Largest Mergers and Acquisitions by Corporations: 2003

CRS Report for Congress
Largest Mergers and Acquisitions by
Corporations: 2003
John Williamson
Technical Information Specialist
Resources, Science, and Industry Division
After declining in numbers for two years, the numbers of mergers and acquisitions1
worldwide had a mixed year in 2003. This report provides a listing of the largest
mergers (announced value of at least two billion U.S. Dollars) or acquisitions during
2003 through December 31, 2003. 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; and,
for the top 25 mergers of 2002, see CRS Report RS21147, Largest Mergers and
Acquisitions by Corporations: 2002.) This report will not be updated.
Largest Mergers or Acquisitions: 2003 (ranked by value)
(All amounts cited are U.S. Dollars)
Acquirer, Sector, andTarget FirmDateDateValue
New Name (if applicable) and SectorAnnouncedCompleted($ billions)
Bank of AmericaFleet Financial Corp.10/27/03Pending*$47.06
Banking and finance Banking and finance
ExxonMobilOAO Yukos – 40%10/2/03Pending*$25.04
Energy Energy
Anthem Inc.WellPoint Health Networks Inc.10/27/03Pending*16.46
Health insurance Health insurance
Travelers Property CasualtySt. Paul Cos.11/17/03Pending*16.26

Corp. Insurance
1 Politi, James, and Lina Saigol. “M&A bounces back as dealmakers return.” Financial Times,
December 29, 2003. p. 17; and, Sidel, Robin. “Year-End Review of Markets & Finance 2003;
Mergers and Acquisitions Pick Up.” Wall Street Journal, January 2, 2004. p. R2.
Congressional Research Service ˜ The Library of Congress

Acquirer, Sector, andTarget FirmDateDateValue
New Name (if applicable) and SectorAnnouncedCompleted($ billions)
AO Yukos Oil Co.OAO Sibneft4/22/03De-merger15.06
Energy Energyannounced
OAO YukosSibneft12/9/03
General Electric Co.Vivendi Universal S.A.9/1/03Pending*14.06
Conglomerate Entertainment, cable networks
Manulife Financial CorporationJohn Hancock Financial Services9/29/03Pending*11.04
Insurance group Insurance group
General Electric Co.Amersham plc10/10/03Pending*9.54
Conglomerate Medical diagnostic substances
Schemaventotto SpAAutostrade SpA2/11/032/21/038.886
Benetton holding company Private highway operator
France TelecomS.A.Orange S.A.9/1/03Pending*7.693
Telecommunications Telecommunications
First Data Corp.Concord EFS Inc.4/2/03Pending*7.04
Credit-card processor ATM machine network
News CorporationHughes Electronics4/9/0312/22/036.64
Media conglomerate Satellite broadcaster
Procter & GambleWella AG – 80%3/18/039/03/036.96
Conglomerate Hair care products
BP TNK 2/11/03 8/29/03 6.756
EnergyOAO Sidanco
Biogen Inc.Idec Pharmaceuticals6/23/0311/12/036.446
Pharmaceuticals Pharmaceuticals
Biogen Idec Inc.
Oracle Inc.PeoplelSoft Inc.6/6/03Pending*6.36
Software Software
R.J. Reynolds TobaccoBrown & Williamson div.10/27/03Pending*6.25
Holdings, Inc. British-American Tobacco plc.
Tobacco Tobacco
Enterprise Product PartnersGulfTerra Energy Partners12/15/03Pending*5.84
Energy Energy
General Electric Corp.Transamerica Finance Corporation8/5/031/045.44
Conglomerate Commercial lending(Projected)
Devon Energy Corp.Ocean Energy Corp.2/24/034/25/035.36
Energy Energy
Tchibo Holding AGBeiersdorf AG10/23/03Pending*5.24
Conglomerate Personal care products
KfW (Kreditanstalt FuerDeutsche Post AG11/17/03Pending*5.14
Wiederaufbau) Postal service provider
Banking and finance
Great-West LifecoCanada Life2/18/037/10/034.74
Insurance Insurance
Alcan Inc.Pechiney S.A.7/7/0312/16/034.54
Aluminium producer Aluminium producer
ArvitMeritor Inc.Dana Corp.7/8/0311/23/034.44
Auto Parts Auto PartsWithdrawn
Koch IndustriesInvista div. E.I. DuPont Co.11/17/03Pending*4.44

Private Testile manufacturer

Acquirer, Sector, andTarget FirmDateDateValue
New Name (if applicable) and SectorAnnouncedCompleted($ billions)
Spirit Group PlcScottish & Newcastle pubs division10/6/0311/7/034.153
Blackstone Group Brewing
CVC Capital Partners
Texas Pacific Group
Pub manager and investors
Australia and New ZealandNational Bank of New Zealand8/12/03Pending*4.124
Banking Group Ltd. Banking and finance
Banking and finance
Vivendi EnvironnementSouthern Water plc4/29/03Pending*3.864
Royal Bank of Scotland Utility
Utility operator
R.R. Donnelley & Sons Co.Moore Wallace Inc.11/10/033/043.74
Printers Printers(Projected)
BC PartnersSEAT Pagine Gialle6/11/03Pending*3.62
CVC Capital Partners Telephone directories
Investitori Associati
Permira Advisers
Deutsche Bank, et al.Northumbrian Water (div. Suez SA)5/17/035/23/033.584
Investors Utility
Teva Pharmaceutical IndustriesSicor Inc.10/31/03Pending*3.46
Ltd. Medical/Pharmaceutical
Zimmer Holdings Inc.Centerpulse AG5/20/0310/2/033.226
Medical device manufacturer Medical device manufacturer
Ko nica Mino lta 1/7/02 8/5/03 3.14
Imaging Imaging
Konica Minolta Holdings
Riverwood Holding Inc.Graphic Packaging International3/26/038/8/033.02
Carton manufacturer
CitigroupSears, Roebuck & Co. Credit Card7/15/0311/1/033.03
Banking and finance Credit card/finance division
TCL International Holdings,Thomson S.A. 11/3/03Pending*3.06
Ltd.consumer electronics division (RCA)
Electronics Electronics
BB&T Corp.First Virginia Banks Inc.1/21/0310/17/032.976
Banking and finance
Banking and finance
Xstrata plcM.I.M. Holdings Ltd. 4/7/036/20/032.964
Mining Mining
United Health Group, Inc.Mid-Atlantic Medical Services, Inc.10/27/03Pending*2.956
Health insurance Health insurance
Henkel KGaADial Corp.12/15/03Pending*2.8753
Consumer products Consumer products
Johnson & JohnsonScios, Inc.2/10/034/29/032.75
Medical/pharmaceutical Biotechnology
CVC CapitalDebenhams plc9/12/0312/5/032.654
Texas Pacific Group Department stores
Private equity groups
Lehman Brothers Holdings Inc.Neuberger Berman Inc.7/22/0310/31/032.636

Securities trading Asset management

Acquirer, Sector, andTarget FirmDateDateValue
New Name (if applicable) and SectorAnnouncedCompleted($ billions)
British American Tobacco PlcEnte Tabacchi Italiani SpA7/16/0310/28/032.66
Tobacco Tobacco
Edgar Bronfman, Jr.Time Warner music division11/22/03Pending*2.64
Thomas H. Lee Partners Entertainment
Haim Saban
Bain Partners
Providence Equity Partners
Finanziaria de Agostini SpA.Toro Assicurazioni SpA3/24/03Pending*2.56
Investment company Insurance company
AIGGE Edison Life Insurance Co.6/26/038/29/032.53
Insurance Insurance
AIG Edison Life Insurance Co.
Goldman SachsCogentrix Energy Inc.10/20/03Pending*2.44
Investment bank Electricity generator
Oregon Electric ConstructionPortland General Electric11/18/03Pending*2.42
Inc. Electricity distributor
Electrical contractor
Federal ExpressKinko’s12/30/03Pending*2.46
Transportation Copy center operator
Lockheed MartinTitan Corporation9/15/033/042.384
Conglomerate Defense contractor(Projected)
Goldman Sachs CapitalDeutsche Telekom AG cable tv1/28/034/1/032.34
Partners Cable television
Apax Partners, Providence
Equity Partners
DnB Holding ASAGjensidige NOR Sparebank ASA3/18/03Pending*2.34
Banking and finance Banking and finance
Exelon Corp.Illinois Power11/3/03Withdrawn2.236
Energy Energy11/24/03
Ripplewood HoldingsJapan Telecom fixed-line business8/13/0311/14/032.184
Investor Telecommunications
Novartis AGRoche Holding AG1/23/03Pending*2.173
Pharmaceuticals Pharmaceuticals
PMI Group, Inc.Financial Guaranty Insurance 8/5/03Pending*2.163
Private mortgage insurer(div. GE)
Blackstone Group Guarantees financial obligations
Cypress Group
CVC Partners
Heineken NVBBAG5/1/0310/10/032.144
Brewer Brewer
DSM NVRoche Holding AG, div.2/10/0310/3/032.12
Pharmaceuticals, chemicals Vitamins, fine chemicals
Prudential Financial, Inc.Cigna retirement services11/18/03Pending*2.14
Insurance and finance Insurance and finance
Bank of New York Co.Pershing clearing unit, CSFB1/7/035/1/032.06
Banking and finance Banking and finance
Fe d e r a l -M o gul Bendix 1/31/03 Pend ing* 2.04

Automotive parts Brakes

Acquirer, Sector, andTarget FirmDateDateValue
New Name (if applicable) and SectorAnnouncedCompleted($ billions)
Telefónica S.A.Terra Lycos S.A.5/28/037/25/032.04
Communications Telecommunications
PeopleSoft Inc.JD Edwards & Co.6/2/037/17/032.03
Software Software
E.On AGMidlands Electricity Plc10/21/03Pending*2.04
Energy Utility
Blackstone Group LPCelanese AG12/16/03Pending*2.06
Investors Chemicals
* 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 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
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:
7 Source for value:
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