The latest installment in Constantine Biller's series considers the most recent deals taking place in the valves industry around the world. As the year 2009 draws to a close the key indicators for merger and acquisition activity show that the bottom of the cycle may well have passed. Both deal volumes and values showed a clear upturn in the third quarter and the signs are that the fourth quarter will show further gains. The need for acquisitions is most evident amongst many larger groups as in current market conditions they are unlikely to deliver growth purely organically and they therefore cannot deliver the increasing returns expected by their shareholders without external growth.
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