The West Loses Its Edge In Corporate Financing

Whether we look at M&A or IPO activity, it seems that corporate financing is no longer driven by Western trends. Takeovers involving emerging market (EM) acquirers represented more than 40% of global M&A activity in the year to mid-February, about the same as the U.S. and Western Europe combined, according to Thomson Reuters. Note that EM dealmaking has never outstripped either European or US M&A, let alone both combined, for any full quarter. Meanwhile initial public offerings by companies in EM accounted for 86% of the money raised worldwide over the same period. In this case, EM predominance is less

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