I made this graph today showing the number of merger and acquisition applications to the New Zealand Commerce Commission.

Over the past ten years there has been a reasonably steady level of applications of about 20 per year, except for the big drop in 2009. Since in a recession there should be as much or more demand for mergers than usual, this suggests that most of the applications in the recent past were for acquisitions rather than mergers. I also wonder what was the driver of the high level of applications in the early 90s.