The value of mergers and acquisitions dropped 46 per cent so far in 2022 compared to the same period last year, according to data from Refinitiv. There have been 909 deals in 2022, the lowest number since at least 2012, worth a total US$40.2 billion. (The Logic)

Talking point: Global dealmaking is down in general, as rising inflation, interest rate hikes and Russia’s war in Ukraine weigh on markets and the broader economy. But the freeze in Canada is especially acute, driven by more than the bearish market. The federal government is reviewing the Competition Act, which may be having a chilling effect on M&A, in a country where regulators rarely challenge mergers. Along with updating the act to be more relevant for the digital age, the Competition Bureau is expected to keep the threshold for evaluating mergers at $93 million, rather than increasing it to account for inflation. In the meantime, the regulator has launched a rare challenge against Rogers’s planned $20-billion takeover of Shaw, a deal that would create the country’s second-largest mobile and cable operator.