M&A: Europe plays the takeover game
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.