Whilst the global M&A market for smaller construction companies appears robust, consolidation at the top of the market remains elusive as Bovis and Galliford Try fail to find a mutually acceptable merger agreement.

This is not the first heavy-hitting merger to have fallen over in the last few years; Carillion's overtures to Balfour Beatty were rejected three times in 2014. 

However, M&A hope remains for smaller, strategic acquisitions to fill niche markets. This is borne out in figures for Q4 2016. Absolute global deal numbers were strong at 87, but with a deal value of $22bn - less than half that of the $46bn peak of Q2 2014.