雨制造商正在恢复他们的招摇。经过两次惩罚年后,当金融危机和全球经济衰退导致兼并并收购活动下降了一半,交易正在崛起。2010年12月初宣布2010年的全球和股票总额为2.49万亿美元,同比同期增长21%。据尚改文称,收入也在同一时期升级21%。
也许同样重要的是,生活变得更difficult for the securities trader, the rainmaker’s perennial rival for power and influence on Wall Street. The Dodd-Frank Wall Street Reform and Consumer Protection Act appears destined to curb the decadelong dominance of traders and push old-fashioned relationship banking to the forefront. In a world where short-term trading faces restraints through higher capital charges and the so-called Volcker rule on proprietary trading, veteran deal makers — who often spend years getting to know their corporate clients — should deliver a bigger share of investment banking profits.
亚博赞助欧冠’s Rainmakers of the Year certainly delivered in 2010. The top ten deals by fees, as estimated by investment consulting firm Freeman & Co., brought in a cool $839 million, with PepsiCo’s acquisition of two bottling units and Kraft Foods’ purchase of Cadbury accounting for a quarter of that total. Four of the ten deals were in technology, a sector that generated revenues of $1.3 billion — more than any other sector — in the first eleven months of 2010. Private equity players, which generated huge fees during the boom years only to swoon during the bust, made a comeback. TPG Capital’s $5.2 billion buyout of IMS Health with the Canada Pension Plan Investment Board ranks No. 6 on our list. Only three of the top ten transactions involved a company outside the U.S., but cross-border deals are growing in overall importance.
凭借经济复苏持续,虽然处于适当的步伐,以及拥有巨大金融火灾的公司,大多数银行家都预计未来12个月内并购活动强劲上升。“二十一即将成为一个动作包装的一年,”巴克莱首都并购全球联队Paul Parker说。“我们的期望是为了交易量增长,增长率高达15%,达到3万亿美元以上。”Stefan Selig, executive vice chairman of global corporate and investment banking at Bank of America Merrill Lynch, concurs: “With record levels of cash on corporations’ balance sheets and historically attractive debt markets with record-low interest rates, all of the catalysts to do deals are in place for a strengthening M&A market.”
涉及新兴市场的跨境交易和交易将保持增长的引擎。到12月初,宣布的跨境交易量为902亿美元,同比同期增长66%,新兴市场的数量增长了63%,达到80.8亿美元。与美国的美国美元预期,许多人保持弱势和发展中的经济体,渴望资源和其他资产,银行家表示,他们将在亚洲,拉丁美洲,中东和非洲的存在。
私募股权交易也预计将继续增长,虽然以更清醒的步伐。虽然有可能与100亿美元大的交易,但中等交易应占主导地位。“百分之七十的私募股权交易在中间市场空间中,我们将eBitda的公司定义为5000万美元或更低,”BNP Paribas北美首席执行官Everett Schenk表示,参考利息,税收,贬值和摊销前的收益。“我们从未在银行上有更强大的交易流程,我们希望它在2011年迈进。”