IBS Journal - Mergers & Acquisitions

As 2012 comes to a close, the biggest deals of the month, which were spread over Asia, Europe and the US, all fell under the umbrella of legacy deals and continued restructuring.

Dexia's decision to issue GBP 4.4bn of convertible shares sees the Belgian and French governments pump even more euros into the troubled institution and is in line with the ongoing orderly resolution plan of the Dexia group aiming at rescuing the group from insolvency. The proceeds will be used to reinforce the balance sheet and fund Dexia's main remaining subsidiary, Dexia Credit Local.

Elsewhere, General Motors Financial Company Inc bought the remaining operations of Ally Financial for GBP 2.6bn in a deal that saw its share in a joint venture in China also move fully under GM's control.  

In May, Ally began a process to pursue alternatives for its international operations in an effort to accelerate repayment plans for the US Treasury's remaining investment, Ally CEO Michael Carpenter said at the time of the announcement. 'This transaction represents the third and final agreement in recent weeks toward those goals, and, combined, these sales are expected to generate approximately USD 9.2bn in proceeds.'

Paul Francis-Grey, mergermarket

Top 20 Financial Services Deals from 01 November to 30 November 2012

Announcement Date	Target Company	Bidder Company	Seller Company	Deal Value (£m)
08-Nov-12	Dexia SA (Undisclosed Economic Interest)	Government of Belgium; and Government of France		4,385
21-Nov-12	Ally Financial Inc (Europe, Latin America and China Operations)	General Motors Financial Company Inc	Ally Financial Inc	2,635
27-Nov-12	Kuo Hua Life Insurance Co Ltd	TransGlobe Life Insurance Inc	Government of Taiwan	1,895
26-Nov-12	USI Holdings Corporation	Onex Corporation	GS Capital Partners	1,444
27-Nov-12	Administradora de Fondos para el Retiro Bancomer SA de CV	Grupo Financiero Banorte SA de CV; and Mexican Social Security Institute	Banco Bilbao Vizcaya Argentaria SA	998
01-Nov-12	Premium Credit Ltd	GTCR LLC	MBNA Europe Bank Limited	900
05-Nov-12	CLSA Limited (80.01% Stake)	CITIC Securities International Company Limited	Credit Agricole CIB	635
05-Nov-12	Keefe Bruyette & Woods Inc	Stifel Financial Corp		378
05-Nov-12	Thanachart Life Assurance Company Limited	Prudential Plc	Thanachart Capital Public Company Limited	368
22-Nov-12	NOMOS Bank (20% Stake)	Otkritie Financial Corporation JSC (Otkritie FC)		325
09-Nov-12	CoActiv Capital Partners Inc	Element Financial Corporation	Marubeni Corporation	189
06-Nov-12	First California Financial Group Inc	PacWest Bancorp		146
13-Nov-12	Cheviot Asset Management Limited	Quilter & Co Limited		100
16-Nov-12	Aktua Soluciones Financieras SA	Centerbridge Partners LP	Banco Espanol de Credito SA	81
07-Nov-12	Standard Bancshares Inc (Undisclosed Stake)	Pantheon Ventures Limited; Stone Point Capital LLC; W Capital Partners; Cohesive Capital Partners; Constellation Wealth Advisors LLC; and Athena Capital Advisors LLC		81
08-Nov-12	GE Money Housing Finance Limited	Magma Fincorp Limited	GE Capital Services India Limited	76
14-Nov-12	Accion Investments in Microfinance SPC (Controlling stake)	Bamboo Finance Sarl	ACCION International	66
02-Nov-12	Tower Medical Insurance Limited	nib Holdings Limited	Tower Limited	52
15-Nov-12	White River Capital Inc	Parthenon Capital Partners		49
01-Nov-12	Car Care Plan Ltd	Amtrust Financial Services Inc	Ally Financial Inc	43

Source: mergermarket
Notes:
Based on announced deals, including lapsed and withdrawn bids
Based on dominant geography of target being Global
Based on dominant sector of target being Financial Services
Data correct as of 03-Dec-2012
Includes all deals valued over USD 5m. Where deal value not disclosed, deal has been entered based on turnover of target exceeding USD 10m
Activities excluded from table include property transactions and restructurings where the ultimate shareholders' interests are not changed