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   Opportunities (Asia) Fund
Telstra Corporation Limited
Repsol YPF
Central States Southeast and
    Southwest Areas Pension Fund
Duke-Weeks Realty Corporation
Kookmin Bank


Lincoln Financial Group UK
EOG Resources, Inc.
Juniper Networks, Inc.
China Telecom (Hong Kong) Ltd.
Vivendi S.A.
Sumitomo Bank, Limited
The Allstate Corporation


Global Crossing Ltd.
Swiss Reinsurance Company
Goldman Sachs Funds
AstraZeneca PLC
Lucent Technologies Inc.
Extendible Commercial Notes
Red Hat, Inc.

Nippon Telegraph & Telephone
   Corporation (NTT)
The Republic of Argentina
United Pan-Europe
   Communications N.V. (UPC)
Vodafone AirTouch PLC
Charter Communications, Inc.
Exchange Fund Investment, Ltd
Internet Initiative Japan Inc. (IIJ)

AstraZeneca PLC

Jonathan Symonds, Executive Director, Chief Financial Officer:

"Astra had been our preferred partner over the years. We felt there was exceptional complementarity in our businesses and cultures. Even so, in bringing our companies together, we faced two critical challenges that went beyond the tax, legal and investment issues that complicate cross-border mergers. First, Astra is a crown jewel in Sweden, and our merger was subject to enormous scrutiny and the prospect of a difficult, time-consuming process. Second, the rapid consolidation of the pharmaceutical industry made both companies subject to takeover speculation. Speed was essential. What I valued most about Goldman Sachs was a team effort that literally went around the clock, seven days a week—always meeting or going beyond expectations. The firm brought an independent and thoughtful perspective to bear on issues such as valuation, structuring, likely market reaction to different structures and how to secure the combination we wanted while minimizing transaction risk. The intensity and the scope and quality of resources it brought to turning around the analyses when we were in negotiations and to the whole process really differentiated Goldman Sachs. The firm continually provided us with new information for dealing with a fast-changing situation. From the date of registration, it took us just 80 days to complete one of the largest cross-border mergers ever. This was unprecedented in the U.K. and Europe—and we could not have done it without the support of our advisors."

  • Goldman Sachs acted as advisor to Zeneca Group PLC of the U.K. in its $34 billion merger of equals with Astra AB of Sweden.
  • This was one of the largest pharmaceutical mergers ever.
  • Newly formed AstraZeneca PLC is among the leading global pharmaceutical companies.
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