As shareholder activist interest in Europe grows, we increasingly need to factor their influence into the M&A landscape. This week we look at what’s influencing activist activity in Europe, how that activity is evolving and how companies should respond to activists and changing shareholder dynamics. If you can’t beat ‘em… should you join ‘em ?
Takeaways: A new era awaits. The Fed’s final QE hurrah was flagged, but we expect more market discretion, volatility, disruption and currency oscillation without this safety net. The cost of debt capital will rise. Weaker/exposed nations and companies can expect a rougher ride. Brazil and Turkey look exposed. AQR ran just about to script, but … More New era in capital after (US) QE and AQR draws a line.
Equity markets started the week positively, having welcomed better figures from China that weren’t quite good enough to preclude official stimulus – a favoured combination. However, investors are still twitchy ahead of this week’s two main events– the ECB meeting on Thursday and US non-farm payroll data on Friday. After the announced fall in inflation … More Deal or no deal?