Banking and finance was the most active U.S. industry sector in merger and acquisition activity during the first quarter, according to research from Merrill Lynch & Co.
The sector showed a 16% increase in activity from the first quarter of 1994, with 79 deals announced, and the value of transactions increased 43%, to $9.4 billion.
The proposed $3.5 billion merger of Fleet Financial Group Inc. and Shawmut National Corp. was the second largest deal announced in the quarter, after the $7.1 billion acquisition of Marion Merrell Dow Inc. by Hoechst AG. The totals, compiled by Merrill Lynch Business Advisory Services, showed total mergers and acquisition activity was up 39% to 864 deals in 1995 vs. 623 deals in the first quarter of 1994, while dollar value rose 68% to $58.3 billion from $34.8 billion.
