The global mergers and acquisitions market is still vibrant, contrary to widespread pessimism about the economy, according to a survey by Enterprise IG.
Corporation name changes have increased globally by 7 per cent in the first six months of 2001, with a total of 1993 new names compared with 1854 over the same six months last year.
The survey results appear to contradict suggestions of a slump in corporate identity work, made by consultancies such as Interbrand. Interbrand axed its dedicated 3D unit in May, blaming the slowing global economy and subsequent downturn in corpor-ate identity work (DW 17 May).
The UK was second only to the US, with 65 corporate name changes since January, compared with 1761 in the US. New names were reported from 39 countries worldwide, according to the survey results.
Enterprise IG joint chief executive Jim Johnson says, ‘Even though companies are cutting costs, they still recognise the need to invest in the corporate brand and create distinctive names.’
The financial sector was the most active, accounting for approximately 60 per cent of the total number of corporate name changes.