We're seeing a little bit more cautiousness. So much of the tech sector is dependent on the consumer and that's an area of potential weakness.

There's still potential for the markets to gradually move upwards over the year, and M&A can help. There is quite a lot of institutional demand. Equities are still not particularly expensive.

The economic case for further mergers and consolidations in Europe is very strong. We haven't seen all the bidders come out.

The initial bond is the shared experience.

I imagine that they would prefer to have it under their own control in order to manage those production issues.