Stuart Fraser Bit Quotations

We have seen quite a few people walk away from deals after the management rejects it. Interest rates are going up. Debt financing is costing more, so that's going to put a bit of pressure on what people can bid for.

The background has been encouraging so I don't think it's just a Christmas rally to expire completely in January. We've seen good confidence numbers from the U.S. and Germany, stronger growth, inflation well contained. The oil price is admittedly sticking a bit around $60 but it isn't going up anymore.