In the course of the year, Morgan Stanley was involved in the largest merger ever. Novartis combined Swiss pharmaceuticals companies Ciba-Geigy and Sandoz to create $20 billion of market value on the first day of trading.
Morgan Stanley also advised on the largest demerger ever, worth $29.7 billion, for General Motors. This was followed by the second-largest demerger, telecommunications company Lucent Technologies, worth $24.1 billion.
Morgan Stanley also advised British Telecom on the merger with US telecommunications company MCI, a $25.9
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