M&A: Europe plays the takeover game
KKR targets Europe
When two's a crowd can three succeed?
| Top 10 European M&A advisers |
| Mergers announced during 1998 |
|
No. of deals |
Value ($bn) |
| Morgan Stanley |
138 |
302 |
|
Goldman Sachs |
111 |
258 |
|
JP Morgan |
107 |
156 |
|
Merrill Lynch |
86 |
153 |
|
Credit Suisse First Boston |
132 |
152 |
|
Salomon Smith Barney |
82 |
99 |
|
Deutsche Bank |
87 |
90 |
|
NM Rothschild |
95 |
85 |
|
Warburg Dillon Read |
143 |
85 |
|
Lazard |
133 |
83 |
| Source: IFR Securities Data |
Investment banks had a torrid time in 1998 owing to their trading activities in volatile capital markets. The focus of their ambition in 1999 is clear: international consolidation in many industrial sectors spells a bonanza in advisory fees. Europe is the fastest-growing region for M&A business. Market share there will be necessary for membership of an emerging global bulge bracket for corporate finance.
At present, the advisory powerhouses in Europe...
