After a record 2015, M&A deal flow has fallen back this year. The total value of announced deals is down 18% compared with the same period in 2015, to US$3.46trn, according to Thomson Reuters data. The statistics were looking worse after three quarters, but have been partly saved by a busy start to the fourth quarter, with over US$1trn of deals announced. That has been thanks to some mega-deals, as the overall number of deals in the quarter is down 36% at 7,640. M&A advisers say heightened political uncertainty and continuing low rates make it hard to predict whether there will be a revival next year. But one thing is clear: low rates mean investors are keen to avoid holding cash.
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