Largest Mergers and Acquisitions by Corporations: 2001

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, andTarget FirmDateDateValue
New Name (if applicable) and SectorAnnouncedCompleted($ billions)
* The designation “Pending” often indicates that regulatory approval needed for actual merger has not
been obtained.3
Comcast Inc.AT&T Broadband div.7/9/01Pending*72.0
Telecommunications Telecommunications4
Asahi BankDaiwa Bank9/8/01Pending*43.0
Banking and finance Banking and finance4
Bank of Scotland plcHalifax plc5/4/019/29/0140.6
Banking and finance Banking and finance
HBOS plc4
EchoStar Communications Corp.Hughes Electronics (div. GM)8/6/01Pending*32.0
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

Acquirer,
Sector, andTarget FirmDateDateValue
New Name (if applicable) and SectorAnnouncedCompleted($ billions)
* The designation “Pending” often indicates that regulatory approval needed for actual merger has not
been obtained.4
BHP Ltd.Billiton plc.3/19/016/29/0128.0
Mining Mining
BHP-Billiton Ltd.3
Hewlett-Packard Co.Compaq Computer Corp.9/04/01Pending*25.0
Business machines Business machines2
American International GroupAmerican General Corp.4/3/018/29/0123.0
Insurance Insurance
Anglo American Corp. plc. (45%)DeBeers Consolidated Mines2/15/016/1/0117.64
Central Holdings Ltd. plc. (45%) Ltd.
Debswana Diamond Co. Ltd. (10%)DeBeers Centenary AG
Mining and gem distribution Mining and gem distribution
DB Investments4
Allianz AGDresdner Bank AG3/28/017/23/0117.6
Insurance Banking and finance4
Amgen Inc.Immunex Inc.12/17/01Pending*16.0
Pharmaceuticals Pharmaceuticals3
Phillips Petroleum Co. Inc.Conoco Inc.11/17/01Pending*15.17
Petroleum Petroleum4
E.ON AGPowerGen plc1/17/01Pending*14.0
Utility Electricity generator4
First Union CorporationWachovia Corporation4/16/019/4/0113.4
Banking and finance Banking and finance
Wachovia Corporation3
Citigroup Inc.Grupo Financiero Banamex5/17/018/3/0112.5
Banking and financeAccival, S.A.
Banking and finance
Nestle S.A.Ralston Purina Co.1/15/0112/12/0111.92
Conglomerate Animal food maker3
Singapore TelecommunicationsCable & Wireless Optus3/26/019/17/0111.8
Ltd. Mobile operator (Australia)
Telecommunications 4
Johnson & Johnson Alza 3/26/016/22/0111.7
Health care Health care4
Vivendi Universal S.A.USA Networks12/17/01Pending*10.85
Conglomerate Television producer & cable4
GZ Bank AGDG Bank AG7/9/018/17/0110.4
Banking and finance Banking and finance
DZ Bank AG2
Tyco International Ltd.CIT Group Inc.3/13/016/1/019.9
Conglomerate Finance company4
Duke EnergyWestcoast Energy9/20/01Pending*8.5
Utility group Natural gas company
Newmont MiningFranco-Nevada Mining Corp.11/14/01Pending*8.54
Mining Ltd.
Normandy Mining
Mining 3
Bristol-Myers Squibb Inc.E.I. DuPont Pharmaceutical div.6/8/0110/2/017.8
Pharmaceuticals Pharmaceuticals4
Bank OneWachovia Bank credit card div.4/9/017/27/017.5
Banking and finance Credit cards3


Western Mining Corporation,11/12/01Pending*7.5
Alcoa Inc.Ltd.
Aluminum Mining

Acquirer,
Sector, andTarget FirmDateDateValue
New Name (if applicable) and SectorAnnouncedCompleted($ billions)
* The designation “Pending” often indicates that regulatory approval needed for actual merger has not
been obtained.3
Phillips PetroleumTOSCO Inc.2/5/019/18/017.49
Integrated oil company Petroleum refiner & marketer4
Equity Office Properties TrustSpieker Properties2/23/017/2/017.2
Real Estate Investment Trust Real estate4
P&O Princess Cruises plc.Royal Caribbean Cruises Ltd.11/20/01Pending*6.8
Cruise line Cruise line4
Bayer AGAventis CropScience10/2/01Pending*6.67
Chemicals and pharmaceuticals (subsidiary Aventis SA)
Chemicals 3
Enel (Italian government-owned)Infostrada Sp.A.3/16/013/29/016.5
Electricity Telecommunications3
Conoco Inc.Gulf Canada Resources Limited5/29/017/13/016.33
Oil company Oil company
Valero Energy Corp.Ultramar Diamond Shamrock5/7/0112/31/016.133
Oil refiner and marketerCorp.
Oil refiner and marketer3
Pirelli SpA.Olivetti SpA7/30/019/19/016.1
Telecommunicationswhich controls
Benetton SpATelecom Italia SpA
Conglomerate Telecommunications3
Sanmina Corp.SCI Systems7/16/0112/7/016.0
Electronics manufacturer Electronics manufacturer
Sanmina-SCI Corp.4
United Overseas Bank Ltd.Overseas Union Bank Ltd.8/17/019/2/015.5
Banking and finance Banking and finance4
DBS Group Holdings Ltd.Dao Heng Bank4/11/019/5/015.36
Banking and finance Banking and finance
Khazanah Nasional BhdUnited Engineers Malaysia Bhd7/23/0110/9/015.32
Malaysian government Conglomerate
investment 2
Vodafone Group plcJapan Telecom Co. Ltd. (20%)5/2/0110/12/015.3
Telecommunications Telecommunications3
GE Capital, div. General ElectricHeller Financial Inc.7/30/0110/25/015.3
Co. div. Fuji Bank Ltd.
Conglomerate Commercial finance 4
Italenergia SpAMontedison SpA7/20/019/3/015.3
Holding company controlled by: Agro-energy group
FIAT SpA
Conglomerate
Electricité de France
Electric utility4
Schlumberger LimitedSema plc2/12/016/4/015.2
Oilfield services IT services3
Washington Mutual Inc.Dime Bancorp6/25/01{1/04/02,5.2
Banking and finance Banking and financescheduled)3
Walt Disney Co.Fox Family Worldwide7/23/0110/24/015.2
Broadcasting and entertainment Entertainment programmer4
BP plcE.On Oel division (51 percent)7/16/01Pending*5.1
Integrated oil companyE.ON AG.
Energy 2


E.ON AG.Sydkraft AB (58%)2/21/014/30/015.0
Energy Energy

Acquirer,
Sector, andTarget FirmDateDateValue
New Name (if applicable) and SectorAnnouncedCompleted($ billions)
* The designation “Pending” often indicates that regulatory approval needed for actual merger has not
been obtained.2
Potomac Electric Power Co.Connectiv2/12/01Pending*5.0
Electricity distributor Electricity distributor3
Société Européene des Satellites SAGE Americom (div. GE)3/5/0111/12/015.0
Satellite owner Satellite owner4
Procter & Gamble Inc.Clairol Div. Bristol-Myers Squibb5/21/0111/16/014.95
Conglomerate Hair care products3
Lafarge S.A.Blue Circle Industries plc1/8/017/11/014.7
Building materials Building materials
Liberty Media GroupDeutsche Telekom cable6/20/01Pending*4.73
Cable Cable4
Reliant ResourcesOrion Power9/27/01Pending*4.7
Energy Electricity generator4
Usinor S.A.Arbed S.A.2/19/0112/12/014.6
Steel companyAceralia Corporación Siderúrgica
Arcelor S.A. Steel companies4
Sun Life Financial ServicesClarica Life Insurance12/17/01Pending*4.55
Insurance company Insurance company3
Santa Fe International Corp.Global Marine Inc.9/4/0111/21/013.9
Oil driller Oil driller4
Royal Dutch/ShellEquilon LLC and Motiva LLC10/9/0112/12/013.86
Saudi Aramco (Texaco share of joint venture)
Integrated oil companies Oil refining and marketing4
AmeriSource Health Corp.Bergen Brunswig Corp.3/19/018/30/013.7
Drug distributor Drug distributor
AmeriSourceBergen Corp.4
Medtronic Inc.MiniMed Inc.5/31/018/30/013.7
Medical products Medical products
Medtronic MiniMedMedical Research Group
Medical product design2
Endesa SAElettrogen SpA7/23/017/23/013.5
Utility Electricity generator4
Devon EnergyMitchell Energy & Development8/14/01Pending*3.5
Oil and gas producer Natural gas producer 3
Devon EnergyAnderson Exploration Ltd.9/4/01Pending*3.4
Oil and gas producer Natural gas producer 4
Tyco International Ltd.C.R. Bard Inc.5/31/01Pending*3.2
Conglomerate Medical products4
Amerada HessTriton Energy7/11/018/20/013.2
Oil company Oil company
Westvaco Corp.Mead Corp.8/29/01Pending*3.23
Paper and packaging Paper and packaging
MeadWestvaco 2
Dominion Resources. Inc.Louis Dreyfuss Natural Gas9/10/0111/8/013.2
Gas and electricity trader Natural gas producer
Nortel NetworksJDS Uniphase Switzerland1/18/012/14/013.04
Optical components Laser chips4
Conexant Systems wireless divisionAlpha Industries12/17/01Pending*3.0
Wireless semiconductors Wireless semiconductors2
Groupe Dexia S.A.Artesia Banking Corp. S.A.3/13/017/3/012.9
Banking and finance Banking and finance3


London Electricity Group plcTXU Corp. distribution network11/19/01Pending*2.87
Utilityin England
Electricity distribution

Acquirer,
Sector, andTarget FirmDateDateValue
New Name (if applicable) and SectorAnnouncedCompleted($ billions)
* The designation “Pending” often indicates that regulatory approval needed for actual merger has not
been obtained.4
Power FinancialMackenzie Financial1/29/014/19/012.8
Banking and finance Banking and finance3
Apax PartnersYell plc (division of British5/26/018/13/012.8
Hicks, Muse, Tate & Furst Inc.Telecom plc)
Investment companies Yellow pages4
Sara Lee Corp.Earthgrains7/02/018/15/012.8
Food products Food products
American International GroupChiyoda Mutual Life2/23/014/20/012.754
Insurance Bankrupt life insurer3
Northrop Grumman CorporationNewport News Shipbuilding Inc.5/8/0112/3/012.7
Defense contractor Shipbuilder4
General Electric Co.Telemundo Communications10/11/01Pending*2.7
Conglomerate Spanish language broadcaster
Solectron Corp.C-Mac Industries, Inc.8/9/0112/3/012.73
Contract manufacturer Contract manufacturer4
Vodafone plcJapan Telecom9/20/0110/12/012.64
Telecommunications Telecommunications4
Furukawa Electric KKLucent Technologies Optical7/26/0111/16/012.53
Electrical equipment makerFibre Division
Optical fibre manufacturer4
Suiza FoodsDean Foods4/5/0112/24/012.5
Food producer Food producer
Dean Foods
Maxim Integrated ProductsDallas Semiconductor1/29/014/11/012.54
Integrated circuit maker Chip maker2
Deutsche Bank AGZurich Scudder Investments9/24/0112/5/012.5
Banking and finance Banking and finance3
BNP Paribas SABancWest (55% not previously5/7/0112/20/012.45
Banking and financeowned)
Banking and finance2
AOL Time WarnerIPC Group Ltd. 7/25/0110/12/01$2.4
Conglomerate (Owned by investment corp.
Cinven Ltd.)
Magazine publisher2
Schroder VenturesCognis AG9/13/0111/30/01$2.4
Goldman Sachs Capital Partners Specialty chemical producer
Investors
BNP Paribas SAUnited California Bank12/10/01Pending*2.44
Banking and finance Banking and finance3
Williams Cos.Barrett Resources Corp.5/7/018/2/012.38
Conglomerate Natural gas explorer/producer3
Valentia Eircom7/2/0111/17/012.38
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 partnerships3


Deutsche Bank, A.G.Pub operations of Whitbread3/20/015/8/012.32
Banking and financeHoldings, plc
Restaurants and lodgings

Acquirer,
Sector, andTarget FirmDateDateValue
New Name (if applicable) and SectorAnnouncedCompleted($ billions)
* The designation “Pending” often indicates that regulatory approval needed for actual merger has not
been obtained.4
Royal Bank of CanadaCentura Banks1/26/016/5/012.3
Banking and finance Banking and finance2
Energy East Corp.RGS Energy Group2/20/01Pending*2.2
Utility holding company Utility holding company4
Mediacom CommunicationsAT&T Broadband2/27/017/18/012.2
Cable operator Cable operations (four states)4
Royal Bank of ScotlandMellon Bank,7/09/0112/1/012.2
Banking and finance div. Mellon Financial
Banking and finance4
Interpublic Group Inc.True North Communications Inc.3/19/016/22/012.1
Advertising Advertising2
General Electric Corp.Franchise Finance Corporation of3/30/018/02/012.1
Conglomerate America
Retail finance company3
U.S. BancorpNova Corp.5/8/017/24/012.1
Banking and finance Payment processor3
Burlington Resources Inc.Canadian Hunter Exploration10/9/0112/4/012.08
Energy producerLtd.
Natural gas producer3
Swiss ReLincoln Re7/30/0112/7/012.0
Reinsurer div. Lincoln National Corp.
Life reinsurer
Millennium PharmaceuticalsCor Therapeutics12/5/01Pending*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.