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 2/15/01 6/1/01 17.64 Anglo American Corp. plc. (45%) DeBeers Consolidated Mines Ltd. Central Holdings Ltd. plc. (45%) 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 Wachovia Corporation 4/16/01 9/4/01 13.44 First Union Corporation Banking and finance Banking and finance Wachovia Corporation 5/17/01 8/3/01 12.53 Citigroup Inc. Grupo Financiero Banamex 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 Cable & Wireless Optus 3/26/01 9/17/01 11.83 Singapore Telecommunications Mobile operator (Australia) Ltd. 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 7/30/01 9/19/01 6.13 Olivetti SpA Pirelli SpA. which controls Telecommunications Telecom Italia SpA Benetton SpA Telecommunications Conglomerate SCI Systems 7/16/01 12/7/01 6.03 Sanmina Corp. 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 United Engineers Malaysia Bhd 7/23/01 10/9/01 5.32 Khazanah Nasional Bhd Conglomerate Malaysian government investment Vodafone Group plc Japan Telecom Co. Ltd. (20%) 5/2/01 10/12/01 5.32 Telecommunications Telecommunications 7/30/01 10/25/01 5.33 Heller Financial Inc. GE Capital, div. General Electric div. Fuji Bank Ltd. Co. Commercial finance Conglomerate 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 10/9/01 12/12/01 3.864 Equilon LLC and Motiva LLC Royal Dutch/Shell (Texaco share of joint venture) Saudi Aramco Oil refining and marketing Integrated oil companies Bergen Brunswig Corp. 3/19/01 8/30/01 3.74 AmeriSource Health Corp. Drug distributor Drug distributor AmeriSourceBergen Corp. 5/31/01 8/30/01 3.74 MiniMed Inc. Medtronic Inc. Medical products Medical products Medical Research Group Medtronic MiniMed 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 7/26/01 11/16/01 2.534 Furukawa Electric KK Lucent Technologies Optical Electrical equipment maker Fibre Division Optical fibre manufacturer Dean Foods 4/5/01 12/24/01 2.54 Suiza Foods 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 5/7/01 12/20/01 2.453 BNP Paribas SA BancWest (55% not previously Banking and finance owned) Banking and finance 7/25/01 10/12/01 $2.42 AOL Time Warner IPC Group Ltd. 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 10/9/01 12/4/01 2.083 Burlington Resources Inc. Canadian Hunter Exploration Energy producer Ltd. Natural gas producer 7/30/01 12/7/01 2.03 Swiss Re Lincoln Re 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.