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Significant deals
Mergers and acquisitions
Among the most significant transactions we advised on in the quarter were:
exclusive financial advisor to Wachovia, the large US financial services company, in its USD 14.3 billion stock-for-stock acquisition of South Trust Corporation
joint financial advisor to China Telecom Corporation Limited, the largest fixed-line telecom company in China, on its USD 8.2 billion acquisition of various telecom businesses in ten Chinese provinces
joint financial advisor to the Westfield Group, an Australian listed retail property group, on the USD 20 billion merger of its three entities (Westfield Trust, Westfield America Trust, and Westfield Holdings) to create the world’s largest listed property investment group.
Equity underwriting
After a strong first quarter IPO issuance conditions weakened in second quarter 2004, although secondary issue volumes improved. Important transactions in the second quarter included:
joint bookrunner on GBP 2.5 billion capital raising through share offering for The Royal Bank of Scotland
joint global coordinator and bookrunner on the USD 1.7 billion accelerated share offering for China Telecom
joint bookrunner on a USD 1.2 billion followon share offering for Accenture, a leading management consulting, technology services and outsourcing organization.
Fixed income underwriting
Debt underwriting volumes were 18% higher year-to-date compared to the same period a year earlier, according to Dealogic Bondware. Markets saw a pick-up in sovereign and senior bank debt issuance although corporate activity declined. Important transactions in this quarter included:
joint bookrunner on a EUR 3 billion five-year benchmark debt offering for CADES (Caisse d’Amortissement de la Dette Sociale), a public agency established to refinance the debt of the French social security system
joint lead arranger and bookrunner on USD 1.9 billion senior credit facilities and USD 0.9 billion senior subordinated bridge facility for Rockwood Specialties Group, a global specialty chemicals company
joint lead manager on a EUR 1.5 billion dual tranche subordinated debt issue for The Royal Bank of Scotland.
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