The shifting global defence landscape continued to shape mergers and acquisitions (M&A) activity in the military and security industrial sectors throughout the first half of 2011. Deal activity was characterised by the ongoing 'portfolio shaping' of major contractors and their retrenchment from some traditional markets, coupled with concurrent efforts to capture growth opportunities in the priority C4ISR and cyber-security domains; the continued incursion of Chinese industrial giants into Western markets; spikes of deal activity in market hotspots such as Brazil; and austerity-driven privatisation efforts on the fringes of Europe.
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