Merger activity rises in Q1

Merger and acquisition deals picked up substantially in the first three months of 2004, compared to the same period last year, with more than half of the deals coming from overseas purchases by Irish companies.

According to research from corporate finance house Ion Equity, deals worth more than €2bn were clinched by Irish companies in the first quarter, which represents a six-fold increase.

The number of deals tripled to 55 compared to the first three months of 2003. This healthy rate continued from the steady growth established in the last quarter of 2003, when there were 56 deals closed.

The biggest deal of the three months was CRH's €512m acquisition of a 49% stake in Portuguese cement firm Secil. Kerry group came second with the €430m purchase of three US ingredient and flavoring companies.