WikiLeaks Document Release http://wikileaks.org/wiki/CRS-RS21415 February 2, 2009 Congressional Research Service Report RS21415 Largest Mergers and Acquisitions by Corporations: 2003 John Williamson, Resources, Science, and Industry Division Updated January 5, 2004 Abstract. After declining in numbers for two years, the numbers of mergers and acquisitions worldwide is expected to begin an upswing in 2003 as more firms restructure. This report provides a listing of the largest mergers (announced value of at least $2 billion) or acquisitions during 2003. Completion dates for the mergers or acquisitions are included and merger or acquisition failures noted. Order Code RS21415 Updated January 5, 2004 CRS Report for Congress Received through the CRS Web Largest Mergers and Acquisitions by Corporations: 2003 John Williamson Technical Information Specialist Resources, Science, and Industry Division Summary http://wikileaks.org/wiki/CRS-RS21415 After declining in numbers for two years, the numbers of mergers and acquisitions worldwide had a mixed year in 2003.1 This report provides a listing of the largest mergers (announced value of at least two billion U.S. Dollars) or acquisitions during 2003 through December 31, 2003. Completion dates for the mergers or acquisitions are included and merger or acquisition failures noted. These data have been drawn from publicly available sources and have not been otherwise verified by CRS. (For the top 25 mergers of 1998, see CRS Report RS20502, Twenty-five Largest Mergers and Acquisitions by Corporations: 1998; for the top 25 mergers of 1999, see CRS Report RS20503, Twenty-five Largest Mergers and Acquisitions by Corporations: 1999; for the top 25 mergers of 2000, see CRS Report RS20504, Twenty-five Largest Mergers and Acquisitions by Corporations: 2000; for the top 25 mergers of 2001, see CRS Report RS20804, Twenty-five Largest Mergers and Acquisitions by Corporations: 2001; and, for the top 25 mergers of 2002, see CRS Report RS21147, Largest Mergers and Acquisitions by Corporations: 2002.) This report will not be updated. Largest Mergers or Acquisitions: 2003 (ranked by value) (All amounts cited are U.S. Dollars) Acquirer, Sector, and Target Firm Date Date Value New Name (if applicable) and Sector Announced Completed ($ billions) Bank of America Fleet Financial Corp. 10/27/03 Pending* $47.06 Banking and finance Banking and finance ExxonMobil OAO Yukos ­ 40% 10/2/03 Pending* $25.04 Energy Energy Anthem Inc. WellPoint Health Networks Inc. 10/27/03 Pending* 16.46 Health insurance Health insurance Travelers Property Casualty St. Paul Cos. 11/17/03 Pending* 16.26 Corp. Insurance Insurance 1 Politi, James, and Lina Saigol. "M&A bounces back as dealmakers return." Financial Times, December 29, 2003. p. 17; and, Sidel, Robin. "Year-End Review of Markets & Finance 2003; Mergers and Acquisitions Pick Up." Wall Street Journal, January 2, 2004. p. R2. Congressional Research Service ~ The Library of Congress CRS-2 Acquirer, Sector, and Target Firm Date Date Value New Name (if applicable) and Sector Announced Completed ($ billions) AO Yukos Oil Co. OAO Sibneft 4/22/03 De-merger 15.06 Energy Energy announced OAO YukosSibneft 12/9/03 General Electric Co. Vivendi Universal S.A. 9/1/03 Pending* 14.06 Conglomerate Entertainment, cable networks Manulife Financial Corporation John Hancock Financial Services 9/29/03 Pending* 11.04 Insurance group Insurance group General Electric Co. Amersham plc 10/10/03 Pending* 9.54 Conglomerate Medical diagnostic substances Schemaventotto SpA Autostrade SpA 2/11/03 2/21/03 8.886 Benetton holding company Private highway operator France TelecomS.A. Orange S.A. 9/1/03 Pending* 7.693 Telecommunications Telecommunications First Data Corp. Concord EFS Inc. 4/2/03 Pending* 7.04 Credit-card processor ATM machine network News Corporation Hughes Electronics 4/9/03 12/22/03 6.64 http://wikileaks.org/wiki/CRS-RS21415 Media conglomerate Satellite broadcaster Procter & Gamble Wella AG ­ 80% 3/18/03 9/03/03 6.96 Conglomerate Hair care products BP TNK 2/11/03 8/29/03 6.756 Energy OAO Sidanco Energy Biogen Inc. Idec Pharmaceuticals 6/23/03 11/12/03 6.446 Pharmaceuticals Pharmaceuticals Biogen Idec Inc. Oracle Inc. PeoplelSoft Inc. 6/6/03 Pending* 6.36 Software Software R.J. Reynolds Tobacco Brown & Williamson div. 10/27/03 Pending* 6.25 Holdings, Inc. British-American Tobacco plc. Tobacco Tobacco Enterprise Product Partners GulfTerra Energy Partners 12/15/03 Pending* 5.84 Energy Energy General Electric Corp. Transamerica Finance Corporation 8/5/03 1/04 5.44 Conglomerate Commercial lending (Projected) Devon Energy Corp. Ocean Energy Corp. 2/24/03 4/25/03 5.36 Energy Energy Tchibo Holding AG Beiersdorf AG 10/23/03 Pending* 5.24 Conglomerate Personal care products KfW (Kreditanstalt Fuer Deutsche Post AG 11/17/03 Pending* 5.14 Wiederaufbau) Postal service provider Banking and finance Great-West Lifeco Canada Life 2/18/03 7/10/03 4.74 Insurance Insurance Alcan Inc. Pechiney S.A. 7/7/03 12/16/03 4.54 Aluminium producer Aluminium producer ArvitMeritor Inc. Dana Corp. 7/8/03 11/23/03 4.44 Auto Parts Auto Parts Withdrawn Koch Industries Invista div. E.I. DuPont Co. 11/17/03 Pending* 4.44 Private Testile manufacturer CRS-3 Acquirer, Sector, and Target Firm Date Date Value New Name (if applicable) and Sector Announced Completed ($ billions) Spirit Group Plc Scottish & Newcastle pubs division 10/6/03 11/7/03 4.153 Blackstone Group Brewing CVC Capital Partners Texas Pacific Group Pub manager and investors Australia and New Zealand National Bank of New Zealand 8/12/03 Pending* 4.124 Banking Group Ltd. Banking and finance Banking and finance Vivendi Environnement Southern Water plc 4/29/03 Pending* 3.864 Royal Bank of Scotland Utility Utility operator R.R. Donnelley & Sons Co. Moore Wallace Inc. 11/10/03 3/04 3.74 Printers Printers (Projected) BC Partners SEAT Pagine Gialle 6/11/03 Pending* 3.62 CVC Capital Partners Telephone directories Investitori Associati Permira Advisers Investors http://wikileaks.org/wiki/CRS-RS21415 Deutsche Bank, et al. Northumbrian Water (div. Suez SA) 5/17/03 5/23/03 3.584 Investors Utility Teva Pharmaceutical Industries Sicor Inc. 10/31/03 Pending* 3.46 Ltd. Medical/Pharmaceutical Pharmaceuticals Zimmer Holdings Inc. Centerpulse AG 5/20/03 10/2/03 3.226 Medical device manufacturer Medical device manufacturer Konica Minolta 1/7/02 8/5/03 3.14 Imaging Imaging Konica Minolta Holdings Riverwood Holding Inc. Graphic Packaging International 3/26/03 8/8/03 3.02 Conglomerate Corp. Carton manufacturer Citigroup Sears, Roebuck & Co. Credit Card 7/15/03 11/1/03 3.03 Banking and finance Credit card/finance division TCL International Holdings, Thomson S.A. 11/3/03 Pending* 3.06 Ltd. consumer electronics division (RCA) Electronics Electronics BB&T Corp. First Virginia Banks Inc. 1/21/03 10/17/03 2.976 Banking and finance Banking and finance Xstrata plc M.I.M. Holdings Ltd. 4/7/03 6/20/03 2.964 Mining Mining United Health Group, Inc. Mid-Atlantic Medical Services, Inc. 10/27/03 Pending* 2.956 Health insurance Health insurance Henkel KGaA Dial Corp. 12/15/03 Pending* 2.8753 Consumer products Consumer products Johnson & Johnson Scios, Inc. 2/10/03 4/29/03 2.75 Medical/pharmaceutical Biotechnology CVC Capital Debenhams plc 9/12/03 12/5/03 2.654 Texas Pacific Group Department stores Private equity groups Lehman Brothers Holdings Inc. Neuberger Berman Inc. 7/22/03 10/31/03 2.636 Securities trading Asset management CRS-4 Acquirer, Sector, and Target Firm Date Date Value New Name (if applicable) and Sector Announced Completed ($ billions) British American Tobacco Plc Ente Tabacchi Italiani SpA 7/16/03 10/28/03 2.66 Tobacco Tobacco Edgar Bronfman, Jr. Time Warner music division 11/22/03 Pending* 2.64 Thomas H. Lee Partners Entertainment Haim Saban Bain Partners Providence Equity Partners Investors Finanziaria de Agostini SpA. Toro Assicurazioni SpA 3/24/03 Pending* 2.56 Investment company Insurance company AIG GE Edison Life Insurance Co. 6/26/03 8/29/03 2.53 Insurance Insurance AIG Edison Life Insurance Co. Goldman Sachs Cogentrix Energy Inc. 10/20/03 Pending* 2.44 Investment bank Electricity generator Oregon Electric Construction Portland General Electric 11/18/03 Pending* 2.42 Inc. Electricity distributor Electrical contractor http://wikileaks.org/wiki/CRS-RS21415 Federal Express Kinko's 12/30/03 Pending* 2.46 Transportation Copy center operator Lockheed Martin Titan Corporation 9/15/03 3/04 2.384 Conglomerate Defense contractor (Projected) Goldman Sachs Capital Deutsche Telekom AG cable tv 1/28/03 4/1/03 2.34 Partners Cable television Apax Partners, Providence Equity Partners Investors DnB Holding ASA Gjensidige NOR Sparebank ASA 3/18/03 Pending* 2.34 Banking and finance Banking and finance Exelon Corp. Illinois Power 11/3/03 Withdrawn 2.236 Energy Energy 11/24/03 Ripplewood Holdings Japan Telecom fixed-line business 8/13/03 11/14/03 2.184 Investor Telecommunications Novartis AG Roche Holding AG 1/23/03 Pending* 2.173 Pharmaceuticals Pharmaceuticals PMI Group, Inc. Financial Guaranty Insurance 8/5/03 Pending* 2.163 Private mortgage insurer (div. GE) Blackstone Group Guarantees financial obligations Cypress Group CVC Partners Investors Heineken NV BBAG 5/1/03 10/10/03 2.144 Brewer Brewer DSM NV Roche Holding AG, div. 2/10/03 10/3/03 2.12 Pharmaceuticals, chemicals Vitamins, fine chemicals Prudential Financial, Inc. Cigna retirement services 11/18/03 Pending* 2.14 Insurance and finance Insurance and finance Bank of New York Co. Pershing clearing unit, CSFB 1/7/03 5/1/03 2.06 Banking and finance Banking and finance Federal-Mogul Bendix 1/31/03 Pending* 2.04 Automotive parts Brakes CRS-5 Acquirer, Sector, and Target Firm Date Date Value New Name (if applicable) and Sector Announced Completed ($ billions) Telefónica S.A. Terra Lycos S.A. 5/28/03 7/25/03 2.04 Communications Telecommunications PeopleSoft Inc. JD Edwards & Co. 6/2/03 7/17/03 2.03 Software Software E.On AG Midlands Electricity Plc 10/21/03 Pending* 2.04 Energy Utility Blackstone Group LP Celanese AG 12/16/03 Pending* 2.06 Investors Chemicals * 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. The values shown above are derived from the following sources: 1 Source for value: Mergers & Acquisitions. http://wikileaks.org/wiki/CRS-RS21415 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.