Is deal-making dead? Sir Martin Sorrell is no angel but he is certainly venturing where others fear to tread. At a time when M&A activity is drying up faster than stock prices are collapsing, WPP is going ahead with its £1.2bn takeover of Taylor Nelson Sofres, the market research company.

WPP has been pursuing TNS for months to snatch it from the jaws of German rival GfK, so Mr Sorrell, chief executive, has had plenty of time to walk away. In 2001, he tried to wriggle out of buying media company Tempus, citing a “material adverse change” clause after the terrorist attacks of 9/11. He did not succeed but that failure was a blessing in disguise as Tempus turned out to be a good business for WPP.