This article by Franco Carlo Papa (Chairman of PGS Consulenti) and Luca Sala (Partner of PGS Consulenti) examines the opportunities for development involved in M&A processes during crisis situations, seen as important for restoring competitiveness to the Italian system. Close attention is given to the possible roles of creditors (the main promoters of company recovery), of the professionals providing assistance to companies during these operations and of turnaround funds. In these situations it is therefore fundamental to concentrate on synergies and competences rather than simply on purchase prices, both in the acquisition phase and in the later corporate management phase.