Largest Mergers and Acquisitions by Corporations: 2004

Largest Mergers and Acquisitions by Corporations: 2004

Order Code RS21726
Updated January 3, 2005
CRS Report for Congress
Received through the CRS Web
Largest Mergers and Acquisitions by
Corporations: 2004
John Williamson
Technical Information Specialist
Resources, Science, and Industry Division
Summary
After a mixed year in 2003, mergers and acquisitions activity increased in 2004.1
This report provides a listing of the largest mergers (announced value of at least two
billion U.S. Dollars) or acquisitions during 2004 through December 31, 2004.
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; for the top 25 mergers of 2002, see CRS Report
RS21147, Largest Mergers and Acquisitions by Corporations: 2002; and for the top
mergers of 2003, see CRS Report RS21415, Largest Mergers and Acquisitions by
Corporations: 2003.) This report will not be updated.
Largest Mergers or Acquisitions: 2004 (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)
Royal Dutch Shell PLC
Shell Transport & Trading PLC
10/28/04
Pending*
$185.04
(formerly Royal Dutch
Energy
Petroleum Co. NV)
Energy
Sanofi-Synthélabo SA
Aventis SA
1/26/04
9/20/04
65.04
Pharmaceuticals
Pharmaceuticals
1 Berman, Dennis K. “Simmering M&A Sector Reaches a Boi; Crush of December Activity
Signals M&A Is Heating Up; Will ‘Deals Beget Deals’?” Wall Street Journal, January 3, 2005.
p. R10.
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)
J.P. Morgan, Chase & Co.
BankOne
1/14/04
7/1/04
58.03
Banking and finance
Banking and finance
Cingular Wireless LLC
AT&T Wireless
2/17/04
10/26/04
41.07
(SBC Communications and Bell Cellular telephone operator
South)
Cellular telephone operator
Sprint
Nextel
12/14/04
Pending*
35.06
Telecommunications
Telecommunications
Sprint Nextel
Telecom Italia Sp.A.
TIM Sp.A.
12/6/04
Pending*
26.93
Telecommunications
Telecommunications
Johnson & Johnson
Guidant Inc.
12/6/04
Pending*
25.43
Medical supplies
Medical equipment
Revival Acquisitions
Marks & Spencer Plc
6/3/04 Withdrawn
16.54
(Philip Green)
Retail
7/14/04
Investor
LNM Holdings
Ispat International NV
10/25/04
12/17/04
16.34
Holding company
Steel
Mittal Steel
Santander Central Hispano SA
Abbey National plc
7/23/04
11/15/04
15.64
Banking and finance
Banking and finance
Wachovia Corp.
SouthTrust Corp.
6/21/04
11/1/04
14.36
Banking and finance
Banking and finance
Symantec Inc.
Veritas, Inc.
12/14/04
Pending*
13.56
Software
Software
General Growth Properties, Inc.
Rouse Co.
8/20/04
11/12/04
12.66
Real estate development
Real estate development
Exelon
PSEG Enterprises
12/18/04
Pending*
12.04
Energy
Energy
Interbrew SA
Companhia de Bebidas das
3/1/04
8/27/04
11.16
Beverages
Americas SA
Beverages
ESL Investments (Kmart)
Sears, Roebuck & Co.
11/17/04
Pending*
11.06
Investment company
Retail
Sears Holdings
Royal Bank of Scotland plc
Charter One Financial, Inc.
5/4/04
9/1/04
10.54
Banking and finance
Banking and finance
Harrah’s Inc.
Caesar’s Entertainment Inc.
7/14/04
Pending*
10.04
Casino operator
Casino operator
MGM-Mirage Inc.
Mandalay Enterprises Inc.
6/5/04
Pending*
7.96
Casino operator
Casino operator
Cox Enterprises
Cox Communications Inc.
8/2/04
12/8/04
7.96
Family holding company
Telecommunications
Yamanouchi Pharmaceutical Co. Fujisawa Pharmaceutical Co.
2/24/04
4/05
7.776
Pharmaceuticals
Pharmaceuticals
(Projected)
SunTrust Banks
National Commerce Financial
5/10/04
10/1/04
7.04
Banking and finance
Banking and finance
North Fork Bancorp.
GreenPoint Financial
2/15/04
10/1/04
6.34
Banking and finance
Banking and finance

CRS-3
Acquirer, Sector, and
Target Firm
Date
Date
Value
New Name (if applicable)
and Sector
Announced Completed ($ billions)
Morgan Stanley
Canary Wharf plc
3/19/04
5/21/04
6.114
British Land plc
Real estate company
Alwaleed bin Talal
Glick family
Tisch Group
Investors
Regions Financial Corp.
Union Planters Corp.
1/23/04
7/1/04
6.13
Banking and finance
Banking and finance
Telefónica SA
BellSouth Latin America
3/4/04
10/29/04
6.06
Telecommunications
Telecommunications
Cemex SA
RMC Group Plc
9/27/04
1/25/05
5.86
Building materials
Building materials
(projected)
Xstrata
WMC Resources
11/22/04
Pending*
5.84
Mining
Mining
International Power Plc
Edison International generating
7/30/04
7/30/04
5.56
Utility
Utility
Mitsui & Co.
Trading
Carl Icahn
Mylan Laboratories
11/19/04
Pending*
5.44
Investor
Pharmaceuticals
Singapore Power Ltd.
TXU Australia
4/26/04
7/30/04
5.136
Power
Power
Apax Partners, Inc.
Intelsat Ltd.
8/16/04
Pending*
5.04
Permira Advisers, Ltd.
Satellite operator
Apollo Advisors, L.P.
Madison Dearborn Partners
Investors
Clayton Dubilier & Rice
Rexel SA
11/30/04
Pending*
4.94
Eurazeo
Electrical equipment distributor
Merrill Lynch Private Equity
Investors
France Telecom SA
Wanadoo SA
2/23/04
8/ 1/04
4.84
Telecommunications
Internet service provider
Simon Property Group, Inc.
Chelsea Property Group, Inc.
6/21/04
10/14/04
4.86
Real estate
Real estate
Sony
MGM Inc.
9/13/04
Pending*
4.84
Technology and entertainment
Entertainment
Providence Equity Partners
Texas Pacific Group
Credit Suisse First Boston
Private investor groups
JP Morgan Chase
Banking and finance
Comcast Inc.
Cable operator
CVS
Eckerd Drug
4/5/04
8/1/ 04
4.536
Jean Coutu
Drugstores
Drugstores
General Electric
CitiCapital Transportation Financial 11/22/04
Pending*
4.43
Conglomerate
Services
Commercial truck financing
Mittal Steel
International Steel Group
10/25/04
Pending*
4.54
Steel
Steel

CRS-4
Acquirer, Sector, and
Target Firm
Date
Date
Value
New Name (if applicable)
and Sector
Announced Completed ($ billions)
Banco Bilbao Vizcaya
Grupo Financiero BBVA Bancomer
2/2/04
3/19/04
4.16
Argentaria SA
SA
Banking and finance
Banking and finance
Juniper Networks Inc.
NetScreen Technologies Inc.
2/9/04
4/19/04
4.06
Router manufacturer
Security software
Mylan Laboratories
King Pharmaceuticals
7/26/04
Pending*
4.04
Pharmaceuticals
Pharmaceuticals
Toronto-Dominion Bank
Banknorth
8/25/04
Pending*
3.86
Banking and finance
Banking and finance
Madison Dearborn Investments
Boise Cascade papermaking
7/26/04
10/29/04
3.74
Private investors
Forest products
Heilman & Friedman
Texas Genco
7/22/04
Pending*
3.654
Texas Pacific
Electricity generator
Kohlberg, Kravis, Roberts & Co.
Blackstone Partners
Private investors
Texas Genco LLC
Fisher Scientific International
Apogent Technologies Inc.
3/17/04
8/30/04
3.66
Lab equipment
Lab equipment
Kohlberg, Kravis Roberts & Co. PanAmSat
4/20/04
8/20/04
3.554
Investment company
Satellite operator
Molson Inc.
Adolph Coors Co.
7/22/04
Pending*
3.46
Beverages
Beverages
Noble Energy
Patina Oil and Gas
12/16/04
Pending*
3.44
Oil and gas
Oil and gas
HSBC Plc
Korea First Bank
11/12/04
Pending*
3.274
Banking and finance
Banking and finance
Carlsberg AS
Carlsberg Breweries (40% of stock
2/19/04
3/4/04
3.243
Beverages
from Orkla ASA)
Brewer
May Department Stores, Inc.
Marshall Field & Co.
6/9/04
7/30/04
3.246
Retailer
Retailer
CVC Capital Partners Ltd.
Automobile Association
7/1/04
9/30/04
3.26
Permira Advisers Ltd.
Roadside assistance
Investors
Group 4 Falck A/S
Securicor plc
2/2/04
7/20/04
3.124
Security
Security
Group 4 Securicor A/S
DaVita
Gambro AB U.S. operations
12/7/04
Pending*
3.054
Medical services
Dialysis center operator
Softbank Inc.
Japan Telecom
5/26/04
7/30/04
3.044
Telecommunications
Telecommunications
Marathon Oil Corp.
Ashland Oil (share of joint venture)
3/19/04
3/05
3.06
Oil company
Oil company
(Projected)
Bayer AG
Roche Holding AG’s non-
7/19/04
1/1/05
3.06
Chemicals and drugs
prescription drug division
Pharmaceuticals
United Technologies Corp.
Kidde Plc
12/16/04
Pending*
2.784
Conglomerate
Fire protection
Citigroup Inc.
Koram Bank
2/23/04
11/1/04
2.736
Banking and finance
Banking and finance

CRS-5
Acquirer, Sector, and
Target Firm
Date
Date
Value
New Name (if applicable)
and Sector
Announced Completed ($ billions)
Kohlberg, Kravis Roberts & Co. Dynamit Nobel
4/19/04
8/20/04
2.76
Investment company
Chemicals
Rockwood Chemical
EnCana Corp.
Tom Brown Inc.
4/15/04
5/24/04
2.76
Natural gas producer
Natural gas producer
J.P. Morgan, Chase Bank
Egg PLC
7/20/04
Cancelled
2.584
Banking and finance
Internet bank
8/3/04
Air Liquide S.A.
Messer Griesheim GmbH
1/20/04
5/7/04
2.533
Industrial gases
Industrial gases
Volkswagen AG
LeasePlan B.V.
2/21/04
9/30/04
2.524
Abu Dhabi
Vehicle leasing
Olayan Group
Kerr-McGee Corp.
Westport Resources Corp.
4/7/04
6/25/04
2.53
Oil and natural gas
Oil and natural gas
Deutsche Telekom AG
Cingular airwave licenses in
5/25/04
10/26/04
2.55
Telecommunications
California, Nevada
Kohlberg, Kravis, Roberts
Masonite
12/22/04
Pending*
2.54
Investors
Building materials
Southern Union Co.
CrossCountry Energy
9/1/04
11/17/04
2.56
GE Capital
Pipeline company
Albertson’s
Shaw’s Supermarkets
3/26/04
4/30/04
2.486
Grocery retail
Grocery retail
Ameren Corp.
Illinois Power Co.
2/3/04
10/1/04
2.37
Utility holding company
Utility
Lyondell Chemical Corp.
Millennium Chemical Corp.
3/29/04
12/1/04
2.36
Chemicals
Chemicals
General Electric Co.
Boeing Capital Corp.
5/12/04
7/26/04
2.33
Conglomerate
Commercial lender
Macerich
Wilmorite Property & Holdings
12/23/04
Pending*
2.34
Real estate
Real estate
Axa S.A.
Axa Asia Pacific Holdings Ltd.
8/6/04 Withdrawn
2.24
Insurance
Insurance
10/18/04
Goldcorp Inc.
Wheaton River Holdings Ltd.
12/27/04
Pending*
2.193
Gold mining
Gold mining
National City Corp.
Provident Financial Group, Inc.
2/17/04
7/1/04
2.14
Banking and finance
Banking and Finance
Warburg Pincus
UGS-PLM
3/14/04
5/27/04
2.14
Blaine Capital
Software
Silverlake Partners
Investors
Pioneer Natural Resources Co.
Evergreen Resources, Inc.
5/4/04
9/28/04
2.14
Oil & natural gas
Oil & natural gas
Gold Fields, Ltd.
Iamgold Corporation Inc.
8/11/04
Pending*
2.14
Gold mining
Gold mining
Gold Fields International, Ltd.
Telekom Austria
MobilTel
11/29/04
Pending*
2.14
Telecommunications
Mobile telephone operator
National Grid Transco Plc
Crown Castle UK
6/28/04
8/31/04
2.046
Power grid manager
(UK cell phone transmission
Gridcom Plc
towers)

CRS-6
Acquirer, Sector, and
Target Firm
Date
Date
Value
New Name (if applicable)
and Sector
Announced Completed ($ billions)
Deutsche Bank AG
Scania AB (Volvo AB divested
3/4/04
4/14/04
2.034
Banking and finance
stock under orders from EU)
Truck builder
Carlyle Group
Verizon Corp. phone lines
2/20/04
5/31/04
2.06
Investor group
(Hawaii, New York)
Telecommunications
Finmeccanica SpA
AgustaWestland Plc
5/26/04
10/9/04
2.04
Conglomerate
Helicopter manufacturer
Kyocera Corp.
DDI Pocket Inc.
5/27/04
10/1/04
2.06
Carlyle Group
Wireless data service provider
Investors
* 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.