Mergers and Acquisitions

Transformational transaction advisory:

• BellSouth, on its sale to AT&T ($90bn), 2006
• Gillette, on its sale to Procter & Gamble ($57bn), 2005
• Mittal, on its acquisition of Arcelor ($34bn), 2006
• Telefonica, on its acquisition of O2 ($31bn), 2005

Regional Capabilities
Goldman Sachs provides strategic advice to clients on a global basis, and our presence is growing, particularly in fast-changing new markets. We have bankers in offices across the globe, including the US, Canada, Europe, Asia, Japan, Australia, Africa, Latin America and the Middle East. We have recently advised on a number of M&A deals in growth areas, including:

• Hutchison Essar, on its sale of a majority stake to Vodafone ($12bn), 2007
• Cemex, on its purchase of RMC ($6bn) and provided financing, 2005

Industry Capabilities
Goldman Sachs advises clients on M&A across industries. Our bankers are focused across various industries, including:

Sell-Side Capabilities
Goldman Sachs is the longstanding number one sell-side advisor and the market leader in middle-market sell-side transactions. Recent sell-side advisory roles include:

• Alliance Boots, on its sale to AB Acquisitions, in an LBO transaction ($22bn), 2007
• General Electric, on the sale of their Plastics division to SABIC ($12bn), 2007
• Absolut Bank, on its sale to KBC ($1bn), the largest Russian banking transaction to date, 2007
• TDC, on its sale to a consortium comprised of Apax, Blackstone, Providence, KKR and Permira ($20bn), 2005

Anti-Raid and Raid Defenses
Goldman Sachs has had extensive experience advising clients on preparing for potential unsolicited approaches. We have been the longstanding number one firm in raid defense. Defensive advisory roles have included:

• Aventis, against a bid from Sanofi, 2005
• Disney, from a bid by Comcast, 2004
• PeopleSoft, from a bid by Oracle, 2003
• TRW, from a bid by Northrop Grumman, 2003

Cross-Border Transactions
Goldman Sachs has extensive experience in advising clients and working the various issues of cross-border transactions, including flowback, structuring and governance issues. Goldman Sachs’ knowledge of the capital markets and regulation environments are also instrumental in the success of these deals. We have advised on a number of landmark cross-border deals including:

• MedImmune, on its sale to AstraZeneca ($15bn), 2007
• Inco, on its planned three-way combination with Phelps Dodge and Falconbridge ($56bn) and eventual sale to CVRD, 2006
• Unicredito Italiano, on its acquisition of Bayerische Hypo- und Vereinsbank ($18bn), 2005
• Santander, on acquisition of Abbey National (£8.5bn), 2005

Private Equity Advisory
Goldman Sachs has demonstrated continued advisory leadership on M&A transactions involving financial sponsors, including providing equity and financing solutions for our clients. Selected advisory transactions include:

• Blackstone, on its acquisitions of Equity Office Properties ($33bn) in 2006 and Hilton Hotels ($26.7bn) , among other transactions
• Management buyout of Aramark ($8bn), 2006
• M&A advisor to Carlyle and Providence on the sale of their portfolio company, Casema, to a consortium of Warburg Pincus and Cinven, 2006

Financing Solutions for M&A
Where appropriate, Goldman Sachs has the ability to provide clients with financing solutions to assist them in their M&A transactions. Our differentiated expertise in these areas allows us to provide clients with unique and effective solutions.