Data compiled by Invescom Corporate Finance show that Hungary merger and acquisition market grew to HUF 337 billion in the first quarter from HUF 154 billion in the same period a year earlier, but the rise was almost entirely the result of a single deal.

The biggest deal of the quarter, worth some HUF 180 billion was the indirect takeover of Hungarian steel maker ISD Dunaferr by Russia Vnesheconombank.

Hungarian oil and gas company MOL call down of an option for treasury shares worth more than HUF 40 billion from ING was another big deal on the M&A market in Q1 as was the HUF 30 billion merger of publishing giants Ringier and Axel Springer's units in Hungary.

In terms of numbers of transactions, the media segment led the M&A market. There was practically no activity on the IT market.

There were 27 midsized and big M&A transactions in Hungary in Q1 down from 33% in the same period a year earlier and 65 in Q1 2008.