List of largest mergers and acquisitions

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The following tables list the largest mergers and acquisitions by decade of transaction. Transaction values are given in the US dollar value for the year of the merger, adjusted for inflation. As of January 2021, the largest ever acquisition was the 1999 takeover of Mannesmann by Vodafone Airtouch plc at $183 billion ($281 billion adjusted for inflation). AT&T appears in these lists the most times with five entries, for a combined transaction value of $311.4 billion. Mergers and acquisitions are notated with the year the transaction was initiated, not necessarily completed. Mergers are shown as the market value of the combined entities.

Free market enterprises[edit]

1870s[edit]

Top M&A deal worldwide by value from 1870 to 1879:

Rank Year Purchaser Purchased Transaction value
(in billions USD)
[1] Inflation adjusted
(in billions 2019 USD)
1 1879 United States Pacific Coast Oil Company[2][3] United States Star Oil 0.001 0.024

1900s[edit]

Top 3 M&A deals worldwide by value from 1900 to 1909:

Rank Year Purchaser Purchased Transaction value
(in billions USD)
[1] Inflation adjusted
(in billions 2019 USD)
1 1901 United States United States Steel Corporation[4] United States Carnegie Steel Company
United States Federal Steel Company
United States National Steel Company
0.492 14.9
2 1907 United States New York, New Haven and Hartford Railroad Company[5] United States Boston and Maine Corporation 0.310 8.5
3 1909 United States Interborough Rapid Transit Company[6][7] United States Metropolitan Street Railway 0.222 6.2

1910s[edit]

Top 3 M&A deals worldwide by value from 1910 to 1919:

Rank Year Purchaser Purchased Transaction value
(in billions USD)
[1] Inflation adjusted
(in billions 2019 USD)
1 1915 United States Midvale Steel Company[8][9] United States Remington Arms Company
United States Worth Brothers Company
0.100 2.5
2 1915 United States United Dry Goods[10] United States Associated Merchants Company 0.050 1.3
3 1918 United States General Motors[11] United States United Motors Company 0.045 0.764

1920s[edit]

Top 5 M&A deals worldwide by value from 1920 to 1929:

Rank Year Purchaser Purchased Transaction value
(in billions USD)
[1] Inflation adjusted
(in billions 2019 USD)
1 1928 United States Consolidated Gas Company of New York[12] United States Brooklyn Edison Company 1.0 15.1
2 1929 United States Niagara and Eastern Power Corporation[13] United States MohawkHudson Power Corporation
United States Northeastern Power Corporation
0.665 10.0
3 1928 United States United Light and Power Company[14] United States American Light and Traction 0.522 7.9
4 1928 United States Hodenpyl & Hardy[12][15] United States Stevens & Wood 0.500 7.5
5 1928 United States Middle West Utilities[12] United States National Electric Power
United States National Public Service
United States New England Public Service
United States Inland Power and Light
0.400 6.0

1930s[edit]

Top 5 M&A deals worldwide by value from 1930 to 1939:

Rank Year Purchaser Purchased Transaction value
(in billions USD)
[1] Inflation adjusted
(in billions 2019 USD)
1 1930 United States Pacific Gas and Electric Company[16] United States Great Western Power Company
United States San Joaquin Light and Power Corporation
United States Midland Counties Public Service Corporation
0.650 10.0
2 1934 United States Republic Steel[17] United States Corrigan-McKinney Steel Corporation 0.323 6.2
3 1931 United States Bethlehem Steel[18] United States Pittsburgh Steel Company 0.080 1.4
4 1932 United States Studebaker Corporation[19] United States White Motor Company 0.026 0.495
5 1930 United States Sinclair Consolidated Oil Corporation[20] United States Pierce Petroleum Corporation 0.025 0.386

1940s[edit]

Top 5 M&A deals worldwide by value from 1940 to 1949:

Rank Year Purchaser Purchased Transaction value
(in billions USD)
[1] Inflation adjusted
(in billions 2019 USD)
1 1949 United States Pan American Airways[21] United States American Overseas Airlines 0.059 0.636
2 1943 United States Manufacturers Light and Heat Company[22] United States Manufacturers Gas Company
United States Pennsylvania Fuel Supply Company
United States Greensboro Gas Company
0.038 0.567
3 1949 United States Union Oil of California[23] United States Los Nietos Company 0.022 0.239
4 1943 United States Delaware Power and Light[24] United States Eastern Shore Public Service Company 0.016 0.239
5 1948 United States Burlington Mills[25][26] United States May McEwen Kaiser 0.014 0.140

1950s[edit]

Top 10 M&A deals worldwide by value from 1950 to 1959:

Rank Year Purchaser Purchased Transaction value
(in billions USD)
[1] Inflation adjusted
(in billions 2019 USD)
1 1959 United States General Telephone[27] United States Sylvania Electric Products 1.8 15.9
2 1957 United States Armco[28] United States National Supply Company 0.768 7.1
3 1957 United States American Can Company[29] United States Marathon Corporation 0.717 6.6
4 1955 United States Monsanto[30] United States Lion Oil 0.550 5.3
5 1956 United States Continental Can Company[31] United States Robert Gair Company 0.549 5.2
6 1954 United States Olin Industries[32] United States Mathieson Chemical 0.500 4.8
7 1955 United States Sunray Oil Corporation[33] United States Mid-Continent Petroleum Corporation 0.486 4.7
8 1955 United States Sperry Corporation[34] United States Remington Rand 0.466 4.5
9 1953 United States Gulf Oil[35] United States Warren Petroleum Corporation 0.420 4.1
10 1954 United States Hudson Motor Car Company[36] United States Nash-Kelvinator 0.355 3.4

1960s[edit]

Top 10 M&A deals worldwide by value from 1960 to 1969:

Rank Year Purchaser Purchased Transaction value
(in billions USD)
[1] Inflation adjusted
(in billions 2019 USD)
1 1969 United States Atlantic Richfield[37] United States Sinclair Oil Corporation 3.7 26
2 1965 United States Union Oil[38] United States Pure Oil 1.5 12
3 1968 United States Hunt-Wesson[39] Canada Canada Dry
United States McCall Corporation
1.0 7
4 1969 United States Xerox Corporation[25][40] United States Scientific Data Systems 0.925 6
5 1967 United States Rockwell-Standard[41] United States North American Aviation 0.922 7
6 1968 United States Sun Oil[25][42] United States Sunray DX Oil Company 0.763 6
7 1965 United States Continental Oil Company[43] United States Consolidation Coal 0.620 5
8 1961 United States American-Marietta Corporation[44] United States Glenn L. Martin Company 0.600 5
9 1968 United States Control Data Corporation[45] United States Commercial Credit Company 0.582 4
10 1967 United States Studebaker Corporation[46] United States Worthington Corporation 0.550 4

1970s[edit]

Top 15 M&A deals worldwide by value from 1970 to 1979:

Rank Year Purchaser Purchased Transaction value
(in billions USD)
[1] Inflation adjusted
(in billions 2019 USD)
1 1979 United States Shell Oil Company[47] United States Belridge Oil Company 3.65 13
2 1979 United States RCA[48][49] United States CIT Financial 1.3 5
3 1979 United States Exxon[50] United States Reliance Electric 1.2 4
4 1978 United States United Technologies[51][52][53] United States Carrier Corporation 1.0 4
5 1979 United States Mobil[54] United States General Crude Oil 0.765 3
6 1976 United States Atlantic Richfield[25][55][56] United States Anaconda Copper 0.760 3
7 1978 United States R. J. Reynolds Industries[57] United States Del Monte Corporation 0.620 2
8 1978 United States Johns Manville[25][58] United States Olinkraft Inc 0.585 2
9 1977 United States Kennecott Copper[25][59] United States Carborundum Corporation 0.567 2
10 1978 United States Philip Morris[25][60] United States Seven-Up Bottling Co 0.520 2
11 1978 United States Beatrice Foods[25][61] United States Tropicana Products 0.488 2
12 1977 United KingdomNetherlands Unilever[25][62] United States National Starch and Chemical 0.485 2
13 1974 United Kingdom Burmah Oil[25][63] United States Signal Oil & Gas 0.480 2
14 1979 United States American Brands[64] United States Franklin Life Insurance 0.465 2
15 1979 United States Standard Oil of Indiana[65] United States Cyprus Mines Corporation 0.460 2

1980s[edit]

Top 30 M&A deals worldwide by value from 1980 to 1989:

Rank Year Purchaser Purchased Transaction value
(in billions USD)
[1] Inflation adjusted
(in billions 2019 USD)
1 1989 United States Kohlberg Kravis Roberts[66][67] United States RJR Nabisco 31.0 64
2 1989 Japan Mitsui Bank[68][69] Japan Taiyo Kobe Bank 22.8 47
3 1989 United States Warner Communications[70] United States Time Inc. 15.2 31
4 1984 United States Standard Oil of California[71] United States Gulf Oil 13.2 32
5 1988 United States Philip Morris[72] United States Kraft Foods 13.1 28
6 1989 United States Bristol Myers[73] United States Squibb 12.0 25
7 1984 United States Texaco[74] United States Getty Oil 10.1 25
8 1989 United Kingdom Beecham Group[75][76] United States SmithKline Beckman 7.9 16
9 1987 United Kingdom BP[77][78][79] United States Standard Oil of Ohio 7.8 18
10 1981 United States DuPont[80] United States Conoco 7.3 21
11 1988 Canada Campeau Corporation[81] United States Federated Department Stores 6.6 14
12 1985 United States General Electric[82] United States RCA 6.3 15
13 1982 United States United States Steel Corp.[83] United States Marathon Oil 6.0 16
14 1985 United States Kohlberg Kravis Roberts[84] United States Beatrice Companies 6.0 14
15 1985 United States Philip Morris Companies[85] United States General Foods 5.8 14
16 1987 Canada Dome Mines[86][87] Canada Placer Development
Canada Campbell Red Lake Mines
5.8 13
17 1984 United States Mobil[88] United States Superior Oil Company 5.7 14
18 1988 United Kingdom Grand Metropolitan[89] United States Pillsbury Company 5.7 12
19 1989 United States Dow Chemical Company[90] United States Marion Laboratories 5.7 12
20 1984 United KingdomNetherlands Royal Dutch/Shell Group[91][92] United States Shell Oil Company 5.5 14
21 1989 United Kingdom Hanson plc[93] United Kingdom Consolidated Gold Fields 5.5 11
22 1985 United States General Motors[94] United States Hughes Aircraft Company 5.2 12
23 1988 United Kingdom British American Tobacco (United States Batus Inc.)[95] United States Farmers Insurance Group 5.2 11
24 1987 United States John Philp Thompson Sr.[96] United States Southland Corporation 5.1 11
25 1988 United States Thomas F. Frist Jr.
United States Richard Rainwater[97][98]
United States HCA Healthcare 5.1 11
26 1988 United States Eastman Kodak[99] United States Sterling Drug 5.1 11
27 1981 France Elf Aquitaine[100] United States Texasgulf Inc. 5.0 14
28 1985 United States R.J. Reynolds Industries[101] United States Nabisco Brands 4.9 12
29 1986 United States Burroughs Corporation[102] United States Sperry Corporation 4.8 11
30 1989 Japan Sony[103] United States Columbia Pictures 4.8 10

1990s[edit]

Top M&A deals worldwide by value ($20 billion or larger) from 1990 to 1999:[104]

Rank Year Purchaser Purchased Transaction value
(in billions USD)
Inflation adjusted
(in billions 2019 USD)
1 1999 United Kingdom Vodafone Airtouch plc[105] Germany Mannesmann 183.0 281
2 1999 United States Pfizer[106] United States Warner-Lambert 90.0 138
3 1998 United States Exxon[107][108] United States Mobil 77.2 121
4 1998 United States Citicorp[109] United States Travelers Group 70.0 110
5 1999 United States Bell Atlantic (Wireless Unit) [110][N 1] United Kingdom Vodafone Airtouch plc (US Wireless Unit) 70.0 107
6 1998 United Kingdom Zeneca[111] Sweden Astra AB 67.0 105
7 1998 United States NationsBank[112] United States Bank America 62.0 97
8 1999 United States SBC Communications[113] United States Ameritech Corporation 62.0 95
9 1999 United Kingdom Vodafone Group[114] United States AirTouch Communications 56.0 86
10 1999 France TotalFina[115] France Elf Aquitaine 54.3 83
11 1998 United States Bell Atlantic[116] United States GTE 53.36 84
12 1996 United States Bell Atlantic[117] United States NYNEX 52.0 85
13 1998 United Kingdom BP[118] United States Amoco 49.0 77
14 1999 United States AT&T[119] United States Tele-Communications Inc. 48.0 74
15 1999 Japan The Sumitomo Bank[120][121] Japan The Sakura Bank 45.5 70
16 1999 United States Qwest Communications[122] United States US West 44.0 68
17 1998 Germany Hoechst AG[123] France Rhône-Poulenc 43.0 67
18 1999 Scotland Royal Bank of Scotland Group[124] United Kingdom National Westminster Bank plc 42.5 65
19 1999 Japan Fuji Bank[125][120] Japan Dai-Ichi Kangyo Bank
Japan Industrial Bank of Japan
40.1 62
20 1998 Germany Daimler-Benz[126] United States Chrysler 38.0 60
21 1997 United States Worldcom[127] United States MCI Communications 37.0 59
22 1999 Germany Mannesmann[128] United Kingdom Orange UK 36.0 55
23 1999 United States Viacom[129] United States CBS Corporation 35.6 55
24 1998 United States Wells Fargo[130] United States Norwest Corporation 34.0 53
25 1999 Italy Olivetti[131] Italy Telecom Italia (55% Stake) 34.0 52
26 1995 Japan Mitsubishi Bank[132][133] Japan The Bank of Tokyo 33.8 57
27 1998 United States Banc One[134] United States First Chicago Bank 29.8 47
28 1996 Switzerland Ciba-Geigy[135] Switzerland Sandoz 27.0 44
29 1999 United Kingdom BP-Amoco[136] United States Atlantic Richfield Company 26.8 41
30 1999 United States Monsanto[137] United States Pharmacia & Upjohn 26.5 41
31 1999 United States Lucent[138] United States Ascend Communications 25.2 39
32 1997 Switzerland Union Bank of Switzerland[139] Switzerland Swiss Bank Corporation 25.0 40
33 1999 United States Clear Channel Broadcasting[140] United States AMFM Broadcasting Licenses, LLC 23.8 37
34 1998 United States Berkshire Hathaway[141] United States Gen Re 22.0 35

2000s[edit]

Top M&A deals worldwide by value ($20 billion or larger) from 2000 to 2009:[104]

Rank Year Purchaser Purchased Transaction value
(in billions USD)
Inflation adjusted
(in billions 2019 USD)
1 2000 United States AOL[142] United States Time Warner 182.0 270
2 2007 France Gaz de France[143] France Suez S.A. 107.0 132
3 2007 ScotlandBelgiumSpain RFS Holdings[144][145] Netherlands ABN Amro 98.0 121
4 2004 Netherlands Royal Dutch Petroleum[146][147][N 2] United Kingdom Shell Transport & Trading Company plc 95.0 129
5 2000 United Kingdom Glaxo Wellcome[148] United Kingdom SmithKline Beecham 76.0 113
6 2001 United States Comcast[149] United States AT&T Broadband 72.0 104
7 2006 Italy Banca Intesa[150] Italy Sanpaolo IMI 71.0 90
8 2009 United States Pfizer[151] United States Wyeth 68.0 81
9 2008 United States United States Department of the Treasury[152][N 3] United States American International Group 67.8 81
10 2006 United States AT&T[153][154] United States BellSouth 67.0 85
11 2008 Italy Enel
Spain Acciona[155]
Spain Endesa 65.3 78
12 2004 France Sanofi[156] France Aventis 64.2 87
13 2002 United States AT&T[157] United States MediaOne 62.0 88
14 2002 United States Pfizer[158] United States Pharmacia Corp. 60.0 85
15 2004 United States JPMorgan Chase[159] United States Bank One Corporation 58.0 79
16 2008 United Kingdom HM Treasury[160][N 4] Scotland Royal Bank of Scotland Group 58.0 69
17 2005 United States Procter & Gamble[161] United States Gillette 57.0 75
18 2008 Belgium InBev[162] United States Anheuser-Busch 52.0 62
19 2000 Germany Deutsche Telekom[163] United States Voicestream 50.7 75
20 2008 United Kingdom Lloyds TSB Group[164] United Kingdom HBOS 50.0 59
21 2008 United States Bank of America[165] United States Merrill Lynch & Co. 50.0 59
22 2009 United States United States Department of the Treasury[166][N 5] United States General Motors 49.5 59
23 2003 United States Bank of America[167] United States FleetBoston Financial 47.0 65
24 2009 Switzerland Roche Holding AG[168] United States Genentech 46.8 56
25 2008 United States United States Department of the Treasury[169][170][N 6] United States Citigroup 45.0 53
26 2008 United States United States Department of the Treasury[171][172][N 7] United States Bank of America 45.0 53
27 2009 United States Merck & Co.[173] United States Schering-Plough 41.1 49
28 2000 United States JDS Uniphase[174] United States SDL Inc. 41.0 61
29 2004 United States Cingular[175] United States AT&T Wireless 41.0 55
30 2009 United States ExxonMobil[176] United States XTO Energy 41.0 49
31 2000 France France Télécom[177] United Kingdom Vodafone Airtouch plc (United Kingdom Orange UK) 40.3 60
32 2008 Switzerland Novartis[178] United States Alcon 39.0 46
33 2007 United KingdomAustralia Rio Tinto[179] Canada Alcan 38.1 47
34 2000 Hong Kong Pacific Century Cyber Works[180] Hong Kong Cable & Wireless HKT Ltd 38.0 56
35 2005 Japan Tokyo Mitsubishi[181] Japan UFJ Holdings 38.0 50
36 2006 Mexico América Móvil[182] Mexico América Telecom 37.0 47
37 2006 United States The Blackstone Group[183] United States Equity Office 36.0 46
38 2005 United States ConocoPhillips[184] United States Burlington Resources 35.6 47
39 2000 United States Chevron Corporation[185] United States Texaco 35.0 52
40 2005 United States Sprint Corporation[186] United States Nextel Communications 35.0 46
41 2005 United States Bank of America[187] United States MBNA 34.2 45
42 2000 France Vivendi[188] Canada Seagram 34.0 50
43 2006 Netherlands Mittal Steel Company[189] Luxembourg Arcelor 33.65 43
44 2007 United States Kohlberg Kravis Roberts
United States Texas Pacific Group[190]
United States TXU Corp. 31.8 39
45 2005 Spain Telefónica[191] United Kingdom O2 31.6 41
46 2006 Finland Nokia Corporation (Telecommunication Network Equipment Unit) [192][N 8] Germany Siemens AG (Telecommunication Network Equipment Unit) 31.6 40
47 2000 United States Citigroup[193] United States Associates First Capital Corporation 31.0 46
48 2000 United States Chase Manhattan Bank[194] United States J.P. Morgan & Co. 30.9 46
49 2007 Norway Statoil[195] Norway Norsk Hydro 30.0 37
50 2009 United States Comcast[196] United States General Electric (United States NBCUniversal) 30.0 36
51 2007 United States Kohlberg Kravis Roberts[197] United States First Data 29.0 36
52 2007 Italy UniCredit[198] Italy Capitalia 29.0 36
53 2004 Belgium KBC Bank[199] Belgium Almanij 28.12 38
54 2008 United States Verizon Wireless[200] United States Alltel 28.1 33
55 2001 Australia BHP Ltd.[201] United Kingdom Billiton plc 28.0 40
56 2003 Italy Olivetti[131][202] Italy Telecom Italia (45% Stake) 27.8 39
57 2007 United States Texas Pacific Group
United States Goldman Sachs Capital Partners[203]
United States Alltel 27.5 34
58 2006 United States Boston Scientific[204] United States Guidant 27.2 34
59 2006 United States Thomas H. Lee Partners
United States Bain Capital [205]
United States Clear Channel Broadcasting 26.7 34
60 2009 United States Berkshire Hathaway[206] United States Burlington Northern Santa Fe Corp. 26.3 31
61 2007 United States The Blackstone Group[207] United States Hilton Hotels Corp 26.0 32
62 2007 United States Freeport-McMoRan[208] United States Phelps Dodge 25.9 32
63 2006 United States Wachovia[209] United States Golden West Financial 25.5 32
64 2008 United Kingdom HM Treasury[210][N 9] United Kingdom Lloyds Banking Group 25.4 30
65 2008 United States Apollo Management
United States Texas Pacific Group[211]
United States Harrahs Entertainment 25.1 30
66 2001 United States Hewlett Packard Company[212] United States Compaq 25.0 36
67 2008 United States United States Department of the Treasury[213][N 10] United States JPMorgan Chase 25.0 30
68 2008 United States United States Department of the Treasury[214][N 11] United States Wells Fargo 25.0 30
69 2008 Netherlands Ministry of Finance[215][N 12] Belgium Fortis (Dutch Unit) 23.3 28
70 2001 United States American International Group[216] United States American General 23.0 33
71 2008 United States Mars, Incorporated[217] United States Wm. Wrigley Jr. Company 23.0 27
72 2007 Spain Iberdrola[218] Scotland Scottish Power 22.5 28
73 2006 United States Richard Kinder
United States Goldman Sachs Capital Partners
United States The Carlyle Group
United States Riverstone Holdings
United States American International Group[219]
United States Kinder Morgan 22.0 28
74 2007 United States Kohlberg Kravis Roberts
Italy Stefano Pessina[220]
United States Alliance Boots 22.0 27
75 2006 Germany Bayer[221] Germany Schering AG 21.5 27
76 2000 United States Verisign[222] United States Network Solutions 21.0 31
77 2000 United States Firstar Corporation[223] United States U.S. Bancorp 21.0 31
78 2006 United States Thomas F. Frist Jr.
United States Bain Capital
United States Kohlberg Kravis Roberts
United States Merrill Lynch Global Private Equity[224]
United States HCA Healthcare 21.0 27
79 2006 United States CVS[225] United States Caremark RX 21.0 27
80 2007 United States Bank of America[226] Netherlands ABN AMRO (United States LaSalle Bank) 21.0 26
81 2000 United KingdomNetherlands Unilever[227] United States Bestfoods 20.3 30
82 2006 Spain Ferrovial[228] United Kingdom BAA plc 20.0 25

2010s[edit]

Top M&A deals worldwide by value ($20 billion or larger) from 2010 to 2019:

Rank Year Purchaser Purchased Transaction value
(in billions USD) (with debt)
Inflation adjusted
(in billions USD) (with debt)
Ref
1 2013 United States Verizon Communications United Kingdom Vodafone Group (Verizon Wireless 45% Stake) 130.0 143 [229]
2 2015 United States Dow Chemical United States DuPont 130.0 140 [230]
3 2019 United States United Technologies (Aerospace Division) United States Raytheon 121.0 121 [231][232][233][234]
4 2015 Belgium AB InBev United Kingdom SABMiller 107.0 115 [235]
5 2015 United States Heinz United States Kraft 100.0 108 [236]
6 2018 United States Energy Transfer Equity United States Energy Transfer Partners 90.0 92 [237][238]
7 2017 Germany Linde AG United States Praxair 86.0 90 [239][240][N 13]
8 2016 United States AT&T United States Time Warner 85.4 — 108.7 91 — 116 [241]
9 2015 Hong Kong Cheung Kong Holdings Hong Kong Hutchison Whampoa 85.0 92 [242]
10 2015 United States Charter Communications United States Time Warner Cable 78.7 85 [243]
11 2019 United States Bristol-Myers Squibb United States Celgene 74.0 — 95.0 74 — 95 [244][245][246][247]
12 2018 United States The Walt Disney Company United States 21st Century Fox 71.3 — 85.1 73 — 87 [248][249]
13 2014 United States Kinder Morgan United States Kinder Morgan Energy Partners
United States Kinder Morgan Management
United States El Paso Pipeline Partners
71.0 77 [250]
14 2015 Republic of IrelandUnited States Actavis United States Allergan, Inc 70.5 76 [251][N 14]
15 2015 Netherlands Royal Dutch Shell United Kingdom BG Group 70.0 — 81.9 76 — 88 [252][253]
16 2019 Saudi Arabia Saudi Aramco Saudi Arabia SABIC 69.1 69 [254]
17 2017 United States CVS Health United States Aetna 69.0 72 [255][256][257]
18 2015 United States Dell United States EMC Corporation 67.0 72 [258]
19 2018 Japan Takeda Pharmaceutical Republic of IrelandUnited Kingdom Shire plc 64.3 65 [259][260][261]
20 2019 United States Abbvie Republic of IrelandUnited States Allergan plc 63.0 63 [262]
21 2014 Switzerland Holcim France Lafarge S.A. 60.0 65 [263]
22 2017 France Essilor Italy Luxottica 58.5 61 [264]
23 2013 Russia Rosneft Russia TNK-BP 55.0 60 [265]
24 2016 Germany Bayer United States Monsanto 54.5 — 63.5 58 — 68 [266][267]
25 2018 United States Cigna United States Express Scripts 54.0 — 67.0 55 — 68 [268][269]
26 2019 France Groupe PSA United Kingdom Fiat Chrysler 50.0 50 [270]
27 2014 United States AT&T United States DirecTV 49.0 — 67.1 53 — 72 [271]
28 2017 United Kingdom British American Tobacco United States R. J. Reynolds Tobacco Company 49.0 51 [272]
29 2019 United States DuPont (Nutrition & Biosciences Division) United States International Flavors & Fragrances 45.4 45 [273][N 15]
30 2016 China ChemChina Switzerland Syngenta 43.0 46 [274]
31 2014 United States Medtronic Republic of IrelandUnited States Covidien 42.9 46 [275][N 16]
32 2015 Israel Teva Pharmaceutical Industries Republic of IrelandUnited States Actavis Generics 40.5 44 [276][277][278]
33 2018 United States Comcast Corporation United Kingdom Sky plc 39.0 40 [279][280][281]
34 2018 Germany E.ON SE Germany Innogy SE 38.5 39 [282]
35 2019 United States Occidental Petroleum Corp United States Anadarko Petroleum 38.0 — 57.0 38 — 57 [283]
36 2015 United States Berkshire Hathaway United States Precision Castparts 37.2 40 [284]
37 2015 Singapore Avago Technologies United States Broadcom Corporation 37.0 40 [285]
38 2018 United States T-Mobile US United States Sprint Corporation 37.0 38 [286][287][288]
39 2019 United States Fidelity National Information Services United States Worldpay, Inc. 35.0 — 43 35 — 43 [289]
40 2018 United States Harris Corporation United States L3 Technologies 34.0 35 [290]
41 2018 United States IBM United States Red Hat 34.0 35 [291]
42 2016 Republic of IrelandUnited Kingdom Shire plc United States Baxalta 32.0 — 35 34 — 37 [292][293][N 17]
43 2016 Japan Softbank Group United Kingdom Arm Holdings 31.4 33 [294]
44 2012 Switzerland Glencore Switzerland Xstrata 31.0 35 [295]
45 2010 France GDF Suez United Kingdom International Power 30.0 35 [296]
46 2016 United States General Electric (United States GE Oil and Gas) United States Baker Hughes 30.0 32 [297]
47 2017 United States United Technologies United States Rockwell Collins 30.0 31 [298]
48 2017 United States Johnson & Johnson Switzerland Actelion 30.0 31 [299]
49 2019 Japan Yahoo! Japan Japan Line Corporation 30.0 30 [300][N 18]
50 2012 United States T-Mobile US United States MetroPCS 29.6 33 [301]
51 2011 United States Express Scripts United States Medco Health Solutions 29.1 33 [302]
52 2015 Switzerland ACE Ltd United States Chubb Corporation 28.3 31 [303]
53 2016 Canada Enbridge United States Spectra Energy 28.0 30 [304]
54 2019 United States BB&T (now Truist Financial) United States SunTrust Banks 28.0 28 [305]
55 2014 United States Reynolds American United States Lorillard Tobacco Company 27.4 30 [306]
56 2016 Canada Agrium Canada Potash Corp of Saskatchewan Inc 27.0 29 [307]
57 2019 United Kingdom London Stock Exchange Group United Kingdom Refinitiv 27.0 27 [308][N 19]
58 2016 United States Microsoft United States LinkedIn Corp 26.2 28 [309]
59 2011 United States Duke Energy United States Progress Energy Inc 26.0 30 [310]
60 2019 United States Charles Schwab United States TD Ameritrade 26.0 26 [311]
61 2014 Republic of IrelandUnited States Actavis United States Forest Laboratories 25.0 27 [312][N 20]
62 2016 United States Abbott Laboratories United States St Jude Medical 25.0 — 30.5 27 — 32 [313]
63 2019 United States Viacom United States CBS Corporation 25.0 25 [314]
64 2019 United States Pfizer (Upjohn Off-Patent Medicine Division) NetherlandsUnited States Mylan 25.0 25 [315]
65 2017 France Unibail-Rodamco SE Australia Westfield Corporation 24.7 26 [316]
66 2013 United States Michael Dell
United States Silver Lake Partners
United States Dell 24.4 27 [317][318]
67 2010 United States CenturyLink United States Qwest Corporation 24.0 28 [319]
68 2012 Spain Ministry of Economy Spain Bankia 24.0 27 [320][N 21]
69 2015 Netherlands VimpelCom (Italian Assets) Cayman IslandsHong Kong CK Hutchison Holdings (Italian Assets) 24.0 26 [321][N 22]
70 2016 United States CenturyLink United States Level 3 Communications 24.0 26 [322]
71 2017 United States Becton, Dickinson and Company United States C. R. Bard 24.0 25 [323]
72 2018 United States Dell United States VMware 23.9 24 [324][325]
73 2013 United States Liberty Global United Kingdom Virgin Media 23.3 26 [326][327][N 23]
74 2017 United States Visa Inc. United Kingdom Visa Europe 23.3 24 [328]
75 2013 United States Berkshire Hathaway
United States 3G Capital
United States Heinz 23.0 25 [329]
76 2014 France Numericable France SFR 23.0 25 [330][331]
77 2017 United Kingdom Vodafone Group (Indian Operations) India Idea Cellular 23.0 24 [332][N 24]
78 2018 United States Marathon Petroleum Corp United States Andeavor 23.0 — 35.6 23 — 36 [333]
79 2012 Japan Nippon Steel Japan Sumitomo Metal Industries 22.45 25 [334]
80 2014 United States Facebook, Inc United States WhatsApp Inc. 22.0 24 [335]
81 2018 Italy Atlantia
Spain Grupo ACS
Spain Abertis 22.0 22 [336]
82 2019 United States Fiserv United States First Data 22.0 22 [337]
83 2018 United Kingdom Vodafone Group United Kingdom Liberty Global (Germany & Eastern Europe Ops) 21.8 22 [338]
84 2012 Japan Softbank Group United States Sprint Corporation 21.6 24 [339][340]
85 2010 Netherlands VimpelCom Netherlands Weather Investments 21.5 25 [341]
86 2019 United States Global Payments United States TSYS 21.5 22 [342]
87 2019 United States Danaher Corporation United States GE (Biopharma Division) 21.4 21 [343]
88 2011 United States Johnson & Johnson Switzerland Synthes 21.3 24 [344]
89 2010 Mexico América Móvil Mexico Telmex 21.0 25 [345]
90 2011 United States Kinder Morgan United States El Paso Corporation 21.0 24 [346]
91 2015 United States MPLX United States MarkWest Energy 21.0 23 [347]
92 2015 United States Abbvie United States Pharmacyclics 21.0 23 [348]
93 2018 United States Keurig Green Mountain United States Dr Pepper Snapple Group 21.0 21 [349]
94 2011 France Sanofi United States Genzyme 20.1 23 [350]
95 2012 Belgium AB InBev Mexico Grupo Modelo 20.1 22 [351]
96 2016 United States Energy Transfer Partners United States Sunoco Logistics Partners 20.0 21 [352]
97 2016 France SACAM Mutualisation France Crédit Agricole (39 Regional Operators) 20.0 21 [353]
98 2018 United States The Blackstone Group Canada Thomson Reuters (Financial & Risk Unit) 20.0 20 [354][N 25]

2020s[edit]

Top M&A deals worldwide by value ($20 billion or larger) from 2020 to 2029:

Rank Year Purchaser Purchased Transaction value
(in billions USD) (with debt)
Inflation adjusted
(in billions USD) (with debt)
Ref
1 2020 United Kingdom Unilever plc Netherlands Unilever N.V. 81.0 81 [355][356][N 26]
2 2020 United States S&P Global United Kingdom IHS Markit 44.0 44 [357][N 27]
3 2020 United States Nvidia Corporation Japan SoftBank Group (United Kingdom Arm Holdings) 40.0 40 [358][N 28]
4 2020 Japan Nippon Telegraph and Telephone Japan NTT Docomo 40.0 40 [359]
5 2020 United Kingdom AstraZeneca United States Alexion Pharmaceuticals 39.0 39 [360][N 29]
6 2020 United Kingdom Liberty Global (United Kingdom Virgin Media) Spain Telefónica (United Kingdom O2) 38.0 38 [361][362][N 30][N 31]
7 2020 United States Advanced Micro Devices United States Xilinx 35.0 35 [363][N 32]
8 2020 United Kingdom Aon plc United Kingdom Willis Towers Watson 30.0 30 [364][N 33]
9 2020 United States Salesforce.com United States Slack Technologies 27.7 28 [365][N 34]
10 2020 United States Huntington Bancshares United States TCF Financial Corporation 22.0 22 [366][N 35]
11 2020 United States Analog Devices United States Maxim Integrated 21.0 21 [367][N 36]
12 2020 Japan Seven & i Holdings United States Marathon Petroleum (United States Speedway LLC) 21.0 21 [368][N 37]
13 2020 United States Gilead Sciences United States Immunomedics 21.0 21 [369]
14 2020 United States Advent International
United Kingdom Cinven
Germany RAG-Stiftung
Germany ThyssenKrupp (Elevator Division) 20.4 20 [370]

State-owned enterprises[edit]

Top M&A deals worldwide by value ($20 billion or larger) between state-owned enterprises:

Rank Year Purchaser Purchased Total asset value
(billions USD)
Inflation adjusted
(billions USD)
Note
1 2017 China Shenhua Group China China Guodian Corporation 278.0 290 In August 2017, SASAC announced that China Guodian Corporation (one of China's largest coal-fired power generators) and Shenhua Group (China's biggest coal miner) would be jointly restructured, with Shenhua Group becoming China Energy Investment Corporation and absorbing China Guodian Corporation to become the largest power company in the world by installed capacity.[371][372]
2 2015 China China Minmetals China China Metallurgical Group 245.6 265 In December 2016, China continued its consolidation drive, focussing on their mining sector where China Minmetals Corp took over equipment maker China Metallurgical Group Corp. Minmetals was China's biggest steel and base metals trader with revenue of more than $50 billion last year, whilst China Metallurgical Group reported revenues of more than $33 billion.[373][374]
3 2017 China Sinograin China China National Cotton Reserves Corp. 213.0 222 In January 2017, the Chinese government confirmed the merger of China National Cotton Reserves Corp and Sinograin as part of their drive to reduce the number of state-owned enterprises to a target of 100.[375]
4 2018 China ChemChina China Sinochem 120.0 122 Merger of the Chinese state-controlled ChemChina and Sinochem in a deal reported to be worth $120 billion.[376] The merger would create the largest entity in the industrial chemicals industry, overtaking BASF.[377][378][379][380] In January 2020 ChemChina and Sinochem consolidated their agricultural assets into a new holding company, to be called Syngenta Group.[381]
5 2015 China China Power Investment China State Nuclear Power Technology 112.6 121 In June 2015 the Chinese cabinet approved plans to merge state-owned China Power Investment (CPIC) with State Nuclear Power Technology increasing the exports of nuclear technology from the country, creating the new entity China Power New Energy Development Company Limited, with assets of more than $112.6 billion and annual revenues of more than $32.6 billion.[382][383]
6 2018 China China National Nuclear Corp China China Nuclear Engineering & Construction 99.0 101 Merger of China's second largest nuclear power producer, and their top nuclear power plant builder.[384]
7 2020 China China Oil and Gas Pipeline Network
(PipeChina)
China PetroChina
(Major oil and gas pipelines and storage facility assets)
China Sinopec
(Kanton's Yulin Pipeline Co & Beihai LNG terminal)
55.9 56 PetroChina, China's state-owned oil and gas firm, announced it would sell its major oil and gas pipelines and storage facilities to a newly created State-owned enterprise, China Oil and Gas Pipeline Network, for $55.9 billion. This will lead to the creation of a new company, PipeChina, of which PetroChina will own a 29.9% equity stake worth around $21 billion, with the balance of the transaction paid in cash. Sinopec also announced it would sell some oil and gas pipeline assets to PipeChina for around $6 billion, of which over $3 billion will be used for an equity interest stake.[385] After the deals have completed, PipeChina will have a market capitalisation of 500 billion yuan ($71.3 billion); PetroChina will own 29.9% of the business, Sinopec 14% and CNOOC Gas and Power (a subsidiary CNOOC Group) will own 2.9%.[386]
8 2014 China CITIC Pacific Hong Kong CITIC Limited 50.0 54 CITIC Pacific Ltd completed its acquisition of 100 percent of CITIC Ltd after receiving all necessary regulatory approvals, and become China's largest conglomerate with a market value of about $50 billion.[387]
9 2000 Hong Kong China Mobile (Hong Kong) Ltd China Beijing Mobile
China Shanghai Mobile
China Tianjin Mobile
China Hebei Mobile
China Liaoning Mobile
China Shandong Mobile
China Guangxi Mobile
34.2 51 China Mobile acquired seven Chinese state-owned mobile communications businesses as part of a consolidation effort.[388][389]
10 2020 Russia Ministry of Finance Russia Central Bank of Russia
(Russia Sberbank of Russia 50% Stake)
28.31 28 Russia tapped the Russian National Wealth Fund to buy the central bank's stake in Sberbank, ending years of debate about potential conflicts of interest arising from the central bank controlling the country's top lender.[390][391]
11 2008 China China Unicom China China Netcom 24.0 28 The merger took place as part of the first step in the country's reshuffling of its telecom shops.[392]

Largest ever deals which have failed to complete[edit]

This lists catalogues M&A deals ($20 billion or larger in transaction value) which were confirmed, but for a number of reasons, failed to complete.

Rank Year Purchaser Purchased Transaction value
(in billions USD)
Inflation adjusted value Note
1 2020 United Kingdom Astra Zeneca United States Gilead Sciences 232.0 232 Astra Zeneca approached Gilead about a merger; however, a combination of a lack of interest from Gilead and the COVID-19 pandemic led to any further talking being dropped. The deal also floundered due to the potential to distract both companies from their own pipelines and ongoing COVID-19 vaccine efforts.[393][394][395]
2 2019 United States Altria United States Philip Morris International 200.0 200 The merger was called off after a chilly reaction from investors, vaping related illnesses, and Altria's increasingly scrutinized $12.8 billion investment in vaping leader JUUL.[396]
3 2015 United States Pfizer Republic of IrelandUnited States Allergan, plc 160.0 173 The deal fell through over changes made to tax inversion legislation by the US Government.[397]
4 2008 United KingdomAustralia BHP Billiton United KingdomAustralia Rio Tinto 148.0 176 As commodity prices fell in value, the deal became too risky for BHP Billiton to complete.[398][397]
5 2017 United States Kraft Heinz United KingdomNetherlands Unilever plc 143.0 149 Kraft's offer was an 18% premium to Unilever's closing share price the day before the announcement, however Unilever Executives claimed the deal undervalued the company,[399] as well as job-cut implications and regulator approval issues.[400] The bid was formally dropped on February 19, citing the complexities of acquiring control in a Dutch entity without the support of shareholders.[401]
6 1999 United States MCI WorldCom United States Sprint 129.0 198 The US Department of Justice and European Commission prohibited the merger on competition grounds, with the DoJ filing a lawsuit against the transaction.[397][402][403][404]
7 2014 United States Pfizer United Kingdom Astra Zeneca 123.0 133 Significant concerns were raised by the UK Government over job security, in the end leading to a deal being abandoned due to resistance from the AstraZeneca Board.[397]
8 2018 United States Broadcom Ltd United States Qualcomm Inc 121.0 123 Qualcomm claimed that Broadcom had undervalued the business but did propose to meet Broadcom officials, with the initial offer of $121 billion ($140 billion with debt).[405][406] On February 21, Broadcom reduced their offer to $117 billion in light of Qualcomms increased bid for NXP Semconductors.[407]
9 2018 United States Broadcom Ltd United States Qualcomm Inc 117.0 119 On February 21, Broadcom reduced their offer to $117 billion in light of Qualcomms increased bid for NXP Semconductors.[407] The deal was effectively blocked after US President Donald Trump blocked any deal based upon national security grounds.[408]
10 1999 United States MCI WorldCom United States Sprint 111.0 170 The Board of Sprint claimed that the first deal undervalued the company and thus rejected the proposal.[397]
11 2014 United States Pfizer United Kingdom Astra Zeneca 106.0 114 AstraZeneca claimed the deal undervalued the company.[409][410]
12 2018 United States Broadcom Ltd United States Qualcomm Inc 103.0 105 $130 billion with assumed debt ($103 billion without), Qualcomm shareholders would get $60 in cash and $10 per share in Broadcom shares. Qualcomm rejected Broadcom's $103 billion takeover bid, saying the offer “dramatically” undervalued the U.S. company.[411][412]
13 2006 United States Kohlberg Kravis Roberts
United States Texas Pacific Group
United States The Home Depot 100.0 127 In a filing with the Securities and Exchange Commission, Home Depot said that its board "unanimously" supports the management team and its current strategy. The potential world record LBO bid never came to fruition after that.[413]
14 2014 United States Pfizer United Kingdom Astra Zeneca 98.9 107 AstraZeneca claimed the deal undervalued the company.[414]
15 2016 United States Honeywell United States United Technologies 90.0 96 Honeywell dropped a bid to acquire United Technologies, citing potential regulatory hurdles.[415][416]
16 2007 United Kingdom Barclays Netherlands ABN AMRO 89.6 110 Barclays lost out after RBS Group, Fortis, and Banco Santander, S.A. bid $98 billion with the plan to break ABN AMRO between the three banks.[417]
17 1999 United States Pfizer United States Warner–Lambert 82.4 126 Pfizer made a hostile bid, just after the announcement of a $65 billion deal with American Home Products, the eventual purchase price would be in excess of $90 billion.[418][419][420]
18 1999 Germany Deutsche Telekom Italy Telecom Italia 81.0 124 Olivetti was able to sway key Telecom Italia shareholders and win control of 51% of shares, killing the proposed merger of the telecommunication giants.[421][422]
19 2014 United States 21st Century Fox United States Time Warner 80.0 86 21st Century Fox abandoned its takeover of Time Warner Inc., due to the unwillingness of the Time Warner Board to engage with the Fox executives. This also caused a sharp dip in Fox's stock price which made a deal unattractive to Fox shareholders.[423][424]
20 1998 United States American Home Products United Kingdom SmithKline Beecham 77.0 121 The deal was reportedly killed in response to British regulators who feared losing jobs to a proposed U.S. headquarters location.[425][426]
21 2019 United States Kohlberg Kravis Roberts United States Walgreens Boots Alliance 70.0 70 KKR did not follow through with a formal bid as the potential world record LBO was simply deemed too large.[427][428]
22 2009 Switzerland Xstrata United Kingdom Anglo American plc 68.0 81 Anglo American rejected rival mining group Xstrata's “merger of equals” proposal, knocking a no-premium marriage and a combination with what it regarded as Xstrata's inferior mines.[429]
23 2004 United States Comcast United States Disney 66.0 89 Comcast executives abandoned the deal to buy Walt Disney after both investors and Disney executives failed to agree on the acquisition.[430]
24 1999 United States Warner–Lambert United States American Home Products 65.0 100 Following the merger announcement, Pfizer filed a complaint against Warner-Lambert and initiated an ultimately successful hostile takeover. Pfizer was looking to secure the full rights to Lipitor which was co-marketed with Warner-Lambert.[431][432]
25 2018 United States Comcast United States 21st Century Fox 65.0 66 Main Article: Proposed acquisition of 21st Century Fox
26 2018 Japan Takeda Pharmaceutical Republic of IrelandUnited Kingdom Shire 62.5 64 Third bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalued the company, its growth prospects as well as pipeline.[433]
27 2018 Japan Takeda Pharmaceutical Republic of IrelandUnited Kingdom Shire 62.1 63 Fourth bid with enhanced cash component, super-ceded by a fifth bid on April 24.[434]
28 2018 Japan Takeda Pharmaceutical Republic of IrelandUnited Kingdom Shire 61.0 62 Second bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalued the company, its growth prospects as well as pipeline.[433]
29 2002 United States Comcast United States MediaOne 60.0 85 Comcast initially bid $60 billion in stock for MediaOne but AT&T trumped them with a better offer of $62 billion in cash and stock.[157]
30 2020 United States NextEra Energy United States Duke Energy 60.0 60 NextEra Energy approached Duke Energy about a possible merger; however, Duke Energy rejected the bid. Even had Duke Energy accepted, the deal would have been unlikely to close due to regulatory hurdles particularly in the Carolinas, and Florida.[435][436]
31 2018 Japan Takeda Pharmaceutical Republic of IrelandUnited Kingdom Shire 58.2 59 First bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalued the company, its growth prospects as well as pipeline.[433]
32 2007 Germany E.ON Spain Endesa 54.0 67 Intervention from the Spanish Government delayed the planned takeover and E.ON's offer was eventually trumped by a $65.3 billion deal with Enel and Acciona. The two divested several Spanish assets to E.ON upon completion.[437][438][439]
33 2014 United States AbbVie Republic of IrelandUnited Kingdom Shire 54.0 58 The deal fell through over changes made to tax inversion legislation by the US Government.[440]
34 2014 Canada Valeant Pharmaceuticals United States Allergan, Inc. 54.0 58 Allergan argued that the Valeant cash-and-stock offer, would hurt its shareholders, given the Canadian drug-maker's history of cutting research and development spending at companies it acquires. Allergan would be acquired by Actavis plc and form Allergan plc.[441]
35 2017 United States Disney United States 21st Century Fox 52.4 55 Main Article: Proposed acquisition of 21st Century Fox
36 2008 India Bharti Airtel South Africa MTN Group 50.0 59 Bharti called off negotiations after MTN turned Bharti's takeover plan upside down, proposing to take over Bharti instead.[442]
37 2015 United States Anthem United States Cigna 48.0 52 The transaction was blocked by US Federal Judges on grounds of diminished competition and the 'irreparable harm' that would be done to the US health insurance market.[443]
38 2008 United States Microsoft United States Yahoo! Inc 47.5 56 Yahoo pulled out of talks with Microsoft after they agreed to let Google sell search ads on its site.[444]
39 2015 United States Monsanto Switzerland Syngenta 46.5 50 Monsanto dropped its hostile bid for Syngenta, refocusing on its five-year plan to double earnings and avoid a backlash from large shareholders.[445] Subsequently, Bayer purchased Monsanto, with ChemChina acquiring Syngenta.
40 2014 United States Comcast United States Time Warner Cable 45.2 49 Main Article: Attempted purchase of Time Warner Cable by Comcast
41 1996 Switzerland Credit Suisse Switzerland Union Bank of Switzerland 45.0 73 UBS not only spurned the offer from CS Holding but insisted that it had been "taken aback" by its rival's offer.[446]
42 2000 United States General Electric United States Honeywell 45.0 67 The EU Competition commission recommended blocking the deal, arguing that the merger would reduce competition - specifically within the aerospace industry - which could end up generating higher prices for consumers.[447][448]
43 2012 Netherlands EADS United Kingdom BAE Systems 45.0 50 Lack of investor support, coupled with opposition from the UK Government, German Government and the French Government (which also has a direct holding in EADS).[449]
44 2018 United States Qualcomm Netherlands NXP Semiconductors 44.0 45 Qualcomm raised their offer from $110 per share to $127.50 per share after pressure from activist investors.[450] In 2018, China failed to approve the merger, leading to its cancellation by Qualcomm on July 26, 2018.[451]
45 2000 United States United Technologies United States Honeywell 40.0 59 United Technologies ended merger talks with Honeywell after it had emerged that General Electric had dealt a counter-offer.[452][453]
46 2008 France France Télécom S.A. Sweden TeliaSonera 40.0 47 France Telecom withdrew its bid after the two parties could not reach an agreement on the terms of the deal.[454]
47 2010 United KingdomAustralia BHP Billiton Canada Potash Corp of Saskatchewan Inc 40.0 47 Potash Corp rejected the offer claiming it undervalued the company.[455]
48 2015 Israel Teva Pharmaceutical Industries NetherlandsUnited States Mylan 40.0 43 In April, Teva offered to acquire Mylan for $40 billion,[456] only a fortnight after Mylan offered to acquire Perrigo for $29 billion.[457] Teva's offer for Mylan was contingent on Mylan abandoning its acquisition of Perrigo.[458] Mylan stated in June 2015 that Teva's disclosure that it had a 1.35 percent stake in Mylan violated US anti-trust rules.
49 2011 United States AT&T United States T-Mobile US 39.0 44 On August 31, 2011, the Antitrust Division of the United States Department of Justice formally announced that it would seek to block the takeover, and filed a lawsuit to such effect in federal court.[459]
50 2019 Hong Kong Hong Kong Exchanges and Clearing United Kingdom London Stock Exchange 39.0 39 $39 billion takeover proposal was rejected by the Board of the London Stock Exchange.[460][461][462]
51 1999 BermudaUnited States Global Crossing United States US West 37.0 57 Global Crossing lost out on acquiring US West after Qwest outbid them.[463][464]
52 2015 United States Aetna United States Humana 37.0 40 The transaction was blocked by US Federal Judges on grounds of diminished competition and the 'irreparable harm' that would be done to the US health insurance market.[443][465]
53 2010 United Kingdom Prudential plc Hong Kong AIA Group 35.5 42 Prudential tried to lower their bid to $30 billion following shareholder opposition but AIG (then parent of AIA) said they would “not consider” any alterations to the deal. Prudential subsequently withdrew the deal.[466]
54 2014 United States Omnicom France Publicis 35.0 38 Proposed merger as Publicis Omnicom Group. Omnicom wanted their people to occupy the CEO, CFO and general counsel jobs. Uncertainty over the deal lead to a drop in revenue of $1.5 billion in the period.[467]
55 2019 United Kingdom Fiat Chrysler France Renault 35.0 35 At the end of May 2019, news broke of a potential $35 billion merger-of-equals between Renault and Fiat Chrysler, aiming to create the third largest car manufacturer. The deal allegedly failed due to Nissan's abstaining from voting on the merger proposal and the French Government's stake in Renault.[468][469][470][471][472]
56 2020 United States Xerox United States HP Inc 35.0 35 Xerox's second bid of $35 billion consisting of cash-and-stock saw an increase of $2 per share to buy HP. HP declined and told shareholders it would return $16 billion to shareholders in the next three years to ward off a hostile takeover attempt.[473][474][475]
57 1998 United States American Home Products United States Monsanto 34.4 54 The companies said that the deal was abandoned because it was not in the best interest of the shareholders. Yet, people close to the deal said the merger was terminated because of the power struggle between the two companies’ chairmen.[476]
58 1999 Scotland Bank of Scotland United Kingdom National Westminster Bank 34.3 53 Natwest rejected the deal saying that it undervalued the company. They would end up being acquired by The Royal Bank of Scotland Group for $42.5 billion.[477]
59 2018 United States Comcast United Kingdom Sky plc 34.0 35 Comcast offered £17.28 per share, exceeding Fox's offer of £15.67 per share, in a blind auction set up by the UK's Takeover Panel.[478]
60 2019 United States Xerox United States HP Inc 33.5 34 Xerox's $33.5 billion (£25.8 billion) cash-and-stock offer to buy bigger rival HP was declined, with HP indicating it might make its own counter-offer for Xerox.[479]
61 1994 United States Bell Atlantic United States Tele-Communications Inc. 33.0 57 The companies blamed the deal's collapse on the FCC which voted to reduce cable television rates against the protests of the cable TV industry. The FCC denied this vehemently with an FCC commissioner James Quello saying “They [Bell Atlantic] may be paying too much for it [TCI].” [480]
62 2016 United States Energy Transfer Equity United States Williams Companies 33.0 35 Energy Transfer Equity terminated the merger agreement with Williams after ETE's counsel were unable to declare the deal as tax-free.[481]
63 2019 United States Chevron Corporation United States Anadarko Petroleum 33.0 33 On April 12, Chevron Corporation announced it would acquire Anadarko for $33 billion ($65 per share, 25% in cash, $50 billion including debt).[482] However, on April 24, Occidental Petroleum Corp announced a counter-offer to Chevron's previous announcement, offering $38 billion ($76 per share, 50% in cash, $57 billion including debt) - Occidental's offer would ultimately prove successful.
64 2018 United States 21st Century Fox United Kingdom Sky plc 32.5 33 Fox raised their offer to $32.5 billion for Sky.[483]
65 2016 Germany Deutsche Börse AG United Kingdom London Stock Exchange Group 31.0 33 The merger was prohibited on competition grounds by the EU Commission.[484][485][486][487]
66 2018 United States Comcast United Kingdom Sky plc 31.0 32 Comcast offered $31 billion for Sky plc which Fox trumped.[488][489][490]
67 2000 Germany Deutsche Bank Germany Dresdner Bank 30.0 45 Dresdner Bank abandoned the deal when the two couldn't agree on what to do with Dresdner's investment bank. Deutsche Bank wanted to sell most of it, but Dresdner did not want that to happen.[491]
68 2006 United Kingdom Aviva plc United Kingdom Prudential plc 29.6 38 Aviva's all-stock proposal was rejected by the Prudential Board, despite Aviva offering a premium to the current share price.[492]
69 2017 United States PPG Industries Netherlands Akzo Nobel 29.5 31 Akzo again rejected PPG's bid, citing the deal still undervalued the company, as well as potentially facing antitrust risks, and not addressing other concerns such as "cultural differences"[493]
70 2004 Japan Sumitomo Mitsui Financial Group Japan UFJ Bank 29.2 40 UFJ Bank rejected the proposal as it had already committed to a merger with Mitsubishi Tokyo Financial Group.[494][495]
71 2017 United States Emerson Electric United States Rockwell Automation 29.0 30 Rejected as Rockwell believed the offer still undervalued the company.[496]
72 1997 United States GTE United States MCI Inc. 28.0 45 GTE made an unsolicited offer of $28 billion all-cash to MCI two weeks after Worldcom bid $30 billion in stock. Worldcom would end up winning with a $37 billion bid.[497]
73 2001 United Kingdom Lloyds TSB Group United Kingdom Abbey National 28.0 40 The British Government blocked the proposed merger as they believed it would be against the public interest.[498]
74 2005 Spain Gas Natural Spain Endesa 28.0 37 Endesa rejected the bid saying it was "manifestly insufficient". Endesa would be acquired for $65.3 billion by Enel and Acciona.[499][500]
75 2016 Canada Canadian Pacific Railway Limited United States Norfolk Southern Corporation 28.0 30 Canadian Pacific Railway scrapped the deal after the U.S. Justice Department urged the Surface Transportation Board to reject a voting trust arrangement that was part of the bid. U.S. lawmakers, the U.S. military, and UPS and FedEx all opposed the merger as well.[501]
76 2016 United States Halliburton United States Baker Hughes 28.0 30 Oilfield services provider Halliburton and smaller rival Baker Hughes terminated their $28 billion merger deal after opposition from U.S. and European antitrust regulators.[502]
77 2007 United States Alcoa Canada Alcan 27.6 34 Alcan rejected the offer as they believed it did not reflect the full value of the company and advised shareholders not to tender any of their shares to the bid.[503]
78 2017 United States Emerson Electric United States Rockwell Automation 27.6 29 Rejected as Rockwell believed the offer undervalued the company. The $27.6 billion was made up of $107.50 per share in cash with the rest of the balance being paid in 225 million shares of Emerson stock.[504][505][506]
79 2001 United Kingdom Prudential plc United States American General 26.5 38 Prudential's bid of $26.5 billion in stock was reduced to just over $20 billion when Prudential's shares plummeted after the announcement. AIG then stepped in and offered $23 billion which was accepted by American General.[507]
80 2017 United States PPG Industries Netherlands Akzo Nobel 26.1 27 Akzo rejected the unsolicited offer, claiming the revised offer was still too low. Akzo claimed that key stakeholder issues as well as uncertainties and risks that had already been raised in response to earlier offers had not been answered.[508]
81 2007 United States Express Scripts United States Caremark Rx 26.0 32 Express Scripts bid $26 billion for Caremark Rx but refused to pay a $675 million breakup fee to void Caremark's pending merger with CVS. Even though Express Scripts offered $4 billion more than CVS, CVS and Caremark Rx completed their merger.[509]
82 2015 NetherlandsUnited States Mylan Republic of IrelandUnited States Perrigo 26.0 28 In order for the hostile takeover to go through successfully, Mylan needed 50% of Perrigos shares to be tendered under the deal. However, only 40% or 58 million shares were tendered and the hostile takeover fell through.[510]
83 2002 United States Hughes Electronics Corp. United States EchoStar 25.6 36 US and state anti-trust enforcers filed a lawsuit to halt the deal, claiming that the deal would eliminate competition and adversely effect consumers.[511][512]
84 2013 United States Dish Network United States Sprint Corporation 25.5 28 Sprint requested a revised offer but Dish stated that it was not practical to do so.[513]
85 2004 United States Johnson & Johnson United States Guidant 25.4 34 Johnson & Johnson announced that it was acquiring Guidant on December 15, 2004, for $76 a share, with the deal being approved on April 27, 2005 by Guidant shareholders. However, on May 25 of the same year, Guidant reported 26 cases of implantable defibrillator failure, including a death. Johnson & Johnson announced the possibility of them pulling out from the deal, Guidant then sued Johnson & Johnson in an attempt to enforce the acquisition. However, they later re-negotiated a lower price of $21.5 billion.[514]
86 2006 United States Boston Scientific United States Guidant 25.0 32 A day after Johnson & Johnson raised their price for Guidant to $23.2 billion, Boston Scientific announced a further increased offer.[514][515]
87 2013 United States The Blackstone Group United States Dell 25.0 27 Blackstone noted in a letter to Dell's special committee that a "unprecedented 14 percent market decline in PC volume in the first quarter of 2013" worried the firm and didn't line up with Dell's projections for modest industry growth. In addition, Blackstone's evaluation of Dell showed a "rapidly eroding financial profile." Blackstone subsequently withdrew their bid.[516]
88 2005 United States Boston Scientific United States Guidant 24.6 32 With the re-negotiated lower price of $21.5 billion between Johnson & Johnson and Guidant, Boston Scientific announced an unsolicited offer of $24.6 billion for Guidant (an offer of $72 per share of Guidant, $36 in cash and a fixed number of Boston Scientific shares valued at $36 a share).[514][517]
89 2006 United States Johnson & Johnson United States Guidant 24.2 31 After Boston Scientific increased their offer to $25 billion, Johnson & Johnson further increased their offer to $24.2 billion.[514][518]
90 2017 United States PPG Industries Netherlands Akzo Nobel 24.1 25 Akzo rejected the unsolicited offer, claiming the revised offer was still too low.[519]
91 1998 United States Bank of New York United States Mellon Bank Corporation 24.0 38 Bank of New York called off its takeover proposal after Mellon's Board declined to meet with Bank of New York officials to discuss the merger. The two would later merge in 2007.[520]
92 2018 United States Albertsons United States Rite Aid 24.0 24 Albertsons and Rite Aid called off the planned merger after several advisory firms recommended voting against the proposal.[521][522]
93 2006 United States Johnson & Johnson United States Guidant 23.2 29 After the re-negotiated lower price of $21.5 billion was trumped by Boston Scientific's offer of $24.6 billion, Johnson & Johnson raised their offer to $23.2 billion.[514][523]
94 2016 United States Mondelez International United States The Hershey Company 23.0 25 Mondelez ceased its pursuit of the Hershey Co acquisition after the chocolate company turned down its $23 billion cash-and-stock offer.[524]
95 1995 United States Tracinda United States Chrysler 22.8 38 Tracinda, led by Kirk Kerkorian, was unable to come up with the financing in order to complete the deal. Chrysler was able to leverage its relationships with investment banks to block Kerkorian from being able to get the money necessary for the takeover.[525]
96 1996 United Kingdom British Telecom United States MCI Inc. 22.0 36 British Telecom held a partial stake in MCI since 1994 and was looking to acquire the entirety of it. Worldcom ended up winning the takeover fight with a $37 billion bid.[526]
97 2020 Japan Seven & i Holdings United States Marathon Petroleum (United States Speedway LLC) 22.0 22 Seven & i walked away from the potential deal, citing concerns over the price.[527]
98 1989 FranceUnited Kingdom Sir James Goldsmith
United Kingdom Jacob Rothschild, 4th Baron Rothschild
Australia Kerry Packer
United Kingdom British American Tobacco 21.0 43 British American Tobacco rejected the deal as it planned to break up the conglomerate which the company's chairman Patrick Sheehy described as “most disadvantageous to the company, its shareholders, customers, policyholders and employees.”[528]
99 2014 France Bouygues France SFR 20.6 22 Bouygues offer was soon trumped by Numericable's, who purchased SFR for $23 billion.[529]
100 2017 Switzerland Clariant United States Huntsman 20.0 21 After months of pressure from activist investors, the companies announced they would abandon their merger plans, with investors citing a reduction in shareholder value as the cause.[530]
101 2020 United States The Blackstone Group
United States Global Infrastructure Partners
United States Kansas City Southern 20.0 20 Kansas City Southern rejected the $20 billion offer from a consortium led by the Blackstone Group and Global Infrastructure Partners.[531]

See also[edit]

Notes[edit]

  1. ^ Joint Venture
  2. ^ Dual Structure Consolidation
  3. ^ Bailout
  4. ^ Bailout
  5. ^ Bailout
  6. ^ Bailout
  7. ^ Bailout
  8. ^ Joint Venture
  9. ^ Bailout
  10. ^ Bailout
  11. ^ Bailout
  12. ^ Bailout
  13. ^ Tax Inversion
  14. ^ Tax Inversion
  15. ^ Not completed
  16. ^ Tax Inversion
  17. ^ Tax Inversion
  18. ^ Not completed
  19. ^ Not completed
  20. ^ Tax Inversion
  21. ^ Bailout
  22. ^ Joint Venture
  23. ^ Tax Inversion
  24. ^ Joint Venture
  25. ^ Joint Venture
  26. ^ Dual Structure Consolidation
  27. ^ Not Completed
  28. ^ Not Completed
  29. ^ Not Completed
  30. ^ Joint Venture
  31. ^ Not Completed
  32. ^ Not Completed
  33. ^ Not Completed
  34. ^ Not Completed
  35. ^ Not Completed
  36. ^ Not Completed
  37. ^ Not Completed

References[edit]

  1. ^ a b c d e f g h i j "US Inflation Calculator". US Inflation Calculator. Archived from the original on 2013-10-28. Retrieved 2017-10-31.
  2. ^ Karliner, Joshua (1997). The Corporate Planet: Ecology and Politics in the Age of Globalization. ISBN 9780871564344.
  3. ^ https://oilvoice.com/Opinion/3192/Evolution-of-the-major-oil-company-logos
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