Goldman Sachs wins Chunghwa Telecom mandate

In what must rank as one of the fastest decisions in Asian privatization history, Goldman Sachs was chosen as global co-ordinator of Chunghwa Telecom within hours of final bake-offs on Saturday.

The US investment bank emerged victorious on Saturday night after coming top of a points system designed by the Taiwanese government committee which had the task of selecting one global co-ordinator and two bookrunners for the roughly $4 billion ADR sale.

UBS Warburg, which scored the second most points, consequently won one bookrunners slot, with Merrill Lynch, which came third, securing the other. Deutsche Bank, which came fourth, just missed out, while Morgan Stanley Dean Witter, long considered one...

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