Largest Mergers and Acquisitions by Corporations: 2004

CRS Report for Congress
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, andTarget FirmDateDateValue
New Name (if applicable) and SectorAnnouncedCompleted($ billions)
Royal Dutch Shell PLCShell Transport & Trading PLC10/28/04Pending*$185.04
(formerly Royal Dutch Energy
Petroleum Co. NV)
Energy
Sanofi-Synthélabo SAAventis SA1/26/049/20/0465.04


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

Acquirer, Sector, andTarget FirmDateDateValue
New Name (if applicable) and SectorAnnouncedCompleted($ billions)
J.P. Morgan, Chase & Co.BankOne1/14/047/1/0458.03
Banking and finance Banking and finance
Cingular Wireless LLCAT&T Wireless2/17/0410/26/0441.07
(SBC Communications and Bell Cellular telephone operator
So ut h)
Cellular telephone operator
Sp r i nt Nextel 12/14/04 Pend ing* 35.06
Telecommunications Telecommunications
Sprint Nextel
Telecom Italia Sp.A.TIM Sp.A.12/6/04Pending*26.93
Telecommunications Telecommunications
Johnson & JohnsonGuidant Inc.12/6/04Pending*25.43
Medical supplies Medical equipment
Revival AcquisitionsMarks & Spencer Plc6/3/04Withdrawn16.54
(Philip Green) Retail7/14/04
Investor
LNM HoldingsIspat International NV10/25/0412/17/0416.34
Holding company Steel
Mittal Steel
Santander Central Hispano SAAbbey National plc7/23/0411/15/0415.64
Banking and finance Banking and finance
Wachovia Corp.SouthTrust Corp.6/21/0411/1/0414.36
Banking and finance Banking and finance
Symantec Inc.Veritas, Inc.12/14/04Pending*13.56
Software Software
General Growth Properties, Inc.Rouse Co.8/20/0411/12/0412.66
Real estate development Real estate development
Exelon PSEG Enterprises12/18/04Pending*12.04
Energy Energy
Interbrew SACompanhia de Bebidas das3/1/048/27/0411.16
BeveragesAmericas SA
Beverages
ESL Investments (Kmart)Sears, Roebuck & Co.11/17/04Pending*11.06
Investment company Retail
Sears Holdings
Royal Bank of Scotland plcCharter One Financial, Inc.5/4/049/1/0410.54
Banking and finance Banking and finance
Harrahs Inc.Caesar’s Entertainment Inc.7/14/04Pending*10.04
Casino operator Casino operator
MGM-Mirage Inc.Mandalay Enterprises Inc.6/5/04Pending*7.96
Casino operator Casino operator
Cox EnterprisesCox Communications Inc.8/2/0412/8/047.96
Family holding company Telecommunications
Yamanouchi Pharmaceutical Co.Fujisawa Pharmaceutical Co.2/24/044/057.776
Pharmaceuticals Pharmaceuticals(Projected)
SunTrust BanksNational Commerce Financial5/10/0410/1/047.04
Banking and finance Banking and finance
North Fork Bancorp.GreenPoint Financial2/15/0410/1/046.34


Banking and finance Banking and finance

Acquirer, Sector, andTarget FirmDateDateValue
New Name (if applicable) and SectorAnnouncedCompleted($ billions)
Morgan StanleyCanary Wharf plc3/19/045/21/046.114
British Land plc Real estate company
Alwaleed bin Talal
Glick family
Tisch Group
Investors
Regions Financial Corp.Union Planters Corp.1/23/047/1/046.13
Banking and finance Banking and finance
Telefónica SABellSouth Latin America3/4/0410/29/046.06
Telecommunications Telecommunications
Cemex SARMC Group Plc9/27/041/25/055.86
Building materials Building materials(projected)
XstrataWMC Resources11/22/04Pending*5.84
Mining Mining
International Power PlcEdison International generating7/30/047/30/045.56
Utility Utility
Mitsui & Co.
Trading
Carl IcahnMylan Laboratories11/19/04Pending*5.44
Investor Pharmaceuticals
Singapore Power Ltd.TXU Australia4/26/047/30/045.136
Power Power
Apax Partners, Inc.Intelsat Ltd.8/16/04Pending*5.04
Permira Advisers, Ltd. Satellite operator
Apollo Advisors, L.P.
Madison Dearborn Partners
Investors
Clayton Dubilier & RiceRexel SA11/30/04Pending*4.94
Eurazeo Electrical equipment distributor
Merrill Lynch Private Equity
Investors
France Telecom SAWanadoo SA2/23/048/ 1/044.84
Telecommunications Internet service provider
Simon Property Group, Inc.Chelsea Property Group, Inc.6/21/0410/14/044.86
Real estate Real estate
Sony MGM Inc.9/13/04Pending*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
CVSEckerd Drug4/5/048/1/ 044.536
Jean Coutu Drugstores
Drugstores
General ElectricCitiCapital Transportation Financial11/22/04Pending*4.43
ConglomerateServices
Commercial truck financing
Mittal Steel International Steel Group10/25/04Pending*4.54


Steel Steel

Acquirer, Sector, andTarget FirmDateDateValue
New Name (if applicable) and SectorAnnouncedCompleted($ billions)
Banco Bilbao VizcayaGrupo Financiero BBVA Bancomer 2/2/043/19/044.16
Argentaria SASA
Banking and finance Banking and finance
Juniper Networks Inc.NetScreen Technologies Inc.2/9/044/19/044.06
Router manufacturer Security software
Mylan LaboratoriesKing Pharmaceuticals7/26/04Pending*4.04
Pharmaceuticals Pharmaceuticals
Toronto-Dominion BankBanknorth8/25/04Pending*3.86
Banking and finance Banking and finance
Madison Dearborn InvestmentsBoise Cascade papermaking 7/26/0410/29/043.74
Private investors Forest products
Heilman & FriedmanTexas Genco7/22/04Pending*3.654
Texas Pacific Electricity generator
Kohlberg, Kravis, Roberts & Co.
Blackstone Partners
Private investors
Texas Genco LLC
Fisher Scientific International Apogent Technologies Inc.3/17/048/30/043.66
Lab equipment Lab equipment
Kohlberg, Kravis Roberts & Co.PanAmSat 4/20/048/20/043.554
Investment company Satellite operator
Molson Inc.Adolph Coors Co.7/22/04Pending*3.46
Beverages Beverages
Noble EnergyPatina Oil and Gas12/16/04Pending*3.44
Oil and gas Oil and gas
HSBC PlcKorea First Bank11/12/04Pending*3.274
Banking and finance Banking and finance
Carlsberg ASCarlsberg Breweries (40% of stock2/19/043/4/043.243
Beveragesfrom Orkla ASA)
Brewer
May Department Stores, Inc.Marshall Field & Co.6/9/047/30/043.246
Retailer Retailer
CVC Capital Partners Ltd.Automobile Association7/1/049/30/043.26
Permira Advisers Ltd. Roadside assistance
Investors
Group 4 Falck A/SSecuricor plc2/2/047/20/043.124
Security Security
Group 4 Securicor A/S
DaVitaGambro AB U.S. operations12/7/04Pending*3.054
Medical services Dialysis center operator
Softbank Inc.Japan Telecom5/26/047/30/043.044
Telecommunications Telecommunications
Marathon Oil Corp.Ashland Oil (share of joint venture)3/19/043/053.06
Oil company Oil company(Projected)
Bayer AGRoche Holding AG’s non-7/19/041/1/053.06
Chemicals and drugsprescription drug division
Pharmaceuticals
United Technologies Corp.Kidde Plc12/16/04Pending*2.784
Conglomerate Fire protection
Citigroup Inc.Koram Bank2/23/0411/1/042.736


Banking and finance Banking and finance

Acquirer, Sector, andTarget FirmDateDateValue
New Name (if applicable) and SectorAnnouncedCompleted($ billions)
Kohlberg, Kravis Roberts & Co.Dynamit Nobel4/19/048/20/042.76
Investment company Chemicals
Rockwood Chemical
EnCana Corp.Tom Brown Inc.4/15/045/24/042.76
Natural gas producer Natural gas producer
J.P. Morgan, Chase BankEgg PLC7/20/04Cancelled2.584
Banking and finance Internet bank8/3/04
Air Liquide S.A.Messer Griesheim GmbH1/20/045/7/042.533
Industrial gases Industrial gases
Volkswagen AGLeasePlan B.V.2/21/049/30/042.524
Abu Dhabi Vehicle leasing
Olayan Group
Kerr-McGee Corp.Westport Resources Corp.4/7/046/25/042.53
Oil and natural gas Oil and natural gas
Deutsche Telekom AGCingular airwave licenses in5/25/0410/26/042.55
TelecommunicationsCalifornia, Nevada
Kohlberg, Kravis, RobertsMasonite12/22/04Pending*2.54
Investors Building materials
Southern Union Co.CrossCountry Energy9/1/0411/17/042.56
GE Capital Pipeline company
AlbertsonsShaws Supermarkets3/26/044/30/042.486
Grocery retail Grocery retail
Ameren Corp.Illinois Power Co.2/3/0410/1/042.37
Utility holding company Utility
Lyondell Chemical Corp.Millennium Chemical Corp.3/29/0412/1/042.36
Chemicals Chemicals
General Electric Co.Boeing Capital Corp.5/12/047/26/042.33
Conglomerate Commercial lender
MacerichWilmorite Property & Holdings12/23/04Pending*2.34
Real estate Real estate
Axa S.A.Axa Asia Pacific Holdings Ltd.8/6/04Withdrawn2.24
Insurance Insurance10/18/04
Goldcorp Inc.Wheaton River Holdings Ltd.12/27/04Pending*2.193
Gold mining Gold mining
National City Corp.Provident Financial Group, Inc.2/17/047/1/042.14
Banking and finance Banking and Finance
Warburg PincusUGS-PLM3/14/045/27/042.14
Blaine Capital Software
Silverlake Partners
Investors
Pioneer Natural Resources Co.Evergreen Resources, Inc.5/4/049/28/042.14
Oil & natural gas Oil & natural gas
Gold Fields, Ltd.Iamgold Corporation Inc.8/11/04Pending*2.14
Gold mining Gold mining
Gold Fields International, Ltd.
Telekom AustriaMobilTel11/29/04Pending*2.14
Telecommunications Mobile telephone operator
National Grid Transco PlcCrown Castle UK6/28/048/31/042.046


Power grid manager (UK cell phone transmission
Gridcom Plctowers)


Acquirer, Sector, andTarget FirmDateDateValue
New Name (if applicable) and SectorAnnouncedCompleted($ billions)
Deutsche Bank AGScania AB (Volvo AB divested3/4/044/14/042.034
Banking and financestock under orders from EU)
Truck builder
Carlyle GroupVerizon Corp. phone lines2/20/045/31/042.06
Investor group (Hawaii, New York)
Telecommunications
Finmeccanica SpAAgustaWestland Plc5/26/0410/9/042.04
Conglomerate Helicopter manufacturer
Kyocera Corp.DDI Pocket Inc.5/27/0410/1/042.06
Carlyle Group Wireless data service provider
Investors
* The designationPending 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 companys 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.com7
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.