Well, here's a timely report from Ernst & Young on Canadian attitudes toward mergers and acquisitions. Just a day after the federal government more or less killed any takeover aspirations for Potash Corp. of Saskatchewan Inc. - and likely cast a chill over other potential foreign takeovers - it appears that Canadian executives are losing interest in being on the buying end of a deal.

According to the E&Y survey, conducted in October, just 9 per cent of respondents are "highly likely to acquire in the short term." That's down from a reading of 36 per cent in April. By short term, they mean within six months.

"Our last M&A pulse check predicted the recent spate of large deals that has taken place, but now the appetite for deals has fallen," said Tony Ianni, Leader of Ernst & Young's national mergers & acquisitions practice, in a note. "With a smaller number of assets available in the market, and as well-capitalized companies sit on their growing cash reserves, the pieces are in place for opportunistic and hostile approaches."

Globally, the appetite for takeovers is also down, but not nearly as much. Now, 29 per cent are actively seeking acquisitions, down from 38 per cent six months ago.