By Ivan Anderzhanov in Moscow
Mergers and acquisitions activity in Russia show signs of bouncing back in the first half of 2009, after plummeting in the second half of last year, according to a report from KPMG.
Transactions worth a total of $18.3bn were carried out on the second quarter of this year - twice as much as in January-March 2009, and nearly three times as much as the fourth quarter of 2008.
According to the report, the majority of M&A deals were in the oil and gas sector, the largest being Gazprom's $4.1bn acquisition of 20% of Gazprom Neft, and Sistema's $1.9bn acquisition of majority stakes in six Bashkir oil companies.
Investment bankers said they expect deal activity to increase by about 25% for the last two quarters as the gulf in expectations between buyers and sellers and narrows.
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