By Alan Murray and Geoffrey Smith
October 30, 2017

Good morning.

Merger activity is expected to slow in the coming year—at least compared to the overheated pace of the last two years. That’s a key finding of EY’s twice-yearly Capital Confidence Barometer, based on a survey of U.S. executives, which is coming out later this morning. (CEO Daily was offered an early peek). Only 42% of surveyed executives said they planned to pursue a deal, down from highs over 70% in recent years.

The M&A cooling would follow the recent announcement of a blockbuster bid by CVS to acquire insurer Aetna. The stock market was down on that deal Friday, with shares of both companies falling. Analysts said that may have more to do with news last week that Amazon has won regulatory approval to wholesale pharmaceuticals in 12 states. Competing with Amazon has become every company’s worst nightmare.

And former GE CEO Jeff Immelt told The Wall Street Journal that he didn’t know his company was sometimes sending a second plane to shadow his globetrotting travels. Apparently, the GE board didn’t know either.

More news below.

Alan Murray
@alansmurray
alan.murray@fortune.com
Alan Murray
@alansmurray
alan.murray@fortune.com

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