Deals
Goldman Sachs, Morgan Stanley Face Off in Biggest Ever Takeover
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As Europe's record year for mergers comes to a close, its finale pits Europe's biggest merger advisers against each other: Morgan Stanley Dean Witter & Co. will try to defend Mannesmann AG against the $137 billion hostile bid by Goldman Sachs Group Inc.'s client Vodafone AirTouch Plc.
The two U.S. investment banks are neck and neck in the race to be Europe's No. 1 mergers adviser this year. Goldman Sachs advised on $616.7 billion of transactions involving European corporations, according to Securities Data Co. Morgan Stanley is right behind, working on $604 billion of announced mergers.