Developing M&A strategy Key findings about the CFO role in M&A decisions: Eighty-five percent of CFOs who make M&A decisions a very high priority tend to report closer collaboration with the CEO in the last three years. Half of the 652 CFOs we surveyed feel that they make a significant or very significant contribution to M&A decisions. The priority CFOs give to M&A varies by seniority. Forty-two percent of Group CFOs make M&A a high or very high priority, compared with 33% for Regional CFOs. Four M&A priorities for the CFO and CEO: 1 Revisit M&A opportunity evaluation, as digital drives more non- traditional targets in portfolios. 2 Co-develop a compelling rationale for deals. 3 Make M&A a core finance competence. 4 Ensure that tax strategy drives M&A value. 5 Partnering for performance Part 5: the CFO and the chief executive officer 26