The CMS European M&A Survey evaluates M&A agreements for 494 transactions of both public and private companies in Europe in 2007-2008.
The data used in the Survey is not publicly available and is based on transactions in which a member of the CMS organisation acted as an advisor to either the buyer or the seller. CMS is an organisation of independent European law and tax firms and therefore one of the few legal service providers with the capability to provide a European study of this kind due to its presence and market penetration in a wide range of jurisdictions across Europe.
The data has been divided for comparative purposes into six European regions as follows:
- United Kingdom
- German speaking countries: Austria, Germany and Switzerland
- France
- Benelux: The Netherlands and Belgium
- Central and Eastern Europe (CEE): Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Slovakia and Ukraine
- Southern Europe: Italy and Spain
Transactions included in the Survey cover all business sectors, including:
- Finance and Insurance
- Industry
- Energy
- Consumer Products
- Technology, Media and Telecommunications
- Lifesciences
Key Conclusions
Buyers in M&A transactions were more risk averse in 2008. This was reflected not only in valuations and pricing, but also in sales contract provisions which shifted risk to the seller. This risk reallocation was significant but not dramatic in 2008, although we expect this to become more pronounced in 2009 as buyers demand – and receive – more favourable acquisition terms.
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