Linklaters leads mergers, playing down US offensiveAquisitions: Freshfields pipped by US firm in tablesLinklaters had the largest share of last year's European merger and acquisition activity - but new tables show UK firms losing out to US rivals as the market tails off.

According to figures from Thomson Financial Securities Data, Linklaters & Alliance advised on 221 completed deals worth $672 billion (460 billion).

Freshfields came third, advising on 196 deals worth $590 billion, pipped by US giant Sullivan & Cromwell (75 deals worth $660 billion).

The value of deals is seen as a better indicator than the number as it reflects greater complexity.

The merger and acquisition market for the last three months of last year dipped 11% on the previous quarter, underlining a 20% decrease in value during 2000 compared to 1999.

Clifford Chance, Norton Rose, Slaughter & May and Allen & Overy came sixth, ninth, tenth and 17th respectively; the rest of the top 25 were US firms.The number of British firms in the top 25 has shrunk as Ashurst Morris Crisp and Herbert Smith both fell out of the ratings this year.

For UK deals, 11 of the top 25 were UK firms, and the table was headed by Linklaters, Freshfields and Slaughters.

Anthony Cann, global head of corporate at Linklaters, said the firm was clearly pleased with the tables.

'Although the US firms appear strongly in the tables, their actual roles in the deals can be quite minor, so it's wrong to say that they are necessarily the top firms.' Jeremy Fleming