AFTER TWO YEARS of falling volumes, a sorry-looking deal pipeline and mass lay-offs in the M&A market, the final quarter of 2003 brought a sudden revival. Deals worth over $80 billion were announced on a single day, October 27, the biggest volumes recorded since the height of the M&A boom in 2000. Bank of America provided the icing on the cake when it announced that it was paying around $47 billion in an all-stock deal for FleetBoston.
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