The Mergers and Aquisitions Review

The Mergers & Acquisitions Review represents an immediate and accessible summary of important and relevant issues as they develop across 61 of the most significant international jurisdictions and markets. The current financial debate centres on whether the next stage will be a continuing crisis, a return to 'normality' or, as seems more likely, a slow and anaemic recovery. In any case, many observers predict significantly higher levels of inflation than seen in recent years. Although some tentatively predict that a recovery from the financial crisis is on the horizon, the topic remains one of ferocious debate. It appears that the crisis in the real economy has much further to run and a significant increase in unemployment, particularly in Europe, regrettably seems inevitable. M&A activity has reflected this crisis. Lending remains very constrained and the most significant activity has been in the financial sector, although property companies are also severely stressed. The less welcome development over the past year or so has been the steady stream of distressed corporate rescues, some by takeover. More optimistically, many are now commenting that, for those with cash, there are bargains to be had. The authorities are taking steps to rebuild confidence in financial institutions. The regulatory architecture will change significantly, although the final form is not yet obvious. From the lawyers' perspective, the next stages are likely to be of great interest.