Credit Suisse Group AG, the fourth-biggest adviser on takeovers last year, named David DeNunzio to be chairman of its mergers and acquisitions group, designating him one of the bank’s top dealmakers.
DeNunzio, 55, succeeds Steven Koch, who is departing to be deputy mayor of Chicago, Zurich-based Credit Suisse said today in an employee memo obtained by Bloomberg News. DeNunzio will help handle relationships with important clients and work with Scott Lindsay, the global head of the business.
DeNunzio, based in New York and previously a vice chairman in the M&A group, counseled Goodrich Corp. this year on its $16.5 billion sale to United Technologies Corp., and Harleysville Group Inc. on its $840 million sale to Nationwide Mutual Insurance Co.
He testified last year in Delaware Chancery Court on Air Products & Chemicals Inc.’s $5.9 billion hostile takeover offer for Airgas Inc. After shareholders elected three Air Products nominees to the Airgas board, the banker was brought in for a fresh opinion.
He deemed the $70-a-share offer as too low, supporting the conclusions of Airgas’s chief executive officer and the company’s other bankers. Airgas fended off the offer, and by May of this year the shares reached $92.49. They closed at $79.32 yesterday.
A graduate of Princeton University and Harvard Business School, DeNunzio joined Credit Suisse predecessor First Boston Corp. in 1989 after nine years at Kidder Peabody & Co., according to the memo. His leadership roles in the investment bank included running the insurance group and the firm’s private-equity arm.