Princess Diana famously remarked that there were three people in her marriage to Prince Charles once you included Camilla Parker Bowles, whom he later married. Companies seeking cross-border mergers in Europe need to be wary of ending up in similarly overcrowded relationships as governments start to demand dowries and a share of the marital bed.
A revival in M&A activity has been much anticipated and discussed almost since the start of the global financial crisis five years ago. With few exceptions, boosts in deal making have proven unsustainable.
In both the securities and derivatives worlds, new rivals have emerged to offer comparable services for similar transactions. Here we question whether exchange mergers can stem the gains made by those alternatives.