We met Gery-Edouard Lanthier (1971), Associate at Mazars, and co-manager of the Financial Advisory Services Department (F.A.S.).

1)    Gery, can you tell us something about yourself?
At present I am in charge of the Financial Advisory Services (FAS) at Mazars. Before that I was head of Corporate Finance activities for a competitor, General Manager of a family Investment Fund, Financial Manager of a trade and industry Group, and Director of international affairs for an automobile group. Before that, I had spent eight years in banking and two years in industrial promotion activities in Africa (when I left EDHEC, before INSEAD). My career path has been pretty varied, but has always centred on Finance.

2)    What services does Mazars' F.A.S Department offer?
Mazars' services cover Mergers and Acquisitions consulting, acquisition and transfer audits, valuation, restructuration consulting, and finally litigation consulting services. Our clients are businesses (from multinationals to medium-sized firms), investment funds and entrepreneurs, particularly in the field of corporate transfers.

3)    How do you see the year 2010 for the M&A sector to date?
It is a mixed bag. On the one hand, we've seen activity taking off again following an upturn in external growth for some companies. This is driven by consolidation strategies, as in the health sector for example. On the other hand, investment funds remain pretty much in the doldrums, due to a lack of banking credit, even if they have seen more activity in sales in some sectors where results illustrated their resistance to the economic crisis, justifying high prices.
Since September, investment funds have seen an upturn driven by higher sell off prices and acquisitions for some, as sitting on the fence would be prejudicial. Corporates, moreover, remain active.

4)    What can we expect for the second half of 2010? Are the recent offers from BHP for Potash (40 M$) and from Intel for McAfee signs that the M&A market has entered a new growth phase?
While we saw a 48% rise in July in the number of transactions in Europe compared to the same time last year, we need to remain on our guard: in 2000 and 2007, there were over 7000 transactions in Europe, while today it is unlikely we will reach 3000 in 2010.
With regard to the operations you're referring to, they are the result of a consolidation strategy by some firms, and this strategy is likely to continue. The world of finance is unstable. We saw a glimmer of improvement in the first semester; let’s hope that the upturn continues.

5)    Which sectors can we expect to hear about in the coming months?
As I said earlier, there's a lot of sectorial consolidation in the market at present, especially in the health, energy and consumer goods sectors.

6)    How do you see the macroeconomic outlook in 2011?
The general uncertainty hanging over all the markets will not help restore confidence and growth in some areas of the world, especially North America and Europe which, over and above their economic importance, need a minimum of growth if they're not to slide deeper into recession. While Asian growth provides us with great opportunities, it mustn't overheat as that would have a serious knock-on effect.
Confident for 2011, yes, but we need a return to stability so that shares and raw materials are less volatile. On the other hand, although interest rates are stable, it's not really healthy as it can result in too much money floating around which could in turn lead to bubbles. The latest measures to boost the US economy indicate a rise in interest rates in the next 12/18 months.

7)    And a word about EDHEC: what sort of memories do you have of your student days?
Excellent! It was a really good time in my life where, in a, dare I say it, relaxed atmosphere, I learnt the bases and the techniques necessary to join the profession in the best possible conditions. The unquestionable level of excellence and recognition that it has reached today can be put down to the school's incredible dynamism.

8)    What advice would you give a young EDHEC graduate today?
Be ambitious, imaginative, think about what you want to be in the future, and make sure you give yourself the means to achieve your ambitions, even if it means changing tack en route. In effect, life will offer you many opportunities and you need to be able to recognize them and seize them.

9)    What does the inauguration of the new Lille campus on 8 and 9 October 2010 signify for you?
The new campus is indicative of the long-term success of our school.