The road to consolidation is a long one, particularly in Germany. Fallout from the credit crunch has raised hopes for mergers in the fragmented banking sector, while low market valuations are inviting takeover bids in other sectors. But German solutions are sought, not a break-up of Deutschland AG.

This week, the German government approved a draft law giving it the power to block any takeover from a non-EU company trying to acquire 25 per cent or more in a German company on grounds of national security. It is not limited to bids from “locusts” (as Franz Müntefering, former Social Democrat leader, famously called hedge funds in 2005) or sovereign wealth funds.