Bankers and lawyers advising companies on takeovers and initial public offerings from London to New York fretted over their deals on Friday, after a British vote to leave the European Union poleaxed company valuations and executive confidence.
Reuters reports that dealmakers spent the day making calls to company executives as they scrambled to assess Brexit's impact on upcoming transactions. It quickly became apparent that, while British companies were in the eye of the storm, deals involving European and North American companies could also be affected.
"We have a cross-border transaction that was supposed to get signed today and it was delayed until Monday. I suspect they want to take the time to think about whether they want to do the deal right now," said Michael Kendall, a Boston-based partner and co-head of private equity at law firm Goodwin Procter LLP.
German regulators contested plans on Friday for a merged Deutsche Boerse - London Stock Exchange to be based in London following the British referendum, while one politician even said the deal was now as good as dead. The two companies saw their shares drop around 9%, but said they would stick with their plans.
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