These are heady days forrninvestors seeking to capitalize on the massive wave of corporate restructurings sweeping through the U.K. and continental Europe. With legal and cultural resistance to cross-border investment diminishing, merger and acquisition activity has been on a tear (see chart), outpacing deal making in the U.S. lately and helping push European stock markets to six-and-a-half-year highs. As European companies look to improve efficiencies and bolster margins by selling off noncore, low-return operations, portfolio managers are seeking to profit.
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