SE financial adviser Deutsche Bank AG: Fried, Frank, Harris, Shriver & Jacobson
Counsel for independent members of the administrative Board of Elster Group financial adviser Houlihan Lokey: Sullivan & Cromwell
Sellers: CVC Capital Partners Ltd. (CVC); Rembrandt Holdings S.A.
Counsel for CVC Capital Partners Ltd.: Freshfields Bruckhaus Deringer
Counsel for Rembrandt Holdings S.A.: McDermott Will & Emery
Bidder: Melrose PLC through its wholly owned subsidiary, Mintford AG
Counsel: Hengeler Mueller; Simpson Thacher & Bartlett
Counsel for Melrose underwriters and banks: Linklaters
Value: $2.3 billion
Spain
Target: Bankia SA (45.5% stake)
Counsel: Uría Menéndez
Bidder: Fondo de Reestructuracion Ordenada Bancaria (FROB)
Counsel: Garrigues
Counsel for underwriters: Davis Polk & Wardwell; Linklaters
Value: $5.6 billion
Target: Obrascón Huarte Lain S.A. (60% stake)*
Seller: OHL Concesiones SA
Counsel: Lefosse; Linklaters
Counsel for financial adviser JPMorgan Chase & Co.: Clifford Chance
Bidder: Abertis Infraestructuras S.A.; Brookfield Infrastructure Partners L.P. (via Brookfield Aylesbury Sarl)
Counsel: Freshfields Bruckhaus Deringer; Hogan Lovells; Machado Meyer Sendacz e Opice; Souza, Cescon, Barrieu & Flesch Advogados
Value: $2.8 billion
Target: Banco de Valencia SA (90.89% stake)*
Counsel: Broseta
Bidder: Fondo de Reestructuracion Ordenada Bancaria (FROB)
Counsel: Garrigues
Value: $1.2 billion
Target: Arbora & Ausonia S.L. (50% stake)*
Seller: Agrolimen S.A.
Counsel: Cuatrecasas, Gonçalves Pereira
Bidder: The Procter & Gamble Company
Counsel: Jones Day; Uria Menéndez
Value: $1 billion
Target: Abertis Infraestructuras SA (5.3% stake)
Seller: Actividades de Construcción y Servicios S.A.
Counsel: not available
Bidder: Abertis Infraestructuras SA
Counsel: Freshfields Bruckhaus Deringer
Value: $612 million
Nordic Countries
Target: Actavis Group hf (Actavis Pharma Holding 4 ehf. and Actavis Inc.)*
Counsel: Linklaters
Counsel for Actavis management: Shearman & Sterling
Seller: Consortium including Landsbanki Islands hf; Novator Partners LLP; andStraumur-Burdaras Investment Bank hf.
Counsel: Kinstellar; Linklaters
Counsel for financial advisers Blackstone Group LP and Deutsche Bank AG: Clifford Chance
Bidder: Watson Pharmaceuticals Inc
Counsel: Bojovic-Dasic-Kojovic; Latham & Watkins; Loyens & Loeff; Skadden, Arps, Slate, Meagher & Flom
Counsel for financial advisers Bank of America N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Wells Fargo Securities: Shearman & Sterling
Value: $5.6 billion
Target: Statoil Fuel & Retail ASA
Counsel: Linklaters; Thommessen
Seller: Statoil ASA
Counsel: Wiersholm
Bidder: Alimentation Couche-Tard Inc.
Counsel: Haavind; Davies Ward Phillips & Vineberg; Eversheds
Counsel for lenders: Blake, Cassels, & Graydon
Value: $3.7 billion
Target: BSN medical GmbH
Seller: Montagu Private Equity LLP
Counsel: Clifford Chance
Bidder: EQT Partners (EQT VI)
Counsel: Baker & McKenzie; Freshfields Bruckhaus Deringer; P+P Pöllarth + Partners; Vinge
Counsel for mezzanine lenders including Highbridge, MezzVest, Partners Group, and JPMorgan Chase & Co.: Ropes & Gray
Counsel for senior lenders JPMorgan Chase & Co.; Deutsche Bank AG; Goldman, Sachs & Co.; and Morgan Stanley: Latham & Watkins
Value: $2.2 billion
Target: Dako AS
Sellers: EQT Partners AB (EQT V, L.P./ Delphi S.a.r.l.); Intermediate Capital Group PLC
Counsel: Accura; Davis Polk & Wardwell
Bidder: Agilent Technologies Inc. (Agilent Technologies Europe B.V.)
Counsel: Cleary Gottlieb Steen & Hamilton; Kromann Reumert
Counsel for financial adviser Credit Suisse Securities (USA) LLC: Gibson, Dunn & Crutcher
Value: $2.2 billion
Target: Korsnäs AB*
Seller: Investment AB Kinnevik
Counsel: Ashurst
Bidder: Billerud AB
Counsel: Cederquist
Counsel for Main Billerud shareholder FRAPAG Beteiligungsholding AG: Mannheimer Swartling
Value: $1.6 billion
Data: mergermarket and Focus Europe research
