(22 June 2011 – Australia) In a deal likely to boost investment banks Goldman Sachs and Gresham up the mergers and acquisitions league table, SABMiller’s A$9.5 billion bid for Fosters is being closely watched.The deal, which Foster’s has rejected, is also set to boost Gresham up the ladder after the boutique bank scored a role on Foster’s side.
The bid could boost Goldman to the top of the announced standings, topped by Barclays Capital after the first quarter.
At the end of the first quarter, Goldman was sitting in third place on the announced M&A table for Australia advising on A$10.4 billion of deals behind Barclays Capital at A$14.2 billion.
Despite slowing dealflow in the second quarter, particularly at the larger end, Goldman has won some of the bigger mandates, including defence for Spotless Group after it rejected a A$657 million bid from Blackstone.
Combined, the Spotless and Foster’s deals alone would almost eclipse Goldman’s work for the whole first quarter and boost it to the top of the table, handing the bank bragging rights.