Mergers and acquisitions: in 2005, Calyon advised and took part in the financing of a considerable number of major deals in Europe.

• Calyon avised Suez on its buyout of the minority shareholders in Electrabel, a EUR 11.2 billion transaction which Suez financed partly via a EUR 2.4 billion capital increase co-lead managed by Calyon, which also acted as the joint bookrunner and global coordinator.

• Calyon advised Spain's Metrovacesa on its public takeover of the real estate investment company Gecina for EUR 8.5 billion. The real estate and hotels component of the deal was worth EUR 7.3 billion. Calyon also played a role in arranging the capital increase and syndicated loan used to finance the Gecina acquisition. The combination of these two entities resulted in the formation of Europe's largest listed real estate investment company.

• Calyon advised Marionnaud on its takeover by Asia's AS Watson, in a deal that was remarkable for the amount involved and its status as a cross-border transaction between Hong Kong and France.

• Sweden's Hexagon regarding its public takeover offer for Leica Geosystems AG in Switzerland,

• Italcementi (part of Ciments Français) for its acquisition of the Egyptian cement manufacturer ASEC Cement,

• Quiksilver for the acquisition of Rossignol,

• Alcan-Pechiney for the sale of its Greek aluminium subsidiary.