Europe Is M&A Hot Spot; Industrial Deals in Focus

Those industrial giants that haven’t done a big deal might want to get moving.

Most of the acquirers responsible for the top industrial takeovers this year have climbed since announcing their purchases, according to data compiled by Bloomberg. That includes Danaher Corp., Harris Corp. and FedEx Corp. In contrast, Emerson Electric Co., Eaton Corp. and Pentair Plc—companies that are under pressure to find sizable acquisitions after sitting on the sidelines—have slumped.

As cash piles up at many industrial companies, share repurchases and dividends just aren’t cutting it any more for investors. Instead, they want to see that money put to ...