Goldman, Morgan In Cahoots For Dominion Resources

Jan 24 2007 | 11:52am ET

If only the Hatfields and McCoys had a $15 billion deal to make amends over.

Wall Street’s version of the gunslinging Appalachian back-country haters is taking an interesting turn, as Goldman Sachs and Morgan Stanley combine their considerable resources (and tame their considerable egos) to win a particularly fat piece of private equity fruit.

The peacemaker? A bid for the oil and gas assets of Dominion Resources, which could be as high as $15 billion. And rather than two old adversaries going it alone, The Wall Street Journal reports that they’ve quietly teamed up with such p.e. heavyweights as Madison Dearborn Partners, Warburg Pincus, First Reserve, The Carlyle Group and Riverstone Holdings.

Goldman and Morgan have worked together in the past, the Journal notes, but not since the heady days of the internet and Asian bubbles. Sometimes, however, working with a hated rival is better than losing: The Blackstone Group, Texas Pacific Group and Kohlberg Kravis Roberts are reportedly considering a joint bid themselves.

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