Local service from a global alliance. Consolidation follows a fairly predictable pattern in developed and emerging economies. Domestic consolidation precedes global mergers and acquisitions. However, these days not only dominant players are looking for targets abroad after they have built a powerful position in the home market. For instance Asian companies are rewriting the rules on M&A. Small Asian players are buying large Western brands and technologies. Companies that compete in crowded, fragmented domestic markets are snapping up competitors over the border instead of in their own backyard. Cross-border M&A is rising.