Who says Germany's not restructuring?

Last year the volume of leveraged buyouts I in Europe reached a level of 117 billion [euro], This year is shaping up to become even bigger. American investors are particularly active. and Germany seems to hold special opportunities for them. Private equity funds have invested 21 billion [euro] in German companies during the first half of 2006--more than ever before. Blackstone acquired a big chunk of Deutsche Telekom, Whitehall bought the real estate owned by Karstadt-Quelle. Fortress took over the complete public housing owned by the City of Dresden. and BC Partners spent 3 billion [euro] on the takeover of Brenntag, a German chemicals company.

Thriving credit markets have helped buyout companies raise plenty of debt to pay for acquisitions, and German companies with their often conservative management and unused financial padding appear a particularly attractive target.

The controversial debate about "locusts" swarming in and stripping bare the blossoming corporate landscape in Germany. initiated by leftwing politicians two years ago. has died down since private equity investors succeeded in turning around moderately profitable Companies, such as Sirona, MTU, Wincor-Nixdorf. and Premiere to growth and competitiveness. In some cases new jobs were created, too.