Frank Aquila Quoted in Reuters Article on Recent M&A Activity

October 17, 2011

Mr. Aquila was quoted in an October 17 Reuters article titled, “Bankers Skeptical of Mini-Merger Monday,” which examined the current declining state of M&A activity in light of Europe's sovereign debt crisis. Although bankers are hesitant to view it as an improvement, a recent surge of deals on October 17, the busiest Monday since July 14, was reminiscent of the former “merger Mondays,” when a high volume of deals occurred after a weekend of negotiations. The article noted that some recent activity provides hope for next year, including Rio Tinto putting $8 billion worth of assets up for sale and Kinder Morgan's purchase of El Paso. “These deals are surprising only in their timing. Strategic buyers, particularly in the energy sector, are looking for deals that provide significant synergies with the opportunity to grow revenues,” Mr. Aquila explained. “They are the types of deals we will see more of to the extent that there is some resolution to the euro zone debt crisis and an improvement in the outlook for the global economy.”