Is consolidation a thing of the past?

Merger and acquisition activity in Europe more than trebled in 1999 compared to the previous year, and was 13 times its level of 1990. By comparison, the start of 2000 was something of a disappointment, with the pace of corporate activity apparently easing. Is the craze for consolidation already wearing off, or have we just seen the tip of the takeover iceberg? More importantly, what effect will M&A activity have on the performance of the market over the next few years? Certainly a peak in merger and acquisition activity in 1999 would seem unsurprising, as the advent of the single currenc...