Pablo Díaz-Lladó talks about M&A in the first quarter of 2011

Experts rule out a revival of M&A in the medium term. Pablo Diaz-Lladó, partner of GBS Finance, points out that to produce a recovery, “companies need to have access to credit”, as many companies do not have sufficient liquidity to undertake acquisitions. Moreover, the valuations of these acquisitions will be more realistic than in the years before the crisis. “We won’t see leverage ratios as high as 2006.”