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MERGERS, ACQUISITIONS DECLINE

Merger and acquisition activity on Wall Street plunged this year from 1989 levels, with Goldman Sachs emerging as the top adviser of the lucrative deals, according to a preliminary survey released Monday by Securities Data Co. Inc.

The total value of all completed deals for 1990 was about $412.5 billion, down sharply from $515.8 billion in 1989, the survey said. The 1990 figures are preliminary, Securities Data said. The research company said about 7,131 deals were completed in 1990, down from 7,630 in 1989.

Goldman was the choice adviser, winning the most number of deals -- 152 -- and the highest dollar value -- $47.8 billion.

In 1989, Morgan Stanley was the top-ranking adviser in terms of the value of the deals, totaling $121.1 billion, while First Boston advised the highest number of deals at 200.

Goldman lead the pack this year despite not being principally involved in the $11.65 billion merger of Warner Communications Inc. and Time Inc. into Time Warner Inc.

Trailing Goldman, based on the total value of deals, were Lazard Freres, Morgan Stanley, Lehman Bros., First Boston, Merrill Lynch, Salomon Bros. and Wasserstein Perella.

Lehman was the No. 2 adviser in the number of deals at 127, followed by Morgan Stanley with 104, and First Boston, Merrill, and Schroeders Plc, which tied with 101.

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