Value of mergers falls by half
THE merger boom died away in 2001 with global deals halving and those in Europe falling by 55%. US activity held up relatively well with total deals falling just 11% to $820bn (£568bn), Thomson Financial said. There were 28,800 deals globally, but their value halved to £1,200bn.
In Thomson's rankings of brokers who advised on transactions, UBS Warburg topped the table for those announced, while Merrill Lynch headed the list for deals completed. Cazenove came an impressive second in both tables, with $71bn wrapped up. Merrill, which despite its job pruning still has 5,500 employees in London, advised on £51bn of completed deals.
Dresdner Kleinwort Wasserstein came fourth in the 'deals announced' list with 18 worth £30bn. But Bruce Wasserstein has now moved to Lazards as chief executive and has just recruited six senior Dresdner bankers in the US to join him. They include high-flier Jeffrey Rosen and Steve Campbell, a managing director reportedly promised a $3m-a-year pay package plus bonuses and shares. They have been lured by hints that Lazards could be worth £2bn to £3.5bn if sold.
