“The re-emergence of M&A: hope or hype?” was an appropriate title for a discussion among senior bankers in New York last week. Although November provided hope when global M&A volumes reached $305bn (€202bn), the highest monthly total since July 2008, according to data provider Dealogic, recovery into next year is unlikely to be across all sectors, warn M&A bankers.

The fourth and fifth largest deals so far this year were both announced last month - the UK Government's purchase of a $41.8bn stake in the Royal Bank of Scotland and Berkshire Hathaway's $35.9bn acquisition of railway company Burlington Northern Santa Fe.