A last-minute advisory slot on the $14.8 billion takeover of ICI by Dutch chemicals giant Akzo Nobel has helped propel Swiss investment bank UBS to the top of the highly coveted first-half league table of corporate advisers, toppling Goldman Sachs.

UBS is advising ICI on its defence against Akzo Nobel alongside Merrill Lynch. Morgan Stanley is advising Akzo Nobel.

The surprise bid for ICI only emerged at the beginning of the week. Details were handed to league table compilers Thomson Financial just in time to be included in its half time rankings of worldwide and regional mergers and acquisitions (M&A) activity.

The awarding of the mandates meant the three investment banks pushed Goldman Sachs off its traditional top spot for UK M&A, knocking it into fourth place at the half-year stage, according to Thomson Financial.

BACKGROUND

• Boardroom mutiny as a chairman is snubbed

• Wuffli goes as boardroom rift opens up at UBS

• UBS topples Goldman in half-time deals table

• Ospel nearly quits after protege not promoted

• Another top UBS banker quits

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On Thursday UBS announced another wrenching change, accompanied by another altogether improbable explanation

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• ICI rejects £7.2bn offer from Akzo Nobel

Goldman had been in line to lead the UK table for its work on a raft of deals, including the buyout of the Alliance Boots chemists chain and private equity firm CVC’s bid for tobacco firm Altadis.

Investment banks often dismiss league tables privately but many use their position as a calling card to company boardrooms to help secure them potentially lucrative mandates.

Success for UBS, which doubled its advisory fees to $353.7 million, marks the end of a hugely successful first half for the investment bank, which commited itself several years ago to be a top five M&A player.

UBS is one of six banks advising Dutch bank ABN Amro on its defence against bids from both Barclays and a Royal Bank of Scotland-led consortium.

But despite its setback in the UK, Goldman Sachs still held on to its top spot as an adviser on worldwide M&A and emerged as the new leader in Europe, according to Thomson.

It came amid record M&A activity during the first six months of the year, with Europe and the US running neck and neck with close to $1 trillion deals pending or completed during the first half.

Top Five UK M&A Advisers

Banks and the number of deals

1 UBS 61

2 Morgan Stanley 33

3 Merrill Lynch 29

4 Goldman Sachs 26

5 Citi 44

*Source: Thomson Financial

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