When mining giant BHP Billiton withdrew from its hostile acquisition of Rio Tinto last week, it was part of a trend of corporate grooms abandoning their would-be wives at the altar, according to The Economist.

The magazine cites Thomson Reuters research which reveals the total value of cancelled mergers so far in the December quarter has soared to $322bn (£218bn) - a two-year high and close to the value of completed mergers in the same period ($362bn).

A UBS study found one-third of deals announced in the USA this year had been terminated and globally, the value of M&As completed so far in 2008 is down by 27% on the corresponding period last year, to $2.8tn.

The likelyhood of two other multi-billion dollar deals to be called off is high - the acquisition of BCE, the Canadian telecom giant, by private-equity firms is on the brink following 'preliminary' comments by its KPMG the company is insolvent; and big drugs firm Roche's claim it will complete its $43.7bn acquisition of Genentech is being met with growing scepticism.

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