Corporate reconstruction is the new game as players go continental.
Also, increasing globalisation brings into question the validity of corporate rankings linked to specific areas. On the other hand, growing convergence and interdependence of national economies, which can only be accelerated by the introduction of a single European currency, will make companies based there adopt a continental rather than national culture. Mergers designed to enhance global competitiveness have already had an impact on the table. As foreshadowed a year ago, the merger of Swiss pharmaceutical firms Ciba and Sandoz ousted the new Novartis into second place, though it comes only 33rd by turnover - in part, a reflection of the ratings investors accord pharmaceutical shares. Both mergers and privatisations are already guaranteed to have an impact this year.