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Bailey McCann, Opalesque New York:
The global appetite for mergers and acquisitions (M&A) remains stable despite high volatility and uncertainty in the market, according to new data released this week from Ernst & Young. The Global Capital Confidence Barometer shows that there is more confidence about doing deals, although it is fragile - any new surprise shift in the market will likely keep firms from pulling the trigger.
"Last October, we found dealmakers had cash on the books, and access to credit but were lacking the confidence to do deals. The current Barometer finds corporate executives with adequate cash and credit and in a more confident frame of mind, but still conservative about pulling the trigger on a deal," said Richard M. Jeanneret, Vice Chair, Transaction Advisory Services at Ernst & Young LLP.
In terms of acquisitions, companies in the financial services, life sciences, oil and gas, technology and consumer products sectors said they were more likely to do deals. This sector list is not surprising as many of these industries have been aggressively deleveraging in an effort to strengthen balance sheets. 29% of respondents said that they are also planning to refinance loans and other obligations in an effort to continue improving capital structure.
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