Mergers and acquisitions, the bedrock of corporate identity work, have fallen back, following the overheated activity in 2000, a new report by KMPG Corporate Finance finds. In the UK, like-for-like activity dropped in value by 71 per cent and 29 per cent in volume since 2000, according to the study. So far this year, M&A has been worth £76bn in the UK, representing 1396 deals.

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