Swiss Firms Upbeat On Dealmaking; Fincls The Exception -Study
28 Janeiro 2011 - 9:09AM
Dow Jones News
Swiss firms are far more upbeat on dealmaking this year, though
experts don't expect a return to levels of mergers and acquisitions
seen before the financial crisis until 2012 or 2013, according to a
quarterly study carried out by consulting firm Ernst &
Young.
"We expect calendar year 2011 to be significantly stronger than
2010 in terms of Swiss mergers-and-acquisitions activity as the
corporate world's appetite for dealmaking has returned. The last
quarter of 2010 was an indication of the improvement in the Swiss
M&A market," E&Y's Swiss head of M&A Juerg Stucker said
at a briefing.
As in the past, dealmaking in the fourth quarter was skewed by
major transactions like Novartis AG's (NVS) $38.7 billion purchase
of Alcon Inc. (ACL) from Nestle SA (NESN.VX). Two late-year
deals--ABB Ltd.'s (ABB) $4.2 billion bid for Baldor Electric Co.
(BEZ)and CVC Capital Partner Ltd.'s $3.5 billion purchase of
Sunrise Communications AG from Danish Telecommunications provider
TDC A/S (TDC.KO)--also dwarfed other 2010 activity.
Stucker said the factors speaking for mergers and acquisitions
are easier financing, larger cash piles--remnants of firms securing
as much financing as they could when debt markets seized up during
the financial crisis--a generally more bouyant economic outlook in
Switzerland, and a strong Swiss franc as an acquisition
currency.
The notable exception is financial services, where firms remain
lukewarm on dealmaking, E&Y's Stephan Haagmans said.
"For banks, the focus is much more on fulfilling their
regulatory obligations, and M&A has definitely been relegated
to the back burner," Haagmans said. UBS AG (UBS) and Credit Suisse
Group (CS) are grappling with a Swiss top-up to stringent new
international banking rules, dubbed Basel III, and the U.S. Foreign
Account Tax Compliance Act, or FATCA, is set to enter force in 2013
as an effort to clamp down on abuses of tax havens.
-By Katharina Bart, Dow Jones Newswires; +41 43 443 8043;
katharina.bart@dowjones.com
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