One side-effect of the uncertainties of defense spending is a shrinking of mergers and acquisition (M&A) activity as companies hoard cash rather than invest it. The phenomenon was evident in 2012 and is not limited to the U.S., an analysis by consultants PwC shows. Data extrapolated from the first quarter of this year shows an annual rate of just $6 billion in M&A activity in the aerospace & defense (A&D) sector worldwide compared to a 10-year average of $20 billion. ...

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