Is the era of the mega-deal over?

It is not the only mega-merger to hit the rocks. In May BHP, a commodity giant, ended its pursuit of Anglo American after its plan to divest Anglo’s South African operations caused a political storm. A hostile bid for Sabadell, a Spanish bank, by BBVA, a bigger rival, has Europe’s financiers humming with excitement but has become mired in local politics. This week a court in Portland, Oregon, considered arguments from the Federal Trade Commission about why the merger of Albertsons and Kroger, two American grocers, would raise prices and should be blocked. In Japan, typically a haven from aggressive corporate conquests, retailer Seven & i has rebuffed an offer from a Canadian suitor, halting what would be the largest-ever foreign takeover of a Japanese company.