Action was Hot in M&A Market for '05

* Last but not least, the Quebecor World/Grafikom/MATLET breakaway drew some applause. Nothing is more exciting than the birth of a new printer, even if it's just on paper, because it happens oh-so rarely. And, in this case, it's the birth of twins.

Give Quebecor World a lot of credit for being up front about its strategic intentions and hammering out a deal that allows these new companies to focus on their own strengths. The boost in morale for those new entities has to be considerable. No one wants to be thought of as non-core.