Frank Aquila Interviewed on Bloomberg Radio

February 25, 2010

Mr. Aquila was interviewed on Bloomberg Radio about the collapse of the Kirin and Suntory merger in Japan, a large deal that would have created the world’s fifth-largest beverage and food company. He said that in his experience “the larger the deal and the more complicated the deal, the greater the likelihood is that it never gets past the negotiation stage,” and he believes that is what happened in this case. Mr. Aquila noted that the fact that Suntory is a private company and Kirin a public company, meant the strategic visions were most likely different. “Transactions between competitors can often be some of the most difficult ones to put together, simply because of the way in which the competitors look at their industry are often very different.” He also discussed M&A activity in 2010, noting that although a number of transactions are being discussed, the uncertainty in the economy has caused companies to be hesitant to move forward with deals. However, Mr. Aquila said that as the year progresses and there is greater clarity on the economy, there will be an increase in M&A transactions.