Economic Woes Put a Damper on Deals

Several companies have risen in the Billion-Dollar Club rankings this year because of M&A. Basell joined the top ten with its acquisition of Lyondell Chemical, and Akzo Nobel is in the top 15 because of its purchase of ICI. Those deals closed in first-half 2008 before the global economic downturn. Subsequent economic conditions either prompted the companies to announce further cost-cutting measures or file for bankruptcy protection. TrAutz: Dramatic softening in demand. AkzoNobel bought ICI for £8.1 million...

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