For other versions of this document, see http://wikileaks.org/wiki/CRS-RL33329 ------------------------------------------------------------------------------ Order Code RL33329 CRS Report for Congress Received through the CRS Web 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 Summary 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.) Contents 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 new Date Date Value name (if applicable) Target firm and sector announced completed ($ billions) Procter & Gamble Gillette Inc., 1/28/05 10/1/05 $56.9a Conglomerate Conglomerate ConocoPhillips Burlington Reources, 12/12/05 Pending* 35.6a Energy Energy Bank of America MBNA Inc., 6/30/05 1/1/06 35.0a Banking and finance Banking and finance Telefónica SA, O2 Plc. 10/31/05 Pending* 31.5c Telecommunications Telecommunications Gas Natural SDB SA Endesa SA 9/5/05 Pending* 28.3c Natural gas supplier Power company Boston Scientific Guidant Corp. 12/5/05 Pending* 27.0c Medical instruments Medical instruments Unicredito Italiano SpA HVB Group AG 5/26/05 11/18/05 20.17a Banking and finance Banking and finance Chevron Unocal 3/7/05 8/10/05 19.4b Energy Energy Kroger Co. Albertson's Inc. 10/24/05 Offer 16.5a Groceries Grocerties rejected by Albertson's Board 12/21/05 SBC Communications Inc. AT&T Corp. 1/27/05 11/18/05 15.7a Telecommunications Telecommunications AT&T Inc. Kohlberg, Kravis, Roberts & Co. TDC A/S 11/30/05 Pending* 15.3c Blackstone Group Communications Apax Partners Worldwide LLP Permira Advisers Ltd. Providence Equity Partners, Inc. Investors Weather Investments SAE Wind SpA 4/11/05 8/12/05 15.0a Naguib Sawiris et al. Telecommunications Clayton, Dubilier & Rice LLC Hertz (division of Ford Motor Co.) 9/12/05 12/21/05 15.0b Carlyle Group Automobile rentals Merrill Lynch Global Private Equity Investors CRS-2 Acquirer, sector, and new Date Date Value name (if applicable) Target firm and sector announced completed ($ billions) Time Warner Adelphia 1/31/05 Pending* 14.0a Comcast Cable operator Conglomerates Suez SA Electrabel SA 8/9/05 11/15/05 14.0c Utilities Electricity Koch Industries Georgia-Pacific Inc. 11/14/05 12/23/05 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 11/8/05 11.0a Telecommunications Telecommunications INCO Falconbridge 10/11/05 Pending* 11.0b Metals producer Metals producer FPL Group, Inc. Constellation Energy Group, Inc. 12/14/05 Pending* 11.0a Utilities Utilities Vinci SA Autoroutes du Sud 12/14/05 Pending* 10.9b Construction and highway Highway operator operator Barrick Gold Corp. Placer Dome Inc. 10/31/05 Pending* 10.4a Mining Mining 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 1/6/06 9.74c Telecommunications Telecommunications Unipol Sp.A. Banca Nazionale del Lavoro Sp.A. 12/29/05 Pending* 9.74b Insurance Banking and finance Cerberus Capitol Albertson's 12/15/05 Bid 9.6a Investors Groceries rejected by Kimco Realty Corp. Albertson's Real estate Board Supervalu Inc. 12/21/05 Groceries wholesaling and retailing Berkshire Hathaway Corp. PacifiCorp 5/24/05 Pending* 9.4c Holding company Energy Duke Energy Corp. Cinergy Corp. 5/9/05 8/2006 9.1c Energy Energy (Projected) Valor Communications Group Alltel Corp. landlines 12/9/05 Pending* 9.1a Inc. Telecommunications Telecommunications CRS-3 Acquirer, sector, and new Date Date Value name (if applicable) Target firm and sector announced completed ($ billions) Ineos Group Holdings Plc Innovene, Inc. 10/7/05 12/17/05 9.0a Petrochemicals Petrochemicals 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 NRG Energy Inc. Texas Genco LLC 10/2/05 Pending* 8.3a Energy Energy Eiffage SA Société des Autoroutes Paris-Rhin-Rhône 12/14/05 Pending* 8.25b Highway operator Highway operator Macquarie Bank Banking and finance 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 12/26/05 8.14c Health insurer Health insurer Novartis AG Hexal AG 2/21/05 5/28/05 8.37a Pharmaceuticals Pharmaceuticals Texas Pacific Affiliated Computer Services, Inc. 12/23/05 Pending* 8.0a Bain Capital Data processing Blackstone Group Investors SABMiller Plc Grupo Empresarial Bavaria SA 7/18/05 12/4/05 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 1/12/05 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 11/14/05 7.1c Insurance Insurance Deutsche Post AG Exel Plc 9/16/05 12/13/05 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 12/2/05 6.62a Conglomerate Building materials WellPoint Inc. WellChoice Inc. 9/27/05 12/28/05 6.6c Health insurer Health insurer CRS-4 Acquirer, sector, and new Date Date Value name (if applicable) Target firm and sector announced completed ($ billions) Sprint Nextel Corp. Nextel Partners 12/20/05 Pending* 6.5c Telecommunications Telecommunications 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 Cinven Group Ltd. Amadeus Global Travel 1/12/05 7/4/05 5.8a BC Partners Ltd. Distribution SA Investors Travel Old Mutual Plc Skandia AB 12/20/05 Pending* 5.7c Insurance Insurance 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 1/5/06 5.47b Tavern operator Tavern operator (Projected) Dubai Ports World Peninsular & Oriental Steam Navigation Co., 10/30/05 Pending* 5.32a Port operator Plc Port operator Commerzbank AG Eurohypo AG 11/15/05 Pending* 5.3b Banking and finance Mortgage banking 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 Capital One Financial Hibernia Bank 3/6/05 11/14/05 5.0b Banking and finance Banking and finance Arcelor SA Dofasco Inc. 12/22/05 Pending* 4.85a Steel Steel Abertis Infraestructuras SA Sanef SA 12/14/05 Pending* 4.83b Highway operator Highway operator Mittal Steel N.V. Kryvorizhstal 10/24/05 11/29/05 4.8a Steel Steel Yuji Tsutsumi Seibu Railway KK 10/31/05 Pending* 4.8b Seiji Tsutsumi Transportation and real estate Investors Vodafone Plc. Telsim Mobil Telekomunikasyon Hizmetleri 12/13/05 Pending* 4.55a Telecommunications AS Telecommunications Erste Bank AG Banca Comerciala Romana SA 12/20/05 Pending* 4.45c Banking and finance Banking and finance CRS-5 Acquirer, sector, and new Date Date Value name (if applicable) Target firm and sector announced completed ($ billions) 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 China National Petroleum Co. PetroKazakhstan 8/22/05 10/27/05 4.18b Energy Energy ThyssenKrupp AG Dofasco, Inc. 11/28/05 Outbid 4.1c Steel Steel Fresenius Medical Care AG Renal Care Group Inc. 5/4/05 Pending* 4.0a Kidney dialysis Kidney dialysis Fresenius Medical Care KGaA CVS Corp. Savon Drugs 12/15/05 Pending* 4.0a Drug stores Drug stores 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 Providence Equity Partners Inc. Kabel Deutscheland GmbH 12/8/05 Pending* 3.8c Investors Gala Group Holdings Plc. Coral Eurobet Plc. 10/7/05 11/24/05 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 12/1/05 3.7c Banking and finance Banking and finance Whirlpool Inc. Maytag Inc. 7/16/05 Pending* 3.6b Appliances Appliances Porsche AG Volkswagen AG (19%) 9/24/05 10/31/05 3.6c Automobiles Automobiles 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 12/5/05 3.4a Software Software CalEast Industrial Investors LLC CenterPoint Properties Trust 12/9/05 Pending* 3.4a California Public Employees Real estate investment trust Retirement System Jones Lang LaSalle Inc. RAG AG Degussa AG 12/19/05 Pending* 3.36c Chemicals Chemicals 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 CRS-6 Acquirer, sector, and new Date Date Value name (if applicable) Target firm and sector announced completed ($ billions) Allergan Inc. Medicis Inc. 11/21/05 Pending* 3.2b Medical products Medical productrs Allergan Inc. Inamed Corp. 12/20/05 Pending* 3.2a Cosmetic pharmaceuticals Pharmaceuticals Repsol YPF S.A. Royal Dutch/Shell Group's LPG assets 6/2/05 Pending* 3.1a Energy Liquified petroleum gas CVC Capital Partners Ltd. Investor General Electric Co. Arden Realty Inc. 12/20/05 Pending* 3.1a Conglomerate Real estate investment trust 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 CVC Capital Partners Formula One (75%) 11/25/05 Pending* 3.0a Investors Auto racing promoter Amgen Inc. Abgenix Inc. 12/14/05 Pending* 3.0a Pharmaceuticals Pharmaceuticals Citigroup Inc. Guangdong Development Bank 12/30/05 Pending* 3.0c Banking and finance Banking and finance Macquarie Bank London Stock Exchange Plc. 12/8/05 Pending* 2.7b Banking and finance Stock exchange 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 11/10/05 2.57c Metcash Trading Groceries Groceries Kohlberg, Kravis, Roberts & Co. SBS Broadcasting SA 8/22/05 Pending* 2.55b Permira Advisers Ltd. Telecommunications Investors CRS-7 Acquirer, sector, and new Date Date Value name (if applicable) Target firm and sector announced completed ($ billions) Bain Capital Group LLC Texas Instruments' sensors and control div. 12/22/05 Pending* 2.5a Investors Foster's Group Ltd. Southcorp Ltd. 4/22/05 5/27/05 2.46a Beverages Winemaker Norsk Hydro ASA Spinnaker Exploration Co. 9/18/05 12/13/05 2.45a Conglomerate Oil and gas Bain Capital Dunkin' Brands 12/12/05 Pending* 2.43b Carlyle Group Restaurants Thomas H. Lee Partners Investors 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 Goldman, Sachs & Co. HVB AG delinquent loans 11/11/05 Completed 2.3b Investors Banking and finance 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 10/25/05 2.2c Cable-television systems Cable-television systems BAA Plc. Budapest Airport Rt. 12/8/05 Pending* 2.2c Airport operator Airport operator General Dynamics Anteon Inc. 12/14/05 Pending* 2.2a Defense conglomerate Information technology 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 1/06 2.1c Telecommunication equipment Telecommunications equipment (projected) 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 12/5/05 2.0c Petroleum Oil 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. 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 CRS-8 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. * The designation "Pending" often indicates that regulatory approval needed for actual merger has not been obtained. ------------------------------------------------------------------------------ For other versions of this document, see http://wikileaks.org/wiki/CRS-RL33329