Mergers and acquisitions dependent on EU returning to strength

DEALMAKERS could find themselves with even more free time on their hands next year if Europe’s fiscal roadmap fails to convince investors and stabilise global markets.

In Europe, activity will be flat at best next year even if measures agreed to at last week’s EU summit restore confidence that the debt crisis can be overcome.

“We need at least two years before we have visibility on how or if things will stabilise. It is too early to call and any [merger and acquisition ] &rebound will depend entirely on this wider picture,” said Michael Tory, a former Lehman banker and a founding partner of London advisory boutique Ondra Partners.