Lion Nathan’s proposed $5bn (€3.9bn) acquisition of Coca-Cola Amatil is the latest in a string of large deals in the food and beverage space this year, as the sector continues to offer up high value advisory mandates despite depressed global volumes for mergers and acquisitions.

Australian brewer Lion Nathan, which makes alcoholic beverages including Tooheys, offered on Monday to acquire Coca-Cola Amatil in a cash and shares deal that values the company at A$7.7bn (US$4.9bn).