Morgan Stanley 1999 Annual Report Download - page 11

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page 9|99 AR
INSIGHT AND EXPERIENCE
There is no substitute for the right combination of insight and experience,
whether it is seizing new opportunities created by a unified European market,
bringing an unprecedented number of technology IPOs to market or continuing to
create innovative financial products to match the needs of issuers and investors.
There was perhaps nowhere in the world this past year where change has been more dramatic
and the opportunities for growth greater than in Europe. The advent of the euro in early 1999
has ushered in a wave of consolidation and restructuring that crosses traditional boundaries.
The single currency is leading to a unified debt market. Companies are seeking financing to
restructure and become more competitive. More investors are demanding performance, and the
equity markets are gaining in prominence.
Morgan Stanley Dean Witter has been a leader in the growth, restructuring and consolidation
of the European markets. Some of the prominent M&A transactions we advised on included:
the $66 billion Vodafone/AirTouch merger, which formed the largest mobile telephone
company in the world; the $59 billion oil industry merger of Elf Aquitaine with TotalFina; and
the $28.5 billion pharmaceutical industry merger of Hoechst and Rhône-Poulenc. We also are
an advisor in the proposed merger of SmithKline Beecham and Glaxo Wellcome, announced
at the beginning of 2000.
We continued to pioneer the movement to a unified credit market in Europe, acting as lead-
manager in euro-denominated debt issues for Fiat, Electricite de Portugal and Suez Lyonnaise
des Eaux, which was the largest corporate bond offering ever by a French company. MSDW
is a leader in Europe as well as other parts of the world in applying our insight and experience
to create innovative financing structures. We structured and placed a series of complex
Morgan Stanley Dean Witter has been a leader in the growth,
restructuring and consolidation of the European markets.