European companies should use uncertainty to their advantage and act "carefully and courageously" in launching large M&A deals – even though an increased number of executives have effectively ruled out carrying out a large deal next year.

The fourth annual UBS and Boston Consulting Group dealmaking survey, which aggregated the views of chief executives and senior managers of 148 of Europe's largest public companies, found that while a number of companies do want to do deals, there is heightened scepticism towards mergers and acquisitions.