There are early indications that the level of M&A activity in Ireland in 2004 will be ahead of 2003 in terms of deal size and volume. Much of the M&A activity in 2003 was prompted by restructurings, designed to achieve efficiency and protect market position, rather than by strategic acquisitions.

The value of M&A deals in 2003 was € 7.5bn (£5bn), down from € 12.4bn (£8.2bn) in 2002 – two deals, however, contributed € 6.8bn (£4.5bn)in 2002.