Overall, however, deal activity is still stuck in the post-banking crisis malaise. The pace of global takeovers is about 60 per cent below its $3,200bn peak of 2007 and few bankers are predicting a quick upsurge in volumes. The first six months of next year will set the tone for the next M&A cycle, which bankers insist will be different.But one thing is for sure: as with previous booms, signature deals will come to epitomise its excesses.