Ffining a good FIT

摘要

The expected uptick in M&A activity(PPI,September 2003)has not yet materialized.Continuing global economic and political uncertainty,high oil prices and regulatory obstacles probably all played a part in making the last 12 months one of die quietest periods on record for pulp and paper mergers and acquisitions.Perhaps the biggest M&A story in that time has been the sell-off of a 30% stake in Portucel Soporcel by the Portuguese government.