Prices, volume and values all head south
With few exceptions, merger & acquisition activity in the financial service sectors was sluggish in 2001, with pricing, volume and deal values below levels of the previous year. Thrifts beat the downward trend in terms of deal value - with $8.4 billion but the total number of deals for thrifts hit a four-year low, according to data collected by SNL Securities, Inc.
A total 179 bank deals were announced last year at a value of $31.7 billion. One of those transactions - First Union Corp's $13.6 billion deal with Wachovia Corp. accounted for nearly 43% of the aggregate deal value.
M&As for thrifts, too, were largely …