Clifford Chance has regained the top spot in the European M&A tables for the third quarter of 2004, beating Linklaters in both deal value and volume.
Mergermarket figures show Clifford Chance notching up 164 deals in the first three quarters of this year with a total deal value of e133.76bn (£92.36bn). Meanwhile, Linklaters, which topped the tables for the first half of 2004, has slipped into second place with 134 deals worth a total of €131.73bn (£90.96bn).
Sullivan & Cromwell stormed into third place with just 26 deals totalling €113.49bn (£78.36bn). Its tight relationship with Goldman Sachs contributed to almost €90bn (£62.45bn) worth of deals, including the €727m (£501.99bn) acquisition by Interbrew of its Russian subsidiary Sun Interbrew.
The firm also scored the plum role on France Telecom’s e3.9bn (£2.69bn) takeover of internet service provider Wanadoo, beating Linklaters and Shearman & Sterling to the work.
Herbert Smith, which had a secondary role advising Sanofi-Synthelabo’s financial adviser Merrill Lynch on the hostile takeover bid for Aventis, came in at fifth.
Once again, French firms make a respectable showing after a fillip in French M&A. Bredin Prat, which advised on 16 deals, comes in ninth by value. Among its key instructions, the firm advised Wanadoo on the takeover by France Telecom.
The tables again demonstrate the success of US firms’ penetration into the European M&A market. Of the top 20 firms ranked by value, 11 are US-based.
However, while US firms retain their strong position in high-value European M&A, UK firms continue to dominate in volume. Of the top 10 firms ranked in deals by volume, only Baker & McKenzie and Jones Day are headquartered outside London.
In total, European M&A activity rose by 19 per cent in value, from e107bn (£73.88bn) in the second quarter to €127bn (£87.69bn) in the third quarter.
|League table (by value) of advisers on European transactions over e5m (1 Jan 2004-24 Sept 2004)|
|Firm||Value ebn (£bn)||No of deals|
|1 (1)||Clifford Chance||133.76 (92.36)||164|
|2 (2)||Linklaters||131.73 (90.96)||134|
|3 (6)||Sullivan & Cromwell||113.49 (78.36)||26|
|4 (3)||Freshfields Bruckhaus Deringer||103.49 (71.46)||117|
|5 (11)||Herbert Smith, Gleiss Lutz, Stibbe||87.9 (60.69)||66|
|6 (22)||Wachtell Lipton Rosen & Katz||77.09 (53.23)||14|
|7 (31)||Dewey Ballantine||74.22 (51.25)||23|
|8 (4)||Skadden Arps Slate Meagher & Flom||72.57 (50.11)||31|
|9 (28)||Bredin Prat||70.54 (48.71)||16|
|10 (135)||Paul Hastings Janofsky & Walker||62.98 (43.49)||14|