City bids and deals yield pounds 500m in fees

Bankers, brokers, accountants, lawyers and public relations firms earned pounds 500m from City bids and deals in the first half of the year and are on course to top pounds 1bn for 1996, the magazine Acquisitions Monthly said yesterday.

This would be their most lucrative year, eclipsing the previous record of pounds 950m at the height of the merger mania of the 1980s, when fees reached pounds 950m.

Philip Healey, editor of the magazine, said: "The frenzied activity in the first half of 1996 had to be paid for and it did not come cheap."

In the first six months, there were 729 acquisitions, worth pounds 27.3bn, with the highest number of public company bids since 1990. The period also saw enormous shifts of position among the big investment banks, with Barings, owned by ING, dropping from top position in 1995 to 11th with pounds 3.2bn of public and private mergers and acquisitions.

Union Bank of Switzerland shot up the league table from 20th in 1995 as a whole to fifth in the first half of 1996, with 10 deals worth pounds 4.7bn. By number of transactions, it was top for public company bids, advising on nine. BZW was another riser, up from 17th to sixth.

Bids and deals among the utilities continued to be one of the main sources of income, but the Granada takeover of Forte and the Rentokil battle for BET were among the other takeovers that helped the fees bonanza. As a result of advising on these two takeovers, Lazards topped the list with pounds 7.25bn.

Among private deals, Lazards advised Liverpool Victoria on the acquisition of Frizzell Group and Firstbus on its purchase of several bus companies.

SBC Warburg rose from third to second place with pounds 6.8bn of deals, including 43 in which it acted for the Government on the sale of British Rail assets.

UK public and private league table

January-June 1996

Adviser Public deals Private deals Combined totals

No Value No Value No Value

pounds m pounds m pounds m

1 Lazard Brothers (2*) 4 5,967 15 1,281 19 7,248

2 SBC Warburg (3) 5 4,725 55 2,093 60 6,818

3 Kleinwort Benson (9) 7 4,127 12 1,240 19 5,367

4 Morgan Stanley(4) 2 4,105 4 812 6 4,917

5 UBS(20) 9 4,675 1 41 10 4,716

6 BZW (17) 3 3,890 4 777 7 4,667

7 NM Rothschild (5) 6 4,375 5 289 11 4,664

8 Merrill Lynch (-) 4 4,150 2 138 6 4,288

9 Hambros Bank (16) 5 1,989 13 2,115 18 4,104

10 Schroders(7) 4 3,503 7 567 11 4,070

11 Baring Brothers (1) 3 2,385 10 821 13 3,206

12 Deutsche Morgan Grenfell(8) 4 741 15 2,202 19 2,943

13 JO Hambro Magan (15) 1 1,487 5 527 6 2,014

14 Goldman Sachs (10) 1 1,561 5 371 6 1,932

15 HBSC Samuel Montagu (-) 5 1,351 14 345 19 1,696

16 Ernst & Young (19) 1 22 50 1,482 51 1,504

17 Coopers & Lybrand (-) 1 13 54 1,322 55 1,355

18 Price Waterhouse (-) - - 49 1,206 49 1,206

19 Robert Fleming (11) 1 227 8 936 7 1,163

20 Deloitte & Touche (-) 1 4 57 966 58 970

*1995 full year ranking

This table is based on the first half public league table positions plus UK private transactions completed between 21 December and 21 June 1996.

Source: Acquisitions Monthly

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Sales Executive / Foreign Exchange Dealer - OTE £40,000+

£16000 - £40000 per annum: Recruitment Genius: A Foreign Exchange Dealer is re...

SThree: Experienced Recruitment Consultant

£20000 - £40000 per annum + OTE + Incentives + Benefits: SThree: Established f...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE 40/45k + INCENTIVES + BENEFITS: SThree: The su...

Recruitment Genius: Collections Agent

£14000 - £16000 per annum: Recruitment Genius: This company was established in...

Day In a Page

The long walk west: they fled war in Syria, only to get held up in Hungary – now hundreds of refugees have set off on foot for Austria

They fled war in Syria...

...only to get stuck and sidetracked in Hungary
From The Prisoner to Mad Men, elaborate title sequences are one of the keys to a great TV series

Title sequences: From The Prisoner to Mad Men

Elaborate title sequences are one of the keys to a great TV series. But why does the art form have such a chequered history?
Giorgio Armani Beauty's fabric-inspired foundations: Get back to basics this autumn

Giorgio Armani Beauty's foundations

Sumptuous fabrics meet luscious cosmetics for this elegant look
From stowaways to Operation Stack: Life in a transcontinental lorry cab

Life from the inside of a trucker's cab

From stowaways to Operation Stack, it's a challenging time to be a trucker heading to and from the Continent
Kelis interview: The songwriter and sauce-maker on cooking for Pharrell and crying over potatoes

Kelis interview

The singer and sauce-maker on cooking for Pharrell
Refugee crisis: David Cameron lowered the flag for the dead king of Saudi Arabia - will he do the same honour for little Aylan Kurdi?

Cameron lowered the flag for the dead king of Saudi Arabia...

But will he do the same honour for little Aylan Kurdi, asks Robert Fisk
Our leaders lack courage in this refugee crisis. We are shamed by our European neighbours

Our leaders lack courage in this refugee crisis. We are shamed by our European neighbours

Humanity must be at the heart of politics, says Jeremy Corbyn
Joe Biden's 'tease tour': Could the US Vice-President be testing the water for a presidential run?

Joe Biden's 'tease tour'

Could the US Vice-President be testing the water for a presidential run?
Britain's 24-hour culture: With the 'leisured society' a distant dream we're working longer and less regular hours than ever

Britain's 24-hour culture

With the 'leisured society' a distant dream we're working longer and less regular hours than ever
Diplomacy board game: Treachery is the way to win - which makes it just like the real thing

The addictive nature of Diplomacy

Bullying, betrayal, aggression – it may be just a board game, but the family that plays Diplomacy may never look at each other in the same way again
Lady Chatterley's Lover: Racy underwear for fans of DH Lawrence's equally racy tome

Fashion: Ooh, Lady Chatterley!

Take inspiration from DH Lawrence's racy tome with equally racy underwear
8 best children's clocks

Tick-tock: 8 best children's clocks

Whether you’re teaching them to tell the time or putting the finishing touches to a nursery, there’s a ticker for that
Charlie Austin: Queens Park Rangers striker says ‘If the move is not right, I’m not going’

Charlie Austin: ‘If the move is not right, I’m not going’

After hitting 18 goals in the Premier League last season, the QPR striker was the great non-deal of transfer deadline day. But he says he'd preferred another shot at promotion
Isis profits from destruction of antiquities by selling relics to dealers - and then blowing up the buildings they come from to conceal the evidence of looting

How Isis profits from destruction of antiquities

Robert Fisk on the terrorist group's manipulation of the market to increase the price of artefacts
Labour leadership: Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea

'If we lose touch we’ll end up with two decades of the Tories'

In an exclusive interview, Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea