Nearly 80% of respondents expect an increase in this type of operations even if 45% of them indicate that such a move has already been achieved during the past three years. In 2012, the value of all mergers and acquisitions has reached unprecedented proportions since 2005, with buyers seeking a 15% return on equity. This ratio is on average set at 14% for operations carried out in Western Europe and North America and at 17% in Africa and Middle East.