Global M&A deals may increase despite poor 1st quarter, says Sullivan & Cromwell partner (Video)
Posted Apr 04, 2013 04:30 pm CDT
Despite the number of global mergers and acquisitions being down year over year for the first quarter, Sullivan & Cromwell expects deal work to increase this year because the phone is ringing more often at its New York office, partner Frank Aquila tells Bloomberg Law’s Lee Pacchia.
“A year ago, very few clients were considering making larger or even smaller acquisitions,” he says. And most deals clients consider fall through the cracks. “You have to get 50 phone calls to get 20 deals done,” he says.
Japan’s moves to push down the value of the yen and the end of the leadership change in the Chinese government point toward growth in Asian M&A over the next nine months, he says. Aquila also feels that domestic deal work is also likely to rebound, while Europe is expected to remain uncertain.