The European unsecured debt management (DM) market has seen considerable M&A activity over the past decade, and there are now around 10 players that have established multicounty European operations.
These players have pursued very different M&A strategies, each relevant to its own specific strategic position and the international majors now find themselves competing with one another in a continental consolidation game, even if they are not competing directly within individual DM markets.
For management teams and investors alike, it is essential to develop a clear strategic vision of the endgame, and a robust response to the M&A trend that is relevant to their specific circumstances.
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