Notwithstanding the slump in the global market,the appetite for merger and acquisitions by companies both in the developed as well as emerging market economies like India and China continued to be robust in the first half of the year, a survey says.
According to global consultancy firm KPMG International's Emerging Markets International Acquisition Tracker, US-based companies completed 88 emerging and high-growth market acquisitions, while China was the top acquirer in developed economies with 16 deals, in the first half of 2009.
China was closely followed by Central and Eastern Europe with 12 M&A transactions, Russia and Commonwealth of Independent States had 11 while India and South Africa announced 10 deals each.
Elaborating on the M&A prowl of India Inc, KPMG LLP's US-India practice principal in charge Arun Kumar said : "India provides a perfect example of why it would be wrong to write off emerging markets' cross-border aspirations at this stage."
Kumar further added the "ambitious companies are awake to the fact that valuations are dropping. They continue to look abroad, but with added caution, after witnessing the challenges the global economy has placed on their own national champions in their overseas ventures. This caution will not last forever.