Limitations Of M&A Revival Suggest Half-Baked Recovery

At a time when US unemployment has broken the 10% level, the UK's public debt amounts to 59% of GDP, that of the US to 68% and that of Japan is forecast to reach 227% in 2010 by the IMF, the recovery in M&A activity seems completely out of sync with the sobering macroeconomic environment. Not that there is any doubt on the strength of the M&A recovery, it is well underway. The fact is that the M&A recovery is boosted by defensive motives: the companies that have been lucky enough to improve their balance sheets are taking advantage of

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