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The largest 25 recent M&A transactions in Europe, all announced between April 1, 2015 and Oct. 1, 2015. Research by Mergermarket and Rebecca Geiger.

Target: Allergan Inc (U.S.) Counsel: Latham & Watkins; Matheson; Richards Layton & Finger; Stikeman Elliott; Wachtell, Lipton, Rosen & Katz Counsel for financial adviser Bank of America Merrill Lynch: Fried, Frank, Harris, Shriver & Jacobson Counsel for financial adviser Goldman, Sachs & Co.: Ropes & Gray Bidder: Actavis plc (Ireland) Counsel: Arthur Cox; Cleary Gottlieb Steen & Hamilton; Conyers Dill & Pearman; Covington & Burling; Loyens & Loeff; Weil, Gotshal & Manges Counsel for joint book runners JPMorgan Chase & Co., Mizuho Securities Co. Ltd. and Wells Fargo Securities: Cravath, Swaine & Moore Value: $66 billion Target: EE Limited* (U.K.) Seller: Orange S.A. and Deutsche Telekom AG (Germany) Counsel: Clifford Chance; Norton Rose Fulbright Counsel for financial advisers Bank of America Merrill Lynch, Barclays Bank PLC and others: Cleary Gottlieb Steen & Hamilton Bidder: BT Group plc (U.K.) Counsel: Freshfields Bruckhaus Deringer Value: $19 billion Target: Freescale Semiconductor Inc* (U.S.) Counsel: Houthoff Buruma; Skadden, Arps, Slate, Meagher & Flom Counsel for financial adviser Morgan Stanley: Wilson Sonsini Goodrich & Rosati Seller: The Blackstone Group L.P., TPG Capital L.P. and other shareholders Counsel: Skadden, Arps, Slate, Meagher & Flom Bidder: NXP Semiconductors N.V. (Netherlands) Counsel: De Brauw Blackstone Westbroek; Simpson Thacher & Bartlett Counsel for financial adviser Credit Suisse AG: Davis Polk & Wardwell; White & Case Value: $16.7 billion Target: 02 UK* (U.K.) Seller: Telefónica SA (Spain) Counsel: Herbert Smith Freehills Bidder: Hutchison Whampoa Limited (Three) (Hong Kong) Counsel: Baker & McKenzie; Freshfields Bruckhaus Deringer; Linklaters Value: $15.3 billion Target: Alstom SA (Thermal Power, Renewable Power and Grid business)* (France) Seller: Alstom SA (France) Counsel: Cabinet Bompoint; Hogan Lovells; Stikeman Elliott; Weil, Gotshal & Manges Counsel for Alstom board of directors: Orrick, Herrington & Sutcliffe Counsel for French government: Cleary Gottlieb Steen & Hamilton Bidder: General Electric Company (U.S.) Counsel: Arnold & Porter; Bredin Prat; Clifford Chance; Skadden, Arps, Slate, Meagher & Flom; Slaughter and May Value: $14.3 billion Target: Talisman Energy Inc* (Canada) Counsel: Norton Rose Fulbright; Slaughter and May; Wachtell, Lipton, Rosen & Katz Counsel for financial adviser Goldman, Sachs & Co.: Skadden, Arps, Slate, Meagher & Flom Counsel for financial adviser Nomura Holdings Inc.: Paul, Weiss, Rifkind, Wharton & Garrison Counsel for Talisman board of directors: Blake, Cassels & Graydon Bidder: Repsol SA (Spain) Counsel: Advokatfirmaet Simonsen Vogt Wiig; Bennett Jones; Freshfields Bruckhaus Deringer; KPMG Abogados; Sullivan & Cromwell; Uría Menéndez Value: $13 billion Target: Portugal Telecom SGPS SA* (Portugal) Counsel: Cuatreçasas, Goncalves Pereira; Souza, Cescon, Barrieu & Flesch Advogados Seller: Oi SA (Brazil) Counsel: Barbosa, Müssnich & Aragão; Eskenazi Pernidji; Serra Lopes, Cortes Martins & Associados Bidder: Altice S.A. (Luxembourg) Counsel: Franklin; Mayer Brown; Ropes & Gray; Uría Menéndez Counsel for underwriters including Deutsche Bank AG, JPMorgan Chase & Co. and others: Latham & Watkins Value: $9.1 billion Target: Friends Life Group Plc* (U.K.) Counsel: Linklaters Bidder: Aviva Plc (U.K.) Counsel: Allen & Overy Counsel for financial advisers J.P. Morgan Cazenove and Morgan Stanley: Clifford Chance Value: $8.8 billion Target: PetSmart, Inc. (U.S.) Counsel: Wachtell, Lipton, Rosen & Katz Counsel for financial adviser J. P. Morgan Securities LLC: Greenberg Traurig Bidder: Consortium including BC Partners Limited (U.K.), La Caisse de Dépôt et Placement du Québec and others Counsel: Simpson Thacher & Bartlett; Stikeman Elliott Counsel for Longview Asset Management: Skadden, Arps, Slate, Meagher & Flom Counsel for debt providers Nomura Holdings, Deutsche Bank AG and others: Paul Hastings Value: $8.7 billion Target: Rexam PLC* (U.K.) Counsel: Freshfields Bruckhaus Deringer Counsel for financial adviser Greenhill & Co., Inc.: Davis Polk & Wardwell Bidder: Ball Corporation (U.S.) Counsel: Skadden, Arps, Slate, Meagher & Flom; Slaughter and May Value: $8.4 billion Target: Pirelli & C. SpA* (Italy) Seller: Cam Finanziaria (Camfin) S.p.A. and investors including UniCredit S.p.A., Intesa Sanpaolo SpA and Rosneft Counsel for Camfin: Chiomenti; d’Urso Gatti e Bianchi; Lombardi Molinari Segni Counsel for UniCredit and Intesa Sanpaolo: d’Urso Gatti e Bianchi Counsel for Rosneft: Linklaters; Studio Legale Associato Bidder: Consortium led by China National Tire & Rubber (China) Counsel: Clifford Chance; Jun He; Pedersoli e Associati Counsel for underwriters JPMorgan Securities plc: Latham & Watkins; Gianni, Origoni, Grippo, Cappelli & Partners Value: $8 billion Target: Songbird Estates Plc (69.4% Stake) (U.K.) Counsel: Clifford Chance; Paul, Weiss, Rifkind, Wharton & Garrison; Slaughter and May Counsel for financial adviser Morgan Stanley Real Estate Funds: Jones Day Seller: Madison International Realty LLC, Morgan Stanley, Simon Glick and others Bidder: Qatar Investment Authority (Qatar) and Brookfield Property Partners L.P. Counsel for Qatar Investment Authority: Shearman & Sterling Counsel for Brookfield: Linklaters Counsel for financial adviser Barclays Bank PLC, Citigroup and HSBC Holdings plc: Herbert Smith Freehills Value: $6.9 billion Target: Holcim Ltd and Lafarge SA (Certain assets)* (France) Seller: Lafarge S.A. and Holcim Ltd. (Switzerland) Counsel: Blake, Cassels & Graydon Counsel for Lafarge: Cleary Gottlieb Steen & Hamilton; Pinheiro Neto Counsel for Holcim: Freshfields Bruckhaus Deringer; Homburger; Linklaters; TozziniFreire Bidder: CRH plc (Ireland) Counsel: ARQIS; Arthur Cox; Demarest; Landwell & Associés; Morgan, Lewis & Bockius Value: $7.4 billion Target: Fortum Distribution AB* (Sweden) Seller: Fortum Corporation (Finland) Counsel: Avance Attorneys; Vinge Bidder: Consortium including Borealis Infrastructure Management Inc. (Canada); Folksam AB; Första AP-Fonden and Tredje AP-Fonde Counsel: Hammarskiöld & Co; Linklaters; Mannheimer Swartling; Torys Counsel for bank syndicate including Deutsche Bank AG: Torngren Magnell Value: $7 billion Target: Compañía General de Electricidad S.A. (Chile) Counsel: Guerrero Olivos Seller: Marin family, Grupo Almeria, and Pérez Cruz family Bidder: Gas Natural Fenosa (Spain) Counsel: Claro & Cía; Freshfields Bruckhaus Deringer Value: $7 billion Target: QCLNG Pipeline Pty Ltd* (Australia) Seller: BG Group plc (U.K.) Counsel: Freshfields Bruckhaus Deringer; King & Wood Mallesons Bidder: APA Group Ltd (Australia) Counsel: Allens Value: $5 billion Target: NPS Pharmaceuticals Inc (U.S.) Counsel: Skadden, Arps, Slate, Meagher & Flom Counsel for financial adviser Goldman, Sachs & Co.: Fried, Frank, Harris, Shriver & Jacobson Bidder: Shire plc (Ireland) Counsel: Davis Polk & Wardwell; Slaughter and May Value: $5.2 billion Target: GAGFAH S.A. (Luxembourg) Counsel: Freshfields Bruckhaus Deringer Bidder: Deutsche Annington Immobilien SE (Germany) Counsel: Allen & Overy; Sullivan & Cromwell Counsel for financial adviser JPMorgan Chase & Co.: Clifford Chance; Skadden, Arps, Slate, Meagher & Flom Counsel for financial adviser Credit Suisse AG: Latham & Watkins Value: $4.9 billion Target: UIL Holdings Corporation* (U.S.) Counsel: Sullivan & Cromwell; Wiggin and Dana Counsel for financial adviser Morgan Stanley: Baker Botts Bidder: Iberdrola USA Inc (Spain) Counsel: Latham & Watkins; White & Case Counsel for financial adviser Lazard Ltd.: Cravath, Swaine & Moore Value: $4.7 billion Target: Omega Pharma Invest NV (Belgium) Seller: NV investors including Waterland Private Fund V CV, Marc Coucke (Netherlands) Counsel: Allen & Overy; William Fry Bidder: Perrigo Company plc (Ireland) Counsel: A&L Goodbody; Freshfields Bruckhaus Deringer; Wachtell, Lipton, Rosen & Katz Counsel for financial adviser J.P. Morgan Securities Co. Ltd.: Skadden, Arps, Slate, Meagher & Flom Counsel for debt providers Barclays Bank PLC and JPMorgan Chase Bank N.A.: Simpson Thacher & Bartlett Value: $4.5 billion Target: SIG Combibloc Group AG* (Switzerland) Seller: Reynolds Group Holdings Limited (New Zealand) Counsel: Debevoise & Plimpton; Slaughter and May Bidder: Onex Corporation (Canada) Counsel: Bär & Karrer; Binder Grösswang; Chandler & Thong-ek Law Offices; Latham & Watkins; Minter Ellison Rudd Watts; OPF Partners; Veirano Counsel for joint lead arrangers/financers Barclays Bank PLC, Bank of America Merrill Lynch and others: Weil, Gotshal & Manges Value: $4.7 billion Target: Nutreco N.V. (Netherlands) Counsel: De Brauw Blackstone Westbroek; Skadden, Arps, Slate, Meagher & Flom Bidder: SHV Investments Ltd. (Netherlands) Counsel: Allen & Overy Value: $4 billion Target: TDF S.A.S.* (France) Counsel: Cleary Gottlieb Steen & Hamilton; Darrois Villey Maillot Brochier Sellers: Charterhouse Capital Partners LLP (U.S.); TPG Capital LP; Ardian and BPI France Investissement SA Counsel: BDGS Associés Bidders: Public Sector Pension Investment Board (Canada), Brookfield Infrastructure Group and others Counsel: Hannes Snellman; Hogan Lovells; Loyens & Loeff; Sullivan & Cromwell Counsel for Brookfield: Hogan Lovells Value: $4.4 billion Target: Danske Bank A/S (15% Stake)* (Denmark) Seller: A.P. Møller – Maersk A/S (Denmark) Counsel: Gorrissen Federspiel Bidder: A.P. Møller Holding A/S (Denmark) Counsel: Kromann Reumert Value: $4 billion

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