MERCHANTS SURVEY - A LOT OF ACTIVITY AHEAD

摘要

We have recently experienced significant acquisition activity in the merchant industry such as the Antalis acquisition of Map, Altor's acquisition of Papyrus and a number of national plays such as Beswick Paper's acquisition of Premier Paper in the UK and Torraspapel SA's acquisition of Secmar SAS which holds 100% of Malmenayde and 66% of Nord Papier SA in France. Further acquisitions will be made in the months ahead although the prevailing credit crunch may have an adverse impact. The rationale for all these deals has one thing in common - they all focus on building scale.