Largest Mergers and Acquisitions by Corporations: 2001

Largest Mergers and Acquisitions by Corporations: 2001

Order Code RS20804
Updated January 4, 2002
CRS Report for Congress
Received through the CRS Web
Largest Mergers and Acquisitions by
Corporations: 2001
John Williamson
Technical Information Specialist
Resources, Science, and Industry Division
Summary
The worldwide rate of corporate mergers and acquisitions (M&A) activity declined
during 2001. This report provides a listing of the largest mergers (announced value of
at least two billion U.S. Dollars) or acquisitions for the year 2001 to December 31,
2001.† 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 be updated monthly.
Largest Mergers or Acquisitions: 2001 (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)
* The designation “Pending” often indicates that regulatory approval needed for actual merger has not
been obtained.
Comcast Inc.
AT&T Broadband div.
7/9/01
Pending*
72.03
Telecommunications
Telecommunications
Asahi Bank
Daiwa Bank
9/8/01
Pending*
43.04
Banking and finance
Banking and finance
Bank of Scotland plc
Halifax plc
5/4/01
9/29/01
40.64
Banking and finance
Banking and finance
HBOS plc
EchoStar Communications Corp.
Hughes Electronics (div. GM)
8/6/01
Pending*
32.04
Telecommunications
Telecommunications
† For the top 25 mergers of 1998, see RS20502, Twenty-five Largest Mergers and Acquisitions by
Corporations: 1998; for the top 25 mergers of 1999, see RS20503, Twenty-five Largest Mergers and
Acquisitions by Corporations: 1999; and for the top 25 mergers of 2000, see RS20504, Twenty-five
Largest Mergers and Acquisitions by Corporations: 2000.
Congressional Research Service ˜ The Library of Congress

CRS-2
CRS-2
Acquirer,
Sector, and
Target Firm
Date
Date
Value
New Name (if applicable)
and Sector
Announced Completed ($ billions)
* The designation “Pending” often indicates that regulatory approval needed for actual merger has not
been obtained.
BHP Ltd.
Billiton plc.
3/19/01
6/29/01
28.04
Mining
Mining
BHP-Billiton Ltd.
Hewlett-Packard Co.
Compaq Computer Corp.
9/04/01
Pending*
25.03
Business machines
Business machines
American International Group
American General Corp.
4/3/01
8/29/01
23.02
Insurance
Insurance
Anglo American Corp. plc. (45%)
DeBeers Consolidated Mines
2/15/01
6/1/01
17.64
Central Holdings Ltd. plc. (45%)
Ltd.
Debswana Diamond Co. Ltd. (10%) DeBeers Centenary AG
Mining and gem distribution
Mining and gem distribution
DB Investments
Allianz AG
Dresdner Bank AG
3/28/01
7/23/01
17.64
Insurance
Banking and finance
Amgen Inc.
Immunex Inc.
12/17/01
Pending*
16.04
Pharmaceuticals
Pharmaceuticals
Phillips Petroleum Co. Inc.
Conoco Inc.
11/17/01
Pending*
15.173
Petroleum
Petroleum
E.ON AG
PowerGen plc
1/17/01
Pending*
14.04
Utility
Electricity generator
First Union Corporation
Wachovia Corporation
4/16/01
9/4/01
13.44
Banking and finance
Banking and finance
Wachovia Corporation
Citigroup Inc.
Grupo Financiero Banamex
5/17/01
8/3/01
12.53
Banking and finance
Accival, S.A.
Banking and finance
Nestle S.A.
Ralston Purina Co.
1/15/01
12/12/01
11.92
Conglomerate
Animal food maker
Singapore Telecommunications
Cable & Wireless Optus
3/26/01
9/17/01
11.83
Ltd.
Mobile operator (Australia)
Telecommunications
Johnson & Johnson
Alza
3/26/01
6/22/01
11.74
Health care
Health care
Vivendi Universal S.A.
USA Networks
12/17/01
Pending*
10.854
Conglomerate
Television producer & cable
GZ Bank AG
DG Bank AG
7/9/01
8/17/01
10.44
Banking and finance
Banking and finance
DZ Bank AG
Tyco International Ltd.
CIT Group Inc.
3/13/01
6/1/01
9.92
Conglomerate
Finance company
Duke Energy
Westcoast Energy
9/20/01
Pending*
8.54
Utility group
Natural gas company
Newmont Mining
Franco-Nevada Mining Corp.
11/14/01
Pending*
8.54
Mining
Ltd.
Normandy Mining
Mining
Bristol-Myers Squibb Inc.
E.I. DuPont Pharmaceutical div.
6/8/01
10/2/01
7.83
Pharmaceuticals
Pharmaceuticals
Bank One
Wachovia Bank credit card div.
4/9/01
7/27/01
7.54
Banking and finance
Credit cards
Western Mining Corporation,
11/12/01
Pending*
7.53
Alcoa Inc.
Ltd.
Aluminum
Mining

CRS-3
CRS-3
Acquirer,
Sector, and
Target Firm
Date
Date
Value
New Name (if applicable)
and Sector
Announced Completed ($ billions)
* The designation “Pending” often indicates that regulatory approval needed for actual merger has not
been obtained.
Phillips Petroleum
TOSCO Inc.
2/5/01
9/18/01
7.493
Integrated oil company
Petroleum refiner & marketer
Equity Office Properties Trust
Spieker Properties
2/23/01
7/2/01
7.24
Real Estate Investment Trust
Real estate
P&O Princess Cruises plc.
Royal Caribbean Cruises Ltd.
11/20/01
Pending*
6.84
Cruise line
Cruise line
Bayer AG
Aventis CropScience
10/2/01
Pending*
6.674
Chemicals and pharmaceuticals
(subsidiary Aventis SA)
Chemicals
Enel (Italian government-owned)
Infostrada Sp.A.
3/16/01
3/29/01
6.53
Electricity
Telecommunications
Conoco Inc.
Gulf Canada Resources Limited
5/29/01
7/13/01
6.333
Oil company
Oil company
Valero Energy Corp.
Ultramar Diamond Shamrock
5/7/01
12/31/01
6.133
Oil refiner and marketer
Corp.
Oil refiner and marketer
Pirelli SpA.
Olivetti SpA
7/30/01
9/19/01
6.13
Telecommunications
which controls
Benetton SpA
Telecom Italia SpA
Conglomerate
Telecommunications
Sanmina Corp.
SCI Systems
7/16/01
12/7/01
6.03
Electronics manufacturer
Electronics manufacturer
Sanmina-SCI Corp.
United Overseas Bank Ltd.
Overseas Union Bank Ltd.
8/17/01
9/2/01
5.54
Banking and finance
Banking and finance
DBS Group Holdings Ltd.
Dao Heng Bank
4/11/01
9/5/01
5.364
Banking and finance
Banking and finance
Khazanah Nasional Bhd
United Engineers Malaysia Bhd
7/23/01
10/9/01
5.32
Malaysian government
Conglomerate
investment
Vodafone Group plc
Japan Telecom Co. Ltd. (20%)
5/2/01
10/12/01
5.32
Telecommunications
Telecommunications
GE Capital, div. General Electric
Heller Financial Inc.
7/30/01
10/25/01
5.33
Co.
div. Fuji Bank Ltd.
Conglomerate
Commercial finance
Italenergia SpA
Montedison SpA
7/20/01
9/3/01
5.34
Holding company controlled by:
Agro-energy group
FIAT SpA
Conglomerate
Electricité de France
Electric utility
Schlumberger Limited
Sema plc
2/12/01
6/4/01
5.24
Oilfield services
IT services
Washington Mutual Inc.
Dime Bancorp
6/25/01
{1/04/02,
5.23
Banking and finance
Banking and finance
scheduled)
Walt Disney Co.
Fox Family Worldwide
7/23/01
10/24/01
5.23
Broadcasting and entertainment
Entertainment programmer
BP plc
E.On Oel division (51 percent)
7/16/01
Pending*
5.14
Integrated oil company
E.ON AG.
Energy
E.ON AG.
Sydkraft AB (58%)
2/21/01
4/30/01
5.02
Energy
Energy

CRS-4
CRS-4
Acquirer,
Sector, and
Target Firm
Date
Date
Value
New Name (if applicable)
and Sector
Announced Completed ($ billions)
* The designation “Pending” often indicates that regulatory approval needed for actual merger has not
been obtained.
Potomac Electric Power Co.
Connectiv
2/12/01
Pending*
5.02
Electricity distributor
Electricity distributor
Société Européene des Satellites SA GE Americom (div. GE)
3/5/01
11/12/01
5.03
Satellite owner
Satellite owner
Procter & Gamble Inc.
Clairol Div. Bristol-Myers Squibb
5/21/01
11/16/01
4.954
Conglomerate
Hair care products
Lafarge S.A.
Blue Circle Industries plc
1/8/01
7/11/01
4.73
Building materials
Building materials
Liberty Media Group
Deutsche Telekom cable
6/20/01
Pending*
4.73
Cable
Cable
Reliant Resources
Orion Power
9/27/01
Pending*
4.74
Energy
Electricity generator
Usinor S.A.
Arbed S.A.
2/19/01
12/12/01
4.64
Steel company
Aceralia Corporación Siderúrgica
Arcelor S.A.
Steel companies
Sun Life Financial Services
Clarica Life Insurance
12/17/01
Pending*
4.554
Insurance company
Insurance company
Santa Fe International Corp.
Global Marine Inc.
9/4/01
11/21/01
3.93
Oil driller
Oil driller
Royal Dutch/Shell
Equilon LLC and Motiva LLC
10/9/01
12/12/01
3.864
Saudi Aramco
(Texaco share of joint venture)
Integrated oil companies
Oil refining and marketing
AmeriSource Health Corp.
Bergen Brunswig Corp.
3/19/01
8/30/01
3.74
Drug distributor
Drug distributor
AmeriSourceBergen Corp.
Medtronic Inc.
MiniMed Inc.
5/31/01
8/30/01
3.74
Medical products
Medical products
Medtronic MiniMed
Medical Research Group
Medical product design
Endesa SA
Elettrogen SpA
7/23/01
7/23/01
3.52
Utility
Electricity generator
Devon Energy
Mitchell Energy & Development
8/14/01
Pending*
3.54
Oil and gas producer
Natural gas producer
Devon Energy
Anderson Exploration Ltd.
9/4/01
Pending*
3.43
Oil and gas producer
Natural gas producer
Tyco International Ltd.
C.R. Bard Inc.
5/31/01
Pending*
3.24
Conglomerate
Medical products
Amerada Hess
Triton Energy
7/11/01
8/20/01
3.24
Oil company
Oil company
Westvaco Corp.
Mead Corp.
8/29/01
Pending*
3.23
Paper and packaging
Paper and packaging
MeadWestvaco
Dominion Resources. Inc.
Louis Dreyfuss Natural Gas
9/10/01
11/8/01
3.22
Gas and electricity trader
Natural gas producer
Nortel Networks
JDS Uniphase Switzerland
1/18/01
2/14/01
3.04
Optical components
Laser chips
Conexant Systems wireless division Alpha Industries
12/17/01
Pending*
3.04
Wireless semiconductors
Wireless semiconductors
Groupe Dexia S.A.
Artesia Banking Corp. S.A.
3/13/01
7/3/01
2.92
Banking and finance
Banking and finance
London Electricity Group plc
TXU Corp. distribution network
11/19/01
Pending*
2.873
Utility
in England
Electricity distribution

CRS-5
CRS-5
Acquirer,
Sector, and
Target Firm
Date
Date
Value
New Name (if applicable)
and Sector
Announced Completed ($ billions)
* The designation “Pending” often indicates that regulatory approval needed for actual merger has not
been obtained.
Power Financial
Mackenzie Financial
1/29/01
4/19/01
2.84
Banking and finance
Banking and finance
Apax Partners
Yell plc (division of British
5/26/01
8/13/01
2.83
Hicks, Muse, Tate & Furst Inc.
Telecom plc)
Investment companies
Yellow pages
Sara Lee Corp.
Earthgrains
7/02/01
8/15/01
2.84
Food products
Food products
American International Group
Chiyoda Mutual Life
2/23/01
4/20/01
2.754
Insurance
Bankrupt life insurer
Northrop Grumman Corporation
Newport News Shipbuilding Inc.
5/8/01
12/3/01
2.73
Defense contractor
Shipbuilder
General Electric Co.
Telemundo Communications
10/11/01
Pending*
2.74
Conglomerate
Spanish language broadcaster
Solectron Corp.
C-Mac Industries, Inc.
8/9/01
12/3/01
2.73
Contract manufacturer
Contract manufacturer
Vodafone plc
Japan Telecom
9/20/01
10/12/01
2.644
Telecommunications
Telecommunications
Furukawa Electric KK
Lucent Technologies Optical
7/26/01
11/16/01
2.534
Electrical equipment maker
Fibre Division
Optical fibre manufacturer
Suiza Foods
Dean Foods
4/5/01
12/24/01
2.54
Food producer
Food producer
Dean Foods
Maxim Integrated Products
Dallas Semiconductor
1/29/01
4/11/01
2.54
Integrated circuit maker
Chip maker
Deutsche Bank AG
Zurich Scudder Investments
9/24/01
12/5/01
2.52
Banking and finance
Banking and finance
BNP Paribas SA
BancWest (55% not previously
5/7/01
12/20/01
2.453
Banking and finance
owned)
Banking and finance
AOL Time Warner
IPC Group Ltd.
7/25/01
10/12/01
$2.42
Conglomerate
(Owned by investment corp.
Cinven Ltd.)
Magazine publisher
Schroder Ventures
Cognis AG
9/13/01
11/30/01
$2.42
Goldman Sachs Capital Partners
Specialty chemical producer
Investors
BNP Paribas SA
United California Bank
12/10/01
Pending*
2.44
Banking and finance
Banking and finance
Williams Cos.
Barrett Resources Corp.
5/7/01
8/2/01
2.383
Conglomerate
Natural gas explorer/producer
Valentia
Eircom
7/2/01
11/17/01
2.383
Anthony J.F. O’Reilly
Telecommunications
Financier
Goldman, Sachs Group Inc.
Warburg Pincus LLC
Investment banks
Provident Equity Partners Inc.
Soros Private Equity Partners Ltd
Investment partnerships
Deutsche Bank, A.G.
Pub operations of Whitbread
3/20/01
5/8/01
2.323
Banking and finance
Holdings, plc
Restaurants and lodgings

CRS-6
CRS-6
Acquirer,
Sector, and
Target Firm
Date
Date
Value
New Name (if applicable)
and Sector
Announced Completed ($ billions)
* The designation “Pending” often indicates that regulatory approval needed for actual merger has not
been obtained.
Royal Bank of Canada
Centura Banks
1/26/01
6/5/01
2.34
Banking and finance
Banking and finance
Energy East Corp.
RGS Energy Group
2/20/01
Pending*
2.22
Utility holding company
Utility holding company
Mediacom Communications
AT&T Broadband
2/27/01
7/18/01
2.24
Cable operator
Cable operations (four states)
Royal Bank of Scotland
Mellon Bank,
7/09/01
12/1/01
2.24
Banking and finance
div. Mellon Financial
Banking and finance
Interpublic Group Inc.
True North Communications Inc.
3/19/01
6/22/01
2.14
Advertising
Advertising
General Electric Corp.
Franchise Finance Corporation of
3/30/01
8/02/01
2.12
Conglomerate
America
Retail finance company
U.S. Bancorp
Nova Corp.
5/8/01
7/24/01
2.13
Banking and finance
Payment processor
Burlington Resources Inc.
Canadian Hunter Exploration
10/9/01
12/4/01
2.083
Energy producer
Ltd.
Natural gas producer
Swiss Re
Lincoln Re
7/30/01
12/7/01
2.03
Reinsurer
div. Lincoln National Corp.
Life reinsurer
Millennium Pharmaceuticals
Cor Therapeutics
12/5/01
Pending*
2.04
Biotechnology
Biotechnology
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 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:
1 Source for value: Mergers & Acquisitions.
2 Source for value: Mergerstat.
3 Source for value: The Wall Street Journal.
4 Source for value: The Financial Times.
5 Source for value: The Washington Post.
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.