The Globe and Mail reports in its Friday edition that after the deal-making frenzy that was 2025, Canadian merger and acquisition activity slowed considerably in the first three months of 2026. The Globe's Jameson Berkow writes that $51.9-billion (U.S.) worth of M&A deals involving Canadian companies were announced during the first quarter. That is 23.6 per cent below the deal volume from the same period in 2025 and 16 per cent below the $61.8-billion (U.S.) first-quarter average over the past 10 years. Deal-making shrugged off a trade war, among various geopolitical crises, in 2025 to post one of the strongest years for Canadian M&A in recent history. Near the end of last year, experts were predicting that 2026 would be another banner year for the country's corporate takeover market. Experts say the decline that occurred instead reflects more caution than a retreat. Still, continuing violent global conflicts are having an impact on the market. Ryan Avey at Royal Bank of Canada, which was the top financial adviser for M&A in the quarter, said the sheer size of the largest deals that took place in the first three months of 2025 "reflects a skewed comparison," noting sales of Nova Chemicals, Innergex and Veren.