Global dealmaking is locked down. Last week no merger or acquisition worth more than $1bn was announced anywhere in the world for the first time since 2004.
And the 11,413 mergers and acquisitions worth $767bn announced for 2020 to date are at the lowest level since 2013, according to data provider Refinitiv.
Part of the problem is that no one can get out for meetings, or do legally required due diligence: it’s well nigh impossible to make sure that a factory actually exists or a company’s books balance when it is shut down and your potential validators — auditors, junior lawyers and the like — are at home due to coronavirus.
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