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
name (if applicable)
Procter & Gamble
Conglomerate
ConocoPhillips
Energy
Bank of America
Banking and finance
Telefónica SA,
Telecommunications
Gas Natural SDB SA
Natural gas supplier
Boston Scientific
Medical instruments
Unicredito Italiano SpA
Banking and finance
Chevron
Energy
Kroger Co.
Groceries
SBC Communications Inc.
Telecommunications
AT&T Inc.
Kohlberg, Kravis, Roberts & Co.
Blackstone Group
Apax Partners Worldwide LLP
Permira Advisers Ltd.
Providence Equity Partners, Inc.
Investors
Weather Investments SAE
Naguib Sawiris et al.
Clayton, Dubilier & Rice LLC
Carlyle Group
Merrill Lynch Global Private
Equity
Investors
Target firm and sector
Gillette Inc.,
Conglomerate
Burlington Reources,
Energy
MBNA Inc.,
Banking and finance
O2 Plc.
Telecommunications
Endesa SA
Power company
Guidant Corp.
Medical instruments
HVB Group AG
Banking and finance
Unocal
Energy
Albertson’s Inc.
Grocerties
AT&T Corp.
Telecommunications
TDC A/S
Communications
Wind SpA
Telecommunications
Hertz (division of Ford Motor Co.)
Automobile rentals
Date
Date
Value
announced completed ($ billions)
1/28/05
10/1/05
$56.9a
12/12/05
Pending*
35.6a
6/30/05
1/1/06
35.0a
10/31/05
Pending*
31.5c
9/5/05
Pending*
28.3c
12/5/05
Pending*
27.0c
5/26/05
11/18/05
20.17a
3/7/05
8/10/05
19.4b
Offer
rejected by
Albertson’s
Board
12/21/05
1/27/05 11/18/05
16.5a
10/24/05
15.7a
11/30/05
Pending*
15.3c
4/11/05
8/12/05
15.0a
9/12/05
12/21/05
15.0b
CRS-2
Acquirer, sector, and new
name (if applicable)
Time Warner
Comcast
Conglomerates
Suez SA
Utilities
Koch Industries
Commodities
OAO Gazprom
Natural gas producer
MetLife Inc.
Life insurance
Silver Lake Partners LLC
Bain Capital
Blackstone Capital
Carlyle Group
Kohlberg, Kravis, Roberts
Texas Pacific Group
Thomas H. Lee Partners
Investors
Federated Department Stores
Department store operator
France Telecom SA
Telecommunications
INCO
Metals producer
FPL Group, Inc.
Utilities
Vinci SA
Construction and highway
operator
Barrick Gold Corp.
Mining
Pernod Ricard S.A.
Wine and spirits
Verizon Corp.
Telecommunications
Unipol Sp.A.
Insurance
Cerberus Capitol
Investors
Kimco Realty Corp.
Real estate
Supervalu Inc.
Groceries wholesaling and
retailing
Berkshire Hathaway Corp.
Holding company
Duke Energy Corp.
Energy
Valor Communications Group
Inc.
Telecommunications
Target firm and sector
Adelphia
Cable operator
Electrabel SA
Electricity
Georgia-Pacific Inc.
Wood products
OAO Sibneft
Petroleum
Travelers Life & Annuity Co.
Life insurance
SunGard Data Systems
Software and data processing
May Department Stores
Department store operator
Grupo Auna SA mobile phone unit
Telecommunications
Falconbridge
Metals producer
Constellation Energy Group, Inc.
Utilities
Autoroutes du Sud
Highway operator
Placer Dome Inc.
Mining
Allied Domecq Plc
Conglomerate
MCI Corp.
Telecommunications
Banca Nazionale del Lavoro Sp.A.
Banking and finance
Albertson’s
Groceries
PacifiCorp
Energy
Cinergy Corp.
Energy
Alltel Corp. landlines
Telecommunications
Date
Date
Value
announced completed ($ billions)
1/31/05 Pending*
14.0a
8/9/05
11/15/05
14.0c
11/14/05
12/23/05
13.2b
9/27/05
10/21/05
13.01a
1/31/05
7/1/05
11.5a
3/21/05
8/11/05
11.3b
1/20/05
8/30/05
11.0a
7/21/05
11/8/05
11.0a
10/11/05
Pending*
11.0b
12/14/05
Pending*
11.0a
12/14/05
Pending*
10.9b
10/31/05
Pending*
10.4a
2/4/05
7/26/05
10.0a
1/14/05
1/6/06
9.74c
12/29/05
Pending*
9.74b
12/15/05
Bid
rejected by
Albertson’s
Board
12/21/05
9.6a
5/24/05
Pending*
9.4c
8/2006
(Projected)
12/9/05 Pending*
9.1c
5/9/05
9.1a
CRS-3
Acquirer, sector, and new
name (if applicable)
Ineos Group Holdings Plc
Petrochemicals
Valero Energy Inc.
Energy
Kohlberg, Kravis, Roberts
Bain Capital
Vornado Realty
Investors
NRG Energy Inc.
Energy
Eiffage SA
Highway operator
Macquarie Bank
Banking and finance
ABN Amro Holding NV
Banking and finance
UnitedHealth Inc.
Health insurer
Novartis AG
Pharmaceuticals
Texas Pacific
Bain Capital
Blackstone Group
Investors
SABMiller Plc
Beverages
Sankyo Corp.
Pharmaceuticals
Daiichi Sankyo Co.
Lincoln National Corp.
Insurance
Teva Pharmaceutical Industries
Ltd.
Pharmaceuticals
Metrovacesa S.A.
Real estate developer
BHP Billiton
Mining
Allianz A.G.
Insurance
Deutsche Post AG
Mail, package handling,
delivery
Cisco Systems Inc.
Routers
Swiss Reinsurance Co.
Insurance
Cie. de Saint-Gobain SA
Conglomerate
WellPoint Inc.
Health insurer
Target firm and sector
Innovene, Inc.
Petrochemicals
Premcor, Inc.
Energy
Toys ‘R Us
Retailer
Texas Genco LLC
Energy
Société des Autoroutes Paris-Rhin-Rhône
Highway operator
Banca Antonveneta SpA
Banking and finance
PacifiCare Health Systems, Inc.
Health insurer
Hexal AG
Pharmaceuticals
Affiliated Computer Services, Inc.
Data processing
Grupo Empresarial Bavaria SA
Beverages
Daiichi Pharmaceutical Co.
Pharmaceuticals
Jefferson-Pilot Corp.
Insurance
Ivax Corp.
Pharmaceuticals
Gecina S.A.
Real estate company
WMC Resources
Mining
Riunione Adriatica di Sicurta SpA
Insurance
Exel Plc
Package handling, delivery
Scientific-Atlanta Inc.
TV set-top boxes
General Electric Co.
reinsurance division
Conglomerate
BPB Plc
Building materials
WellChoice Inc.
Health insurer
Date
Date
Value
announced completed ($ billions)
10/7/05 12/17/05
9.0a
4/24/05
9/1/05
8.7a
3/17/05
7/21/05
8.6c
10/2/05
Pending*
8.3a
12/14/05
Pending*
8.25b
3/30/05
Pending*
8.16c
7/6/05
12/26/05
8.14c
2/21/05
5/28/05
8.37a
12/23/05
Pending*
8.0a
7/18/05
12/4/05
7.8a
2/25/05
9/1/05
7.7c
10/10/05
Pending*
7.5a
7/25/05
1/12/05
7.4c
3/15/05
6/6/05
7.39b
3/8/05
6/3/05
7.3b
9/11/05
11/14/05
7.1c
9/16/05
12/13/05
6.9c
11/17/05
Pending”
6.9a
11/18/05
Pending*
6.8c
7/21/05
12/2/05
6.62a
9/27/05
12/28/05
6.6c
CRS-4
Acquirer, sector, and new
name (if applicable)
Sprint Nextel Corp.
Telecommunications
Washington Mutual
Banking and finance
Hilton Hotels Corp.
Lodging
NTL Inc.
Cable operator
News Corp. Ltd.
Conglomerate
Oracle Corp. Inc
Software
Cinven Group Ltd.
BC Partners Ltd.
Investors
Old Mutual Plc
Insurance
Boots Group Plc
Drugstore chain
Alliance Boots Plc
Punch Taverns Plc
Tavern operator
Dubai Ports World
Port operator
Commerzbank AG
Banking and finance
Barclays Plc
Banking and finance
Altria Group
Conglomerate
Novartis AG
Pharmaceuticals
Deutsche Annington GmbH
Real estate
Capital One Financial
Banking and finance
Arcelor SA
Steel
Abertis Infraestructuras SA
Highway operator
Mittal Steel N.V.
Steel
Yuji Tsutsumi
Seiji Tsutsumi
Investors
Vodafone Plc.
Telecommunications
Erste Bank AG
Banking and finance
Target firm and sector
Nextel Partners
Telecommunications
Providian
Banking and finance
Hilton International Plc
Lodging
Telewest Global Inc.
Cable operator
Fox Entertainment Group, Inc.
Entertainment
Siebel Systems Inc.
Customer service software
Amadeus Global Travel
Distribution SA
Travel
Skandia AB
Insurance
Alliance Unichem Plc
Drugstore chain
Date
Date
Value
announced completed ($ billions)
12/20/05 Pending*
6.5c
6/6/05
10/1/05
6.45a
10/13/05
Pending*
6.3a
10/3/05
Pending*
6.0a
1/10/05
3/21/05
5.9a
9/12/05
Pending*
5.85c
1/12/05
7/4/05
5.8a
12/20/05
Pending*
5.7c
10/3/05
Pending*
5.6a
Spirit Group Ltd.
Tavern operator
Peninsular & Oriental Steam Navigation Co.,
Plc
Port operator
Eurohypo AG
Mortgage banking
Absa Group Ltd.
Banking and finance
PT HM Sampoerna
Cigarette maker
Chiron Corp. Inc.
Pharmaceuticals
Viterra AG
Real estate
Hibernia Bank
Banking and finance
Dofasco Inc.
Steel
Sanef SA
Highway operator
Kryvorizhstal
Steel
Seibu Railway KK
Transportation and real estate
1/5/06
(Projected)
10/30/05 Pending*
5.47b
Telsim Mobil Telekomunikasyon Hizmetleri
AS
Telecommunications
Banca Comerciala Romana SA
Banking and finance
6/25/05
5.32a
11/15/05
Pending*
5.3b
4/25/05
7/27/05
5.2c
3/14/05
5/30/05
5.1c
10/31/05
Pending*
5.1c
5/17/05
5/17/05
5.0c
3/6/05
11/14/05
5.0b
12/22/05
Pending*
4.85a
12/14/05
Pending*
10/24/05
11/29/05
4.8a
10/31/05
Pending*
4.8b
12/13/05
Pending*
4.55a
12/20/05
Pending*
4.45c
4.83b
CRS-5
Acquirer, sector, and new
name (if applicable)
Alltel
Telecommunications
Occidental Petroleum
Energy
R.H. Donnelley Corp.
Publisher
China National Petroleum Co.
Energy
ThyssenKrupp AG
Steel
Fresenius Medical Care AG
Kidney dialysis
Fresenius Medical Care KGaA
CVS Corp.
Drug stores
BAE Systems Plc.
Defense/aerospace
Wachovia Corp. Inc.
Banking and finance
adidas-Salomon AG
Apparel
Providence Equity Partners Inc.
Investors
Gala Group Holdings Plc.
Gambling
Marathon Oil Corp.
Energy
Legg, Mason & Co.
Banking and finance
Whirlpool Inc.
Appliances
Porsche AG
Automobiles
Liberty Media
Conglomerate
Liberty Global
Reckitt Benckiser Ple.
Home products
Adobe Systems Inc.
Software
CalEast Industrial Investors LLC
California Public Employees
Retirement System
Jones Lang LaSalle Inc.
RAG AG
Chemicals
Blackstone Group LP
Investors
Intelsat Ltd.
Satellite telecommunications
Target firm and sector
Western Wireless
Telecommunications
Vintage Petroleum Inc.
Energy
Dex Media Inc.
Publisher
PetroKazakhstan
Energy
Dofasco, Inc.
Steel
Renal Care Group Inc.
Kidney dialysis
Date
Date
Value
announced completed ($ billions)
1/6/05
8/1/05
4.3a
10/13/05
Pending*
4.3a
10/3/05
Pending*
4.2b
8/22/05
10/27/05
4.18b
11/28/05
Outbid
4.1c
5/4/05
Pending*
4.0a
Savon Drugs
Drug stores
United Defense Technologies Inc.
Defense contractor
Westcorp
Banking and finance
Reebok International Ltd.
Apparel
Kabel Deutscheland GmbH
12/15/05
Pending*
4.0a
3/7/05
6/24/05
3.97c
9/12/05
Pending*
3.91c
8/2/05
Pending*
3.8c
12/8/05
Pending*
3.8c
Coral Eurobet Plc.
Gambling
Marathon Ashland Petroleum LLC
Petroleum refiner
Citigroup’s fund unit
Banking and finance
Maytag Inc.
Appliances
Volkswagen AG (19%)
Automobiles
UnitedGlobalCom Inc.
Telecommunications
10/7/05
11/24/05
3.8c
4/28/05
6/30/05
3.7a
6/24/05
12/1/05
3.7c
7/16/05
Pending*
3.6b
9/24/05
10/31/05
3.6c
1/18/05
6/15/05
3.5b
Boots Group’s health-care unit
Pharmaceuticals
Macromedia Inc.
Software
CenterPoint Properties Trust
Real estate investment trust
10/7/05
Pending*
3.43c
4/17/05
12/5/05
3.4a
12/9/05
Pending*
3.4a
Degussa AG
Chemicals
Wyndham International Inc.
Hotels
PanAmSat
Satellite teleocmmunications
12/19/05
Pending*
3.36c
6/14/05
8/16/05
3.24c
8/29/05
Pending*
3.2c
CRS-6
Acquirer, sector, and new
name (if applicable)
Allergan Inc.
Medical products
Allergan Inc.
Cosmetic pharmaceuticals
Repsol YPF S.A.
Energy
CVC Capital Partners Ltd.
Investor
General Electric Co.
Conglomerate
Axel Springer AG
Communications
J.C. Flowers & Co. LLC
ABN Amro Holding NV
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.
Wireless towers
CVC Capital Partners
Investors
Amgen Inc.
Pharmaceuticals
Citigroup Inc.
Banking and finance
Macquarie Bank
Banking and finance
Extra Space Storage Inc.
Prudential Financial Inc.
Investors
A.P. Moeller-Maersk A/S
Shipping
Starwood Capital LLC
Investment fund
eBay Inc.
Internet auctioneer
Woolworths Ltd.
Metcash Trading
Groceries
Kohlberg, Kravis, Roberts & Co.
Permira Advisers Ltd.
Investors
Target firm and sector
Medicis Inc.
Medical productrs
Inamed Corp.
Pharmaceuticals
Royal Dutch/Shell Group’s LPG assets
Liquified petroleum gas
Arden Realty Inc.
Real estate investment trust
ProSiebenSat.1 Media AG
Broadcasting
NIB Capital Bank NV
Banking and finance
SpectraSite Inc.
Wireless towers
Formula One (75%)
Auto racing promoter
Abgenix Inc.
Pharmaceuticals
Guangdong Development Bank
Banking and finance
London Stock Exchange Plc.
Stock exchange
Storage USA
(unit of General Electric)
Self-storage
Royal P&O Nedlloyd NV
Shipping
Taittinger SA
Conglomerate
Skype SA
VOIP seller
Foodland Associated Ltd.
Groceries
SBS Broadcasting SA
Telecommunications
Date
Date
Value
announced completed ($ billions)
11/21/05 Pending*
3.2b
12/20/05
Pending*
3.2a
6/2/05
Pending*
3.1a
12/20/05
Pending*
3.1a
8/5/05
Pending*
3.05c
7/07/05
8/9/05
3.05a
5/4/05
8/8/05
3.0a
11/25/05
Pending*
3.0a
12/14/05
Pending*
3.0a
12/30/05
Pending*
3.0c
12/8/05
Pending*
2.7b
4/25/05
7/14/05
2.6a
5/10/05
9/14/05
2.6c
7/22/05
7/22/05
2.6c
9/12/05
Pending*
2.6b
5/25/05
11/10/05
2.57c
8/22/05
Pending*
2.55b
CRS-7
Acquirer, sector, and new
name (if applicable)
Bain Capital Group LLC
Investors
Foster’s Group Ltd.
Beverages
Norsk Hydro ASA
Conglomerate
Bain Capital
Carlyle Group
Thomas H. Lee Partners
Investors
General Electric Co.
Conglomerate
Macquarie Bank Ltd.
Macquarie Capital Alliance
Group
Nikko Cordial Corp.
Caisse de Depot et Placement du
Quebec
Investors
Goldman, Sachs & Co.
Investors
Medco Health Solutions
Pharmaceuticals distributor
Liberty Global Inc.
Cable-television systems
BAA Plc.
Airport operator
General Dynamics
Defense conglomerate
Postbank AG
Banking and finance
Talisman Energy, Inc.
Oil
Cimarex Energy Co.
Natural gas
Aviva plc
Insurance
Ericsson AB
Telecommunication equipment
IAC/InterActiveCorp.
Internet conglomerate
Statoil ASA
Norwegian government
OAO Lukoil
Petroleum
Date
Date
Value
Target firm and sector
announced completed ($ billions)
Texas Instruments’ sensors and control div.
12/22/05 Pending*
2.5a
Southcorp Ltd.
Winemaker
Spinnaker Exploration Co.
Oil and gas
Dunkin’ Brands
Restaurants
Bombardier Inc. finance unit
Conglomerate
YBR Group NV
Telephone directory publisher
HVB AG delinquent loans
Banking and finance
Accredo Health
Specialty pharmaceuticals
Cablecom AG
Cable-television systems
Budapest Airport Rt.
Airport operator
Anteon Inc.
Information technology
BHW AG
Banking and fianance
Paladin Resources Plc
Oil
Magnum Hunter Resources Co.
Natural gas
RAC plc
Automobile servicing
Marconi Corp.
Telecommunications equipment
Ask Jeeves Inc.
Internet search engine
Encana Corp. Gulf of Mexico
oil and gas properties
Nelson Resources Ltd.
Oil
4/22/05
5/27/05
2.46a
9/18/05
12/13/05
2.45a
12/12/05
Pending*
2.43b
4/17/05
6/1/05
2.4c
5/16/05
6/1/05
2.3c
11/11/05 Completed
2.3b
2/23/05
8/18/05
2.2b
9/30/05
10/25/05
2.2c
12/8/05
Pending*
2.2c
12/14/05
Pending*
2.2a
10/25/05
Pending*
2.16b
10/20/05
Pending*
2.15c
1/26/05
6/7/05
2.1a
3/9/05
5/27/05
2.1a
1/06
(projected)
3/21/05
8/9/05
2.1c
2.0a
4/28/05
7/1/05
2.0a
9/30/05
12/5/05
2.0c
10/25/05
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.