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Figures released today by the Office of National Statistics and analysed by Freshfields Bruckhaus Deringer’s corporate practice, reveal how the third quarter of 2008 has recorded just 191 acquisitions involving UK companies (both in the UK and internationally) worth a combined £11bn, the lowest quarterly performance in volume terms since Q1 2002 (181 deals), and the lowest in value terms since Q4 2003 (£10.6bn). These latest figures bring the total for 2008 so far to 841 deals worth a combined £86.2bn, representing a 32% drop in volume and a 33% drop in value compared to the first nine months of 2007. Mark Rawlinson, head of Freshfields’ UK corporate practice group said: ‘Unsurprisingly, given the global reach of this downturn, the UK M&A deal flow is reducing to a trickle and may yet become a drought. Many businesses are focused simply on conserving cash and surviving this downturn and those with a more aggressive intent are hamstrung by the lack of funding or its expense. ‘At some point, however, confident companies with cash will see the once in a decade opportunity to make a defining strategic acquisition - history suggests that this will once again kick start the market; the question is when,’ he continued. Looking at the data in greater detail, UK domestic acquisitions during Q3 fell to 79 with a combined value of £3.9bn, a fall of 56% and 58% respectively on the previous three months (174 acquisitions worth £9.3bn in Q2). Meanwhile, the level of crossborder acquisitions by UK companies also fell by 27% in volume (to 65 in Q3 from 89 in Q2) and by 24% in value (to £4.2bn in Q3 from £5.5bn in Q2). Despite a more moderate drop of 13% in volume terms (to 47) the value of incoming M&A fell most sharply, dropping 85%, from £19bn in Q2 2008 to just £2.9bn in Q3.
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