ADRs continue to be valued M&A currency and new issuers are expected from emerging markets in 2002.
You know what they say - misery loves company. And so in 2001, with IPO activity down some 60 percent, stock market listings in the US down around 45 percent and M&A activity by European companies also down considerably, the value of capital raised through ADR offerings also dropped in sympathy - to $8.4 bn from the previous year's high of $30 bn. Meanwhile, according to Citibank, ADR trading value plunged $700 bn from the previous year.But even if non-US companies were shying away from
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