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Friday April 01, 08:55
UBS, Deutsche Bank form advisory group for Australia
(by Olivia Cohen)

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UBS, Deutsche Bank form advisory group for Australia Two leading banks for Switzerland and Germany UBS AG and Deutsche Bank AG agreed to form a group of advisors for Australia’s most recent decision to hike hostile-takeover value to the records.

The mergers for Australia, the world’s No.2 hostile takeover market, grew to $28 billion from $7.6 billion in 2004. The result was pocketed mostly by BHP Billiton, the world’s biggest miner, and Foster’s Group Ltd., Australia’s largest brewer takeovers.

Australia’s economy entered its 14th consecutive year of growth and corporate earnings increase. That may lead to the intensified pace of mergers for the economy.

UBS is expected to work on almost all of the deals in Australia, including BHP’s A$9.2 billion ($7.1 billion) to WMC Resources Ltd.

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