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JPMorgan Chase & Co. (NYSE:JPM) ousted Morgan Stanley (NYSE:MS) last year as the principal adviser of mergers and acquisitions in the chemical business. Morgan Stanley came in fourth behind Credit Suisse Group AG (NYSE:CS) and Goldman Sachs Group Inc (NYSE:GS). Morgan Stanley was first in 2009 and 2010.
According to data compiled by Bloomberg, JPMorgan took part in 16 transactions last year that totaled $22.7 billion. Transaction volume dropped 25% to $91.7 billion last year due to Europe’s debt crisis, which kept chief executive officers from making multi-billion-dollar deals in the second half.
“Once the wait-and-see mode has changed we might see some positive surprises,” said Ken Oliver Fritz, head of investment banking in Germany at Credit Suisse. “CEO confidence is the most important factor and will have to improve if we want to see more transactions in 2012.”He also said consolidation is going to happen in many industries and timing is key. Opportunities are plentiful for businesses with cash on their balance sheets.
Last year’s largest chemical deal was Warren Buffett’s acquisition of Lubrizol Corp. for $9.22 billion. Advisers included Citigroup Inc. (NYSE:C) and Evercore Partners Inc. (NYSE:EVR) DuPont (NYSE:DD) paid $7.1 billion for Danisco.
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