Global mergers and acquisitions volume is expected to exceed $5 trillion (€3.6trillion) this year, as analysts forecast no let-up in the pace of activity, despite investor concerns about an overheating market.

Describing the current M&A cycle as the "biggest arbitrage trade in history" Citi analyst Robert Buckland said there was no reason deal volumes in the second half of this year would not exceed the record level of the first half.