Goldman knocks Morgan Stanley off M&A top spot
Thursday 23 December 1999
After a record-breaking year, in which the combined value of European M&A deals more than doubled to a record $1,213bn (pounds 750bn), Goldman pipped Morgan Stanley by less than $6bn by advising on deals worth $519bn.
This reverses last year's order for the two houses, which are both advising Vodafone AirTouch on its $149bn bid for Mannesmann, and are acting separately for Bank of Scotland and Royal Bank of Scotland in their rival bids for NatWest.
Third and fourth in the 1999 league tables, which have been compiled by Thomson Financial Securities Data, were Merrill Lynch on $467bn and JP Morgan with $353bn, to complete a US sweep of the top places.
The scores for each firm appear to exceed the total value of the market because principal companies normally employ more than one adviser on a deal.
However, Goldman's dominance of the big deals is emphasised by the fact that its tally of 96 announced transactions for the year was exceeded by six rivals, all of which topped 100.
The leader by that yardstick was Rothschild with 146 deals worth $128bn, followed by Morgan Stanley on 128 deals, Warburg Dillon Read with 112 and Credit Suisse First Boston with 107.
The fact that three out of those four have a strong European influence suggests that the American forces are using their cross-border expertise and financial clout to concentrate on the larger deals.
Europe accounted for 37 per cent of the global M&A market of $3,317bn this year. The American share was 55 per cent and Asia 18 per cent.
The UK was the biggest European market with deals worth pounds 386bn, followed by Germany at pounds 261bn and France on $163bn.
- 1 Games of Thrones actor Lena Headey makes emotional promise to her unborn daughter
- 2 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 3 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 4 Female Muay Thai champion hustles coaches to give them a beating
- 5 Picture of couple posing with beached dolphin 'that later died' causes outrage
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
Female Muay Thai champion hustles coaches to give them a beating
16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...