It may have been the year of the dragon, but the dragon was curled up with his head tucked resolutely beneath his tail. Inactivity seemed to be the major occupation of investors in Asia Pacific in 2000. Only in the outer reaches, in Australia, was there much mergers and acquisitions activity, with companies such as Accor and Bass growing portfolios at a rapid-fire pace. The reason for the apparent sloth is simple.
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