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The most prominent reasons are to
consider M&A in Europe.

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Well, you can't really break it down to one point.

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It's multiple points and it changes over time.

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Europe is in a special situation.

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We have a softening economic environment and that

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is putting a lot of stress on companies

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which are facing significant challenges from

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a changing environment, technological challenges

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and so forth which need to be addressed.

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With the industry softening that obviously reduces cash

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available for the businesses and as a result

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the solution is that people have to focus,

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they have to reduce their scope of where

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they're investing and effectively

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decide and proceed with

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divesting some of their businesses and have to

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define a new core.

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Germany does differ a bit from the European angle.

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It faces the same challenges but at the

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same time Germany's backbone

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is really challenged these days.

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It's challenged because we don't have the access

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to cheap energy and it's challenged because our

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dominant position in the automotive industry is clearly

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challenged by the Chinese these days 

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and Germany needs to adapt about this.

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They need to adapt in a fast fashion

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by reducing cost, focusing on other areas and

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becoming more competitive again.

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You also have to look at the geopolitical

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side of things these days.

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The Ukrainian crisis has obviously left a major

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impact on Germany both in terms

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of the overall economic environment

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but also in terms of rethinking

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what the focus needs to be on.

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And what we're clearly seeing is the significant

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trend of deploying substantial capital into defense.

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Tariffs is obviously another major aspect to consider.

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Tariffs have really led companies to rethink how

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they can balance their portfolios.

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Also for the European companies.

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Companies in Europe

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want to be global but they need to

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ensure these days that they are also local.

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So a lot of the M&A activities

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is really focused on being balanced in terms

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of production bases around the world.

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So while I've spoken a lot about crisis,

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at the end of the day, every crisis

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also creates an opportunity and we're very excited

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here at Mizuho | Greenhill to help our clients

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to face these crises, grab the opportunity and

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come out stronger at the end.