Largest Mergers and Acquisitions by Corporations: 2003

Largest Mergers and Acquisitions by Corporations: 2003

Order Code RS21415
Updated January 5, 2004
CRS Report for Congress
Received through the CRS Web
Largest Mergers and Acquisitions by
Corporations: 2003
John Williamson
Technical Information Specialist
Resources, Science, and Industry Division
Summary
After declining in numbers for two years, the numbers of mergers and acquisitions
worldwide had a mixed year in 2003.1 This report provides a listing of the largest
mergers (announced value of at least two billion U.S. Dollars) or acquisitions during
2003 through December 31, 2003. 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. (For the top
25 mergers of 1998, see CRS Report RS20502, Twenty-five Largest Mergers and
Acquisitions by Corporations: 1998; for the top 25 mergers of 1999, see CRS Report
RS20503, Twenty-five Largest Mergers and Acquisitions by Corporations: 1999; for the
top 25 mergers of 2000, see CRS Report RS20504, Twenty-five Largest Mergers and
Acquisitions by Corporations: 2000; for the top 25 mergers of 2001, see CRS Report
RS20804, Twenty-five Largest Mergers and Acquisitions by Corporations: 2001; and,
for the top 25 mergers of 2002, see CRS Report RS21147, Largest Mergers and
Acquisitions by Corporations: 2002.) This report will not be updated.
Largest Mergers or Acquisitions: 2003 (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)
Bank of America
Fleet Financial Corp.
10/27/03
Pending*
$47.06
Banking and finance
Banking and finance
ExxonMobil
OAO Yukos – 40%
10/2/03
Pending*
$25.04
Energy
Energy
Anthem Inc.
WellPoint Health Networks Inc.
10/27/03
Pending*
16.46
Health insurance
Health insurance
Travelers Property Casualty
St. Paul Cos.
11/17/03
Pending*
16.26
Corp.
Insurance
Insurance
1 Politi, James, and Lina Saigol. “M&A bounces back as dealmakers return.” Financial Times,
December 29, 2003. p. 17; and, Sidel, Robin. “Year-End Review of Markets & Finance 2003;
Mergers and Acquisitions Pick Up.” Wall Street Journal, January 2, 2004. p. R2.
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)
AO Yukos Oil Co.
OAO Sibneft
4/22/03 De-merger
15.06
Energy
Energy
announced
OAO YukosSibneft
12/9/03
General Electric Co.
Vivendi Universal S.A.
9/1/03
Pending*
14.06
Conglomerate
Entertainment, cable networks
Manulife Financial Corporation John Hancock Financial Services
9/29/03
Pending*
11.04
Insurance group
Insurance group
General Electric Co.
Amersham plc
10/10/03
Pending*
9.54
Conglomerate
Medical diagnostic substances
Schemaventotto SpA
Autostrade SpA
2/11/03
2/21/03
8.886
Benetton holding company
Private highway operator
France TelecomS.A.
Orange S.A.
9/1/03
Pending*
7.693
Telecommunications
Telecommunications
First Data Corp.
Concord EFS Inc.
4/2/03
Pending*
7.04
Credit-card processor
ATM machine network
News Corporation
Hughes Electronics
4/9/03
12/22/03
6.64
Media conglomerate
Satellite broadcaster
Procter & Gamble
Wella AG – 80%
3/18/03
9/03/03
6.96
Conglomerate
Hair care products
BP
TNK
2/11/03
8/29/03
6.756
Energy
OAO Sidanco
Energy
Biogen Inc.
Idec Pharmaceuticals
6/23/03
11/12/03
6.446
Pharmaceuticals
Pharmaceuticals
Biogen Idec Inc.
Oracle Inc.
PeoplelSoft Inc.
6/6/03
Pending*
6.36
Software
Software
R.J. Reynolds Tobacco
Brown & Williamson div.
10/27/03
Pending*
6.25
Holdings, Inc.
British-American Tobacco plc.
Tobacco
Tobacco
Enterprise Product Partners
GulfTerra Energy Partners
12/15/03
Pending*
5.84
Energy
Energy
General Electric Corp.
Transamerica Finance Corporation
8/5/03
1/04
5.44
Conglomerate
Commercial lending
(Projected)
Devon Energy Corp.
Ocean Energy Corp.
2/24/03
4/25/03
5.36
Energy
Energy
Tchibo Holding AG
Beiersdorf AG
10/23/03
Pending*
5.24
Conglomerate
Personal care products
KfW (Kreditanstalt Fuer
Deutsche Post AG
11/17/03
Pending*
5.14
Wiederaufbau)
Postal service provider
Banking and finance
Great-West Lifeco
Canada Life
2/18/03
7/10/03
4.74
Insurance
Insurance
Alcan Inc.
Pechiney S.A.
7/7/03
12/16/03
4.54
Aluminium producer
Aluminium producer
ArvitMeritor Inc.
Dana Corp.
7/8/03
11/23/03
4.44
Auto Parts
Auto Parts
Withdrawn
Koch Industries
Invista div. E.I. DuPont Co.
11/17/03
Pending*
4.44
Private
Testile manufacturer

CRS-3
Acquirer, Sector, and
Target Firm
Date
Date
Value
New Name (if applicable)
and Sector
Announced Completed ($ billions)
Spirit Group Plc
Scottish & Newcastle pubs division
10/6/03
11/7/03
4.153
Blackstone Group
Brewing
CVC Capital Partners
Texas Pacific Group
Pub manager and investors
Australia and New Zealand
National Bank of New Zealand
8/12/03
Pending*
4.124
Banking Group Ltd.
Banking and finance
Banking and finance
Vivendi Environnement
Southern Water plc
4/29/03
Pending*
3.864
Royal Bank of Scotland
Utility
Utility operator
R.R. Donnelley & Sons Co.
Moore Wallace Inc.
11/10/03
3/04
3.74
Printers
Printers
(Projected)
BC Partners
SEAT Pagine Gialle
6/11/03
Pending*
3.62
CVC Capital Partners
Telephone directories
Investitori Associati
Permira Advisers
Investors
Deutsche Bank, et al.
Northumbrian Water (div. Suez SA)
5/17/03
5/23/03
3.584
Investors
Utility
Teva Pharmaceutical Industries Sicor Inc.
10/31/03
Pending*
3.46
Ltd.
Medical/Pharmaceutical
Pharmaceuticals
Zimmer Holdings Inc.
Centerpulse AG
5/20/03
10/2/03
3.226
Medical device manufacturer
Medical device manufacturer
Konica
Minolta
1/7/02
8/5/03
3.14
Imaging
Imaging
Konica Minolta Holdings
Riverwood Holding Inc.
Graphic Packaging International
3/26/03
8/8/03
3.02
Conglomerate
Corp.
Carton manufacturer
Citigroup
Sears, Roebuck & Co. Credit Card
7/15/03
11/1/03
3.03
Banking and finance
Credit card/finance division
TCL International Holdings,
Thomson S.A.
11/3/03
Pending*
3.06
Ltd.
consumer electronics division (RCA)
Electronics
Electronics
BB&T Corp.
First Virginia Banks Inc.
1/21/03
10/17/03
2.976
Banking and finance
Banking and finance
Xstrata plc
M.I.M. Holdings Ltd.
4/7/03
6/20/03
2.964
Mining
Mining
United Health Group, Inc.
Mid-Atlantic Medical Services, Inc.
10/27/03
Pending*
2.956
Health insurance
Health insurance
Henkel KGaA
Dial Corp.
12/15/03
Pending*
2.8753
Consumer products
Consumer products
Johnson & Johnson
Scios, Inc.
2/10/03
4/29/03
2.75
Medical/pharmaceutical
Biotechnology
CVC Capital
Debenhams plc
9/12/03
12/5/03
2.654
Texas Pacific Group
Department stores
Private equity groups
Lehman Brothers Holdings Inc. Neuberger Berman Inc.
7/22/03
10/31/03
2.636
Securities trading
Asset management

CRS-4
Acquirer, Sector, and
Target Firm
Date
Date
Value
New Name (if applicable)
and Sector
Announced Completed ($ billions)
British American Tobacco Plc
Ente Tabacchi Italiani SpA
7/16/03
10/28/03
2.66
Tobacco
Tobacco
Edgar Bronfman, Jr.
Time Warner music division
11/22/03
Pending*
2.64
Thomas H. Lee Partners
Entertainment
Haim Saban
Bain Partners
Providence Equity Partners
Investors
Finanziaria de Agostini SpA.
Toro Assicurazioni SpA
3/24/03
Pending*
2.56
Investment company
Insurance company
AIG
GE Edison Life Insurance Co.
6/26/03
8/29/03
2.53
Insurance
Insurance
AIG Edison Life Insurance Co.
Goldman Sachs
Cogentrix Energy Inc.
10/20/03
Pending*
2.44
Investment bank
Electricity generator
Oregon Electric Construction
Portland General Electric
11/18/03
Pending*
2.42
Inc.
Electricity distributor
Electrical contractor
Federal Express
Kinko’s
12/30/03
Pending*
2.46
Transportation
Copy center operator
Lockheed Martin
Titan Corporation
9/15/03
3/04
2.384
Conglomerate
Defense contractor
(Projected)
Goldman Sachs Capital
Deutsche Telekom AG cable tv
1/28/03
4/1/03
2.34
Partners
Cable television
Apax Partners, Providence
Equity Partners
Investors
DnB Holding ASA
Gjensidige NOR Sparebank ASA
3/18/03
Pending*
2.34
Banking and finance
Banking and finance
Exelon Corp.
Illinois Power
11/3/03 Withdrawn
2.236
Energy
Energy
11/24/03
Ripplewood Holdings
Japan Telecom fixed-line business
8/13/03
11/14/03
2.184
Investor
Telecommunications
Novartis AG
Roche Holding AG
1/23/03
Pending*
2.173
Pharmaceuticals
Pharmaceuticals
PMI Group, Inc.
Financial Guaranty Insurance
8/5/03
Pending*
2.163
Private mortgage insurer
(div. GE)
Blackstone Group
Guarantees financial obligations
Cypress Group

CVC Partners
Investors
Heineken NV
BBAG
5/1/03
10/10/03
2.144
Brewer
Brewer
DSM NV
Roche Holding AG, div.
2/10/03
10/3/03
2.12
Pharmaceuticals, chemicals
Vitamins, fine chemicals
Prudential Financial, Inc.
Cigna retirement services
11/18/03
Pending*
2.14
Insurance and finance
Insurance and finance
Bank of New York Co.
Pershing clearing unit, CSFB
1/7/03
5/1/03
2.06
Banking and finance
Banking and finance
Federal-Mogul
Bendix
1/31/03
Pending*
2.04
Automotive parts
Brakes

CRS-5
Acquirer, Sector, and
Target Firm
Date
Date
Value
New Name (if applicable)
and Sector
Announced Completed ($ billions)
Telefónica S.A.
Terra Lycos S.A.
5/28/03
7/25/03
2.04
Communications
Telecommunications
PeopleSoft Inc.
JD Edwards & Co.
6/2/03
7/17/03
2.03
Software
Software
E.On AG
Midlands Electricity Plc
10/21/03
Pending*
2.04
Energy
Utility
Blackstone Group LP
Celanese AG
12/16/03
Pending*
2.06
Investors
Chemicals
* The designation “Pending” often indicates that regulatory approval needed for actual merger has not
been obtained.
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.
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.