Ciprian Paltineanu, head of UniCredit CA IB Romania, says the effects of the crisis on the international financial markets are starting to be felt on the Romanian market, reducing the potential for mergers and acquisitions to take place.
He also believes the market of transactions that involves companies is approaching a point of inflection. Many local entrepreneurs have been encouraged by a period of excitement on the mergers and acquisitions market over the last few years and are asking too much for their companies, while investors, be they strategic or financial, are becoming more and more "discerning" when considering the alternatives.
UniCredit CA IB Romania is a part of UniCredit Markets & Investment Banking, the corporate finance and investment banking division of the financial group UniCredit, which also owns UniCredit Tiriac Bank in Romania.
A branch of UniCredit CA IB AG, UniCredit CA IB Romania, specialises in mergers & acquisitions consultancy, in accessing domestic and international capital markets and in identifying and structuring investment opportunities for the UniCredit group.
The subprime mortgage loan crisis in the United States, which has dominated financial markets this year, affecting all lending markets, has done more than just cause declines in the value of banks and investment funds that fund mortgages in the United States.
The mortgage lending crisis will affect the value of companies across all sectors, with less available capital on the market for company acquisitions compared with last year.
"The financial crisis on the international markets, which has resulted in a decline in the appetite for taking out funding, could translate into the decline of EBITDA multiples at which companies are traded, or, in other words, a decline in their value," says Paunescu.
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