Largest Mergers and Acquisitions by Corporations: 2002

Largest Mergers and Acquisitions by Corporations: 2002

Order Code RS21147
Updated January 3, 2003
Largest Mergers and Acquisitions by
Corporations: 2002
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, and 2002 was a year of serious consolidation as corporations sought to
restructure their operations through buying and selling of “non-essential” operations.1
This report provides a listing of the largest mergers (announced value of at least two
billion U.S. Dollars) or acquisitions for the year January 1, 2002 to December 31, 2002.†
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.
Largest Mergers or Acquisitions: 2002 (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.
Meiji Life
Yasuda Mutual Life Insurance
1/24/02 April 2004
206.04
Mutual insurance company
Mutual insurance company
(projected)
Pfizer, Inc.
Pharmacia Corp.
7/15/02
Pending*
52.16
Pharmaceuticals
Pharmaceuticals
Taishin Financial Holding Co.
Shin Kong Financial Holding Co.
6/25/02
Pending*
29.743
Banking and finance
Banking and finance
† 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; for the top 25 mergers of 2000, see RS20504, Twenty-five
Largest Mergers and Acquisitions by Corporations: 2000; and for the top 25 mergers of 2001, see
RS20804, Twenty-five Largest Mergers and Acquisitions by Corporations: 2001.
1 Ratner, Juliana. “The nightmare on Wall Street continues MERGERS & ACQUISITIONS BAD
YEAR FOR BANKERS, GOOD YEAR FOR BUYOUTS: * DEBT MARKETS HOLD UP WELL:
* RESTRUCTURING EXPERTS IN DRIVING SEAT” Financial Times, December 23, 2002. p.
23.

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.
Crédit Agricole
Crédit Lyonnais
12/16/02
Pending*
20.04
Banking and finance
Banking and finance
National Grid Group Plc
Lattice Group Plc
4/22/02
10/21/02
17.93
Electric Power distribution
Natural Gas pipeline company
National Grid Transco Plc.
Telia AB
Sonera Corporation Oyj
3/26/02
12/9/02
17.54
Telecommunications
Telecommunications
TeliaSonera
HSBC
Household International
11/14/02
Pending*
14.24
Banking and finance
Banking and finance
PanCanadian Energy
Alberta Energy
1/27/02
4/8/02
12.04
Energy company
Energy company
EnCana Corporation
Northrop Grumman Inc.
TRW Inc.
2/22/02
12/11/02
11.84
Defense conglomerate
Conglomerate
J.P. Morgan, Chase & Co.
Providian Financial’s Credit card
1/17/02
1/17/02
8.24
Banking and finance
business
South African Breweries Plc
Miller Brewing Company
4/3/02
7/9/02
7.63
Brewing
Brewing
SAB Miller Plc
Carnival Corp.
P&O Princess Cruises Ltd.
10/25/02
Pending*
7.36
Cruise line operator
Cruise line operator
Carlyle Group
QwestDex (div. Qwest Inc.)
8/20/02
11/8/02
7.057
Welch Carson Anderson &
Telephone directory publisher
Stowe
Investors
Royal Dutch Shell
Enterprise Oil Plc
4/2/02
5/10/02
6.2
Oil
Oil
Vodafone Plc
Cegetel S.A.
10/16/02
Pending*
6.195
Telecommunications
Telecommunications
Simon Property Group, Inc.
Rodamco North America N.V.
1/14/02
5/3/02
5.83
Rouse Company
Shopping center owner/
Westfield Holdings Ltd.
operator
Shopping center owners/
operators
Citigroup
Golden State Bancorp
5/22/02
11/7/02
5.84
Banking, finance, insurance
Banking and finance
Blackstone Group
TRW Inc. Auto parts div.
11/19/02
Pending*
4.736
Investment group
Conglomerate
Imperial Tobacco Plc
Reemtsma Cigarettenfabriken
3/7/02
3/7/02
4.564
Tobacco
GmbH
Tobacco
USA Interactive
Ticketmaster Inc.
6/3/02
10/9/02
4.53
E-commerce
E-commerce
Anthem Inc.
Trigon Healthcare Inc.
4/29/02
7/31/02
4.45
Health services provider
Health services provider
Cadbury, Schweppes Plc
AdamsDiv., Pfizer, Inc.
12/17/02
Pending*
4.24
Soft drinks, confectionary
Confectionary

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.
Friedman, Billings Ramsey
FBR Asset Investment
11/15/02
Pending*
4.12
Group (FBR Group)
Real estate investment trust
Holding company
Manulife Financial Corp.
Canada Life Financial Corp.
12/9/02
Pending*
4.16
Insurance company
Insurance company
AOL TimeWarner, Inc.
TimeWarner Entertainment (27.6%)
8/21/02
Pending*
3.76
Conglomerate
held by AT&T Comcast
TimeWarner Cable Inc.
Cable television networks
New part owned subsidiary
Coca-Cola Femsa S.A.
Panamerican Beverages Inc.
12/23/02
Pending*
3.64
Beverage bottler
Beverage bottler
Wendel Investissement
LeGrand S.A.
7/28/02
Pending*
3.583
Kohlberg Kravis Roberts
Electrical parts
Investment partnership
Univision Communications Inc. Hispanic Broadcasting Corp.
6/12/02
Pending*
3.56
Spanish language broadcaster
Spanish language broadcaster
Madison Dearborn Partners
Jefferson Smurfit Plc.
6/17/02
9/3/02
3.53
Investment group
Paper packaging manufacturer
IBM
PriceWaterhouseCoopers
7/30/02
10/1/02
3.56
Information company
Consulting
Consultant
Southern Cross Airports Corp.
Sydney Airport Corp.
6/25/02
6/25/02
3.22
Airport operator
Airport operator
M&T Bank
Allfirst Bank
9/26/02
Pending*
3.16
Banking and finance
Banking and finance
BP Plc
Veba Oel (49% not previously
5/28/02
10/2/02
3.054
Energy
purchased) Oil company
Publicis S.A.
BCom3
3/7/02
9/25/02
3.04
Advertising
Advertising
Guidant Corp.
Cook Group, Inc.
7/30/02
Pending*
3.06
Medical device manufacturer
Medical device manufacturer
Royal Dutch Shell
Pennzoil-Quaker State Oil Company
3/25/02
10/1/02
2.94
Oil
Oil
General Electric Co.
Deutsche Bank A.G.
9/16/02
Pending*
2.96
Conglomerate
U.S. financing unit
Banking and finance
Norsk Hydro (44% owned by
VAW Aluminum AG (owned by E.
1/7/02
3/12/02
2.83
Norwegian government)
On AG)
Hydro Aluminum
Bertelsmann A.G.
Zomba Music Group
6/11/02
11/26/02
2.746
Communications
Recorded music producer
Del Monte Foods Co.
H.J. Heinz Co. North American
6/13/02
12/20/02
2.72
Food
food division
Food
Deutsche Bahn A.G.
Stinnes A.G.
7/3/02
10/18/02
2.74
Government-owned railway
Transportation company

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.
Nestle S.A.
Chef America Inc.
8/6/02
9/12/02
2.63
Conglomerate
Food
Xstrata AG
Glencore International coal fields
2/21/02
3/20/02
2.54
Minerals company
Commodity trader
Cisco Systems Inc.
Andiamo Systems
8/20/02
Pending*
2.54
Networking router maker
Storage area networking

switchmaker
David Murdock
Dole Food, Inc.
9/23/02
Pending*
2.54
Investor
Food company
E.ON A.G.
TXU U.K. operations
10/21/02
10/21/02
2.56
Energy
Energy
Crédit Agricole
Finaref
12/23/02
Pending*
2.52
Banking and finance
Software manufacturer
Nestle S.A.
Dreyer’s Grand Ice Cream, Inc.
6/17/02
Pending*
2.45
Conglomerate
Ice cream maker
Barilla Group
Kamps A.G.
4/15/02
9/25/02
2.32
Food
Food
Gecina S.A.
Simco S.A.
8/7/02
10/2/02
2.32
Real estate
Real estate
General Electric Co.
ABB Ltd. financing division
9/4/02
11/29/02
2.36
Conglomerate
Conglomerate
R.H. Donnelly Co.
Sprint Inc., directory div.
9/22/02
Pending*
2.234
Directory sales representative
Directories
DSM N.V.
Roche S.A.
9/3/02
Pending*
2.214
Conglomerate
Pharmaceuticals
America Movil S.A.
Telecom Americas S.A.
6/10/02
7/24/02
2.24
Telecommunications
Telecommunications
General Electric Co. Inc.
Instrumentarium Corp. Oy
12/18/02
Pending*
2.22
Conglomerate
Medical technology
Electricité de France, S.A.
Seeboard div. AEP Corp.
6/18/02
6/18/02
2.15
Power company
Power company
IBM
Rational Software
12/5/02
Pending*
2.14
IT company
Software company
Hitachi KK
IBM, hard disk drive division
6/04/02
12/31/02
2.053
Conglomerate
IT company
Petro-Canada
Veba oil fields (owned by BP plc)
1/30/02
5/2/02
2.04
Oil company
Oil Company
Scottish & Newcastle Plc
Hartwall Oyj
2/14/02
7/3/02
2.04
Brewers
Brewers
Saudi Basic Industries
Petrochemical div. DSM N.V.
4/4/02
6/30/02
2.04
Petrochemicals
Conglomerate
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:

CRS-5
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.
6 Source for value: bloomberg.com
7 Source for value: forbes.com
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.