LONDON (Reuters) - Takeover activity among British companies fell in the first three months of 2014 to its lowest level since records began in 1969, Britain's statistics agency said on Tuesday.
The Office for National Statistics said British companies bought just 26 other British firms with a value of at least 1 million pounds ($1.68 million), down from 59 in the last three months of 2013.
Foreign companies bought 20 British firms - also one of the lowest levels on record - while the number of British takeovers of overseas firms was also below its long-run average at only 26.
"Relatively slow global economic growth, lack of confidence within the M&A markets and the length of time involved to complete transactions are all factors which may have caused an overall decline in M&A activity during Q1 2014," the ONS said. ($1 = 0.5968 British Pounds)
(Reporting by David Milliken; Editing by Ana Nicolaci da Costa)