According to the review, M&A targeting the Asia Pacific region reached $US106 billion ($117 billion), up from Q1 2009 at $59 billion, while global M&A was up by just six per cent.

The US fared reasonably well with 20 per cent growth to reach $187 billion, marking the best start of the year since Q1 2007.

In contrast, M&A in Europe took a hit and was down 57 per cent with Q1 M&A totalling $79 billion - down from $182 billion in Q1 2009.

Global M&A totalled $505 billion in Q1 with US targets accounting for 37 per cent of global activity, ahead of Asia Pacific which accounted for 21 per cent and Europe at sixteen per cent.

Energy and power was the most targeted sector and cross border M&A saw its best level of activity since Q3 2008 with 66 per cent growth in Q1 2010.