Dietmaking has caused worldwide devastation as the health and economic impact of coronovirus has sent M&A into deep freeze.
Refinitiv’s data showed that global M&A activity in the first quarter was down 28 per cent to $ 697bn (£ 560bn) in the same quarter last year.
By the number of deals, worldwide M&A has fallen 14 percent so far this year and is at a six-year low.
Read more: Coronavirus: Could fall on already announced M&A deals?
Global M&A fell by 57 percent for deals worth more than $ 10bn compared to the same period last year.
The US M&A has fallen 51 percent so far this year and reached a six-year low.
In contrast the European M&A was outpaced by five of the largest deals announced globally in the period, rising to $ 232bn in the quarter.
Matt Tooley, director of Refinitive of Deal Intelligence, said: “Global M&A declined last week, two weeks after global equity issuance saw an impact as both the severity of the world coronovirus epidemic and human health and its effects “The global economy.”
Read more: deal or No deal? How is coronovirus affecting M&A
London corporate head Ben Higson of the law firm Hogan Lovells said: “For the M&A market, not all activity has come to a halt. Deals are still happening, especially those that have been in place for some time.
“Anything is starting. Buyers and sellers need to account for the current environment and whether any aspect of it can stop or halt the live process. “