Largest Mergers and Acquisitions by Corporations in 2007
Order Code RL34375
Largest Mergers and Acquisitions by
Corporations in 2007
February 14, 2008
John Williamson
Information Research Specialist
Knowledge Services Group
Largest Mergers and Acquisitions by
Corporations in 2007
Summary
Mergers and acquisitions (M&A) activity has continued to increase, and has
grown in each of the past four years. This reports provides a listing of the largest
M&A transactions worldwide (value equivalent to US$ 2.0 billion or more) that were
proposed during 2007. The report includes the dates on which transactions were
completed and showing M&A deals that were still pending as of December 31, 2007.
These data have been drawn from publicly available sources and have not been
otherwise verified by CRS. This report will not be updated.
Contents
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
CRS Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
List of Tables
Table 1. Largest Mergers and Acquisitions in 2007 . . . . . . . . . . . . . . . . . . . . . . . 1
Largest Mergers and Acquisitions by
Corporations in 2007
Introduction
Mergers and acquisitions (M&A) activity has continued to increase in each of
the past four years. Table 1 provides a listing of the largest M&A transactions
worldwide (value equivalent to $2.0 billion or more) that were announced in 2007.
The table includes the dates on which transactions were completed, as well as
showing M&A deals that were still pending as of December 31, 2007. These data
have been drawn from publicly available sources and have not been otherwise
verified by CRS.
Table 1. Largest Mergers and Acquisitions in 2007
(ranked by value; all amounts cited are in billions of U.S. dollars)
Acquirer, Sector, and
Date
Date
Value
Target Firm and Sector
New Name (if applicable)
Announced
Completed ($ billions)
Royal Bank of Scotland PLC
ABN Amro Holding NV
4/25/07
10/10/07
95.5c
Santander Central Hispano SA
Banking and finance
Fortis SA/NV
Banking and finance
Barclays PLC
ABN Amro Holding NV
3/19/07
Outbid
93.34a
Banking and finance
Banking and finance
Ontario Teachers Pension Plan
BCE Inc.
6/30/07
Pending
48.5a
Providence Equity Partners Inc.
Telecommunications
Madison Dearborn Partners
Investors
Transocean Inc.
GlobalSantaFe Corp.
7/23/07
11/27/07
48.0a
Offshore drilling
Offshore drilling
Vornado Realty Trust
Equity Office Properties Trust
2/1/07
Outbid
39.0a
Real estate
Real estate
2/7/07
Rio Tinto Group PLC
Alcan Inc.
7/12/07
11/14/07
38.1c
Mining
Aluminum
Enel SpA
Endesa SA
3/26/07
10/8/07
31.2c
Acciona SA
Electricity generator
Utilities
Essent N.V.
Nuon N.V.
2/1/07
Abandoned
31.0b
Utility
Utility
9/7/07
EssentNuon N.V.
UniCredit SpA
Capitalia SpA
5/20/07
9/18/07
29.72a
Banking and finance
Banking and finance
Alcoa Inc.
Alcan Inc.
5/7/07
Outbid
26.9c
Aluminum
Aluminum
Blackstone Group
Hilton Hotels Corporation
7/3/07
10/27/07
26.0b
Investor
Lodging
CRS-2
Acquirer, Sector, and
Date
Date
Value
Target Firm and Sector
New Name (if applicable)
Announced
Completed ($ billions)
Kohlberg Kravis Roberts & Co.
First Data Corp.
4/2/07
9/24/07
25.6c
Investors
Credit card processor
J.C. Flowers
Student Loan Marketing Corp.
4/16/07
Withdrawn
25.0b
J.P. Morgan Chase & Co.
Student loans
12/12/07
Bank of America Corp.
Investors
Goldman Sachs Group Inc.
Alltel Corp.
5/21/07
11/16/07
24.7c
TPG Inc.
Telecommunications
Investors
Delta Two
J. Sainsbury PLC
7/18/07
Withdrawn
24.5b
Qutari investors
Grocery retailer
11/4/07
Stefano Pessina
Alliance Boots PLC
4/16/07
6/26/07
22.067b
Co-Chairman Alliance-Boots
Drugstore operator
Kohlberg Kravis Roberts & Co.
Investors
Dolan family
Cablevision Corp.
5/2/07
Rejected
22.0b
(Founders of Cablevision)
Cable TV operator, athletic team
10/24/07
Merrill Lynch & Co.
owner, Madison Sq. Garden
Bear, Stearns & Co.
Bank of America
Lenders
Terra Firma Capital Partners Ltd.
Alliance Boots PLC
4/20/07
Outbid
21.8c
Wellcome Trust
Drugstore operator
4/24/07
Investors
Bank of America Corp.
LaSalle Bank (div. ABN Amro)
4/23/07
10/1/07
21.0c
Banking and finance
Banking and finance
Blackstone Group LP
SLM Corp.
4/13/07
Outbid
20.0c
Investor
Student loans
4/16/07
Thomas H. Lee Partners LP
Clear Channel Communications
5/18/07
Pending
19.5c
Bain Capital Partners LLC
Inc.
Investors
Communications
Vodafone PLC
Hutchison Essar Ltd.
2/10/07
5/4/07
19.0b
Mobile phone operator
Mobile phone operator
Wesfarmers Ltd.
Coles Group Ltd.
7/2/07
11/23/07
18.6a
Conglomerate
Supermarkets
SABMiller PLC
Scottish & Newcastle Breweries
4/22/07
Pending
18.0b
Diageo PLC
PLC
Alcoholic beverages
Alcoholic beverages
Imperial Tobacco Group Plc
Altadis SA
3/15/07
Pending
17.9a
Tobacco
Tobacco
Resolution PLC
Friends Provident PLC
7/25/07
Rejected
17.72a
Closed fund consolidator
Life insurance
11/15/07
Friends Financial Group PLC
Thomson Corp.
Reuters Group PLC
5/8/07
Pending
17.55a
Information
Information
Thomson-Reuters
CVC Capital Partners Ltd.
Altadis SA
5/4/07
Outbid
17.4c
PAI Partners
Tobacco
7/18/07
Investors
Groupe Danone SA
Royal Numico NV
7/9/07
Pending
16.8a
Conglomerate
Baby food maker
CRS-3
Acquirer, Sector, and
Date
Date
Value
Target Firm and Sector
New Name (if applicable)
Announced
Completed ($ billions)
Akzo Nobel NV
Imperial Chemical Industries Plc
7/30/07
1/2/08
16.0c
Henkel KGaA
Chemicals
Chemicals
HeidelbergCement AG
Hanson PLC
5/14/07
8/1/07
15.8a
Cement
Building materials
OMV AG
Mol Nyrt
9/25/07
Pending
15.7c
Oil
Refineries and pipelines
Continental AG
Siemens VDO
7/25/07
12/3/07
15.67a
Auto parts
Auto parts
AstraZeneca Plc
MedImmune Inc.
4/23/07
6/19/07
15.2c
Pharmaceuticals
Pharmaceuticals
Schering-Plough Inc.
Organon Biosciences
3/12/07
11/19/07
15.0b
Pharmaceuticals
(div. Akzo Nobel NV)
Pharmaceuticals
Unibail Holding Co. SA
Rodamco Europe NV
4/10/07
6/21/07
15.0c
Real estate investment trust
Shopping center owner
Tishman Speyer Properties Inc.
Archstone-Smith Trust
5/29/07
10/5/07
13.5c
Lehman Brothers Holdings Inc.
Real estate
Real estate
Banca Monte dei Paschi di Siena
Banca Antonveneta SpA
11/7/07
Pending
13.2c
SpA
Banking and finance
Banking and finance
LaFarge SA
Orascom Cement
12/10/07
Pending
12.9c
Building materials
Cement
Allianz SE
Assurances Generales de France SA
1/18/07
4/30/07
12.7c
Insurance
Insurance
Len Blavatnik
Lyondell Chemical
7/17/07
12/20/07
12.66a
Investor
Chemicals
Saga Ltd.
Automobile Association Ltd.
6/25/07
9/26/07
12.4c
(Owned by Charterhouse
(Owned by Permira Advisers LLP
Capital Partners LLP)
and CVC Capital Partners Ltd.)
Automobile Association Ltd.
(To be 38% Charterhouse, Permira
and CVC 43%, and management
19%)
Blackstone Group LP
Biomet Inc.
6/7/07
9/25/07
11.4c
Kohlberg Kravis Roberts & Co.
Orthopedic implants
TPG Capital Group
Goldman Sachs Group Inc.
Private Equity Div.
Investors
Saudi Basic Industries Corp.
GE Plastics Division
5/18/07
8/31/07
11.0c
World’s largest chemical
Plastics manufacturer
company
Cerberus
RAG
6/14/07
Pending
11.0b
Investor
Conglomerate
Carlyle Group
Virgin Media, Inc.
7/2/07
Cancelled
10.8c
Investor
Pay-tv operator
9/14/07
Apollo Management LP
Huntsman
7/12/07
Pending
10.79a
Investor
Chemicals
Pearl Group Limited
Resolution PLC
11/14/07
2/4/08
10.22a
Closed fund consolidator
Closed fund consolidator
(projected)
CRS-4
Acquirer, Sector, and
Date
Date
Value
Target Firm and Sector
New Name (if applicable)
Announced
Completed ($ billions)
Ingersoll-Rand Co.
Trane Inc.
12/15/07
Pending
10.1a
Conglomerate
Air conditioning
Taylor Woodrow Plc
George Wimpey Plc
3/26/07
7/6/07
9.8c
House builder
House builder
Vivendi SA
Activision Inc. (52%)
12/1/07
Pending
9.8c
Conglomerate
Software
Access Industries Holdings LLC
Huntsman Corp.
6/26/07
Outbid
9.58c
Holding company
Chemicals
7/12/07
Kuwait Petrochemical Industries
Dow Chemical Co., plastics div.
12/13/07
Pending
9.5c
Co.
(50% – Joint venture)
Petrochemicals
Plastics
Sacyr Vallehermoso SA
Eiffage SA
4/19/07
Pending
8.8c
Construction
Construction
Toronto-Dominion Bank
Commerce Bancorp Inc.
10/2/07
Pending
8.7a
Banking and finance
Banking and finance
Bain Capital LLC
Home Depot wholesale division
6/19/07
8/30/07
8.5a
Carlyle Group LP
Building supplies
Clayton, Dubilier & Rice, Inc.
Investors
Sam Zell
Tribune Co.
3/28/07
12/20/07
8.2a
Investor
Publishing, broadcasting, sports
Tribune ESOP
Employee ownership fund
TPG Capital LLC
Avaya Inc.
6/4/07
10/26/07
8.2a
Silver Lake Partners
Telecommunications equipment
Investors
GE
Abbot Laboratories Inc.
1/18/07
Abandoned
8.13a
Conglomerate
In-vitro diagnostics div.
7/12/07
Point-of-Care diagnostics div.
Medical
Nokia Oyj
Navteq Corp.
10/1/07
Pending
8.1c
Telecom equipment
Mapping software
Ron Burkle
Tribune Co.
3/30/07
Outbid
8.0c
Eli Broad
Publishing, broadcasting, sports
4/2/07
Investors
Kohlberg Kravis Roberts & Co.
Harman International Industries Inc.
4/26/07
Abandoned
8.0c
Goldman Sachs Group Inc.
Audio equipment manufacturer
10/22/07
Investors
Hypo Real Estate Holding AG
Depfa Bank Plc
7/23/07
10/4/07
7.9c
Real estate lender
Government lender
Blackstone Group LLP
Alliance Data Systems Corp.
5/17/07
Pending
7.86c
Investor
Credit card processor
Apax Partners
Thomson Learning (div. Thomson)
5/11/07
7/5/07
7.75a
OMERS Capital Partners
Nelson Canada (educational
Investors
publisher)
Simon Property Group, Inc.
Mills Corp.
2/4/07
7/2/07
7.71a
Real estate
The Mills Limited Partnership
Farallon Capital Management
Real estate
Investor
Citigroup Inc.
Nikko Cordial Corp. (61%)
4/27/07
1/29/08
7.7c
Banking and finance
Brokerage
(projected)
CRS-5
Acquirer, Sector, and
Date
Date
Value
Target Firm and Sector
New Name (if applicable)
Announced
Completed ($ billions)
Svenskt Stal AB
IPSCO Inc.
5/3/07
7/18/07
7.66a
Steel
Steel
Banca Popolare di Milano Scrl
Banca Popolare dell’Emiglia
5/21/07
Abandoned
7.61c
Banking and finance
Romagna Scrl
6/27/07
Banking and finance
Brookfield Asset Management
Mills Corp.
1/17/07
Outbid
7.5a
Inc.
The Mills Limited Partnership
2/4/07
Real estate
Real estate
National Oilwell Varco Inc.
Grant Prideco
12/17/07
Pending
7.5a
Oil equipment
Oil equipment
Cerberus Capital Management
Chrysler Motors (80.1%)
5/14/07
8/3/07
7.4a
Investor
Automobile manufacturer
SP Ausnet
Singapore Power
9/20/07
Pending
7.4c
Utilities
Utilities
Madison Dearborn Partners LLC
CDW Corp.
5/29/07
10/12/07
7.3c
Investor
Tech equipment seller
MetroPCS Communications Inc.
Leap Wireless International Inc.
9/4/07
Abandoned
7.27a
Telecommunications
Telecommunications
11/1/07
Kraft Foods Inc.
LU div. Danone S.A.
7/1/07
12/2/07
7.2b
Conglomerate
Biscuits
PPR SA
Puma AG
4/10/07
7/17/07
7.1c
Retail holding company
Sporting goods manufacturer
Clayton, Dubilier & Rice
US Foodservice (div. Ahold NV)
5/2/07
7/3/07
7.1b
Kohlberg Kravis Roberts & Co.
Food products distribution
Investors
Babcock & Brown Ltd.
Alinta Ltd.
3/5/07
Pending
7.0c
Singapore Power Ltd.
Electricity and gas distributor
Energy companies
Siemens AG
Dade Behring Inc.
7/25/07
11/6/07
7.0a
Conglomerate
Laboratory diagnostics
Community Health Systems Inc.
Triad Hospitals Inc.
3/19/07
7/25/07
6.8a
Health care provider
Health care provider
Wachovia Corp.
A.G. Edwards Inc.
5/31/07
10/1/07
6.8c
Banking and finance
Stockbroker
SAP AG
Business Objects SA
10/7/07
Pending
6.8b
Business software
Software
Macquarie Infrastructure
Puget Energy Inc.
10/26/07
Pending
6.7a
Partners
Utility holding company
British Columbia Investment
Management Corp.
Alberta Investment Management
Corp.
Macquarie-FSS Infrastructure
Trust
Macquarie Bank Ltd.
Investors
Oracle Corp.
BEA Systems Inc.
10/12/07
Pending 6.66a
Software
Software
Mylan Laboratories Inc.
Merck KGaA generic drug division
5/14/07
10/2/07
6.6a
Pharmaceuticals
Pharmaceutical
Vivendi SA
Neuf Cegetel SA
12/20/07
Pending 6.4c
Conglomerate
Telecommunications
CRS-6
Acquirer, Sector, and
Date
Date
Value
Target Firm and Sector
New Name (if applicable)
Announced
Completed ($ billions)
Carlyle Group Inc.
Manor Care Inc.
7/2/07
12/21/07
6.3a
Investor
Nursing-home operator
Citigroup Inc.
Kelda Group Plc
11/26/07
Pending
6.3c
HSBC Holdings Plc
Water
GIC Special Investments Pte
Ltd.
Prudential Infracapital Partners
LP
Investors
Marathon Oil Corp.
Western Oil Sands Inc.
7/31/07
10/18/07
6.21a
Petroleum
Petroleum
Fortress Investment Group LLC
Penn National Gaming Inc.
6/15/07
Pending
6.1c
Centerbridge Partners LP
Casino and race track operator
Investors
JP Morgan, Chase & Co.
United Utilities Plc
11/23/07
Pending
6.02c
Commonwealth Bank of
power distribution division
Australia
Investors
Darwin Deason
Affiliated Computer Services Inc.
3/20/07
Withdrawn
6.0a
(Founder ACS Inc.)
IT provider
10/30/07
Cerberus Capital Management
Investor
Microsoft Corp. Inc.
aQuantive Inc.
5/18/07
8/10/07
6.0a
Software
Online advertising agency
Macquarie Bank Ltd.
Alinta Ltd.
3/26/07
Pending
5.9c
ABN Amro Holding NV
Electricity and gas distributor
Madison Dearborn Partners LLC
Nuveen Investments Inc.
6/20/07
11/13/07
5.75a
Merrill Lynch & Co.
Asset management
Wachovia Corp.
Citigroup Inc.
Deutsche Bank AG
Morgan Stanley
Investors
Carlyle Group
Allison Transmission
6/28/07
8/8/07
5.6a
Onex Corp.
(Div. GM)
Investors
Telefónica SA
Olimpia SpA
4/28/07
10/23/07
5.6c
Telecommunications
(owner of Telecom Italia SpA)
Assicurazioni General SpA
Telecommunications
Insurance
Intesa Sanpaolo SpA
Mediobanca SpA
Banking and finance
Benetton family
Investors
News Corp.
Dow Jones & Co.
8/01/07
12/14/07
5.6a
Conglomerate
Publishing
Industrial & Commercial Bank
Standard Bank Group Ltd. (20%)
10/25/07
2/08
5.6c
of China Ltd.
Banking and finance
(projected)
Banking and finance
Nestlé SA
Gerber Products Co.
4/11/07
9/3/07
5.5a
Conglomerate
Infant products
Carl Icahn
Lear Corp.
2/5/07
Rejected
5.3c
Investor
Automotive supplier
7/16/07
CRS-7
Acquirer, Sector, and
Date
Date
Value
Target Firm and Sector
New Name (if applicable)
Announced
Completed ($ billions)
Permira
Atos Origin SA
3/15/07
Rejected
5.3b
Investor
IT provider
7/14/07
Centaurus
Hedge fund
Royal Philips Electronics NV
Respironics Inc.
12/21/07
Pending
5.2c
Conglomerate
Medical equipment maker
Randstad Holding NV
Vedior NV
12/3/07
Pending
5.14c
Personnel staffing
Personnel staffing
BC Partners Ltd.
Intelsat Ltd.
6/19/07
Pending
5.03
Investors
Commercial satellite operator
Macquarie Bank Ltd.
National Grid Wireless Plc
4/3/07
Pending
5.0c
Investor
Wireless network provider
Arqiva (Macquarie
Communications Infrastructure
Group)
Abu Dhabi National Energy Co.
PrimeWest Energy Trust
9/24/07
11/20/07
5.0c
Energy
Petroleum
Doosan Infracore Co.
Bobcat div. Ingersoll-Rand
7/29/07
11/30/07
4.9a
Conglomerate
Construction machinery
International Business Machines
Cognos Inc.
11/12/07
Pending
4.9a
Inc.
Software provider
Information technology
General Electric Inc.
Smiths Aerospace
1/15/07
5/4/07
4.8a
Conglomerate
(div. Smiths Group Plc).
Conglomerate
Aem SpA
ASM Brescia SpA
6/4/07
Pending
4.8c
Utility
Utility
CCMP Capital Advisors
Triad Hospitals Inc.
2/5/07
Outbid
4.7a
GS Capital Partners
Hospital operator
3/19/07
Investors
Clayton, Dubilier & Rice Inc.
ServiceMaster Co.
3/19/07
7/24/07
4.7c
Investor
Service provider
Terra Firma Capital Partners
EMI Group Plc
5/21/07
9/18/07
4.7c
Ltd.
Music
Investor
Voestalpine AG
Boehler-Uddeholm AG
3/29/07
9/6/07
4.69c
Steel
Steel
T. Ananda Krishnan
Maxis Communications Bhd
5/3/07
Pending
4.6c
Investor (who will sell to)
Mobile telecommunications
Binariang GSM Sdn
Holding company (controlled
by Mr. Krishnan)
John de Mol
Endemol NV (75%)
5/14/07
7/3/07
4.6c
MediaSet SpA
Television programming producer
Goldman Sachs
Investors
Edam Acquisition
Hindalco Industries Ltd.
Novelis Inc.
2/12/07
5/15/07
4.57a
Aluminum maker
Aluminum roller
State Street Corp.
Investors Financial Services Corp.
2/5/07
7/2/07
4.5a
Banking and finance
Banking and finance
CRS-8
Acquirer, Sector, and
Date
Date
Value
Target Firm and Sector
New Name (if applicable)
Announced
Completed ($ billions)
Bjorgolfur Thor Bjorgolfsson
Actavis Group hf
5/10/07
7/25/07
4.5c
Investor, Chairman of Activis
Generic drugmaker
Berkshire Hathaway Inc.
Marmon Holdings Inc. (60%)
12/26/07
Pending
4.5c
Holding company
Holding company
ProSiebenSat.1Media
SBS Broadcasting
6/27/07
6/30/07
4.4b
Broadcasting
Broadcasting
Fiserv Inc.
CheckFree Corp.
8/2/07
12/4/07
4.4a
Technology services
Electronic bill-paying
Barrett Developments Plc
Wilson Bowden Plc
2/5/07
Pending
4.3a
Homebuilder
Builder
Mitsubishi Chemical Holdings
Tanabe Seiyaku Co.
2/2/07
10/1/07
4.3c
Corp.
Pharmaceuticals
Chemicals and
pharmaceuticals
Rexel SA
Hagemeyer NV
10/25/07
Pending
4.29c
Electrical equipment
Electrical equipment
Sonepar SA
Electrical equipment
OAO GMK Norilsk Nickel
LionOre Mining International Ltd.
5/3/07
10/5/07
4.28
Nickel producer
Mining
Gerdau Ameristeel Corp.
Chaparral Steel Co.
7/10/07
9/16/07
4.22a
Steel
Steel
TomTom NV
Tele Atlas NV
7/23/07
Pending
4.2c
Navigation devices
Digital mapping
OAO VimpelCom
Golden Telecom Inc.
12/3/07
Pending
4.2c
Mobile phone
Telecommunications
BAE Systems Plc
Armor Holdings Inc.
5/7/07
7/31/07
4.14c
Military contractor
Armoring for vehicles
Advanced Medical Optics
Bausch & Lomb Inc.
7/6/07
Outbid
4.1a
Optics
Optics
Coca-Cola Co.
Energy Brands Inc.
5/25/07
6/7/07
4.1c
Beverage maker
Enhanced water maker
Borse Dubai
OMX AB
8/17/07
2/08
4.02a
Stock exchange
Stock exchange
(projected)
Petróleo Brasileiro S.A.
Companhia Brasileira de Petróleo
3/19/07
4/18/07
4.0b
Petroleum (state-controlled)
Ipiranga
Braskem S.A.
Petroleum
Petrochemicals
Ultrapar S.A. (Grupo Ultra)
Petrochemicals
Xstrata Plc
LionOre Mining International Ltd.
3/26/07
Outbid
4.0c
Mining
Mining
Loews Corp.
Dominion Resources oil and gas
6/4/07
7/31/07
4.0
Holding company
properties in west Texas, Alabama,
HighMount Exploration and
and Michigan
Production LLC
Houghton Mifflin Riverdeep
Reed-Elsevier PLC’s divisions:
7/16/07
12/13/07
4.0a
PLC
Harcourt Education
Publishing
Harcourt Trade
Greenwood-Heinemann
Publishing
CRS-9
Acquirer, Sector, and
Date
Date
Value
Target Firm and Sector
New Name (if applicable)
Announced
Completed ($ billions)
Cerberus Capital Management
United Rentals Inc.
7/22/07
Cancelled
4.0a
Investor
Equipment rental
12/24/07
Kaupthing Bank nf
NIBC Holding NV
8/15/07
Pending
4.0c
Banking and finance
Banking and finance
Power Financial Corp.,
Marsh & McLennan Corp.,
2/1/07
8/6/07
3.9a
Great-West Lifeco Inc. (div.)
Putnam Investments (div.)
Money manager
Money manager
Morgan Stanley
Investa Property Group, Ltd.
5/31/07
8/22/07
3.9c
Investor
Real estate
Medtronic Inc.
Kyphon Inc.
7/27/07
11/19/07
3.9c
Medical devices
Medical devices
Eisai Co. KK
MGI Pharma Inc.
12/10/07
Pending
3.9c
Pharmaceuticals
Pharmaceuticals
Douglas Becker
Laureate Education
1/28/07
8/17/07
3.8n
(Founder and CEO of Laureate)
Private university operator
Kohlberg Kravis Roberts & Co.
Citigroup Private Equity
SAC Capital
SPG Partners
Bregal Investments
Caisse de depot et placement du
Quebec
Sterling Capital
Makena Capital
Torreal
Southern Cross Capital
Investors
Teck Cominco Ltd.
Aur Resources Inc.
7/3/07
8/30/07
3.79c
Zinc producer
Copper producer
Wallenberg Family’s Investor
Moelnlycke Health Care AB
1/26/07
Pending
3.7c
AB
Medical supplies
Morgan Stanley Co. Principal
Investments
Investors
Nasdaq Stock Market Inc.
OMX AB
5/25/07
Outbid
3.7c
Stock exchange
Stock exchange operator
Warburg, Pincus LLC
Bausch & Lomb Inc.
5/16/07
10/28/07
3.67c
Investors
Eye-products maker
FirstGroup Plc
Laidlaw International Inc.
2/9/07
10/1/07
3.6c
Bus and train operator
Bus operator
Flextronics International Ltd
Solectron Corp.
6/4/07
10/1/07
3.6c
Electronics manufacturing
Electronics manufacturing
Plains Exploration and
Pogo Producing Co.
7/17/07
11/6/07
3.6a
Production Company
Oil and gas
Oil and gas
Eni SpA
Burren Energy Plc
11/30/07
1/10/08
3.6c
Oil and gas
Oil and gas
(projected)
Siemens AG
UGS Corp.
1/24/07
5/7/07
3.5a
Conglomerate
Software maker
Fortress Investment Group LLC
Florida East Coast Industries, Inc.
5/8/07
10/29/07
3.5a
Investor
Railroad and real estate
Permira Advisers LLP
Valentino Fashion Group Sp.A.
5/16/07
9/20/07
3.5c
Investors
Fashion
CRS-10
Acquirer, Sector, and
Date
Date
Value
Target Firm and Sector
New Name (if applicable)
Announced
Completed ($ billions)
Colony Capital
Tamoil (65%)
6/6/07
Pending
3.5b
Investor
Refining and retailing
Iberdrola S.A.
Energy East Inc.
6/25/07
Pending
3.5b
Utility
Utility
CVC Capital Partners
Univar NV
7/9/07
11/19/07
3.5a
Investors
Chemicals distributor
GLG Partners LP
Freedom Acquisition Holdings Inc.
6/25/07
11/2/07
3.4c
Hedge fund manager
Private equity manager
GLG Partners Inc.
Oracle Corp.
Hyperion Solutions Corp.
3/1/07
4/18/07
3.3a
Software
Software
Garmin Ltd.
Tele Atlas NV
10/31/07
Bid
3.3a
Car-navigation devices
Digital mapmaker
withdrawn
11/16/07
Macquarie Communications
Airwave
4/19/07
4/21/07 3.2c
Infrastructure Group
Emergency radio services
Macquarie European
provider
Infrastructure Fund II
Investors
PPG Industries Inc.
SigmaKalon Group
7/20/07
1/2/08
3.2b
Coatings
Coatings
MBK Partners Ltd.
C&M
8/3/07
11/30/07
3.2c
Macquarie Bank
Cable tv operator
Macquarie Korea Fund
Investors
SXR Uranium One Inc.
UrAsia Energy Ltd.
2/12/07
4/20/07
3.12a
Uranium miner
Uranium miner
Uranium One Inc.
Centro Properties Group
New Plan Excel Realty Trust Inc.
3/1/07
4/20/07
3.1a
Real estate
Real estate investment trust
Centro Retail Trust
Investment trust
Google Inc.
DoubleClick Inc.
4/13/07
Pending
3.1a
Internet
Internet ad services
TUI AG
First Choice Holidays Plc
3/19/07
9/3/07
3.0c
Tour operator
Vacation provider
Roche Holdings AG
Ventana Medical Systems Inc.
6/25/07
Pending
3.0a
Pharmaceuticals
Diagnostic products
Saudi Telecom Co.
Maxis Communications Bhd (25%)
6/26/07
Pending
3.0c
Telecommunications
Telecommunications
Cie. de Saint-Gobain SA
Maxit div. HeidelbergerCement AG
8/7/07
Pending
2.94c
Building mateirals
Mortar
Merrill Lynch & Co.
Resona Holding Inc.
4/25/07
7/17/07
2.9a
Investment bank
Banking and finance
Health Care Property Investors
Slough Estates USA
6/4/07
8/1/07
2.9b
Real estate
Segro Plc U.S. real estate holdings
Real estate
Altria Group, Inc.
John Middleton, Inc.
11/1/07
12/11/07
2.9a
Tobacco
Cigarmaker
Apollo Management
Claire’s Stores Inc.
3/20/07
5/29/07
2.8a
Investor
Retail jeweler
CRS-11
Acquirer, Sector, and
Date
Date
Value
Target Firm and Sector
New Name (if applicable)
Announced
Completed ($ billions)
Canada Pension Plan Investment
Auckland International Airport Ltd.
6/18/07
Rejected
2.8c
Board
Airport operator
12/18/07
Investor
AT&T Inc.
Dobson Communications Corp.
6/29/07
11/15/07
2.8a
Telecommunications
Telecommunications
Ralcorp Holdings Inc.
Post Cereals div., Kraft Foods Inc.
11/5/07
Pending
2.8a
Cereal maker
Food company
Macrovision Corp.
Gemstar-TV Guide International
12/7/07
Pending
2.8c
Software
Inc.
Interactive program listings
Morgan Stanley & Co.
Crescent Real Estate Equities Co.
5/22/07
8/3/07
2.78c
Investor
Real estate investment trust
Jerry Moyes
Swift Transportation Inc.
1/19/07
5/10/07
2.74
(Founder and former CEO)
Trucking
Carlyle Group Inc.
Sequa Corporation
7/9/07
Pending
2.7a
Investor
Aerospace and automotive parts
China National Chemical Corp.
Nufarm Ltd.
11/2/07
Pending
2.7c
Chemicals
Agricultural chemicals
Royal Philips Electronics NV
Genlyte Group Inc.
11/26/07
Pending
2.7c
Conglomerate
Lighting fixture manufacturer
Rank
Alcoa - packaging division
12/21/07
Pending
2.7c
Packaging
Packaging
ING NV
Oyak Bank
6/19/07
Pending
2.67b
Banking and finance
Banking and finance
Verizon Wireless
Rural Cellular Corp.
7/30/07
Pending
2.67a
Telecommunications
Telecommunications
Hellman & Friedman LLC
Goodman Global Inc.
10/22/07
Pending
2.65c
Investors
Air conditioning
CommScope Inc.
Andrew
6/27/07
12/27/07
2.6a
Telecom equipment
Telecom equipment
Limak AS
Sabiha Gokcen Airport
7/10/07
7/10/07
2.6c
GMR Infrastructure Ltd.
Airport
Malaysia Airports Holding Bhd
Investors
Kirin Holdings Co.
National Foods
11/7/07
Pending
2.6c
Beverages
Beverages
Onex Corp.
Kodak medical imaging div.
1/10/06
5/1/07
2.553
Investor
Medical imaging
Areva SA
UraMin Inc.
6/15/07
8/21/07
2.5c
Nuclear plant builder
Uranium mining
Morgan Stanley & Co.
All Nippon Airways’ ANA Hotels
4/13/07
Pending
2.4c
Investor
Hotels
Deutsche Telekom AG
SunCom Wireless Holdings, Inc.
9/27/07
4/08
2.4c
Telecommunications
Telecommunications
(projected)
Guardian Media Group Plc
Emap Plc
12/21/07
Pending
2.38a
Publishing
Business to business
Apax Partners Worldwide LLP
Investor
CRS-12
Acquirer, Sector, and
Date
Date
Value
Target Firm and Sector
New Name (if applicable)
Announced
Completed ($ billions)
SNS Reaal Groep NV
AXA Nederland BV
6/4/07
Pending
2.35c
Financial services
Winterthur Verzekerningen
Holding BV`
DBV Holding NV
Insurance
Hercules Offshore Inc.
Todco
3/19/07
7/12/07
2.3c
Oil and gas driller
Oil and gas driller
Heinrich Bauer Verlag KG
Emap Plc consumer magazines div.
12/7/07
Pending
2.3c
Publishing
and radio stations
Publishing & broadcasting
Reckitt Benckiser Plc
Adams Respiratory Therapeutics
12/10/07
Pending
2.3c
Conglomerate
Inc.
Over-the-counter drugs
Silver Lake Partners
Acxiom Corp.
5/16/07
Cancelled
2.24c
ValueAct Capital Partners LP
Computer and database service
10/1/07
Investors
Eaton Corp.
Moeller Group AG
12/20/07
Pending
2.23a
Conglomerate
Electrical supplies
Sulzer A.G.
Bodycote International Plc.
4/27/07
Rejected
2.2c
Industrial pump maker
Metal-treatment
Blackstone Group LP
Ten Network Holdings Ltd.
5/3/07
Rejected
2.2c
Carlyle Group
Television broadcaster
Investors
Bain Capital Partners LLC
3Com Corp.
9/28/07
Pending
2.2a
Investors
Telecommunications equipment
Huawei Technologies Co.
Networking
Medi-Clinic Corp.
Hirslanden Holdings
8/2/07
10/26/07
2.2c
Hospital owner
Medical clinic operator
Advantage Partners LLC
Tokyo Star Bank Ltd.
12/21/07
Pending
2.2c
Investors
Banking and finance
US Steel Corp.
Lone Star Technologies, Inc.
3/29/07
6/14/07
2.1c
Steel
Steel pipemaker
Apollo Management LP
Countrywide Plc
4/12/07
Pending
2.1c
Investor
Real estate broker
Luxxotica
Oakley
6/21/07
11/26/07
2.1c
Eyewear, conglomerate
Eyewear
Bain Capital Partners LLC
Guitar Center Inc.
6/27/07
10/9/07
2.1a
Investor
Retailer
IHOP Corp.
Applebee’s International Inc.
7/16/07
11/29/07
2.1a
Casual dining
Casual dining
Eugene Corp.
Himart Co.
12/10/07
Pending
2.1c
Building materials
Electronics retailer
Candover
Stork NV
6/19/07
Pending
2.08b
Investor
Conglomerate
Cerberus Capital Management
Stora Enso Oyj
9/21/07
12/21/07
2.07c
LP
North American div.
Investor
Papermaker
Steinhoff International Holdings
JD Group Ltd.
3/16/07
Rejected
2.0c
Ltd.
Furniture retailer
5/29/07
Furniture maker
CRS-13
Acquirer, Sector, and
Date
Date
Value
Target Firm and Sector
New Name (if applicable)
Announced
Completed ($ billions)
Statoil ASA
North American Oil Sands Corp.
4/27/07
6/25/07
2.0c
Oil company (Government-
Oil developer
owned)
Ceva Group Plc
EGL Inc.
5/24/07
8/2/07
2.0c
(div. Apollo Management LP)
Transport
Transport
XTO Energy Inc.
Dominion Resources properties in
6/4/07
7/31/07
2.0
Oil and gas
Utah, New Mexico, southern
Colorado, and Louisiana
Deutsche Telekom AG
Orange Netherlands
6/7/07
9/28/07
2.0c
Telecommunications
(div. France Telecom SA)
Telecommunications
Teleflex Inc.
Arrow International Inc.
7/23/07
10/1/07
2.0a
Conglomerate
Medical supplies
Platinum Equity
Ryerson Inc.
7/24/07
10/19/07
2.0a
Investor
Metals processor
Katanga Mining Ltd.
Nikanor Plc
11/7/07
Pending
2.0c
Mining
Mining
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. 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.
CRS-14
CRS Reports
For past years, see the following reports:
CRS Report RL33906, Largest Mergers and Acquisitions by Corporations, 2006, by John
Williamson.
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, Twenty-five 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.