Some European companies are swimming in money.
Serious funding is available for sound new ventures, and a season of consolidation is under way.
Many Internet firms that slipped into the public markets before the market correction in April have huge cash balances available for aggressive expansion and acquisitions. Because deep pockets matter in troubled times, expect the autumn to be the season of the big portals in Europe. European CEOs often are not actively engaged in Internet deals, but that is changing. American firms are joining in. New funds are announced weekly.