Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
European companies are snapping up U.S. targets at the fastest pace since 2008 as they use cheap financing and record cash levels to seek growth outside of the continent.From German drugmaker Merck KGaA to British American Tobacco PLC, European acquirers announced $87 billion of deals in the U.S. in the third quarter, more than the previous 12 months combined, according to data compiled by Bloomberg. Cash at European companies rose 58 percent to $1.31 trillion in the latest fiscal year, from $829 billion five years earlier, data compiled by Bloomberg show.Including AbbVie, U.S. acquirers spent $120.5 billion in Europe in the three months through September, and another $336 billion everywhere else.U.S. Treasury Secretary Jacob J. Lew announced new rules Sept. 22 to make it harder for U.S. companies to pursue deals like AbbVie's, known as tax inversions. Asian companies announced $13.4 billion of acquisitions in Europe, the same amount they spent in the U.S. and compared with $49.7 billion spent on cross-border deals in Asia.
FOLLOW THIS ARTICLE