M&A Money makes life easy

Monday was deal day. Globally there were five multi-billion dollar bids worth a grand total of $55bn, plus several smaller deals in the UK. The flood is no coincidence. The common themes are cash flow and confidence. Companies feel financially secure. Profits as a proportion of GDP are at the top end of their historical range in both the US and Europe. Balance sheets have more than recovered from the damage done by wild acquisitions in the 1990s. Meanwhile, chief executives are optimistic. Mana...