The preliminary Thomson Reuters M&A data shows the euphoria that drove merger mania in 2015 has subsided.
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The value of announced mergers and acquisitions (M&A) worldwide fell 27 percent year-on-year to $753 billion in the third quarter of 2016, as apprehension among corporate executives about overpaying prevented a repeat of last year's deal-making frenzy.While M&A activity remains robust, dealmakers said companies were being more selective in their decisions to do deals.This year's largest deal so far was clinched in the third quarter; German drug and crop chemical maker Bayer AG's $66 billion takeover of U.S. seeds company Monsanto Co. is also the biggest all-cash deal on record.Some of the other big deals this quarter included Enbridge Inc.'s $28 billion acquisition of Spectra Energy Corp to create the largest North American energy infrastructure company, and Softbank Group Corp.'s 9984 .T $32 billion acquisition of British semiconductor maker ARM Holdings Plc.In August, Pfizer Inc. announced a $14 billion deal to acquire cancer drug-maker Medivation Inc., at an 118 percent premium to Medivation's undisturbed share price.
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