Vallares, NBNK show cash shells proving the proposition
Confirmation this week of the £2.5bn acquisition of Kurdish oil group Genel by Vallares and reports that NBNK Investments is in talks to acquire the UK assets of National Australia Bank and could also bid for some Lloyds branches have further proven the cash shell model and could spur new deals, according to bankers.
Figures from Dealogic show that cash shells have raised $3.6bn in the UK so far this year with the Vallares the largest deal at £1.31bn compared to $1.7bn in 2010.
M&A activity by cash shells in the UK has also risen with $9.7bn to date compared
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