In comparison to 2015, which saw M&A hit levels not seen since 2007, 2016 was a much more challenging year for M&A. The UK referendum caused huge amounts of uncertainty in the first half of the year as dealmakers targeting the UK were reluctant to come to market. This led to a slow-down in M&A activity in the first half of the year with 3,110 deals worth US $342.8bn; both the lowest H1 value since 2013. The vote itself caused shockwaves in the market, reducing activity further as many dealmakers looked to postpone or cancel proposed deals in order to wait for some of the immediate turmoil to settle down. Moving into the last part of the year however, deal activity has rebounded as with the decision now known, dealmakers looked to make up for lost time.
The German market on the other hand saw an increased level of activity in 2016 following a drop in 2015 as buyers, particularly Chinese, looked to acquire good quality German assets. Dealmakers focussed particularly on picking up industrial technologies which led to the Industrials and Chemicals sector having the largest share of any sector in the German market. Cross border activity was up in Germany as well, as German investors looked to invest large sums into US assets with the $66bn potential acquisition of Monsanto by Bayer being the largest outbound acquisition by a German Company on record.
The below provides an overview of the current salaries paid in London (including ‘top-ups’), the bonuses people received last year and the bonuses people expect to receive this year. Each of the numbers below is approximate, they are all in GBP and the bonus information disregards candidates who did not receive a bonus and those from Investment Banks which are able to pay employees bonuses in excess of the 100-200% cap employed elsewhere.
Download the full European M&A: End of Year Report & Salary Survey 2017 here: /industry-insights/european-m-and-a/NEWS ARCHIVE