WHERE ARE THE AMERICANS? United Kingdom companies, once the special targets of America’s acquisition-minded executives, who believed they spoke the same language as the Brits and whose wives hankered after frequent visits to Harrod’s, are falling to acquirers almost every day–but American firms aren’t participating in the buying spree. It seems that acquirers from Asia to Europe are bidding furiously for any British company with reasonable prospects. Spain’s Banco Santander snaps up Abbey and Ferrovial stalks BAA; Germany’s Linde will swallow BOC unless the competition authorities object; Japan’s Toshiba acquires Westinghouse and Nippon Glass picks off venerable Pilkington. But the Americans are sitting on their hands or, more precisely, their cash piles.

The merger wave is now at levels not seen since the boom of 1999 to 2000. The value of announced merger and acquisition deals involving euro area companies has been running at about $10 billion per day, and all global deals about $20 billion per day. Executives once reluctant to get involved in hostile takeover bids are shedding their inhibitions and joining the bidding wars. Companies that once contentedly cultivated their local and national markets are joining the rush to globalize their operations and tap new markets. This newest merger wave is washing across Europe and U.K. companies among the leading targets.