Largest Mergers and Acquisitions by Corporations: 2005

Largest Mergers and Acquisitions by Corporations: 2005

Order Code RS22051
Updated November 18, 2005
CRS Report for Congress
Received through the CRS Web
Largest Mergers and Acquisitions by
Corporations: 2005
John Williamson
Information Resources Specialist
Knowledge Services Group
Summary
Mergers and acquisitions activity increased in 2004 over 2003 and 2005 looks to
be an even bigger year for m&a.1 This report provides a listing of the largest mergers
(announced value of at least two billion U.S. Dollars) or acquisitions during 2005
through November 18, 2005. 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; for the top mergers of 2003, see CRS Report RS21415, Largest
Mergers and Acquisitions by Corporations: 2003; and for the top mergers of 2004, see
CRS Report RS21726, Largest Mergers and Acquisitions by Corporations: 2004.) This
report will be updated monthly.
Largest Mergers or Acquisitions: 2005 (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)
Procter & Gamble
Gillette Inc.
1/28/05
10/1/05
$56.9a
Conglomerate
Conglomerate
Bank of America
MBNA Inc.
6/30/05
Pending*
35.0a
Banking and finance
Banking and finance
1 Saigol, Lina. “Biggest M&A boom since 2000 coming.” FT.com, November 16, 2005.
http://www.news.ft.com/cms/s/a8a71814-560b-11da-b04f-00000e25118c.html (last viewed
November 16, 2005); and, Kay, John. “Why many mergers are a triumph of hope over
experience.” Financial Times, November 15, 2005. p. 15.
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)
Telefónica SA
O Plc.
10/31/05
Pending*
31.5c
2
Telecommunications
Telecommunications
Gas Natural SDB SA
Endesa SA
9/5/05
Pending*
28.3c
Natural gas supplier
Power company
Unicredito Italiano SpA
HVB Group AG
5/26/05
Pending*
20.17a
Banking and finance
Banking and finance
Chevron
Unocal
3/7/05
8/10/05
19.4b
Energy
Energy
Kroger Co.
Albertson’s Inc.
10/24/05
Pending*
16.5a
Groceries
Grocerties
SBC Communications Inc.
AT&T Corp.
1/27/05
11/18/05
15.7a
Telecommunications
Telecommunications
AT&T Inc.
Weather Investments SAE
Wind SpA
4/11/05
8/12/05
15.0a
Naguib Sawiris et al.
Telecommunications
Clayton, Dubilier & Rice LLC
Hertz (division of Ford Motor Co.)
9/12/05
Pending*
15.0b
Carlyle Group
Automobile rentals
Merrill Lynch Global Private
Equity
Investors
Time Warner
Adelphia
1/31/05
Pending*
14.0a
Comcast
Cable operator
Conglomerates
Suez SA
Electrabel SA
8/9/05
Pending*
14.0c
Utilities
Electricity
Koch Industries
Georgia-Pacific Inc.
11/14/05
Pending*
13.2b
Commodities
Wood products
OAO Gazprom
OAO Sibneft
9/27/05
10/21/05
13.01a
Natural gas producer
Petroleum
MetLife Inc.
Travelers Life & Annuity Co.
1/31/05
7/1/05
11.5a
Life insurance
Life insurance
Silver Lake Partners LLC
SunGard Data Systems
3/21/05
8/11/05
11.3b
Bain Capital
Software and data processing
Blackstone Capital
Carlyle Group
Kohlberg, Kravis, Roberts
Texas Pacific Group
Thomas H. Lee Partners
Investors
Federated Department Stores
May Department Stores
1/20/05
8/30/05
11.0a
Department store operator
Department store operator
France Telecom SA
Grupo Auna SA mobile phone unit
7/21/05
Pending*
11.0a
Telecommunications
Telecommunications
INCO
Falconbridge
10/11/05
Pending*
11.0b
Metals producer
Metals producer
Pernod Ricard S.A.
Allied Domecq Plc
2/4/05
7/26/05
10.0a
Wine and spirits
Conglomerate
Verizon Corp.
MCI Corp.
1/14/05
Pending*
9.74c
Telecommunications
Telecommunications
Berkshire Hathaway Corp.
PacifiCorp
5/24/05
Pending*
9.4c
Holding company
Energy
Barrick Gold Corp.
Placer Dome Inc.
10/31/05
Pending*
9.2a
Mining
Mining
Duke Energy Corp.
Cinergy Corp.
5/9/05
8/2006
9.1c
Energy
Energy
Ineos Group Holdings Plc
Innovene, Inc.
10/7/05
Pending*
9.0a
Petrochemicals
Petrochemicals

CRS-3
Acquirer, Sector, and
Target Firm
Date
Date
Value
New Name (if applicable)
and Sector
Announced Completed ($ billions)
Valero Energy Inc.
Premcor, Inc.
4/24/05
9/1/05
8.7a
Energy
Energy
Kohlberg, Kravis, Roberts
Toys ‘R Us
3/17/05
7/21/05
8.6c
Bain Capital
Retailer
Vornado Realty
Investors
ABN Amro Holding NV
Banca Antonveneta SpA
3/30/05
Pending*
8.16c
Banking and finance
Banking and finance
UnitedHealth Inc.
PacifiCare Health Systems, Inc.
7/6/05
Pending*
8.14c
Health insurer
Health insurer
Novartis AG
Hexal AG
2/21/05
5/28/05
8.37a
Pharmaceuticals
Pharmaceuticals
SABMiller Plc
Grupo Empresarial Bavaria SA
7/18/05
Pending*
7.8a
Beverages
Beverages
Sankyo Corp.
Daiichi Pharmaceutical Co.
2/25/05
9/1/05
7.7c
Pharmaceuticals
Pharmaceuticals
Daiichi Sankyo Co.
Lincoln National Corp.
Jefferson-Pilot Corp.
10/10/05
Pending*
7.5a
Insurance
Insurance
Teva Pharmaceutical Industries
Ivax Corp.
7/25/05
Pending*
7.4c
Ltd.
Pharmaceuticals
Pharmaceuticals
Metrovacesa S.A.
Gecina S.A.
3/15/05
6/6/05
7.39b
Real estate developer
Real estate company
BHP Billiton
WMC Resources
3/8/05
6/3/05
7.3b
Mining
Mining
Allianz A.G.
Riunione Adriatica di Sicurta SpA
9/11/05
Pending*
7.1c
Insurance
Insurance
VNU NV
IMS Health Inc.
7/11/05 Abandoned
7.0c
Media
Health industry data
Deutsche Post AG
Exel Plc
9/16/05
Pending*
6.9c
Mail, package handling,
Package handling, delivery
delivery
Cisco Systems Inc.
Scientific-Atlanta Inc.
11/17/05
Pending”
6.9a
Routers
TV set-top boxes
Swiss Reinsurance Co.
General Electric Co.
11/18/05
Pending*
6.8c
Insurance
reinsurance division
Conglomerate
Cie. de Saint-Gobain SA
BPB Plc
7/21/05
Pending*
6.62a
Conglomerate
Building materials
WellPoint Inc.
WellChoice Inc.
9/27/05
Pending*
6.6c
Health insurer
Health insurer
Washington Mutual
Providian
6/6/05
10/1/05
6.45a
Banking and finance
Banking and finance
Hilton Hotels Corp.
Hilton International Plc
10/13/05
Pending*
6.3a
Lodging
Lodging
NTL Inc.
Telewest Global Inc.
10/3/05
Pending*
6.0a
Cable operator
Cable operator
News Corp. Ltd.
Fox Entertainment Group, Inc.
1/10/05
3/21/05
5.9a
Conglomerate
Entertainment
Oracle Corp. Inc
Siebel Systems Inc.
9/12/05
Pending*
5.85c
Software
Customer service software
Dubai Ports World
Peninsular & Oriental Steam
10/30/05
Pending*
5.32a
Port operator
Navigation Co., Plc
Port operator

CRS-4
Acquirer, Sector, and
Target Firm
Date
Date
Value
New Name (if applicable)
and Sector
Announced Completed ($ billions)
Cinven Group Ltd.
Amadeus Global Travel
1/12/05
7/4/05
5.8a
BC Partners Ltd.
Distribution SA
Investors
Travel
Boots Group Plc
Alliance Unichem Plc
10/3/05
Pending*
5.6a
Drugstore chain
Drugstore chain
Alliance Boots Plc
Punch Taverns Plc
Spirit Group Ltd.
6/25/05
Pending*
5.47b
Tavern operator
Tavern operator
Capital One Financial
Hibernia Bank
3/6/05 Postponed
5.35b
Banking and finance
Banking and finance
due to
Hurricane
Barclays Plc
Absa Group Ltd.
4/25/05
7/27/05
5.2c
Banking and finance
Banking and finance
Altria Group
PT HM Sampoerna
3/14/05
5/30/05
5.1c
Conglomerate
Cigarette maker
Novartis AG
Chiron Corp. Inc.
10/31/05
Pending*
5.1c
Pharmaceuticals
Pharmaceuticals
Deutsche Annington GmbH
Viterra AG
5/17/05
5/17/05
5.0c
Real estate
Real estate
Mittal Steel N.V.
Kryvorizhstal
10/24/05
Pending*
4.8a
Steel
Steel
Yuji Tsutsumi
Seibu Railway KK
10/31/05
Pending*
4.8b
Seiji Tsutsumi
Transportation and real estate
Investors
Alltel
Western Wireless
1/6/05
8/1/05
4.3a
Telecommunications
Telecommunications
Occidental Petroleum
Vintage Petroleum Inc.
10/13/05
Pending*
4.3a
Energy
Energy
R.H. Donnelley Corp.
Dex Media Inc.
10/3/05
Pending*
4.2b
Publisher
Publisher
OAO Lukoil
PetroKazakhstan
10/25/05
Pending*
4.18c
Energy
Energy
China National Petroleum Co.
PetroKazakhstan
8/22/05
Pending*
4.18b
Energy
Energy
Fresenius Medical Care AG
Renal Care Group Inc.
5/4/05
Pending*
4.0a
Kidney dialysis
Kidney dialysis
BAE Systems Plc.
United Defense Technologies Inc.
3/7/05
6/24/05
3.97c
Defense/aerospace
Defense contractor
Wachovia Corp. Inc.
Westcorp
9/12/05
Pending*
3.91c
Banking and finance
Banking and finance
adidas-Salomon AG
Reebok International Ltd.
8/2/05
Pending*
3.8c
Apparel
Apparel
Gala Group Holdings Plc.
Coral Eurobet Plc.
10/7/05
Pending*
3.8c
Gambling
Gambling
Marathon Oil Corp.
Marathon Ashland Petroleum LLC
4/28/05
6/30/05
3.7a
Energy
Petroleum refiner
Legg, Mason & Co.
Citigroup’s fund unit
6/24/05
Pending*
3.7c
Banking and finance
Banking and finance
Texas-Pacific Group
Drax Group Ltd. power plant
10/13/05
Pending*
3.63c
Apollo Management LP
Electricity generation
TowerBrook Capital Partners
LLP
Investors
Whirlpool Inc.
Maytag Inc.
7/16/05
Pending*
3.6b
Appliances
Appliances
Porsche AG
Volkswagen AG (20%)
9/24/05
Pending*
3.6c
Automobiles
Automobiles

CRS-5
Acquirer, Sector, and
Target Firm
Date
Date
Value
New Name (if applicable)
and Sector
Announced Completed ($ billions)
Liberty Media
UnitedGlobalCom Inc.
1/18/05
6/15/05
3.5b
Conglomerate
Telecommunications
Liberty Global
Reckitt Benckiser Ple.
Boots Group’s health-care unit
10/7/05
Pending*
3.43c
Home products
Pharmaceuticals
Adobe Systems Inc.
Macromedia Inc.
4/17/05
Pending*
3.4a
Software
Software
Blackstone Group LP
Wyndham International Inc.
6/14/05
8/16/05
3.24c
Investors
Hotels
Intelsat Ltd.
PanAmSat
8/29/05
Pending*
3.2c
Satellite telecommunications
Satellite teleocmmunications
TeliaSonera AB
Turkcell Iletisim Hizmetleri AS
3/25/05
Pending*
3.1a
Telecommunications
Telecommunications
Repsol YPF S.A.
Royal Dutch/Shell Group’s LPG
6/2/05
Pending*
3.1a
Energy
assets
CVC Capital Partners Ltd.
Liquified petroleum gas
Investor
Axel Springer AG
ProSiebenSat.1 Media AG
8/5/05
Pending*
3.05c
Communications
Broadcasting
J.C. Flowers & Co. LLC
NIB Capital Bank NV
7/07/05
8/9/05
3.05a
ABN Amro Holding NV
Banking and finance
American International Group
Inc.
Banco Santander Central
Hispano SA
Delta Lloyd
Shinsel Bank Ltd.
Bank of America Corp.
Govt. of Singapore Investment
Corp.
Goldman Sachs Group
J.P. Morgan Chase & Co.
Investors
American Tower Corp.
SpectraSite Inc.
5/4/05
8/8/05
3.0a
Wireless towers
Wireless towers
Medicis Pharmaceutical
Inamed
3/15/05
Pending*
2.8b
Pharmaceuticals
Prosthetics maker
Publicis Groupe SA
Aegis Group Plc
9/21/05
Pending*
2.8c
Advertising
Advertising
Extra Space Storage Inc.
Storage USA
4/25/05
7/14/05
2.6a
Prudential Financial Inc.
(unit of General Electric)
Investors
Self-storage
A.P. Moeller-Maersk A/S
Royal P&O Nedlloyd NV
5/10/05
9/14/05
2.6c
Shipping
Shipping
Starwood Capital LLC
Taittinger SA
7/22/05
7/22/05
2.6c
Investment fund
Conglomerate
eBay Inc.
Skype SA
9/12/05
Pending*
2.6b
Internet auctioneer
VOIP seller
Woolworths Ltd.
Foodland Associated Ltd.
5/25/05
Pending*
2.57c
Metcash Trading
Groceries
Groceries
Kohlberg, Kravis, Roberts & Co. SBS Broadcasting SA
8/22/05
Pending*
2.55b
Permira Advisers Ltd.
Telecommunications
Investors
Foster’s Group Ltd.
Southcorp Ltd.
4/22/05
5/27/05
2.46a
Beverages
Winemaker

CRS-6
Acquirer, Sector, and
Target Firm
Date
Date
Value
New Name (if applicable)
and Sector
Announced Completed ($ billions)
Norsk Hydro ASA
Spinnaker Exploration Co.
9/18/05
Pending*
2.45a
Conglomerate
Oil and gas
General Electric Co.
Bombardier Inc. finance unit
4/17/05
6/1/05
2.4c
Conglomerate
Conglomerate
Macquarie Bank Ltd.
YBR Group NV
5/16/05
6/1/05
2.3c
Macquarie Capital Alliance
Telephone directory publisher
Group
Nikko Cordial Corp.
Caisse de Depot et Placement du
Quebec
Investors
Medco Health Solutions
Accredo Health
2/23/05
8/18/05
2.2b
Pharmaceuticals distributor
Specialty pharmaceuticals
Liberty Global Inc.
Cablecom AG
9/30/05
Pending*
2.2c
Cable-television systems
Cable-television systems
Postbank AG
BHW AG
10/25/05
Pending*
2.16b
Banking and finance
Banking and fianance
Talisman Energy, Inc.
Paladin Resources Plc
10/20/05
Pending*
2.15c
Oil
Oil
Cimarex Energy Co.
Magnum Hunter Resources Co.
1/26/05
6/7/05
2.1a
Natural gas
Natural gas
Aviva plc
RAC plc
3/9/05
5/27/05
2.1a
Insurance
Automobile servicing
Ericsson AB
Marconi Corp.
10/25/05
Pending*
2.1c
Telecommunication equipment Telecommunications equipment
IAC/InterActiveCorp.
Ask Jeeves Inc.
3/21/05
8/9/05
2.0a
Internet conglomerate
Internet search engine
Statoil ASA
Encana Corp. Gulf of Mexico
4/28/05
7/1/05
2.0a
Norwegian government
oil and gas properties
OAO Lukoil
Nelson Resources Ltd.
9/30/05
Pending*
2.0c
Petroleum
Oil
* 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:
a Source for value: The Wall Street Journal.
b Source for value: The Financial Times.
c Source for value: bloomberg.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.