The value of global M&A deals in the first six months of this year was around half that recorded during the same period last year, proving that the recent rally in debt and equity markets is yet to make on impact on the business of deal-making.

According to data provider Mergermarket, the $673.2bn (€481.9bn) of deals announced so far this year is 46% less than the first half of 2008, with the total number of deals down 52%. The situation is even more dire when one considers that $154bn or 23% of the total deal value, has been made up of three mega-deals involving US pharmaceuticals companies - Pfizer's takeover of Wyeth, Roche's buyout of Genentech and Merck's bid for Schering Plough.