Goldman Sachs led foreign investment banks in Bloomberg's 2005 rankings in Asian takeovers, excluding Japan, on the strength of its mergers and acquisitions in China during the year. Ranked fourth last year, Goldman took top spot in 2005 by advising on a total of US$23 billion in takeovers in the region, including such large China deals as the buying of a US$3 billion stake in Industrial and Commercial Bank of China, and US$8.4 billion in acquisitions by China Netcom and China National Petroleum Corp. Morgan Stanley, 2004's winner, fell to second place with US$21.7 billion in transactions.
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