Goldman regains lead on back of Continental deal

David Hellier
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GOLDMAN Sachs yesterday regained pole position in the EMEA equity capital markets (ECM) tables as a result of its role in the sale of $2.5bn (£1.8bn) of shares in German auto-parts supplier Continental.

The bank, which is sole bookrunner on the Continental deal, had slipped behind Bank of America Merrill Lynch in the EMEA ECM table. Goldman is also number one in the global table.

Goldman is believed to be one of the bookrunners on the share placement at Porsche, but the names of the banks on the deal have not yet been officially released.

The German auto-parts supplier Schaeffler Group said it sold Continental AG shares worth $2.5bn in a debt-refinancing that unravels one of the German auto industry’s most audacious and ill-timed takeover bids in recent years.

The luxury car maker Porsche announced at the weekend that it was having a deeply discounted $7bn rights issue to reduce debts.