Clifford Chance (CC) and Allen & Overy (A&O) have replaced Freshfields Bruckhaus Deringer and Linklaters at the top of European M&A rankings for the first half of 2007.

CC and A&O finished first and second respectively in the tables, knocking their magic circle rivals into third and fourth place, according to preliminary figures released by Mergermarket today (22 June).

CC is up from third place at the 2006 year-end, after advising on 101 deals worth a total of €310bn (£208bn).

A&O, which has enjoyed a run of strong corporate mandates this year, including advising ABN Amro on its £80bn merger talks with Barclays, is in second place, with 92 deals worth €308bn (£207bn), while Linklaters is in third with 114 deals worth €251bn (£169bn).

Freshfields slipped to fourth with 121 deals worth €212bn (£143bn), although it leads the deal tables by volume.

Elsewhere, Sullivan & Cromwell has taken the lead in the global M&A value tables for the six-month period, with $489bn (£246bn) worth of deals.

The New York giant is up from second at the year-end, just ahead of Skadden Arps Slate Meagher & Flom, which has dropped to second with $470bn (£236bn) worth of deals. Skadden acted on 126 deals compared to Sullivan's 84.

CC is in third place for global M&A, while A&O and Linklaters came fourth and fifth respectively.

Latham & Watkins topped the global volume rankings with 156 deals worth $175bn (£118bn).

The tables show a large proportion of M&A activity continuing to be driven by buy-outs, which are on track to exceed last year's total value of $807.4bn (£542.8bn).