2006 PARIS.ppt

The internet view on MA Today’s agenda 2006 PARIS Changing scenario for pensions in MA– The North American Perspective John Hall, Mercer Human Resource Consulting Changing scenario for pensions in MA– Recent Changes in the UK Richard Cousins, PWC Changing scenario for pensions in MA– Continental Europe Tony Broomhead, Watson Wyatt Changing Scenario for Pensions in Mergers and Acquisitions North American Perspective Tony Broomhead (Watson Wyatt, US) Understanding the Deal and the Role of the Actuary Type of Buyer Reason for Buying Type of Deal – Stock or Asset Whole Company or Part Who is Advising Whom? Friendly or Hostile Transaction? Stage of Deal Market Overview – North American MA Split by Deal Size Source: Merger Markets Value ($bn) Volume Top 5 North American Corporate Deals in US$ 2004 1 – JP Morgan Chase – Bank One – Financial Services : 57.88 bn 2 – Cingular Wireless – ATT Wireless Services – Telecomms : 47.02 bn 3 – Sprint Corp.– Nextel Communications – Telecomms : 40.76 bn 4 – Exelon Corporation – PSEG (Public Service Enterprise Group) – Energy, Oil Gas : 25.97 bn 5 – Wachovia Corp. – SouthTrust Corp. – Financial Services : 14.3 bn 2005 1 – Procter Gamble – Gillette – Consumer : 55.69 bn 2 – Bank of America – MBNA Corporation – Financial Services: 34.86 bn 3 – Viacom (Shareholders) – Viacom Inc – Media: 33.2 bn 4 – SBC Communications Inc – ATT Corp – Telecomms : 21.65 bn5 – Koch Industries Inc – Georgia-Pacific Corporation – Consumer : 21.0 bn Market Overview – Private Equity Source: Merger Markets There has been a consistent increase in the value of deals in $ bn over the passed 4 years The market is expected to cool down in 2006 Top 5 North American Private Equity Deals in US$ 2004 1 – Comcast Corporation/DLJ Merchant Banking Partners/Providence Equity Partners Inc./Sony Corporation of America/Texas Pacific Group – Metro- Goldwyn-Mayer : 4.85 bn