The M&A activity in the last quarter which is analysed in the table below (see online for the full list), shows some very interesting data. There were 22 deals announced which is a high point for activity over the last five years. Two years ago more than half of these would have been in emerging markets but in this case it’s just two – one in Mexico and one in China – with the rest focused primarily on the USA and UK. The drop in emerging market activity is a combination of t...