Record level of mergers and acquisitions in 2011. In 2011, the global aeronautical and defence industry experienced its highest level of mergers and acquisitions in the past 10 years. The number of these operations could also reach a record level in 2012, according to a new study by PwC consultants. The total value of transactions was worth $43.7 billion, with 341 transactions, as opposed to 332 mergers and acquisitions in 2010, which were worth a total value of $21.9 billion, according to PwC. Once again, it was the US which propelled this upward trend, with 26 transactions worth more than $50 million and an accumulated value of $30.1 billion. Europe also achieved very good results, with 12 mergers and acquisitions worth more than $50 million, worth a total value of $7.5 billion. According to the study, transactions in the civil aeronautical industry significantly increased and the defence sector remains calm, following reductions in defence budgets. In 2012, activity in the area of mergers and acquisitions looks as if it will be maintained, with further consolidation due to significant orders from major aircraft manufacturers, a dynamic civil aeronautical industry in Asia, pressures due to energy costs and the consolidation/rationalisation of certain actors in the defence field which are expanding their activities, particularly to those of cyber security. (IL/transl.fl)