International investment banks no longer need to send in banking missionaries to convert German industrialists to the attractions of mergers and acquisitions. Indeed, German companies, even in the Mittelstand, are now so enthusiastic about deal-making that banks are struggling to meet the intensifying demand for their services.

There are simply not enough bankers to go round. People familiar with the market say that there are only about 100 M&A specialists with more than five years' experience of the market. This is a tiny number in comparison with the UK and the US, and highlights the dramatic pace of change in Germany.