Buying Into A Recovery

A burst of mergers is the latest of many sudden signals that a recovery may be around the corner

Are more mergers a sign of fair weather ahead? Fred Green thinks so. Expecting a revival in corporate takeovers, Green, co-manager of the Merger Fund, has begun accepting new money from investors for the first time in two years. And his timing looks good. Last week Phillips Petroleum agreed to acquire Conoco for $15 billion in stock, followed swiftly by carpetmaker Mohawk Industries' $1.4 billion deal to buy flooring company Dal-Tile and the announcement of a $3 billion cruise-line merger of Royal Caribbean with Princess. There was even talk that cruise-line heavy Carnival might pre-empt that deal by bidding for Princess.

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