Largest Mergers and Acquisitions by Corporations: 2005

CRS Report for Congress
Largest Mergers and Acquisitions
by Corporations: 2005
January 6, 2006
John Williamson
Information Resources Specialist
Knowledge Services Group

Congressional Research Service ˜ The Library of Congress

Largest Mergers and Acquisitions
by Corporations: 2005
Mergers and acquisitions activity increased in 2004 over 2003, and 2005 was
an even bigger year for mergers and acquisitions. This report provides a listing of the
largest U.S. and international mergers (announced value of at least $2 billion) or
acquisitions during 2005 through December 31, 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. This report will not be updated.
Sources for this report include Saigol, Lina, and James Politi. “Big Deals
Return as Investors Sharpen Up — Bankers Expect Steady Growth,” Financial
Times, December 30, 2005. p. 21; Thornhill, John. “The Best and Worst of Times:
Investors Look Beyond Europe’s Political Malaise. FINANCIAL MARKETS: A
Year of Referendum Setbacks, Continued Economic Weakness and Anxiety over
Globalisation Was Also One in Which Bourses Across the Region Soared on the
Back of Strong Corporate Profits,” Financial Times, December 28, 2005. p. 11; and
Berman, Dennis K. “Fistfuls of Dollars Fuel the M&A Engine.” Wall Street
Journal, January 3, 2006. p. R3.
(For the top mergers of 2004, see CRS Report RS21726, Largest Mergers and
Acquisitions by Corporations: 2004; for the top mergers of 2003, see CRS Report
RS21415, Largest Mergers and Acquisitions by Corporations: 2003; for the top
mergers of 2002, see CRS Report RS21147, Largest Mergers and Acquisitions by
Corporations: 2002; 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 2000, see CRS Report RS20504, Twenty-five Largest Mergers and
Acquisitions by Corporations: 2000; for the top 25 mergers of 1999, see CRS Report
RS20503, Twenty-five Largest Mergers and Acquisitions by Corporations: 1999; and
for the top 25 mergers of 1998, see CRS Report RS20502, Twenty-five Largest
Mergers and Acquisitions by Corporations: 1998, all by John Williamson.)

Table 1. Largest Mergers and Acquisitions: 2005........................1

Largest Mergers and Acquisitions by
Corporations: 2005
Table 1. Largest Mergers
and Acquisitions: 2005
(Ranked by Value; All amounts cited are in U.S. Dollars)
Acquirer, sector, and newDateDateValue
name (if applicable)Target firm and sectorannouncedcompleted($ billions)
Procter & Gamble Gillette Inc.,1/28/0510/1/05$56.9a
Conglomerate Conglomerate
ConocoPhillips Burlington Reources,12/12/05Pending*35.6a
Energy Energy
Bank of America MBNA Inc.,6/30/051/1/0635.0a
Banking and finance Banking and finance
Telefónica SA,O2 Plc.10/31/05Pending*31.5c
Telecommunications Telecommunications
Gas Natural SDB SAEndesa SA9/5/05Pending*28.3c
Natural gas supplier Power company
Boston ScientificGuidant Corp.12/5/05Pending*27.0c
Medical instruments Medical instruments
Unicredito Italiano SpAHVB Group AG5/26/0511/18/0520.17a
Banking and finance Banking and finance
Che vr o n Unocal 3/7/05 8/10/05 19.4b
Energy Energy
Kroger Co.Albertson’s Inc.10/24/05Offer16.5a
Groceries Grocertiesrejected by
Al b e r t s o n s
SBC Communications Inc.AT&T Corp.1/27/0511/18/0515.7a
Telecommunications Telecommunications
AT&T Inc.
Kohlberg, Kravis, Roberts & Co.TDC A/S11/30/05Pending*15.3c
Blackstone Group Communications
Apax Partners Worldwide LLP
Permira Advisers Ltd.
Providence Equity Partners, Inc.
Weather Investments SAEWind SpA4/11/058/12/0515.0a
Naguib Sawiris et al. Telecommunications
Clayton, Dubilier & Rice LLCHertz (division of Ford Motor Co.)9/12/0512/21/0515.0b

Carlyle Group Automobile rentals
Merrill Lynch Global Private

Acquirer, sector, and newDateDateValue
name (if applicable)Target firm and sectorannouncedcompleted($ billions)
Time WarnerAdelphia1/31/05Pending*14.0a
Comcast Cable operator
Suez SAElectrabel SA8/9/0511/15/0514.0c
Utilities Electricity
Koch IndustriesGeorgia-Pacific Inc.11/14/0512/23/0513.2b
Commodities Wood products
OAO GazpromOAO Sibneft9/27/0510/21/0513.01a
Natural gas producer Petroleum
MetLife Inc.Travelers Life & Annuity Co.1/31/057/1/0511.5a
Life insurance Life insurance
Silver Lake Partners LLCSunGard Data Systems3/21/058/11/0511.3b
Bain Capital Software and data processing
Blackstone Capital
Carlyle Group
Kohlberg, Kravis, Roberts
Texas Pacific Group
Thomas H. Lee Partners
Federated Department Stores May Department Stores1/20/058/30/0511.0a
Department store operator Department store operator
France Telecom SAGrupo Auna SA mobile phone unit7/21/0511/8/0511.0a
Telecommunications Telecommunications
INCO Falconbridge10/11/05Pending*11.0b
Metals producer Metals producer
FPL Group, Inc.Constellation Energy Group, Inc.12/14/05Pending*11.0a
Utilities Utilities
Vinci SAAutoroutes du Sud12/14/05Pending*10.9b
Construction and highway Highway operator
Barrick Gold Corp.Placer Dome Inc.10/31/05Pending*10.4a
Mining Mining
Pernod Ricard S.A.Allied Domecq Plc2/4/057/26/0510.0a
Wine and spirits Conglomerate
Verizon Corp.MCI Corp.1/14/051/6/069.74c
Telecommunications Telecommunications
Unipol Sp.A.Banca Nazionale del Lavoro Sp.A.12/29/05Pending*9.74b
Insurance Banking and finance
Cerberus CapitolAlbertsons12/15/05Bid9.6a
Investors Groceriesrejected by
Kimco Realty Corp.Albertsons
Real estateBoard
Supervalu Inc.12/21/05
Groceries wholesaling and
Berkshire Hathaway Corp.PacifiCorp5/24/05Pending*9.4c
Holding company Energy
Duke Energy Corp.Cinergy Corp.5/9/058/20069.1c
Energy Energy(Projected)
Valor Communications GroupAlltel Corp. landlines12/9/05Pending*9.1a

Inc. Telecommunications

Acquirer, sector, and newDateDateValue
name (if applicable)Target firm and sectorannouncedcompleted($ billions)
Ineos Group Holdings PlcInnovene, Inc.10/7/0512/17/059.0a
Petrochemicals Petrochemicals
Valero Energy Inc.Premcor, Inc.4/24/059/1/058.7a
Energy Energy
Kohlberg, Kravis, RobertsToysR Us3/17/057/21/058.6c
Bain Capital Retailer
Vornado Realty
NRG Energy Inc.Texas Genco LLC10/2/05Pending*8.3a
Energy Energy
Eiffage SASociété des Autoroutes Paris-Rhin-Rhône12/14/05Pending*8.25b
Highway operator Highway operator
Macquarie Bank
Banking and finance
ABN Amro Holding NVBanca Antonveneta SpA3/30/05Pending*8.16c
Banking and finance Banking and finance
UnitedHealth Inc.PacifiCare Health Systems, Inc.7/6/0512/26/058.14c
Health insurer Health insurer
Novartis AGHexal AG2/21/055/28/058.37a
Pharmaceuticals Pharmaceuticals
Texas PacificAffiliated Computer Services, Inc.12/23/05Pending*8.0a
Bain Capital Data processing
Blackstone Group
SABMiller PlcGrupo Empresarial Bavaria SA7/18/0512/4/057.8a
Beverages Beverages
Sankyo Corp.Daiichi Pharmaceutical Co.2/25/059/1/057.7c
Pharmaceuticals Pharmaceuticals
Daiichi Sankyo Co.
Lincoln National Corp.Jefferson-Pilot Corp.10/10/05Pending*7.5a
Insurance Insurance
Teva Pharmaceutical IndustriesIvax Corp.7/25/051/12/057.4c
Ltd. Pharmaceuticals
P harmaceuticals
Metrovacesa S.A.Gecina S.A.3/15/056/6/057.39b
Real estate developer Real estate company
BHP BillitonWMC Resources3/8/056/3/057.3b
Mining Mining
Allianz A.G.Riunione Adriatica di Sicurta SpA9/11/0511/14/057.1c
Insurance Insurance
Deutsche Post AGExel Plc9/16/0512/13/056.9c
Mail, package handling, Package handling, delivery
Cisco Systems Inc.Scientific-Atlanta Inc.11/17/05Pending6.9a
Routers TV set-top boxes
Swiss Reinsurance Co.General Electric Co. 11/18/05Pending*6.8c
Insurancereinsurance division
Cie. de Saint-Gobain SABPB Plc7/21/0512/2/056.62a
Conglomerate Building materials
WellPoint Inc.WellChoice Inc.9/27/0512/28/056.6c

Health insurer Health insurer

Acquirer, sector, and newDateDateValue
name (if applicable)Target firm and sectorannouncedcompleted($ billions)
Sprint Nextel Corp.Nextel Partners12/20/05Pending*6.5c
Telecommunications Telecommunications
Washington MutualProvidian6/6/0510/1/056.45a
Banking and finance Banking and finance
Hilton Hotels Corp.Hilton International Plc10/13/05Pending*6.3a
Lodging Lodging
NTL Inc.Telewest Global Inc.10/3/05Pending*6.0a
Cable operator Cable operator
News Corp. Ltd.Fox Entertainment Group, Inc.1/10/053/21/055.9a
Conglomerate Entertainment
Oracle Corp. IncSiebel Systems Inc.9/12/05Pending*5.85c
Software Customer service software
Cinven Group Ltd.Amadeus Global Travel1/12/057/4/055.8a
BC Partners Ltd. Distribution SA
Investors Travel
Old Mutual PlcSkandia AB12/20/05Pending*5.7c
Insurance Insurance
Boots Group PlcAlliance Unichem Plc10/3/05Pending*5.6a
Drugstore chain Drugstore chain
Alliance Boots Plc
Punch Taverns PlcSpirit Group Ltd.6/25/051/5/065.47b
Tavern operator Tavern operator(Projected)
Dubai Ports WorldPeninsular & Oriental Steam Navigation Co.,10/30/05Pending*5.32a
Port operatorPlc
Port operator
Commerzbank AGEurohypo AG11/15/05Pending*5.3b
Banking and finance Mortgage banking
Barclays PlcAbsa Group Ltd.4/25/057/27/055.2c
Banking and finance Banking and finance
Altria GroupPT HM Sampoerna3/14/055/30/055.1c
Conglomerate Cigarette maker
Novartis AGChiron Corp. Inc.10/31/05Pending*5.1c
Pharmaceuticals Pharmaceuticals
Deutsche Annington GmbHViterra AG5/17/055/17/055.0c
Real estate Real estate
Capital One FinancialHibernia Bank3/6/0511/14/055.0b
Banking and finance Banking and finance
Arcelor SADofasco Inc.12/22/05Pending*4.85a
Steel Steel
Abertis Infraestructuras SASanef SA12/14/05Pending*4.83b
Highway operator Highway operator
Mittal Steel N.V.Kryvorizhstal10/24/0511/29/054.8a
Steel Steel
Yuji TsutsumiSeibu Railway KK10/31/05Pending*4.8b
Seiji Tsutsumi Transportation and real estate
Vodafone Plc.Telsim Mobil Telekomunikasyon Hizmetleri12/13/05Pending*4.55a
Erste Bank AGBanca Comerciala Romana SA12/20/05Pending*4.45c

Banking and finance Banking and finance

Acquirer, sector, and newDateDateValue
name (if applicable)Target firm and sectorannouncedcompleted($ billions)
AlltelWestern Wireless1/6/058/1/054.3a
Telecommunications Telecommunications
Occidental Petroleum Vintage Petroleum Inc.10/13/05Pending*4.3a
Energy Energy
R.H. Donnelley Corp.Dex Media Inc.10/3/05Pending*4.2b
Publisher Publisher
China National Petroleum Co.PetroKazakhstan 8/22/0510/27/054.18b
Energy Energy
ThyssenKrupp AGDofasco, Inc.11/28/05Outbid4.1c
Steel Steel
Fresenius Medical Care AGRenal Care Group Inc.5/4/05Pending*4.0a
Kidney dialysis Kidney dialysis
Fresenius Medical Care KGaA
CVS Corp.Savon Drugs12/15/05Pending*4.0a
Drug stores Drug stores
BAE Systems Plc.United Defense Technologies Inc.3/7/056/24/053.97c
Defense/aerospace Defense contractor
Wachovia Corp. Inc.Westcorp9/12/05Pending*3.91c
Banking and finance Banking and finance
adidas-Salomon AGReebok International Ltd.8/2/05Pending*3.8c
Apparel Apparel
Providence Equity Partners Inc.Kabel Deutscheland GmbH12/8/05Pending*3.8c
Gala Group Holdings Plc.Coral Eurobet Plc.10/7/0511/24/053.8c
Gambling Gambling
Marathon Oil Corp.Marathon Ashland Petroleum LLC4/28/056/30/053.7a
Energy Petroleum refiner
Legg, Mason & Co.Citigroups fund unit6/24/0512/1/053.7c
Banking and finance Banking and finance
Whirlpool Inc.Maytag Inc.7/16/05Pending*3.6b
Appliances Appliances
Porsche AGVolkswagen AG (19%)9/24/0510/31/053.6c
Automobiles Automobiles
Liberty MediaUnitedGlobalCom Inc.1/18/056/15/053.5b
Conglomerate Telecommunications
Liberty Global
Reckitt Benckiser Ple.Boots Group’s health-care unit10/7/05Pending*3.43c
Home products Pharmaceuticals
Adobe Systems Inc.Macromedia Inc.4/17/0512/5/053.4a
Software Software
CalEast Industrial Investors LLCCenterPoint Properties Trust12/9/05Pending*3.4a
California Public Employees Real estate investment trust
Retirement System
Jones Lang LaSalle Inc.
RAG AGDegussa AG12/19/05Pending*3.36c
Chemicals Chemicals
Blackstone Group LPWyndham International Inc.6/14/058/16/053.24c
Investors Hotels
Intelsat Ltd.PanAmSat8/29/05Pending*3.2c

Satellite telecommunications Satellite teleocmmunications

Acquirer, sector, and newDateDateValue
name (if applicable)Target firm and sectorannouncedcompleted($ billions)
Allergan Inc.Medicis Inc.11/21/05Pending*3.2b
Medical products Medical productrs
Allergan Inc.Inamed Corp.12/20/05Pending*3.2a
Cosmetic pharmaceuticals Pharmaceuticals
Repsol YPF S.A.Royal Dutch/Shell Groups LPG assets6/2/05Pending*3.1a
Energy Liquified petroleum gas
CVC Capital Partners Ltd.
General Electric Co.Arden Realty Inc.12/20/05Pending*3.1a
Conglomerate Real estate investment trust
Axel Springer AGProSiebenSat.1 Media AG8/5/05Pending*3.05c
Communications Broadcasting
J.C. Flowers & Co. LLCNIB Capital Bank NV7/07/058/9/053.05a
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
Goldman Sachs Group
J.P. Morgan Chase & Co.
American Tower Corp.SpectraSite Inc.5/4/058/8/053.0a
Wireless towers Wireless towers
CVC Capital PartnersFormula One (75%)11/25/05Pending*3.0a
Investors Auto racing promoter
Amgen Inc.Abgenix Inc.12/14/05Pending*3.0a
Pharmaceuticals Pharmaceuticals
Citigroup Inc.Guangdong Development Bank12/30/05Pending*3.0c
Banking and finance Banking and finance
Macquarie BankLondon Stock Exchange Plc.12/8/05Pending*2.7b
Banking and finance Stock exchange
Extra Space Storage Inc.Storage USA 4/25/057/14/052.6a
Prudential Financial Inc. (unit of General Electric)
Investors Self-storage
A.P. Moeller-Maersk A/SRoyal P&O Nedlloyd NV5/10/059/14/052.6c
Shipping Shipping
Starwood Capital LLCTaittinger SA7/22/057/22/052.6c
Investment fund Conglomerate
eBay Inc.Skype SA9/12/05Pending*2.6b
Internet auctioneer VOIP seller
Woolworths Ltd.Foodland Associated Ltd.5/25/0511/10/052.57c
Metcash Trading Groceries
Kohlberg, Kravis, Roberts & Co.SBS Broadcasting SA8/22/05Pending*2.55b

Permira Advisers Ltd. Telecommunications

Acquirer, sector, and newDateDateValue
name (if applicable)Target firm and sectorannouncedcompleted($ billions)
Bain Capital Group LLCTexas Instruments’ sensors and control div.12/22/05Pending*2.5a
Foster’s Group Ltd.Southcorp Ltd.4/22/055/27/052.46a
Beverages Winemaker
Norsk Hydro ASASpinnaker Exploration Co.9/18/0512/13/052.45a
Conglomerate Oil and gas
Bain CapitalDunkin’ Brands12/12/05Pending*2.43b
Carlyle Group Restaurants
Thomas H. Lee Partners
General Electric Co.Bombardier Inc. finance unit4/17/056/1/052.4c
Conglomerate Conglomerate
Macquarie Bank Ltd.YBR Group NV5/16/056/1/052.3c
Macquarie Capital Alliance Telephone directory publisher
Nikko Cordial Corp.
Caisse de Depot et Placement du
Goldman, Sachs & Co.HVB AG delinquent loans11/11/05Completed2.3b
Investors Banking and finance
Medco Health SolutionsAccredo Health2/23/058/18/052.2b
Pharmaceuticals distributor Specialty pharmaceuticals
Liberty Global Inc.Cablecom AG9/30/0510/25/052.2c
Cable-television systems Cable-television systems
BAA Plc.Budapest Airport Rt.12/8/05Pending*2.2c
Airport operator Airport operator
General DynamicsAnteon Inc.12/14/05Pending*2.2a
Defense conglomerate Information technology
Postbank AGBHW AG10/25/05Pending*2.16b
Banking and finance Banking and fianance
Talisman Energy, Inc.Paladin Resources Plc10/20/05Pending*2.15c
Oil Oil
Cimarex Energy Co.Magnum Hunter Resources Co.1/26/056/7/052.1a
Natural gas Natural gas
Aviva plcRAC plc3/9/055/27/052.1a
Insurance Automobile servicing
Ericsson ABMarconi Corp.10/25/051/062.1c
Telecommunication equipment Telecommunications equipment(projected)
IAC/InterActiveCorp.Ask Jeeves Inc.3/21/058/9/052.0a
Internet conglomerate Internet search engine
Statoil ASAEncana Corp. Gulf of Mexico 4/28/057/1/052.0a
Norwegian governmentoil and gas properties
OAO LukoilNelson Resources Ltd.9/30/0512/5/052.0c
Petroleum Oil
Sources: Mergerstat Online []; 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.
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 some times 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:
a. Source for value: The Wall Street Journal.
b. Source for value: The Financial Times.
c. Source for value:
* The designation “Pending” often indicates that regulatory approval needed for actual merger has not been obtained.