«Mergers and IPOs on the inventory change are beginning once more: that is how Barclays desires to develop in Europe» | EUROtoday

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«The company financing market has recovered, even in excessive yields, and we’re already seeing a relaunch of M&A operations and inventory market listings. Barclays intends to play a number one position in these actions in Europe and Italy.” Speaking is Francesco Ceccato, the Italian banker who leads the activities of Barclays Europe as chief executive officer (CEO). We meet him in the group's new Milan offices, alongside the outgoing CEO of Barclays in Italy Enrico Chiapparoli who has been promoted to head the group's EMEA Industrial Investment Banking and who will be replaced as country CEO Italy by Paolo De Luca, designated and now subject to regulatory approval.

2023 was a year of slowdown for M&A and IPOs both in Europe and in the USA. Will there be a resumption of activities in 2024?

We are convinced so, various operations are on the launch pad. In general we note both in Europe and in Italy a great confidence on the part of companies in the growth of their businesses and in the development of the markets in which they operate. M&A operations are destined to increase, also because the time for the ECB to cut interest rates is now approaching. The corporate financing markets have reopened, including the high yeld ones, and this will facilitate the external growth of companies.

Stock markets are at their highest. Are record valuations a brake on those who want to make acquisitions?

It's true that some corporations in numerous industries favor to attend to make acquisitions for value causes. But for a similar purpose many are contemplating itemizing on the inventory change. And an necessary contribution to the restoration of IPOs will come from non-public fairness funds.