The entire worth of takeovers by domestic firms rose by 76 per cent on 2001 to €3.48 billion, the CFM Capital survey of mergers, acquisitions and disposals reveals. But the number of deals fell to 109 from 118 in 2001. For the third successive year, disposals substantially outstripped acquisitions in value, climbing by 68 per cent to €7.48 billion, CFM reported.

Two transactions - the €3.7 billion takeover of Jefferson Smurfit group by US venture capitalists Madison Dearborn Partners and AIB's €3.2 billion sale of its Allfirst subsidiary to M&T Bank - accounted for 92 per cent of this total.

The most valuable acquisition by an Irish firm last year was the €1.05 billion Green Property management buy out. It was followed by Musgrave's €275 million purchase of Budgens, Smurfit's €243 million takeover of Munksjo Paper and the €220 million management buy-out of BWG and Bank of Ireland Asset Management's €216 million purchase of Iridian.