Twenty-five Largest Mergers and Acquisitions by Corporations: 1998

Twenty-five Largest Mergers and Acquisitions by Corporations: 1998

Order Code RS20502
Updated January 4, 2000
CRS Report for Congress
Received through the CRS Web
Twenty-five Largest Mergers and Acquisitions by
Corporations: 1998
John Williamson
Technical Information Specialist
Resources, Science, and Industry Division
Summary
The rate of corporate mergers and acquisitions both in the United States and
internationally has increased. This report provides a listing of the 25 largest mergers or
acquisitions for the year 1998.* Completion dates for the mergers or acquisitions are
included. Data are drawn from publicly available sources and have not been otherwise
verified by CRS. This report will not be updated.
Twenty-five Largest Mergers or Acquisitions:
Completed in 1998 (ranked by value)
(All amounts cited are U.S. Dollars)
Acquirer,
Sector, and
Target Firm
Date
Date
Value
New Name (if applicable)
and Sector
Announced
Completed
($ billions)
Travelers Group
Citicorp
4/6/98
10/8/98
$72.361, 2
Banking and finance
Banking and finance
Citigroup
NationsBank
BankAmerica Corp.
4/13/98
9/30/98
61.631,2
Banking and finance
Banking and finance
Bank of America Corp.
British Petroleum plc
Amoco Corp.
8/11/98
12/31/98
55.041, 2
Petroleum
Petroleum
BP Amoco plc
WorldCom Inc.
MCI Corp.
11/10/97
9/14/98
41.91, 2
Telecommunications
Telecommunications
MCI WorldCom Inc.
Daimler-Benz AG
Chrysler Corp.
5/7/98
11/12/98
40.471, 2
Transportation
Transportation
DaimlerChrysler AG
* For the top 25 mergers of 1999, see CRS Report RS20503, Twenty-five Largest Mergers and
Acquisitions by Corporations: 1999; and for the year 2000 for all mergers and acquisitions with a
value in excess of $4 billion, see CRS Report RS20504, Largest Mergers and Acquisitions by
Corporations: 2000.
Congressional Research Service ˜ The Library of Congress

CRS-2
Acquirer,
Sector, and
Target Firm
Date
Date
Value
New Name (if applicable)
and Sector
Announced
Completed
($ billions)
Norwest
Wells, Fargo & Co.
6/8/98
11/2/98
34.351, 2
Banking and finance
Banking and finance
Wells Fargo Bank
BancOne
First Chicago
4/13/98
10/2/98
29.621, 2
Banking and finance
Banking and finance
Berkshire Hathaway
General Re Corp.
6/20/98
12/21/98
22.32
Diversified holding
Insurance
First Union Corp.
CoreStates Financial
11/19/97
4/29/98
17.12
Banking and finance
Banking and finance
Washington Mutual
H.F. Ahmanson Inc.
3/17/98
10/7/98
14.72
Banking and finance
Banking and finance
Starwood Hotels & Resorts Trust
ITT Corp.
10/20/97
2/24/98
13.72
Lodging
Lodging
Starwood Hotels & Resorts
Worldwide Inc.
USA Waste Services
Waste Management Inc.
3/11/98
7/17/98
13.32
Refuse
Refuse
Waste Management Inc.
AT&T
Teleport Communications
1/9/98
7/23/98
11.22
Telecommunications
Telecommunications
Texas Utilities
Energy Group plc
1/26/98
6/22/98
10.92
Energy
Energy
SunTrust Banks, Inc.
Crestar Financial Corp.
7/20/98
1/4/99
9.62
Banking and finance
Banking and finance
Northern Telecom Ltd.
Bay Networks Inc.
6/16/98
9/1/98
9.32
Telecommunications
Telecommunications
Nortel Networks Corp.
Compaq Computer Corp.
Digital Equipment Corp.
1/27/98
6/11/98
9.12
Computer
Computer
Household International Inc.
Beneficial Corp.
4/8/98
6/30/98
8.72
Banking and finance
Banking and finance
Halliburton Co.
Dresser Industries Inc.
2/26/98
9/29/98
7.82
Engineering
Construction equipment
Conseco Inc.
Green Tree Financial Corp.
4/7/98
6/30/98
7.42
Banking and finance
Banking and finance
Star Banc Corp.
Firstar Corp.
7/2/98
11/20/98
7..22
Banking and finance
Banking and finance
Firstar Bank N.A.
National City Corp.
First of America Bank Corp.
12/2/97
3/31/98
7.12
Banking and finance
Banking and finance
Teleglobe Inc.
Excel Communications Inc.
6/15/98
11/10/98
6.42
Telecommunications
Telecommunications
Long Island Power Authority
Long Island Lighting Co.
7/19/97
5/29/98
6.12
Government-sponsored entity
Electric utility
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 sometimes vary from one source to another and can change as the market value of the company’s stock

CRS-3
changes, values are shown in U.S. Dollars though their U.S. Dollar value can fluctuate with the exchange rate.
The values shown above are noted below for their source:
1 Source for value: “The Top Ten Deals of 1998, Fortune, Jan. 11, 1999, p. 62-66.
2 Source for value: Mergers & Acquisitions.
Sources: “The Top Ten Deals of 1998.” Fortune, Jan. 11, 1999, p. 62-66 ; “Top 100 Mergers and Acquisitions
of 1998.” Mergers & Acquisitions, March/April 1999, p. 37; announcement and closing dates from The Wall
Street Journal or The Financial Times, various dates.