Irish indigenous companies spent £2.76 billion (€3.50 billion) on acquisitions and mergers in the first half of the year, according to a survey by corporate finance group CFM Capital. The number of deals was broadly similar to the first half of 1999, but the value is £340 million higher representing 14 per cent growth.

Information technology and telecommunications accounted for 31 deals worth £554 million and for the first time was the biggest acquisitions sector, ahead of construction and property with 10 deals each and pharmaceuticals with eight deals.