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M&A insights: Up front – a fine balance

Insights for corporate M&A and private equity

Up front

Background

While deal makers continue their relentless focus on return on capital, market uncertainties are increasing the need for a disciplined approach to M&A. In 2011, stellar returns will be reserved for those who can master a fine balance between seizing the opportunities and mitigating the evolving risks.

Up front brings together contributions from Deloitte member firm partners specialising in M&A, discussions with industry analysts and insight from interviews with some of the leading voices in the M&A and PE community around the world.

Personal viewpoints

Growth and stability

Andrew Moss, Chief Executive, Aviva plc, is determined to maintain financial discipline even as the insurer grows in its core markets.

Living in normal times

Martin Halusa, Apax Partners LLP Chief Executive, rejects "new normal" theories of markets and foresees a strong upward trajectory for the private equity sector. But fewer firms will share the spoils.

Transaction or transformation?

Jon Symonds, CFO of NovartisAg, says finding a way for two discrete workforces to come together and add value to a merged entity is just as important as sealing the deal.

Deloitte view: Macro Recovery, M&A Recovery?

Ian Stewart, Chief Economist at Deloitte gives an insight into the status of the recovery.

Big Issues: Irrational cash

Balance sheet surpluses have rarely been higher, even though markets are trading above pre-financial crisis levels and corporate profits are surging. So are boards of directors acting rationally by hoarding cash?

Big Issues: Debt Markets Open Positively

Against a backdrop of economic uncertainty and exchange rate volatility, 2010 saw the preservation of cash and low levels of M&A with lenders maintaining historically high loan pricing. So what is the outlook for 2011 in the debt markets and what issues should FDs and sponsors focus on?

Private Equity Q&A:

We interview Ralf Huep, European Co-Head of Advent International, Nic Humphries, Chief Executive of Hg Capital, and Michel Paris, Chairman of the Investment Committee of PAI Partners for their views on the latest developments for the private equity market.

Big Issues: Who's eating whose lunch?

Emerging markets are enticing for all sizes of company and business types. But strategic goals for the region need to be carefully considered amid mounting competition from within these markets for market share and assets.

Big Issues: Hostile Intentions

The reappearance of hostile bids is a sure sign that M&A is picking up - perhaps even hotting up.

The Debate: IPO Bonanza or Bust?

Will stock markets finally absorb some of the listing that have been waiting in the wings for the past two years?

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