The value of European automotive deals dropped from 61% of total disclosed value for the sector in 2002 to just 14% in 2003, according to research by PricewaterhouseCoopers Corporate Finance.

Globally the total value of deals rose 31% from $11.3bn in 2002 to $14.8bn (€12.9bn) this year, although there were 73 fewer deals, representing a drop of 15%. Europe did 49% of the deals by number, followed by North America, which did 27% of the deals, and Asia, with 21%.