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Special Reports for 2008

Mid-Markets Report 2008

  • Uncertain outlook for mid-markets 10 January, 2008

    Uncertain outlook for mid-markets |

    Despite hopes that the mid markets might escape the worst impact of the credit crunch, deal values and volumes now look likely to fall as the uncertainty continues, writes Christopher Spink.

  • International deals thrive on AIM 10 January, 2008

    International deals thrive on AIM |

    Fewer companies may be floating on AIM but the market increasingly acts as a playing field for international consolidators, writes Christopher Spink.

  • Movers in the mid-markets 10 January, 2008

    Movers in the mid-markets |

    With deal flow in the mid-markets still relatively strong, private equity firms in this space have made a number of significant appointments, writes Sandrine Bradley.

  • More bolt-on buys expected 10 January, 2008

    More bolt-on buys expected |

    Mid-market private equity firms are turning to buy-and-build plans to achieve growth in an increasingly hostile M&A environment, writes Robert Venes.

  • Banks become selective 10 January, 2008

    Banks become selective |

    Lenders are more cautious, even on smaller deals, but if sponsors have a good proposition, put in more equity and have patience, then debt is available. Patrick McCurry reports

  • M&A auction processes and risk allocation 10 January, 2008

    Thomas Meyding |

    Thomas Meyding, partner in the Stuttgart office of CMS, reviews current practice in the German mid-market

  • Mid market advisers keep dancing 10 January, 2008

    Many financial advisory firms are likely to report record revenues for last year, showing the mid markets' evergreen qualities. Thomson Financial shows who has been active.

  • Europe's mid-market lawyers receive verdict 10 January, 2008

    Thomson Financial's comprehensive league tables show which law firms are leading the mid market field across Europe. Deborah Cust assesses the competition.

Russia Report 2008

  • Russia's boom faces downturn without the West 1 March, 2008

    Russia’s boom faces downturn without the West |

    Western economies need Russian gas, but Russia also needs Western money to rebuild the country, despite having huge foreign exchange reserves. The relationship is symbiotic and provides massive opportunities for cross-border M&A and partnerships. The occasional political spats between the US and Russia, or between the UK and Russia, have failed so far to impact the rise and rise of the number of Russian M&A deals. The March presidential elections will not impede this phenomenon. Adam Durchslag reports

  • Staking a claim on Norilsk Nickel 1 March, 2008

    Staking a claim on Norilsk Nickel |

    Adding top Russian and global nickel miner Norilsk Nickel to top Russian and global aluminium producer UC Rusal could make for a “Russian BHP Billiton,” but the merger is not clear cut. Quentin Carruthers reports

  • Infrastructure has become Russia’s hottest sector 1 March, 2008

    Infrastructure has become Russia’s hottest sector |

    Whereas five years ago it was the Western oil industry that saw Russia as the next big frontier for investment, it is now builders of power plants, roads, railways, ports and hospitals that are queuing up to plough money into the country – along with the specialised funds that invest in such projects. Andrew Cavenagh reports

  • The oligarchs are losing their 'piracy' tag 1 March, 2008

    The oligarchs are losing their ‘piracy’ tag |

    Russia’s most powerful businessmen are branching out beyond the publicly guarded natural resources sectors into areas benefiting from the Russian consumer boom. Christopher Spink reports

  • Russian real estate set for another record year 1 March, 2008

    International property adviser Cushman & Wakefield (C&W) expects investment in commercial property to reach US$7bn-US$7.5bn, as rents and yields rise across all sub-sectors.

  • Rebuilding Russia’s roads through a public-private initiative 1 March, 2008

    The Western High Speed Diameter project in St Petersburg is a pilot scheme that is likely to have far-reaching consequences for private sector involvement in developing Russia’s road networks.

  • Rise of the Russian sovereign wealth fund 1 March, 2008

    Rise of the Russian sovereign wealth fund |

    Russia has followed Norway and adopted an oil price-based sovereign fund that has raised US$150bn. Robert Venes looks at how it could deploy its capital outside the country.

Europe Leveraged Loans Report 2008

  • The credit crunch and the wider European leveraged finance market 3 April, 2008

    Jochen König, managing director, head of RBS Structured Finance Germany - Real Estate & Leveraged Finance, looks at how the credit crunch has affected the European leveraged buyout market.

  • Taking the bite out of the crunch 3 April, 2008

    If you could put a date on when the credit crunch started, why not Thursday July 26 2007?

  • Data 28 February, 2008

  • Mezz is back 28 February, 2008

    Independent mezzanine players are plugging the gap left by shrinking senior packages in the mid-market. Sarah Young reports

  • Deals will get done 28 February, 2008

    Private equity firms are looking at innovative ways of getting round the lack of willingness to lend by the mainstream banks. Henry Gibbon reports

  • The Royal Bank of Scotland Leveraged Finance Group 28 February, 2008

    In the past 12 months The Royal Bank of Scotland (RBS) has continued to build on its Leveraged Finance franchise, strengthening its global presence while maintaining a lead position in the European marketplace and closing the two largest LBOs ever in central and eastern Europe - Bulgarian Telecom and Borsod Chem.

  • Braced for defaults 28 February, 2008

    The threat of leveraged loan defaults is hovering on the horizon, but when and how hard these loans might fall is anyone’s guess. Sandrine Bradley reports

  • Private Equity talking points 28 February, 2008

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    Distressed debt opportunities and the disintermediation of Wall Street are among the hottest current issues for private equity, as about 2000 delegates to this year’s Super Return conference heard. Keith Boyfield reports from Munich

  • Back to the J-Curve 28 February, 2008

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    Fund investors briefly stepped into the spotlight in Geneva to support European private equity, despite concerns about its short-term future. Robert Venes reports

CEE Report 2008

  • Pushing the Western frontiers 1 May, 2008

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    Central and Eastern Europe’s convergence with the West has created a unique opportunity, probably never to be repeated. This fact has not been lost on investors, who are rushing to position themselves for years of growth. Justin Pugsley reports

  • East side story 1 May, 2008

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    Fundraising for Central and Eastern Europe broke records in both 2006 and 2007. Robert Venes looks at what is attracting institutional investors to the region.

  • Deals are getting simpler 1 May, 2008

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    The credit crunch is making it harder for some to complete transactions and fewer are achievable, but there are still good deals to be done. Henry Gibbon reports

  • Frustrated giant: CEZ looks beyond CEE 1 May, 2008

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    Bulging pockets have not so far been enough to ensure the Czech utility giant’s expansion in Central Europe. Dominant state ownership of energy assets in the region and increasingly intense competition for assets that do come to market are proving difficult barriers for CEZ to overcome. Sarah Young reports

  • Construction: building the new Europe 1 May, 2008

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    The construction sector in Central and Eastern Europe continues to grow at above the rate of many of the region’s burgeoning economies. This is encouraging acquirers to look at consolidation opportunities, writes Christopher Spink.

  • Balkans: The big sell-off begins 1 May, 2008

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    Mention Serbia, Croatia or Albania and they impart a warm glow of déjà vu to some investors. They see the next economic success stories in the making. A degree of caution should, however, be exercised. Justin Pugsley reports

  • The Kosovo conundrum 1 May, 2008

    Kosovo is Europe’s newest state, having declared independence from Serbia on February 17. Serbia doesn’t recognise that declaration but Kosovo theoretically owes some €1bn in debt relating to former Yugoslavia, which is technically in Serbia’s name. It would cost Kosovo €50m–€100m a year to service if it was to take it on.

  • Mobius sees more CEE consolidation 1 May, 2008

    Mark Mobius, emerging markets guru and executive chairman of Templeton Asset Management, talks to Justin Pugsley about potential M&A activity in Central Eastern Europe.

  • Banking on the unbanked 1 May, 2008

    Italian banks have been long-standing, strategic investors in the CEE region, but are reaching ever further into high growth markets. Quentin Carruthers reports

France Report 2008

  • Return to fundamentals 1 May, 2008

    Gilbert Saada |

    Despite a lack of debt financing and changes to both the structure and pricing of what credit is available, the current climate may provide the best bets for France’s private equity players. By Robert Venes recently in Paris.

  • Return to fundamentals 1 May, 2008

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    Despite a lack of debt financing and changes to both the structure and pricing of what credit is available, the current climate may provide the best bets for France’s private equity players. By Robert Venes recently in Paris.

  • Patriotisme Economique 1 May, 2008

    Patriotisme Economique |

    France’s President Nicolas Sarkozy has every right to defend French interests and companies against unwanted foreign takeovers. But despite his protectionist rhetoric, Brussels has effectively tied his hands. More unpopular than ever at home, he must be seen to be doing something, or he risks riots in the streets of Paris. Adam Durchslag reports

  • GDF Suez: A champion is born 1 May, 2008

    A champion is born |

    By this summer France will have a new national champion. GDF Suez will be a utilities goliath and a consolidator. However, can a deal that was largely politically motivated work commercially? Justin Pugsley reports

  • Bonne Sante 1 May, 2008

    Bonne Sante |

    With private equity groups in the driving seat, the consolidation of France’s private healthcare industry is set to speed up as the profit-driven private sector increasingly outshines its state-owned counterpart. Sarah Young reports

  • Luxury looks East 1 May, 2008

    Luxury looks East |

    The major French luxury goods companies are defying gloomy economic forecasts by exploiting fast-growing Eastern markets. Acquisitions are back on the agenda too. Christopher Spink reports.

Benelux Report 2008

  • Banks: breaking up is hard to do 1 November, 2008

    Banks: breaking up is hard to do |

    The upheaval among Benelux banks will have significant consequences for mergers and acquisitions, and their financing, across the region. Christopher Spink reports

  • Budweiser's last bow 1 November, 2008

    Budweiser’s last bow |

    Grupo Modelo, Mexico’s number one beer maker behind the Corona brand, will not give InBev, the Brazilian-Belgian brewer of Stella Artois, a clear run when it comes to buying Budweiser owner Anheuser-Busch for US$52bn in cash. Adam Durchslag reports

  • Dutch corporates eye strategic chances 1 November, 2008

    Dutch corporates eye strategic chances |

    After a period of reshaping and being outbid by private equity for assets, corporates in the Netherlands look set to become more acquisitive, writes Sarah Young.

  • Bright energy prospects in Benelux 1 November, 2008

    Bright energy prospects in Benelux |

    Energy utilities in Belgium and the Netherlands have become the focus of great interest from the biggest European gas and power companies, as the two countries shape up to become important hubs in the unified market of the future. Andrew Cavenagh reports.

  • Private equity still playing 1 November, 2008

    Private equity still playing |

    The Benelux countries have largely been the province of smaller private equity deals, but no one is completely immune to the economic crisis, writes Robert Venes.

  • Deal recovery expected next year 1 November, 2008

    Despite the seismic shifts in the Benelux region’s financial sector over recent months, experts are optimistic that M&A activity will pick up in 2009, aided by the financial strength of Dutch public companies that need to restructure. Alexander Wessendorff reports

  • Albert Frere: the art of the deal 1 November, 2008

    The legendary deal making skills of Belgian entrepreneur Albert Frere have reshaped his native country’s corporate landscape. He is now set on emerging markets, writes Justin Pugsley.

  • Failing to calm investors 1 November, 2008

    Last month, BNP Paribas purchased the Belgian and Luxembourg activities of Fortis. Meanwhile, France and Belgium gave Dexia a €6.4bn (US$8.7bn) lifeline to keep it solvent. Henry Gibbon reports


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