Acquisitions Monthly

| Project Peak: Kraft's £11.7bn desire for Cadbury 1 February, 2010
It took almost five months, but the world’s second largest food manufacturer after Nestle has beaten Ferrero and Hershey to buy the 185-year old British iconic confectioner. Rather than the strength of Cadbury’s defence, Kraft’s success so far may ironically have had more to do with its largest shareholder, Warren Buffett, urging Kraft’s management not to overpay using the company’s “undervalued” stock. Cadbury shareholders, however, could still vote down the deal.
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Top Stories

Japanese brewers Kirin, Suntory end merger talks 8 February, 2010
UK property firm Liberty ponders demerger 5 February, 2010
Air Products makes $5.1 billion bid to buy Airgas 5 February, 2010
Public market multiples rocket 78% since Q1 09 low 1 February, 2010
Surge seen in oil and gas M&A 1 February, 2010

2009 bid volume halves

The average premia over the target share price one day and one month before the offer or bid talks were announced were 58% and 68% respectively, compared with the equivalent third-quarter one-day and one-month averages of 65% and 56%.read more

Mid-Markets

Mid-market stability sought 1 February, 2010

The mid-market looks more stable than last year, fuelling hopes that deal volumes could rise modestly from recent lows.

Buyouts

Buzz over hearing aids, pets shows buyouts are back 8 February, 2010
Europe's private equity market is springing back to life, with buyout shops running the slide rule over firms specialising in anything from recycling to hearing aids, and banks and investors more willing to lend.

Sector Reports

Battered car-makers rounding blind corner 1 February, 2010

Automakers face a demand slump in Europe and the longer-term challenge of addressing climate change. Both pressures are expected to lead to further restructuring, consolidation and M&A activity.

Regional Reports

Iceland’s big freeze 1 February, 2010

The collapse of the Icelandic banking system, culminating in the referendum over Icesave repayments, has thrown up some unique restructuring issues.