JP Morgan has jumped two places to second place in the global mergers and acquisitions league table, while a number of smaller players have been catapulted into the top 20, after picking up slots as advisers on the largest announced deal in more than a year.

Potash Corporation of Saskatchewan, the world's largest fertiliser manufacturer, said in a statement yesterday that its board had received and unanimously rejected an unsolicited proposal from Australian miner BHP Billiton.