While merger and acquisition (M&A) activity hasn’t exactly taken off in the US, in Europe it has been completely flat for the last couple years despite having favorable market conditions (low valuations and interest rates) because companies have been focused on deleveraging (as have European banks, who haven’t been eager to lend). But American companies have about $974 billion in cash or cash-like assets parked outside the US that would be expensive to repatriate for tax reasons, and could be put to use for M&A. “[M&A activity] usually arrives late at the party, but then typically provides a significant boost…