The UK was the most targeted European country for mergers and acquisitions last month despite an overall slump in activity in the region, where the value of deals hit a 12-month low.

A total of 1,084 transactions worth €27.6m ($33.7m) were recorded in Europe in May - a 24% drop by volume and a 20% decline in value compared to April, according to a report from M&A data provider Zephyr.