Independent advisers have once again come to the fore in the global M&A stakes, with the trio of Klein and Co, Lazard and Evercore Partners winning roles on the $130 billion merger between Dow Chemical Company and DuPont.

The US chemical companies announced an all-stock merger of equals on December 11 that will create a company, named DowDuPont, with an expected market capitalisation of $130 billion when the deal closes in the second half of 2016.