UK companies made more acquisitions in July than any other EU country, but German businesses spent more on M&A, new research has revealed.

Germany became the biggest EU M&A spender as no UK deal managed to make it into the top ten most expensive transactions last month, according to data released by research house Zephyr.

German companies invested £20.2 billion in 167 deals, more than doubling the £9.4 billion it spent on 159 transactions the previous month. UK businesses come second after handing over £13.1 billion for 328 deals, a fall from June’s £17.9 billion on 339 deals.

Mergers and acquisitions in the Eurozone during July increased 22 per cent to a total of £69.2 billion, despite volume falling 14 per cent. This is the third consecutive month that more money was spent on fewer deals.

Gas Natural’s £6 billion acquisition of 45 per cent of Spanish energy group Union Fenosa was the most expensive deal. This was one of four energy transactions in the ten most valuable deals of the month.

The leading UK acquisition was the Co-operative’s £1.5 billion bid for rival supermarket Somerfield, which came in at number 11.

The five most active sectors were industrials, consumer services, financial services, technology and consumer goods. Financial services was the most valuable with £19 billion worth of deals, followed by consumer goods and utilities.

The top ten most valuable deals in July were:

• Gas Natural’s £6 billion acquisition of 45 per cent of Spanish energy group Union Fenosa

• Schaeffler makes increased £5.7 billion offer for Continental

• InBev to sell 18 per cent stake for £4.9 billion

• Banque Fedrative du Credit Mutuel to buy Citibank Privatkunden for £3.8 billion

• E.ON to add Stantkraft’s Swedish hydropower plant for £3.4 billion

• AP Fastigheter announces £3.4 billion Civitas bid

• Schaeffler increases stake in Continental for £2.2 billion

• E.ON sells 3 per cent shareholding to Statkraft for £1.6 billion

• Goldman Sachs buys Xella International in a £1.5 billion deal

• Energie Baden-Wuttemberg buys 26 per cent of EWE for £1.5 billion