A buyout frenzy is taking hold of boardrooms from Tokyo to San Francisco, and it’s adding fuel to a record-breaking rally across the world’s major stock markets.

More than $70 billion of deals has already been announced this week, with Charles Schwab’s $26 billion buyout of discount brokerage TD Ameritrade leading the pack. Luxury goods giant LVMH, Swiss drugmaker Novartis and Japanese conglomerate Mitsubishi are among a slew of companies which have also announced multibillion-dollar transactions.

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