Global M&A shrank for the third consecutive quarter as rising interest rates forced lenders to pull back from financing large deals and the soaring dollar failed to spur US companies into snapping up foreign targets.
By Anirban Sen, Pamela Barbaglia and Abigail Summerville NEW YORK/LONDON (Reuters) - Global M&A shrank for the third consecutive quarter as rising int.
Global M&A shrank for the third consecutive quarter as rising interest rates forced lenders to pull back from financing large deals and the soaring dollar failed to spur U.S.
Dealmakers drown in deals in second-quarter M&A frenzy
By Pamela Barbaglia and Anirban Sen
Reuters
LONDON (Reuters) - Global mergers and acquisitions (M&A) activity broke records for a second consecutive quarter this year as companies continued to borrow cheaply and spend their cash reserves on transformative deals to reposition themselves for the post-COVID world.
Deals worth $1.5 trillion were announced in the three months to June 30, more than any second quarter on record and up 13% from the record first quarter of the year despite activity among blank-check firms slowed down, Refinitiv data shows. This is an environment we haven t seen before because we have very supportive financing markets combined with the pressure to come out of COVID-19 and reorganize entire businesses, said Alison Harding-Jones, head of M&A for Europe, the Middle East and Africa at Citigroup.