When SunTrust Banks put in a hostile bid for Wachovia in mid-May in an attempt to steal it away from friendly bidder First Union, Wachovia felt it needed to bolster its advisory team. It called Goldman Sachs.
It’s not an unusual move. Goldman’s M&A franchise is broad-based, but its financial institutions group is one of its strongest sectors, and it has long had a reputation for being the best defence M&A adviser.
Another example of its deft defence work came earlier this year when Shell put in an unsolicited bid for Barrett Resources of $55 a share.
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