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The ‘pension deficit surprise’ still hinders UK M&A

The latest GKN development shows that while pension trustees can't stop a deal, they can certainly make life difficult

The ‘pension deficit surprise’ still hinders UK M&A
Photo: iStockphoto

After a disappointing 2017, the UK's M&A bankers are understandably hoping this year will bring more deal activity. Deals involving UK companies dropped by more than half last year, according to analysis from consultancy Willis Towers Watson and Cass Business School. Surely things can only get better.

But bankers' hopes of a pick up may have been punctured by the good old British pension fund trustee.

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