20 August 2015
The market is good for merging but activity is quiet
As Brent hits a six-year low, assets should be correspondingly attractive. However, apart from defensive mergers and portfolio rationalisations, M&A activity is quiet
With today’s low asset prices, the possibilities for mergers and acquisitions are greater than they have been for some years. Today’s project cancellations drive tomorrow’s supply squeeze and among the letters still to be picked to describe the forward price curve, J has a certain ring to it. And yet the possibilities do not seem to be that tempting, judging from the low level of boardroom activity. Is it an embarrassment of riches? True, some mergers are indeed going ahead: Shell and BG; Halliburton and Baker Hughes; Repsol and Talisman have all agreed to tie the knot, for example, for defensive reasons. Smaller focus There have also been some smaller asset deals, but these have been more
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