Merger & Acquisitions

3 March 2009 Coverage United Kingdom Theme Commerce, energy and industry

Mergers and acquisitions involving UK companies 4th quarter 2008 Expenditure on acquisitions in the UK by UK companies increased from £4.1 billion in quarter three 2008 to £18.1 billion in quarter four 2008. The figure includes the acquisition of majority share ownership in the Royal Bank of Scotland by UK Financial Investments Ltd, a company wholly owned by HM Treasury.

Expenditure on acquisitions in the UK by UK companies £ Billion 20 15 10 5 0 2004

2005

2006

2007

2008

Expenditure on acquisitions in the UK by foreign companies increased from £3.3 billion in quarter three 2008 to £8.3 billion in quarter four 2008. One significant transaction included is the acquisition by ONGC Videsh Ltd of Imperial Energy Plc for a press reported value of £1.4 billion. Expenditure on acquisitions abroad by UK companies decreased from £4.2 billion in quarter three 2008 to £1.5 billion in quarter four 2008. This is the lowest level of expenditure since quarter one 1994. Issued by Office for National Statistics Cardiff Road Newport NP10 8XG Contact Media Office 0845 6041858 Media Office on-call 07867 906553 Richard Tonkin 01633 456082 Email [email protected] www.statistics.gov.uk Next publication date 2 June 2009

Number and value of mergers and acquisitions involving UK companies

Acquisitions abroad by UK companies*

Acquisitions in the UK by foreign companies* Number Value 269 82.1 239 52.6

Values in £ billion Acquisitions in the UK by UK companies* Number Value 869 26.8 532 36.4

2007 2008p

Number 441 284

Value 57.8 27.2

2007 Q3 Q4

141 87

9.9 25.8

80 53

15.0 9.2

258 208

7.8 3.2

2008 Q1r Q2r Q3r Q4p

83 89 68 44

15.8 5.7 4.2 1.5

86 61 53 39

21.1 19.9 3.3 8.3

171 180 99 82

4.5 9.6 4.1 18.1

r = revised

p = provisional

* See background notes 4 and 5

First Release: Mergers and acquisitions involving UK companies 4th quarter 2008 | Page 2

Expenditure on acquisitions in

TRANSACTIONS IN THE UK BY UK COMPANIES

the UK by UK companies

Number and value of transactions (Table 8)

£ Billion

The quarter four 2008 value reported for the expenditure on acquisitions in

20

the UK by UK companies is recorded as approximately £18.1 billion. This is the highest recorded value since a figure of £34.9 billion was reported at 15

quarter four 2000. One significant transaction in quarter four 2008 was the acquisition of

10

majority share ownership in the Royal Bank of Scotland by UK Financial Investments Ltd, a company wholly owned by HM Treasury. Another

5

significant transaction was the acquisition by WPP Group Plc of Taylor Nelson Sofres Plc for a reported value of approximately £1.2 billion.

0 2004 2005 2006 2007 2008

There were 82 transactions in quarter four 2008. These consisted of 61 transactions involving independent companies with a total value of £17.1 billion and 21 transactions by company groups involving their subsidiaries Number of acquisitions in the

with a total value of £1.0 billion.

UK by UK companies The overall 2008 value reported for the expenditure on acquisitions in the UK by UK companies is recorded as approximately £36 billion. This is the 250

highest recorded value since the year 2000 and is an increase of approximately £9 billion on the 2007 value of £27 billion.

200

150

Significant transactions in the UK by UK companies include:

100

50

Value in £ million

WPP Group Plc acquiring Taylor Nelson Sofres Plc

0

1158 2004 2005 2006 2007 2008

Tesco Plc acquiring Tesco Personal Finance Group Ltd

950

Cable & Wireless Plc acquiring Thus Group Plc

320

BTG Plc acquiring Protherics Plc

168

Liverpool Victoria Insurance Company Ltd acquiring Highway Insurance Group Plc

154

See background notes 2, 3 and 5.

First Release: Mergers and acquisitions involving UK companies 4th quarter 2008 | Page 3

Expenditure on acquisitions in

TRANSACTIONS IN THE UK BY FOREIGN COMPANIES

the UK by foreign companies

Number and value of transactions (Table 1) £ Billion

The quarter four 2008 value reported for expenditure on acquisitions in the 50

UK by foreign companies was approximately £8.3 billion.

40

Significant transactions included the acquisition of Imperial Energy Plc by 30

ONGC Videsh Ltd for a press reported value of £1.4 billion and the acquisition of Alliance & Leicester Plc by Banco Santander S.A. for a

20

reported value of £1.3 billion.

10

There were six disposals in quarter four 2008 valued in total at £1.8 billion.

0 2004 2005 2006 2007 2008

Net transactions in the UK by foreign companies for quarter four 2008 were valued at £6.5 billion.

Number of acquisitions in the

Overall the 2008 value reported for expenditure on acquisitions in the UK by

UK by foreign companies

foreign companies was £53 billion. This reflects a decrease of approximately £30 billion on the 2007 figure of £82 billion and is the lowest value since a value of £50 billion was reported in 2005.

80

60

Significant transactions in the UK by foreign companies include: 40

Value in £ million

ONGC Videsh Ltd acquiring Imperial Energy Plc

1400

Banco Santander S.A. acquiring Alliance & Leicester Plc

1263

20

0 2004 2005 2006 2007 2008

Swiss Reinsurance Company Ltd acquiring Barclays Life Assurance Company Ltd

382

Eni S.p.A acquiring Tullow Oil UK Ltd

208

LIT Plc acquiring TDG Plc

203

See background notes 2, 3 and 4.

First Release: Mergers and acquisitions involving UK companies 4th quarter 2008 | Page 4

Expenditure on acquisitions

TRANSACTIONS ABROAD BY UK COMPANIES

abroad by UK companies

Number and value of transactions (Table 1)

£ Billion

The quarter four 2008 figure for expenditure on acquisitions abroad by UK

25

companies, reported as approximately £1.5 billion, is the lowest since a 20

figure of £1.2 billion was reported for quarter one 1994.

15

Significant transactions in quarter four 2008 include the disposal by Bodycote Plc of its Testing Strategic Business Unit for a reported value of

10

-£0.4 billion and the disposal of Violine S.a.r.l. by Change Capital Partners 5

LLP.

0

There were 16 disposals in quarter four 2008 valued in total at £1.4 billion.

2004

2005

2006

2007

2008

Net transactions abroad by UK companies for quarter four 2008 were valued at £0.2 billion. Number of acquisitions abroad The overall 2008 value reported for expenditure on acquisitions abroad by

by UK companies

UK companies was approximately £27 billion. This is a decrease of approximately £31 billion when compared with the 2007 figure of £58 billion and is the lowest value reported since 2004. 140 120

Significant transactions abroad by UK companies include:

100 80

Bodycote Plc disposing of Testing Strategic Business Unit

Value in £ million

60

-417

40 20

IG Group Holdings Plc acquiring FXOnline Japan KK

118 0 2004 2005 2006 2007 2008

See background notes 2, 3, 4 and 6.

First Release: Mergers and acquisitions involving UK companies 4th quarter 2008 | Page 5

BACKGROUND NOTES Basic quality information 1. Link to Summary Quality Report: A Summary Quality Report for Mergers and Acquisitions can be found at http://www.statistics.gov.uk/about/data/ methodology/quality/information_business_statistics.asp. This report describes, in detail, the intended uses of the statistics presented in this publication, their general quality and the methods used to produce them. Relevance to users 2. Source of data: The information collected is based on reports in the financial press, specialist magazines, company and financial websites supplemented by special surveys to businesses to determine the form, value and timing of each transaction. If the information is not yet in the public domain then such transactions may not be reflected in the analysis. Where full information has not yet been received on the details of the acquisition the value of the transaction indicated in the public domain is used as an interim estimate. The data shown in this release relate solely to mergers and acquisitions undertaken by companies: deals relating to natural persons are not included. Tables of significant transactions 3. These tables show the reported figures for a selection of significant transactions which occurred in the quarter – where “significance” is defined as the absolute value of the deal. The figures shown are usually the ones available from the financial press or other sources in the public domain although occasionally, with the consent of the company, the value returned to ONS is used in the tables instead of the press reported figure. If the company’s consent cannot be obtained then the deal is excluded. Occasionally, therefore, a large deal may be missing from the lists and so it is best to regard these tables as an indication of the ranking of deals rather than a completely exhaustive listing. Press reported figures often differ to some extent from those supplied by companies to ONS and it is the latter which are used in compiling statistical aggregates in tables 1 to 10. Included in the prices quoted in the tables is the total published price paid for the company excluding any assumed debt where known. Deferred payments are included in the reported price even if the payment is made in a different quarter.

First Release: Mergers and acquisitions involving UK companies 4th quarter 2008 | Page 6

Types of transaction covered 4. Cross border acquisitions: This denotes transactions where a company in one country acquires, either directly or indirectly, a controlling interest in a company in another country. Direct transactions are those where a company in one country acquires a controlling interest in a company incorporated in another country. Indirect transactions are those where a company uses an existing, or sets up a new, foreign subsidiary to acquire a controlling interest in a company incorporated in another country. The acquiring foreign intermediate company may be located in the same country in which the acquisition is being made or in a different country. 5. Acquisitions within the UK by UK companies: This denotes mergers and acquisitions involving only UK registered companies. Where the acquired company was a subsidiary of another company the transaction is classified as a sale between company groups. The phrase “acquisitions in the UK by UK companies” refers to deals where ultimate ownership remains in the UK. Consequently, this heading does not cover the total number or value of deals where a UK company is the acquirer. Where a foreign company acquires a UK company and achieves that acquisition by means of one of its existing UK subsidiaries that deal is shown as part of the data under “acquisitions in the UK by foreign companies”. Financing 6. This release provides details of the application of funds to effect mergers and acquisitions and the proceeds raised from disinvestments and demergers. For indirect foreign transactions there is the added complication of considering the movements of funds either as a capital injection or in the form of loans between parent companies and their foreign subsidiaries making the acquisition. Occasionally, the foreign subsidiary obtains the funds required partly or entirely outside the UK from sources such as: • • •

Own resources Borrowing from banks or other local sources Share, bond and other capital or notes issued abroad.

A transaction may involve funding by more than one method.

First Release: Mergers and acquisitions involving UK companies 4th quarter 2008 | Page 7

Accuracy 7. Revisions to earlier periods: Data for the first three quarters of 2008 have been revised in the light of new information. Principal reasons for revisions are outlined in the Summary Quality Report linked in section 1 of the background notes. Response rates 8. Cross Border Mergers and Acquisitions (CBAM) inwards Statistics of sample size – latest survey conducted: Reference Period: Quarter 3 2008 Response Rate (%): 88r r = revised p = provisional

Quarter 4 2008 56p

9. Cross Border Mergers and Acquisitions (CBAM) outwards Statistics of sample size – latest survey conducted: Reference Period: Quarter 3 2008 Quarter 4 2008 Response Rate (%): 83r 80p r = revised p = provisional

10. Domestic Mergers and Acquisitions (DAM) Statistics of sample size – latest survey conducted: Reference Period: Quarter 3 2008 Response Rate (%): 87r r = revised p = provisional

Quarter 4 2008 87p

Notes to tables 11. Symbols used in the tables are: .. Figure suppressed to avoid disclosure of information relating to individual enterprises. – Nil or less than half the final digit shown. The sum of constituent items in tables may not always agree exactly with the totals shown due to rounding. Publication policy 12. Complete runs of series in this Release are available to download free of charge at http://www.statistics.gov.uk/timeseries. Alternatively, for low-cost tailored data call Online Services on 020 7533 5675 or email [email protected] 13. Details of the policy governing the release of new data are available from the press office.

First Release: Mergers and acquisitions involving UK companies 4th quarter 2008 | Page 8

14. National Statistics are produced to high professional standards set out in the UK Statistics Authority's Code of Practice. They undergo regular quality assurance reviews to assure they meet customer needs. They are produced free from political interference. © Crown copyright 2009.

1

Summary of cross-border mergers, acquisitions and disposals £million Transactions in the UK by foreign companies 1

Transactions abroad by UK companies Acquisitions

Disposals

Acquisitions

Disposals

Number

Value

Number

Value

Number

Value

Number

Value

1999 2000 2001 2002 2003

CBAQ 590 557 371 262 243

CBBI 111 193 181 285 41 473 26 626 20 756

CBAS 198 168 139 128 136

CBBT 12 586 29 857 28 494 7 074 8 643

CBAU 252 227 162 117 129

CBCQ 60 860 64 618 24 382 16 798 9 309

CBAW 39 43 62 60 55

CBDB 5 518 4 899 4 464 7 912 3 620

2004 2005 2006 2007 2008

305 365 405 441 284

18 709 32 732 37 412 57 814 27 240

118 110 89 104 65

5 485 12 668 21 214 10 221 11 955

178 242 259 269 239

29 928 50 280 77 750 82 121 52 565

54 61 55 66 49

5 514 8 387 14 208 7 524 5 494

2005 Q1 Q2 Q3 Q4

91 74 109 91

3 601 7 762 7 600 13 769

20 22 42 26

1 435 909 1 136 9 188

51 65 67 59

11 912 9 019 13 854 15 495

19 12 18 12

3 328 544 1 639 2 876

2006 Q1 Q2 Q3 Q4

94 98 98 115

7 629 6 517 15 171 8 095

18 18 24 29

5 456 9 454 2 836 3 468

54 62 71 72

24 192 18 530 19 317 15 711

16 13 11 15

431 1 837 5 715 6 225

2007 Q1 Q2 Q3 Q4

108 105 141 87

4 506 17 617 9 873 25 818

23 39 23 19

3 468 1 798 3 887 1 068

61 75 80 53

6 394 51 511 15 044 9 172

14 26 12 14

638 5 274 903 709

15 847† 5 682 4 180 1 531

15 18† 16 16

787 5 195† 4 604 1 369

86† 61 53 39

21 077† 19 872 3 312 8 304

16† 16 11 6

1 068† 2 051 583 1 792

2008 Q1 Q2 Q3 Q4

83† 89 68 44

† Indicates earliest revision, if any. 1 Includes acquisitions by foreign companies routed through their UK subsidiary companies.

2

Mergers and acquisitions abroad by UK companies: source of funding £million Direct transactions2

Total 1

Indirect transactions of which:

Funds paid directly by UK parent

Funded by loan from UK parent

Funds raised locally abroad

Number

Value

Number

Value

Number

Value

Number

Value

1999 2000 2001 2002 2003

CBAQ 590 557 371 262 243

CBBI 111 193 181 285 41 473 26 626 20 756

CBBU 414 384 268 185 161

CBBV 95 209 159 630 29 545 17 000 13 043

CBBW 116 114 90 52 54

CBBX 9 788 12 393 8 003 5 556 5 422

CBBY 108 93 35 44 47

CBBZ 6 196 9 262 3 925 4 070 2 291

2004 2005 2006 2007 2008

305 365 405 441 284

18 709 32 732 37 412 57 814 27 240

186 239 277 289 192

9 250 20 234 28 800 34 880 18 059

69 69 96 105 67

8 076 5 511 5 498 14 814 4 276

71 83 54 66 42

1 383 6 987 3 114 8 120 4 905

† Indicates earliest revision, if any. 1 Where a transaction is funded in more than one way, it is included in ‘Number’ in each method but only once in ‘Total’. Therefore numbers may not sum exactly across the columns.

2 Transactions for which details about financing have not been confirmed are included amongst direct transactions. The figures are subsequently revised when details become available.

3

Disposals abroad by UK companies: funds realised £million Total1

Direct transactions2

Indirect transactions of which:

Funds paid directly to UK parent

Repayment of loan made by UK parent

Funds retained abroad

Number

Value

Number

Value

Number

Value

Number

Value

1999 2000 2001 2002 2003

CBAS 198 168 139 128 136

CBBT 12 586 29 857 28 494 7 074 8 643

CBCA 139 127 102 103 105

CBCB 8 021 14 741 22 875 5 709 6 920

CBCC 29 20 17 .. 12

CBCD 1 250 6 347 582 .. 1 264

CBCE 52 44 40 .. 28

CBCF 3 315 8 769 5 037 .. 459

2004 2005 2006 2007 2008

118 110 89 104 65

5 485 12 668 21 214 10 221 11 955

87 85 65 87 49

3 294 6 530 17 602 7 650 7 475

17 13 20 8 7

931 923 1 860 1 393 892

21 22 21 20 14

1 260 5 215 1 752 1 178 3 588

4

Mergers and acquisitions in the UK by foreign companies: source of funding £million Direct transactions2

Total1

Indirect transactions of which:

Funds paid directly to UK by foreign company

Funded by loan from foreign company

Funds raised in the UK

Number

Value

Number

Value

Number

Value

Number

Value

1999 2000 2001 2002 2003

CBAU 252 227 162 117 129

CBCQ 60 860 64 618 24 382 16 798 9 309

CBDC 179 172 113 93 76

CBDD 34 888 56 892 11 697 13 729 2 978

CBHZ 59 54 33 25 37

CBIA 19 949 4 223 7 797 2 179 3 033

CBIB 36 34 36 9 34

CBIC 6 023 3 503 4 888 890 3 298

2004 2005 2006 2007 2008

178 242 259 269 239

29 928 50 280 77 750 82 121 52 565

128 175 178 200 175

23 527 32 193 53 578 62 475 39 135

39 61 63 52 45

2 897 11 379 6 123 6 941 6 701

36 45 57 63 48

3 504 6 708 18 049 12 705 6 729

5

Disposals in the UK by foreign companies: funds realised £million Direct transactions2

Total1

Indirect transactions of which:

Funds paid directly to foreign parent

Repayment of loan to foreign parent

Funds retained in the UK

Number

Value

Number

Value

Number

Value

Number

Value

1999 2000 2001 2002 2003

CBAW 39 43 62 60 55

CBDB 5 518 4 899 4 464 7 912 3 620

CBID 22 29 40 49 39

CBIE 4 323 3 985 1 528 4 217 994

CBIF 11 8 7 3 ..

CBIG 232 471 504 85 ..

CBIH 12 10 23 14 ..

CBII 963 443 2 432 3 610 ..

2004 2005 2006 2007 2008

54 61 55 66 49

5 514 8 387 14 208 7 524 5 494

38 47 39 49 34

3 564 4 659 6 246 4 038 4 033

9 10 12 10 5

369 1 488 1 923 226 180

17 17 15 25 13

1 581 2 240 6 039 3 260 1 281

† Indicates earliest revision, if any. 1 Where a transaction is funded in more than one way, it is included in ‘Number’ in each method but only once in ‘Total’. Therefore numbers may not sum exactly across the columns.

2 Transactions for which details about financing have not been confirmed are included amongst direct transactions. The figures are subsequently revised when details become available.

6A

Area analysis of acquisitions abroad by UK companies £million World Total

2005 2006 2007 2008

EU

6D

Number

Value

Number

Value

Number

Value

Number

Value

CBAQ 365 405 441 284

CBBI 32 732 37 412 57 814 27 240

CBAY 157 131 170 96

CBAZ 5 056 12 966 7 397 13 559

HCK3 18 39 29 27

HCK4 1 766 5 962 1 062 1 632

HCJ3 175 170 199 123

HCJ4 6 822 18 928 8 459 15 191

CBBA 112 138 115 86

CBBB 15 683 7 348 21 676 7 197

Americas Total

†

Asia

Australasia & Oceania

Africa

Number

Value

Number

Value

Number

Value

Number

Value

Number

Value

HCL3 28 25 38 16

HCL4 3 957 .. 25 040 390

HCM3 140 163 153 102

HCM4 19 640 .. 46 716 7 587

HCN3 26 37 35 28

HCN4 2 893 1 643 422 773

HCO3 14 14 28 21

HCO4 738 692 1 306 3 024

HCP3 8 21 26 10

HCP4 2 639 .. 911 665

Area analysis of disposals abroad by UK companies £million EU

Other Europe

Europe Total

USA

Number

Value

Number

Value

Number

Value

Number

Value

Number

Value

CBAS 110 89 104 65

CBBT 12 668 21 214 10 221 11 955

CBBJ 47 33 44 27

CBBK 2 059 3 198 3 583 3 510

HCK5 11 7 6 2

HCK6 109 2 019 1 032 ..

HCJ5 58 40 50 29

HCJ6 2 168 5 217 4 615 ..

CBBL 24 25 28 20

CBBM 7 033 7 273 4 654 6 194

Other Americas

2005 2006 2007 2008

USA

Value

World Total

2005 2006 2007 2008

Europe Total

Number

Other Americas

2005 2006 2007 2008

Other Europe

Americas Total

Asia

Australasia & Oceania

Africa

Number

Value

Number

Value

Number

Value

Number

Value

Number

Value

HCL5 2 10 10 5

HCL6 .. .. 195 1 017

HCM5 26 35 38 25

HCM6 .. .. 4 849 7 211

HCN5 12 9 8 7

HCN6 760 8 085 195 388

HCO5 5 4 3 2

HCO6 .. 14 533 234

HCP5 9 1 5 2

HCP6 460 .. 29 ..

Indicates earliest revision, if any.

7A

Area analysis of acquisitions in the UK by foreign companies £million World Total

2005 2006 2007 2008

EU

7D

Number

Value

Number

Value

Number

Value

Number

Value

CBAU 242 259 269 239

CBCQ 50 280 77 750 82 121 52 565

CBCG 89 92 94 82

CBCH 23 907 42 412 27 489 18 193

HCJ7 24 27 33 36

HCJ8 3 578 2 619 12 407 10 937

HCI7 113 119 127 118

HCI8 27 485 45 031 39 896 29 130

CBCI 73 84 79 71

CBCJ 11 741 7 606 14 270 8 185

Americas Total

†

Asia

Australasia & Oceania

Africa

Number

Value

Number

Value

Number

Value

Number

Value

Number

Value

HCK7 14 14 28 16

HCK8 6 126 3 268 5 245 ..

HCL7 87 98 107 87

HCL8 17 867 10 874 19 515 ..

HCM7 22 24 19 24

HCM8 .. 14 017 15 490 4 797

HCN7 17 13 13 7

HCN8 3 589 .. 6 900 119

HCO7 3 5 3 3

HCO8 .. .. 320 ..

Area analysis of disposals in the UK by foreign companies £million EU

Other Europe

Europe Total

USA

Number

Value

Number

Value

Number

Value

Number

Value

Number

Value

CBAW 61 55 66 49

CBDB 8 387 14 208 7 524 5 494

CBCR 27 16 12 18

CBCS 1 873 8 670 2 851 2 629

HCJ9 8 5 4 9

HCK2 516 .. .. 447

HCI9 35 21 16 27

HCJ2 2 389 .. .. 3 076

CBCT 15 22 31 12

CBCU 4 736 1 953 3 063 1 358

Other Americas

2005 2006 2007 2008

USA

Value

World Total

2005 2006 2007 2008

Europe Total

Number

Other Americas

2005 2006 2007 2008

Other Europe

Americas Total

Asia

Australasia & Oceania

Africa

Number

Value

Number

Value

Number

Value

Number

Value

Number

Value

HCK9 3 3 13 4

HCL2 – 1 703 701 294

HCL9 18 25 44 16

HCM2 4 736 3 656 3 764 1 652

HCM9 3 6 5 3

HCN2 .. 204 .. 564

HCN9 4 2 1 1

HCO2 1 242 .. .. 109

HCO9 1 1 – 2

HCP2 .. 1 – 93

Indicates earliest revision, if any

8

Summary of mergers and acquisitions in the UK by UK companies £million Total all mergers and acquisitions

Mergers and acquisitions of independent companies

Sales of subsidiaries between company groups

Number

Value

Number

Value

Number

Value

1999 2000 2001 2002 2003

AIHA 493 587 492 430 558

DUCM 26 163 106 916 28 994 25 236 18 679

DWVH 400 466 319 323 392

HIKB 22 211 100 513 21 029 16 998 10 954

DWVL 93 121 173 107 166

HIKC 3 952 6 403 7 965 8 238 7 725

2004 2005 2006 2007 2008

741 769 779 869 532

31 408 25 134 28 511 26 778 36 355

577 604 628 698 425

22 882 16 276 20 180 19 779 33 434

164 165 151 171 107

8 526 8 858 8 331 6 999 2 921

2005 Q1 Q2 Q3 Q4

166 215 211 177

3 516 8 983 7 287 5 348

128 166 174 136

1 581 6 009 5 367 3 319

38 49 37 41

1 935 2 974 1 920 2 029

2006 Q1 Q2 Q3 Q4

207 208 163 201

6 969 4 222 11 376 5 944

163 166 135 164

4 455 3 673 6 725 5 327

44 42 28 37

2 514 549 4 651 617

2007 Q1 Q2 Q3 Q4

191 212 258 208

5 649 10 122 7 846 3 161

159 158 209 172

5 264 5 543 6 904 2 068

32 54 49 36

385 4 579 942 1 093

2008 Q1 Q2 Q3 Q4

171† 180 99 82

4 535† 9 580 4 095 18 145

135† 155 74 61

3 496† 9 058 3 766 17 114

36† 25 25 21

1 039† 522 329 1 031

†

Indicates earliest revision, if any.

9

Mergers and acquisitions in the UK by UK companies: category of expenditure £million Expenditure

Percentage of expenditure

Cash Subsidiaries

Issues of ordinary shares 1

Issues of fixed interest securities 1

Cash

Issues of ordinary shares

Issues of fixed interest securities

DWVW 12 605 33 906 8 489 9 574 8 956

DWVX 3 615 6 168 6 704 7 991 7 183

AIHD 9 592 65 570 12 356 6 780 1 667

AIHE 351 1 272 1 445 891 873

DWVY 62 37 52 69 86

DWVZ 37 62 43 27 9

DWWA 1 1 5 4 5

31 408 25 134 28 511 26 778 36 355

12 080 13 425 .. 13 671 31 327

7 822 8 510 8 131 6 507 2 777

10 338 2 768 .. 4 909 1 880

1 168 431 335 1 691 371

63 87 .. 76 94

33 11 .. 18 5

4 2 2 6 1

2005 Q1 Q2 Q3 Q4

3 516 8 983 7 287 5 348

1 334 4 869 4 106 3 116

1 918 2 715 1 878 1 999

166 1 285 1 207 110

98 114 96 123

92 85 82 96

5 14 17 2

3 1 1 2

2006 Q1 Q2 Q3 Q4

6 969 4 222 11 376 5 944

4 069 3 298 .. 4 690

2 427 527 4 580 597

431 384 .. 593

42 13 216 64

93 91 .. 89

6 9 .. 10

1 – 2 1

2007 Q1 Q2 Q3 Q4

5 649 10 122 7 846 3 161

2 824 3 605 5 545 1 697

276 4 361 833 1 037

2 407 1 874 358 270

142 282 1 110 157

54 78 81 86

43 19 5 9

3 3 14 5

2008 Q1 Q2 Q3 Q4

4 535† 9 580 4 095 18 145

2 578† 8 842 3 384 16 523

914† 518 314 1 031

77 98 91† 97

17 2 8† 3

6 – 1 –

Total

Independent companies

1999 2000 2001 2002 2003

DUCM 26 163 106 916 28 994 25 236 18 679

2004 2005 2006 2007 2008

† Indicates earliest revision, if any. 1 Issued to the vendor company as payment.

775† 180 341 584

268 40 56† 7

10

Summary of net cross-border acquisitions and disposals £million Net transactions abroad by UK companies

Net transactions in the UK by foreign companies 1

Net cross-border transactions involving UK companies

Number

Value

Number

Value

Number

Value

1999 2000 2001 2002 2003

392 389 232 134 107

98 607 151 428 12 979 19 552 12 113

213 184 100 57 74

55 342 59 719 19 918 8 886 5 689

179 205 132 77 33

43 265 91 709 –6 939 10 666 6 424

2004 2005 2006 2007 2008

187 255 316 337 219

13 224 20 064 16 198 47 593 15 285

124 181 204 203 190

24 414 41 893 63 542 74 597 47 071

63 74 112 134 29

–11 190 –21 829 –47 344 –27 004 –31 786

2005 Q1 Q2 Q3 Q4

71 52 67 65

2 166 6 853 6 464 4 581

32 53 49 47

8 584 8 475 12 215 12 619

39 –1 18 18

–6 418 –1 622 –5 751 –8 038

2006 Q1 Q2 Q3 Q4

76 80 74 86

2 173 –2 937 12 335 4 627

38 49 60 57

23 761 16 693 13 602 9 486

38 31 14 29

–21 588 –19 630 –1 267 –4 859

2007 Q1 Q2 Q3 Q4

85 66 118 68

1 038 15 819 5 986 24 750

47 49 68 39

5 756 46 237 14 141 8 463

38 17 50 29

–4 718 –30 418 –8 155 16 287

15 060† 487 –424 162

70 45† 42 33

20 009† 17 821 2 729 6 512

–2† 26 10 –5

–4 949† –17 334 –3 153 –6 350

68† 71 52 28

2008 Q1 Q2 Q3 Q4

† Indicates earliest revision, if any. 1 Includes acquisitions by foreign companies routed through their UK subsidiary companies.

R1

REVISIONS ANALYSIS Revisions since last Mergers and Acquisitions First Release £ million 2008

2008 Q1

2008 Q2

2008 Q3

CBBI CBBT

.. ..

–22 –

155 146

–8 –279

CBCQ CBDB

.. ..

77 8

862 511

408 128

DUCM HIKB HIKC

.. .. ..

23 15 8

310 175 135

193 183 10

DWVW DWVX AIHD AIHE

.. .. .. ..

12 8 3 –

145 135 30 –

124 10 56 3

Cross-border mergers, acquisitions and disposals Transactions abroad by UK companies Value of acquisitions Value of disposals Transactions in the UK by foreign companies Value of acquisitions Value of disposals

Mergers and acquisitions in the UK by UK companies Summary of transactions Value of all acquisitions and mergers Value of acquisitions of independent companies Value of sales of subsidiary companies Category of expenditure Cash paid for independent companies Cash paid for subsidiary companies Issue of ordinary shares Issue of fixed interest securities