We have seen continued consolidation activity in the region, both cross-border and domestic. Consolidation activity now forms the base of the Asian MA market. For example, MMC CorpÆs $4.7 billion acquisition of Malakoff falls into this category as a domestic transaction in Malaysia. In outbound cross-border deals, weÆve seen CNOOCÆs $2.7 billion acquisition of a stake in energy assets in Nigeria. Outbound cross-border activity by Indian pharma companies is also increasing. This is new but not unexpected û we view this as a logical next step.
Another key trend this year has been financial...
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