M&A ACTIVITY IN AUSTRALIA TO REMAIN BUOYANT IN 2002: ERNST & YOUNG.

AsiaPulse News, March, 2002

MELBOURNE, March 19 Asia Pulse - Merger and acquisition (M&A) activity in 2002 would not match the record level of 2000 or the high level of 2001 but would still be relatively buoyant, accounting firm Ernst & Young said today.

Releasing its annual Mergers & Acquisitions Index, Ernst & Young said takeover activity in Australia, especially across international borders at the top end of the market, was likely to be "flat".

The recession in the United States, the terrorist attacks on the US on September 11 last year, and a perception in some markets that acquisition prices would fall had contributed to a 10 per cent fall in M&A activity in 2001.

M&A activity was likely to remain subdued in the first half of 2002 and pick up a little in the second half....