And in Europe, the common currency was almost a precondition of the current merger boom. But in Asia, almost every deal is in cash. The region's relatively small bond market rules out the use of debt for takeovers, and most Asian companies prefer coin to scrip, particularly if the shares come from some place other than home. You need investors who are comfortable taking foreign paper, paper listed in another place and in a foreign currency. You haven't seen much of that in Asia.
Most Asian companies considering a merger or acquisition now rely on their bankers for financing.
Still, several recent deals have set new benchmarks. New tax laws allow the companies to swap shares, a common practice elsewhere but a first for Australia. If Metrobank and Solidbank merge, Metrobank would once again be the Philippines' largest bank. TSMC, already the world's biggest chip foundry, is desperately trying to boost production as the electronics industry goes through one of its perennial boom cycles. There's more to come.