Withdrawn Deals, Year To Date

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Request 7

Top Withdrawn Deals - 2008ytd


Rank Date Target Name Target Target Industry Value ($mil)
Date Withdrawn Nation
11/08/07 11/25/08 Rio Tinto PLC United Materials 188,241.783
Kingdom

06/05/08 06/30/08 TeliaSonera AB Sweden Telecommunications 47,807.114

02/01/08 05/03/08 Yahoo! Inc United States High Technology 41,860.117

04/19/07 04/08/08 Eiffage SA France Industrials 23,872.777

04/30/08 09/26/08 Origin Energy Ltd Australia Energy and Power 17,345.636

09/25/07 08/06/08 MOL Group Hungary Energy and Power 15,966.224

02/27/08 03/19/08 Inmobiliaria Colonial SA Spain Real Estate 15,213.222

05/21/08 10/22/08 YPF SA Argentina Energy and Power 14,767.208

05/19/08 10/01/08 Pennsylvania Turnpike United States Government and 12,800.000


Agencies

09/22/08 10/15/08 Constellation Energy United States Energy and Power 10,633.807
Group Inc

07/21/08 10/10/08 TransAlta Corp Canada Energy and Power 10,269.095

08/06/08 10/01/08 Lonmin PLC United Materials 9,617.194


Kingdom

07/16/08 11/17/08 Alpha Natural United States Materials 9,228.351


Resources Inc

04/18/07 01/10/08 Orica Ltd Australia Materials 8,991.814

Source: Thomson Financial 1.973.622.5200


Request 7

06/15/07 07/03/08 Penn National Gaming United States Media and 8,717.113
Inc Entertainment

07/14/08 10/13/08 Republic Services Inc United States Energy and Power 8,619.749

02/04/08 03/28/08 Mitchells & Butlers PLC United Retail 8,536.799


Kingdom

04/15/08 05/21/08 Insurance Australia Australia Financials 8,295.713


Group Ltd

05/17/07 04/18/08 Alliance Data Systems United States High Technology 7,724.405
Corp

Source: Thomson Financial 1.973.622.5200


Request 7

03/27/08 04/18/08 Friends Provident PLC United Financials 6,852.858


Kingdom

Source: Thomson Reuters

Source: Thomson Financial 1.973.622.5200


Request 7

Acquiror Name Acquiror Acquiror Industry


Nation
BHP Billiton Ltd Australia Materials

France Telecom SA France Telecommunications

Microsoft Corp United States High Technology

Sacyr Vallehermoso SA Spain Industrials

BG Group PLC United Energy and Power


Kingdom

OMV AG Austria Energy and Power

ICD Utd Arab Em Financials

Petersen Energia Inversora SA Spain Financials

Abertis Infraestructuras SA Spain Financials


Citi Infrastructure Investors
Criteria CaixaCorp SA

EDF France Energy and Power

LS Power Equity Partners LLC United States Financials


Global Infrastructure Partners

Xstrata PLC Switzerland Materials

Cleveland-Cliffs Inc United States Materials

Blackstone Capital Partners LP United States Financials


Bain Capital Partners LLC
Pacific Equity Partners
Morgan Stanley Principal Inves

Source: Thomson Financial 1.973.622.5200


Request 7

PNG Acquisition Co Inc United States Financials

Waste Management Inc United States Energy and Power

Punch Taverns PLC United Retail


Kingdom

QBE Insurance Group Ltd Australia Financials

Blackstone Capital Partners V United States Financials

Source: Thomson Financial 1.973.622.5200


Request 7

JC Flowers & Co LLC United States Financials

Source: Thomson Financial 1.973.622.5200


Request 7

Synopsis

UK - BHP Billiton Ltd (BHP) of Australia withdrew its


plans to launch a hostile tender offer to merge with
Rio Tinto PLC (RTP), a London-based copper,
gold, iron, and coal mining company, in a stock
swap transaction, valued at 73.697 bil British
pounds (161.440 bil Australian dollars/$144.521 bil
SWEDEN - France Telecom SA (FT) of France
US). BHP offered a sweetened 3.4 ordinary shares
withdrew its plans to launch an unsolicited tender
for each RTP share consisting of 80% BHP Billiton
offer to acquire the entire ordinary share capital of
PLC shares and 20% BHP shares, and 3.4 ordinary
TeliaSonera AB (TA), a Stockholm-based provider
shares
US per Rio Corp
- Microsoft Tinto (MC) Ltd (RTL) withdrew share. Based on
of telecommunications services, for its unsolicited
252.53 bil
BHP's closing
tender offer to stock
acquire priceall of 18.2146
the outstanding pounds common
Swedish kronor (27.099 bil euros/$42.244 bil US).
(A$39.65/$35.788),
stock of Yahoo! on February
Inc (YI), a provider 5, the last full
of Internet
FT offered 63 kronor (6.761 euros/$10.539) in cash
trading
search day
engine prior to the announcement,
services, for share
$43.712 each RTP
FRANCE
and 0.273 -new
Sacyr FTVallerhermoso
ordinary SAperbil. TAMC
(SV) of offered
share,Spain,
and
a RTL of
choice
withdrew share
its $31plans was
in cash
to valued
launchor at
0.9509
a 55.824
hostilecommon pounds
tender shares,
offer to
subject to proration whereby 52% of the total
(A$121.519/$109.683)
subject to
theproration and 61.93 pounds
acquire
consideration was towhereby
remaining be paid 50%
66.68% instake,
cash of the total
or 62.117
and 48% inmil
(A$134.811/$121.680),
consideration
ordinary shares, was which beitrespectively.
toBased paid
didon inFT's
not cash
already Originally,
andown, 50% inin
new ordinary share. closing stock
BHP
common offered
AUSTRALIA stock. 3- BG ordinary
Thea Groupshares shares
PLC were forvalued
(BG) each
withdrewRTP
based share,
its
Eiffage
price of SA 179.34(ES), kronor Asnieres-Sur-Seine-based
(19.23 euros/$29.658) onon
or a total
tender of 90.041 bil price
pounds (A$204.739
June 4,offer
MSFT's
construction closing
the to acquire
company,
last stock
full tradingthe
from entire
day $32.60ordinary
ofFrench-state-owned
prior toonthe share
January
bil/$189.752
capital
31,
Groupethe oflast Origin
Caisse fullbil). TheDepots
Energy
trading
des transaction
dayLtdprior (OE),
& towas
antheoil
Consignations subject
exploration, to
announcement of the terms, each TA share was
regulatory
HUNGARY
distribution
announcement.
(8.5%), and and-
and OMV
other shareholders'
power
The AG of Germany
services
transaction
undisclosed approvals. withdrew
provider,
was
sellers Upon
subject
in a for
stockaits
to
valued at 56.237 kronor (6.03 euros/$9.3). The
completion,
plans to launch RTPAustralian was to own 41% in the merged
was asubject hostile totender
sweetened
regulatory
swap 15.5
approvals.
transaction valued dollars
atregulatory
6.503 offer
bil to
(7.474
euros acquire
British
($8.852 the
transaction and
entity.
remaining
bil US). Subsequently,
pounds/$14.815SV 79.8%
offered interest,
US) 2.4 Baosteel
in cash or
ordinary per Group
87.245 share,
shares mil discontinued
ordinary
or
per aES total
shareholders approvals. Originally, in April 2008 FT
rumors
shares,
value
share. that
which
ofBased it was
A$13.615 it did
on planning
SV's not
bil already
(6.565
closing tobilstock
acquire
own, inRTP.
pounds/$13.013
price MOL onentire
April
was rumored to be planning to acquire the
Magyar
bil).
SPAIN
18, The
the - Olaj
lastUnited es
transaction
full Gazipari
Arab
trading was
Emirates
day Nyilvanosan
to be
prior effected
state-owned
to the Mukodo
via a Rt
ordinary share capital of TA.
{MOL},
scheme
Investment aofBudapest-based
announcement, arrangement,
Corpeach of Dubai ES and oil and
{ICD}
share was gas
subject
withdrew
was valueexploration
to
its
at
and production
shareholder
mandatory
104.688 and
tender
euros company,
regulatory
offer to acquire
($142.51). for
The 32,000
approvals. theHungarian
transaction Originally,
entire was
forints
BG
ordinary
conditioned(127.758
planned share to launch
upon euros/$180.704
capital
at least of 95% ofUS)
anInmobiliaria
unsolicited share in cash,
tender
Colonial
being offeror
SAato
total
acquire
(IC),
tenderedvalue the ofentire
a Barcelona-based
ARGENTINA and 2.791
-wasPetersen tril forints
ordinary
subject real share
Energia
to (11.146
estate capital biland
of OE
development
Inversora
regulatory SA for
euros/$15.766
A$14.7
firm,
(PE), for (6.978
9.916approvals.
a wholly-owned
shareholders bil euros
bil US).unit
pounds/$13.862) The ofoffer
($15.213 Petersen was
inbilcash conditioned
US). perTheshare.
Energia
upon at least
consideration
Inversora Holding 50%
was GmbH, of
to voting
consist control
of 1.19of
withdrew MOL.
euros
its tender The
($1.826)
offer
transaction
in
to cash
acquire perthe was
share, subject
remainingor a total to75% regulatory
value
interest, approvals.
of 1.947 bil euros
or 294.985
($2.988
mil
US - An bil)
ordinary and
investorshares, the
group, assumption
which it did not
comprised of 7.969
already
of Abertisbil own,
eurosin
($12.226
YPF SA (YS),
Infraestructuras bil) inan liabilities.
oil and
SA, Theexploration
gas
Citi Infrastructure transaction was to a
and
Investors,
include
production
unit IC'scompany,
of Citigroup rental Incbusiness
andfrom Criteria in Spain
Repsol CaixaYPF and SA,
Corp,France.
fora unit
Additionally,
154.462
of Caixa Argentine ICD withdrew
D'Estalvis pesos
I Pension its De
(31.307 plans to acquire a US)
euros/$49.45
Barcelona,
15.5%
in cash
withdrew stake
per itsshare,in Societe
plans or acquire
to Fonciere
a total value
a 75-yearLyonnaise
of de45.564
concessionSA.
bil
US - French state-owned itsElectricite France
Previously,
pesos
to own (9.235
and IC
operate withdrew
bil euros/$14.567
state-owned plansbilPennsylvania
toUS).
spinoff its
{EDF} withdrew its plans to launch aand challenging
residential
Concurrently,
Turnpike, areal PE
provider estate ofdevelopment
exercised its90.38%
toll collection optionservices,
to land
raise its from
offer to acquire the remaining interest plus
business,
stake
the to 25%
Commonwealthto its from shareholders.
14.9%
of in
Pennsylvania,YS. Originally, for ICD
$12.8 bil
options, or 162.26 mil common shares, which it didin
planned
cash, viatoan launch
auction. a tender
Concurrently, offer to acquire LibertyGroup a 50.1%
Roads
not
CANADAalready - Anown, investor
in Constellation
group, comprised
Energy of LS Inc
interest,
Consortium, or 819.863
consisting mil of ordinary
Canada shares,
Pension in IC, and
(CE), an
Power Equity
electric Partners
and gas LLC utility
andcompany,
Global forPlan$35
subsequently
Investment Board, launch a Infrastructure
mandatory tender offer to
per share, or
Infrastructure totalGS
aPartners, value a joint
of $5.65 venture Partners,
bil. between
The
acquire
Ontario the remaining
Teachers' Pension 49.9% Plan stake,Board or 816.59
and mil
transaction
Credit Suisse was Group subject andtoGE customary
Infrastructure closing Inc, a
ordinary shares,
Transuran, were which
named it potential
did not already bidders. own, in IC.
conditions
unit of General and shareholder
Electric Co, withdrew approval. its Originally,
plans to
ICD offered a choice of 2.25 euros (12.488
EDF- Xstrata
launch
UK was anrumored
unsolicited to be tenderplanning offer to to acquire
acquire the
all the
dirham/$3.401) in debt securities or 1.85 euros its
PLC (XP) of Switzerland withdrew
remaining
outstanding
hostile 90.38%
commonoffer interest
to stock inofCE.TransAlta
Previously, Corp (TA),
(10.268tender dirham/$2.797) acquire
in cash. the remaining
MidAmerican
a provider
91.97% of electric
interest, Energy utility
or 143.816Holdings services,
milCo definitively
ordinary for 39 shares,
agreed
Canadian
which it to didacquire
dollars
not already ($39.016
all theown, outstanding
US) in cash
in Lonmin common
per share,
PLC (LP),stock a
of CE.
or a-total
London-based
US value platinum
Cleveland-Cliffs of C$7.787 Incmining(CC) bil ($7.79company,
withdrew bil).itsThe
for 33
transaction
British pounds
definitive was(68.127
agreement subject to completion
to Swiss
merge francs/$64.271
with Alpha of due Natural US) in
diligence,
cash
Resources TA's
per share, Inc (AN), board
or a totalaofcoaldirectors'
valuemining of approval
4.758
company, bil and
pounds
in a
regulatory
(9.823swap
stock authorities.
bil francs/$9.267
transaction valued bil). Concurrently,
at $9.089 bil. XP CC
acquired
AUSTRALIA8.03%
offered an
$22.23 - An in cash stake,
investor andor 12.557
0.95
group, common mil ordinary
comprised sharesof Bain for
shares,
every
Capital in LP. The
common
Partners AN LLC,transaction
share. Based
Blackstone was CCs subject
Capital closing to stock
Partners
regulatory
pricea of
LP, unit approvals.
111.46
of on July 15,
Blackstone Group the last LP, fullPacifictrading Equity day
prior to announcement,
Partners Pty Ltd and Morgan each AN Stanley share was valued
Principal
at $7.444 bil. aThe
Investments, unittransaction
of Morganwas Stanley, subject to
withdrew its
customary
plans to acquire closing theconditions,
entire ordinary regulatoryshareand capital of
shareholder
Orica Ltd, anapproval. explosives Upon completion,
manufacturer and the
merged entity
wholesaler, forwas to be renamed
32 Australian dollars Cliffs NaturalUS)
($26.822
Resources.
in cash per share, or a total value of A$9.952 bil
($8.342 bil), in a leveraged buyout transaction. The
transaction was to be effected via a scheme Source: of Thomson Financial 1.973.622.5200
arrangement. The transaction was subject to due
diligence review and regulatory approvals.
Request 7

US - PNG Acquisition Co Inc, a special purpose


acquisition vehicle formed by Fortress Investment
Group LLC and Centerbridge Partners LP,
terminated its definitive agreement to acquire all the
outstanding common stock of Penn National
Gaming Inc, an owner and operator of casinos and
US - Waste Management Inc (WM) withdrew its
race tracks, for $67 in cash per share, or a total
plans to acquire all the outstanding common stock
value of $8.894 bil, including the assumption of
of Republic Services Inc (RS), a provider of solid
$2.8 bil in liabilities, in a leveraged buyout
waste collection, transfer, recycling and disposal
transaction. The transaction was subject to
services,
UK - PunchforTaverns
a sweetened $37 in
PLC (PT) cash per
withdrew itsshare,
plans or
customary closing conditions, shareholders and to
a total
merge value of $7.016
withapprovals. bil. The transaction
Mitchells & Butlers PLC (MB), a was
regulatory
subject to regulatoryowner
Birmingham-based approval. Originally,ofWM
and operator pubs and
offered $34 in cash per share, or
restaurants, for 1.99 bil British poundsa total($3.91
value bil
of
$6.294 bil.
US), in a stock swap merger of equals transaction.
The consideration was to consist of 1.815 bil
pounds ($3.566 bil) based on MB's market
capitalization, and 175 mil pounds ($343.84 mil) in
cash. MB's capitalization was based on the
company's closing stock price of 4.5025 pounds
($8.847) on February 1, the last full trading day
prior to the announcement. Upon completion, PT
and MB were to own 50% each of the merged
entity. Originally, in November 2007, PT was
rumored to be planning to acquire MB.

AUSTRALIA - QBE Insurance Group Ltd (QI)


withdrew its plans to merge with Insurance Australia
Group Ltd (IA), an insurance company, in a stock
swap transaction valued at a sweetened 8.708 bil
Australian dollars ($8.295 bil US). The
consideration was to consist of A$0.9 ($0.857) in
cash and 0.145 QI ordinary share for every IA
share. Based on QI's closing stock price of A$25.55
($24.342) on May 16, the last full trading day prior
to the announcement of the sweetened terms, each
IA share was valued at A$4.605 ($4.387). The
transaction was to be effected via a scheme of
arrangement, and subject to the approval of
regulatory authorities and to due diligence
completion. Originally, QI was rumored to be
planning to acquire the entire ordinary share capital
of IA, and offered A$0.7 ($0.648) in cash and 0.142
QI ordinary share for every IA share.

US - Blackstone Capital Partners V LP, a unit of


Blackstone Group LP, terminated its agreement to
acquire all the outstanding common stock of
Alliance Data Systems Corp, a provider of payment
processing, private label credit, billing, customer
care, and loyalty and database marketing services,
for $81.75 in cash per share, or a total value of
$6.706 bil, in a leveraged buyout transaction. The
transaction was subject to customary closing
conditions and regulatory approval.

Source: Thomson Financial 1.973.622.5200


Request 7

UK - JC Flowers & Co LLC (JC) of the US withdrew


its plans launch an unsolicited tender offer to
acquire the remaining 97.3% interest, or 2.278 bil
ordinary shares, which it did not already own, in
Friends Provident PLC (FP), a Surrey-based
provider of insurance services, for 1.5 British
pounds ($3.008 US) in cash per share, or a total
value of 3.417 bil pounds ($6.853 bil), in a
leveraged buyout transaction. The transaction was
subject to due diligence. Originally, an investor
group, comprised of JC and Standard Life PLC,
was rumored to be planning to acquire
Subsequently, AXA SA of France was rumored to
be planning to launch a challenging tender offer to
acquire FP.

Source: Thomson Financial 1.973.622.5200

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