Top Winners M&A Deal of the Year Northrop Grumman Corp.’s acquisition of TRW Inc. Award Winners: Salomon Smith Barney and Stephens Inc. (Northrop Grumman advisers) and Goldman, Sachs and Credit Suisse First Boston (TRW advisers) The M&A deal of the year was a marathon chess game marked by ingenious ploys on both sides of the board. When the $13 billion deal closed in December, Northrop Grumman claimed the prize it really wanted when it launched a $47-a-share hostile bid last February – TRW’s satellite business – and TRW got the sale price up more than 25%. TRW countered with a value-creating breakup defense, first selling off its aeronautical systems division and then taking bids for its automotive business, neither of which Northrop wanted. Ultimately, Northrop submitted a winning bid of $60 per share. Before closing, there was an agreement to sell the auto parts unit for $4.4 billion, meaning that Northrop would recoup about a third of its outlay. Investment Banker of the Year Alan Schwartz, President and co-COO of Bear, Stearns & Co. Investment Bank of the Year UBS Warburg Top Capital Markets Deals by Industry Energy MidAmerican Energy Holdings Co.’s acquisition of Dynegy Inc.’s Northern Natural Gas pipeline unit. Award Winners: Lehman Brothers (MidAmerica adviser) and Merrill Lynch (Dynegy adviser) Financial Institutions Separation of CIT Group Inc. from Tyco International Ltd. through an IPO Award Winners: Lehman Brothers and Goldman, Sachs Health Care Anthem Inc.’s acquisition of Trigon Healthcare Inc. Award Winners: Goldman, Sachs (Anthem adviser) and Bear, Stearns (Trigon adviser) Media/Entertainment Merger of Carnival Corp. and P&O Princess Cruises PLC Award Winners: Merrill Lynch and UBS Warburg (Carnival advisers) and Salomon Smith Barney (P&O adviser) Retailing Kingfisher PLC’s acquisition of Castorama-Dubois Investissements SA Award Winners: BNP Paribas, Credit Suisse First Boston, UBS Warburg, and Lazard (Kingfisher advisers) and Merrill Lynch and Credit Lyonnais (Castorama advisers) Technology International Business Machines Corp.’s acquisition of PwCC Ltd. Award Winners: Salomon Smith Barney (IBM adviser); Morgan Stanley (PricewaterhouseCoopers adviser); and Lehman Brothers (PwCC partners’ adviser)
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