Acquisitions are beginning to look a lot like hard work, as deals have to battle their way past unimpressed non-executives, sceptical shareholders, heavy-duty due diligence and intrusive anti-trust regulators. The result: investment bankers are having to work harder to earn their fees.

The first hurdle that's just got higher is to find a viable target. The ideal way for a company chief executive to arrive at the idea for a transaction is following a strategic review, which sets out what that company needs to do to become bigger and better, according to Mark Warham, head of M&A in Europe, Middle East and Africa at Barclays.