It's a great pleasure to be Eugenio Morpurgo today. Eugenio is the founder and the CEO of Fineurop Soditic with incredible experience in the M&A market. He is also a professor here in Bocconi teaching M&A, and the relationship between PE and M&A is something the is absolutely important. So Eugenio, what are the key trends in the M&A market today? In 2014 and 2015 we have seen a very positive trend in the global M&A market driven by acquisition financing which is available in most advanced countries, and also the liquidity available from large private equity funds, corporations, and even family offices. So I would say general conditions on the global M&A market are very positive, and we’ll still remain very optimistic for the next six or seven months. So 2015 is also going to be a very interesting year for M&A. With regard to the Italian market, there are some peculiarities. First of all, it is a market dominated by foreign investors, both strategic investors and private equity players. And normally there is a lot of interest with regard to quality assets. So it is a market which is booming in terms of number of transactions. And even multiples, average multiples on EBITDA in 2014 was above 9 times which is really a record over the last 15, 20 years. I don't think there is a bubble with regard to the Italian market, but there are some factors which could be weaker over the next months, in particular, acquisition financing, which is now very good. There is an open window for larger and mid-size acquisition financing projects at excellent conditions, but it's going to depend also on general stock market, debt capital markets. And, of course, there is an issue of the potential Grexit which is going to affect this market over the next three, four months at least. It is a positive market. Recently, we have seen a lot of strategic investors coming from the United States, some selected German groups, Chinese investors. And concerning the Italian domestic market, we still see a lack of domestic strategic investors. So Italian strategic players are very cautious when it comes to acquiring a company in Italy. They are interested in performing acquisition inside our country as we've seen a company like Amplifon, like Luxottica, Campari, Finmeccanica, but if we speak about domestic transactions they are very selective. In general we see a very limited number of local consolidators in our market. That's why the role of private equity can be very important. Private equity is one of the main drivers of the M&A market. How do you see the relationship between private equity and M&A? It is a very important relationship worldwide. Private equity has a very important share of the global M&A market in Europe and in the United States. We believe that the share is gonna increase, especially in the industries where corporate strategic buyers are less present. For example, if we speak about pharmaceutical and food, of course, we have a lot of strategic corporate buyers from the United States, Germany, and China, but when it comes to machinery, engineering, and distribution, private equity is very well positioned to make acquisitions and to be very competitive in terms of prices paid for the transactions. I think it is a very important role worldwide. When we speak about Italy I believe that the role can be even more important, for two factors. One factor is the IPO market is quite weak and private equity could replace, when we speak about minority stakes, this IPO market even in difficult times. I also believe that private equity can be extremely important also for supporting domestic groups in making consolidation policies in acquiring other companies. I believe it can give a contribution to the growth of the companies, and can in a way provide an additional source of capital that the IPO market is really window close, window open, but in a way, there can be more continuity when it comes to private equity resources. M&A is something very relevant but also complex. In your opinion, what are the key issues for a company to be managed within the M&A process? We have to differentiate between the sell side and buy side. In the buy side the due diligence has to be extremely accurate when it comes to evaluate potential synergies, and a lot of time has to be spent on possible post-integration problems. So it can’t just be a financial exercise, but you should very carefully study not only the legal part, the financial part, but also the post-integration. Post-acquisition is very important, and this is something that you should study before, on the buy side. On the sell side, it's always a question of getting the right window, because there are some opportunities in the IPO market or in the M&A market. And this window has to be really taken at due time, and sometimes sellers concentrate just on fundamentals to see if EBITDA next year is gonna be 2 or 3% more. And sometimes they forget that the market can be very volatile, because there is also a cycle in the M&A market depends very much on stock markets, on total liquidity available and, as we said before, acquisition financing market. So prices are not there forever. Opportunities are not there forever. You should really catch the right window. Thank you very much. Thank you very much for your time, Eugenio. Thank you.