Largest Mergers and Acquisitions by Corporations, 2006

Order Code RL33906 Largest Mergers and Acquisitions by Corporations, 2006 March 8, 2007 John Williamson Information Research Specialist Knowledge Services Group Largest Mergers and Acquisitions by Corporations, 2006 Summary Mergers and acquisitions (M&A) activity has continued to increase, especially in each of the past three years. This report provides a listing of the largest M&A transactions worldwide (value equivalent to $2 billion or more) that were proposed during 2006. The report includes the dates on which transactions were completed and shows M&A deals that were still pending as of December 31, 2006, or that were not successful. These data have been drawn from publicly available sources and have not been otherwise verified by the Congressional Research Service. This report will not be updated. Contents Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Largest Mergers and Acquisitions, 2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 CRS Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Largest Mergers and Acquisitions by Corporations, 2006 Introduction Mergers and acquisitions (M&A) activity has continued to increase, especially in each of the past three years. The following table provides a listing of the largest M&A transactions worldwide (value equivalent to $2 billion or more) that were proposed during 2006. The table includes the dates on which transactions were completed and shows M&A deals that were still pending as of December 31, 2006, or that were not successful. These data have been drawn from publicly available sources and have not been otherwise verified by the Congressional Research Service. Largest Mergers and Acquisitions, 2006 (ranked by value; U.S. dollars in billions) Acquirer, Sector, and New Name (if applicable) Kohlberg Kravis Roberts & Co. Investors Suez SA Utilities Banca Intesa SpA Banking and finance Blackstone Group Investors HCA management Frist family Bain Capital Partners LLC Kohlberg Kravis Roberts & Co. Merrill Lynch & Co. Investors Aviva Plc Insurance Statoil ASA Oil company Apollo Management Texas Pacific Group Investors Thomas H. Lee Partners Bain Capital Partners LLC Investors Wachovia Corp. Banking and finance Target Firm, Sector and New Name (if applicable) Date Date Value Announced Completed ($ billions) 11/2/06 Pending 50.8b 2/27/06 Pending 37.98a 8/26/06 1/2/07 37.54a 11/20/06 Pending 36.0a 7/24/06 12/18/06 33.0a Prudential Plc Insurance Norsk Hydro ASA, energy div. Energy company Harrah’s Entertainment Inc. Gaming 3/16/06 Abandoned 3/24/06d 12/18/06 Pending 29.3c 28.0c 12/19/06 Pending 27.8a Clear Channel Communications Broadcasting and outdoor advertising Golden West Financial Banking and finance 11/16/06 Pending 26.7a 5/8/06 10/1/06 26.0a Vivendi SA Conglomerate Gaz de France Utility Sanpaolo IMI SpA Banking and finance Equity Office Properties Trust Real estate investment trust HCA Inc. Hospital management CRS-2 Acquirer, Sector, and New Name (if applicable) Target Firm, Sector and New Name (if applicable) Express Scripts Inc. Drug benefits manager Freeport-McMoRan Copper & Gold Inc. Mining Mittal Steel Co. BV Steel Iberdrola SA Electricity Richard Kinder Goldman Sachs Group Inc. American International Group Inc. Carlyle Group Riverstone Holdings LLC Investors Bayer AG Conglomerate Xstrata Plc Mining CVS Corp. Drugstore chain operator Grupo Ferrovial SA Construction Anadarko Petroleum Energy Teck Cominco Ltd. Mining Inco Ltd. Mining Companhia Vale do Rio Doce SA Mining Phelps Dodge Inc. Mining and smelting Blackstone Group Carlyle Group Permira Funds Texas-Pacific Group Investors Albertis Infrastructuras SA Highway builder and operator Caremark Rx Inc. Drug benefits manager Phelps Dodge Corp. Mining Johnson & Johnson Inc. Pharmaceuticals Bank of New York Banking and finance Softbank KK Telecommunications Pfizer Inc. Consumer Products Div. Pharmaceuticals Mellon Bank Banking and finance Vodafone Japan KK Telecommunications Arcelor SA Steel Scottish Power Plc Electricity Kinder Morgan Inc. Pipeline operator Date Date Value Announced Completed ($ billions) 12/18/06 Pending 26.0c 11/20/06 Pending 25.9a 1/27/06 9/18/06 22.7c 11/27/06 Pending 22.5c 8/28/06 2007 (projected) 22.0a Schering AG Pharmaceuticals Falconbridge Ltd. Mining Caremark Rx Pharmacy-benefits manager BAA Plc Airports operator Kerr-McGee Corp. Energy Inco Ltd. Mining Falconbridge Ltd. Mining Inco Ltd. Mining 6/14/06 9/13/06 21.5c 5/14/06 8/21/06 21.2c 11/1/06 Pending 21.02a 6/8/06 8/15/06 18.7c 6/23/06 8/11/06 18.0a Inco Ltd. Mining Freescale Semiconductor Inc. Semiconductor manufacturer 8/10/06 Withdrawn 9/5/06 9/15/06 12/1/06 Autostrade SpA Highway builder and operator 4/23/06 Blocked by Italian Govt. 8/4/06 6/26/06 12/21/06 5/8/06 Withdrawn 8/15/06 5/11/06 Withdrawn 9/5/06 8/11/06 10/25/06 17.76a 17.7c 17.7c 17.7c 17.6a 17.0b 16.6a 12/04/06 Pending 16.5a 3/17/06 5/1/06 15.3a CRS-3 Acquirer, Sector, and New Name (if applicable) Target Firm, Sector and New Name (if applicable) GlaxoSmithKline Plc. Pharmaceuticals Japan Tobacco Inc. Tobacco products Penn National Gaming Inc. Gaming Blackstone Group LP Reliance Communications Ltd Investors Merck KGaA Pharmaceuticals Cemex SA Cement maker Haim Saban Investor Texas Pacific Group Providence Equity Partners Thomas H. Lee Partners Madison Dearborn Partners Investors Citigroup Inc. Cerberus Capital Management Aozora Bank Ltd. PNC Financial Services Group Banking and finance Liberty Media Corp. Telecommunications Dane A. Miller (Former CEO of Biomet) Blackstone Group Goldman Sachs Capital Partners Kohlberg Kravis Roberts & Co. Texas Pacific Group Investors Kohlberg Kravis Roberts & Co. Silver Lake Partners LLC Bain Capital Apax AlpInvest Partners NV Investors Thermo Electron Scientific instruments Thermo Fisher Scientific Inc. Banco Popolare di Verona e Novara Scrl Banking and finance Regions Financial Corp. Banking and finance Companhia Siderúrgica Nacional Steelmaker NYSE Group, Inc. Stock exchange Pfizer Inc. Consumer products div. Pharmaceuticals Gallaher Group Plc Tobacco products Harrah’s Entertainment Inc. Gaming Hutchison Essar Ltd. Mobile phone operator Serono S.A. Pharmaceuticals Rinker Group Ltd. Building materials Univision Communications Inc. Broadcasting Date Date Value Announced Completed ($ billions) 6/7/06 Outbid 15.0a 12/14/06 Pending 14.7a 12/14/06 Outbid 12/19/06 Pending 14.7a 12/15/06 13.3a 10/27/06 1/2007 (projected) Pending 12.8c 6/26/06 Pending 12.3c 1/27/06 11/30/06 11.6a 12/22/06 Pending 11.0a 12/18/06 Pending 10.9a Koninklijke Philips Electronics NV Semiconductor Division Semiconductor manufacturer 8/2/06 9/1/06 10.25a Fisher Scientific Inc. Scientific instruments 5/8/06 11/9/06 10.6a 10/16/06 Pending 10.3c 5/25/06 11/4/06 10.0a 11/17/06 Pending 10.0b 5/22/06 Pending GMAC Banking and finance DirecTV Group Broadcasting Biomet Inc. Orthopedic device manufacturer Banca Popolare Italiana Scrl Banking and finance AmSouth Bancorp. Banking and finance Corus Plc Steelmaker Euronext NV Stock exchange 9/20/06 14.0c 9.96a CRS-4 Acquirer, Sector, and New Name (if applicable) AXA SA Insurance Cerberus Capital Investors Kimco Realty Corp. Real estate Supervalu Inc. Groceries wholesaling and retailing Crédit Agricole SA Banking and finance NTL Plc Broadcasting Smith & Nephew Plc Orthopedic products Brookfield Properties Corp. Blackstone Group Investors Macquarie Bank Ltd. Macquarie European Infrastructure Fund Macquarie European Infrastructure Fund II Investors Kohlberg Kravis Roberts & Co. Five Mile Capital LLC Goldman Sachs Group Inc. Investors Capmark Financial Group Inc. Macquarie Bank Ltd. Texas Pacific Group Investors Goldcorp Inc. Mining and minerals Joseph Neubauer (Aramark CEO) GS Capital Partners CCMP Capital Advisers J.P. Morgan Partners Thomas H. Lee Partners Warburg PincusLLC Tata Steel Ltd. Steelmaker Merrill, Lynch & Co. Brokerage Chicago Mercantile Exchange Inc. Commodities trading exchange US Airways Inc. Airline Target Firm, Sector and New Name (if applicable) Winterthur (div. Credit Suisse) Insurance Albertson’s Groceries Date Date Value Announced Completed ($ billions) 9.93a 6/12/06 12/22/06 1/23/06 6/2/06 9.8a Alliance & Leicester Plc. Banking and finance ITV Plc Broadcasting Biomet Inc. Orthopedic products Trizec Properties Inc. Real estate 5/22/06 Withdrawn 8/9/06 11/11/06 Pending 9.6b Thames Water Utility 9.1c 6/5/06 Outbid 12/18/06 10/5/06 8.9c 10/17/06 Pending 8.9c 3/23/06 4/3/06 8.8c Quantas Airways Ltd. Airline 11/22/06 Pending 8.7c Glamis Gold Ltd. Mining and minerals Aramark Corp. Food service 8/31/06 11/7/06 8.6c 8/8/06 Pending 8.3a Corus Plc Steelmaker BlackRock Inc. Money management Chicago Board of Trade Inc. Futures trading exchange 10/17/06 Pending 8.23a 2/13/06 6/30/06 8.0a 10/17/06 Pending 8.0c Delta Air Lines Airline 11/15/06 Pending 8.0b GMAC Commercial Holding Corp. Commercial mortgage unit of GMAC 11/2/06 9.5b CRS-5 Acquirer, Sector, and New Name (if applicable) Kohlberg Kravis Roberts & Co. Permira Advisers LLP Investors Silvio Berlusconi Investor Walt Disney Co. Conglomerate Royal Dutch Shell, Plc Petroleum/energy Resolution Plc Insurance Temasek Holdings Pte. Singapore government Banche Popolari Unite Scarl Banking and finance Schneider Electric SA Electrical equipment SL Green Realty Corp. Real estate Apollo Management LP Investors Suncorp-Metway Ltd. Insurance Nycomed Holding A/S Danish investment vehicle Carlyle Group Investors UCB SA Pharmaceuticals MTN Group Ltd. Telecommunications Advanced Micro Devices Inc. Semiconductor maker Tishman Speyer Properties LP Property owner BlackRock Inc. Real estate division Siemens AG Conglomerate China Mobile Communications Corp. Telecommunications Goldman Sachs Group Inc. Investment bank Anadarko Petroleum Corp. Energy Target Firm, Sector and New Name (if applicable) Date Date Value Announced Completed ($ billions) 12/13/06 Pending 8.0a 11/2/06 7.5a 1/24/06 Outbid 12/13/06 5/5/06 7.4a 10/23/06 Pending 6.8c 6/7/06 9/1/06 6.7c 1/10/06 Outbid 6.17c 11/14/06 Pending 6.15b 10/30/06 Pending 6.1c 8/3/06 Pending 6.0a 12/18/06 Pending 6.0c 10/12/06 Pending 5.7c 9/21/06 12/29/06 5.7c 11/24/06 Pending 5.7c 9/25/06 Pending 5.6c 5/2/06 7/31/06 5.5c 7/22/06 11/30/06 5.5c 10/17/06 11/17/06 5.4c Bayer AG, Diagnostics Unit Diagnostical instruments Millicom International Cellular SA Telecommunications 6/29/06 1/1/07 5/24/06 Withdrawn 7/4/06 5.3a Associated British Ports Holdings Plc. Ports operator Western Gas Resources Inc. Energy 6/14/06 8/28/06 5.3c 6/23/06 8/23/06 5.26a ProSiebenSat1 Media AG Broadcaster ProSiebenSat1 Media AG Broadcaster Pixar Inc. Entertainment producer Shell Canada Ltd. (22% not owned) Petroleum/energy Abbey National, Life Insurance Div. Insurance Peninsular & Oriental Steam Navigation Company Ports operator Banca Lombarda SpA Banking and finance American Power Conversion Corp. Emergency power systems Reckson Associates Realty Corp. Real estate Realogy Corp. Real estate broker Promina Group Ltd. Insurance Altana AG Pharmaceutical Div. Pharmaceuticals Advanced Semiconductor Engineering Inc. Semiconductor packager Schwarz Pharma AG Pharmaceuticals Investcom LLC Telecommunications ATI Technologies Inc. Computer graphics chips Stuyvesant Town-Peter Cooper Village (owned by MetLife Inc.) Apartment complex 5.34a CRS-6 Acquirer, Sector, and New Name (if applicable) Health Care Property Investors Inc. Health care property owner Grupo Martinsa SA Investor Kohlberg Kravis Roberts & Co. Goldman Sachs Group, Inc. Investors Danske Bank Banking and finance Nasdaq Stock Market Inc. Stock exchange BASF AG Chemicals Bank of Cyprus Ltd. Banking and finance Canadian Natural Resources Ltd. Energy Frank Fertitta, III Lorenzo Fertitta Colony Capital LLC Investors Lottomatica SpA Gaming company Carl Icahn Investor Macklowe Properties Mac-Cali Realty, LP Real estate Charterhouse Capital Partners LLP Investor Hewlett-Packard Corp. Conglomerate Blackstone Group Investors Kohlberg Kravis Roberts & Co. Goldman Sachs Group Inc. Investors Carl Icahn Investor Crédit Agricole SA Banking and finance Cerberus Capital Management LP Investor TransCanada Corp. TC Pipelines LP Natural gas Target Firm, Sector and New Name (if applicable) Date Date Value Announced Completed ($ billions) 5/2/06 10/9/06 5.2a Fadesa Inmobiliaria SA Real estate Kion Group (div. Linde AG) Materials handling manufacturer 9/28/06 Pending 5.1c 11/5/06 Pending 5.1c Sampo Bank Banking and finance London Stock Exchange Group Plc Stock exchange Engelhard Corp. Pollution control devices Emporiki Bank of Greece SA Banking and finance Anadarko Canada Ltd. Energy 11/9/06 Pending 5.1b 11/20/06 Pending 5.1c 1/3/06 6/12/06 4.9c 6/22/06 Withdrawn 7/19/06 9/14/06 11/2/06 4.8c 4.8c Station Casinos, Inc. Casino operator 12/4/06 Pending 4.7c Gtech Holdings Corp. Lottery services Reckson Associates Realty Corp. Real estate 1/10/06 8/29/06 4.65c 11/16/06 12/14/06 Macklowe and MacCali withdraw 12/4/06 Pending 4.6c Mercury Interactive Corp. Software Travelport Div., Cendant Corp. Travel services distributor PagesJaunes Groupe SA Telephone directories 7/25/06 11/1/06 4.5a 6/30/06 8/23/06 4.3a 7/24/06 10/11/06 4.3a Reckson Associates Realty Corp. Real estate Emporiki Bank of Greece SA Banking and finance Bank Fuer Arbeit Und Wirtschaft AG Banking and finance ANR Pipeline Co. Great Lakes Gas Transmission (50%) Pipeline owners/operators 12/4/06 4.3a 6/13/06 Rejected 12/5/06 8/16/06 4.2a 12/14/06 Pending 4.2a 12/22/06 Pending 4.13a CNL Retirement Properties Inc. Health care properties Vivarte SA Retailer 4.6a CRS-7 Acquirer, Sector, and New Name (if applicable) Berkshire Hathaway Inc. Conglomerate Kimco Realty Corp. Real estate Network Healthcare Holdings Ltd. (Netcare) Medical services provider Motorola Inc. Electronics Permira Advisers Ltd. Investors Power Corp. of Canada Holding company Apollo Management LP Investors Dynegy Inc. Power generator Isadore Sharp (Founder and Chairman Fours Seasons Hotels, Inc.) Bill Gates Prince Alwaleed bin Talal Investors Abbot Laboratories, Inc. Pharmaceuticals Derwent Valley Holdings Plc Real estate Kelso & Co. Goldman Sachs Group Inc. ValueAct Capital Parthenon Capital Investors Sol Kerzner Butch Kerzner Istithmar PJSC Whitehall Street Global Real Estate L.P. 2005 Colony Capital LLC Providence Equity Partners Inc. Related Cos., L.P. Investors Home Depot Inc. Home-improvement retailer Hankyu Holdings Inc. Railroad operator Reynolds American Inc. Tobacco Swisscom SA Telecommunications LSI Logic Inc. Chipmaker Target Firm, Sector and New Name (if applicable) Date Date Value Announced Completed ($ billions) 5/5/06 7/5/06 4.0a 7/10/06 9/10/06 4.0a 4/25/06 7/15/06 3.9c 9/19/06 Pending 3.9c 12/7/06 Pending 3.9a 12/29/06 Pending 3.9a 9/14/06 12/3/06 3.8c 9/16/06 Pending 3.8a 11/6/06 Pending 3.7c 11/6/06 Pending 3.7c 11/14/06 Pending 3.7b 12/22/06 Pending 3.7c Kerzner International Ltd. Real estate development 3/20/06 8/31/06 3.6a Hughes Supply Inc. Building supply Hanshin Electric Railway Co. Railroad operator Conwood Co. Tobacco Swisscom Mobile (25% not owned) Mobile telephone operator Agere Systems Inc. Chipmaker 1/10/06 3/31/06 3.51c 5/30/06 10/1/06 3.5a 4/25/06 5/31/06 3.5a 11/8/06 12/20/06 3.48a 12/4/06 Pending 3.45a Iscar Metalworking Companies Ltd. Metalworking Pan Pacific Retail Properties Inc. Real estate General Healthcare Group Plc. Medical services provider Symbol Technologies Inc. Handheld bar scanners EMI Group Plc Music Putnam Investment Money management GE Advanced Materials unit. Plastics Momentive Performance Materials LS Power Group Inc. Power generator Four Seasons Hotels, Inc. Hotel owner/operator Kos Pharmaceuticals, Inc. Pharmaceuticals London Merchant Securities Plc Real estate Adesa Inc. Auto auction operator CRS-8 Acquirer, Sector, and New Name (if applicable) Rite Aid Inc. Drug stores Riverdeep Holdings Plc Educational software Houghton-Mifflin Riverdeep Group Plc Weyerhauser Inc. Forest products Bank of America Banking and finance Onex Corp. Goldman Sachs Capital Partners Investors Broadway Real Estate Partners LLC Real estate Huntington Bancshares Inc. Banking and finance Prince Alwaleed bin Talal Colony Capital LLC Investors Centro Properties Group Real estate Oshkosh Truck Corp. Motor vehicles Mittal Steel Co. Steel Vivendi SA Utilities Tenaris SA (Div. Techint Argentina SA) Pipe manufacturer Babcock & Brown Ltd. Investors Compagnie Generale de Geophysique Seismic equipment, services Citigroup Inc. Banking and finance Target Firm, Sector and New Name (if applicable) Date Date Value Announced Completed ($ billions) 8/23/06 Pending 3.4a 11/28/06 12/22/06 3.4a 8/23/06 Pending 3.3c 11/20/06 Pending 3.3a 12/20/06 Pending 3.3a John Hancock Tower (owned by Beacon Capital Partners LLC) Property Sky Financial Group Inc. Banking and finance Fairmont Hotels & Resorts Inc. Hotels 12/29/06 Pending 3.3a 12/20/06 Pending 3.29a 1/30/06 5/11/06 3.2c Heritage Property Investment Trust Real estate JLG Industries, Inc. Construction equipment Arcelor Brasil SA Steel Polska Telefonia Cyfrowa (49%) Mobile telephony 7/10/06 10/5/06 3.2c 10/16/06 12/6/06 3.2a 10/25/06 Pending 3.2a Eckard Drug, Brooks Drug Drug stores Houghton-Mifflin Co. Publishing Domtar, Inc. Forest products U.S. Trust Private bank Raytheon, Raytheon Aircraft (div.) Aircraft manufacturer Maverick Tube Corp. Pipe manufacturer Eircom Group Plc Telecommmunications Veritas DGC Inc. Geophysical information, services Akbank (20%) Banking and finance 9/26/06 3.19a Lawsuit filed against Deutsche Telekom 10/23/06 6/13/06 10/5/06 3.185c 5/23/06 3.1c 9/5/06 10/17/06 8/18/06 1/12/07 (projected) 3.1a Pending 3.1b CRS-9 Acquirer, Sector, and New Name (if applicable) Citigroup Inc. Société Generale SA Banking and finance Ping An Insurance Group Insurance International Business Machines Computer-services provider China Life Insurance State Grid Corp. Electricity distribution Citic Trust & Investment Corp. China Puhua Investment Investment company PAI Partners Investors Macquarie Bank Ltd. Banking and finance Castor Holdings LLC Blackstone Group LP PAI Partners Investors Fortress Investment Group LLC Investors Loral Space & Communications Inc. Conglomerate Belgacom SA Telecommunications Ferd AS Holding company Fomento de Construcciones & Contratas SA Construction Citadel Broadcasting Broadcasting Terra Firma Capital Partners LP Investors Target Firm, Sector and New Name (if applicable) Guangdong Development Bank Banking and finance LaFarge SA, Roofing Tile Division Roofing tiles Duquesne Light Holdings Inc. Power distribution Duquesne Light Holdings United Biscuits Plc Food company Intrawest Corp. Resort operator Telesat, Div. BCE Inc. Satellite service company Proximus SA Mobile operator SIG AG Aseptic packaging Waste Recycling Group Ltd. Recycling ABC Radio Broadcasting AWAS (Morgan Stanley Aircraft Leasing Div.) Aircraft leasing Evraz Group SA Oregon Steel Mills Inc. Steel Steel Kohlberg Kravis Roberts & Co. Seven Network Ltd. (50%) Investors Broadcasting SeaDrill Ltd. Smedvig ASA Oil drilling Oil drilling Ripplewood Holdings LLC Reader’s Digest Association Inc. J. Rothschild Group Publisher Merrill Lynch Capital Corp. GoldenTree Asset Management GSO Capital Partners Magnetar Capital Investors Date Date Value Announced Completed ($ billions) 11/16/06 12/19/06 3.1b 12/4/06 Pending 3.09c 7/5/06 Pending 3.0a 10/25/06 11/12/06 3.0c 8/11/06 10/26/06 2.8a 12/18/06 Pending 2.8a 8/25/06 11/1/06 2.6c 9/26/06 Pending 2.6b 7/17/06 7/17/06 2.55c 1/23/06 Pending 2.5a 1/30/06 3/24/06 2.5c 11/20/06 Pending 2.5a 11/20/06 Pending 2.5c 1/9/06 4/3/06 2.4c 11/16/06 Pending 2.4b CRS-10 Acquirer, Sector, and New Name (if applicable) Target Firm, Sector and New Name (if applicable) Premier Foods Plc. RHM Plc Groceries Groceries Ontario Teachers’ Pension Fund Orient Overseas (International) Ltd. Investor (4 North American container ports) Ports operator Givaudan SA Quest International Flavors and fragrances div. Imperial Chemical Industries Plc. Flavors and fragrances Permira Funds Unilever NV Frozen Foods Investor Div. Processed food Banco Itau Holding Financeira BankBoston do Brasil SA Banking and finance Banking and finance Barr Pharmaceuticals Inc. Pliva d.d. Pharmaceuticals Pharmaceuticals Apax Partners Worldwide LLP Capio AB Nordic Capital Fund VI Hospital operator Investors CB Richard Ellis Group Inc. Trammell Crow Co. Real estate broker Property management Banco Bilbao Vizcaya Texas Regional Bancshares Argentaria SA (dba Texas State Bank) Banking and finance Banking and finance Thales SA Alcatel-Lucent SA Defense conglomerate Satellite, Transport, Security Divisions. Vivendi SA BMG (Bertelsmann Music Group) Conglomerate (div. Bertelsmann AG) Music publisher Eli Lilly & Co. Icos Corp. Pharmaceuticals Biotechnology Graceway Pharmaceuticals Inc. 3M Pharmaceutical Div. Pharmaceuticals Pharmaceuticals Meda AB Ironbridge Capital Archer Capital Investors John Fairfax Holdings Ltd. Rural Press Ltd. Newspaper publishing Newspaper publishing GlaxoSmithKline Plc Genmab A/S Pharmaceuticals Biotechnology Telefon AB L.M. Ericsson Redback Networks Inc. Telecommunications Routing equipment manufacturer Promociones Habitat SA Ferrovial Immobiliaria SA Real estate Real estate Bain Capital Partners LLC Burlington Coat Factory Warehouse Investors Corp. Retailer Date Date Value Announced Completed ($ billions) 12/4/06 Pending 2.4c 11/23/06 Pending 2.35a 11/22/06 Pending 2.3c 8/28/06 9/1/06 2.21a 5/2/06 8/7/06 2.2c 6/26/06 11/20/06 2.2c 9/1/06 Pending 2.2c 10/31/06 12/20/06 2.2c 6/12/06 11/12/06 2.17a 12/4/06 Pending 2.14c 9/6/06 Pending 2.1c 10/17/06 Pending 2.1a 11/9/06 1/2/07 2.1c 12/6/06 Pending 2.1c 12/19/06 Pending 2.1c 12/20/06 Pending 2.1a 12/29/06 Pending 2.1c 1/18/06 4/13/06 2.06a CRS-11 Acquirer, Sector, and New Name (if applicable) HBOS Plc Mortgage bank Simon & David Reuben Victor Tchenguiz Investors Hospira Inc. Hospital products Target Firm, Sector and New Name (if applicable) McCarthy & Stone Plc Retirement-home developer Mayne Pharma Ltd. Pharmaceuticals Date Date Value Announced Completed ($ billions) 8/1/06 9/20/06 9/4/06 1/30/07 (projected) 2.05c 2.0a 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. Notes: 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 sometimes vary 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. a. Value source, The Wall Street Journal. b. Value source, The Financial Times. c. Value source, Bloomberg.com. d. Kate Burgess and Andrea Felsted, “Aviva and Pru left vulnerable as bid ends — Investors at risk as £17bn takeover is scrapped,” Financial Times, Mar. 25, 2006, p. 1. The designation “Pending” often indicates that regulatory approval needed for actual merger has not been obtained. CRS-12 CRS Reports For activity in previous years, see these earlier CRS reports: CRS Report RL33329, Largest Mergers and Acquisitions by Corporations: 2005, by John Williamson. CRS Report RS21726, Largest Mergers and Acquisitions by Corporations: 2004, by John Williamson. CRS Report RS21415, Largest Mergers and Acquisitions by Corporations: 2003, by John Williamson. CRS Report RS21147, Largest Mergers and Acquisitions by Corporations: 2002, by John Williamson. CRS Report RS20804, Largest Mergers and Acquisitions by Corporations: 2001, by John Williamson. CRS Report RS20504, Twenty-five Largest Mergers and Acquisitions by Corporations: 2000, by John Williamson. CRS Report RS20503, Twenty-five Largest Mergers and Acquisitions by Corporations: 1999, by John Williamson. CRS Report RS20502, Twenty-five Largest Mergers and Acquisitions by Corporations: 1998, by John Williamson.