Nomura says global business cycle has entered expansionary phase, historically this is associated with increase in M&A activity, in strategy note today.
* Says significant pickup in M&A activity expected in 2014
* Says European non-financials’ cash balances as percentage of total assets is above 10%, highest level in more than a decade
* Lists potential takeover targets: Saras, DSM, Arkema, Swedish Match, Imperial Tobacco, Beiersdorf, Nationale Suisse, Vodafone, Soco International, ITV, Sky Deutschland, Ladbrokes
* Potential divestiture candidates: Repsol, Reckitt Benckiser, Siemens, Philips, Schneider Electric, Metro, Delhaize, KPN, UBM, Informa, RSA, ING, Nestle, Telecom Italia, Maersk, Vivendi, Shell