UK M&A boom encourages hiring
According to The Times today, the value of takeover approaches in the UK hit a six-year high in January 2006, at 15.6bn. The paper quotes figures from Thomson Financial, showing this was triple the value of approaches in January 2005, and quadruple the value of approaches in January 2004.
Deals such as the 8.4bn bid for the UK gases group BOC by Linde in Germany, and the 4bn offer of P&O by Dubai Ports World, contributed to the boom. And more UK deals may soon be on the table: Bloomberg reported a rise in shares at Lloyds TSB Group this morning following speculation that it may receive a bid from a US rival.
With M&A in the country looking distinctly healthy, recruiters report a corresponding upsurge in UK M&A hiring, although it apparently predates January.
"A number of UK mandates went out last year and are now being closed as bonuses are paid out," says Isabel Martin, head of financial services recruitment at Korn/Ferry International in London. "Some American houses still have gaps to fill in their UK teams," she adds.
