Mergers and acquisitions reach new peak

The UK is one of the leading countries now dominating the field of company mergers and acquisitions this year.

In the first six months 0f 1999, according to a KPMG corporate finance survey, the UK were top buyers on a global scale. The second quarter of the year was even more successful, with UK firms acting as buyers in 48% of deals.

Following the British example, European firms bought companies worth $189bn between April and June. However, $139bn of that total was accredited to UK companies. Such deals include NTL's proposed acquisition of Cable and Wireless and Vodafone's bid for Airtouch.

Head of M&A at KPMG corporate finance Stephen Barret said: "UK firms are increasingly confident about their ability to handle market-transforming global acquisitions and are looking to make a real impact in overseas markets."