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Significant deals
Mergers and acquisitions
In fourth quarter, the market recovered strongly from the slowdown experienced in third quarter. 2004 proved to be the busiest year since 2000 in terms of deal volume. Key transactions in the quarter included:
lead financial advisor to International Steel Group on its USD 4.5 billion sale to Mittal Steel Company, the world’s largest steel producer
exclusive financial advisor to United Technologies Corporation on its USD 3.1 billion offer for Kidde plc, a leading global provider of fire protection and security products and services
exclusive financial advisor to Saga Ltd, the leading UK provider of specialist services for people aged 50 and over, on its GBP 1.35 billion sale to Charterhouse Capital Partners, a UK-based private equity firm.
Equity underwriting
Equity capital markets experienced a strong fourth quarter around the world, with promising levels of issuance seen in a number of areas – from IPOs to block trades. Important transactions in the quarter included:
sole global coordinator and joint bookrunner on a USD 1.7 billion accelerated bookbuild offering of Deutsche Telekom’s stake in MTS, Russia’s leading mobile telecom company
joint global coordinator and joint bookrunner on a EUR 1.2 billion rights issue for EDP, one of Europe’s major electricity operators and one of Portugal’s largest businesses
joint bookrunner on a USD 767 million IPO for Nalco, a US chemicals company.
Fixed income underwriting
The issuance of US investment grade bonds and euro-denominated corporate bonds decreased significantly in 2004 when compared to 2003. We participated in the following transactions in fourth quarter:
sole global co-ordinator and joint bookrunner on a highly successful GBP 2.3 billion bond issue for Network Rail, the owner and operator of Britain’s national rail infrastructure network
joint bookrunner on a two-tranche dual currency issue for Ford Motor Credit Corporation. The first tranche was a 5-year EUR 750 million fixed-rate note issue. The second was a USD 800 million 2-year floating rate note.
joint lead manager and joint bookrunner on a USD 1.26 billion 10-year bond offering from the People’s Republic of China. It was launched in tandem with a similar USD 500 million 5-year bond.
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