Citi
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In 2005, Citi put out a research report highlighting a new trend: cross-border M&A transactions in which an emerging market company buys a rival in the developed world. At the time, the trend was still at an early stage. There had been a few examples, such as Mexico’s Cemex buying the UK’s RMC group. But it was limited to a handful of national or regional emerging market champions.
Today, this trend is arguably the most important development in international finance.
Spurred by advances in technology, historically low funding costs and financially stable home environments, a number of emerging market companies worldwide are eyeing opportunities in G7 countries.
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