The report analysed a database of around 3,500 deals from around the world since 1992 for finding how companies can get long-term value from their acquisitions.

"About 40 per cent of all merger & acquisition transactions create value in both the short and long-term, with acquisitions during downturn periods outperforming those in boom times by 12 percentage points," the study stated.

The report also found the short-term return around the time of announcement of a deal is generally a good predictor of the long-term value it can create, but it can occasionally underestimate the value creation potential.

Globally, the total volume of merger and acquisition deals announced in 2009 fell by 15 per cent from the year-ago period to around USD 3.6 trillion, according to industry estimates.

Consolidation deals were a dominant feature of 2009 and the percentage of acquisitions worth less than USD 125 million continued to grow as companies sold non-core activities and under-performing assets.

In its outlook for M&A deals in 2010, the BCG report stated that attractive opportunities for businesses with robust finances would include further consolidation deals and corporate restructuring divestments.

"Companies that sit on the sidelines risk being left behind as confidence grows in the outlook for the global economy and the M&A market," BCG partner and co-author of the report Jeff Gell said.