"Right now, the M&A situation is depressed ... in Europe," says Tim Emmerson, senior corporate partner and head of the European practice at Sullivan & Cromwell LLP. Emmerson tells The Deal Pipeline's David Marcus that he thinks European M&A activity will "stay down in relative terms." However, he believes that 2012 will bring an uptick in M&A due to forced asset sales from the European debt crisis. Emmerson also discusses the motivation for Asian- and U.S.-based buyers. - Sarah Hashim-Waris