Credit Suisse Changes M&A 15 List, Increases Exposure to Tech
2014-04-02 15:47:06.457 GMT
By Gaurav Panchal
April 2 (Bloomberg) -- Corporate cash piles remain at
elevated levels, and in a low interest rate environment, this is
inefficient capital management, says Dan Scott, head of event
driven research at Credit Suisse.
* Credit Suisse: Low corporate yields provide inexpensive form
of financing, CEO confidence levels are rising
* Overall M&A volumes remain abnormally low, even after a
strong start to 2014
* Maintains conviction M&A activity will trend higher as
all main drivers remain supportive
* Makes changes to “M&A 15” target list, adds exposure
to telco, tech
* Adds: Qlik Technologies, ThyssenKrupp, Bouygues
* Removes: Meyer Burger, Mondelez, Actelion
* Maintains Vodafone on list, says co. could be attractive
asset for a telco major looking to gain exposure to
Europe
* M&A 15, a component of 2014 top investment idea “Cash-
rich companies,” vs MSCI World: 12-mo. up 44.51% vs
18.38%
* April 25: Credit Suisse says drivers remain in place for
increase in M&A
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To contact the reporter on this story:
Gaurav Panchal in London at +44-20-7392-0511 or
gpanchal2@bloomberg.net
James Ludden
2014-04-02 15:47:06.457 GMT
By Gaurav Panchal
April 2 (Bloomberg) -- Corporate cash piles remain at
elevated levels, and in a low interest rate environment, this is
inefficient capital management, says Dan Scott, head of event
driven research at Credit Suisse.
* Credit Suisse: Low corporate yields provide inexpensive form
of financing, CEO confidence levels are rising
* Overall M&A volumes remain abnormally low, even after a
strong start to 2014
* Maintains conviction M&A activity will trend higher as
all main drivers remain supportive
* Makes changes to “M&A 15” target list, adds exposure
to telco, tech
* Adds: Qlik Technologies, ThyssenKrupp, Bouygues
* Removes: Meyer Burger, Mondelez, Actelion
* Maintains Vodafone on list, says co. could be attractive
asset for a telco major looking to gain exposure to
Europe
* M&A 15, a component of 2014 top investment idea “Cash-
rich companies,” vs MSCI World: 12-mo. up 44.51% vs
18.38%
* April 25: Credit Suisse says drivers remain in place for
increase in M&A
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Gaurav Panchal in London at +44-20-7392-0511 or
gpanchal2@bloomberg.net
James Ludden