China has become the world's third-largest country doing mergers and acquisitions in Africa, favoring the oil and gas sector, according to a report by international law firm Freshfields Bruckhaus Deringer released on Monday.

The country made 49 M&A deals totaling $20.8 billion in Africa since 2003, following the United Kingdom with $30.5 billion and France with $30.47 billion.

The value of African inward investment has tripled in the last 10 years reaching more than $182 billion, up 214 percent in 2012 compared with 2003.