SEAMLESS CONVER-SATION

摘要

With some $ 1 trillion in global announced deals as of the end of the first quarter, M&A activity is at the highest level seen since 1998 and nearly double that of a year ago. Much of this is on the back of pent-up demand after corporations shored up cash on their balance sheets during the post-financial-crisis recession. The subsequent reduction in uncertainty about how surplus capital will be used can lead to a bump in share price, says Gerry Paul of Alliance-Bernstein. "The balance sheets of both acquirers and their targets are flush with cash, whereas the opportunity cost of capital-as measured by the return that companies get on cash - is next to nothing," he writes.