Global mergers and acquisitions activity fell to a three-year low in 2020, as companies grappled with the financial fallout of the COVID-19 pandemic, even as dealmaking came roaring back in the second half.
"The biggest story has to be the enormous rebound we have experienced. Talk about dog years, we went through a three-to-five year cycle in just six months," said Cary Kochman, Citigroup Inc's global co-head of M&A. M&A volume in the United States was down 23per cent at US$1.4 trillion, accounting for close to 40per cent of global dealmaking. Europe took second spot with US$989 billion in M&A activity, up 35per cent, while the Asia-Pacific region came third with US$872 billion, up 15per cent.
"Brexit does present risks but London will continue to enjoy many underlying advantages. Dealmakers trust the British judicial system and takeover regime and there are deep networks of lawyers, accountants and advisers that are not immediately replicable elsewhere," said Alex Thomas, managing director for M&A in Europe at RBC Capital Markets.
"They have a substantial amount of money to be deployed but they are also ready to prune some portfolio assets, especially those that have benefited from the crisis and are ripe for an exit," said Berthold Fuerst, co-head of investment banking coverage and advisory in EMEA at Deutsche Bank.
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