Fueling the flames of European consolidation was the much-anticipated January arrival of the European Monetary Union. The EMU establishes a “totally new set of rules in terms of competing for capital and competing for market share,” observed Jacques Aigrain, co-head of global M&A at J.P. Morgan. The drive to consolidate further enticed acquisitive European players to do what they’ve always done-look to the U.S. For example, the first day of the second quarter witnessed BP Amoco plc, itself the product of a relatively new cross-continent megadeal, offer $27 billion for Los Angeles-based Atlantic Richfield Co.
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