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US corporate cash

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There is nearly $1t of US corporate cash stashed in foreign (off shore) accounts that cannot find its way back to the USA save repatriation tax. Enamoured by recent deal activity we suspect more of this finds its way into Europe (at a time UK’s business confidence is the highest since 1973). Nearly half of this cash is in tech, mostly in Apple, Google, Microsoft & Cisco. The second highest sector is Pharma which helps explain Pfizer recent actions (often attacked for its tax policies in any case) and means Astra, Shire and perhaps UCB will continue to attract a bid premium (buy them all). Outside of Pharma our original M&A list includes Weir Group, Burberry, Telecom Italia, KPN, Telefonica, ENRC, Telekom Austria, Imperial Tobacco, ARM, Sky Deutschland, Drax, Weir, SAB, United Utils, M&S, Michael Page, Alcatel, Arkema, Dialog, Fenner, Man Group, Morgan Advanced, Rotork, Sage, Sonova, Spectris, Straumann, Tele2, TNT and UBM.


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