Deal lawyers gauging the market at the first-quarter point must be wondering if the New Year actually happened as it seems 2004 is just being replayed.
That initial surge of confidence was followed by very little activity. Private equity is the only game in town, US M&A motors on while Europe stays in the doldrums, cash-rich/growth-poor retailers are the favoured targets for conservative acquirers. It all seems both eerily familiar and utterly unwelcome for City advisers, especially as the only apparent change from last year is that the market has slightly worsened.
