Record global M&A activity has deal-makers speculating on how long it will last

U.S. one dollar banknotes. Photographer: Tomohiro Ohsumi/Bloomberg

Multibillion dollar deals that will reshape the health-care and media industries have set 2018 on course to be the biggest year on record for global M&A. Now, after an unprecedented five years of bumper activity, dealmakers are starting to sound a note of caution.

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