UK dominates deal rankings
LONDON dominated the global mergers & acquisitions (M&A) scene last week, with deals by buyout vehicle Resolution and gas giant Centrica pushing up UK volumes by 39 per cent compared to last year.
Resolution’s talk of a $2.7bn (£1.65bn) buyout of insurer Friends Provident was the top announced deal and Centrica’s $1.7bn plans to take over gas explorer Venture Production were surpassed only by a Chinese airline deal.
The uptick will fuel hopes the City is resuming its position as a world buyout power, as the financial crisis eases and credit begins to flow again.
Figures from research firm Thomson Reuters show deals in the financials and materials sectors are accounting for the bulk of the global activity with a combined 82 per cent of volume.
The figures also show Morgan Stanley, the US investment banking giant, is holding on to its position as the new adviser of choice for the global M&A market after advising on 130 deals this year so far.
The bank, which was ranked seventh by this time last year, has worked on a giant $417bn worth of deals, followed by Goldman Sachs, which last week reported a 64 per cent profit boost. Goldman Sachs has now advised on $362bn of deals.
No UK investment banks remain in the top-10 adviser list, with even boutique New York advisory Evercore Partners advising on deals with a total value higher than RBS’ total.