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Entering Overseas Markets - An M&A Overview

Entering Overseas Markets - An M&A Overview. Nick Horrocks Director. 尼克 . 可勒基 斯 总监. Contents. About Clearwater Corporate Finance LLP & IMAP Current M&A Environment Current Issues for overseas M&A Challenges for 2012 Clearwater China Desk China Overview Case Study - India Summary

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Entering Overseas Markets - An M&A Overview

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  1. Entering Overseas Markets - An M&A Overview Nick Horrocks Director 尼克.可勒基斯 总监

  2. Contents • About Clearwater Corporate Finance LLP & IMAP • Current M&A Environment • Current Issues for overseas M&A • Challenges for 2012 • Clearwater China Desk • China Overview • Case Study - India • Summary • Links to useful websites • Appendix

  3. Current Issues for European M&A • Eurozone Sovereign debt crisis • Confidence in economic growth However • Requirement to diversify geographically • Access growth markets • Mitigate against localised risks • Access to talent • Develop scale and position quickly • Innovation

  4. Global M&A Challenges for 2012 • Macroeconomic conditions, particularly uncertainties in the Eurozone • Volatile market conditions in the equity and financial markets • Unknown impact of political environment – leadership changes in Europe, forthcoming Presidential election in the US, and leadership transition in China • Protectionist measures may impact deal flows • Shareholder pressure and activism an increasing influence • Antitrust regulation on the rise – now over 100 merger control regimes across the globe

  5. Clearwater China Desk Our Expertise • China and UK focused • Strategy and M&A advisory services • Sector-focused • Transactions valued at between $50m and $500m • Largest independent mid-market M&A advisor in the UK • 16 years of experience in China Our People • Bicultural partnership with Chinese and UK nationals • 65 M&A professionals and strategy consultants in China • 40 M&A professionals in the UK • Our Clients • Mid-market focused • Multi-national groups, private equity-backed companies and owner-managed companies • 500 strategy projects in China • 150 M&A transactions in China • 500 M&A transactions in the UK

  6. China Overview Chinese Inbound M&A • “No business is global without exposure to the Chinese market” • Overseas groups have traditionally sought a Chinese presence through representative offices • The inbound M&A market has recently been driven by corporate minority investments and private equity • Statistics are limited but it is clear that inbound M&A is growing dramatically as overseas groups seek Chinese presence • Increasingly overseas groups are seeking wholly-owned operations in China in order to control their activities

  7. Case StudyUK-based software developer acquires in India Issues Time Tax & structure Language & culture Management / leadership Integration Commercial history of the business Personal relationships in local markets Background • Small deal • Same sector, access to Indian market and development resource • Company has gone from 10% overseas sales to 45% overseas – first acquisition • Owner is vendor and exiting the business

  8. Links to useful websites • UK Trade & Investment (UKTI) www.ukti.gov.uk • IMAP www.imap.com • Clearwater Corporate Finance LLP www.clearwatercf.com • Office for National Statistics (ONS) www.ons.gov.uk • Institute of Mergers, Acquisitions and Alliances (IMAA) www.imaa-institute.org • InterChina Consulting www.interchinaconsulting.com

  9. Appendix

  10. InterChina 2011Leading Strategy and M&A advisory firm in China • Our Value • China specialist. • Strategy and M&A advisory • Sector expertise. • Retained 17 years experience. • Our People • Bicultural partnership. • 60 consultants & advisors. • Chinese, senior, industrial, technical. • Located in China, EU, US offices. • StrategyPractice • 22 Strategy Projects • Healthcare: 30% • Machinery: 25% • Chemical: 20% • Others: 25% • M&A- Transaction Practice • 35 Mandates under process. • 5 successful closings in 2011, representing 600 million USD • CEPSA (Petrochemical) • KUO (Petrochemical) • BOBST (Machinery) • AVIC (Aeronautical) • Undisclosed (Chemical) • In process to closing another 5 transactions.

  11. Nick Horrocks 尼克.可勒基斯 Director 总监 Tel: +44 (0)7788 144 475 Email: nick.horrocks@clearwatercf.com www.clearwatercf.com Brookmount House 62-65 Chandos Place London WC2N 4HG Tel: +44 (0)845 052 0300 Fax: +44 (0)845 052 0303 Chancery Place 50 Brown Street Manchester M2 2JT Tel: +44 (0)845 052 0340 Fax: +44 (0)845 052 0341 21-23 Castle Gate Nottingham NG1 7AQ Tel: +44 (0)845 052 0380 Fax: +44 (0)845 052 0381 9 Colmore Row Birmingham B3 2BJ Tel: +44 (0)845 052 0360 Fax: +44 (0)845 052 0361

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