Last Year Saw an Extremely [...]; Andy Moore, Partner at Clearwater, Comments on CROSS-BORDER ACTIVITY
Byline: Andy Moore
Last year saw an extremely low volume of corporate transactions, with cross-border M&A suffering just as much as domestic activity.
The general uncertainty that permeated both the economy and the financial markets meant that very few transactions were successful in making it to the finishing line. On the whole, vendors chose to sit tight and wait until more fa-a vourable sale conditions began to emerge. And where deals did get over the line, they tended to involve distressed businesses that had no option but to sell.
Already, 2010 is shaping up to be considerably more positive. With certainty, confidence and clarity gradually returning to the deals market, acquisitions appear to be back on the agenda for a number of corporates, and we have seen a volume and variety of cross-border transactions in Q1 of 2010 unlike that of the same period in 2009 - many of them involving Midlands businesses or advisors. Many vendors are also tiring of sitting on their hands, and are reassured by the fact that quality assets are beginning to attract strong prices. At Clearwater, we have so far in 2010 advised on cross-border deals such as Switzerland-based Mibelle AG's acquisition of a majority stake in British per-r sonal care products producer, Hallam Beauty, and the acquisition of Danish cleaning supplies and equipment specialist, Clean Care A/S, by global out-t sourcing group, Bunzl plc. As the UK member of global mergers and acquisitions organisation, IMAP, our international reach has been key to originating and completing these deals. …