Capital Markets Flash Canadian M&A Deals Quarterly Volume 5, Issue 9

www.pwc.com/ca/deals
April 26, 2012
Capital Markets
Flash
Canadian M&A Deals Quarterly
Volume 5, Issue 9
Canadian M&A Deals Quarterly
91 days, 776 deals, $49 billion
The Canadian M&A market, now 10% of global M&A,
continues to defy gravity. Against a backdrop of slowing
global M&A activity, Canadian deal values and volumes were
up 24% and 7% over the prior quarter respectively.
Emerging market demand for resources, changes in
regulation and government policy and disruptive
technologies were the common themes driving Canadian
M&A in Q1. The resource rich provinces and innovation
clusters continue to be the winners in the new Canadian
M&A paradigm, largely at the expense of the “old economy”
in the East.
Our quarterly roundup presents PwC’s insights on the Q1
2012 Canadian M&A dynamics, as well as our perspective
on the fact there is still much work to be done by Canadian
entities in growth markets.
Kristian Knibutat
Canadian Deals Leader
2
Capital Markets Flash
Emerging market demand
for resources, changes in
regulation and government
policy and disruptive
technologies were the common
themes driving Canadian M&A
in Q1.
Key Metrics
Snapshot
Q1 2012
Five key observations
776 Canadian1 M&A transactions worth $48.7
billion were announced during Q1 2012. Values and
volumes were up 24% and 7% over the prior quarter
respectively. As depicted in the accompanying graph,
when measured by value, outbound buying activity
dropped by 51% while domestic buying activity rose
by 38% and inbound activity rose by 8%.
1. The financial, real estate and mining
sectors take a back seat to energy and
agribusiness.
Post-crisis, metals & mining, financial (banking and
insurance), real estate and energy players have “codominated” the M&A landscape. In Q1 2012, we observed
notable shifts in M&A market share by sector.
Quarterly Canadian M&A volume and value
Value (US$ millions)
50,000
800
40,000
30,000
600
20,000
10,000
Number of transactions
1,000
60,000
400
Canadian buyer/Foreign target
-1
1
Q1
-1
2
Q4
1
1
-1
-1
Q2
Q3
1
-1
0
Foreign buyer/Canadian target
Q1
0
-1
-1
Q4
Q3
0
0
-1
-1
Q1
Q2
9
9
9
-0
Q4
-0
Q3
-0
Q1
Q2
-0
9
0
Canadian buyer/Canadian target
Deal volume
Source: S&P Capital IQ, PwC analysis
• The energy sector was the clear frontrunner in Canadian
M&A, representing 28% of all deal value, up 90% over
2011 proportions.
• Two new additions to our top industries for Q1 2012 were
agribusiness and utilities. Agribusiness made a respectable
showing with a 15% market share, while utilities came in
fifth with 7% market share.
• Real estate and mining were the third and fourth most
active sectors, although both saw market shares drop (by
20% and 50% respectively over 2011).
• Notably absent from the list was diversified financials,
which claimed only negligible market share in Q1 2012,
after representing 12% of the M&A last year.
We briefly review some of the drivers behind these shifts in
the accompanying commentary.
1 Canadian transaction refers to an announced M&A transaction involving at least one
Canadian entity (as a majority or minority party), inclusive of real estate transactions.
Top targeted industries in Canadian M&A (by value)
2011
Industry
Q1 2012
Market
Share
Industry
Market
Share
Metals & Mining
19%
Energy
28%
Energy
16%
Agribusiness
15%
Real Estate
16%
Real Estate
13%
Diversified Financials
12%
Metals & Mining
9%
Industrials
9%
Utilities
7%
Source: S&P Capital IQ, PwC Analysis
PwC
3
A closer look at energy M&A activity in Q1 2012
Q1 2012 saw 116 Canadian energy transactions worth $13.8
billion. While there were a variety of sub sectors within
the broader energy sphere that were busy, M&A in the gas
segment was by far the most notable. A prolonged slump
in the price of natural gas has prompted numerous natural
gas producers to investigate ways to create new demand,
open new markets (most notably Asia) and seek out deals to
improve capital efficiencies or access enabling technology.
The price slump has also prompted many producers to shift
production mix away from “dry” natural gas (methane),
in favour of “wet” gas, which is a mixture of methane
and natural gas liquids (NGL’s) such as ethane, propane,
butane and condensate. NGL’s are used to make, amongst
other things, petrochemicals and plastics and have a much
more favourable outlook because their pricing is positively
correlated to the price of oil.
Notable “all Canadian” gas deals included Pembina/
Provident ($3.2 billion), and Pengrowth/NAL ($1.3 billion).
These mega transactions were well covered in the press and
partially overshadowed a continued trend in the broader
energy sector of partnerships and transactions between
Canadian entities and foreigners. Two notable foreign buys in
Q1 were:
• Japan’s Mitsubishi Corp., which acquired a 40%
Partnership interest in Encana Corp.’s Cutbank Ridge gas
assets in northeastern British Columbia for $2.9 billion.
Junichi Iseda, a Mitsubishi vice president, noted that the
purpose of the transaction was twofold:
“…to contribute to the development of natural gas resources
in Canada and to help diversify Canada’s gas export market.”
These remarks are indicative of a new paradigm in which
foreign buyers are cognisant of the need to demonstrate
a net benefit to Canada when acquiring Canadian
companies or assets.
4
Capital Markets Flash
• Cretaceous Oilsands Holdings Ltd., a subsidiary of
PetroChina International Investment Ltd., which is set to
acquire the remaining 40% of the MacKay River oil sands
project from partner Athabasca Oil Sands Corp (“AOSC”).
The transaction was the result of AOSC exercising an
option to sell its interest in the project to PetroChina,
which in late 2009 bought a 60% stake for $1.9 billion
and was the first instance of a Chinese entity taking full
control of an Alberta oil sands asset.
Foreign ownership is a “hot topic” of late due to the fact that
many buyers of energy assets have been state owned national
oil companies (NOC). In recognition of the uniqueness and
complexity of transacting with NOCs, PwC has partnered
with Eurasia Group, the world’s leading political risk
consultancy, to author a paper entitled “Free Markets vs.
State Capitalism” in the oil and gas sector. We have also
authored a white paper “Nothing to Fear” which outlines five
reasons that Canada should welcome foreign investment in
the oil sands and shale sectors.
FAO Food price index
250
200
150
100
1-
20
0
9- 1
20
0
5- 1
20
0
1- 2
20
0
9- 3
20
0
5- 3
20
0
1- 4
20
0
9- 5
20
0
5- 5
20
0
1- 6
20
0
9- 7
20
0
5- 7
20
0
1- 8
20
0
9- 9
20
0
5- 9
20
1
1- 0
20
1
9- 1
20
11
50
Source: Food and Agriculture Organization of the United Nations, PwC Analysis
A closer look at agribusiness
The second busiest sector of the quarter was the agribusiness
sector. The debut of this sector to our top targeted industries
list is largely thanks to the pending $6.1 billion acquisition
of Viterra by Glencore. In conjunction with the acquisition,
Glencore has entered into agreements with Agrium Inc.
and Richardson International for the sale of assets which
comprise a majority of Viterra’s existing Canadian operations.
Agrium is set to acquire the majority of Viterra’s retail
agri-products business for $1.8 billion while Richardson
International is set to acquire 23% of Viterra’s Canadian
grain-handling assets, certain agri-centres and certain
processing assets in North America for $800 million. The deal
will essentially leave Glencore with Viterra’s infrastructure,
including 63 grain elevators and seven port terminals in
Canada, and eight port terminals in Australia. The deal did
not come as a surprise to the market, which was expecting
takeover activity in the Prairie Provinces subsequent to the
federal government’s move to deregulate the Canadian
Wheat Board, a game-changer we profiled in our provincial
M&A roundup.
Increases in food demand as well as the rising cost of labour
and energy are some of the key drivers of M&A activity in the
agribusiness and food spaces. Witness the FAO food price
index, a measure of the monthly change in international
prices of a basket of food commodities. As depicted in the
accompanying graph, the index has risen by over 100%
since the start of the millennium. The intensity of price
strengthening has been an incentive for companies to
transact in order to secure supply and achieve economies of
scale. As featured in our 2011 market outlook, food prices are
expected to stay high for the near term due to two structural
shifts in demand side dynamics:
• Rising incomes in developing countries are prompting
a shift away from grain-based diets to meat based diets,
increasing demands for proteins but, also increasing
demand for grain as animal feed.
• Current technology limits the global biofuels drive
to corn and sugarcane (for ethanol) and oilseed (for
biodiesel), thereby creating new and significant demand
for these commodities.
Our view on the “less active sectors”
Notably less active this quarter were the Canadian real estate
and metals & mining sectors. As highlighted in our table of
top targeted industries, these sectors experienced market
share declines of 20% and 50% over 2011 respectively. We
view both these drops as temporary anomalies in the market,
rather than the start of cyclical downturns. An extremely
busy Q4 2011 of M&A in these sectors left many large players
busy digesting acquisitions. As discussed at length in our
flagship M&A related publications about the mining and
real estate sectors, fundamentals support continued robust
mining and real estate activity for the remainder of 2012.
PwC
5
2. “The West” continues to be the
preferred Canadian investment
destination.
M&A activity in Canada has historically been relegated
to the skyscrapers of Toronto and Montreal. However, as
highlighted in our 2011 provincial M&A analysis, the tide is
turning.
•
•
Today, the western provinces of BC, Alberta, and
Saskatchewan are the investment destinations of choice
in Canada. This resource rich region was home to 67%
of all Canadian M&A targets (measured by value) in Q1,
including 15 of the top 20 acquisitions in Canada.
Ontario and Quebec were home to 19% and 14% of
Canadian targets (measured by value), respectively.
Despite Ontario’s eroding market share of takeover value,
it is still home to 29% of Canadian M&A takeover volume,
moderately higher than Alberta’s 22% share.
This geographic shift is, not surprisingly, the result of a flurry
of activity in Canada’s resource sectors. Interesting however,
is the fact that the gap between the East and West is widening
at a rapid pace. The accompanying table illustrates that when
the provincial market share of M&A in Q1 2012 is compared to
the 2007 peak, which saw numerous multi-billion dollar deals
in the resource sector, Canada’s Western provinces have still
gained approximately 26% of takeover value market share.
Top five targeted provinces by volume
4%
8%
29%
19%
22%
19%
Ontario
Alberta
British Columbia
Quebec
All others
Saskatchewan
Source: S&P Capital IQ, PwC analysis
Top five targeted provinces by value
1%
13%
14%
19%
33%
21%
Alberta
Saskatchewan
Ontario
Quebec
British Columbia
All others
Source: S&P Capital IQ, PwC analysis
6
Capital Markets Flash
We do not believe this is dire news for the East. Ontario and
Quebec have already begun the process of “re-tooling” to
adapt to the realities of a post-crisis world. In recent remarks
to the Greater Kitchener Waterloo Chamber of Commerce,
Governor of the Bank of Canada Mark Carney noted:
“One out of twelve oil sands manufacturers and suppliers are
from this region, and Ontario’s exports to Alberta of miningrelated services grew 44% in the last year measured. The
opportunity to capture more of the value added in commodity
production from energy to agriculture remains a tremendous
opportunity for all of Canada.”
Certainly the lion’s share of activity in BC, Alberta and
Saskatchewan remains in the energy, mining & metals and
agriculture sectors. However, prolonged prosperity in the
West has also spurred a much more diverse body of potential
M&A targets. Q1 2012, for example, saw two interesting
transactions in BC’s technology sector:
•
•
OMERS Ventures announced one of the largest Canadian
venture capital transactions to take place in the past 10
years. The venture arm of the financial giant is buying
a $20 million ownership stake in BC based social media
startup HootSuite.
Change in M&A by value per province, Q1 2012 vs 2007
Province
% Total
Canadian
M&A Targets
Q1 2012
% Change
from 2007
Alberta
33%
7%
British Columbia
13%
2%
Manitoba
0%
-1%
New Brunswick
0%
0%
Newfoundland and Labrador
0%
0%
Northwest Territories
0%
0%
Nova Scotia
0%
-1%
Nunavut
0%
0%
Ontario
19%
-7%
Quebec
14%
-18%
Saskatchewan
21%
17%
Yukon
0%
0%
Source: S&P Capital IQ, PwC Analysis
Twitter announced the acquisition of BC based Context
Media Technologies Inc., creator of social media
aggregation software called Summify (for an undisclosed
amount).
PwC
7
3. Contraction in real estate M&A
activity hits the Canadian
middle market hard, masking
an uptick in deal values.
While overall M&A volumes and values were robust in Q1,
the Canadian middle market experienced a fourth
consecutive quarter of contraction. In the $100-$500 million
transaction size segment, 42 Canadian transactions worth $9
billion were announced, 11% and 6% lower than the prior
quarter respectively. The drop off in the middle market was
especially notable at the “upper end” of the middle market. In
the $250-$500 million deal segment, aggregate values were
$4.9 billion, down 21% over the prior quarter.
At face value, this trend is rather alarming. However, it may
be somewhat reassuring (depending on your perspective!)
that the single most significant pocket of weakness in the
middle market was the commercial real estate sector
(“CRE”). Pension funds and REITS took a break in Q1 from
a buying spree that commenced in late 2009, driving middle
market CRE M&A values down 57% to $1.6 billion. Simple
math reveals that, absent CRE, the middle market actually
registered a 26% increase in deal values.
Quarterly Canadian Middle market volume and value
($100-$500) million segment
Value (US$ millions)
12,000
50
9,000
6,000
40
3,000
30
Capital Markets Flash
1
2
-1
Q1
-1
Q4
-1
Q3
Commercial real estate
Source: S&P Capital IQ, PwC analysis
8
1
1
-1
Q2
0
1
-1
Q1
-1
0
Deal value
Q4
-1
0
Q3
-1
Q2
Q1
-1
0
0
Deal volume
Number of transactions
60
15,000
Similar to the broader Canadian M&A market, the resource
and resource related sectors did feature heavily in the
universe of middle market transactions. Two notable
examples included:
• Finning International Inc., which holds the franchise
selling rights for Caterpillar Inc. in Canada, acquired the
distribution rights to mining equipment producer Bucyrus
for $465 million. For Finning, the single largest near-tomidterm benefit of the deal is access to hydraulic shovels
and cable shovels.
• Sieman’s Canada acquired Canadian rugged
communications company, RuggedCom Inc., for $440
million. The target is a leading provider of rugged
communications networking solutions designed for
mission-critical applications in harsh environments such
as those found in oil refineries and metals and minerals
processing. The purchase price was a 50% increase over
an unsolicited hostile bid from St. Louis-based Belden Inc.
4. Private equity quiet, focused on
bolt-ons, middle market.
We are nine pages into our Q1 2012 M&A roundup and have
yet to mention private equity (PE). This, in and of itself,
is noteworthy. Where were the “titans of M&A” this past
quarter?
As a percentage of total Canadian deal value, private equity2
transactions were a meagre 8% in the first quarter. This was
the lowest contribution to Canadian M&A by private equity
since the first quarter of 2010 when PE deals represented 13%
of total activity. It is also well off the post crisis high of 48%
observed in Q4 2009.
Subdued private equity activity this quarter is consistent with
global PE trends. Because most funds are focused on small to
medium size bolt-on deals rather than LBOs, annual private
equity capital activity has remained well off pre-crisis highs
across nearly all developed world geographies. In Canada,
a flurry of multi-billion dollar deals in 2010 and 2011 led by
the private equity arms of Canadian pension funds partially
masked this trend. Absent Canadian pension funds, private
equity activity in Canada has actually trended in the 8%-12%
range of total deal values post-crisis. Given that Q1 saw most
pension funds sit on the sidelines digesting large 2011 buys,
PE market share this quarter is actually not atypical.
Private equity as a percentage of Canadian deal values
Why so few LBOs?
We need only to turn to the leveraged loan market to
understand the shift in private equity buying behaviours.
A fundamental driver of private equity M&A activity is the
availability and pricing of leveraged debt. Although the all-in
funding costs of leveraged debt was attractive in Q1 at an
average 6.19%, leverage multiples were still prohibitively
high. On average, 43% equity was required to successfully
finance a North American LBO, nearly in line with the 45%
peak observed in 2009 and notably higher than the lows of
between 29%-31% through the 2006-2007 market peaks.
At these leverage levels, PE buyers would be challenged
to achieve IRR hurdles. Indeed, according to S&P LCD “...
private equity firms kept a low profile in the M&A arena [in
Q1 2012], focusing on refinancing and extending debts as
well as dividends...LBO loan activity, therefore, slumped to
a two-year low of $7.4 billion in the first quarter, from $14.5
billion in the fourth quarter...”.
Equity contributions to LBOs
50%
50%
43%
40%
40%
30%
20%
30%
10%
0%
Source: S&P Capital IQ, PwC analysis
2
11
Q1
-1
10
20
09
20
08
20
07
20
06
20
04
05
20
20
03
20
02
20
01
20
00
20
20
1
2
-1
Q1
1
-1
Q4
-1
1
-1
Q3
0
0
1
-1
Q2
Q1
-1
Q4
0
-1
-1
Q3
-1
Q1
Q2
0
20%
Source: S&P LCD Leveraged Buyout Review – Q1-12
2 Private equity transactions, for the purposes of this report, are deals in which: at least one
party to the transaction is a private equity firm and at least one party to the transaction is a
Canadian entity.
PwC
9
4. Private equity quiet, focused on
bolt-ons, middle market...cont’d
5. Canadians shy away from
growth markets. Buy side
volumes into the BRIC countries
hit historic low.
Notwithstanding the overall slowdown in large pension fund
deals in Q1 2012, there were some interesting developments
in the middle market PE space during the quarter. Consistent
with the broader market, the theme of resources and
resource-related entities was also prominent in the PE
community:
Despite continued evidence that the world’s economic
centre of gravity is shifting in favour of growth economies,
Canadian acquisitions into growth markets experienced a
sharp slowdown in Q1 12. Transaction values nosedived 75%
quarter over quarter to their lowest levels since Q4 09 and
were 82% lower than their post-crisis peak in Q3 11. Volumes
saw a more modest decline, falling 8% from Q4 11 and 15%
from peak volumes seen in the Q1 11.
• Birch Hill Equity Partners acquired 10 of Secunda Marine
Services’s offshore supply vessels from McDermott
International of Houston, Texas. Newly formed Secunda
Canada LP will operate the fleet, which will aim to service
the East Coast offshore energy sector from its Dartmouth
headquarters. Terms of the transaction were not disclosed.
• The Caisse de dépôt et placement du Québec (“the
Caisse”) increased its investment in Storm Resources Ltd.,
a Calgary based energy exploration company. The Caisse
has subscribed to 2,353,000 common shares of Storm
– representing approximately 5.17% of the company’s
outstanding common shares for a total investment value
of approximately $8 million.
80
70
These results are consistent with various studies by PwC,
as well by a number of Canadian regulatory bodies, which
have concluded that Canadians are lagging their developed
market counterparts in capitalizing on M&A opportunities
in emerging markets. The actions and policies of our federal
government are also supportive of a diversification strategy.
In a recent interview with Jane Harman, President and
CEO of the Woodrow Wilson Center in Washington DC,
Prime Minister Stephen Harper, speaking on the diversity of
Canada’s energy exports said:
“The United States cannot be our only export market…We
cannot take this to the point where we are creating risk in
significant economic penalty to the Canadian economy. And to
not diversify to Asia when Asia is the growing part of the world
just simply makes no sense to Canada.”
60
3,000
80
2,500
70
2,000
60
1,500
50
1,000
10
Capital Markets Flash
2
1
-1
Q1
1
1
-1
Q4
-1
Q3
-1
1
Volume
Source: S&P Capital IQ, PwC analysis
Q2
-1
Q1
-1
Q4
-1
Q3
-1
Q2
-1
-0
Q4
Value
0
30
0
0
0
40
0
500
9
30
Value (US$ millions)
40
Number of transactions
Acquisitions in growth markets
Q1
50
“Canada may not be taking full advantage of
the opportunities posed by rapidly growing
emerging markets.”
“Concerns that China will enter a
Conference Board of Canada, 2011
so-called hard landing are “vastly
overblown.”
Stephen Roach,
Yale University, former non-executive chairman for Morgan Stanley
Our perspective is that a deceleration in China’s growth
rate was likely the biggest, though not the only, culprit of
the first quarter slowdown in growth market M&A. On a
year-over-year basis, Chinese GDP growth slipped from
9.7% in Q1 11 to 8.1% in Q1 12, an eighth consecutive
quarterly deceleration. Declining Chinese growth rates are
likely culpable for the complete standstill in Canadian-led
acquisition activity in China’s consumer and financial sectors
during Q1 12 and may also be to blame for the 97% decline
in Canadian-led buying activity in South America’s mining
sector (which depends on Chinese resource demand).
Many China analysts regard the negative western
reaction to China’s decelerating growth as a fundamental
misunderstanding of China’s economic prowess. China’s
ruling Communist Party has been extremely forthright
regarding the fact that deceleration is necessary in order to
effect rebalancing and shift the makeup of Chinese growth
toward consumption (away from exports and investment) –
a shift that, in the long run, will ensure China’s prosperity.
Deal making in growth markets did not come to a complete
standstill. Two notable Canadian-led buys included:
• Valeant Pharmaceuticals International announced the
largest Canadian-led acquisition in a growth market
of the quarter, the $180 million buy of Natur Produkt
International, JSC, a specialty pharmaceutical company
in Russia. Valeant also acquired Probiotica Laboratorios
Ltda., a Brazil based leader in sports nutrition and
food supplements, and made a 19.9% minority equity
investment in Pele Nova Biotecnologia S.A. a Brazilian
research company focused on tissue regeneration. (terms
undisclosed).
• Great Slave Helicopters, a subsidiary of Discovery Air,
completed the purchase of Servicios Aéreos Helicopters.
cl Ltda (“SAL”) in Chile. SAL provides helicopter services
to domestic and multinational customers in the mining,
power construction, and forestry sectors of the Chilean
economy. Terms of the transaction were not disclosed.
For purposes of national pride, we would have liked to close off our Q1 quarterly
waving a Canadian flag, proud of the stellar performance of the Canadian M&A
market in Q1 12. However, we have chosen to end with a cautionary note to
dealmakers. Our final and least favourable observation in Q1 was that Canadian
buyers continue to miss the mark in growth markets. Together with Canada’s leading
regulators, analysts and policy makers, we believe this trend needs to change in
order to ensure Canada remains competitive and prosperous. Simon Black (aka
“Sovereign Man”), recently blogging on Henry Blodgett’s infamous Business Insider
about the rise of Asia, perhaps said it best:
“No doubt, there’s a lot of cultural inertia and resistance to this idea; empires
always resist the notion that they’re no longer #1. But facts are facts, and the
truth is quite simple: the most extraordinary opportunities in the world are
across the Pacific. If you’re hungry, the choice is obvious.”
PwC
11
Deals
Contact us
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The PwC Deals Team helps clients raise capital and complete
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• developing your deal strategy;
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Julian Brown
PricewaterhouseCoopers Corporate Finance Inc**
[email protected]
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Nicolas Marcoux
PricewaterhouseCoopers Corporate Finance Inc**
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514 205 5302
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Robert (Bob) Sandy
[email protected]
604 806 7422
• implementing changes to deliver deal synergies.
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Robert (Bob) White
[email protected]
403 509 7345
Our Canadian Deals team is part of the world’s largest Transaction
Advisory practice1. Our approach helps clients to source and execute
deals faster and on more favourable terms, while minimizing
business disruption and risk.
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[email protected]
204 926 2441
We look forward to your call.
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Michael (Mike) Anaka
[email protected]
902 491 7442
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and tax advisory services; and
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[email protected]
416 815 5083
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Authors
Vanessa Iarocci
[email protected]
416 941 8352
Bradley Romain
416 687 8037
We invite you to take a second look at deal-making in emerging markets.
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1
Source: Kennedy; “Business Advisory Services Marketplace 2009-2011”; © BNA Subsidiaries, LLC. Reproduced under license.
In addition to the endnotes, sources may include: The Associated Press, Barrons, Bloomberg, BMO Capital Markets, Business Standard, Canada Stockwatch, Capital IQ, CIBC World Markets,
Conference Board of Canada, The Economist, Eurasia Group, The Financial Post, The Financial Times, FT Alphaville, The Globe and Mail, Goldman Sachs, International Monetary Fund,
International Trade Suite, J), Marketwatch, McKinsey Quarterly, Moodys, mergermarket, National Bank, National Post, New York Times, PR newswire, RBC Capital Markets, Reuters Loan
Connector, S&P LCD, Scotiabank, Seeking Alpha, Standard and Poors, Stikeman Elliot, TD Newcrest, TD Securities, TMX Group, The TMX MiG Report, Toronto Dominion Bank, Torys LLP,
United Nations, VC Circle, Wall Street Journal, The Washington Post, William Blair & Company LLC, Zero Hedge, Saskatchewan Trade and Export Partnership, Globalventures Magazine..
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with respect to the accuracy, or completeness of the information contained in this document. This document is intended for informational purposes only. The views and opinions expressed in
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