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This assessment certainly holds true for the chemical industry. Many chemical companies now have strong balance sheets as the result of increased sales in 2010 and lower overhead due to cost-cutting measures taken during the recession. With volumes still below 2008 levels, further sales growth is expected in 2011.

In addition, political instability in the Middle East and North Africa have the potential of generating a significant and long-term impact on oil prices and hence the global economy. As a result, many chemical companies are adopting a wait-and-see attitude for deal making in the region.

BICME countries (Brazil, India, China, Middle East) will increasingly dominate chemical industry M&A activity in the years ahead, supported by growth in end markets, government policies and access to funding. Already, M&A in BICME countries have increased from 5 percent of deal value and 17 percent of deal volume in 2007 to 30 percent of deal value and 28 percent of deal volume in 2010.

Quite early on, attempts were made by the United States, WHO/HQ, and OCHA to coordinate both the humanitarian and research initiatives. One problem was a lack of clarity over the leadership of the newly independent states: the Russian Federation regarded itself as senior to the others, the accident occurred in Ukraine, and Belarus was the most affected country. The United States and WHO/HQ each claimed to have made exclusive agreements with the affected states—IPHECA to the effect that it was to be an umbrella under which all research and humanitarian activities would be coordinated, and the United States to the effect that it had priority where the conduct of research was concerned. OCHA claimed that its mandate overrode other humanitarian-linked agreements. The result was a serious lack of coordination and a fair measure of chaos on both humanitarian and research fronts.