The site of one of the first and most celebrated market crashes in history, the tulip mania of the early 17th century, Amsterdam provides a perfect backdrop for private equity to consider its options.

Back in July, the S&P 500 was only down about 13 percent on the year and the debate was whether the U.S. had narrowly averted recession. It was around that same time that KKR announced a what seemed like a bold, confident move to merge with its Amsterdam-listed business, delist there and list in New York.

Now it’s November and the question is not whether there is a recession, but how deep and long it will be. KKR’s Amsterdam affiliate says its net asset value has sunk 22.6 since the start of the year – far less than the S&P’s fall of more than a third in 2008, but still enough to cool KKR’s jets.  The merger is being put back to next year, which may still prove to be a bold and confident time horizon given the increasingly dire predictions for the global economy.

Along with its hash bars and state-regulated brothels, Amsterdam emerged as natural place for private equity firms to entice retail investors. Names like Lehman Brothers and Carlyle Capital were once the hallmark of private equity investment for savvy retail buyers. Carlyle’s Amsterdam business went bankrupt in March.

Deals of the day:

* The Bank of Cyprus said it concluded the acquisition of 80 percent in Russia’s Uniastrum Bank for $576 million as part of its expansion strategy abroad.

* Etihad Etisalat, Saudi Arabia’s second-largest telecom operator, said it had bought 94 percent of local internet and data communication provider Zajil for 80 million riyals ($21.3 million).

* Swiss insurance company Zurich Financial Services said it had entered a joint venture with an Abu Dhabi-based partner to offer Islamic insurance coverage, known as ‘takaful’.

* The New Zealand Stock Exchange, which owns 22 percent of the Bond Exchange of South Africa (BESA), said it would not back the JSE’s $17 million bid for BESA at the current price.

* Lebanon’s Bank Audi and Egypt’s EFG-Hermes have broken off merger talks due to unfavourable market conditions, the two institutions said.

* German chemicals group BASF said it secured 68.10 percent of Ciba shares, based on final results of a tender for its ailing Swiss rival, clearing the key hurdle in the takeover bid.

* Independent News & Media has not held talks over selling its Independent newspaper and Sunday sister title, a spokesman said, following a weekend media report that linked it with the Daily Mail group.