THE REVIVAL IN mergers and acquisitions activity is reinjecting vigour into equity capital markets. M&A-related transactions in the third quarter accounted for as much as 27% of ECM volume, compared with just 6.7% over the same period last year. Acquisition-related deals added $13.7 billion to ECM volumes in Europe in the third quarter, and ECM bankers expect more to come.
Some of the biggest deals this year have been M&A related, such as France Telecom’s €3 billion rights issue in September and ABN Amro’s $3.3
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