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  "documentTitle": "Transport &amp; Logistics Barometer",
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  "notes": "The slide discusses the divergence between local-led M&A in Asia/Middle East and foreign-led M&A in Europe, citing specific examples like Adani, COSCO, and DCT Gdańsk.",
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      "text": "The deals of the nearer past were mostly driven by larger shipping lines... A continuing limiting factor of deal activity by foreign global players in the Asian market is that port infrastructure deals are sometimes not in line with the company-specific investment strategy.",
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      "text": "Sources: PwC analysis based on Refinitiv, J.P. Morgan",
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      "text": "Transaction activity driven by local giants",
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