Jump to full article: The Wall Street Journal Interactive Edition, 2008-05-14
Author: Dana Cimilluca
Intro: The spinoff of Altria Group Inc.'s international cigarette arm -- Philip Morris International, valued at $113 billion -- is causing angst in the London offices of Wall Street investment banks, particularly Morgan Stanley, that failed to land advisory roles.
Being one of the few firms to miss out on such a large deal hurts a bank's ambitions in the annual merger rankings known as league tables, especially in a year when big merger deals are few and far between. . . .
Seven investment banks got credit for separating Philip Morris International, whose operations center is in Lausanne, Switzerland. It was a massive share distribution that handed Philip Morris International stock to Altria shareholders on a one-for-one basis on March 28.
They are: Lehman Brothers Holdings Inc., Centerview Partners LLC, J.P. Morgan Chase & Co., Deutsche Bank AG, Citigroup Inc., Goldman Sachs Group Inc., and Credit Suisse Group.
Morgan Stanley's failure to land an advisory role on the deal is a major setback for its quest to remain the No. 1 M&A adviser in Europe
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