Magazine article Global Finance

M&A Benchmarks

Magazine article Global Finance

M&A Benchmarks

Article excerpt

The value of deals fell in September. Value for the period September 1-23 was down to $204.1 billion from July's entire month high of $295.7 billion.The number of deals was also down more than 600-,-to-l-,482-.The--media sector was September's hotbed, with the-announced $41- billion friendly merger between broadcasters CBS and Viacom. Financial services were in second place with deals worth $49 billion-a sign of things to come-with National Westminster Bank's $17.7 billion offer for UK insurer Legal & General leading the way.

MEDIA PLAYS

Top spot goes to television broadcasting giants CBS and Viacom, which have agreed on a $41 billion friendly merger. In second place is Britain's National Westminster Bank, which plans to acquire the entire issued share capital of London-based insurance and pensions group Legal & General for 10.8 billion ($17.7 billion). This is another sign that Britain's commercial banking and insurance industries are moving closer together. US electric utilities Unicorn and PECO Energy are in third place, with an announced $17.2 billion stock-swap merger of equals, while newly merged telecom behemoth Vodafone AirTouch continues its consolidation crusade with the planned $14.9 billion acquisition of Bell Atlantic.

MORGAN STANDS FIRM

Morgan Stanley Dean Witter is still at the top for the third consecutive month, ahead of closest rival Goldman Sachs, which moves up one place, to second. Credit Suisse First Boston and Rothschild Group slip out of the top five to make way for this month's surprise new entry, Evercore Partners. Evercore and Morgan Stanley are advising on September's biggest deal-the $41 billion stock-swap merger between US broadcasting companies CBS and Viacom, while Merrill Lynch secures the largest number of mandates at 22. Salomon Smith Barney is back in the top five for the first time since May. …

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