Freshfields Bruckhaus Deringer has claimed the number one spot in the third-quarter European deal rankings for 2006, as advisers face up to a slowdown in European M&A.

The magic circle firm acted on 189 deals with a total value of €261.5bn (£178.5bn) between 1 January and 21 September, 2006, to overtake Skadden Arps Slate Meagher & Flom at the top of the Mergermarket rankings.