M&A Benchmarks


The value of deals announced in July came excitingly close to cracking the $300 billion barrier. More than $295.7 billion was notched up in 2,091 deals.The value of deals was up almost $44 billion in three months.The oil and gas industries were the most active, with 55 deals totaling $114.6 billion, followed by telecommunications, with deals worth $36 billion.

TOTAL ANOMALY

Due to an anomaly in the way we calculate our top five, first and second place both go to TolalFina and Elf Aquitaine, two oil groups bent on extinguishing each other. Meanwhile, third and fourth places involve CWC, as the British group continues its grand restructuring plans. NTL has agreed to acquire CWC's cable, telephone, Internet, and television operations, which it will rename CWC ConsumerCo. Cable & Wireless, meanwhile, has agreed to take up the remaining 47.4% stake in CWC corporate.

business and wholesale operations. Its new name? No stretch of the imagination: CWC DataCo.

MERRILL LYNCH IS LEAPFROGGED

Morgan Stanley leapfrogged the competition this month, moving from fifth to first place, above Merrill Lynch, last month's number one. Morgan Stanley's deal count rose from 25 last month to 36. It advised on all the biggest M&A deals in July, including Elt Aquitaine on its $51 billion Pac Man defensive bid for TotalFina. Second-placed Merrill Lynch was adviser to TotalFina. Goldman Sachs drops from second to fourth place, Credit Suisse First Boston jumps to third, and last month's surprise third place-Chase Manhattan-falls out of the top five altogether. Lazard is another new entry.

DEAL OF THE MONTH

TotalFina for Soci Nationale El Aquitaine

Total Price: $48 billion

Reverse Takeover: $51 billion

Stock Swap: Hostile

Elf Advisers: Goldman Sachs, Lazard Freres, Morgan

Stanley, BNP, Credit Agricole Indosuez

TotalFina Advisers: Credit Suisse First Boston, Paribas, Merrill Lynch

ANYTHING YOU CAN DO? …

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