Despite a flurry of recent deal announcements, including Kraft's £10.2bn hostile bid for Cadbury, accountancy firms are not predicting a return to pre-recession levels of mergers and acquisitions.rnNeil Sutton, UK head of corporate finance at PricewaterhouseCoopers, said: 'The market is in a critical period... if the transactions happen then there will have been a realignment in the marketplace, but if they abort it will show a lack of confidence.'rnHowever, he expected to see more 'mega deals' announced before the end of the year.rnTim Medak, public market M&A partner at Ernst & Young, said: 'I don't see a return to boom conditions any time soon, but I think we will be in for a period of relatively stable and decent levels of volumes.'
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