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Despite some cut backs in M&A activity expected over the
next 12 months, the
results reported in Ernst & Young's
(E&Y) 19th edition of the
Global Capital Confidence Barometer (the
"Report") make clear that Canadian
executives remain optimistic about Canadian and global M&A
markets. Canadian executives are traditionally thought to be very
bullish on the Canadian and global economy, and it is suspected
that the decline in deals since the last Report is a
temporary and strategic step back for companies to "digest
recent acquisitions and assess the changing global geopolitical
landscape." The current state of geopolitical uncertainty in
Canada
stems primarily from the consequences of the newly negotiated
USMCA and the next phase of Brexit, and it is expected that local
M&A activity may pick back up once key players have a better
idea of how these developments unfold.
The
Report highlights a number of encouraging findings related to
the Canadian and global M&A markets. These include that:
The number of Canadian respondents
who see the
local economy improving has risen from 60% to 81% in the past
12 months;
The number of Canadian respondents
who see the
global economy improving has risen from 78% to 96% in the past
12 months;
The number of Canadian respondents
who see the
global M&A market improving has drastically risen from 44%
to 95% in the past 12 months;
The number of Canadian respondents
who see the
domestic M&A market improving has risen from 51% to 81% in
the past 12 months.
Despite these statistics, 34% fewer Canadian executives (from
80% on E&Y's last survey to 46% this year)
reported having the intention to actively pursue M&A deals
in the coming year. Instead, Canadian respondents will aim to
prioritize improving their working capital and further
investing in existing operations. There is also a current
push in Canada to invest in workforces, and specifically to
motivate, retain, and reskill workers.
All in all, Canada is regarded as one of the world's
top investment destinations (ranking third in the world, the
highest in its history). As such, despite the projected regression
in M&A activity over the next twelve months, there are reasons
for Canadians and Canadian executives to remain positive.
About Norton Rose Fulbright Canada LLP
Norton Rose Fulbright is a global law firm. We provide the
world's preeminent corporations and financial institutions with
a full business law service. We have 3800 lawyers and other legal
staff based in more than 50 cities across Europe, the United
States, Canada, Latin America, Asia, Australia, Africa, the Middle
East and Central Asia.
Recognized for our industry focus, we are strong across all the
key industry sectors: financial institutions; energy;
infrastructure, mining and commodities; transport; technology and
innovation; and life sciences and healthcare.
Wherever we are, we operate in accordance with our global
business principles of quality, unity and integrity. We aim to
provide the highest possible standard of legal service in each of
our offices and to maintain that level of quality at every point of
contact.
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