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Companies facing activist investors favor Goldman in first half – Refinitiv

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News Tech: BOSTON, Aug 23 (Reuters) – Goldman Sachs ranked as the top financial adviser to companies targeted by activist investors in the first six months of 2022, holding onto the same spot it held in the first half of 2021, according to Refinitiv data published on Tuesday.

After Goldman, JP Morgan ranked second among advisers, with 25 campaigns including Southwest Gas (SWX.N) when Carl Icahn made demands and toymaker Hasbro which faced new activist Alta Fox. A year ago JP Morgan tied for the second spot with Bank of America with both banks advising on 21 campaigns.

During the first half, Goldman advised on 32 campaigns, including Twitter (TWTR.N), which received a takeover bid from Elon Musk, Kohl’s , which won a proxy contest against Macellum Advisors, and FedEx (FDX.N). In the first half of 2021, the bank advised on 41 campaigns, according to Refinitiv.

Spotlight Advisors, Morgan Stanley (MS.N) and Bank of America trailed behind Goldman and JP Morgan as financialadvisers in the first half of 2022, the data show.

Various providers compile league tables that are often used to try and win new clients. But these seldom tell the entire story, bankers say, noting that discrepancies can arise because many companies fend off activists privately and ask their advisers to stay silent about their involvement.

RegisterReporting by Svea Herbst-Bayliss; Editing by David Gregorio Source: Reuters Trust Principles.

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