One third of firms plan M&A within 12 months-poll

* 71 pct of execs see acquisition opportunities

* Only 33 pct expect to execute deals over 12 months

* U.S., India, China top list for wanted overseas deals

LONDON, Nov 11 (Reuters) - Most companies believe the time is ripe for deals, but only one third have the strength and agility to snap up "once-in-a-lifetime" acquisition opportunities in the wake of the credit crisis, according to a global survey.

Ernst & Young, which quizzed 490 top executives from "major industry players" across 32 countries, said 33 percent were likely or highly likely to buy firms in the next 12 months, with 25 percent expecting to bid in the next six months. There were no data on the size of possible targets.

Rainmakers are seizing on North American food giant Kraft Foods Inc's (KFT.N) $16 billion hostile bid for UK rival Cadbury Plc (CBRY.L) and billionaire investor Warren Buffett's $26 billion purchase of Burlington Northern Santa Fe Corp (BNI.N) this month as a signal the deal drought is ending.

But Ernst & Young said capital scarcity and the fallout of $10.8 trillion government bailout and stimulus plans, after the near collapse of the banking industry last year, was hampering the aspirations of about 40 percent of executives.

This leaves the field open to those with the resources to execute deals -- and implies there could be muted competition for assets at a time when industries, such as banks, are forced by regulators to axe balance sheets as payback for state bailouts.