For other versions of this document, see http://wikileaks.org/wiki/CRS-RS20502 ------------------------------------------------------------------------------ Order Code RS20502 Updated January 4, 2000 CRS Report for Congress Received through the CRS Web Twenty-five Largest Mergers and Acquisitions by Corporations: 1998 John Williamson Technical Information Specialist Resources, Science, and Industry Division Summary The rate of corporate mergers and acquisitions both in the United States and internationally has increased. This report provides a listing of the 25 largest mergers or acquisitions for the year 1998.* Completion dates for the mergers or acquisitions are included. Data are drawn from publicly available sources and have not been otherwise verified by CRS. This report will not be updated. Twenty-five Largest Mergers or Acquisitions: Completed in 1998 (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) Travelers Group Citicorp 4/6/98 10/8/98 $72.361, 2 Banking and finance Banking and finance Citigroup NationsBank BankAmerica Corp. 4/13/98 9/30/98 61.631,2 Banking and finance Banking and finance Bank of America Corp. British Petroleum plc Amoco Corp. 8/11/98 12/31/98 55.041, 2 Petroleum Petroleum BP Amoco plc WorldCom Inc. MCI Corp. 11/10/97 9/14/98 41.91, 2 Telecommunications Telecommunications MCI WorldCom Inc. Daimler-Benz AG Chrysler Corp. 5/7/98 11/12/98 40.471, 2 Transportation Transportation DaimlerChrysler AG * For the top 25 mergers of 1999, see CRS Report RS20503, Twenty-five Largest Mergers and Acquisitions by Corporations: 1999; and for the year 2000 for all mergers and acquisitions with a value in excess of $4 billion, see CRS Report RS20504, Largest Mergers and Acquisitions by Corporations: 2000. Congressional Research Service ~ The Library of Congress CRS-2 Acquirer, Sector, and Target Firm Date Date Value New Name (if applicable) and Sector Announced Completed ($ billions) Norwest Wells, Fargo & Co. 6/8/98 11/2/98 34.351, 2 Banking and finance Banking and finance Wells Fargo Bank BancOne First Chicago 4/13/98 10/2/98 29.621, 2 Banking and finance Banking and finance Berkshire Hathaway General Re Corp. 6/20/98 12/21/98 22.32 Diversified holding Insurance First Union Corp. CoreStates Financial 11/19/97 4/29/98 17.12 Banking and finance Banking and finance Washington Mutual H.F. Ahmanson Inc. 3/17/98 10/7/98 14.72 Banking and finance Banking and finance Starwood Hotels & Resorts Trust ITT Corp. 10/20/97 2/24/98 13.72 Lodging Lodging Starwood Hotels & Resorts Worldwide Inc. USA Waste Services Waste Management Inc. 3/11/98 7/17/98 13.32 Refuse Refuse Waste Management Inc. AT&T Teleport Communications 1/9/98 7/23/98 11.22 Telecommunications Telecommunications Texas Utilities Energy Group plc 1/26/98 6/22/98 10.92 Energy Energy SunTrust Banks, Inc. Crestar Financial Corp. 7/20/98 1/4/99 9.62 Banking and finance Banking and finance Northern Telecom Ltd. Bay Networks Inc. 6/16/98 9/1/98 9.32 Telecommunications Telecommunications Nortel Networks Corp. Compaq Computer Corp. Digital Equipment Corp. 1/27/98 6/11/98 9.12 Computer Computer Household International Inc. Beneficial Corp. 4/8/98 6/30/98 8.72 Banking and finance Banking and finance Halliburton Co. Dresser Industries Inc. 2/26/98 9/29/98 7.82 Engineering Construction equipment Conseco Inc. Green Tree Financial Corp. 4/7/98 6/30/98 7.42 Banking and finance Banking and finance Star Banc Corp. Firstar Corp. 7/2/98 11/20/98 7..22 Banking and finance Banking and finance Firstar Bank N.A. National City Corp. First of America Bank Corp. 12/2/97 3/31/98 7.12 Banking and finance Banking and finance Teleglobe Inc. Excel Communications Inc. 6/15/98 11/10/98 6.42 Telecommunications Telecommunications Long Island Power Authority Long Island Lighting Co. 7/19/97 5/29/98 6.12 Government-sponsored entity Electric utility 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 CRS-3 changes, values are shown in U.S. Dollars though their U.S. Dollar value can fluctuate with the exchange rate. The values shown above are noted below for their source: 1 Source for value: "The Top Ten Deals of 1998, Fortune, Jan. 11, 1999, p. 62-66. 2 Source for value: Mergers & Acquisitions. Sources: "The Top Ten Deals of 1998." Fortune, Jan. 11, 1999, p. 62-66 ; "Top 100 Mergers and Acquisitions of 1998." Mergers & Acquisitions, March/April 1999, p. 37; announcement and closing dates from The Wall Street Journal or The Financial Times, various dates. ------------------------------------------------------------------------------ For other versions of this document, see http://wikileaks.org/wiki/CRS-RS20502