Morgan Stanley: The Deal Machine

How Morgan Stanley beat its European rivals in the race to reengineer the Continent's corporations

Top dealmakers live for showdowns. That is certainly true of Michael Zaoui--Morgan Stanley Dean Witter & Co.'s European mergers chief has probably been in more epic duels on the Continent than any other investment banker this year. He brought in French entrepreneur Francois Pinault as a white knight to defeat the designs of luxury goods baron Bernard Arnault on Italy's Gucci Group. Then, in a six-month struggle, he helped kill Banque Nationale de Paris' hostile bid for crosstown rival Societe Generale. He was on the losing side of Paris-based oil giant Elf's battle with TotalFina, but helped win an extra $5 billion for Elf's shareholders.

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