When German utility RWE announced it was pressing ahead with a €9.3bn ($12.3bn) cash bid for unlisted Dutch peer Essent last week there was a temptation to predict a thawing of the market for acquisition financing and a return to some semblance of dealflow in the year ahead.

At 9.6 times predicted earnings before interest, depreciation, tax and amortisation in 2009, RWE's offer would be considered reasonable under normal conditions, and positively generous given the economic malaise.