With bankruptcies, bail-outs and bust-ups the norm nowadays, there is something decidedly quaint about an old-fashioned “merger of equals”. Yet that is what Vodafone of the UK and Hong Kong’s Hutchison Whampoa have opted to do with their sub-scale Australian operations.

Even in their heyday 11 years ago, when Dealogic calculates such deals accounted for 17 per cent of the global total, some mergers were always more equal than others. And so it is with Vodafone and Hutchison Telecoms, the Australian-listed subsidiary and junior partner. While keen to emphasise its higher growth rates, Hutchison had revenues of A$1.5bn over its latest 12-month period, to Vodafone’s A$2.4bn, as well as vastly inferior profit margins. Reflecting the relative positions of strength, Vodafone will receive a A$500m note from the combined entity; retain its brand (for which a fee will be paid); and take three of the top four management positions.