Jan Schwalbe
Editor-in-chief
Finanz und Wirtschaft
The M&A market is booming for some years now and transaction multiples continue to reach historic high levels. While there is still plenty of cash on corporate balance sheets and institutional money as well as capital markets funds are readily available, the M&A market also faces challenges – some of the most significant ones will be addressed at this year’s M&A Forum.
Global political events such as protectionism, tariffs and trade wars might slow down markets and make acquisitions more difficult. How will M&A possibilities be affected by these barriers – or could they even open up new opportunities? Also challenges associated with activism should no longer be ignored in the context of how they can affect M&A. How can a productive dialogue between activists and companies evolve? How can companies protect themselves from activist investors and hostile takeovers or work with them productively? Digitalisation is no longer just a trend that can be ignored and data is becoming increasingly important. Therefore knowledge about how to use and analyse it correctly is crucial for all players in the field. It is important also to not neglect the possibilities opened up by blockchain and smart contracts.
We are pleased to invite you to the third Finanz und Wirtschaft Forum «Mergers & Acquisitions» on 11 September 2018 where these and many more aspects of M&A will be discussed in detail. Join us for a comprehensive day of M&A topics, including plenary sessions, workshops and speeches on topics essential for continued success in the M&A business.
Jan Schwalbe
Editor in Chief Finanz und Wirtschaft
Fusionen, Handelskriege und Orchester
15. September 2018, FuW, Ausgabe Nr. 72
«Mergers & Acquisitions 2.018»
11 September 2018, The Dolder Grand, Zürich
Interview with Anton Affentranger (Implenia)
More at the Finanz und Wirtschaft Forum «Mergers & Acquisitions 2018» of 11 September 2018
Registration and Welcome Coffee
Welcome Address by the Moderator of the Day
Jan Schwalbe Finanz und Wirtschaft
Implenia‘s M&A Experiences: Challenges and Opportunities
Anton Affentranger Implenia
Shareholder Activism and Unwanted Takeovers: Defend or Embrace?
Donatus Albrecht Aurelius AG
Rudolf Bohli RBR Capital Advisors AG
Dr. Stephan Rietiker LifeWatch
Strategic Portfolio Management: Carve Out, Divestment and Investment Decisions
Rolf Friedli Capvis Equity Partners AG
Fabian Stierli Barry Callebaut AG
Coffee and Networking Break
1 The Role of Board Members and Management in M&A Transactions
Stefan Brunnschweiler CMS
Dr. Daniel Jenny CMS
2 Blockchain Will Drive Future M&A Activity
Katja van Kranenburg-Hanspians CMS
3 Dealing with Shareholder Activism – The Role of Communications and Stakeholder Engagement
Marcus Balogh Farner Consulting
Urs Knapp Farner Consulting
4 Data & Analytics («D&A») in M&A – The Art of the Possible
Devinder Singh PwC
Dr. Christian B. Westermann PwC
Networking Lunch
Coffee and Networking Break
M&A and Equity Markets
Xavier Rossinyol Gategroup
Trade Wars, Tariffs, Protectionism and Their Implications on M&A Deals
Dr. Thomas Borer former Ambassador and Consultant
Dr. Stefan Brupbacher Federal Department of Economic Affairs, Education and Research EAER
Dr. Konrad Hummler M1 AG
Dr.h.c. Beat Kappeler Commentator in Macroeconomics and Author
The Orchestral Interplay of Competences
Christian Gansch Gansch & Partner sinfonisches consulting
Summary by the Moderator of the Day
Jan Schwalbe Finanz und Wirtschaft
Networking and Drinks
Dr. Thomas Borer was named Ambassador in 1996 and appointed as Head of the Task Force «Switzerland - Second World War» by the Swiss Federal Council. When this task force was dissolved in 1999, he was appointed Swiss Ambassador to the Federal Republic of Germany and took office in Berlin. At the end of April 2002, Dr. Borer left the civil service and founded his own boutique consulting company, which he has successfully managed since then. He is a global consultant with a special focus on Germany, Switzerland, Russia and the USA. Due to his many years of diplomatic service, he has an excellent network in international politics and business and represents his national and international clients in business, politics, the media and the public. He also serves on the boards of several national and international companies.
Rolf joined Capvis in 1995. Capvis is a Swiss mid-market buyout firm, headquartered in Baar/Zug, Switzerland. Rolf is a Managing Partner and a member of the investment committee at Capvis. He serves on various company boards and charitable foundations as board member or chairman. Rolf is a member of the Global Advisory Board of the University of Chicago, Booth School of Business, USA and is a member of the Global Council of the Smith School of Business of Queen’s University, Canada. Rolf has 23 years of private equity experience. Before Rolf joined Capvis, he worked with Goldman Sachs Investment Banking in New York and London, Clariden Bank Asset Management and SBC Warburg (Capital Markets). He studied Finance and Marketing at the University of Applied Sciences in Olten, Switzerland, and holds a MBA from the University of Chicago, USA.
Grammy winner Christian Gansch, highly regarded internationally as a conductor, producer and consultant, was born in Austria in 1960. His book «From Solo to Symphony - What businesses can learn from orchestras» was published in 2006, and he is a keynote speaker of the highest calibre. From 1981 to 1990 Christian was leader of the Munich Philharmonic Orchestra. He then moved into the music industry and produced over 190 CDs worldwide with artists such as Pierre Boulez, Claudio Abbado and Anna Netrebko. Winner of four Grammys, amongst many other international awards, Christian lectures in German and English. He was the recipient of the Record Academy Award Tokyo, for conductor in the category «Best Concerto Disc» for Beethoven`s five piano concertos, and as a producer for Mahler`s 8th Symphony with the Berlin Staatskapelle under the baton of Pierre Boulez. During his time as a conductor Christian worked with the English BBC Orchestra, the City of Birmingham Symphony Orchestra, the German Symphony Orchestra Berlin, the Russian National Orchestra, the Orchestre Philharmonique de Radio France in Paris and the NHK Symphony Orchestra Tokyo. He conducted Beethoven`s 9 symphonies with the Orchestra Teatro La Fenice in Venice in 2004 and gave his Proms debut at London`s Royal Albert Hall. As an opera conductor, he celebrated success in England with Mozart`s «Marriage of Figaro.» With two distinct perspectives of the musical world, as a musician and as a manager, he has been able to create a unique coaching concept, which demonstrates the similarities between orchestras and company structures. Gansch compares these similarities and demonstrates what companies can learn from the complex structures in orchestras, which outwardly look like a perfect unit to the audience. Orchestras with their high potential for human conflicts, leadership issues and complex integrated communications are a perfect example of how to bring a huge variety of specialists and instruments together to form one integrated harmonious unit. Since 2003 Gansch has worked as a consultant for a number of major companies with direct reference to communication and «orchestral consciousness». He has also published two books on this subject, «Vom Solo zur Sinfonie» and «Wer auftritt, muss spielen».
Mr. Rossinyol has more than 20 years of experience in the airline service industry, including airport contract catering, duty-free and duty-paid shops, licensing activities, and food and beverage management experience. He also has a strong track record when it comes to performing in equity markets. Prior to joining gategroup, Mr. Rossinyol was at Dufry, a leading global travel retailer operating in 60 countries, where he served as Chief Operating Officer EMEA and Asia from 2012 to 2015, and Chief Financial Officer from 2004 to mid-2012. During his time at Dufry, Mr. Rossinyol was accountable for the company’s profitability, including material turn-arounds and business restructuring. He led more than 10 post-merger integrations across several continents as well as M&A activities across Europe, the U.S., Latin America and Asia. He also opened close to 15 new markets in Europe, Africa and Asia. From 1995 to 2004, Mr. Rossinyol worked for Spanish based Grupo Áreas (part of the French publicly traded Group Elior, a world-leading company in both contract and concession catering). There he oversaw new business opportunities in Spain and internationally as well as strategic planning, reporting and controlling. Mr. Rossinyol has a BBA and an MBA in International Management and Finance from ESADE (Barcelona, Canada and Hong Kong) and a Master in Business Law from Universidad Pompeu Fabra, Barcelona. Mr. Rossinyol is a Spanish citize
Donatus Albrecht is Chief Investment Officer at AURELIUS. Since joining the company in 2006 Donatus is responsible for all M&A Activities of AURELIUS. He has overseen a total of more than 70 acquisitions, sales and IPOs. After studying economics at Ludwig-Maximilian University in Munich, Mr. Albrecht worked in the Corporate Development Department of Deutsche Bahn AG, where he gathered experience in process improvements and strategic restructuring programs. After that, he moved to Pricap Venture Partners AG (Thomas Matzen Group), a venture capital and private equity firm. He worked there for six years as an investment manager vested with power of commercial representation under German law (Prokura); during this time, Mr. Albrecht managed more than 20 transactions, from the initial investment to the IPO stage.
Marcus Balogh leitet Farners Finanzkommunikations- und Investor Relations-Team und verfügt über mehr als 15 Jahre Kommunikationserfahrung in führenden globalen Finanzinstituten und PR-Beratungen in Zürich, New York und Hongkong. Während seiner Tätigkeit hat er in Führungsverantwortung eine breite Palette an Kommunikationsaufgaben wahrgenommen, unter anderem in Executive Positioning, Corporate & Financial Communications, CSR und Environmental, Social and Governance (ESG) Reporting.
Rudolf Bohli founded RBR Capital (‘RBR’) in 2002. He has successfully run a long short European equity strategy for over 15 years. In 2014 RBR Capital started to extent its activities into shareholder activism. The first two campaigns (Gategroup, GAM Holding) produced a +130% net return for investors or a CAGR of 38%. The third campaign (Credit Suisse) is about the transformation of the banking industry. RBR is convinced that the banking industry is about to be disrupted by technology. Early movers will dramatically increase profitability and market share. RBR is convinced that this is an investment opportunity with a very assymetrical risk reward profile. Prior to founding RBR, Rudolf was head of research at a leading boutique broker. Rudolf started out trading short term interest rate securities and derivatives at UBS Warburg. He has a degree in Electrical Engineering from ETH Zurich and served in the Swiss Army as an officer.
Stefan Brunnschweiler is the global head of the CMS Corporate/M&A Practice Area Group. In this position, he sets the strategy for the group and leads an international team of more than 350 partners and 1000 lawyers. Stefan Brunnschweiler specialises in international and domestic M&A transactions, corporate restructurings, corporate law and general contract matters (e.g. joint ventures, partnerships and shareholders agreements). He is experienced in a broad range of national and international transactions, both sell- and buy-side (including corporate auction processes) as well as the assistance of clients in their ongoing corporate and commercial activities. Stefan Brunnschweiler has engaged in competition law, including merger control filings for more than 10 years.
Dr. Stefan Brupbacher studied at the University of Zurich obtaining a Doctorate in Law. He also obtained a Master’s in International Relations and International Business from the Paul Nitze School for Advanced International Studies (SAIS) at Johns Hopkins University in Washington DC, as well as an Executive Masters in International Business Law from the University of St. Gallen. In the course of his professional career he has held the following positions: academic assistant at the University of Zurich, dep. head of International Labour Affairs at SECO, secretary of the National Council and Council of States Economic Affairs and Taxation Committees, advisor to Daniel Vasella during his presidency of the International Federation of Pharmaceutical Manufacturers IFPMA, advisor at Economiesuisse for health, education and research policy and secretary general of the FDP.The Liberals Switzerland before assuming the position of secretary general at the Federal Department of Economic Affairs, Education and Research (EAER) in mid-2014.
Dr. Konrad Hummler graduated in Law from the University of Zurich and in Economic Science from the U.S. University of Rochester. He acted from 1989 until the bank’s partial sale to Raiffeisen Group Switzerland in 2012 as a managing partner with unlimited liability of Wegelin & Co. Private Bankers, St. Gallen. He is founding partner at M1 AG, a private think tank for strategic issues of current interest and strategy consultancy.
Daniel Jenny specialises in M&A transactions (including private equity), capital markets, corporate restructurings, general corporate and contract matters (e.g. joint ventures, shareholders agreements). He is experienced in a broad range of international and national M&A transactions both sell and buy side, including auction processes and carve-out transactions. Furthermore, he is a recognised expert in corporate governance, in particular concerning questions on directors liability. Daniel Jenny`s expertise also includes corporate litigation: He often represents renowned clients in directors liability lawsuits and post M&A disputes or other corporate litigation (e.g. special audit). Among his clients are listed companies and private companies (both small and medium-sized) as well as individuals (in particular investors and board members). After his traineeship with CMS and his clerkship with the District Court of Zurich, Daniel Jenny was admitted to the bar in 2007 and has since been working as a lawyer with us. He gained additional work experience as an international associate in a New York-based law firm and as legal counsel in an industrial multinational (Hilti AG). Daniel Jenny authored various legal publications. His thesis “Means of Defence of Board Members in Directors Liability Lawsuits” approved by the University of Zurich in 2012 was awarded summa cum laude and won the Professor Walther Hug prize.
Urs Knapp ist Partner bei Farner. Er verfügt über mehr als 15 Jahre Beratungserfahrung in allen Aspekten von Consulting, Corporate Communications und Reputation Management, mit einem speziellen Fokus auf M&A und Kapitalmarkttransaktionen in den Branchen Financial Services und Health Care. Urs Knapp ist Dozent für Crisis Communication und Issues Management und referiert regelmässig über reputationsrelevante Aspekte der Unternehmenskommunikation.
Dr. Stephan Rietiker, a Swiss and US dual national, qualified to practice medicine both in the United States and Switzerland and began his career as a physician in Switzerland. Dr. Rietiker has since gone on to establish himself as an acknowledged expert in healthcare and technology. His positions with various global pharmaceutical and medical technology companies – including Roche, Boehringer Mannheim, Schering Plough, Covance, Sulzer Medica/ Centerpulse and LifeWatch AG as well as several Board positions - have earned him a strong reputation as a rounded and successful manager and turnaround specialist with extensive experience in the US business world. Dr. Rietiker has spent the last few years turning around LifeWatch, and most recently completed the successful sale of the company to BioTelemetry, Inc., a US company.
The future is now. That`s not just a motto, but something that Dev lives into his work every day. Dev blends an education in computer science with core finance skills. As well as a work experience matured with IT multinationals (3 years) in India and US, and in the M&A profession (10 years) in Switzerland and the UK. So he found a natural fit to dig into and develop the possibilities which Data & Analytics has to offer in the world of M&A. Dev has advised both Private Equity and Corporate clients not only on pan-European transactions, but also when their M&A plans take them to fast growing economies of Asia.
Fabian Stierli collected experience with respect to strategic portfolio management from mutliple angles. He worked more than 10 years as Strategy Consultant with Bain & Company where he advised Corporate and Private Equity clients on their buy- and sell strategies. After that he was responsible at the Jacobs Holding AG to manage their biggest investment Barry Callebaut and was actively involved in the sale of the Jacob Holding`s Adecco stake. Today he is responsible to shape Barry Callebaut`s growth strategy and is leading its M&A team. Fabian is a Food Engineer by training with a Masters Degree from ETH in Zurich and holding n MBA from INSEAD.
Katja van Kranenburg heads the Employment & Pensions department and the Technology, Communications & Media Sector Group of CMS in the Netherlands. CMS has taken the opportunity to work on a pilot with Ortec and IBM Watson and by doing so CMS is the first law firm in the Netherlands who has worked on building a Watson who understands all about transfers of undertakings. Katja led the employment team working on this pilot. In 2017 CMS joined the Dutch Blockchain Coalition (DBC) as one of its key partners. DBC is a public-private cooperation initiated by the TU Delft, TNO and the Ministry of Economic Affairs and Climate, coordinated by ECP. DBC has three action lines: Digital Identities, Conditions and the Human Capital Agenda (HCA). Katja heads the HCA which aims to speed up the understanding and implementation of blockchain in the Netherlands in industries, within the Government and within/by educational institutions.
Christian Westermann thrives when tackling great challenges. He is a former space scientist, specialized in sensor analytics and digital signal processing, and is today the responsible Partner for Data & Analytics at PwC Switzerland. He leads a team of over 80 data and modelling specialists, with hands-on experience in Robotics, Process Intelligence, Customer Analytics and Artificial Intelligence (Machine Learning, Deep Learning, Cognitive Solutions) in the area of Finance, Operations, M&A,, Compliance and Risk. In his over 15 years as technology and data specialist he has managed a number of large-scaled projects in various industries on national and international levels.
Jan Schwalbe is the Editor-In-Chief of the Swiss Business paper «Finanz und Wirtschaft». He has covered business and the economy for more than 20 years and has conducted countless interviews with international business leaders, economists and strategists. He has been published in Businessweek, Bloomberg News, “Finanz und Wirtschaft” and The Daily Telegraph. Before taking his role as Editor-in Chief he was the Head of the Zurich Bureau of Bloomberg News and was working for CNN Money. Jan Schwalbe was on the Board of the Foreign Press Association in New York and a correspondent in New York and London for over a decade.
Whether you are planning a transaction as part of your growth strategy, thinking about diversifying into new sectors or looking for new funding options such as non-bank lending or through equity investment, our experts offer you the right mix of legal and commercial advice.
Contact: Stefan Brunnschweiler
Tel.: +41 44 285 11 11
E-Mail: stefan.brunnschweiler@cms-vep.com
Website: www.cms-vep.com
Farner (www.farner.ch) ist die führende Agentur für Kommunikationsberatung in der Schweiz und deckt mit über 140 Mitarbeitenden in Zürich, Bern, St. Gallen, Lausanne/Genf und Lugano alle Aspekte der Kommunikation ab – von Public Relations, Public Affairs, Digital, Research & Analytics und Change bis zu Werbung und Events.
Kontakt: Urs Knapp
Tel.: +41 41 266 67 67
Website: www.farner.ch
PwC Switzerland is the leading audit and advisory company in Switzerland. At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 152 countries with nearly 328,000 people who are committed to delivering quality in assurance, advisory and tax and legal services. PwC Switzerland has over 3,480 employees and partners in 14 locations in Switzerland and one in the Principality of Liechtenstein.
Contact: Dr. Marco Tremonte
Tel.: +41 58 792 1532
E-Mail: marco.tremonte@pwc.ch
Website: www.pwc.ch
Seit 1995 unterstützen unsere Berater Unternehmen und Unternehmer bei M&A-Themen und Corporate-Finance-Projekten.
Kontakt: Dr. Jürg Stucker
Tel.: +41 44 268 45 30
E-Mail: j.stucker@ch.oaklins.com
Website: www.oaklins.ch
Die M&A REVIEW ist seit mehr als 30 Jahren das Fachmagazin rund um Mergers&Acquisitions im deutschsprachigen Raum sowie international. Monatlich finden die Leser der M&A REVIEW in der neuen Ausgabe die relevanten und aktuellen Analysen und Fachbeiträge zum Thema.
Contact: Carolin Reiter und Stefan Schneider
Tel.: +49 151 44822744
E-Mail: carolin.reiter@manda.com, stefan.schneider@ma-review.com
Website: www.ma-review.de
Die ZHAW School of Management and Law (SML) ist die schweizweit grösste Business School auf Stufe Fachhochschule und die einzige mit AACSB-Akkreditierung. Unsere international anerkannten Bachelor- und Masterstudiengänge sowie die zahlreichen Weiterbildungsangebote sind wissenschaftlich fundiert, interdisziplinär und praxisorientiert.
Contact: Dr. Markus Braun
Tel.: +41 58 934 74 33
E-Mail: markus.braun@zhaw.ch
Website: www.zhaw.ch/de/sml/
«Very interesting an alive with speakers driving examples and latest trends in M&A making the event an opportunity to share views on different topics.»
«Overall very good conference touching on relevant emerging themes and trends in M&A with good networking opportunities.»
«A very professional and high-level conference, worth to attend.»
«Very relevant M&A topics. Excellent speakers. It was worth the time.»
«Nice takeaways from the presentations and well moderated panel discussions. Good opportunity to meet key persons personally.»