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Komfie Manalo, Opalesque Asia: The current year is on track to be the best year for M&A ever, says Lyxor Asset Management in
its Weekly Briefing. Lyxor cited Bloomberg data which showed that since
the beginning of the year, global M&A volumes have reached $1.8tln, the
best first five months in 20 years.
Such figures include announced, pending and completed deals and are thus
subject to revisions. Overall, U.S. deals dominate, accounting for 45%
of M&A activity year to date and in terms of sectors, health care is
leading, followed by financials and communications, the report said.
Philippe Ferreira, head of research managed account platform at Lyxor,
said, "Last week, Charter formally announced the $79bn acquisition of
Time Warner Cable, which remains subject to regulatory approval. The
stock price of the target has rallied over the recent weeks, and has
supported merger arbitrage players which have sizeable exposures to the
deal. The deal was the strongest contributor to the performance of the
strategy last week. Prior to that, the flurry of mega mergers in the
pharma sector (Teva vs Mylan vs Perrigo, Actavis vs Allergan, Abbvie vs
Pharmacyclics, Valeant vs Salix) has fuelled the performance of merger
arbitrageurs. In May, the Lyxor Merger Arbitrage index is up 1.5% and is
one of the best performing strategies year-to-date at +4.7%."
Lyxor Hedge Fund Index is up 0.4% in May (+4% YTD)
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