Mergers and acquisitions activity hit the lowest weekly total — $12.5bn — since the aftermath of the financial crisis in 2009, as the Covid-19 pandemic wreaks havoc across the global economy and forces companies to fight for their survival.

The slump in deals during the week of 23-28 March capped a poor start to the year, with worldwide M&A activity totalling $697.6bn for the year to that date, 28% down compared to the same period last year and representing the weakest year-opening period since 2016. The number of deals worldwide fell by 14%, the lowest in six years.