Highlights 2008

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Despite the commencement of the financial crisis, the total value of M&A activity for 2008 in Australia only dropped by 5.2% when compared with 2007 (Source: Mergermarket). During this time Gilbert + Tobin continued to advise on many large and complex transactions including the largest corporate merger in Australian history between Westpac Banking Corporation and St. George Bank.

Reflecting its efforts, Gilbert + Tobin has been ranked as the No. 3 adviser by deal value in Australian M&A transactions for 2008 (Bloomberg) and No. 4 adviser by deal value in Australian Equity IPO Issues in 2008 (Bloomberg). The highlights included:

• Advised Westpac Banking Corporation on its A$47 billion merger with St. George Bank. This deal was recognised as one of Asian-Counsel Magazine’s 2008 Winning Deals of the Year. Partners involved: Gina Cass-Gottlieb, Gary Lawler, John Williamson-Noble, Luke Woodward .

• Advised AGL Energy Limited in relation to the disposal of its 22% shareholding in Queensland Gas Company Limited (in excess of A$1.2 billion). Partners involved: Gary Lawler and Philip Breden

• Advised AGL Energy Limited on the disposal of its interest in Elgas A$230 million and Gas Valpo US$90 million. Parnter involved: Philip Breden

• Advised Tenix Pty Limited on the sale of its defence contracting services business to BAE Systems Australia Limited for an aggregate purchase price of A$775 million. Partners involved: Gary Lawler, Philip Breden.

• Advised sanofi aventis on the A$560 million acquisition of Symbion Health Limited. Partner involved: John Williamson-Noble.

• Advised US timber giant Weyerhaeuser Company on the A$500 million sale of its Australian timber manufacturing and distribution businesses to a subsidiary of New Zealand company Carter Holt Harvey Limited. Partner involved: John Williamson-Noble.

• Completed the sale of a 50% interest of BB Retail Capital Pty Limited’s Bras N Things business. The deal involved a sale of the 50% interest to private equity investors and the implementation of joint venture arrangements between the parties.

• Acted for Photon Group Limited on a string of eight acquisitions with an aggregate deal value of approximately A$200 million (plus material earn out payments). Partners involved: Philip Breden.