“A Giddy Ride on the M&A Carousel” (Financial Times)

December 28, 2009

Mr. Aquila was quoted in a Financial Times article that reviewed the past decade in the global mergers and acquisitions market. Mr. Aquila commented on the state of M&A at the beginning of the decade. "Dealmaking came to a screeching halt in late 2001 and stayed that way through 2003. The high-profile corporate scandals, coupled with a weak global economy, froze both strategic and financial buyers. There was little appetite for deals as executives grappled with potential scandals, new regulations and a difficult economic environment," he said. The article also noted the increase in deals that involved emerging markets in 2007 and 2008. "In the middle of the decade strategic buyers sought to expand their geographic footprint and increase shareholder value through deals that permitted the extraction of significant synergies. Less exciting than the go-go deals earlier in the decade, these deals have generally [been] shown to have created value," Mr. Aquila said.