It gives me great pleasure as Head of CFM Capital, to introduce our 20th consecutive annual review of M&A activity involving Irish businesses. Over this twenty year period we have experienced tremendous changes in Ireland both socially and economically. In the last ten years in particular the Irish economy has been stellar in International terms and this has contributed to significant levels of M&A activity. In spite of recent financial turmoil in global money markets, growing uncertainty about future of Irish residential construction sector and signs of a slowing economy, the M&A activity in Ireland continued to remain robust during 2007.

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