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===Corporate strategy=== From 2011 to 2014, the average annual value of acquisitions was about $300m.<ref name="ft.com"/> The predictability of the company's results in recent years has led to a re-rating of the shares.<ref>{{cite web|url=http://www.ft.com/cms/s/0/289e2c72-81cb-11e2-b050-00144feabdc0.html#axzz3dVbM5GfZ |archive-url=https://ghostarchive.org/archive/gscPs |archive-date=10 December 2022 |url-access=subscription|author=Jonathan Guthrie|title=EU left strikes a blow for top bankers|work=Financial Times|date=28 February 2013|access-date=23 September 2015}}</ref><ref>{{cite web|url=http://www.ft.com/cms/s/0/1a988712-25d1-11e3-8ef6-00144feab7de.html#axzz3dVbM5GfZ |archive-url=https://ghostarchive.org/archive/lP79m |archive-date=10 December 2022 |url-access=subscription |url-status=live|author=Jonathan Guthrie|title=ICAP case gives enemies of the City a crate of free ammo|work=Financial Times|access-date=23 September 2015}}</ref><ref>{{cite web|url=http://www.breakingviews.com/reed-at-$38-bln-rubs-up-against-new-class-of-peers/21186429.article|title=Reed at $38 bln rubs up against new class of peers|work=breakingviews.com|access-date=23 September 2015}}</ref>
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