Mergers and acquisitions are making a comeback. This week alone, Axa announced it was raising €2bn ($3bn) for fresh acquisitions. Kraft formally launched a hostile bid for Cadbury. Areva received three competing bids for its power transmission and distribution business. Comcast is proposing to acquire NBC Universal.

France Telecom and Deutsche Telekom are in exclusive talks to merge their respective Orange and T-Mobile businesses in the UK. Vivendi and Telefónica are battling for control of Brazil’s GVT. ING and Royal Bank of Scotland are looking for buyers for assets they are being forced to dispose of.