Goldman Sachs (NYSE: GS) has gained ground on Morgan Stanley (NYSE: MS) in the global rankings of Mergers & Acquisitions advisers, according to Wall Street Journal on Tuesday.
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Goldman has been helped by a string of deals in recent weeks, most notably Berkshire Hathaway’s $34 billion purchase of the remaining shares of Burlington Northern Santa Fe railroad. The deal puts Goldman, which advised Burlington Northern (NYSE: BNI), $6 billion away from overtaking Morgan Stanley in global M&A volume, according to Dealogic.
Morgan Stanley, which has advised on $523 billion deals globally so far this year, also missed out this week as Goldman advised Stanley Works (NYSE: SWK) in their $4.5 billion acquisition of Black & Decker (NYSE: BDK). Morgan Stanley also missed out on Denbury Resources Inc.’s $3.25 billion deal to buy Encore Acquisition Co. (NYSE: EAC).
Topping Goldman in the M&A league tables would be an important symbolic victory for Morgan Stanley, which has been lagging its Wall Street rival in trading and fixed income profits in recent quarters. Its No. 1 ranking was one of the first things Morgan Stanley mentioned in its recent third quarter conference call.
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