Acquisition and merger activities reached 318.4 billion dollars in Europe in the first half of 2004, compared to 467.2 billion dollars in the United States. If a certain upswing was noted in Europe at the start of this year (86 billion dollars in the first two weeks of January), the situation has calmed down considerably, with an increase in this activity of just 13% in the first semester, compared to a leap of 97% in the United States, according to research company DEALOGIC.