Europe is on course for its worst month for mergers and acquisitions in more than a decade, according to new data which illustrates the stark gap that now exists between the stagnation in the region and the recovery in the rest of the world.

According to Dealogic, the total value of announced acquisitions of European companies as of 26 April stood at $20.6bn (€15.5bn) from 679 deals, or just 15% of the global total of $133.8bn. That is the lowest monthly proportion of global M&A since August 1998, when Europe made up 11% - a period of 141 months.