The first decade of the new millennium heralded an era of global megamergers. Like th e mergers and acquisitions (M&As) frenzy of th e 1980s and 1990s, several factors fueled activity th rough mid-2007: readily available credit, h istorically low interest rates, rising equity markets, technological change, g lobal competition, and industry consolidation. In terms of d ollar volume, M&A transactions reached a record level worldwide in 2007. But extended turbulence in the global credit markets soon followed. The speculative h ousing bubble in th e United Statesand elsewhere, largely financed by debt, burst d uring th e second h alf of th e year. Banks, concerned about the value of many of th eir own assets, became exceedingly selective and largely withd rew from financing the highly leveraged transactions that had become commonplace th e previous year. [download]
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