Largest Mergers and Acquisitions by Corporations: 2005

Largest Mergers and Acquisitions by Corporations: 2005

Order Code RL33329
CRS Report for Congress
Received through the CRS Web
Largest Mergers and Acquisitions
by Corporations: 2005
January 6, 2006
John Williamson
Information Resources Specialist
Knowledge Services Group
Congressional Research Service ˜ The Library of Congress

Largest Mergers and Acquisitions
by Corporations: 2005
Summary
Mergers and acquisitions activity increased in 2004 over 2003, and 2005 was
an even bigger year for mergers and acquisitions. This report provides a listing of the
largest U.S. and international mergers (announced value of at least $2 billion) or
acquisitions during 2005 through December 31, 2005. Completion dates for the
mergers or acquisitions are included and merger or acquisition failures noted. These
data have been drawn from publicly available sources and have not been otherwise
verified by CRS. This report will not be updated.
Sources for this report include Saigol, Lina, and James Politi. “Big Deals
Return as Investors Sharpen Up — Bankers Expect Steady Growth,” Financial
Times, December 30, 2005. p. 21; Thornhill, John. “The Best and Worst of Times:
Investors Look Beyond Europe’s Political Malaise. FINANCIAL MARKETS: A
Year of Referendum Setbacks, Continued Economic Weakness and Anxiety over
Globalisation Was Also One in Which Bourses Across the Region Soared on the
Back of Strong Corporate Profits,” Financial Times, December 28, 2005. p. 11; and
Berman, Dennis K. “Fistfuls of Dollars Fuel the M&A Engine.” Wall Street
Journal, January 3, 2006. p. R3.
(For the top mergers of 2004, see CRS Report RS21726, Largest Mergers and
Acquisitions by Corporations: 2004; for the top mergers of 2003, see CRS Report
RS21415, Largest Mergers and Acquisitions by Corporations: 2003; for the top
mergers of 2002, see CRS Report RS21147, Largest Mergers and Acquisitions by
Corporations: 2002; for the top 25 mergers of 2001, see CRS Report RS20804,
Twenty-five Largest Mergers and Acquisitions by Corporations: 2001; for the top 25
mergers of 2000, see CRS Report RS20504, Twenty-five Largest Mergers and
Acquisitions by Corporations: 2000; for the top 25 mergers of 1999, see CRS Report
RS20503, Twenty-five Largest Mergers and Acquisitions by Corporations: 1999; and
for the top 25 mergers of 1998, see CRS Report RS20502, Twenty-five Largest
Mergers and Acquisitions by Corporations: 1998, all by John Williamson.)

Contents
Table 1. Largest Mergers and Acquisitions: 2005 . . . . . . . . . . . . . . . . . . . . . . . . 1

Largest Mergers and Acquisitions by
Corporations: 2005
Table 1. Largest Mergers
and Acquisitions: 2005
(Ranked by Value; All amounts cited are in U.S. Dollars)
Acquirer, sector, and new
Date
Date
Value
name (if applicable)
Target firm and sector
announced completed ($ billions)
Procter & Gamble
Gillette Inc.,
1/28/05
10/1/05
$56.9a
Conglomerate
Conglomerate
ConocoPhillips
Burlington Reources,
12/12/05
Pending*
35.6a
Energy
Energy
Bank of America
MBNA Inc.,
6/30/05
1/1/06
35.0a
Banking and finance
Banking and finance
Telefónica SA,
O Plc.
10/31/05
Pending*
31.5c
2
Telecommunications
Telecommunications
Gas Natural SDB SA
Endesa SA
9/5/05
Pending*
28.3c
Natural gas supplier
Power company
Boston Scientific
Guidant Corp.
12/5/05
Pending*
27.0c
Medical instruments
Medical instruments
Unicredito Italiano SpA
HVB Group AG
5/26/05
11/18/05
20.17a
Banking and finance
Banking and finance
Chevron
Unocal
3/7/05
8/10/05
19.4b
Energy
Energy
Kroger Co.
Albertson’s Inc.
10/24/05
Offer
16.5a
Groceries
Grocerties
rejected by
Albertson’s
Board
12/21/05
SBC Communications Inc.
AT&T Corp.
1/27/05
11/18/05
15.7a
Telecommunications
Telecommunications
AT&T Inc.
Kohlberg, Kravis, Roberts & Co. TDC A/S
11/30/05
Pending*
15.3c
Blackstone Group
Communications
Apax Partners Worldwide LLP
Permira Advisers Ltd.
Providence Equity Partners, Inc.
Investors
Weather Investments SAE
Wind SpA
4/11/05
8/12/05
15.0a
Naguib Sawiris et al.
Telecommunications
Clayton, Dubilier & Rice LLC
Hertz (division of Ford Motor Co.)
9/12/05
12/21/05
15.0b
Carlyle Group
Automobile rentals
Merrill Lynch Global Private
Equity
Investors

CRS-2
Acquirer, sector, and new
Date
Date
Value
name (if applicable)
Target firm and sector
announced completed ($ billions)
Time Warner
Adelphia
1/31/05
Pending*
14.0a
Comcast
Cable operator
Conglomerates
Suez SA
Electrabel SA
8/9/05
11/15/05
14.0c
Utilities
Electricity
Koch Industries
Georgia-Pacific Inc.
11/14/05
12/23/05
13.2b
Commodities
Wood products
OAO Gazprom
OAO Sibneft
9/27/05
10/21/05
13.01a
Natural gas producer
Petroleum
MetLife Inc.
Travelers Life & Annuity Co.
1/31/05
7/1/05
11.5a
Life insurance
Life insurance
Silver Lake Partners LLC
SunGard Data Systems
3/21/05
8/11/05
11.3b
Bain Capital
Software and data processing
Blackstone Capital
Carlyle Group
Kohlberg, Kravis, Roberts
Texas Pacific Group
Thomas H. Lee Partners
Investors
Federated Department Stores
May Department Stores
1/20/05
8/30/05
11.0a
Department store operator
Department store operator
France Telecom SA
Grupo Auna SA mobile phone unit
7/21/05
11/8/05
11.0a
Telecommunications
Telecommunications
INCO
Falconbridge
10/11/05
Pending*
11.0b
Metals producer
Metals producer
FPL Group, Inc.
Constellation Energy Group, Inc.
12/14/05
Pending*
11.0a
Utilities
Utilities
Vinci SA
Autoroutes du Sud
12/14/05
Pending*
10.9b
Construction and highway
Highway operator
operator
Barrick Gold Corp.
Placer Dome Inc.
10/31/05
Pending*
10.4a
Mining
Mining
Pernod Ricard S.A.
Allied Domecq Plc
2/4/05
7/26/05
10.0a
Wine and spirits
Conglomerate
Verizon Corp.
MCI Corp.
1/14/05
1/6/06
9.74c
Telecommunications
Telecommunications
Unipol Sp.A.
Banca Nazionale del Lavoro Sp.A.
12/29/05
Pending*
9.74b
Insurance
Banking and finance
Cerberus Capitol
Albertson’s
12/15/05
Bid
9.6a
Investors
Groceries
rejected by
Kimco Realty Corp.
Albertson’s
Real estate
Board
Supervalu Inc.
12/21/05
Groceries wholesaling and
retailing
Berkshire Hathaway Corp.
PacifiCorp
5/24/05
Pending*
9.4c
Holding company
Energy
Duke Energy Corp.
Cinergy Corp.
5/9/05
8/2006
9.1c
Energy
Energy
(Projected)
Valor Communications Group
Alltel Corp. landlines
12/9/05
Pending*
9.1a
Inc.
Telecommunications
Telecommunications

CRS-3
Acquirer, sector, and new
Date
Date
Value
name (if applicable)
Target firm and sector
announced completed ($ billions)
Ineos Group Holdings Plc
Innovene, Inc.
10/7/05
12/17/05
9.0a
Petrochemicals
Petrochemicals
Valero Energy Inc.
Premcor, Inc.
4/24/05
9/1/05
8.7a
Energy
Energy
Kohlberg, Kravis, Roberts
Toys ‘R Us
3/17/05
7/21/05
8.6c
Bain Capital
Retailer
Vornado Realty
Investors
NRG Energy Inc.
Texas Genco LLC
10/2/05
Pending*
8.3a
Energy
Energy
Eiffage SA
Société des Autoroutes Paris-Rhin-Rhône
12/14/05
Pending*
8.25b
Highway operator
Highway operator
Macquarie Bank
Banking and finance
ABN Amro Holding NV
Banca Antonveneta SpA
3/30/05
Pending*
8.16c
Banking and finance
Banking and finance
UnitedHealth Inc.
PacifiCare Health Systems, Inc.
7/6/05
12/26/05
8.14c
Health insurer
Health insurer
Novartis AG
Hexal AG
2/21/05
5/28/05
8.37a
Pharmaceuticals
Pharmaceuticals
Texas Pacific
Affiliated Computer Services, Inc.
12/23/05
Pending*
8.0a
Bain Capital
Data processing
Blackstone Group
Investors
SABMiller Plc
Grupo Empresarial Bavaria SA
7/18/05
12/4/05
7.8a
Beverages
Beverages
Sankyo Corp.
Daiichi Pharmaceutical Co.
2/25/05
9/1/05
7.7c
Pharmaceuticals
Pharmaceuticals
Daiichi Sankyo Co.
Lincoln National Corp.
Jefferson-Pilot Corp.
10/10/05
Pending*
7.5a
Insurance
Insurance
Teva Pharmaceutical Industries
Ivax Corp.
7/25/05
1/12/05
7.4c
Ltd.
Pharmaceuticals
Pharmaceuticals
Metrovacesa S.A.
Gecina S.A.
3/15/05
6/6/05
7.39b
Real estate developer
Real estate company
BHP Billiton
WMC Resources
3/8/05
6/3/05
7.3b
Mining
Mining
Allianz A.G.
Riunione Adriatica di Sicurta SpA
9/11/05
11/14/05
7.1c
Insurance
Insurance
Deutsche Post AG
Exel Plc
9/16/05
12/13/05
6.9c
Mail, package handling,
Package handling, delivery
delivery
Cisco Systems Inc.
Scientific-Atlanta Inc.
11/17/05
Pending”
6.9a
Routers
TV set-top boxes
Swiss Reinsurance Co.
General Electric Co.
11/18/05
Pending*
6.8c
Insurance
reinsurance division
Conglomerate
Cie. de Saint-Gobain SA
BPB Plc
7/21/05
12/2/05
6.62a
Conglomerate
Building materials
WellPoint Inc.
WellChoice Inc.
9/27/05
12/28/05
6.6c
Health insurer
Health insurer

CRS-4
Acquirer, sector, and new
Date
Date
Value
name (if applicable)
Target firm and sector
announced completed ($ billions)
Sprint Nextel Corp.
Nextel Partners
12/20/05
Pending*
6.5c
Telecommunications
Telecommunications
Washington Mutual
Providian
6/6/05
10/1/05
6.45a
Banking and finance
Banking and finance
Hilton Hotels Corp.
Hilton International Plc
10/13/05
Pending*
6.3a
Lodging
Lodging
NTL Inc.
Telewest Global Inc.
10/3/05
Pending*
6.0a
Cable operator
Cable operator
News Corp. Ltd.
Fox Entertainment Group, Inc.
1/10/05
3/21/05
5.9a
Conglomerate
Entertainment
Oracle Corp. Inc
Siebel Systems Inc.
9/12/05
Pending*
5.85c
Software
Customer service software
Cinven Group Ltd.
Amadeus Global Travel
1/12/05
7/4/05
5.8a
BC Partners Ltd.
Distribution SA
Investors
Travel
Old Mutual Plc
Skandia AB
12/20/05
Pending*
5.7c
Insurance
Insurance
Boots Group Plc
Alliance Unichem Plc
10/3/05
Pending*
5.6a
Drugstore chain
Drugstore chain
Alliance Boots Plc
Punch Taverns Plc
Spirit Group Ltd.
6/25/05
1/5/06
5.47b
Tavern operator
Tavern operator
(Projected)
Dubai Ports World
Peninsular & Oriental Steam Navigation Co.,
10/30/05
Pending*
5.32a
Port operator
Plc
Port operator
Commerzbank AG
Eurohypo AG
11/15/05
Pending*
5.3b
Banking and finance
Mortgage banking
Barclays Plc
Absa Group Ltd.
4/25/05
7/27/05
5.2c
Banking and finance
Banking and finance
Altria Group
PT HM Sampoerna
3/14/05
5/30/05
5.1c
Conglomerate
Cigarette maker
Novartis AG
Chiron Corp. Inc.
10/31/05
Pending*
5.1c
Pharmaceuticals
Pharmaceuticals
Deutsche Annington GmbH
Viterra AG
5/17/05
5/17/05
5.0c
Real estate
Real estate
Capital One Financial
Hibernia Bank
3/6/05
11/14/05
5.0b
Banking and finance
Banking and finance
Arcelor SA
Dofasco Inc.
12/22/05
Pending*
4.85a
Steel
Steel
Abertis Infraestructuras SA
Sanef SA
12/14/05
Pending*
4.83b
Highway operator
Highway operator
Mittal Steel N.V.
Kryvorizhstal
10/24/05
11/29/05
4.8a
Steel
Steel
Yuji Tsutsumi
Seibu Railway KK
10/31/05
Pending*
4.8b
Seiji Tsutsumi
Transportation and real estate
Investors
Vodafone Plc.
Telsim Mobil Telekomunikasyon Hizmetleri
12/13/05
Pending*
4.55a
Telecommunications
AS
Telecommunications
Erste Bank AG
Banca Comerciala Romana SA
12/20/05
Pending*
4.45c
Banking and finance
Banking and finance

CRS-5
Acquirer, sector, and new
Date
Date
Value
name (if applicable)
Target firm and sector
announced completed ($ billions)
Alltel
Western Wireless
1/6/05
8/1/05
4.3a
Telecommunications
Telecommunications
Occidental Petroleum
Vintage Petroleum Inc.
10/13/05
Pending*
4.3a
Energy
Energy
R.H. Donnelley Corp.
Dex Media Inc.
10/3/05
Pending*
4.2b
Publisher
Publisher
China National Petroleum Co.
PetroKazakhstan
8/22/05
10/27/05
4.18b
Energy
Energy
ThyssenKrupp AG
Dofasco, Inc.
11/28/05
Outbid
4.1c
Steel
Steel
Fresenius Medical Care AG
Renal Care Group Inc.
5/4/05
Pending*
4.0a
Kidney dialysis
Kidney dialysis
Fresenius Medical Care KGaA
CVS Corp.
Savon Drugs
12/15/05
Pending*
4.0a
Drug stores
Drug stores
BAE Systems Plc.
United Defense Technologies Inc.
3/7/05
6/24/05
3.97c
Defense/aerospace
Defense contractor
Wachovia Corp. Inc.
Westcorp
9/12/05
Pending*
3.91c
Banking and finance
Banking and finance
adidas-Salomon AG
Reebok International Ltd.
8/2/05
Pending*
3.8c
Apparel
Apparel
Providence Equity Partners Inc.
Kabel Deutscheland GmbH
12/8/05
Pending*
3.8c
Investors
Gala Group Holdings Plc.
Coral Eurobet Plc.
10/7/05
11/24/05
3.8c
Gambling
Gambling
Marathon Oil Corp.
Marathon Ashland Petroleum LLC
4/28/05
6/30/05
3.7a
Energy
Petroleum refiner
Legg, Mason & Co.
Citigroup’s fund unit
6/24/05
12/1/05
3.7c
Banking and finance
Banking and finance
Whirlpool Inc.
Maytag Inc.
7/16/05
Pending*
3.6b
Appliances
Appliances
Porsche AG
Volkswagen AG (19%)
9/24/05
10/31/05
3.6c
Automobiles
Automobiles
Liberty Media
UnitedGlobalCom Inc.
1/18/05
6/15/05
3.5b
Conglomerate
Telecommunications
Liberty Global
Reckitt Benckiser Ple.
Boots Group’s health-care unit
10/7/05
Pending*
3.43c
Home products
Pharmaceuticals
Adobe Systems Inc.
Macromedia Inc.
4/17/05
12/5/05
3.4a
Software
Software
CalEast Industrial Investors LLC CenterPoint Properties Trust
12/9/05
Pending*
3.4a
California Public Employees
Real estate investment trust
Retirement System
Jones Lang LaSalle Inc.
RAG AG
Degussa AG
12/19/05
Pending*
3.36c
Chemicals
Chemicals
Blackstone Group LP
Wyndham International Inc.
6/14/05
8/16/05
3.24c
Investors
Hotels
Intelsat Ltd.
PanAmSat
8/29/05
Pending*
3.2c
Satellite telecommunications
Satellite teleocmmunications

CRS-6
Acquirer, sector, and new
Date
Date
Value
name (if applicable)
Target firm and sector
announced completed ($ billions)
Allergan Inc.
Medicis Inc.
11/21/05
Pending*
3.2b
Medical products
Medical productrs
Allergan Inc.
Inamed Corp.
12/20/05
Pending*
3.2a
Cosmetic pharmaceuticals
Pharmaceuticals
Repsol YPF S.A.
Royal Dutch/Shell Group’s LPG assets
6/2/05
Pending*
3.1a
Energy
Liquified petroleum gas
CVC Capital Partners Ltd.
Investor
General Electric Co.
Arden Realty Inc.
12/20/05
Pending*
3.1a
Conglomerate
Real estate investment trust
Axel Springer AG
ProSiebenSat.1 Media AG
8/5/05
Pending*
3.05c
Communications
Broadcasting
J.C. Flowers & Co. LLC
NIB Capital Bank NV
7/07/05
8/9/05
3.05a
ABN Amro Holding NV
Banking and finance
American International
Group Inc.
Banco Santander Central
Hispano SA
Delta Lloyd
Shinsel Bank Ltd.
Bank of America Corp.
Govt. of Singapore Investment
Corp.
Goldman Sachs Group
J.P. Morgan Chase & Co.
Investors
American Tower Corp.
SpectraSite Inc.
5/4/05
8/8/05
3.0a
Wireless towers
Wireless towers
CVC Capital Partners
Formula One (75%)
11/25/05
Pending*
3.0a
Investors
Auto racing promoter
Amgen Inc.
Abgenix Inc.
12/14/05
Pending*
3.0a
Pharmaceuticals
Pharmaceuticals
Citigroup Inc.
Guangdong Development Bank
12/30/05
Pending*
3.0c
Banking and finance
Banking and finance
Macquarie Bank
London Stock Exchange Plc.
12/8/05
Pending*
2.7b
Banking and finance
Stock exchange
Extra Space Storage Inc.
Storage USA
4/25/05
7/14/05
2.6a
Prudential Financial Inc.
(unit of General Electric)
Investors
Self-storage
A.P. Moeller-Maersk A/S
Royal P&O Nedlloyd NV
5/10/05
9/14/05
2.6c
Shipping
Shipping
Starwood Capital LLC
Taittinger SA
7/22/05
7/22/05
2.6c
Investment fund
Conglomerate
eBay Inc.
Skype SA
9/12/05
Pending*
2.6b
Internet auctioneer
VOIP seller
Woolworths Ltd.
Foodland Associated Ltd.
5/25/05
11/10/05
2.57c
Metcash Trading
Groceries
Groceries
Kohlberg, Kravis, Roberts & Co. SBS Broadcasting SA
8/22/05
Pending*
2.55b
Permira Advisers Ltd.
Telecommunications
Investors

CRS-7
Acquirer, sector, and new
Date
Date
Value
name (if applicable)
Target firm and sector
announced completed ($ billions)
Bain Capital Group LLC
Texas Instruments’ sensors and control div.
12/22/05
Pending*
2.5a
Investors

Foster’s Group Ltd.
Southcorp Ltd.
4/22/05
5/27/05
2.46a
Beverages
Winemaker
Norsk Hydro ASA
Spinnaker Exploration Co.
9/18/05
12/13/05
2.45a
Conglomerate
Oil and gas
Bain Capital
Dunkin’ Brands
12/12/05
Pending*
2.43b
Carlyle Group
Restaurants
Thomas H. Lee Partners
Investors
General Electric Co.
Bombardier Inc. finance unit
4/17/05
6/1/05
2.4c
Conglomerate
Conglomerate
Macquarie Bank Ltd.
YBR Group NV
5/16/05
6/1/05
2.3c
Macquarie Capital Alliance
Telephone directory publisher
Group
Nikko Cordial Corp.
Caisse de Depot et Placement du
Quebec
Investors
Goldman, Sachs & Co.
HVB AG delinquent loans
11/11/05 Completed
2.3b
Investors
Banking and finance

Medco Health Solutions
Accredo Health
2/23/05
8/18/05
2.2b
Pharmaceuticals distributor
Specialty pharmaceuticals
Liberty Global Inc.
Cablecom AG
9/30/05
10/25/05
2.2c
Cable-television systems
Cable-television systems
BAA Plc.
Budapest Airport Rt.
12/8/05
Pending*
2.2c
Airport operator
Airport operator
General Dynamics
Anteon Inc.
12/14/05
Pending*
2.2a
Defense conglomerate
Information technology
Postbank AG
BHW AG
10/25/05
Pending*
2.16b
Banking and finance
Banking and fianance
Talisman Energy, Inc.
Paladin Resources Plc
10/20/05
Pending*
2.15c
Oil
Oil
Cimarex Energy Co.
Magnum Hunter Resources Co.
1/26/05
6/7/05
2.1a
Natural gas
Natural gas
Aviva plc
RAC plc
3/9/05
5/27/05
2.1a
Insurance
Automobile servicing
Ericsson AB
Marconi Corp.
10/25/05
1/06
2.1c
Telecommunication equipment Telecommunications equipment
(projected)
IAC/InterActiveCorp.
Ask Jeeves Inc.
3/21/05
8/9/05
2.0a
Internet conglomerate
Internet search engine
Statoil ASA
Encana Corp. Gulf of Mexico
4/28/05
7/1/05
2.0a
Norwegian government
oil and gas properties
OAO Lukoil
Nelson Resources Ltd.
9/30/05
12/5/05
2.0c
Petroleum
Oil
Sources: Mergerstat Online [http://www.mergerstat.com]; Mergers & Acquisitions Magazine, various issues; The Wall
Street Journal, various dates; The Financial Times, various dates; announcement and closing dates from The Wall Street
Journal or The Financial Times, various dates.
Note: Values given for transactions are expressed as the value of the combined assets of the two firms when there is a
merger. In an acquisition, the value shown is the purchase price of the target corporation. These figures some times vary

CRS-8
from one source to another and can change as the market value of the company’s stock changes; values are shown in U.S.
Dollars. U.S. Dollar value can fluctuate with changes in exchange rates. The values shown above are derived from the
following sources:
a. Source for value: The Wall Street Journal.
b. Source for value: The Financial Times.
c. Source for value: bloomberg.com.
* The designation “Pending” often indicates that regulatory approval needed for actual merger has not been obtained.