March 2000
| Euromoney March 2000 Everybody wants a slice of the $1 trillion European M&A market. The secret of earning big bucks (or rather, euros) is to arrange the handful of mega deals. We profile the dealmakers who've done it, and those who hope to. Top investment bankers from 10 firms talk about industries or countries in which they have a particular strength. Also, the advisers on the struggle for NatWest Bank explain their tactics. And we reconstruct the key moments in the biggest European deal of all: Vodafone's takeover of Mannesmann (Article: "The bid that couldn't fail"). Marcus Walker, Luciano Mondellini, Phillip Moore and Nick Kochan report - Vodafone's takeover of Mannesmann: The bid that couldn't fail
It's clear why Vodafone conquered Mannesmann. Vodafone won because it paid to win, using its powerful stock. Its shareholders supported its share price and thereby its bid because they believed its story: that big is best in the globalizing telecoms game. And they feared failure might burst the telecoms bubble. What's less understood is how Mannesmann lost. It gave away the early momentum through bungling, suffered splits in its defence advisory team, and came within an inch of winning the hand of a French rescuer, only to hesitate. Klaus Esser made Mannesmann a top company, but his risk-taking triggered this contest and shaped its outcome. We also reveal the battle that raged beneath the surface between Goldman Sachs and Morgan Stanley during the biggest hostile takeover of all time.
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Euromoney March 2000
It’s July 2000 and the world economy is in crisis. Who will save it? The US cavalry of course. Sixty grown men and women, some of them high rankers in the US government or civil service, spent a full Saturday in a New York mansion, wrestling with a hypothetical global meltdown, sending frantic messages from room to room, while the snow fell outside.
Euromoney March 2000
Why did Deutsche Bank gut Bankers Trust’s richest business – US bonds – and hire a new team from Merrill Lynch? Surely that’s no way to establish a new presence in North America. But such criticism ignores the tribalism that rules these amalgamated global banks, and maybe it was the quickest way to forge team loyalty.
Euromoney March 2000
Brokers in Buenos Aires are in despair. Delistings by foreign companies of their Argentine subsidiaries have cut the market in half and trading has dwindled to a fraction. Despite this, a badly needed restructuring of the bolsa is being held up by conservatives who fear increased competition. While they argue, Argentine investors are clicking their mice and buying US mutual funds. Local companies are voting with their feet and listing on Nasdaq. By the time the traditionalists come to their senses the market could be dead.
Euromoney March 2000
Euromoney March 2000
Euromoney March 2000
Euromoney March 2000
The last six months have seen a marked turnaround for the world economy. A year ago the larger emerging-market countries were falling in the rankings as investors lost confidence in Brazil, Russia and other crisis-ridden giants. This year favourable commodity prices, better risk management and buoyant developed country economies point to better times ahead. There are some big winners in the latest Euromoney country risk ranking. Research by Andrew Newby.
Euromoney March 2000
Euromoney March 2000
Euromoney March 2000
Euromoney March 2000
Euromoney March 2000
Euromoney March 2000
Online Equity Trading
Euromoney March 2000
Bond Trading
Euromoney March 2000
Derivatives exchanges
Euromoney March 2000
Chilean Finance Minister
Euromoney March 2000
Indian M&A
Euromoney March 2000
Asian Brokers
Euromoney March 2000
Online offerings present new challenges to financial lawyers, not least issues of security, jurisdiction and accuracy.
Euromoney March 2000
Euromoney March 2000
Euromoney March 2000