The values of mergers and acquisitions in the eurozone have fallen by almost half so far this year compared with the same period in 2007.

Activity across the 15 countries that have adopted the euro, including Ireland, Germany, France, Italy and Spain, fell almost 50 per cent to £216.6 billion from £423.1 billion last year.

This is in sharp contrast to the rest of Europe, which only saw a 13 per cent drop in volume. This is the first time volumes in the rest of the continent have exceeded the eurozone since 2005.

Germany is the most active eurozone nation with £58.9 billion worth of deals completed, followed by Spain with £46.4 billion and £27.5 billion spent in Italy.

The most targeted industry is utilities and energy worth £34.2 billion, followed by finance, generating £27.1 billion and automotive with £25.9 billion.

The leading deals in the eurozone were Gas Natural buying Union Fenosa in Spain for £19.2 billion and Germany Schaeffler acquiring Continental for £19 billion.