Despite the uncertain economic outlook, there has been a strong rise in mergers and acquisitions (M&A) activity across world markets in recent months. Some deals have gone through, some have failed or been rebuffed, and some are still in play. Various reasons have been put forward for this higher incidence of M&A activity — a return of confidence and a willingness on the part of investors to put their heads back above the parapet, high cash balances and historically low borrowing costs, and a feeling that it’s time to go shopping, to take out competition. But the principal rationale for M&A activity at any level is usually the search for efficiency gains and synergies through consolidation and economies of scale, and efficiency gains often come at a price. Editor Richard Fleming spoke recently with Mike Gedye, senior director, EMEA Global Corporate Services, at