Global merger and acquisition activity had its best start to any year since 2007 in the first quarter, with the bumper purchases of Kraft Foods by HJ Heinz and of Hutchison Whampoa by Cheung Kong - and almost 9,200 smaller deals - adding up to US$854bn of activity. The volume of announced deals is 25% up on last year, with M&A bankers saying that the surge relates to a return of confidence in executive suites globally. They predict the trend should continue even if central banks begin raising interest rates this year. "We expect 2015 to surpass 2014 both in terms of deal value and number of deals, while take-out multiples should continue to rise," said Keefe Bruyette & Woods analyst Michael Perito. Last year, global announced M&A deals reached US$3.5trn, the best year since the onset of the crisis.
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