“If companies begin to face difficulties, companies will divide, reorganize, and corporate valuation will increase, compensating for the drop in the valuation of banking collaterals,” said Adrian Crivii, General Manager of Darian Rom Suisse, company specialized only in the field of valuation.

Adrian Vascu, President of the National Association of Valuators in Romania (ANEVAR), said he expects a rise in the number of companies considering mergers and acquisitions once the financial circuit becomes unblocked.

The value of companies is expected to drop most in the real estate, construction, auto, retail, and furniture sectors.

A crisis will lead to a drop in the value of company-owned assets. At present, a 4 percent rise is expected in 2009, and the crisis could be felt only through stricter financing conditions, added Crivii.

Companies prefer to protect their liquidities and not get involved in transactions, as they are interested in valuating their assets for financial reports in order to have control over their situation, according to specialists.

The total volume of the valuation market rose by an annual 20 percent in 2008, while its value amounted to €30 million.