In 1979, Morgan Stanley earned a stratospheric $14.3-million fee fo...
Citations (1)
- The House of Morgan - An American Banking Dynasty and the whole source · open book
In 1979, Morgan Stanley earned a stratospheric $14.3-million fee for advising Belridge Oil on its sale to Shell Oil—then history’s largest takeover. Among the losing auction bidders were two furious Morgan Stanley clients—Mobil and Texaco. The irate Mobil gradually shifted business to Merrill Lynch, while Greenhill pretended to be blase: “We’ll always do our best for a client, and Belridge was the client.”17 Unlike syndicate work, takeover business required antagonizing some clients to please others.
chapter: 31. Tombstones