- World: An annual report from KPMG CORPORATE FINANCE indicates that the total value of world crossborder merger and acquisition operations fell 52% in 2001, from $3,292 billion in 2000 to 1,595 billion last year. The study, which covers the first eleven months of the year, shows that the fall in transactions, begun early in the year, continued during the second half of 2001 despite a brief upturn in October, which was not confirmed the following month. John Griffith-Jones, who heads KPMG CORPORATE FINANCE, comments that these figures confirm the magnitude of the recession in the merger-acquisition activity at world level. The events of 11 September only made an already existing situation worse. So far, there has been no sign of recovery, he said. The main operations concerned the United States, as usual. For Western Europe, economic activity during the second half of the year returned to the level of end 1997-early 1998 with a total amount of transactions of $213 billion and 3,407 operations. Compared to the second half of 2000, this represents a fall of 70% in the value of the transactions. The United Kingdom was the first European company buyer country during the second half and the first selling company ahead of Germany. In France, 369 acquisitions were made by foreign companies for the sum of $21.7 billion. Finally, the average value per operation fell 50%, going from $138 million in 2000 to 69 million this year. - France: Another study, this time by the THOMSON FINANCIAL firm, indicates that the number of mergers and acquisitions concluded in France fell 44% to 539 units over the whole of 2001. In value, these operations fell 70% to $33 billion despite a "timid return for operations over one billion dollars" during the fourth quarter. "The world's economic crisis as well as the attacks on 11 September put off many transactions that should have taken place before the end of the year. However, the terrorist attacks did not prevent the announcement and the achievement of major operations" concludes the study. BNP PARIBAS ranks first among the advisory establishments with 50.9% in market shares (in value) of operations concluded over the year, the second place being held by CREDIT SUISSE FIRST BOSTON.