Carveouts Back in Vogue: As economic conditions worsen, many dealmakers anticipate efforts to find synergies will be replaced by initiatives to unlock hidden value - code for asset dispositions.

In early February, Motorola finally succumbed to shareholder pressure and broke ground on its strategic realignment plan. The company began looking at alternatives, which most onlookers took to mean that it would pursue a sale of its handset business. While certain shareholders, such as Carl Icahn, have been on the company for months to break up the business, past history has shown that a weak economy often seals such decisions. Essentially, the synergies that are so sought after during boom times become replaced by efforts to unlock hidden value.

"As you reach the inflection point in the market, as we've seen during the past six months, you see these dreamy synergy scenarios exposed by the harsh realities of a difficult business environment," Joseph …