Deals slow for UK firms abroad

Wednesday 28 October 1998 00:02 GMT

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THE NUMBER of deals being done by British firms overseas has fallen sharply as choppy financial markets around the globe have prompted a steep decline in takeover activity worldwide.

The value of cross-border deals struck by British businesses in the third quarter was down to $16.6bn from $19.69bn in the previous quarter according to a survey by KPMG, the consultancy group, despite the strength of sterling. By contrast, American firms have stepped up takeover activity abroad, particularly in Germany which has now overtaken Britain as the most favoured destination for US corporate purchases aboard. Globally the value of cross- border deals is down from $160.45bn to $137.82.

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