Allens Arthur Robinson has topped the legal adviser rankings for Australian and New Zealand M&A in 2003, edging out rivals Mallesons Stephen Jaques and Clayton Utz.

In what proved a bumper year for M&A, Allens led both the announced and completed deal rankings (Australia/NZ involvement) for 2003 according to Thomson Financial's latest league tables, working on 25 transactions worth US$27.95bn and 41 advisory transactions totalling US$25.22bn. But Mallesons Stephen Jaques advised on a greater number of deals, advising on 52 announced transactions valued at US$21.24bn and 51 completed deals worth US$23.49bn.

Clayton Utz took out third spot, with 46 announced transactions totalling US$18.26bn and 41 completed transactions worth US$13.76bn.

The tables were turned in the completed deal by value (Australian/NZ target) stakes, with Mallesons taking the top position advising on 48 deals worth US$17.76bn, followed by Allens with 34 deals valued at US$14.25bn. Clayton Utz again came in third, with 40 deals totalling US$14.25bn.

Blake Dawson Waldron and Freehills also made a showing in the tables, claiming fourth and fifth spots respectively in the completed deals by value (Australian/NZ involvement) rankings. Freehills advised on 38 transactions valued at US$11.91bn, while Blakes advised on 35 deals worth US$9.18bn. For M&A involving an Australian/NZ target, Corrs Chambers Westgarth, Atanaskovic Hartnell, Gilbert + Tobin and Minter Ellison were the only other Australian firms to fall into the top fifteen, in which US firms made a strong showing.

Bell Gully and Chapman Tripp, both advisers on ANZ's US$3.79bn acquisition of the National Bank of New Zealand from Lloyds TSB Group plc - the year's second biggest deal - were the only NZ firms to make the rankings.

News Corp's US$6.88bn acquisition of a stake in US-based Hughes Electronics Corp headlined M&A deals in 2003, with group Xstrata plc's acquisition of MIM Holdings Ltd for US$3.07bn in third spot.

According to Thomson Financial, M&A activity in 2003 involving an Australian or New Zealand target or acquiror soared well above 2002 levels, with deal values up 65.1% to US$68.03bn. Deal volumes also rose, with the number of announced deals up from 178 to 266, a 49.44% increase. Investment and commodity firms was the most active sector, followed by telecommunications, and electric, gas and water distribution.