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The volume of U.S. mergers and acquisitions activity doubled in the first half of 2004, according to Thomson Financial, the business research and information group. The past six months saw the announcement of U.S. deals valued at $407.7 billion, up 99% from $204.6 billion in the same period last year. The surge boosted worldwide mergers and acquisitions, the total value of which jumped 43% in the first half of 2004 to $891.6 billion from $625.4 billion the year before, Thomson Financial said. Sullivan & Cromwell topped Thomson’s U.S. and worldwide rankings of law firms advising on the biggest deals. The New York-based firm advised on 45 announced U.S. deals worth $154.3 billion in the first half, a 308% increase from 2003, when the firm advised on deals worth $37.8 billion.
U.S. ANNOUNCED MERGERS & ACQUISITIONS
Jan. 1, 2004 – June 30, 2004 Jan. 1, 2003 – June 30, 2003
Rank Advisor Rank Value In Millions Number Of Deals Rank In Millions Rank Change in Rank Value
1 Sullivan & Cromwell $154,303.5 45 $37,788.2 2 308.3%
2 Wachtell, Lipton, Rosen & Katz $145,068.1 24 $15,247.3 11 851.4%
3 Skadden, Arps, Slate, Meagher & Flom $144,198.3 50 $43,531.3 1 232.3%
4 Simpson Thacher & Bartlett $135,315.7 39 $18,396.7 7 635.5%
5 Fried, Frank, Harris, Shriver & Jacobson $74,132.5 27 $10,440.8 17 610.0%
6 Cravath, Swaine & Moore $69,256.4 23 $5,657.8 28 1124.1%
7 Shearman & Sterling $67,164.9 32 $36,643.3 3 83.3%
8 Clifford Chance $61,870.9 12 $8,414.1 24 635.3%
9 Debevoise & Plimpton $60,872.3 29 $10,565.8 16 476.1%
10 Mallesons Stephen Jaques $59,298.6 3 $4,022.8 33 1374.1%
11 Arnold & Porter $51,126.0 16 $5,087.6 29 904.9%
12 Freshfields Bruckhaus Deringer $47,100.4 3 $2,069.0 49 2175.7%
13 Davis Polk & Wardwell $41,153.9 34 $11,269.6 15 265.2%
14 Latham & Watkins $37,197.6 55 $24,405.5 4 52.4%
15 Jones Day $34,074.9 163 $15,628.1 9 118.0%
16 Dewey Ballantine $28,137.3 31 $24,124.3 5 16.6%
17 Weil, Gotshal & Manges $22,970.0 66 $16,081.9 8 42.8%
18 Gibson, Dunn & Crutcher $18,540.1 50 $11,719.9 14 58.2%
19 Baker Botts $17,648.8 23 $4,611.2 31 282.7%
20 Cleary, Gottlieb, Steen & Hamilton $16,851.8 25 $18,707.4 6 -9.9%

Worldwide, the firm advised on 63 mergers valued at $252 billion, up 454% from $45.5 billion in 2003. New York’s Wachtell, Lipton, Rosen & Katz ranked second but saw an even greater surge in the value of its M&A work. The firm advised on 24 deals worth $145.1 billion, up 851% from $15.2 billion. Skadden, Arps, Slate, Meagher & Flom; Simpson Thacher & Bartlett; and Fried, Frank, Harris, Shriver & Jacobson, all of New York, rounded out the top five among firms advising on U.S. mergers and acquisitions. A 231% surge Skadden surged 231% on deals worth $144.2 billion. Simpson Thacher and Fried Frank both saw the value of their deals soar by more than 600%. Sixth-place Cravath, Swaine & Moore saw an even larger percentage increase. The New York firm advised on 23 deals worth $69.3 billion, up 1,124% from 2003. Sullivan & Cromwell, Wachtell Lipton, Simpson Thacher and Skadden Arps all worked on J.P. Morgan Chase’s $59 billion acquisition of Bank One, the largest U.S. transaction so far announced this year. Sullivan & Cromwell, Wachtell Lipton and Fried Frank played major roles in Cingular Wireless’ $41 billion acquisition of AT&T Wireless, announced in February. Sullivan & Cromwell and Wachtell Lipton also represented the European pharmaceutical companies behind the largest deal of the year so far, Sanofi-Synth�labo’s $68 billion acquisition of Aventis. The Thomson charts credit law firms with the full value of the deal whether they represent an acquiror, a target or an investment bank. The charts also do not distinguish between firms that act as primary counsel and those with ancillary roles. Jones Day advised on the most deals, 153 in the United States and 256 worldwide.

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