Brexit vote chills merger markets
Britain's shock vote to leave the European Union chilled deal-making activity involving British companies to the lowest level in at least two decades as bosses grapple with what Brexit will cost, Thomson Reuters data shows.
The figures give a glimpse of how Brexit and an array of wider global uncertainties are affecting the behaviour of chief executives, and the teams of bankers, lawyers and advisers who make money from buying and selling companies.
Headline-grabbing deals such as the audacious $32bn (€28.4bn) bid by Japan's SoftBank for Britain's most valuable technology company ARM might make it appear that all is well in the world of mergers and acquisitions (M&A).
However, the aggregate number paints a different picture. The number of deals involving UK companies fell to 707, a total value of $87.43bn, in the 11 weeks since the Brexit vote.
That was down from 1,060 deals worth a total of $125.22bn in the same period last year, according to Thomson Reuters data of pending and completed mergers and acquisitions. (Reuters)