Global mergers and acquisitions (M&A) sank 17 percent in the first quarter of 20...
LONDON/NEW YORK - Global mergers and acquisitions sank 17 percent in the first quarter of 2019, as concerns about an economic slowdown and fears of a no-deal Brexit in Europe spooked chief executives and corporate boardrooms from pursuing big tie-ups.
“Many companies feel there is a lot at stake given all the uncertainty surrounding Brexit and the trade tensions between the U.S. and China,” said Dirk Albersmeier, co-head of EMEA M&A at JPMorgan Chase & Co. British companies planning their post-Brexit survival could also turn to deals to better withstand a possible downturn, said Philip Noblet, head of UK investment banking at Jefferies.
“The macro-economic outlook is murky,” said Wilhelm Schulz, chairman of Citigroup Inc’s EMEA M&A. “It’s not just because of Brexit or trade tensions. The main reason why people are sitting on the sidelines is the slowdown in global growth.”In contrast to Europe, the United States, which is the largest M&A market, got off to its strongest start since 2000, with $489.52 billion dollars in announced deals, up 9.4 percent compared to a year ago.
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