It is not just Linklaters’ recent ‘shares for fees’ windfall that is evoking memories of the heady days of the dotcom boom. European M&A activity is currently at record levels and order books are full.
But no boom is the same, and the present one has its own distinct characteristics. One striking feature of the current activity is its focus on the Continent. This plays into the hands of firms that set about building expensive European networks during the last boom. Take the unfashionable Simmons & Simmons. Thanks to its modest presence in Spain, it has landed two mouthwatering instructions – acting for HSBC on its role as financier and investment bank on E.ON’s 29.1bn (£19.9bn) bid for Endesa and advising Telefonica on its £17.7bn takeover of 02.
