The UK’s largest listed companies have significantly reduced their spending on M&A in emerging and developing nations in 2014, shifting their focus to developed economies including the US and UK.

Announced mergers and acquisitions investment from FTSE 100 companies into emerging markets declined to $3.8 billion in the year to November 30, according to Thomson One deal data analysed by law firm Freshfields Bruckhaus Deringer - down by more than three-quarters on the whole of 2013.