However, quarter on quarter there has been a slow, steady pick up in worldwide mid-market M&A activity - meaning deals up to $US500 million ($551 million) - since the market hit rock bottom in the first quarter of 2009 at a total volume of just under $100 billion.

Overall the total mid-market M&A volume for the first nine months of 2009 totalled $355.5 billion in announced deals - down from $581 billion from the same period last year

According to Thomson Reuters, in partnership with Freeman Consulting, such announced deals in 2009 resulted in $7.6 billion in estimated fees.

Australia was reported to have been targeted for 1298 deals in this period, totaling a little over $15 billion.

The Australia/New Zealand figures showed that materials led the mid-market on M&A targets, amounting to 29 per cent of the market, followed by energy and power on 17 per cent and real estate and financials on 13 per cent each.

Worldwide, M&A deals targeting energy and power led a good chunk of the work, amounting to 16 per cent of the total worldwide mid-market M&A activity, followed by financials on 15 per cent, and materials and real estate on 12 per cent each.