Credit Suisse is cross-border leader
Tuesday 08 August 1995
During the first half of this year, 920 EU companies with a combined value of pounds 24bn were sold to foreign buyers. This compared with 899 deals, worth a total of pounds 16.6bn, during the first half of 1994.
CSFB's 13 cross-border deals had a total value of pounds 4.92bn, more than double the value of the two runners-up together, Lazards and Lehman Brothers. CSFB's main deals were advising Svenska Cellulosa during its pounds 1.02bn acquisition of a 75 per cent stake in the German paper business, PWA, and Boots on its pounds 840m sale of its prescription drugs business to BASF.
Lazards came second, with 16 mandates totalling pounds 2.62bn. Three of these were for US groups, led by Pfizer's pounds 924m purchase of SmithKline Beecham Animal Health.
Lehman Brothers, in third place, was one of five Wall Street firms that crowded into the top table. Merrill Lynch was in fourth position, with nine bids worth pounds 1.91bn, while Morgan Stanley came sixth. Goldman Sachs and JP Morgan trailed at 11th and 18th spot respectively.
Schroders, despite a relatively sluggish spell in the domestic corporate finance market, managed an impressive leap from 17th to fifth place, helped in part by its involvement in the sale of two of its investment banking rivals to overseas buyers. SG Warburg, which was one of those sold, saw its position slump from number three to 10th, a reflection of its troubles. However, taken together with its new owner, Swiss Bank Corp, SBC Warburg would have ranked second, suggesting that the combined operation has good prospects of being a key player in the European mergers and acquisitions arena.
US groups consolidated their position as the most active buyers in Europe, with 208 deals totalling pounds 5.3bn in the first half of the year. These included the announced pounds 2.3bn purchase of CarnaudMetal by Crown Cork & Seal, the largest cross-border deal so far this year.
Germany went from third to second place in the table of acquirers, overtaking the UK largely thanks to the pounds 977m purchase of Kleinwort Benson by Dresdner Bank.
The UK proved to be the most popular destination for overseas predators, with 151 firms being taken over for a total of pounds 10.5bn. Leading City institutions, SG Warburg, Kleinwort Benson and Barings were prominent among this number.
Belle Knox: How the porn star student from Duke University became bigger than Justin Bieber
Oscar Pistorius trial: Neighbour feared athlete would use gun that killed his girlfriend Reeva Steenkamp to shoot himself
Top 10 most expensive cities in the world: Singapore named costliest place to live – but what about London?
Oscar Pistorius trial: Athlete 'cheated on me' with Reeva Steenkamp, former girlfriend Samantha Taylor tells Pretoria court
Channel 4 announces two-hour TV show to be broadcast 'Live from Space' later this month
Apple's Tim Cook: Business isn’t just about making profit
Thousands of young people forced to go without food after benefits wrongly stopped under 'draconian' new sanctions regime
Ukraine crisis: New navy chief 'defects' and surrenders Crimean HQ as Putin claims ultranationalists forced intervention
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
Ukraine crisis: Russia dismisses '3am ultimatum' as 'total nonsense'
If you're horrified by a flame-roasted dog, you should be shocked at a hog roast
- 1 The future of sex: The first female condoms were derided, mistrusted and shunned - but will their modern counterparts catch on?
- 2 South African rhino finally put down after roaming Kruger park for days with horn hacked off and bullet in brain
- 3 Italian pensioner hires an escort who turns out to be his son's girlfriend
- 4 Orgasm machine to deliver climax at the push of a button
- 5 Channel 4 announces two-hour TV show to be broadcast 'Live from Space' later this month
iJobs Money & Business
£12000 per annum: Inspiring Interns: The company works with Tier 1 FTSE 100 Ba...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...
£30000 - £35000 per annum + generous benefits: Pro-Recruitment Group: Mixed Ta...