The value of Irish companies sold to overseas buyers exceeded the value of acquisitions by Irish companies for the second year in a row, according to a new survey.
The CFM Capital 2001 Survey of Mergers, Acquisitions and Disposals shows that 42 Irish companies were sold last year for a combined value of €4.45 billion while 119 companies were bought by Irish buyers for a combined value of €1.94 billion.
The figures provide strong evidence of a major economic slowdown.
In 2000, 72 Irish companies were sold for €13.20 billion and 231 companies were bought by Irish corporates for €10.45 billion.
"Corporate activity by Irish companies fell dramatically in 2001 from the record levels of the previous year," says the report.
The €1.94 billion spent by Irish firms acquiring both domestic and foreign companies is less than 20 per cent of the record €10.45 billion spent in 2000 and less than half the €5.33 billion spent by Irish companies in 1999, according to CFM Capital.
