Mergers and Acquisitions (Completed in the third quarter of 2012)

Among the large, publicly announced M&A Advisory transactions or assignments completed during the third quarter of 2012 on which Lazard advised were the following:
  • Progress Energy’s $32 billion merger with Duke Energy
  • Tyco’s combination of its Flow Control business with Pentair in a $10 billion all-stock merger
  • Walgreens’ $6.7 billion acquisition of a 45% stake in Alliance Boots
  • GlaxoSmithKline’s $3.0 billion acquisition of Human Genome Sciences
  • Nexus Energy’s restructuring of its interest in the Crux joint venture, valuing Nexus Energy’s pro forma stake at A$638 million
  • Gryson shareholders in the €475 million sale of the company to Japan Tobacco
  • St Barbara Limited’s A$556 million acquisition of Allied Gold
  • Montagu Private Equity’s €430 million acquisition of St Hubert
  • Tyco's separation into three independent, publicly traded companies
  • Edison in the restructuring of its shareholdings
  • Audi’s acquisition of Ducati
  • Lion Capital’s acquisition of Alain Afflelou
  • Carrefour’s sale of its 50% stake in Carrefour Marinopoulos to Marinopoulos Group

Mergers and Acquisitions (Announced)

Among the ongoing, large, publicly announced M&A transactions and assignments on which Lazard advised in the 2012 third quarter, continued to advise, or completed since September 30, 2012, are the following:
  • Deutsche Telekom on the $32.8 billion combination of T-Mobile and MetroPCS
  • Anheuser-Busch InBev’s $20.1 billion acquisition of the remaining stake in Grupo Modelo it does not already own and Grupo Modelo’s related $1.9 billion sale of its 50% interest in Crown Imports to Constellation Brands
  • The Supervisory Board of TNT Express in the €5.2 billion sale to United Parcel Service
  • Caisse des Dépôts’ €2.6 billion indirect acquisition of Silic from Groupama
  • Carrefour in the €2.0 billion sale of its business in Colombia to Cencosud
  • Hertz’s $2.3 billion acquisition of Dollar Thrifty
  • Permian Mud Service (parent company of Champion Technologies and CorsiTech) in its $2.2 billion merger with Ecolab
  • PPG on the $2.1 billion merger of its commodity chemicals business with Georgia Gulf
  • CH Energy Group’s $1.5 billion sale to Fortis
  • Principal Financial Group’s $1.5 billion acquisition of Cuprum
  • HiSoft Technology’s $875 million merger of equals with VanceInfo Technologies
  • Rockwood’s C$724 million acquisition of Talison Lithium
  • Qatar Holding on its approximately 12% stake in Xstrata in connection with the proposed merger with Glencore
  • Caisse des Dépôts on the reorganization of Dexia
  • Piraeus Bank in its acquisition of (i) selected Agricultural Bank of Greece (ATEbank) assets and liabilities and (ii) Société Générale’s 99.1% stake in Geniki Bank
  • Hera's merger with AcegasAps

Restructuring and Debt Advisory Assignments

Restructuring and debtor or creditor advisory assignments completed during the third quarter of 2012 on which Lazard advised include: White Birch Paper Company in connection with their U.S. and Canadian bankruptcies; Cementos Portland Valderrivas on its debt refinancing; Cemex in connection with its refinancing; Grupo Nefinsa on its debt refinancing; Grupo Uralita on its debt refinancing; Limoni on its debt restructuring; Lohr Industrie on its debt restructuring and sale of its Translohr division to Alstom and the Fonds Stratégique d'Investissement; the committee of Lighthouse bondholders of Seat Pagine Gialle on the company’s restructuring; and, a consortium of derivative counterparties to Vestia on the unwinding of the company's derivative portfolio.

Notable Chapter 11 bankruptcies on which Lazard advised debtors or creditors, or related parties, during or since the third quarter of 2012, are:
  • Airlines: Allied Pilots Association with respect to American Airlines
  • Consumer/Food: Hostess Brands
  • Gaming, Entertainment and Hospitality: Indianapolis Downs, MSR Resorts
  • Paper and Packaging: NewPage Corporation
  • Power & Energy: A123 Systems, LSP Energy
  • Professional/Financial Services: Ambac
  • Technology/Media/Telecom: Eastman Kodak, LightSquared, Nortel Networks, Tribune Company

Among other publicly announced restructuring and debt advisory assignments on which Lazard has advised debtors or creditors during or since the third quarter of 2012, are:
  • Belvédère – advising the FRN noteholder committee
  • Empresas La Polar on its debt restructuring activities
  • Financial Guaranty Insurance Company (FGIC) – advisor to Weil, Gotshal & Manges in its capacity as counsel to the New York Liquidation Bureau
  • National Association of Letter Carriers in connection with the USPS’s restructuring efforts
  • PMI – advisor to the receiver of PMI on certain asset dispositions
  • Praktiker on the funding of its strategic and operational restructuring program
  • TORM - advisor to the senior lenders on the company's debt restructuring


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