WikiLeaks Document Release http://wikileaks.org/wiki/CRS-RS21726 February 2, 2009 Congressional Research Service Report RS21726 Largest Mergers and Acquisitions by Corporations: 2004 John Williamson, Resources, Science, and Industry Division January 3, 2005 Abstract. After a mixed year in 2003, mergers and acquisitions are anticipated to reflect increased activity in 2004. This report provides a listing of the largest mergers or acquisitions for the year 2004 to date. Announcement and completion dates and dollar values for the mergers or acquisitions are included. Order Code RS21726 Updated January 3, 2005 CRS Report for Congress Received through the CRS Web Largest Mergers and Acquisitions by Corporations: 2004 John Williamson Technical Information Specialist Resources, Science, and Industry Division Summary http://wikileaks.org/wiki/CRS-RS21726 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, and Target Firm Date Date Value New Name (if applicable) and Sector Announced Completed ($ billions) Royal Dutch Shell PLC Shell Transport & Trading PLC 10/28/04 Pending* $185.04 (formerly Royal Dutch Energy Petroleum Co. NV) Energy Sanofi-Synthélabo SA Aventis SA 1/26/04 9/20/04 65.04 Pharmaceuticals Pharmaceuticals 1 Berman, Dennis K. "Simmering M&A Sector Reaches a Boi; Crush of December Activity Signals M&A Is Heating Up; Will `Deals Beget Deals'?" Wall Street Journal, January 3, 2005. p. R10. Congressional Research Service ~ The Library of Congress CRS-2 Acquirer, Sector, and Target Firm Date Date Value New Name (if applicable) and Sector Announced Completed ($ billions) J.P. Morgan, Chase & Co. BankOne 1/14/04 7/1/04 58.03 Banking and finance Banking and finance Cingular Wireless LLC AT&T Wireless 2/17/04 10/26/04 41.07 (SBC Communications and Bell Cellular telephone operator South) Cellular telephone operator Sprint Nextel 12/14/04 Pending* 35.06 Telecommunications Telecommunications Sprint Nextel Telecom Italia Sp.A. TIM Sp.A. 12/6/04 Pending* 26.93 Telecommunications Telecommunications Johnson & Johnson Guidant Inc. 12/6/04 Pending* 25.43 Medical supplies Medical equipment Revival Acquisitions Marks & Spencer Plc 6/3/04 Withdrawn 16.54 (Philip Green) Retail 7/14/04 Investor LNM Holdings Ispat International NV 10/25/04 12/17/04 16.34 http://wikileaks.org/wiki/CRS-RS21726 Holding company Steel Mittal Steel Santander Central Hispano SA Abbey National plc 7/23/04 11/15/04 15.64 Banking and finance Banking and finance Wachovia Corp. SouthTrust Corp. 6/21/04 11/1/04 14.36 Banking and finance Banking and finance Symantec Inc. Veritas, Inc. 12/14/04 Pending* 13.56 Software Software General Growth Properties, Inc. Rouse Co. 8/20/04 11/12/04 12.66 Real estate development Real estate development Exelon PSEG Enterprises 12/18/04 Pending* 12.04 Energy Energy Interbrew SA Companhia de Bebidas das 3/1/04 8/27/04 11.16 Beverages Americas SA Beverages ESL Investments (Kmart) Sears, Roebuck & Co. 11/17/04 Pending* 11.06 Investment company Retail Sears Holdings Royal Bank of Scotland plc Charter One Financial, Inc. 5/4/04 9/1/04 10.54 Banking and finance Banking and finance Harrah's Inc. Caesar's Entertainment Inc. 7/14/04 Pending* 10.04 Casino operator Casino operator MGM-Mirage Inc. Mandalay Enterprises Inc. 6/5/04 Pending* 7.96 Casino operator Casino operator Cox Enterprises Cox Communications Inc. 8/2/04 12/8/04 7.96 Family holding company Telecommunications Yamanouchi Pharmaceutical Co. Fujisawa Pharmaceutical Co. 2/24/04 4/05 7.776 Pharmaceuticals Pharmaceuticals (Projected) SunTrust Banks National Commerce Financial 5/10/04 10/1/04 7.04 Banking and finance Banking and finance North Fork Bancorp. GreenPoint Financial 2/15/04 10/1/04 6.34 Banking and finance Banking and finance CRS-3 Acquirer, Sector, and Target Firm Date Date Value New Name (if applicable) and Sector Announced Completed ($ billions) Morgan Stanley Canary Wharf plc 3/19/04 5/21/04 6.114 British Land plc Real estate company Alwaleed bin Talal Glick family Tisch Group Investors Regions Financial Corp. Union Planters Corp. 1/23/04 7/1/04 6.13 Banking and finance Banking and finance Telefónica SA BellSouth Latin America 3/4/04 10/29/04 6.06 Telecommunications Telecommunications Cemex SA RMC Group Plc 9/27/04 1/25/05 5.86 Building materials Building materials (projected) Xstrata WMC Resources 11/22/04 Pending* 5.84 Mining Mining International Power Plc Edison International generating 7/30/04 7/30/04 5.56 Utility Utility Mitsui & Co. Trading http://wikileaks.org/wiki/CRS-RS21726 Carl Icahn Mylan Laboratories 11/19/04 Pending* 5.44 Investor Pharmaceuticals Singapore Power Ltd. TXU Australia 4/26/04 7/30/04 5.136 Power Power Apax Partners, Inc. Intelsat Ltd. 8/16/04 Pending* 5.04 Permira Advisers, Ltd. Satellite operator Apollo Advisors, L.P. Madison Dearborn Partners Investors Clayton Dubilier & Rice Rexel SA 11/30/04 Pending* 4.94 Eurazeo Electrical equipment distributor Merrill Lynch Private Equity Investors France Telecom SA Wanadoo SA 2/23/04 8/ 1/04 4.84 Telecommunications Internet service provider Simon Property Group, Inc. Chelsea Property Group, Inc. 6/21/04 10/14/04 4.86 Real estate Real estate Sony MGM Inc. 9/13/04 Pending* 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 CVS Eckerd Drug 4/5/04 8/1/ 04 4.536 Jean Coutu Drugstores Drugstores General Electric CitiCapital Transportation Financial 11/22/04 Pending* 4.43 Conglomerate Services Commercial truck financing Mittal Steel International Steel Group 10/25/04 Pending* 4.54 Steel Steel CRS-4 Acquirer, Sector, and Target Firm Date Date Value New Name (if applicable) and Sector Announced Completed ($ billions) Banco Bilbao Vizcaya Grupo Financiero BBVA Bancomer 2/2/04 3/19/04 4.16 Argentaria SA SA Banking and finance Banking and finance Juniper Networks Inc. NetScreen Technologies Inc. 2/9/04 4/19/04 4.06 Router manufacturer Security software Mylan Laboratories King Pharmaceuticals 7/26/04 Pending* 4.04 Pharmaceuticals Pharmaceuticals Toronto-Dominion Bank Banknorth 8/25/04 Pending* 3.86 Banking and finance Banking and finance Madison Dearborn Investments Boise Cascade papermaking 7/26/04 10/29/04 3.74 Private investors Forest products Heilman & Friedman Texas Genco 7/22/04 Pending* 3.654 Texas Pacific Electricity generator Kohlberg, Kravis, Roberts & Co. Blackstone Partners Private investors Texas Genco LLC http://wikileaks.org/wiki/CRS-RS21726 Fisher Scientific International Apogent Technologies Inc. 3/17/04 8/30/04 3.66 Lab equipment Lab equipment Kohlberg, Kravis Roberts & Co. PanAmSat 4/20/04 8/20/04 3.554 Investment company Satellite operator Molson Inc. Adolph Coors Co. 7/22/04 Pending* 3.46 Beverages Beverages Noble Energy Patina Oil and Gas 12/16/04 Pending* 3.44 Oil and gas Oil and gas HSBC Plc Korea First Bank 11/12/04 Pending* 3.274 Banking and finance Banking and finance Carlsberg AS Carlsberg Breweries (40% of stock 2/19/04 3/4/04 3.243 Beverages from Orkla ASA) Brewer May Department Stores, Inc. Marshall Field & Co. 6/9/04 7/30/04 3.246 Retailer Retailer CVC Capital Partners Ltd. Automobile Association 7/1/04 9/30/04 3.26 Permira Advisers Ltd. Roadside assistance Investors Group 4 Falck A/S Securicor plc 2/2/04 7/20/04 3.124 Security Security Group 4 Securicor A/S DaVita Gambro AB U.S. operations 12/7/04 Pending* 3.054 Medical services Dialysis center operator Softbank Inc. Japan Telecom 5/26/04 7/30/04 3.044 Telecommunications Telecommunications Marathon Oil Corp. Ashland Oil (share of joint venture) 3/19/04 3/05 3.06 Oil company Oil company (Projected) Bayer AG Roche Holding AG's non- 7/19/04 1/1/05 3.06 Chemicals and drugs prescription drug division Pharmaceuticals United Technologies Corp. Kidde Plc 12/16/04 Pending* 2.784 Conglomerate Fire protection Citigroup Inc. Koram Bank 2/23/04 11/1/04 2.736 Banking and finance Banking and finance CRS-5 Acquirer, Sector, and Target Firm Date Date Value New Name (if applicable) and Sector Announced Completed ($ billions) Kohlberg, Kravis Roberts & Co. Dynamit Nobel 4/19/04 8/20/04 2.76 Investment company Chemicals Rockwood Chemical EnCana Corp. Tom Brown Inc. 4/15/04 5/24/04 2.76 Natural gas producer Natural gas producer J.P. Morgan, Chase Bank Egg PLC 7/20/04 Cancelled 2.584 Banking and finance Internet bank 8/3/04 Air Liquide S.A. Messer Griesheim GmbH 1/20/04 5/7/04 2.533 Industrial gases Industrial gases Volkswagen AG LeasePlan B.V. 2/21/04 9/30/04 2.524 Abu Dhabi Vehicle leasing Olayan Group Kerr-McGee Corp. Westport Resources Corp. 4/7/04 6/25/04 2.53 Oil and natural gas Oil and natural gas Deutsche Telekom AG Cingular airwave licenses in 5/25/04 10/26/04 2.55 Telecommunications California, Nevada Kohlberg, Kravis, Roberts Masonite 12/22/04 Pending* 2.54 http://wikileaks.org/wiki/CRS-RS21726 Investors Building materials Southern Union Co. CrossCountry Energy 9/1/04 11/17/04 2.56 GE Capital Pipeline company Albertson's Shaw's Supermarkets 3/26/04 4/30/04 2.486 Grocery retail Grocery retail Ameren Corp. Illinois Power Co. 2/3/04 10/1/04 2.37 Utility holding company Utility Lyondell Chemical Corp. Millennium Chemical Corp. 3/29/04 12/1/04 2.36 Chemicals Chemicals General Electric Co. Boeing Capital Corp. 5/12/04 7/26/04 2.33 Conglomerate Commercial lender Macerich Wilmorite Property & Holdings 12/23/04 Pending* 2.34 Real estate Real estate Axa S.A. Axa Asia Pacific Holdings Ltd. 8/6/04 Withdrawn 2.24 Insurance Insurance 10/18/04 Goldcorp Inc. Wheaton River Holdings Ltd. 12/27/04 Pending* 2.193 Gold mining Gold mining National City Corp. Provident Financial Group, Inc. 2/17/04 7/1/04 2.14 Banking and finance Banking and Finance Warburg Pincus UGS-PLM 3/14/04 5/27/04 2.14 Blaine Capital Software Silverlake Partners Investors Pioneer Natural Resources Co. Evergreen Resources, Inc. 5/4/04 9/28/04 2.14 Oil & natural gas Oil & natural gas Gold Fields, Ltd. Iamgold Corporation Inc. 8/11/04 Pending* 2.14 Gold mining Gold mining Gold Fields International, Ltd. Telekom Austria MobilTel 11/29/04 Pending* 2.14 Telecommunications Mobile telephone operator National Grid Transco Plc Crown Castle UK 6/28/04 8/31/04 2.046 Power grid manager (UK cell phone transmission Gridcom Plc towers) CRS-6 Acquirer, Sector, and Target Firm Date Date Value New Name (if applicable) and Sector Announced Completed ($ billions) Deutsche Bank AG Scania AB (Volvo AB divested 3/4/04 4/14/04 2.034 Banking and finance stock under orders from EU) Truck builder Carlyle Group Verizon Corp. phone lines 2/20/04 5/31/04 2.06 Investor group (Hawaii, New York) Telecommunications Finmeccanica SpA AgustaWestland Plc 5/26/04 10/9/04 2.04 Conglomerate Helicopter manufacturer Kyocera Corp. DDI Pocket Inc. 5/27/04 10/1/04 2.06 Carlyle Group Wireless data service provider Investors * The designation "Pending" 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. http://wikileaks.org/wiki/CRS-RS21726 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.com 7 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.