Paul T. Schnell has worked on some of the biggest mergers announced this year, a period in which, he says, the business of buying and selling companies is in the doldrums.
“I’d liken the M.&A. market to getting over an earthquake and its aftershocks,” he said. “And we had the biggest economic earthquake in 80 years.”
It’s a state he had rarely seen in his three-decade career as a mergers and acquisitions lawyer at Skadden, Arps, Slate, Meagher & Flom.
Four years after the financial crisis nearly shut down the markets, the mergers business has been slow to return to the heights it attained before 2008. Deal volume dropped 3.7 percent this year from 2011, to $2.36 trillion, according to Thomson Reuters data.
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Source: Michael J. De La Merced, http://dealbook.nytimes.com
