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