The number of mergers and acquisitions involving Dutch companies rose by 11% to 714 in 2017, according to research by accountancy group KPMG.

M&A activity in the Netherlands was higher than in the rest of Europe, where there was a 4.2% rise, KPMG said. The value of Dutch M&A transactions fell to €51bn last year compared to €89bn in 2016.

Foreign investors buying Dutch companies accounted for nearly 35% (248) of the transactions. Dutch companies acquired a non-Dutch firm in 27% (194) of the transactions with the rest involving Dutch-only firms.

Companies based in the EU accounted for nearly 60% of the transactions in the Netherlands last year, while 20% involved US firms and just 2% companies from China.

‘The US is the biggest buyer of Dutch firms, followed by Britain, Belgium, France and Germany,’ said KPMG  partner Banny Bosker.

Dutch companies also had a clear preference for EU companies when they are seeking a takeover candidate. Of the 194 cross-border takeovers by Dutch companies 65% were in the EU, followed by the US, which accounted for only 15%.