Markets are more supportive of large merger and acquisition deals now than at any time since 2005, according to JP Morgan note to clients, as lower equity valuations and a higher proportion of deals financed by low-yielding cash reserves making deals more attractive to shareholders.

In a note to clients published yesterday, JP Morgans' M&A team in Europe, Middle East and Africa analysed the top 50 global full takeovers by public acquirers in every year since 2005.