Goldman Sachs has taken the top spot in the Thomson Financial European mergers and acquisitions league table in the first half of 2003, up from 10th in the same period last year.

The bank's lead in the league table of announced deals with any European involvement is largely due to its role as joint adviser alongside Lazard to Telecom Italia on its $28.6bn (€24.7bn) merger with Olivetti. Lazard came second in the league table, and JP Morgan, which advised Olivetti, was third. Of all of the advisers in the top 25, JP Morgan was the most prolific deal-maker, with 63 deals to its name, worth $55bn in total.