List of largest mergers and acquisitions
Updated: 11/6/2025, 1:27:28 AM Wikipedia source
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 February 2024, the largest ever acquisition was the 1999 takeover of Mannesmann by Vodafone Airtouch plc at $183 billion ($345.4 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.
Tables
· Free market enterprises › 1870s
1
1
Rank
1
Year
1874
Purchaser
Honeybrook Coal Company
Purchased
Wilkesbarre Coal and Iron Company
Transaction value(in billions USD)
0.01
Inflation adjusted(in billions USD)
0.278
2
2
Rank
2
Year
1879
Purchaser
Pacific Coast Oil Company
Purchased
Star Oil
Transaction value(in billions USD)
0.001
Inflation adjusted(in billions USD)
0.034
| Rank | Year | Purchaser | Purchased | Transaction value(in billions USD) | Inflation adjusted(in billions USD) |
| 1 | 1874 | Honeybrook Coal Company | Wilkesbarre Coal and Iron Company | 0.01 | 0.278 |
| 2 | 1879 | Pacific Coast Oil Company | Star Oil | 0.001 | 0.034 |
· Free market enterprises › 1880s
1
1
Rank
1
Year
1884
Purchaser
New York Gas Light Company
Purchased
Manhattan Gas Light Company Metropolitan Gas Light Company Municipal Gas Light Company Knickerbocker Gas Light Company Harlem Gas Light Company
Transaction value(in billions USD)
0.045
Inflation adjusted(in billions USD)
1.6
2
2
Rank
2
Year
1883
Purchaser
Buffalo, Pittsburgh and Western Railroad
Purchased
Buffalo, New York and Philadelphia Railway Olean and Salamanca Railroad Oil City and Chicago Railroad Company
Transaction value(in billions USD)
0.02085
Inflation adjusted(in billions USD)
0.704
| Rank | Year | Purchaser | Purchased | Transaction value(in billions USD) | Inflation adjusted(in billions USD) |
| 1 | 1884 | New York Gas Light Company | Manhattan Gas Light Company Metropolitan Gas Light Company Municipal Gas Light Company Knickerbocker Gas Light Company Harlem Gas Light Company | 0.045 | 1.6 |
| 2 | 1883 | Buffalo, Pittsburgh and Western Railroad | Buffalo, New York and Philadelphia Railway Olean and Salamanca Railroad Oil City and Chicago Railroad Company | 0.02085 | 0.704 |
· Free market enterprises › 1890s
1
1
Rank
1
Year
1899
Purchaser
American Spirits Manufacturing Company
Purchased
Kentucky Distilleries and Warehouse Company Spirits Distributing Company
Transaction value(in billions USD)
0.125
Inflation adjusted(in billions USD)
4.7
2
2
Rank
2
Year
1899
Purchaser
Pullman Palace Car Company
Purchased
Wagner Palace Car Company
Transaction value(in billions USD)
0.074
Inflation adjusted(in billions USD)
2.8
| Rank | Year | Purchaser | Purchased | Transaction value(in billions USD) | Inflation adjusted(in billions USD) |
| 1 | 1899 | American Spirits Manufacturing Company | Kentucky Distilleries and Warehouse Company Spirits Distributing Company | 0.125 | 4.7 |
| 2 | 1899 | Pullman Palace Car Company | Wagner Palace Car Company | 0.074 | 2.8 |
· Free market enterprises › 1900s
1
1
Rank
1
Year
1901
Purchaser
Carnegie Steel Company
Purchased
Federal Steel Company National Steel Company
Transaction value(in billions USD)
0.492
Inflation adjusted(in billions USD)
18.6
2
2
Rank
2
Year
1907
Purchaser
New York, New Haven and Hartford Railroad Company
Purchased
Boston and Maine Corporation
Transaction value(in billions USD)
0.310
Inflation adjusted(in billions USD)
10.5
3
3
Rank
3
Year
1909
Purchaser
Interborough Rapid Transit Company
Purchased
Metropolitan Street Railway
Transaction value(in billions USD)
0.222
Inflation adjusted(in billions USD)
7.8
| Rank | Year | Purchaser | Purchased | Transaction value(in billions USD) | Inflation adjusted(in billions USD) |
| 1 | 1901 | Carnegie Steel Company | Federal Steel Company National Steel Company | 0.492 | 18.6 |
| 2 | 1907 | New York, New Haven and Hartford Railroad Company | Boston and Maine Corporation | 0.310 | 10.5 |
| 3 | 1909 | Interborough Rapid Transit Company | Metropolitan Street Railway | 0.222 | 7.8 |
· Free market enterprises › 1910s
1
1
Rank
1
Year
1915
Purchaser
Midvale Steel Company
Purchased
Remington Arms Company Worth Brothers Company
Transaction value(in billions USD)
0.100
Inflation adjusted(in billions USD)
3.1
2
2
Rank
2
Year
1915
Purchaser
United Dry Goods
Purchased
Associated Merchants Company
Transaction value(in billions USD)
0.050
Inflation adjusted(in billions USD)
1.6
3
3
Rank
3
Year
1918
Purchaser
General Motors
Purchased
United Motors Company
Transaction value(in billions USD)
0.045
Inflation adjusted(in billions USD)
0.941
| Rank | Year | Purchaser | Purchased | Transaction value(in billions USD) | Inflation adjusted(in billions USD) |
| 1 | 1915 | Midvale Steel Company | Remington Arms Company Worth Brothers Company | 0.100 | 3.1 |
| 2 | 1915 | United Dry Goods | Associated Merchants Company | 0.050 | 1.6 |
| 3 | 1918 | General Motors | United Motors Company | 0.045 | 0.941 |
· Free market enterprises › 1920s
1
1
Rank
1
Year
1928
Purchaser
Consolidated Gas Company of New York
Purchased
Brooklyn Edison Company
Transaction value(in billions USD)
1.0
Inflation adjusted(in billions USD)
18.3
2
2
Rank
2
Year
1929
Purchaser
Niagara and Eastern Power Corporation
Purchased
MohawkHudson Power Corporation Northeastern Power Corporation
Transaction value(in billions USD)
0.665
Inflation adjusted(in billions USD)
12.2
3
3
Rank
3
Year
1928
Purchaser
United Light and Power Company
Purchased
American Light and Traction
Transaction value(in billions USD)
0.522
Inflation adjusted(in billions USD)
9.6
4
4
Rank
4
Year
1928
Purchaser
Hodenpyl & Hardy
Purchased
Stevens & Wood
Transaction value(in billions USD)
0.500
Inflation adjusted(in billions USD)
9.2
5
5
Rank
5
Year
1928
Purchaser
Middle West Utilities
Purchased
National Electric Power National Public Service New England Public Service Inland Power and Light
Transaction value(in billions USD)
0.400
Inflation adjusted(in billions USD)
7.3
| Rank | Year | Purchaser | Purchased | Transaction value(in billions USD) | Inflation adjusted(in billions USD) |
| 1 | 1928 | Consolidated Gas Company of New York | Brooklyn Edison Company | 1.0 | 18.3 |
| 2 | 1929 | Niagara and Eastern Power Corporation | MohawkHudson Power Corporation Northeastern Power Corporation | 0.665 | 12.2 |
| 3 | 1928 | United Light and Power Company | American Light and Traction | 0.522 | 9.6 |
| 4 | 1928 | Hodenpyl & Hardy | Stevens & Wood | 0.500 | 9.2 |
| 5 | 1928 | Middle West Utilities | National Electric Power National Public Service New England Public Service Inland Power and Light | 0.400 | 7.3 |
· Free market enterprises › 1930s
1
1
Rank
1
Year
1930
Purchaser
Pacific Gas and Electric Company
Purchased
Great Western Power Company San Joaquin Light and Power Corporation Midland Counties Public Service Corporation
Transaction value(in billions USD)
0.650
Inflation adjusted(in billions USD)
12.2
2
2
Rank
2
Year
1932
Purchaser
Sinclair Consolidated Oil Corporation
Purchased
Prairie Oil and Gas Prairie Pipe Line Company
Transaction value(in billions USD)
0.542
Inflation adjusted(in billions USD)
12.5
3
3
Rank
3
Year
1934
Purchaser
Republic Steel
Purchased
Corrigan-McKinney Steel Corporation
Transaction value(in billions USD)
0.323
Inflation adjusted(in billions USD)
7.6
4
4
Rank
4
Year
1931
Purchaser
Bethlehem Steel
Purchased
Pittsburgh Steel Company
Transaction value(in billions USD)
0.080
Inflation adjusted(in billions USD)
1.7
5
5
Rank
5
Year
1932
Purchaser
Studebaker Corporation
Purchased
White Motor Company
Transaction value(in billions USD)
0.026
Inflation adjusted(in billions USD)
0.599
| Rank | Year | Purchaser | Purchased | Transaction value(in billions USD) | Inflation adjusted(in billions USD) |
| 1 | 1930 | Pacific Gas and Electric Company | Great Western Power Company San Joaquin Light and Power Corporation Midland Counties Public Service Corporation | 0.650 | 12.2 |
| 2 | 1932 | Sinclair Consolidated Oil Corporation | Prairie Oil and Gas Prairie Pipe Line Company | 0.542 | 12.5 |
| 3 | 1934 | Republic Steel | Corrigan-McKinney Steel Corporation | 0.323 | 7.6 |
| 4 | 1931 | Bethlehem Steel | Pittsburgh Steel Company | 0.080 | 1.7 |
| 5 | 1932 | Studebaker Corporation | White Motor Company | 0.026 | 0.599 |
· Free market enterprises › 1940s
1
1
Rank
1
Year
1945
Purchaser
Consolidated Edison
Purchased
Brooklyn Edison Company New York and Queens Light and Power Company
Transaction value(in billions USD)
1.2
Inflation adjusted(in billions USD)
21
2
2
Rank
2
Year
1948
Purchaser
Central New York Power Corporation
Purchased
New York Power and Light Corporation Buffalo Niagara Electric Corporation
Transaction value(in billions USD)
0.500
Inflation adjusted(in billions USD)
6.5
3
3
Rank
3
Year
1945
Purchaser
Pittsburgh Coal Company
Purchased
Consolidation Coal Company
Transaction value(in billions USD)
0.160
Inflation adjusted(in billions USD)
2.8
4
4
Rank
4
Year
1948
Purchaser
Long Island Lighting Company
Purchased
Queens Borough Gas and Electric Company Nassau & Suffolk Lighting Company
Transaction value(in billions USD)
0.140
Inflation adjusted(in billions USD)
1.8
5
5
Rank
5
Year
1941
Purchaser
Celanese Corporation
Purchased
Celluoid Corporation
Transaction value(in billions USD)
0.096
Inflation adjusted(in billions USD)
2.1
| Rank | Year | Purchaser | Purchased | Transaction value(in billions USD) | Inflation adjusted(in billions USD) |
| 1 | 1945 | Consolidated Edison | Brooklyn Edison Company New York and Queens Light and Power Company | 1.2 | 21 |
| 2 | 1948 | Central New York Power Corporation | New York Power and Light Corporation Buffalo Niagara Electric Corporation | 0.500 | 6.5 |
| 3 | 1945 | Pittsburgh Coal Company | Consolidation Coal Company | 0.160 | 2.8 |
| 4 | 1948 | Long Island Lighting Company | Queens Borough Gas and Electric Company Nassau & Suffolk Lighting Company | 0.140 | 1.8 |
| 5 | 1941 | Celanese Corporation | Celluoid Corporation | 0.096 | 2.1 |
· Free market enterprises › 1950s
1
1
Rank
1
Year
1959
Purchaser
General Telephone
Purchased
Sylvania Electric Products
Transaction value(in billions USD)
1.8
Inflation adjusted(in billions USD)
19.4
2
2
Rank
2
Year
1957
Purchaser
Armco
Purchased
National Supply Company
Transaction value(in billions USD)
0.768
Inflation adjusted(in billions USD)
8.6
3
3
Rank
3
Year
1957
Purchaser
American Can Company
Purchased
Marathon Corporation
Transaction value(in billions USD)
0.717
Inflation adjusted(in billions USD)
8
4
4
Rank
4
Year
1955
Purchaser
Monsanto
Purchased
Lion Oil
Transaction value(in billions USD)
0.550
Inflation adjusted(in billions USD)
6.5
5
5
Rank
5
Year
1956
Purchaser
Continental Can Company
Purchased
Robert Gair Company
Transaction value(in billions USD)
0.549
Inflation adjusted(in billions USD)
6.3
6
6
Rank
6
Year
1954
Purchaser
Olin Industries
Purchased
Mathieson Chemical
Transaction value(in billions USD)
0.500
Inflation adjusted(in billions USD)
5.9
7
7
Rank
7
Year
1955
Purchaser
Sunray Oil Corporation
Purchased
Mid-Continent Petroleum Corporation
Transaction value(in billions USD)
0.486
Inflation adjusted(in billions USD)
5.7
8
8
Rank
8
Year
1955
Purchaser
Sperry Corporation
Purchased
Remington Rand
Transaction value(in billions USD)
0.466
Inflation adjusted(in billions USD)
5.5
9
9
Rank
9
Year
1953
Purchaser
Gulf Oil
Purchased
Warren Petroleum Corporation
Transaction value(in billions USD)
0.420
Inflation adjusted(in billions USD)
4.9
10
10
Rank
10
Year
1954
Purchaser
Hudson Motor Car Company
Purchased
Nash-Kelvinator
Transaction value(in billions USD)
0.355
Inflation adjusted(in billions USD)
4.2
| Rank | Year | Purchaser | Purchased | Transaction value(in billions USD) | Inflation adjusted(in billions USD) |
| 1 | 1959 | General Telephone | Sylvania Electric Products | 1.8 | 19.4 |
| 2 | 1957 | Armco | National Supply Company | 0.768 | 8.6 |
| 3 | 1957 | American Can Company | Marathon Corporation | 0.717 | 8 |
| 4 | 1955 | Monsanto | Lion Oil | 0.550 | 6.5 |
| 5 | 1956 | Continental Can Company | Robert Gair Company | 0.549 | 6.3 |
| 6 | 1954 | Olin Industries | Mathieson Chemical | 0.500 | 5.9 |
| 7 | 1955 | Sunray Oil Corporation | Mid-Continent Petroleum Corporation | 0.486 | 5.7 |
| 8 | 1955 | Sperry Corporation | Remington Rand | 0.466 | 5.5 |
| 9 | 1953 | Gulf Oil | Warren Petroleum Corporation | 0.420 | 4.9 |
| 10 | 1954 | Hudson Motor Car Company | Nash-Kelvinator | 0.355 | 4.2 |
· Free market enterprises › 1960s
1
1
Rank
1
Year
1969
Purchaser
Atlantic Richfield
Purchased
Sinclair Oil Corporation
Transaction value(in billions USD)
3.7
Inflation adjusted(in billions USD)
31.7
2
2
Rank
2
Year
1965
Purchaser
Union Oil
Purchased
Pure Oil
Transaction value(in billions USD)
1.5
Inflation adjusted(in billions USD)
15
3
3
Rank
3
Year
1968
Purchaser
Hunt-Wesson
Purchased
Canada Dry McCall Corporation
Transaction value(in billions USD)
1.0
Inflation adjusted(in billions USD)
9
4
4
Rank
4
Year
1969
Purchaser
Xerox Corporation
Purchased
Scientific Data Systems
Transaction value(in billions USD)
0.925
Inflation adjusted(in billions USD)
7.9
5
5
Rank
5
Year
1967
Purchaser
Rockwell-Standard
Purchased
North American Aviation
Transaction value(in billions USD)
0.922
Inflation adjusted(in billions USD)
8.7
6
6
Rank
6
Year
1968
Purchaser
Sun Oil
Purchased
Sunray DX Oil Company
Transaction value(in billions USD)
0.763
Inflation adjusted(in billions USD)
6.9
7
7
Rank
7
Year
1965
Purchaser
Continental Oil Company
Purchased
Consolidation Coal
Transaction value(in billions USD)
0.620
Inflation adjusted(in billions USD)
6.2
8
8
Rank
8
Year
1961
Purchaser
American-Marietta Corporation
Purchased
Glenn L. Martin Company
Transaction value(in billions USD)
0.600
Inflation adjusted(in billions USD)
6.3
9
9
Rank
9
Year
1968
Purchaser
Control Data Corporation
Purchased
Commercial Credit Company
Transaction value(in billions USD)
0.582
Inflation adjusted(in billions USD)
5.3
10
10
Rank
10
Year
1967
Purchaser
Studebaker Corporation
Purchased
Worthington Corporation
Transaction value(in billions USD)
0.550
Inflation adjusted(in billions USD)
5.2
| Rank | Year | Purchaser | Purchased | Transaction value(in billions USD) | Inflation adjusted(in billions USD) |
| 1 | 1969 | Atlantic Richfield | Sinclair Oil Corporation | 3.7 | 31.7 |
| 2 | 1965 | Union Oil | Pure Oil | 1.5 | 15 |
| 3 | 1968 | Hunt-Wesson | Canada Dry McCall Corporation | 1.0 | 9 |
| 4 | 1969 | Xerox Corporation | Scientific Data Systems | 0.925 | 7.9 |
| 5 | 1967 | Rockwell-Standard | North American Aviation | 0.922 | 8.7 |
| 6 | 1968 | Sun Oil | Sunray DX Oil Company | 0.763 | 6.9 |
| 7 | 1965 | Continental Oil Company | Consolidation Coal | 0.620 | 6.2 |
| 8 | 1961 | American-Marietta Corporation | Glenn L. Martin Company | 0.600 | 6.3 |
| 9 | 1968 | Control Data Corporation | Commercial Credit Company | 0.582 | 5.3 |
| 10 | 1967 | Studebaker Corporation | Worthington Corporation | 0.550 | 5.2 |
· Free market enterprises › 1970s
1
1
Rank
1
Year
1979
Purchaser
Shell Oil Company
Purchased
Belridge Oil Company
Transaction value(in billions USD)
3.65
Inflation adjusted(in billions USD)
15.8
2
2
Rank
2
Year
1976
Purchaser
General Electric
Purchased
Utah International
Transaction value(in billions USD)
2.17
Inflation adjusted(in billions USD)
12
3
3
Rank
3
Year
1979
Purchaser
RCA
Purchased
CIT Financial
Transaction value(in billions USD)
1.3
Inflation adjusted(in billions USD)
5.6
4
4
Rank
4
Year
1979
Purchaser
Exxon
Purchased
Reliance Electric
Transaction value(in billions USD)
1.2
Inflation adjusted(in billions USD)
5.2
5
5
Rank
5
Year
1978
Purchaser
United Technologies
Purchased
Carrier Corporation
Transaction value(in billions USD)
1.0
Inflation adjusted(in billions USD)
4.8
6
6
Rank
6
Year
1979
Purchaser
Mobil
Purchased
General Crude Oil
Transaction value(in billions USD)
0.765
Inflation adjusted(in billions USD)
3.3
7
7
Rank
7
Year
1976
Purchaser
Atlantic Richfield
Purchased
Anaconda Copper
Transaction value(in billions USD)
0.760
Inflation adjusted(in billions USD)
4.2
8
8
Rank
8
Year
1978
Purchaser
R. J. Reynolds Industries
Purchased
Del Monte Corporation
Transaction value(in billions USD)
0.620
Inflation adjusted(in billions USD)
3
9
9
Rank
9
Year
1978
Purchaser
Johns Manville
Purchased
Olinkraft Inc
Transaction value(in billions USD)
0.585
Inflation adjusted(in billions USD)
2.8
10
10
Rank
10
Year
1977
Purchaser
Kennecott Copper
Purchased
Carborundum Corporation
Transaction value(in billions USD)
0.567
Inflation adjusted(in billions USD)
2.9
11
11
Rank
11
Year
1978
Purchaser
Philip Morris
Purchased
Seven-Up Bottling Co
Transaction value(in billions USD)
0.520
Inflation adjusted(in billions USD)
2.5
12
12
Rank
12
Year
1978
Purchaser
Beatrice Foods
Purchased
Tropicana Products
Transaction value(in billions USD)
0.488
Inflation adjusted(in billions USD)
2.4
13
13
Rank
13
Year
1977
Purchaser
Unilever
Purchased
National Starch and Chemical
Transaction value(in billions USD)
0.485
Inflation adjusted(in billions USD)
2.5
14
14
Rank
14
Year
1974
Purchaser
Burmah Oil
Purchased
Signal Oil & Gas
Transaction value(in billions USD)
0.480
Inflation adjusted(in billions USD)
3.1
15
15
Rank
15
Year
1979
Purchaser
American Brands
Purchased
Franklin Life Insurance
Transaction value(in billions USD)
0.465
Inflation adjusted(in billions USD)
2
| Rank | Year | Purchaser | Purchased | Transaction value(in billions USD) | Inflation adjusted(in billions USD) |
| 1 | 1979 | Shell Oil Company | Belridge Oil Company | 3.65 | 15.8 |
| 2 | 1976 | General Electric | Utah International | 2.17 | 12 |
| 3 | 1979 | RCA | CIT Financial | 1.3 | 5.6 |
| 4 | 1979 | Exxon | Reliance Electric | 1.2 | 5.2 |
| 5 | 1978 | United Technologies | Carrier Corporation | 1.0 | 4.8 |
| 6 | 1979 | Mobil | General Crude Oil | 0.765 | 3.3 |
| 7 | 1976 | Atlantic Richfield | Anaconda Copper | 0.760 | 4.2 |
| 8 | 1978 | R. J. Reynolds Industries | Del Monte Corporation | 0.620 | 3 |
| 9 | 1978 | Johns Manville | Olinkraft Inc | 0.585 | 2.8 |
| 10 | 1977 | Kennecott Copper | Carborundum Corporation | 0.567 | 2.9 |
| 11 | 1978 | Philip Morris | Seven-Up Bottling Co | 0.520 | 2.5 |
| 12 | 1978 | Beatrice Foods | Tropicana Products | 0.488 | 2.4 |
| 13 | 1977 | Unilever | National Starch and Chemical | 0.485 | 2.5 |
| 14 | 1974 | Burmah Oil | Signal Oil & Gas | 0.480 | 3.1 |
| 15 | 1979 | American Brands | Franklin Life Insurance | 0.465 | 2 |
· Free market enterprises › 1980s
1
1
Rank
1
Year
1989
Purchaser
Kohlberg Kravis Roberts
Purchased
RJR Nabisco
Transaction value(in billions USD)
31.0
Inflation adjusted(in billions USD)
78.6
2
2
Rank
2
Year
1989
Purchaser
Mitsui Bank
Purchased
Taiyo Kobe Bank
Transaction value(in billions USD)
22.8
Inflation adjusted(in billions USD)
57.8
3
3
Rank
3
Year
1989
Purchaser
Warner Communications
Purchased
Time Inc.
Transaction value(in billions USD)
15.2
Inflation adjusted(in billions USD)
38.6
4
4
Rank
4
Year
1984
Purchaser
Standard Oil of California
Purchased
Gulf Oil
Transaction value(in billions USD)
13.2
Inflation adjusted(in billions USD)
40
5
5
Rank
5
Year
1988
Purchaser
Philip Morris
Purchased
Kraft Foods
Transaction value(in billions USD)
13.1
Inflation adjusted(in billions USD)
34.8
6
6
Rank
6
Year
1989
Purchaser
Bristol Myers
Purchased
Squibb
Transaction value(in billions USD)
12.0
Inflation adjusted(in billions USD)
30.4
7
7
Rank
7
Year
1984
Purchaser
Texaco
Purchased
Getty Oil
Transaction value(in billions USD)
10.1
Inflation adjusted(in billions USD)
30.6
8
8
Rank
8
Year
1989
Purchaser
Beecham Group
Purchased
SmithKline Beckman
Transaction value(in billions USD)
7.9
Inflation adjusted(in billions USD)
20
9
9
Rank
9
Year
1987
Purchaser
BP
Purchased
Standard Oil of Ohio
Transaction value(in billions USD)
7.8
Inflation adjusted(in billions USD)
21.6
10
10
Rank
10
Year
1981
Purchaser
E. I. du Pont de Nemours and Company
Purchased
Conoco
Transaction value(in billions USD)
7.3
Inflation adjusted(in billions USD)
25.2
11
11
Rank
11
Year
1988
Purchaser
Campeau Corporation
Purchased
Federated Department Stores
Transaction value(in billions USD)
6.6
Inflation adjusted(in billions USD)
17.5
12
12
Rank
12
Year
1985
Purchaser
General Electric
Purchased
RCA
Transaction value(in billions USD)
6.3
Inflation adjusted(in billions USD)
18.4
13
13
Rank
13
Year
1982
Purchaser
United States Steel Corp.
Purchased
Marathon Oil
Transaction value(in billions USD)
6.0
Inflation adjusted(in billions USD)
19.5
14
14
Rank
14
Year
1985
Purchaser
Kohlberg Kravis Roberts
Purchased
Beatrice Companies
Transaction value(in billions USD)
6.0
Inflation adjusted(in billions USD)
17.5
15
15
Rank
15
Year
1985
Purchaser
Philip Morris Companies
Purchased
General Foods
Transaction value(in billions USD)
5.8
Inflation adjusted(in billions USD)
17
16
16
Rank
16
Year
1987
Purchaser
Dome Mines
Purchased
Placer Development Campbell Red Lake Mines
Transaction value(in billions USD)
5.8
Inflation adjusted(in billions USD)
16.1
17
17
Rank
17
Year
1984
Purchaser
Mobil
Purchased
Superior Oil Company
Transaction value(in billions USD)
5.7
Inflation adjusted(in billions USD)
17.3
18
18
Rank
18
Year
1988
Purchaser
Grand Metropolitan
Purchased
Pillsbury Company
Transaction value(in billions USD)
5.7
Inflation adjusted(in billions USD)
15.2
19
19
Rank
19
Year
1989
Purchaser
Dow Chemical Company
Purchased
Marion Laboratories
Transaction value(in billions USD)
5.7
Inflation adjusted(in billions USD)
14.5
20
20
Rank
20
Year
1984
Purchaser
Royal Dutch/Shell Group
Purchased
Shell Oil Company
Transaction value(in billions USD)
5.5
Inflation adjusted(in billions USD)
16.6
21
21
Rank
21
Year
1989
Purchaser
Hanson plc
Purchased
Consolidated Gold Fields
Transaction value(in billions USD)
5.5
Inflation adjusted(in billions USD)
14
22
22
Rank
22
Year
1985
Purchaser
General Motors
Purchased
Hughes Aircraft Company
Transaction value(in billions USD)
5.2
Inflation adjusted(in billions USD)
15.2
23
23
Rank
23
Year
1988
Purchaser
British American Tobacco ( Batus Inc.)
Purchased
Farmers Insurance Group
Transaction value(in billions USD)
5.2
Inflation adjusted(in billions USD)
13.8
24
24
Rank
24
Year
1987
Purchaser
John Philp Thompson Sr.
Purchased
Southland Corporation
Transaction value(in billions USD)
5.1
Inflation adjusted(in billions USD)
14.1
25
25
Rank
25
Year
1988
Purchaser
Thomas F. Frist Jr. Richard Rainwater
Purchased
HCA Healthcare
Transaction value(in billions USD)
5.1
Inflation adjusted(in billions USD)
13.6
26
26
Rank
26
Year
1988
Purchaser
Eastman Kodak
Purchased
Sterling Drug
Transaction value(in billions USD)
5.1
Inflation adjusted(in billions USD)
13.6
27
27
Rank
27
Year
1981
Purchaser
Elf Aquitaine
Purchased
Texasgulf Inc.
Transaction value(in billions USD)
5.0
Inflation adjusted(in billions USD)
17.3
28
28
Rank
28
Year
1985
Purchaser
R.J. Reynolds Industries
Purchased
Nabisco Brands
Transaction value(in billions USD)
4.9
Inflation adjusted(in billions USD)
14.3
29
29
Rank
29
Year
1986
Purchaser
Burroughs Corporation
Purchased
Sperry Corporation
Transaction value(in billions USD)
4.8
Inflation adjusted(in billions USD)
13.8
30
30
Rank
30
Year
1989
Purchaser
Sony
Purchased
Columbia Pictures
Transaction value(in billions USD)
4.8
Inflation adjusted(in billions USD)
12.2
| Rank | Year | Purchaser | Purchased | Transaction value(in billions USD) | Inflation adjusted(in billions USD) |
| 1 | 1989 | Kohlberg Kravis Roberts | RJR Nabisco | 31.0 | 78.6 |
| 2 | 1989 | Mitsui Bank | Taiyo Kobe Bank | 22.8 | 57.8 |
| 3 | 1989 | Warner Communications | Time Inc. | 15.2 | 38.6 |
| 4 | 1984 | Standard Oil of California | Gulf Oil | 13.2 | 40 |
| 5 | 1988 | Philip Morris | Kraft Foods | 13.1 | 34.8 |
| 6 | 1989 | Bristol Myers | Squibb | 12.0 | 30.4 |
| 7 | 1984 | Texaco | Getty Oil | 10.1 | 30.6 |
| 8 | 1989 | Beecham Group | SmithKline Beckman | 7.9 | 20 |
| 9 | 1987 | BP | Standard Oil of Ohio | 7.8 | 21.6 |
| 10 | 1981 | E. I. du Pont de Nemours and Company | Conoco | 7.3 | 25.2 |
| 11 | 1988 | Campeau Corporation | Federated Department Stores | 6.6 | 17.5 |
| 12 | 1985 | General Electric | RCA | 6.3 | 18.4 |
| 13 | 1982 | United States Steel Corp. | Marathon Oil | 6.0 | 19.5 |
| 14 | 1985 | Kohlberg Kravis Roberts | Beatrice Companies | 6.0 | 17.5 |
| 15 | 1985 | Philip Morris Companies | General Foods | 5.8 | 17 |
| 16 | 1987 | Dome Mines | Placer Development Campbell Red Lake Mines | 5.8 | 16.1 |
| 17 | 1984 | Mobil | Superior Oil Company | 5.7 | 17.3 |
| 18 | 1988 | Grand Metropolitan | Pillsbury Company | 5.7 | 15.2 |
| 19 | 1989 | Dow Chemical Company | Marion Laboratories | 5.7 | 14.5 |
| 20 | 1984 | Royal Dutch/Shell Group | Shell Oil Company | 5.5 | 16.6 |
| 21 | 1989 | Hanson plc | Consolidated Gold Fields | 5.5 | 14 |
| 22 | 1985 | General Motors | Hughes Aircraft Company | 5.2 | 15.2 |
| 23 | 1988 | British American Tobacco ( Batus Inc.) | Farmers Insurance Group | 5.2 | 13.8 |
| 24 | 1987 | John Philp Thompson Sr. | Southland Corporation | 5.1 | 14.1 |
| 25 | 1988 | Thomas F. Frist Jr. Richard Rainwater | HCA Healthcare | 5.1 | 13.6 |
| 26 | 1988 | Eastman Kodak | Sterling Drug | 5.1 | 13.6 |
| 27 | 1981 | Elf Aquitaine | Texasgulf Inc. | 5.0 | 17.3 |
| 28 | 1985 | Reynolds Industries | Nabisco Brands | 4.9 | 14.3 |
| 29 | 1986 | Burroughs Corporation | Sperry Corporation | 4.8 | 13.8 |
| 30 | 1989 | Sony | Columbia Pictures | 4.8 | 12.2 |
· Free market enterprises › 1990s
1
1
Rank
1
Year
1999
Purchaser
Vodafone Airtouch plc
Purchased
Mannesmann
Transaction value(in billions USD)
183.0
Inflation adjusted(in billions USD)
345.4
2
2
Rank
2
Year
1999
Purchaser
Pfizer
Purchased
Warner-Lambert
Transaction value(in billions USD)
90.0
Inflation adjusted(in billions USD)
169.9
3
3
Rank
3
Year
1998
Purchaser
Exxon
Purchased
Mobil
Transaction value(in billions USD)
77.2
Inflation adjusted(in billions USD)
148.9
4
4
Rank
4
Year
1998
Purchaser
Citicorp
Purchased
Travelers Group
Transaction value(in billions USD)
70.0
Inflation adjusted(in billions USD)
135
5
5
Rank
5
Year
1999
Purchaser
Bell Atlantic (Wireless Unit)
Purchased
Vodafone Airtouch plc (US Wireless Unit)
Transaction value(in billions USD)
70.0
Inflation adjusted(in billions USD)
132.1
6
6
Rank
6
Year
1998
Purchaser
Zeneca
Purchased
Astra AB
Transaction value(in billions USD)
67.0
Inflation adjusted(in billions USD)
129.3
7
7
Rank
7
Year
1998
Purchaser
NationsBank
Purchased
Bank America
Transaction value(in billions USD)
62.0
Inflation adjusted(in billions USD)
119.6
8
8
Rank
8
Year
1999
Purchaser
SBC Communications
Purchased
Ameritech Corporation
Transaction value(in billions USD)
62.0
Inflation adjusted(in billions USD)
117
9
9
Rank
9
Year
1999
Purchaser
Vodafone Group
Purchased
AirTouch Communications
Transaction value(in billions USD)
56.0
Inflation adjusted(in billions USD)
105.7
10
10
Rank
10
Year
1999
Purchaser
TotalFina
Purchased
Elf Aquitaine
Transaction value(in billions USD)
54.3
Inflation adjusted(in billions USD)
102.5
11
11
Rank
11
Year
1998
Purchaser
Bell Atlantic
Purchased
GTE
Transaction value(in billions USD)
53.36
Inflation adjusted(in billions USD)
102.9
12
12
Rank
12
Year
1996
Purchaser
Bell Atlantic
Purchased
NYNEX
Transaction value(in billions USD)
52.0
Inflation adjusted(in billions USD)
104.3
13
13
Rank
13
Year
1998
Purchaser
BP
Purchased
Amoco
Transaction value(in billions USD)
49.0
Inflation adjusted(in billions USD)
94.5
14
14
Rank
14
Year
1999
Purchaser
AT&T
Purchased
Tele-Communications Inc.
Transaction value(in billions USD)
48.0
Inflation adjusted(in billions USD)
90.6
15
15
Rank
15
Year
1999
Purchaser
The Sumitomo Bank
Purchased
The Sakura Bank
Transaction value(in billions USD)
45.5
Inflation adjusted(in billions USD)
85.9
16
16
Rank
16
Year
1999
Purchaser
Qwest Communications
Purchased
US West
Transaction value(in billions USD)
44.0
Inflation adjusted(in billions USD)
83.1
17
17
Rank
17
Year
1998
Purchaser
Hoechst AG
Purchased
Rhône-Poulenc
Transaction value(in billions USD)
43.0
Inflation adjusted(in billions USD)
83
18
18
Rank
18
Year
1999
Purchaser
Royal Bank of Scotland Group
Purchased
National Westminster Bank plc
Transaction value(in billions USD)
42.5
Inflation adjusted(in billions USD)
80.2
19
19
Rank
19
Year
1999
Purchaser
Fuji Bank
Purchased
Dai-Ichi Kangyo Bank Industrial Bank of Japan
Transaction value(in billions USD)
40.1
Inflation adjusted(in billions USD)
75.7
20
20
Rank
20
Year
1997
Purchaser
Zurich Insurance Group
Purchased
British American Tobacco (Financial Division)
Transaction value(in billions USD)
38.0
Inflation adjusted(in billions USD)
74.4
21
21
Rank
21
Year
1998
Purchaser
Daimler-Benz
Purchased
Chrysler
Transaction value(in billions USD)
38.0
Inflation adjusted(in billions USD)
73.3
22
22
Rank
22
Year
1997
Purchaser
Worldcom
Purchased
MCI Communications
Transaction value(in billions USD)
37.0
Inflation adjusted(in billions USD)
72.5
23
23
Rank
23
Year
1999
Purchaser
Mannesmann
Purchased
Orange UK
Transaction value(in billions USD)
36.0
Inflation adjusted(in billions USD)
68
24
24
Rank
24
Year
1999
Purchaser
Viacom
Purchased
CBS Corporation
Transaction value(in billions USD)
35.6
Inflation adjusted(in billions USD)
67.2
25
25
Rank
25
Year
1998
Purchaser
Wells Fargo
Purchased
Norwest Corporation
Transaction value(in billions USD)
34.0
Inflation adjusted(in billions USD)
65.6
26
26
Rank
26
Year
1999
Purchaser
Olivetti
Purchased
Telecom Italia (55% Stake)
Transaction value(in billions USD)
34.0
Inflation adjusted(in billions USD)
64.2
27
27
Rank
27
Year
1995
Purchaser
Mitsubishi Bank
Purchased
The Bank of Tokyo
Transaction value(in billions USD)
33.8
Inflation adjusted(in billions USD)
69.7
28
28
Rank
28
Year
1998
Purchaser
Banc One
Purchased
First Chicago Bank
Transaction value(in billions USD)
29.8
Inflation adjusted(in billions USD)
57.5
29
29
Rank
29
Year
1996
Purchaser
Ciba-Geigy
Purchased
Sandoz
Transaction value(in billions USD)
27.0
Inflation adjusted(in billions USD)
54.1
30
30
Rank
30
Year
1999
Purchaser
BP-Amoco
Purchased
Atlantic Richfield Company
Transaction value(in billions USD)
26.8
Inflation adjusted(in billions USD)
50.6
31
31
Rank
31
Year
1999
Purchaser
Monsanto
Purchased
Pharmacia & Upjohn
Transaction value(in billions USD)
26.5
Inflation adjusted(in billions USD)
50
32
32
Rank
32
Year
1999
Purchaser
Lucent
Purchased
Ascend Communications
Transaction value(in billions USD)
25.2
Inflation adjusted(in billions USD)
47.6
33
33
Rank
33
Year
1997
Purchaser
Union Bank of Switzerland
Purchased
Swiss Bank Corporation
Transaction value(in billions USD)
25.0
Inflation adjusted(in billions USD)
49
34
34
Rank
34
Year
1999
Purchaser
Clear Channel Broadcasting
Purchased
AMFM Broadcasting Licenses, LLC
Transaction value(in billions USD)
23.8
Inflation adjusted(in billions USD)
44.9
35
35
Rank
35
Year
1998
Purchaser
Berkshire Hathaway
Purchased
Gen Re
Transaction value(in billions USD)
22.0
Inflation adjusted(in billions USD)
42.4
36
36
Rank
36
Year
1999
Purchaser
Banque Nationale de Paris
Purchased
Paribas
Transaction value(in billions USD)
20.0
Inflation adjusted(in billions USD)
37.8
| Rank | Year | Purchaser | Purchased | Transaction value(in billions USD) | Inflation adjusted(in billions USD) |
| 1 | 1999 | Vodafone Airtouch plc | Mannesmann | 183.0 | 345.4 |
| 2 | 1999 | Pfizer | Warner-Lambert | 90.0 | 169.9 |
| 3 | 1998 | Exxon | Mobil | 77.2 | 148.9 |
| 4 | 1998 | Citicorp | Travelers Group | 70.0 | 135 |
| 5 | 1999 | Bell Atlantic (Wireless Unit) | Vodafone Airtouch plc (US Wireless Unit) | 70.0 | 132.1 |
| 6 | 1998 | Zeneca | Astra AB | 67.0 | 129.3 |
| 7 | 1998 | NationsBank | Bank America | 62.0 | 119.6 |
| 8 | 1999 | SBC Communications | Ameritech Corporation | 62.0 | 117 |
| 9 | 1999 | Vodafone Group | AirTouch Communications | 56.0 | 105.7 |
| 10 | 1999 | TotalFina | Elf Aquitaine | 54.3 | 102.5 |
| 11 | 1998 | Bell Atlantic | GTE | 53.36 | 102.9 |
| 12 | 1996 | Bell Atlantic | NYNEX | 52.0 | 104.3 |
| 13 | 1998 | BP | Amoco | 49.0 | 94.5 |
| 14 | 1999 | AT&T | Tele-Communications Inc. | 48.0 | 90.6 |
| 15 | 1999 | The Sumitomo Bank | The Sakura Bank | 45.5 | 85.9 |
| 16 | 1999 | Qwest Communications | US West | 44.0 | 83.1 |
| 17 | 1998 | Hoechst AG | Rhône-Poulenc | 43.0 | 83 |
| 18 | 1999 | Royal Bank of Scotland Group | National Westminster Bank plc | 42.5 | 80.2 |
| 19 | 1999 | Fuji Bank | Dai-Ichi Kangyo Bank Industrial Bank of Japan | 40.1 | 75.7 |
| 20 | 1997 | Zurich Insurance Group | British American Tobacco (Financial Division) | 38.0 | 74.4 |
| 21 | 1998 | Daimler-Benz | Chrysler | 38.0 | 73.3 |
| 22 | 1997 | Worldcom | MCI Communications | 37.0 | 72.5 |
| 23 | 1999 | Mannesmann | Orange UK | 36.0 | 68 |
| 24 | 1999 | Viacom | CBS Corporation | 35.6 | 67.2 |
| 25 | 1998 | Wells Fargo | Norwest Corporation | 34.0 | 65.6 |
| 26 | 1999 | Olivetti | Telecom Italia (55% Stake) | 34.0 | 64.2 |
| 27 | 1995 | Mitsubishi Bank | The Bank of Tokyo | 33.8 | 69.7 |
| 28 | 1998 | Banc One | First Chicago Bank | 29.8 | 57.5 |
| 29 | 1996 | Ciba-Geigy | Sandoz | 27.0 | 54.1 |
| 30 | 1999 | BP-Amoco | Atlantic Richfield Company | 26.8 | 50.6 |
| 31 | 1999 | Monsanto | Pharmacia & Upjohn | 26.5 | 50 |
| 32 | 1999 | Lucent | Ascend Communications | 25.2 | 47.6 |
| 33 | 1997 | Union Bank of Switzerland | Swiss Bank Corporation | 25.0 | 49 |
| 34 | 1999 | Clear Channel Broadcasting | AMFM Broadcasting Licenses, LLC | 23.8 | 44.9 |
| 35 | 1998 | Berkshire Hathaway | Gen Re | 22.0 | 42.4 |
| 36 | 1999 | Banque Nationale de Paris | Paribas | 20.0 | 37.8 |
· Free market enterprises › 2000s
1
1
Rank
1
Year
2000
Purchaser
AOL
Purchased
Time Warner
Transaction value(in billions USD)
182.0
Inflation adjusted(in billions USD)
332.3
2
2
Rank
2
Year
2007
Purchaser
Gaz de France
Purchased
Suez S.A.
Transaction value(in billions USD)
107.0
Inflation adjusted(in billions USD)
162.3
3
3
Rank
3
Year
2007
Purchaser
RFS Holdings
Purchased
ABN Amro
Transaction value(in billions USD)
98.0
Inflation adjusted(in billions USD)
148.6
4
4
Rank
4
Year
2004
Purchaser
Royal Dutch Petroleum
Purchased
Shell Transport & Trading Company plc
Transaction value(in billions USD)
95.0
Inflation adjusted(in billions USD)
158.1
5
5
Rank
5
Year
2000
Purchaser
Glaxo Wellcome
Purchased
SmithKline Beecham
Transaction value(in billions USD)
76.0
Inflation adjusted(in billions USD)
138.8
6
6
Rank
6
Year
2001
Purchaser
Comcast
Purchased
AT&T Broadband
Transaction value(in billions USD)
72.0
Inflation adjusted(in billions USD)
127.9
7
7
Rank
7
Year
2006
Purchaser
Banca Intesa
Purchased
Sanpaolo IMI
Transaction value(in billions USD)
71.0
Inflation adjusted(in billions USD)
110.7
8
8
Rank
8
Year
2009
Purchaser
Pfizer
Purchased
Wyeth
Transaction value(in billions USD)
68.0
Inflation adjusted(in billions USD)
99.7
9
9
Rank
9
Year
2008
Purchaser
United States Department of the Treasury
Purchased
American International Group
Transaction value(in billions USD)
67.8
Inflation adjusted(in billions USD)
99
10
10
Rank
10
Year
2006
Purchaser
AT&T
Purchased
BellSouth
Transaction value(in billions USD)
67.0
Inflation adjusted(in billions USD)
104.5
11
11
Rank
11
Year
2008
Purchaser
Enel Acciona
Purchased
Endesa
Transaction value(in billions USD)
65.3
Inflation adjusted(in billions USD)
95.4
12
12
Rank
12
Year
2004
Purchaser
Sanofi
Purchased
Aventis
Transaction value(in billions USD)
64.2
Inflation adjusted(in billions USD)
106.9
13
13
Rank
13
Year
2002
Purchaser
AT&T
Purchased
MediaOne
Transaction value(in billions USD)
62.0
Inflation adjusted(in billions USD)
108.4
14
14
Rank
14
Year
2002
Purchaser
Pfizer
Purchased
Pharmacia Corp.
Transaction value(in billions USD)
60.0
Inflation adjusted(in billions USD)
104.9
15
15
Rank
15
Year
2004
Purchaser
JPMorgan Chase
Purchased
Bank One Corporation
Transaction value(in billions USD)
58.0
Inflation adjusted(in billions USD)
96.6
16
16
Rank
16
Year
2008
Purchaser
HM Treasury
Purchased
Royal Bank of Scotland Group
Transaction value(in billions USD)
58.0
Inflation adjusted(in billions USD)
84.7
17
17
Rank
17
Year
2005
Purchaser
Procter & Gamble
Purchased
Gillette
Transaction value(in billions USD)
57.0
Inflation adjusted(in billions USD)
91.8
18
18
Rank
18
Year
2008
Purchaser
InBev
Purchased
Anheuser-Busch
Transaction value(in billions USD)
52.0
Inflation adjusted(in billions USD)
75.9
19
19
Rank
19
Year
2000
Purchaser
Deutsche Telekom
Purchased
Voicestream
Transaction value(in billions USD)
50.7
Inflation adjusted(in billions USD)
92.6
20
20
Rank
20
Year
2008
Purchaser
Lloyds TSB Group
Purchased
HBOS
Transaction value(in billions USD)
50.0
Inflation adjusted(in billions USD)
73
21
21
Rank
21
Year
2008
Purchaser
Bank of America
Purchased
Merrill Lynch & Co.
Transaction value(in billions USD)
50.0
Inflation adjusted(in billions USD)
73
22
22
Rank
22
Year
2009
Purchaser
United States Department of the Treasury
Purchased
General Motors
Transaction value(in billions USD)
49.5
Inflation adjusted(in billions USD)
72.5
23
23
Rank
23
Year
2003
Purchaser
Bank of America
Purchased
FleetBoston Financial
Transaction value(in billions USD)
47.0
Inflation adjusted(in billions USD)
80.3
24
24
Rank
24
Year
2009
Purchaser
Roche Holding AG
Purchased
Genentech
Transaction value(in billions USD)
46.8
Inflation adjusted(in billions USD)
68.6
25
25
Rank
25
Year
2008
Purchaser
United States Department of the Treasury
Purchased
Citigroup
Transaction value(in billions USD)
45.0
Inflation adjusted(in billions USD)
65.7
26
26
Rank
26
Year
2008
Purchaser
United States Department of the Treasury
Purchased
Bank of America
Transaction value(in billions USD)
45.0
Inflation adjusted(in billions USD)
65.7
27
27
Rank
27
Year
2009
Purchaser
Merck & Co.
Purchased
Schering-Plough
Transaction value(in billions USD)
41.1
Inflation adjusted(in billions USD)
60.2
28
28
Rank
28
Year
2000
Purchaser
JDS Uniphase
Purchased
SDL Inc.
Transaction value(in billions USD)
41.0
Inflation adjusted(in billions USD)
74.9
29
29
Rank
29
Year
2004
Purchaser
Cingular
Purchased
AT&T Wireless
Transaction value(in billions USD)
41.0
Inflation adjusted(in billions USD)
68.3
30
30
Rank
30
Year
2009
Purchaser
ExxonMobil
Purchased
XTO Energy
Transaction value(in billions USD)
41.0
Inflation adjusted(in billions USD)
60.1
31
31
Rank
31
Year
2000
Purchaser
France Télécom
Purchased
Vodafone Airtouch plc ( Orange UK)
Transaction value(in billions USD)
40.3
Inflation adjusted(in billions USD)
73.6
32
32
Rank
32
Year
2008
Purchaser
Novartis
Purchased
Alcon
Transaction value(in billions USD)
39.0
Inflation adjusted(in billions USD)
57
33
33
Rank
33
Year
2007
Purchaser
Rio Tinto
Purchased
Alcan
Transaction value(in billions USD)
38.1
Inflation adjusted(in billions USD)
57.8
34
34
Rank
34
Year
2000
Purchaser
Pacific Century Cyber Works
Purchased
Cable & Wireless HKT Ltd
Transaction value(in billions USD)
38.0
Inflation adjusted(in billions USD)
69.4
35
35
Rank
35
Year
2005
Purchaser
Tokyo Mitsubishi
Purchased
UFJ Holdings
Transaction value(in billions USD)
38.0
Inflation adjusted(in billions USD)
61.2
36
36
Rank
36
Year
2006
Purchaser
América Móvil
Purchased
América Telecom
Transaction value(in billions USD)
37.0
Inflation adjusted(in billions USD)
57.7
37
37
Rank
37
Year
2006
Purchaser
The Blackstone Group
Purchased
Equity Office
Transaction value(in billions USD)
36.0
Inflation adjusted(in billions USD)
56.2
38
38
Rank
38
Year
2005
Purchaser
ConocoPhillips
Purchased
Burlington Resources
Transaction value(in billions USD)
35.6
Inflation adjusted(in billions USD)
57.3
39
39
Rank
39
Year
2000
Purchaser
Chevron Corporation
Purchased
Texaco
Transaction value(in billions USD)
35.0
Inflation adjusted(in billions USD)
63.9
40
40
Rank
40
Year
2005
Purchaser
Sprint Corporation
Purchased
Nextel Communications
Transaction value(in billions USD)
35.0
Inflation adjusted(in billions USD)
56.3
41
41
Rank
41
Year
2005
Purchaser
Bank of America
Purchased
MBNA
Transaction value(in billions USD)
34.2
Inflation adjusted(in billions USD)
55.1
42
42
Rank
42
Year
2000
Purchaser
Vivendi
Purchased
Seagram
Transaction value(in billions USD)
34.0
Inflation adjusted(in billions USD)
62.1
43
43
Rank
43
Year
2006
Purchaser
Mittal Steel Company
Purchased
Arcelor
Transaction value(in billions USD)
33.65
Inflation adjusted(in billions USD)
52.5
44
44
Rank
44
Year
2007
Purchaser
Kohlberg Kravis Roberts Texas Pacific Group
Purchased
TXU Corp.
Transaction value(in billions USD)
31.8
Inflation adjusted(in billions USD)
48.2
45
45
Rank
45
Year
2005
Purchaser
Telefónica
Purchased
O2
Transaction value(in billions USD)
31.6
Inflation adjusted(in billions USD)
50.9
46
46
Rank
46
Year
2006
Purchaser
Nokia Corporation (Telecommunication Network Equipment Unit)
Purchased
Siemens AG (Telecommunication Network Equipment Unit)
Transaction value(in billions USD)
31.6
Inflation adjusted(in billions USD)
49.3
47
47
Rank
47
Year
2000
Purchaser
Citigroup
Purchased
Associates First Capital Corporation
Transaction value(in billions USD)
31.0
Inflation adjusted(in billions USD)
56.6
48
48
Rank
48
Year
2000
Purchaser
Chase Manhattan Bank
Purchased
J.P. Morgan & Co.
Transaction value(in billions USD)
30.9
Inflation adjusted(in billions USD)
56.4
49
49
Rank
49
Year
2007
Purchaser
Statoil
Purchased
Norsk Hydro
Transaction value(in billions USD)
30.0
Inflation adjusted(in billions USD)
45.5
50
50
Rank
50
Year
2009
Purchaser
Comcast
Purchased
General Electric ( NBCUniversal)
Transaction value(in billions USD)
30.0
Inflation adjusted(in billions USD)
44
51
51
Rank
51
Year
2007
Purchaser
Kohlberg Kravis Roberts
Purchased
First Data
Transaction value(in billions USD)
29.0
Inflation adjusted(in billions USD)
44
52
52
Rank
52
Year
2007
Purchaser
UniCredit
Purchased
Capitalia
Transaction value(in billions USD)
29.0
Inflation adjusted(in billions USD)
44
53
53
Rank
53
Year
2004
Purchaser
KBC Bank
Purchased
Almanij
Transaction value(in billions USD)
28.12
Inflation adjusted(in billions USD)
46.8
54
54
Rank
54
Year
2008
Purchaser
Verizon Wireless
Purchased
Alltel
Transaction value(in billions USD)
28.1
Inflation adjusted(in billions USD)
41
55
55
Rank
55
Year
2001
Purchaser
BHP Ltd.
Purchased
Billiton plc
Transaction value(in billions USD)
28.0
Inflation adjusted(in billions USD)
49.7
56
56
Rank
56
Year
2003
Purchaser
Olivetti
Purchased
Telecom Italia (Remaining 45% Stake)
Transaction value(in billions USD)
27.8
Inflation adjusted(in billions USD)
47.5
57
57
Rank
57
Year
2007
Purchaser
Texas Pacific Group Goldman Sachs Capital Partners
Purchased
Alltel
Transaction value(in billions USD)
27.5
Inflation adjusted(in billions USD)
41.7
58
58
Rank
58
Year
2006
Purchaser
Boston Scientific
Purchased
Guidant
Transaction value(in billions USD)
27.2
Inflation adjusted(in billions USD)
42.4
59
59
Rank
59
Year
2006
Purchaser
Thomas H. Lee Partners Bain Capital
Purchased
Clear Channel Broadcasting
Transaction value(in billions USD)
26.7
Inflation adjusted(in billions USD)
41.6
60
60
Rank
60
Year
2009
Purchaser
Berkshire Hathaway
Purchased
Burlington Northern Santa Fe Corp.
Transaction value(in billions USD)
26.3
Inflation adjusted(in billions USD)
38.5
61
61
Rank
61
Year
2007
Purchaser
The Blackstone Group
Purchased
Hilton Hotels Corp
Transaction value(in billions USD)
26.0
Inflation adjusted(in billions USD)
39.4
62
62
Rank
62
Year
2007
Purchaser
Freeport-McMoRan
Purchased
Phelps Dodge
Transaction value(in billions USD)
25.9
Inflation adjusted(in billions USD)
39.3
63
63
Rank
63
Year
2006
Purchaser
Wachovia
Purchased
Golden West Financial
Transaction value(in billions USD)
25.5
Inflation adjusted(in billions USD)
39.8
64
64
Rank
64
Year
2008
Purchaser
HM Treasury
Purchased
Lloyds Banking Group
Transaction value(in billions USD)
25.4
Inflation adjusted(in billions USD)
37.1
65
65
Rank
65
Year
2008
Purchaser
Apollo Management Texas Pacific Group
Purchased
Harrahs Entertainment
Transaction value(in billions USD)
25.1
Inflation adjusted(in billions USD)
36.7
66
66
Rank
66
Year
2001
Purchaser
Hewlett Packard Company
Purchased
Compaq
Transaction value(in billions USD)
25.0
Inflation adjusted(in billions USD)
44.4
67
67
Rank
67
Year
2008
Purchaser
United States Department of the Treasury
Purchased
JPMorgan Chase
Transaction value(in billions USD)
25.0
Inflation adjusted(in billions USD)
36.5
68
68
Rank
68
Year
2008
Purchaser
United States Department of the Treasury
Purchased
Wells Fargo
Transaction value(in billions USD)
25.0
Inflation adjusted(in billions USD)
36.5
69
69
Rank
69
Year
2008
Purchaser
Ministry of Finance
Purchased
Fortis (Dutch Unit)
Transaction value(in billions USD)
23.3
Inflation adjusted(in billions USD)
34
70
70
Rank
70
Year
2001
Purchaser
American International Group
Purchased
American General
Transaction value(in billions USD)
23.0
Inflation adjusted(in billions USD)
40.8
71
71
Rank
71
Year
2008
Purchaser
Mars, Incorporated
Purchased
Wm. Wrigley Jr. Company
Transaction value(in billions USD)
23.0
Inflation adjusted(in billions USD)
33.6
72
72
Rank
72
Year
2007
Purchaser
Iberdrola
Purchased
Scottish Power
Transaction value(in billions USD)
22.5
Inflation adjusted(in billions USD)
34.1
73
73
Rank
73
Year
2006
Purchaser
Richard Kinder Goldman Sachs Capital Partners The Carlyle Group Riverstone Holdings American International Group
Purchased
Kinder Morgan
Transaction value(in billions USD)
22.0
Inflation adjusted(in billions USD)
34.3
74
74
Rank
74
Year
2007
Purchaser
Kohlberg Kravis Roberts Stefano Pessina
Purchased
Alliance Boots
Transaction value(in billions USD)
22.0
Inflation adjusted(in billions USD)
33.4
75
75
Rank
75
Year
2006
Purchaser
Bayer
Purchased
Schering AG
Transaction value(in billions USD)
21.5
Inflation adjusted(in billions USD)
33.5
76
76
Rank
76
Year
2000
Purchaser
Verisign
Purchased
Network Solutions
Transaction value(in billions USD)
21.0
Inflation adjusted(in billions USD)
38.3
77
77
Rank
77
Year
2000
Purchaser
Firstar Corporation
Purchased
U.S. Bancorp
Transaction value(in billions USD)
21.0
Inflation adjusted(in billions USD)
38.3
78
78
Rank
78
Year
2006
Purchaser
Thomas F. Frist Jr. Bain Capital Kohlberg Kravis Roberts Merrill Lynch Global Private Equity
Purchased
HCA Healthcare
Transaction value(in billions USD)
21.0
Inflation adjusted(in billions USD)
32.8
79
79
Rank
79
Year
2006
Purchaser
CVS
Purchased
Caremark RX
Transaction value(in billions USD)
21.0
Inflation adjusted(in billions USD)
32.8
80
80
Rank
80
Year
2007
Purchaser
Bank of America
Purchased
ABN AMRO ( LaSalle Bank)
Transaction value(in billions USD)
21.0
Inflation adjusted(in billions USD)
31.8
81
81
Rank
81
Year
2000
Purchaser
Unilever
Purchased
Bestfoods
Transaction value(in billions USD)
20.3
Inflation adjusted(in billions USD)
37.1
82
82
Rank
82
Year
2001
Purchaser
Allianz
Purchased
Dresdner Bank
Transaction value(in billions USD)
20.0
Inflation adjusted(in billions USD)
35.5
83
83
Rank
83
Year
2006
Purchaser
Ferrovial
Purchased
BAA plc
Transaction value(in billions USD)
20.0
Inflation adjusted(in billions USD)
31.2
| Rank | Year | Purchaser | Purchased | Transaction value(in billions USD) | Inflation adjusted(in billions USD) |
| 1 | 2000 | AOL | Time Warner | 182.0 | 332.3 |
| 2 | 2007 | Gaz de France | Suez S.A. | 107.0 | 162.3 |
| 3 | 2007 | RFS Holdings | ABN Amro | 98.0 | 148.6 |
| 4 | 2004 | Royal Dutch Petroleum | Shell Transport & Trading Company plc | 95.0 | 158.1 |
| 5 | 2000 | Glaxo Wellcome | SmithKline Beecham | 76.0 | 138.8 |
| 6 | 2001 | Comcast | AT&T Broadband | 72.0 | 127.9 |
| 7 | 2006 | Banca Intesa | Sanpaolo IMI | 71.0 | 110.7 |
| 8 | 2009 | Pfizer | Wyeth | 68.0 | 99.7 |
| 9 | 2008 | United States Department of the Treasury | American International Group | 67.8 | 99 |
| 10 | 2006 | AT&T | BellSouth | 67.0 | 104.5 |
| 11 | 2008 | Enel Acciona | Endesa | 65.3 | 95.4 |
| 12 | 2004 | Sanofi | Aventis | 64.2 | 106.9 |
| 13 | 2002 | AT&T | MediaOne | 62.0 | 108.4 |
| 14 | 2002 | Pfizer | Pharmacia Corp. | 60.0 | 104.9 |
| 15 | 2004 | JPMorgan Chase | Bank One Corporation | 58.0 | 96.6 |
| 16 | 2008 | HM Treasury | Royal Bank of Scotland Group | 58.0 | 84.7 |
| 17 | 2005 | Procter & Gamble | Gillette | 57.0 | 91.8 |
| 18 | 2008 | InBev | Anheuser-Busch | 52.0 | 75.9 |
| 19 | 2000 | Deutsche Telekom | Voicestream | 50.7 | 92.6 |
| 20 | 2008 | Lloyds TSB Group | HBOS | 50.0 | 73 |
| 21 | 2008 | Bank of America | Merrill Lynch & Co. | 50.0 | 73 |
| 22 | 2009 | United States Department of the Treasury | General Motors | 49.5 | 72.5 |
| 23 | 2003 | Bank of America | FleetBoston Financial | 47.0 | 80.3 |
| 24 | 2009 | Roche Holding AG | Genentech | 46.8 | 68.6 |
| 25 | 2008 | United States Department of the Treasury | Citigroup | 45.0 | 65.7 |
| 26 | 2008 | United States Department of the Treasury | Bank of America | 45.0 | 65.7 |
| 27 | 2009 | Merck & Co. | Schering-Plough | 41.1 | 60.2 |
| 28 | 2000 | JDS Uniphase | SDL Inc. | 41.0 | 74.9 |
| 29 | 2004 | Cingular | AT&T Wireless | 41.0 | 68.3 |
| 30 | 2009 | ExxonMobil | XTO Energy | 41.0 | 60.1 |
| 31 | 2000 | France Télécom | Vodafone Airtouch plc ( Orange UK) | 40.3 | 73.6 |
| 32 | 2008 | Novartis | Alcon | 39.0 | 57 |
| 33 | 2007 | Rio Tinto | Alcan | 38.1 | 57.8 |
| 34 | 2000 | Pacific Century Cyber Works | Cable & Wireless HKT Ltd | 38.0 | 69.4 |
| 35 | 2005 | Tokyo Mitsubishi | UFJ Holdings | 38.0 | 61.2 |
| 36 | 2006 | América Móvil | América Telecom | 37.0 | 57.7 |
| 37 | 2006 | The Blackstone Group | Equity Office | 36.0 | 56.2 |
| 38 | 2005 | ConocoPhillips | Burlington Resources | 35.6 | 57.3 |
| 39 | 2000 | Chevron Corporation | Texaco | 35.0 | 63.9 |
| 40 | 2005 | Sprint Corporation | Nextel Communications | 35.0 | 56.3 |
| 41 | 2005 | Bank of America | MBNA | 34.2 | 55.1 |
| 42 | 2000 | Vivendi | Seagram | 34.0 | 62.1 |
| 43 | 2006 | Mittal Steel Company | Arcelor | 33.65 | 52.5 |
| 44 | 2007 | Kohlberg Kravis Roberts Texas Pacific Group | TXU Corp. | 31.8 | 48.2 |
| 45 | 2005 | Telefónica | O2 | 31.6 | 50.9 |
| 46 | 2006 | Nokia Corporation (Telecommunication Network Equipment Unit) | Siemens AG (Telecommunication Network Equipment Unit) | 31.6 | 49.3 |
| 47 | 2000 | Citigroup | Associates First Capital Corporation | 31.0 | 56.6 |
| 48 | 2000 | Chase Manhattan Bank | Morgan & Co. | 30.9 | 56.4 |
| 49 | 2007 | Statoil | Norsk Hydro | 30.0 | 45.5 |
· Free market enterprises › 2010s
1
1
Rank
1
Year
2013
Purchaser
Verizon Communications
Purchased
Vodafone Group (Remaining Verizon Wireless 45% Stake)
Transaction value(in billions USD) (with debt)
130.0
Inflation adjusted(in billions USD) (with debt)
175.5
2
2
Rank
2
Year
2015
Purchaser
Dow Chemical
Purchased
E. I. du Pont de Nemours and Company
Transaction value(in billions USD) (with debt)
130.0
Inflation adjusted(in billions USD) (with debt)
172.5
3
3
Rank
3
Year
2019
Purchaser
United Technologies (Aerospace Division)
Purchased
Raytheon
Transaction value(in billions USD) (with debt)
121.0
Inflation adjusted(in billions USD) (with debt)
148.8
4
4
Rank
4
Year
2015
Purchaser
AB InBev
Purchased
SABMiller
Transaction value(in billions USD) (with debt)
107.0
Inflation adjusted(in billions USD) (with debt)
141.9
5
5
Rank
5
Year
2015
Purchaser
Heinz
Purchased
Kraft
Transaction value(in billions USD) (with debt)
100.0
Inflation adjusted(in billions USD) (with debt)
132.7
6
6
Rank
6
Year
2018
Purchaser
Energy Transfer Equity
Purchased
Energy Transfer Partners
Transaction value(in billions USD) (with debt)
90.0
Inflation adjusted(in billions USD) (with debt)
112.7
7
7
Rank
7
Year
2017
Purchaser
Linde AG
Purchased
Praxair
Transaction value(in billions USD) (with debt)
86.0
Inflation adjusted(in billions USD) (with debt)
110.3
8
8
Rank
8
Year
2016
Purchaser
AT&T
Purchased
Time Warner
Transaction value(in billions USD) (with debt)
85.4 — 108.7
Inflation adjusted(in billions USD) (with debt)
111.9 — 142.4
9
9
Rank
9
Year
2015
Purchaser
Cheung Kong Holdings
Purchased
Hutchison Whampoa
Transaction value(in billions USD) (with debt)
85.0
Inflation adjusted(in billions USD) (with debt)
112.8
10
10
Rank
10
Year
2015
Purchaser
Charter Communications
Purchased
Time Warner Cable
Transaction value(in billions USD) (with debt)
78.7
Inflation adjusted(in billions USD) (with debt)
104.4
11
11
Rank
11
Year
2019
Purchaser
Bristol-Myers Squibb
Purchased
Celgene
Transaction value(in billions USD) (with debt)
74.0 — 95.0
Inflation adjusted(in billions USD) (with debt)
91 — 116.8
12
12
Rank
12
Year
2018
Purchaser
The Walt Disney Company
Purchased
21st Century Fox
Transaction value(in billions USD) (with debt)
71.3 — 85.1
Inflation adjusted(in billions USD) (with debt)
89.3 — 106.6
13
13
Rank
13
Year
2014
Purchaser
Kinder Morgan
Purchased
Kinder Morgan Energy Partners Kinder Morgan Management El Paso Pipeline Partners
Transaction value(in billions USD) (with debt)
71.0
Inflation adjusted(in billions USD) (with debt)
94.3
14
14
Rank
14
Year
2015
Purchaser
Actavis
Purchased
Allergan, Inc
Transaction value(in billions USD) (with debt)
70.5
Inflation adjusted(in billions USD) (with debt)
93.5
15
15
Rank
15
Year
2015
Purchaser
Royal Dutch Shell
Purchased
BG Group
Transaction value(in billions USD) (with debt)
70.0 — 81.9
Inflation adjusted(in billions USD) (with debt)
92.9 — 108.6
16
16
Rank
16
Year
2019
Purchaser
Saudi Aramco
Purchased
SABIC
Transaction value(in billions USD) (with debt)
69.1
Inflation adjusted(in billions USD) (with debt)
85
17
17
Rank
17
Year
2017
Purchaser
CVS Health
Purchased
Aetna
Transaction value(in billions USD) (with debt)
69.0
Inflation adjusted(in billions USD) (with debt)
88.5
18
18
Rank
18
Year
2015
Purchaser
Dell
Purchased
EMC Corporation
Transaction value(in billions USD) (with debt)
67.0
Inflation adjusted(in billions USD) (with debt)
88.9
19
19
Rank
19
Year
2018
Purchaser
Takeda Pharmaceutical
Purchased
Shire plc
Transaction value(in billions USD) (with debt)
64.3
Inflation adjusted(in billions USD) (with debt)
80.5
20
20
Rank
20
Year
2019
Purchaser
AbbVie
Purchased
Allergan plc
Transaction value(in billions USD) (with debt)
63.0
Inflation adjusted(in billions USD) (with debt)
77.5
21
21
Rank
21
Year
2019
Purchaser
GlaxoSmithKline (Consumer Health Unit)
Purchased
Pfizer (Consumer Health Unit)
Transaction value(in billions USD) (with debt)
62.8
Inflation adjusted(in billions USD) (with debt)
77.2
22
22
Rank
22
Year
2014
Purchaser
Holcim
Purchased
Lafarge S.A.
Transaction value(in billions USD) (with debt)
60.0
Inflation adjusted(in billions USD) (with debt)
79.7
23
23
Rank
23
Year
2017
Purchaser
Essilor
Purchased
Luxottica
Transaction value(in billions USD) (with debt)
58.5
Inflation adjusted(in billions USD) (with debt)
75
24
24
Rank
24
Year
2013
Purchaser
Rosneft
Purchased
TNK-BP
Transaction value(in billions USD) (with debt)
55.0
Inflation adjusted(in billions USD) (with debt)
74.2
25
25
Rank
25
Year
2016
Purchaser
Bayer
Purchased
Monsanto
Transaction value(in billions USD) (with debt)
54.5 — 63.5
Inflation adjusted(in billions USD) (with debt)
71.4 — 83.2
26
26
Rank
26
Year
2018
Purchaser
Cigna
Purchased
Express Scripts
Transaction value(in billions USD) (with debt)
54.0 — 67.0
Inflation adjusted(in billions USD) (with debt)
67.6 — 83.9
27
27
Rank
27
Year
2019
Purchaser
Groupe PSA
Purchased
Fiat Chrysler
Transaction value(in billions USD) (with debt)
50.0
Inflation adjusted(in billions USD) (with debt)
61.5
28
28
Rank
28
Year
2014
Purchaser
AT&T
Purchased
DirecTV
Transaction value(in billions USD) (with debt)
49.0 — 67.1
Inflation adjusted(in billions USD) (with debt)
65.1 — 89.1
29
29
Rank
29
Year
2017
Purchaser
British American Tobacco
Purchased
R. J. Reynolds Tobacco Company
Transaction value(in billions USD) (with debt)
49.0
Inflation adjusted(in billions USD) (with debt)
62.9
30
30
Rank
30
Year
2019
Purchaser
DuPont (Nutrition & Biosciences Division)
Purchased
International Flavors & Fragrances
Transaction value(in billions USD) (with debt)
45.4
Inflation adjusted(in billions USD) (with debt)
55.8
31
31
Rank
31
Year
2016
Purchaser
ChemChina
Purchased
Syngenta
Transaction value(in billions USD) (with debt)
43.0
Inflation adjusted(in billions USD) (with debt)
56.3
32
32
Rank
32
Year
2014
Purchaser
Medtronic
Purchased
Covidien
Transaction value(in billions USD) (with debt)
42.9
Inflation adjusted(in billions USD) (with debt)
57
33
33
Rank
33
Year
2015
Purchaser
Teva Pharmaceutical Industries
Purchased
Allergan plc ( Actavis Generics)
Transaction value(in billions USD) (with debt)
40.5
Inflation adjusted(in billions USD) (with debt)
53.7
34
34
Rank
34
Year
2018
Purchaser
Comcast Corporation
Purchased
Sky plc
Transaction value(in billions USD) (with debt)
39.0
Inflation adjusted(in billions USD) (with debt)
48.8
35
35
Rank
35
Year
2018
Purchaser
E.ON SE
Purchased
Innogy SE
Transaction value(in billions USD) (with debt)
38.5
Inflation adjusted(in billions USD) (with debt)
48.2
36
36
Rank
36
Year
2019
Purchaser
Occidental Petroleum Corp
Purchased
Anadarko Petroleum
Transaction value(in billions USD) (with debt)
38.0 — 57.0
Inflation adjusted(in billions USD) (with debt)
46.7 — 70.1
37
37
Rank
37
Year
2015
Purchaser
Berkshire Hathaway
Purchased
Precision Castparts
Transaction value(in billions USD) (with debt)
37.2
Inflation adjusted(in billions USD) (with debt)
49.3
38
38
Rank
38
Year
2015
Purchaser
Avago Technologies
Purchased
Broadcom Corporation
Transaction value(in billions USD) (with debt)
37.0
Inflation adjusted(in billions USD) (with debt)
49.1
39
39
Rank
39
Year
2018
Purchaser
T-Mobile US
Purchased
Sprint Corporation
Transaction value(in billions USD) (with debt)
37.0
Inflation adjusted(in billions USD) (with debt)
46.3
40
40
Rank
40
Year
2019
Purchaser
Fidelity National Information Services
Purchased
Worldpay, Inc.
Transaction value(in billions USD) (with debt)
35.0 — 43
Inflation adjusted(in billions USD) (with debt)
43 — 52.9
41
41
Rank
41
Year
2018
Purchaser
Harris Corporation
Purchased
L3 Technologies
Transaction value(in billions USD) (with debt)
34.0
Inflation adjusted(in billions USD) (with debt)
42.6
42
42
Rank
42
Year
2018
Purchaser
IBM
Purchased
Red Hat
Transaction value(in billions USD) (with debt)
34.0
Inflation adjusted(in billions USD) (with debt)
42.6
43
43
Rank
43
Year
2016
Purchaser
Shire plc
Purchased
Baxalta
Transaction value(in billions USD) (with debt)
32.0 — 35
Inflation adjusted(in billions USD) (with debt)
41.9 — 45.9
44
44
Rank
44
Year
2016
Purchaser
Softbank Group
Purchased
Arm Holdings
Transaction value(in billions USD) (with debt)
31.4
Inflation adjusted(in billions USD) (with debt)
41.1
45
45
Rank
45
Year
2012
Purchaser
Glencore
Purchased
Xstrata
Transaction value(in billions USD) (with debt)
31.0
Inflation adjusted(in billions USD) (with debt)
42.5
46
46
Rank
46
Year
2010
Purchaser
GDF Suez
Purchased
International Power
Transaction value(in billions USD) (with debt)
30.0
Inflation adjusted(in billions USD) (with debt)
43.3
47
47
Rank
47
Year
2016
Purchaser
General Electric ( GE Oil and Gas)
Purchased
Baker Hughes
Transaction value(in billions USD) (with debt)
30.0
Inflation adjusted(in billions USD) (with debt)
39.3
48
48
Rank
48
Year
2017
Purchaser
United Technologies
Purchased
Rockwell Collins
Transaction value(in billions USD) (with debt)
30.0
Inflation adjusted(in billions USD) (with debt)
38.5
49
49
Rank
49
Year
2017
Purchaser
Johnson & Johnson
Purchased
Actelion
Transaction value(in billions USD) (with debt)
30.0
Inflation adjusted(in billions USD) (with debt)
38.5
50
50
Rank
50
Year
2019
Purchaser
Yahoo! Japan
Purchased
Line Corporation
Transaction value(in billions USD) (with debt)
30.0
Inflation adjusted(in billions USD) (with debt)
36.9
51
51
Rank
51
Year
2012
Purchaser
T-Mobile US
Purchased
MetroPCS
Transaction value(in billions USD) (with debt)
29.6
Inflation adjusted(in billions USD) (with debt)
40.5
52
52
Rank
52
Year
2011
Purchaser
Express Scripts
Purchased
Medco Health Solutions
Transaction value(in billions USD) (with debt)
29.1
Inflation adjusted(in billions USD) (with debt)
40.7
53
53
Rank
53
Year
2015
Purchaser
ACE Ltd
Purchased
Chubb Corporation
Transaction value(in billions USD) (with debt)
28.3
Inflation adjusted(in billions USD) (with debt)
37.5
54
54
Rank
54
Year
2016
Purchaser
Enbridge
Purchased
Spectra Energy
Transaction value(in billions USD) (with debt)
28.0
Inflation adjusted(in billions USD) (with debt)
36.7
55
55
Rank
55
Year
2019
Purchaser
BB&T
Purchased
SunTrust Banks
Transaction value(in billions USD) (with debt)
28.0
Inflation adjusted(in billions USD) (with debt)
34.4
56
56
Rank
56
Year
2014
Purchaser
Reynolds American
Purchased
Lorillard Tobacco Company
Transaction value(in billions USD) (with debt)
27.4
Inflation adjusted(in billions USD) (with debt)
36.4
57
57
Rank
57
Year
2016
Purchaser
Agrium
Purchased
Potash Corp of Saskatchewan Inc
Transaction value(in billions USD) (with debt)
27.0
Inflation adjusted(in billions USD) (with debt)
35.4
58
58
Rank
58
Year
2019
Purchaser
London Stock Exchange Group
Purchased
Refinitiv
Transaction value(in billions USD) (with debt)
27.0
Inflation adjusted(in billions USD) (with debt)
33.2
59
59
Rank
59
Year
2016
Purchaser
Microsoft
Purchased
LinkedIn Corp
Transaction value(in billions USD) (with debt)
26.2
Inflation adjusted(in billions USD) (with debt)
34.3
60
60
Rank
60
Year
2011
Purchaser
Duke Energy
Purchased
Progress Energy Inc
Transaction value(in billions USD) (with debt)
26.0
Inflation adjusted(in billions USD) (with debt)
36.3
61
61
Rank
61
Year
2019
Purchaser
Charles Schwab
Purchased
TD Ameritrade
Transaction value(in billions USD) (with debt)
26.0
Inflation adjusted(in billions USD) (with debt)
32
62
62
Rank
62
Year
2014
Purchaser
Actavis
Purchased
Forest Laboratories
Transaction value(in billions USD) (with debt)
25.0
Inflation adjusted(in billions USD) (with debt)
33.2
63
63
Rank
63
Year
2015
Purchaser
Enbridge Income Fund
Purchased
Enbridge (Canadian liquids pipeline business & certain renewable energy assets)
Transaction value(in billions USD) (with debt)
25.0
Inflation adjusted(in billions USD) (with debt)
33.2
64
64
Rank
64
Year
2016
Purchaser
Abbott Laboratories
Purchased
St Jude Medical
Transaction value(in billions USD) (with debt)
25.0 — 30.5
Inflation adjusted(in billions USD) (with debt)
32.8 — 40
65
65
Rank
65
Year
2019
Purchaser
Viacom
Purchased
CBS Corporation
Transaction value(in billions USD) (with debt)
25.0
Inflation adjusted(in billions USD) (with debt)
30.7
66
66
Rank
66
Year
2019
Purchaser
Pfizer (Upjohn Off-Patent Medicine Division)
Purchased
Mylan
Transaction value(in billions USD) (with debt)
25.0
Inflation adjusted(in billions USD) (with debt)
30.7
67
67
Rank
67
Year
2017
Purchaser
Unibail-Rodamco SE
Purchased
Westfield Corporation
Transaction value(in billions USD) (with debt)
24.7
Inflation adjusted(in billions USD) (with debt)
31.7
68
68
Rank
68
Year
2013
Purchaser
Michael Dell Silver Lake Partners
Purchased
Dell
Transaction value(in billions USD) (with debt)
24.4
Inflation adjusted(in billions USD) (with debt)
32.9
69
69
Rank
69
Year
2010
Purchaser
CenturyLink
Purchased
Qwest Corporation
Transaction value(in billions USD) (with debt)
24.0
Inflation adjusted(in billions USD) (with debt)
34.6
70
70
Rank
70
Year
2012
Purchaser
Ministry of Economy
Purchased
Bankia
Transaction value(in billions USD) (with debt)
24.0
Inflation adjusted(in billions USD) (with debt)
32.9
71
71
Rank
71
Year
2015
Purchaser
VimpelCom (Italian Assets)
Purchased
CK Hutchison Holdings (Italian Assets)
Transaction value(in billions USD) (with debt)
24.0
Inflation adjusted(in billions USD) (with debt)
31.8
72
72
Rank
72
Year
2016
Purchaser
CenturyLink
Purchased
Level 3 Communications
Transaction value(in billions USD) (with debt)
24.0
Inflation adjusted(in billions USD) (with debt)
31.4
73
73
Rank
73
Year
2017
Purchaser
Becton, Dickinson and Company
Purchased
C. R. Bard
Transaction value(in billions USD) (with debt)
24.0
Inflation adjusted(in billions USD) (with debt)
30.8
74
74
Rank
74
Year
2018
Purchaser
Dell
Purchased
VMware
Transaction value(in billions USD) (with debt)
23.9
Inflation adjusted(in billions USD) (with debt)
29.9
75
75
Rank
75
Year
2013
Purchaser
Liberty Global
Purchased
Virgin Media
Transaction value(in billions USD) (with debt)
23.3
Inflation adjusted(in billions USD) (with debt)
31.5
76
76
Rank
76
Year
2017
Purchaser
Visa Inc.
Purchased
Visa Europe
Transaction value(in billions USD) (with debt)
23.3
Inflation adjusted(in billions USD) (with debt)
29.9
77
77
Rank
77
Year
2013
Purchaser
Berkshire Hathaway 3G Capital
Purchased
Heinz
Transaction value(in billions USD) (with debt)
23.0
Inflation adjusted(in billions USD) (with debt)
31
78
78
Rank
78
Year
2014
Purchaser
Numericable
Purchased
SFR
Transaction value(in billions USD) (with debt)
23.0
Inflation adjusted(in billions USD) (with debt)
30.5
79
79
Rank
79
Year
2017
Purchaser
Vodafone Group (Indian Operations)
Purchased
Idea Cellular
Transaction value(in billions USD) (with debt)
23.0
Inflation adjusted(in billions USD) (with debt)
29.5
80
80
Rank
80
Year
2018
Purchaser
Marathon Petroleum Corp
Purchased
Andeavor
Transaction value(in billions USD) (with debt)
23.0 — 35.6
Inflation adjusted(in billions USD) (with debt)
28.8 — 44.6
81
81
Rank
81
Year
2012
Purchaser
Nippon Steel
Purchased
Sumitomo Metal Industries
Transaction value(in billions USD) (with debt)
22.45
Inflation adjusted(in billions USD) (with debt)
30.7
82
82
Rank
82
Year
2014
Purchaser
Facebook, Inc
Purchased
WhatsApp Inc.
Transaction value(in billions USD) (with debt)
22.0
Inflation adjusted(in billions USD) (with debt)
29.2
83
83
Rank
83
Year
2018
Purchaser
Atlantia Grupo ACS
Purchased
Abertis
Transaction value(in billions USD) (with debt)
22.0
Inflation adjusted(in billions USD) (with debt)
27.5
84
84
Rank
84
Year
2019
Purchaser
Fiserv
Purchased
First Data
Transaction value(in billions USD) (with debt)
22.0
Inflation adjusted(in billions USD) (with debt)
27.1
85
85
Rank
85
Year
2018
Purchaser
Vodafone Group
Purchased
Liberty Global (Germany & Eastern Europe Ops)
Transaction value(in billions USD) (with debt)
21.8
Inflation adjusted(in billions USD) (with debt)
27.3
86
86
Rank
86
Year
2012
Purchaser
Softbank Group
Purchased
Sprint Corporation
Transaction value(in billions USD) (with debt)
21.6
Inflation adjusted(in billions USD) (with debt)
29.6
87
87
Rank
87
Year
2010
Purchaser
VimpelCom
Purchased
Weather Investments
Transaction value(in billions USD) (with debt)
21.5
Inflation adjusted(in billions USD) (with debt)
31
88
88
Rank
88
Year
2019
Purchaser
Global Payments
Purchased
TSYS
Transaction value(in billions USD) (with debt)
21.5
Inflation adjusted(in billions USD) (with debt)
26.4
89
89
Rank
89
Year
2019
Purchaser
Danaher Corporation
Purchased
GE (Biopharma Division)
Transaction value(in billions USD) (with debt)
21.4
Inflation adjusted(in billions USD) (with debt)
26.3
90
90
Rank
90
Year
2011
Purchaser
Johnson & Johnson
Purchased
Synthes
Transaction value(in billions USD) (with debt)
21.3
Inflation adjusted(in billions USD) (with debt)
29.8
91
91
Rank
91
Year
2010
Purchaser
América Móvil
Purchased
Telmex
Transaction value(in billions USD) (with debt)
21.0
Inflation adjusted(in billions USD) (with debt)
30.3
92
92
Rank
92
Year
2011
Purchaser
Kinder Morgan
Purchased
El Paso Corporation
Transaction value(in billions USD) (with debt)
21.0
Inflation adjusted(in billions USD) (with debt)
29.4
93
93
Rank
93
Year
2015
Purchaser
MPLX
Purchased
MarkWest Energy
Transaction value(in billions USD) (with debt)
21.0
Inflation adjusted(in billions USD) (with debt)
27.9
94
94
Rank
94
Year
2015
Purchaser
AbbVie
Purchased
Pharmacyclics
Transaction value(in billions USD) (with debt)
21.0
Inflation adjusted(in billions USD) (with debt)
27.9
95
95
Rank
95
Year
2018
Purchaser
Keurig Green Mountain
Purchased
Dr Pepper Snapple Group
Transaction value(in billions USD) (with debt)
21.0
Inflation adjusted(in billions USD) (with debt)
26.3
96
96
Rank
96
Year
2011
Purchaser
Sanofi
Purchased
Genzyme
Transaction value(in billions USD) (with debt)
20.1
Inflation adjusted(in billions USD) (with debt)
28.1
97
97
Rank
97
Year
2012
Purchaser
AB InBev
Purchased
Grupo Modelo
Transaction value(in billions USD) (with debt)
20.1
Inflation adjusted(in billions USD) (with debt)
27.5
98
98
Rank
98
Year
2016
Purchaser
Energy Transfer Partners
Purchased
Sunoco Logistics Partners
Transaction value(in billions USD) (with debt)
20.0
Inflation adjusted(in billions USD) (with debt)
26.2
99
99
Rank
99
Year
2016
Purchaser
SACAM Mutualisation
Purchased
Crédit Agricole (39 Regional Operators)
Transaction value(in billions USD) (with debt)
20.0
Inflation adjusted(in billions USD) (with debt)
26.2
100
100
Rank
100
Year
2018
Purchaser
The Blackstone Group
Purchased
Thomson Reuters (Financial & Risk Unit)
Transaction value(in billions USD) (with debt)
20.0
Inflation adjusted(in billions USD) (with debt)
25
| Rank | Year | Purchaser | Purchased | Transaction value(in billions USD) (with debt) | Inflation adjusted(in billions USD) (with debt) | Ref |
| 1 | 2013 | Verizon Communications | Vodafone Group (Remaining Verizon Wireless 45% Stake) | 130.0 | 175.5 | |
| 2 | 2015 | Dow Chemical | E. I. du Pont de Nemours and Company | 130.0 | 172.5 | |
| 3 | 2019 | United Technologies (Aerospace Division) | Raytheon | 121.0 | 148.8 | |
| 4 | 2015 | AB InBev | SABMiller | 107.0 | 141.9 | |
| 5 | 2015 | Heinz | Kraft | 100.0 | 132.7 | |
| 6 | 2018 | Energy Transfer Equity | Energy Transfer Partners | 90.0 | 112.7 | |
| 7 | 2017 | Linde AG | Praxair | 86.0 | 110.3 | |
| 8 | 2016 | AT&T | Time Warner | 85.4 — 108.7 | 111.9 — 142.4 | |
| 9 | 2015 | Cheung Kong Holdings | Hutchison Whampoa | 85.0 | 112.8 | |
| 10 | 2015 | Charter Communications | Time Warner Cable | 78.7 | 104.4 | |
| 11 | 2019 | Bristol-Myers Squibb | Celgene | 74.0 — 95.0 | 91 — 116.8 | |
| 12 | 2018 | The Walt Disney Company | 21st Century Fox | 71.3 — 85.1 | 89.3 — 106.6 | |
| 13 | 2014 | Kinder Morgan | Kinder Morgan Energy Partners Kinder Morgan Management El Paso Pipeline Partners | 71.0 | 94.3 | |
| 14 | 2015 | Actavis | Allergan, Inc | 70.5 | 93.5 | |
| 15 | 2015 | Royal Dutch Shell | BG Group | 70.0 — 81.9 | 92.9 — 108.6 | |
| 16 | 2019 | Saudi Aramco | SABIC | 69.1 | 85 | |
| 17 | 2017 | CVS Health | Aetna | 69.0 | 88.5 | |
| 18 | 2015 | Dell | EMC Corporation | 67.0 | 88.9 | |
| 19 | 2018 | Takeda Pharmaceutical | Shire plc | 64.3 | 80.5 | |
| 20 | 2019 | AbbVie | Allergan plc | 63.0 | 77.5 | |
| 21 | 2019 | GlaxoSmithKline (Consumer Health Unit) | Pfizer (Consumer Health Unit) | 62.8 | 77.2 | |
| 22 | 2014 | Holcim | Lafarge S.A. | 60.0 | 79.7 | |
| 23 | 2017 | Essilor | Luxottica | 58.5 | 75 | |
| 24 | 2013 | Rosneft | TNK-BP | 55.0 | 74.2 | |
| 25 | 2016 | Bayer | Monsanto | 54.5 — 63.5 | 71.4 — 83.2 | |
| 26 | 2018 | Cigna | Express Scripts | 54.0 — 67.0 | 67.6 — 83.9 | |
| 27 | 2019 | Groupe PSA | Fiat Chrysler | 50.0 | 61.5 | |
| 28 | 2014 | AT&T | DirecTV | 49.0 — 67.1 | 65.1 — 89.1 | |
| 29 | 2017 | British American Tobacco | R. J. Reynolds Tobacco Company | 49.0 | 62.9 | |
| 30 | 2019 | DuPont (Nutrition & Biosciences Division) | International Flavors & Fragrances | 45.4 | 55.8 | |
| 31 | 2016 | ChemChina | Syngenta | 43.0 | 56.3 | |
| 32 | 2014 | Medtronic | Covidien | 42.9 | 57 | |
| 33 | 2015 | Teva Pharmaceutical Industries | Allergan plc ( Actavis Generics) | 40.5 | 53.7 | |
| 34 | 2018 | Comcast Corporation | Sky plc | 39.0 | 48.8 | |
| 35 | 2018 | E.ON SE | Innogy SE | 38.5 | 48.2 | |
| 36 | 2019 | Occidental Petroleum Corp | Anadarko Petroleum | 38.0 — 57.0 | 46.7 — 70.1 | |
| 37 | 2015 | Berkshire Hathaway | Precision Castparts | 37.2 | 49.3 | |
| 38 | 2015 | Avago Technologies | Broadcom Corporation | 37.0 | 49.1 | |
| 39 | 2018 | T-Mobile US | Sprint Corporation | 37.0 | 46.3 | |
| 40 | 2019 | Fidelity National Information Services | Worldpay, Inc. | 35.0 — 43 | 43 — 52.9 | |
| 41 | 2018 | Harris Corporation | L3 Technologies | 34.0 | 42.6 | |
| 42 | 2018 | IBM | Red Hat | 34.0 | 42.6 | |
| 43 | 2016 | Shire plc | Baxalta | 32.0 — 35 | 41.9 — 45.9 | |
| 44 | 2016 | Softbank Group | Arm Holdings | 31.4 | 41.1 | |
| 45 | 2012 | Glencore | Xstrata | 31.0 | 42.5 | |
| 46 | 2010 | GDF Suez | International Power | 30.0 | 43.3 | |
| 47 | 2016 | General Electric ( GE Oil and Gas) | Baker Hughes | 30.0 | 39.3 | |
| 48 | 2017 | United Technologies | Rockwell Collins | 30.0 | 38.5 | |
| 49 | 2017 | Johnson & Johnson | Actelion | 30.0 | 38.5 |
Key · Free market enterprises › 2020s
| † | Pending |
· Free market enterprises › 2020s
1 †
1 †
Rank
1 †
Year
2025
Purchaser
Union Pacific Railroad
Purchased
Norfolk Southern Railway
Transaction value(in billions USD) (with debt)
85.0
Inflation adjusted(in billions USD) (with debt)
85
2
2
Rank
2
Year
2020
Purchaser
Unilever plc
Purchased
Unilever N.V.
Transaction value(in billions USD) (with debt)
81.0
Inflation adjusted(in billions USD) (with debt)
98.4
3
3
Rank
3
Year
2021
Purchaser
BHP Group Limited
Purchased
BHP Group plc
Transaction value(in billions USD) (with debt)
80.7
Inflation adjusted(in billions USD) (with debt)
93.6
4
4
Rank
4
Year
2021
Purchaser
Royal Dutch Shell plc
Purchased
Royal Dutch Shell N.V.
Transaction value(in billions USD) (with debt)
71.5
Inflation adjusted(in billions USD) (with debt)
83
5
5
Rank
5
Year
2022
Purchaser
Microsoft
Purchased
Activision Blizzard
Transaction value(in billions USD) (with debt)
68.7
Inflation adjusted(in billions USD) (with debt)
73.8
6
6
Rank
6
Year
2022
Purchaser
Broadcom Inc.
Purchased
VMware
Transaction value(in billions USD) (with debt)
61.0 — 69.0
Inflation adjusted(in billions USD) (with debt)
65.5 — 74.1
7
7
Rank
7
Year
2022
Purchaser
HDFC Bank
Purchased
Housing Development Finance Corporation
Transaction value(in billions USD) (with debt)
60.0
Inflation adjusted(in billions USD) (with debt)
64.5
8 †
8 †
Rank
8 †
Year
2025
Purchaser
OMV (Borealis 75% stake) ADNOC ( Borealis 25% stake)
Purchased
ADNOC (Borouge 54% stake) Borealis ( Borouge 36% stake)
Transaction value(in billions USD) (with debt)
60.0
Inflation adjusted(in billions USD) (with debt)
60
9
9
Rank
9
Year
2023
Purchaser
ExxonMobil
Purchased
Pioneer Natural Resources
Transaction value(in billions USD) (with debt)
59.5 — 64.5
Inflation adjusted(in billions USD) (with debt)
61.4 — 66.6
10
10
Rank
10
Year
2022
Purchaser
Edizione Blackstone Inc.
Purchased
Atlantia
Transaction value(in billions USD) (with debt)
56.32
Inflation adjusted(in billions USD) (with debt)
60.5
11 †
11 †
Rank
11 †
Year
2025
Purchaser
Public Investment Fund Silver Lake Affinity Partners
Purchased
Electronic Arts
Transaction value(in billions USD) (with debt)
55.0
Inflation adjusted(in billions USD) (with debt)
55
12
12
Rank
12
Year
2023
Purchaser
Chevron Corporation
Purchased
Hess Corporation
Transaction value(in billions USD) (with debt)
53.0 — 60.0
Inflation adjusted(in billions USD) (with debt)
54.7 — 61.9
13 †
13 †
Rank
13 †
Year
2025
Purchaser
Anglo American plc
Purchased
Teck Resources
Transaction value(in billions USD) (with debt)
53.0
Inflation adjusted(in billions USD) (with debt)
53
14 †
14 †
Rank
14 †
Year
2025
Purchaser
Kimberly-Clark
Purchased
Kenvue
Transaction value(in billions USD) (with debt)
48.7
Inflation adjusted(in billions USD) (with debt)
48.7
15
15
Rank
15
Year
2020
Purchaser
S&P Global
Purchased
IHS Markit
Transaction value(in billions USD) (with debt)
44.0
Inflation adjusted(in billions USD) (with debt)
53.5
16
16
Rank
16
Year
2022
Purchaser
Elon Musk
Purchased
Twitter, Inc.
Transaction value(in billions USD) (with debt)
44.0
Inflation adjusted(in billions USD) (with debt)
47.3
17
17
Rank
17
Year
2021
Purchaser
Discovery, Inc.
Purchased
AT&T ( WarnerMedia)
Transaction value(in billions USD) (with debt)
43.0
Inflation adjusted(in billions USD) (with debt)
49.9
18
18
Rank
18
Year
2023
Purchaser
Pfizer
Purchased
Seagen
Transaction value(in billions USD) (with debt)
43.0
Inflation adjusted(in billions USD) (with debt)
44.4
19
19
Rank
19
Year
2020
Purchaser
Nippon Telegraph and Telephone
Purchased
NTT Docomo
Transaction value(in billions USD) (with debt)
40.0
Inflation adjusted(in billions USD) (with debt)
48.6
20 †
20 †
Rank
20 †
Year
2025
Purchaser
AI Infrastructure Partnership
Microsoft
Nvidia
BlackRock
BlackRock ( Global Infrastructure Partners)
xAI
MGX Fund Management Limited
Temasek
Purchased
Macquarie Group ( Aligned Data Centers)
Transaction value(in billions USD) (with debt)
40.0
Inflation adjusted(in billions USD) (with debt)
40
21
21
Rank
21
Year
2020
Purchaser
AstraZeneca
Purchased
Alexion Pharmaceuticals
Transaction value(in billions USD) (with debt)
39.0
Inflation adjusted(in billions USD) (with debt)
47.4
22
22
Rank
22
Year
2020
Purchaser
Liberty Global ( Virgin Media)
Purchased
Telefónica ( O2)
Transaction value(in billions USD) (with debt)
38.0
Inflation adjusted(in billions USD) (with debt)
46.2
23
23
Rank
23
Year
2024
Purchaser
Capital One
Purchased
Discover Financial
Transaction value(in billions USD) (with debt)
35.3
Inflation adjusted(in billions USD) (with debt)
35.3
24
24
Rank
24
Year
2020
Purchaser
Advanced Micro Devices
Purchased
Xilinx
Transaction value(in billions USD) (with debt)
35.0
Inflation adjusted(in billions USD) (with debt)
42.5
25
25
Rank
25
Year
2024
Purchaser
Synopsys
Purchased
Ansys
Transaction value(in billions USD) (with debt)
35.0
Inflation adjusted(in billions USD) (with debt)
35
26
26
Rank
26
Year
2021
Purchaser
Blackstone Inc The Carlyle Group Hellman & Friedman
Purchased
Medline Industries
Transaction value(in billions USD) (with debt)
34.0
Inflation adjusted(in billions USD) (with debt)
39.5
27
27
Rank
27
Year
2023
Purchaser
Bunge Limited
Purchased
Viterra
Transaction value(in billions USD) (with debt)
34.0
Inflation adjusted(in billions USD) (with debt)
35.1
28
28
Rank
28
Year
2025
Purchaser
xAI
Purchased
X Corp.
Transaction value(in billions USD) (with debt)
33.0 — 45.0
Inflation adjusted(in billions USD) (with debt)
33 — 45
29 †
29 †
Rank
29 †
Year
2025
Purchaser
Toyota Motor Corporation
Purchased
Toyota Industries
Transaction value(in billions USD) (with debt)
33.0
Inflation adjusted(in billions USD) (with debt)
33
30 †
30 †
Rank
30 †
Year
2025
Purchaser
Alphabet Inc.
Purchased
Wiz, Inc.
Transaction value(in billions USD) (with debt)
32.0
Inflation adjusted(in billions USD) (with debt)
32
31
31
Rank
31
Year
2021
Purchaser
Canadian Pacific Railway
Purchased
Kansas City Southern
Transaction value(in billions USD) (with debt)
31.0
Inflation adjusted(in billions USD) (with debt)
36
32
32
Rank
32
Year
2021
Purchaser
AerCap
Purchased
General Electric ( GECAS)
Transaction value(in billions USD) (with debt)
30.0
Inflation adjusted(in billions USD) (with debt)
34.8
33 †
33 †
Rank
33 †
Year
2024
Purchaser
Mars Inc.
Purchased
Kellanova
Transaction value(in billions USD) (with debt)
30.0 — 35.9
Inflation adjusted(in billions USD) (with debt)
30 — 35.9
34
34
Rank
34
Year
2021
Purchaser
Square, Inc.
Purchased
Afterpay
Transaction value(in billions USD) (with debt)
29.0
Inflation adjusted(in billions USD) (with debt)
33.7
35
35
Rank
35
Year
2021
Purchaser
Oracle Corporation
Purchased
Cerner Corporation
Transaction value(in billions USD) (with debt)
28.3
Inflation adjusted(in billions USD) (with debt)
32.8
36
36
Rank
36
Year
2023
Purchaser
Cisco
Purchased
Splunk
Transaction value(in billions USD) (with debt)
28.0
Inflation adjusted(in billions USD) (with debt)
28.9
37
37
Rank
37
Year
2022
Purchaser
Amgen
Purchased
Horizon Therapeutics
Transaction value(in billions USD) (with debt)
27.8
Inflation adjusted(in billions USD) (with debt)
29.9
38
38
Rank
38
Year
2020
Purchaser
Salesforce.com
Purchased
Slack Technologies
Transaction value(in billions USD) (with debt)
27.7
Inflation adjusted(in billions USD) (with debt)
33.7
39
39
Rank
39
Year
2022
Purchaser
Prologis
Purchased
Duke Realty
Transaction value(in billions USD) (with debt)
26.0
Inflation adjusted(in billions USD) (with debt)
27.9
40
40
Rank
40
Year
2024
Purchaser
Diamondback Energy
Purchased
Endeavor Energy Resources
Transaction value(in billions USD) (with debt)
26.0
Inflation adjusted(in billions USD) (with debt)
26
41 †
41 †
Rank
41 †
Year
2025
Purchaser
Palo Alto Networks
Purchased
CyberArk
Transaction value(in billions USD) (with debt)
25.0
Inflation adjusted(in billions USD) (with debt)
25
42 †
42 †
Rank
42 †
Year
2025
Purchaser
Global Payments
Purchased
GTCR (Worldpay 55% stake) FIS ( Worldpay 45% stake)
Transaction value(in billions USD) (with debt)
24.25
Inflation adjusted(in billions USD) (with debt)
24.3
43 †
43 †
Rank
43 †
Year
2025
Purchaser
AT&T
Purchased
EchoStar (Various Wireless Spectrum Licenses)
Transaction value(in billions USD) (with debt)
23.0
Inflation adjusted(in billions USD) (with debt)
23
44
44
Rank
44
Year
2021
Purchaser
Vonovia
Purchased
Deutsche Wohnen
Transaction value(in billions USD) (with debt)
22.7
Inflation adjusted(in billions USD) (with debt)
26.3
45
45
Rank
45
Year
2020
Purchaser
Huntington Bancshares
Purchased
TCF Financial Corporation
Transaction value(in billions USD) (with debt)
22.0
Inflation adjusted(in billions USD) (with debt)
26.7
46 †
46 †
Rank
46 †
Year
2025
Purchaser
Charter Communications
Purchased
Cox Enterprises ( Cox Communications)
Transaction value(in billions USD) (with debt)
21.9 — 34.5
Inflation adjusted(in billions USD) (with debt)
21.9 — 34.5
47
47
Rank
47
Year
2022
Purchaser
Orange S.A. ( Orange España)
Purchased
Grupo MásMóvil
Transaction value(in billions USD) (with debt)
21.3
Inflation adjusted(in billions USD) (with debt)
22.9
48
48
Rank
48
Year
2020
Purchaser
Analog Devices
Purchased
Maxim Integrated
Transaction value(in billions USD) (with debt)
21.0
Inflation adjusted(in billions USD) (with debt)
25.5
49
49
Rank
49
Year
2020
Purchaser
Seven & i Holdings
Purchased
Marathon Petroleum ( Speedway LLC)
Transaction value(in billions USD) (with debt)
21.0
Inflation adjusted(in billions USD) (with debt)
25.5
50
50
Rank
50
Year
2020
Purchaser
Gilead Sciences
Purchased
Immunomedics
Transaction value(in billions USD) (with debt)
21.0
Inflation adjusted(in billions USD) (with debt)
25.5
51
51
Rank
51
Year
2022
Purchaser
DSM
Purchased
Firmenich
Transaction value(in billions USD) (with debt)
21.0
Inflation adjusted(in billions USD) (with debt)
22.6
52
52
Rank
52
Year
2023
Purchaser
Endeavor Group ( Zuffa)
Purchased
WWE
Transaction value(in billions USD) (with debt)
21.0
Inflation adjusted(in billions USD) (with debt)
21.7
53
53
Rank
53
Year
2021
Purchaser
Rogers Communications
Purchased
Shaw Communications
Transaction value(in billions USD) (with debt)
20.8
Inflation adjusted(in billions USD) (with debt)
24.1
54
54
Rank
54
Year
2021
Purchaser
Roche
Purchased
Novartis (Entire 1/3 voting stake in Roche)
Transaction value(in billions USD) (with debt)
20.7
Inflation adjusted(in billions USD) (with debt)
24
55
55
Rank
55
Year
2020
Purchaser
Advent International Cinven RAG-Stiftung
Purchased
ThyssenKrupp (Elevator Division)
Transaction value(in billions USD) (with debt)
20.4
Inflation adjusted(in billions USD) (with debt)
24.8
56
56
Rank
56
Year
2023
Purchaser
KKR
Purchased
TIM Group (Fixed Line Network)
Transaction value(in billions USD) (with debt)
20.0
Inflation adjusted(in billions USD) (with debt)
20.6
| Rank | Year | Purchaser | Purchased | Transaction value(in billions USD) (with debt) | Inflation adjusted(in billions USD) (with debt) | Ref |
| 1 † | 2025 | Union Pacific Railroad | Norfolk Southern Railway | 85.0 | 85 | |
| 2 | 2020 | Unilever plc | Unilever N.V. | 81.0 | 98.4 | |
| 3 | 2021 | BHP Group Limited | BHP Group plc | 80.7 | 93.6 | |
| 4 | 2021 | Royal Dutch Shell plc | Royal Dutch Shell N.V. | 71.5 | 83 | |
| 5 | 2022 | Microsoft | Activision Blizzard | 68.7 | 73.8 | |
| 6 | 2022 | Broadcom Inc. | VMware | 61.0 — 69.0 | 65.5 — 74.1 | |
| 7 | 2022 | HDFC Bank | Housing Development Finance Corporation | 60.0 | 64.5 | |
| 8 † | 2025 | OMV (Borealis 75% stake) ADNOC ( Borealis 25% stake) | ADNOC (Borouge 54% stake) Borealis ( Borouge 36% stake) | 60.0 | 60 | |
| 9 | 2023 | ExxonMobil | Pioneer Natural Resources | 59.5 — 64.5 | 61.4 — 66.6 | |
| 10 | 2022 | Edizione Blackstone Inc. | Atlantia | 56.32 | 60.5 | |
| 11 † | 2025 | Public Investment Fund Silver Lake Affinity Partners | Electronic Arts | 55.0 | 55 | |
| 12 | 2023 | Chevron Corporation | Hess Corporation | 53.0 — 60.0 | 54.7 — 61.9 | |
| 13 † | 2025 | Anglo American plc | Teck Resources | 53.0 | 53 | |
| 14 † | 2025 | Kimberly-Clark | Kenvue | 48.7 | 48.7 | |
| 15 | 2020 | S&P Global | IHS Markit | 44.0 | 53.5 | |
| 16 | 2022 | Elon Musk | Twitter, Inc. | 44.0 | 47.3 | |
| 17 | 2021 | Discovery, Inc. | AT&T ( WarnerMedia) | 43.0 | 49.9 | |
| 18 | 2023 | Pfizer | Seagen | 43.0 | 44.4 | |
| 19 | 2020 | Nippon Telegraph and Telephone | NTT Docomo | 40.0 | 48.6 | |
| 20 † | 2025 | AI Infrastructure Partnership Microsoft Nvidia BlackRock BlackRock ( Global Infrastructure Partners) xAI MGX Fund Management Limited Temasek | Macquarie Group ( Aligned Data Centers) | 40.0 | 40 | |
| 21 | 2020 | AstraZeneca | Alexion Pharmaceuticals | 39.0 | 47.4 | |
| 22 | 2020 | Liberty Global ( Virgin Media) | Telefónica ( O2) | 38.0 | 46.2 | |
| 23 | 2024 | Capital One | Discover Financial | 35.3 | 35.3 | |
| 24 | 2020 | Advanced Micro Devices | Xilinx | 35.0 | 42.5 | |
| 25 | 2024 | Synopsys | Ansys | 35.0 | 35 | |
| 26 | 2021 | Blackstone Inc The Carlyle Group Hellman & Friedman | Medline Industries | 34.0 | 39.5 | |
| 27 | 2023 | Bunge Limited | Viterra | 34.0 | 35.1 | |
| 28 | 2025 | xAI | X Corp. | 33.0 — 45.0 | 33 — 45 | |
| 29 † | 2025 | Toyota Motor Corporation | Toyota Industries | 33.0 | 33 | |
| 30 † | 2025 | Alphabet Inc. | Wiz, Inc. | 32.0 | 32 | |
| 31 | 2021 | Canadian Pacific Railway | Kansas City Southern | 31.0 | 36 | |
| 32 | 2021 | AerCap | General Electric ( GECAS) | 30.0 | 34.8 | |
| 33 † | 2024 | Mars Inc. | Kellanova | 30.0 — 35.9 | 30 — 35.9 | |
| 34 | 2021 | Square, Inc. | Afterpay | 29.0 | 33.7 | |
| 35 | 2021 | Oracle Corporation | Cerner Corporation | 28.3 | 32.8 | |
| 36 | 2023 | Cisco | Splunk | 28.0 | 28.9 | |
| 37 | 2022 | Amgen | Horizon Therapeutics | 27.8 | 29.9 | |
| 38 | 2020 | Salesforce.com | Slack Technologies | 27.7 | 33.7 | |
| 39 | 2022 | Prologis | Duke Realty | 26.0 | 27.9 | |
| 40 | 2024 | Diamondback Energy | Endeavor Energy Resources | 26.0 | 26 | |
| 41 † | 2025 | Palo Alto Networks | CyberArk | 25.0 | 25 | |
| 42 † | 2025 | Global Payments | GTCR (Worldpay 55% stake) FIS ( Worldpay 45% stake) | 24.25 | 24.3 | |
| 43 † | 2025 | AT&T | EchoStar (Various Wireless Spectrum Licenses) | 23.0 | 23 | |
| 44 | 2021 | Vonovia | Deutsche Wohnen | 22.7 | 26.3 | |
| 45 | 2020 | Huntington Bancshares | TCF Financial Corporation | 22.0 | 26.7 | |
| 46 † | 2025 | Charter Communications | Cox Enterprises ( Cox Communications) | 21.9 — 34.5 | 21.9 — 34.5 | |
| 47 | 2022 | Orange S.A. ( Orange España) | Grupo MásMóvil | 21.3 | 22.9 | |
| 48 | 2020 | Analog Devices | Maxim Integrated | 21.0 | 25.5 | |
| 49 | 2020 | Seven & i Holdings | Marathon Petroleum ( Speedway LLC) | 21.0 | 25.5 |
· State-owned enterprises
1
1
Rank
1
Year
2017
Purchaser
Shenhua Group
Purchased
China Guodian Corporation
Total asset value(billions USD)
278.0
Inflation adjusted(billions USD)
356.6
Note
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.
2
2
Rank
2
Year
2015
Purchaser
China Minmetals
Purchased
China Metallurgical Group
Total asset value(billions USD)
245.6
Inflation adjusted(billions USD)
325.8
Note
In December 2016, China continued its consolidation drive, focusing 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.
3
3
Rank
3
Year
2017
Purchaser
Sinograin
Purchased
China National Cotton Reserves Corp.
Total asset value(billions USD)
213.0
Inflation adjusted(billions USD)
273.2
Note
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.
4
4
Rank
4
Year
2018
Purchaser
ChemChina
Purchased
Sinochem
Total asset value(billions USD)
120.0
Inflation adjusted(billions USD)
150.3
Note
Merger of the Chinese state-controlled ChemChina and Sinochem in a deal reported to be worth $120 billion. The merger would create the largest entity in the industrial chemicals industry, overtaking BASF. In January 2020 ChemChina and Sinochem consolidated their agricultural assets into a new holding company, to be called Syngenta Group.
5
5
Rank
5
Year
2015
Purchaser
China Power Investment
Purchased
State Nuclear Power Technology Corporation
Total asset value(billions USD)
112.6
Inflation adjusted(billions USD)
149.4
Note
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.
6
6
Rank
6
Year
2018
Purchaser
China National Nuclear Corp
Purchased
China Nuclear Engineering & Construction
Total asset value(billions USD)
99.0
Inflation adjusted(billions USD)
124
Note
Merger of China's second largest nuclear power producer, and their top nuclear power plant builder.
7
7
Rank
7
Year
2020
Purchaser
China Oil and Gas Pipeline Network (PipeChina)
Purchased
PetroChina (Major oil and gas pipelines and storage facility assets) Sinopec (Kanton's Yulin Pipeline Co & Beihai LNG terminal)
Total asset value(billions USD)
55.9
Inflation adjusted(billions USD)
67.9
Note
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. 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%.
8
8
Rank
8
Year
2014
Purchaser
CITIC Pacific
Purchased
CITIC Limited
Total asset value(billions USD)
50.0
Inflation adjusted(billions USD)
66.4
Note
CITIC Pacific Ltd completed its acquisition of 100 percent of CITIC Ltd after receiving all necessary regulatory approvals, and became China's largest conglomerate with a market value of about $50 billion.
9
9
Rank
9
Year
2000
Purchaser
China Mobile (Hong Kong) Ltd
Purchased
Beijing Mobile Shanghai Mobile Tianjin Mobile Hebei Mobile Liaoning Mobile Shandong Mobile Guangxi Mobile
Total asset value(billions USD)
34.2
Inflation adjusted(billions USD)
62.4
Note
China Mobile acquired seven Chinese state-owned mobile communications businesses as part of a consolidation effort.
10
10
Rank
10
Year
2020
Purchaser
Ministry of Finance
Purchased
Central Bank of Russia ( Sberbank of Russia 50% Stake)
Total asset value(billions USD)
28.31
Inflation adjusted(billions USD)
34.4
Note
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.
11
11
Rank
11
Year
2008
Purchaser
China Unicom
Purchased
China Netcom
Total asset value(billions USD)
24.0
Inflation adjusted(billions USD)
35.1
Note
The merger took place as part of the first step in the country's reshuffling of its telecom shops.
| Rank | Year | Purchaser | Purchased | Total asset value(billions USD) | Inflation adjusted(billions USD) | Note |
| 1 | 2017 | Shenhua Group | China Guodian Corporation | 278.0 | 356.6 | 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. |
| 2 | 2015 | China Minmetals | China Metallurgical Group | 245.6 | 325.8 | In December 2016, China continued its consolidation drive, focusing 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. |
| 3 | 2017 | Sinograin | China National Cotton Reserves Corp. | 213.0 | 273.2 | 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. |
| 4 | 2018 | ChemChina | Sinochem | 120.0 | 150.3 | Merger of the Chinese state-controlled ChemChina and Sinochem in a deal reported to be worth $120 billion. The merger would create the largest entity in the industrial chemicals industry, overtaking BASF. In January 2020 ChemChina and Sinochem consolidated their agricultural assets into a new holding company, to be called Syngenta Group. |
| 5 | 2015 | China Power Investment | State Nuclear Power Technology Corporation | 112.6 | 149.4 | 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. |
| 6 | 2018 | China National Nuclear Corp | China Nuclear Engineering & Construction | 99.0 | 124 | Merger of China's second largest nuclear power producer, and their top nuclear power plant builder. |
| 7 | 2020 | China Oil and Gas Pipeline Network (PipeChina) | PetroChina (Major oil and gas pipelines and storage facility assets) Sinopec (Kanton's Yulin Pipeline Co & Beihai LNG terminal) | 55.9 | 67.9 | 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. 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%. |
| 8 | 2014 | CITIC Pacific | CITIC Limited | 50.0 | 66.4 | CITIC Pacific Ltd completed its acquisition of 100 percent of CITIC Ltd after receiving all necessary regulatory approvals, and became China's largest conglomerate with a market value of about $50 billion. |
| 9 | 2000 | China Mobile (Hong Kong) Ltd | Beijing Mobile Shanghai Mobile Tianjin Mobile Hebei Mobile Liaoning Mobile Shandong Mobile Guangxi Mobile | 34.2 | 62.4 | China Mobile acquired seven Chinese state-owned mobile communications businesses as part of a consolidation effort. |
| 10 | 2020 | Ministry of Finance | Central Bank of Russia ( Sberbank of Russia 50% Stake) | 28.31 | 34.4 | 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. |
| 11 | 2008 | China Unicom | China Netcom | 24.0 | 35.1 | The merger took place as part of the first step in the country's reshuffling of its telecom shops. |
· Largest ever deals which have failed to complete
1
1
Rank
1
Year
2020
Purchaser
Astra Zeneca
Purchased
Gilead Sciences
Transaction value(in billions USD)
232.0
Inflation adjusted value
281.9
Note
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.
2
2
Rank
2
Year
2019
Purchaser
Altria
Purchased
Philip Morris International
Transaction value(in billions USD)
200.0
Inflation adjusted value
246
Note
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.
3
3
Rank
3
Year
2015
Purchaser
Pfizer
Purchased
Allergan, plc
Transaction value(in billions USD)
160.0
Inflation adjusted value
212.2
Note
The deal fell through over changes made to tax inversion legislation by the Government of the United States.
4
4
Rank
4
Year
2008
Purchaser
BHP Billiton
Purchased
Rio Tinto
Transaction value(in billions USD)
148.0
Inflation adjusted value
216.1
Note
As commodity prices fell in value, the deal became too risky for BHP Billiton to complete.
5
5
Rank
5
Year
2017
Purchaser
Kraft Heinz
Purchased
Unilever
Transaction value(in billions USD)
143.0
Inflation adjusted value
183.4
Note
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, as well as job-cut implications and regulator approval issues. The bid was formally dropped on February 19, citing the complexities of acquiring control in a Dutch entity without the support of shareholders.
6
6
Rank
6
Year
2023
Purchaser
Cigna
Purchased
Humana
Transaction value(in billions USD)
140.0
Inflation adjusted value
144.5
Note
The deal talks ended due to the parties not being able to agree on price. Also governmental antitrust action was a concern.
7
7
Rank
7
Year
1999
Purchaser
MCI WorldCom
Purchased
Sprint
Transaction value(in billions USD)
129.0
Inflation adjusted value
243.5
Note
The US Department of Justice and European Commission prohibited the merger on competition grounds, with the DoJ filing a lawsuit against the transaction.
8
8
Rank
8
Year
2014
Purchaser
Pfizer
Purchased
Astra Zeneca
Transaction value(in billions USD)
123.0
Inflation adjusted value
163.4
Note
Significant concerns were raised by the Government of the United Kingdom over job security, in the end leading to a deal being abandoned due to resistance from the AstraZeneca Board.
9
9
Rank
9
Year
2018
Purchaser
Broadcom
Purchased
Qualcomm
Transaction value(in billions USD)
121.0
Inflation adjusted value
151.5
Note
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). On February 21, Broadcom reduced their offer to $117 billion in light of Qualcomms increased bid for NXP Semiconductors.
10
10
Rank
10
Year
2018
Purchaser
Broadcom
Purchased
Qualcomm
Transaction value(in billions USD)
117.0
Inflation adjusted value
146.5
Note
On February 21, Broadcom reduced their offer to $117 billion in light of Qualcomms increased bid for NXP Semiconductors. The deal was effectively blocked after US President Donald Trump blocked any deal based upon national security grounds.
11
11
Rank
11
Year
2009
Purchaser
BHP Billiton (West Australian Iron Ore Assets)
Purchased
Rio Tinto (West Australian Iron Ore Assets)
Transaction value(in billions USD)
116.0
Inflation adjusted value
170
Note
Mining giants Rio Tinto and BHP Billiton abandoned a controversial merger of their Australian iron ore operations after anti-competition complaints from regulators and top customers including China.
12
12
Rank
12
Year
1999
Purchaser
MCI WorldCom
Purchased
Sprint
Transaction value(in billions USD)
111.0
Inflation adjusted value
209.5
Note
The Board of Sprint claimed that the first deal undervalued the company and thus rejected the proposal.
13
13
Rank
13
Year
2014
Purchaser
Pfizer
Purchased
Astra Zeneca
Transaction value(in billions USD)
106.0
Inflation adjusted value
140.8
Note
AstraZeneca claimed the deal undervalued the company.
14
14
Rank
14
Year
2018
Purchaser
Broadcom
Purchased
Qualcomm
Transaction value(in billions USD)
103.0
Inflation adjusted value
129
Note
$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.
15
15
Rank
15
Year
2006
Purchaser
Kohlberg Kravis Roberts Texas Pacific Group
Purchased
The Home Depot
Transaction value(in billions USD)
100.0
Inflation adjusted value
156
Note
In a filing with the Securities & 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.
16
16
Rank
16
Year
2014
Purchaser
Pfizer
Purchased
Astra Zeneca
Transaction value(in billions USD)
98.9
Inflation adjusted value
131.4
Note
AstraZeneca claimed the deal undervalued the company.
17
17
Rank
17
Year
2016
Purchaser
Honeywell
Purchased
United Technologies
Transaction value(in billions USD)
90.0
Inflation adjusted value
117.9
Note
Honeywell dropped a bid to acquire United Technologies, citing potential regulatory hurdles.
18
18
Rank
18
Year
2007
Purchaser
Barclays
Purchased
ABN AMRO
Transaction value(in billions USD)
89.6
Inflation adjusted value
135.9
Note
Barclays lost out after RBS Group, Fortis, and Banco Santander bid $98 billion with the plan to break ABN AMRO between the three banks.
19
19
Rank
19
Year
1999
Purchaser
Pfizer
Purchased
Warner-Lambert
Transaction value(in billions USD)
82.4
Inflation adjusted value
155.5
Note
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.
20
20
Rank
20
Year
1999
Purchaser
Deutsche Telekom
Purchased
Telecom Italia
Transaction value(in billions USD)
81.0
Inflation adjusted value
152.9
Note
Olivetti was able to sway key Telecom Italia shareholders and win control of 51% of shares, killing the proposed merger of the telecommunication giants.
21
21
Rank
21
Year
2014
Purchaser
21st Century Fox
Purchased
Time Warner
Transaction value(in billions USD)
80.0
Inflation adjusted value
106.3
Note
21st Century Fox abandoned its takeover of Time Warner, 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.
22
22
Rank
22
Year
1998
Purchaser
American Home Products
Purchased
SmithKline Beecham
Transaction value(in billions USD)
77.0
Inflation adjusted value
148.5
Note
The deal was reportedly killed in response to British regulators who feared losing jobs to a proposed U.S. headquarters location.
23
23
Rank
23
Year
2019
Purchaser
KKR
Purchased
Walgreens Boots Alliance
Transaction value(in billions USD)
70.0
Inflation adjusted value
86.1
Note
KKR did not follow through with a formal bid as the potential world record LBO was simply deemed too large.
24
24
Rank
24
Year
2021
Purchaser
Unilever
Purchased
GlaxoSmithKline (Consumer Health Unit)
Transaction value(in billions USD)
68.4
Inflation adjusted value
79.4
Note
Unilever made the offer for Glaxo's household brands unit in late 2021 but Glaxo's board and Pfizer, which owns a minority stake in the business, rejected the bid as too low.
25
25
Rank
25
Year
2009
Purchaser
Xstrata
Purchased
Anglo American plc
Transaction value(in billions USD)
68.0
Inflation adjusted value
99.7
Note
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.
26
26
Rank
26
Year
2004
Purchaser
Comcast
Purchased
Disney
Transaction value(in billions USD)
66.0
Inflation adjusted value
109.9
Note
Comcast executives abandoned the deal to buy Walt Disney after both investors and Disney executives failed to agree on the acquisition.
27
27
Rank
27
Year
1999
Purchaser
Warner–Lambert
Purchased
American Home Products
Transaction value(in billions USD)
65.0
Inflation adjusted value
122.7
Note
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.
28
28
Rank
28
Year
2018
Purchaser
Comcast
Purchased
21st Century Fox
Transaction value(in billions USD)
65.0
Inflation adjusted value
81.4
Note
Main Article: Acquisition of 21st Century Fox by Disney
29
29
Rank
29
Year
2018
Purchaser
Takeda Pharmaceutical
Purchased
Shire
Transaction value(in billions USD)
62.5
Inflation adjusted value
78.3
Note
Third bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalued the company, its growth prospects as well as pipeline.
30
30
Rank
30
Year
2018
Purchaser
Takeda Pharmaceutical
Purchased
Shire
Transaction value(in billions USD)
62.1
Inflation adjusted value
77.8
Note
Fourth bid with enhanced cash component, super-ceded by a fifth bid on April 24.
31
31
Rank
31
Year
2018
Purchaser
Takeda Pharmaceutical
Purchased
Shire
Transaction value(in billions USD)
61.0
Inflation adjusted value
76.4
Note
Second bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalued the company, its growth prospects as well as pipeline.
32
32
Rank
32
Year
2002
Purchaser
Comcast
Purchased
MediaOne
Transaction value(in billions USD)
60.0
Inflation adjusted value
104.9
Note
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.
33
33
Rank
33
Year
2020
Purchaser
NextEra Energy
Purchased
Duke Energy
Transaction value(in billions USD)
60.0
Inflation adjusted value
72.9
Note
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.
34
34
Rank
34
Year
2018
Purchaser
Takeda Pharmaceutical
Purchased
Shire
Transaction value(in billions USD)
58.2
Inflation adjusted value
72.9
Note
First bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalued the company, its growth prospects as well as pipeline.
35
35
Rank
35
Year
2025
Purchaser
Paramount Skydance
Purchased
Warner Bros. Discovery
Transaction value(in billions USD)
57.0
Inflation adjusted value
57
Note
Warner Bros. Discovery CEO David Zaslav believed the company was worth $30 per share, or around $70 billion, and convinced the board to reject the bid. Paramount Skydance CEO David Ellison is expected to increase his bid.
36
36
Rank
36
Year
2007
Purchaser
E.ON
Purchased
Endesa
Transaction value(in billions USD)
54.0
Inflation adjusted value
81.9
Note
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.
37
37
Rank
37
Year
2014
Purchaser
AbbVie
Purchased
Shire
Transaction value(in billions USD)
54.0
Inflation adjusted value
71.7
Note
The deal fell through over changes made to tax inversion legislation by the US Government.
38
38
Rank
38
Year
2014
Purchaser
Valeant Pharmaceuticals
Purchased
Allergan Inc
Transaction value(in billions USD)
54.0
Inflation adjusted value
71.7
Note
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 and form Allergan.
39
39
Rank
39
Year
2017
Purchaser
Disney
Purchased
21st Century Fox
Transaction value(in billions USD)
52.4
Inflation adjusted value
67.2
Note
Main Article: Acquisition of 21st Century Fox by Disney
40
40
Rank
40
Year
1999
Purchaser
Elf Aquitaine
Purchased
TotalFina
Transaction value(in billions USD)
50.0
Inflation adjusted value
94.4
Note
After TotalFina's hostile bid for Elf Aquitaine, Elf Aquitaine submitted their own hostile bid for TotalFina. They eventually consummated a 'friendly' merger.
41
41
Rank
41
Year
2008
Purchaser
Bharti Airtel
Purchased
MTN Group
Transaction value(in billions USD)
50.0
Inflation adjusted value
73
Note
Bharti called off negotiations after MTN turned Bharti's takeover plan upside down, proposing to take over Bharti instead.
42
42
Rank
42
Year
2024
Purchaser
BHP Group Limited
Purchased
Anglo American plc
Transaction value(in billions USD)
49.18
Inflation adjusted value
49.2
Note
Anglo American rejected the third bid from BHP in a month. The structure of any deal and the fate of Anglo's businesses in South Africa remain big obstacles, with Anglo chairman Stuart Chambers highlighting concerns about completion and execution risks in BHP's proposal.
43
43
Rank
43
Year
2007
Purchaser
Teachers' Private Capital Providence Equity Madison Dearborn Partners
Purchased
BCE Inc
Transaction value(in billions USD)
48.5
Inflation adjusted value
73.5
Note
Due to the tightening of the credit market caused by the subprime mortgage crisis, the investment banks financing the deal – led by Citigroup, Deutsche Bank and the Royal Bank of Scotland – started negotiations on May 16, 2008, to revise the terms of their loans with greater interest rates and greater restrictions to protect themselves. On November 26, 2008, BCE announced that KPMG had informed BCE that it would not be able to issue a statement on the solvency of the company after its privatization, one of the required conditions of the buyout. As a result, the purchase was cancelled.
44
44
Rank
44
Year
2015
Purchaser
Anthem
Purchased
Cigna
Transaction value(in billions USD)
48.0
Inflation adjusted value
63.7
Note
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.
45
45
Rank
45
Year
2008
Purchaser
Microsoft
Purchased
Yahoo!
Transaction value(in billions USD)
47.5
Inflation adjusted value
69.4
Note
Yahoo pulled out of talks with Microsoft after they agreed to let Google sell search ads on its site.
46
46
Rank
46
Year
2015
Purchaser
Monsanto
Purchased
Syngenta
Transaction value(in billions USD)
46.5
Inflation adjusted value
61.7
Note
Monsanto dropped its hostile bid for Syngenta, refocusing on its five-year plan to double earnings and avoid a backlash from large shareholders. Subsequently, Bayer purchased Monsanto, with ChemChina acquiring Syngenta.
47
47
Rank
47
Year
2014
Purchaser
Comcast
Purchased
Time Warner Cable
Transaction value(in billions USD)
45.2
Inflation adjusted value
60
Note
Main Article: Attempted purchase of Time Warner Cable by Comcast
48
48
Rank
48
Year
1996
Purchaser
Credit Suisse
Purchased
Union Bank of Switzerland
Transaction value(in billions USD)
45.0
Inflation adjusted value
90.2
Note
UBS not only spurned the offer from CS Holding but insisted that it had been "taken aback" by its rival's offer.
49
49
Rank
49
Year
2000
Purchaser
General Electric
Purchased
Honeywell
Transaction value(in billions USD)
45.0
Inflation adjusted value
82.2
Note
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.
50
50
Rank
50
Year
2012
Purchaser
EADS
Purchased
BAE Systems
Transaction value(in billions USD)
45.0
Inflation adjusted value
61.6
Note
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).
51
51
Rank
51
Year
2018
Purchaser
Qualcomm
Purchased
NXP Semiconductors
Transaction value(in billions USD)
44.0
Inflation adjusted value
55.1
Note
Qualcomm raised their offer from $110 per share to $127.50 per share after pressure from activist investors. In 2018, China failed to approve the merger, leading to its cancellation by Qualcomm on July 26, 2018.
52
52
Rank
52
Year
2024
Purchaser
BHP Group Limited
Purchased
Anglo American plc
Transaction value(in billions USD)
42.7
Inflation adjusted value
42.7
Note
Anglo American rejected the improved bid saying that it "continues to significantly undervalue".
53
53
Rank
53
Year
1999
Purchaser
Banque Nationale de Paris
Purchased
Paribas Société Générale
Transaction value(in billions USD)
41.0
Inflation adjusted value
77.4
Note
BNP launched a dual bid to create a European super-bank and to break up the planned Paribas-SocGen merger. The three party merger failed after SocGen shareholders did not tender enough shares. Paribas did successfully merge with BNP.
54
54
Rank
54
Year
2000
Purchaser
United Technologies
Purchased
Honeywell
Transaction value(in billions USD)
40.0
Inflation adjusted value
73
Note
United Technologies ended merger talks with Honeywell after it had emerged that General Electric had dealt a counter-offer.
55
55
Rank
55
Year
2008
Purchaser
France Télécom
Purchased
TeliaSonera
Transaction value(in billions USD)
40.0
Inflation adjusted value
58.4
Note
France Telecom withdrew its bid after the two parties could not reach an agreement on the terms of the deal.
56
56
Rank
56
Year
2010
Purchaser
BHP Billiton
Purchased
PotashCorp
Transaction value(in billions USD)
40.0
Inflation adjusted value
57.7
Note
Potash Corp rejected the offer claiming it undervalued the company.
57
57
Rank
57
Year
2015
Purchaser
Teva Pharmaceutical Industries
Purchased
Mylan
Transaction value(in billions USD)
40.0
Inflation adjusted value
53.1
Note
In April, Teva offered to acquire Mylan for $40 billion, only a fortnight after Mylan offered to acquire Perrigo for $29 billion. Teva's offer for Mylan was contingent on Mylan abandoning its acquisition of Perrigo. Mylan stated in June 2015 that Teva's disclosure that it had a 1.35 percent stake in Mylan violated US anti-trust rules.
58
58
Rank
58
Year
2020
Purchaser
Nvidia Corporation
Purchased
SoftBank Group ( Arm Holdings)
Transaction value(in billions USD)
40.0
Inflation adjusted value
48.6
Note
Nvidia and the Softbank-owned Arm Holdings abandoned the attempted merger due to "significant regulatory challenges" as the US Federal Trade Commission filed a lawsuit to block the merger. Softbank stated that Arm is likely to IPO instead.
59
59
Rank
59
Year
2011
Purchaser
AT&T
Purchased
T-Mobile US
Transaction value(in billions USD)
39.0
Inflation adjusted value
54.5
Note
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. Main Article: Attempted purchase of T-Mobile USA by AT&T
60
60
Rank
60
Year
2019
Purchaser
Hong Kong Exchanges and Clearing
Purchased
London Stock Exchange
Transaction value(in billions USD)
39.0
Inflation adjusted value
48
Note
$39 billion takeover proposal was rejected by the Board of the London Stock Exchange.
61
61
Rank
61
Year
2024
Purchaser
BHP Group Limited
Purchased
Anglo American plc
Transaction value(in billions USD)
39.0
Inflation adjusted value
39
Note
Anglo American rejected the bid saying that it significantly undervalued the company.
62
62
Rank
62
Year
2024
Purchaser
Alimentation Couche-Tard
Purchased
Seven & i Holdings
Transaction value(in billions USD)
38.5
Inflation adjusted value
38.5
Note
7-Eleven operator Seven & i said the takeover proposal was not in the best interest of shareholders and was likely to face significant antitrust challenges in the U.S., where the combined company would be the convenience store industry's biggest by a considerable margin.
63
63
Rank
63
Year
1999
Purchaser
Global Crossing
Purchased
US West
Transaction value(in billions USD)
37.0
Inflation adjusted value
69.8
Note
Global Crossing lost out on acquiring US West after Qwest outbid them.
64
64
Rank
64
Year
2015
Purchaser
Aetna
Purchased
Humana
Transaction value(in billions USD)
37.0
Inflation adjusted value
49.1
Note
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.
65
65
Rank
65
Year
2010
Purchaser
Prudential
Purchased
AIA Group
Transaction value(in billions USD)
35.5
Inflation adjusted value
51.2
Note
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.
66
66
Rank
66
Year
2014
Purchaser
Omnicom
Purchased
Publicis
Transaction value(in billions USD)
35.0
Inflation adjusted value
46.5
Note
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.
67
67
Rank
67
Year
2019
Purchaser
Fiat Chrysler
Purchased
Renault
Transaction value(in billions USD)
35.0
Inflation adjusted value
43
Note
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.
68
68
Rank
68
Year
2020
Purchaser
Xerox
Purchased
HP Inc
Transaction value(in billions USD)
35.0
Inflation adjusted value
42.5
Note
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.
69
69
Rank
69
Year
1998
Purchaser
American Home Products
Purchased
Monsanto
Transaction value(in billions USD)
34.4
Inflation adjusted value
66.4
Note
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.
70
70
Rank
70
Year
1999
Purchaser
Bank of Scotland
Purchased
NatWest
Transaction value(in billions USD)
34.3
Inflation adjusted value
64.7
Note
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.
71
71
Rank
71
Year
2018
Purchaser
Comcast
Purchased
Sky plc
Transaction value(in billions USD)
34.0
Inflation adjusted value
42.6
Note
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.
72
72
Rank
72
Year
2021
Purchaser
Canadian National Railway
Purchased
Kansas City Southern
Transaction value(in billions USD)
33.6
Inflation adjusted value
39
Note
After US regulators rejected a key aspect of the proposed deal, Kansas City Southern notified Canadian National Railway that they were going to terminate the agreement. Kansas City Southern accepted Canadian Pacific Railway's revised offer of $31 billion which had previously been rejected in favor of the Canadian National Railway bid.
73
73
Rank
73
Year
2019
Purchaser
Xerox
Purchased
HP Inc
Transaction value(in billions USD)
33.5
Inflation adjusted value
41.2
Note
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.
74
74
Rank
74
Year
1994
Purchaser
Bell Atlantic
Purchased
Tele-Communications Inc
Transaction value(in billions USD)
33.0
Inflation adjusted value
70
Note
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].”
75
75
Rank
75
Year
2016
Purchaser
Energy Transfer Equity
Purchased
Williams Companies
Transaction value(in billions USD)
33.0
Inflation adjusted value
43.2
Note
Energy Transfer Equity terminated the merger agreement with Williams after ETE's counsel were unable to declare the deal as tax-free.
76
76
Rank
76
Year
2019
Purchaser
Chevron Corporation
Purchased
Anadarko Petroleum
Transaction value(in billions USD)
33.0
Inflation adjusted value
40.6
Note
On April 12, Chevron Corporation announced it would acquire Anadarko for $33 billion ($65 per share, 25% in cash, $50 billion including debt). However, on April 24, Occidental Petroleum 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.
77
77
Rank
77
Year
2018
Purchaser
21st Century Fox
Purchased
Sky plc
Transaction value(in billions USD)
32.5
Inflation adjusted value
40.7
Note
Fox raised their offer to $32.5 billion for Sky.
78
78
Rank
78
Year
2016
Purchaser
Deutsche Börse
Purchased
London Stock Exchange Group
Transaction value(in billions USD)
31.0
Inflation adjusted value
40.6
Note
The merger was prohibited on competition grounds by the EU Commission.
79
79
Rank
79
Year
2018
Purchaser
Comcast
Purchased
Sky plc
Transaction value(in billions USD)
31.0
Inflation adjusted value
38.8
Note
Comcast offered $31 billion for Sky plc which Fox trumped.
80
80
Rank
80
Year
2021
Purchaser
Canadian Pacific Railway
Purchased
Kansas City Southern
Transaction value(in billions USD)
31.0
Inflation adjusted value
36
Note
Kansas City Southern rejected the bid as the Canadian National Railway bid was still the superior offer.
81
81
Rank
81
Year
2000
Purchaser
Deutsche Bank
Purchased
Dresdner Bank
Transaction value(in billions USD)
30.0
Inflation adjusted value
54.8
Note
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.
82
82
Rank
82
Year
2020
Purchaser
Aon plc
Purchased
Willis Towers Watson
Transaction value(in billions USD)
30.0
Inflation adjusted value
36.4
Note
Aon and Willis Towers Watson called off their merger after reaching an impasse with US regulators.
83
83
Rank
83
Year
2006
Purchaser
Aviva
Purchased
Prudential
Transaction value(in billions USD)
29.6
Inflation adjusted value
46.2
Note
Aviva's all-stock proposal was rejected by the Prudential Board, despite Aviva offering a premium to the current share price.
84
84
Rank
84
Year
2017
Purchaser
PPG Industries
Purchased
Akzo Nobel
Transaction value(in billions USD)
29.5
Inflation adjusted value
37.8
Note
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".
85
85
Rank
85
Year
2004
Purchaser
Sumitomo Mitsui Financial Group
Purchased
UFJ Bank
Transaction value(in billions USD)
29.2
Inflation adjusted value
48.6
Note
UFJ Bank rejected the proposal as it had already committed to a merger with Mitsubishi Tokyo Financial Group.
86
86
Rank
86
Year
2017
Purchaser
Emerson Electric
Purchased
Rockwell Automation
Transaction value(in billions USD)
29.0
Inflation adjusted value
37.2
Note
Rejected as Rockwell believed the offer still undervalued the company.
87
87
Rank
87
Year
1997
Purchaser
GTE
Purchased
MCI
Transaction value(in billions USD)
28.0
Inflation adjusted value
54.8
Note
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.
88
88
Rank
88
Year
2001
Purchaser
Lloyds TSB Group
Purchased
Abbey National
Transaction value(in billions USD)
28.0
Inflation adjusted value
49.7
Note
The British Government blocked the proposed merger as they believed it would be against the public interest.
89
89
Rank
89
Year
2005
Purchaser
Gas Natural
Purchased
Endesa
Transaction value(in billions USD)
28.0
Inflation adjusted value
45.1
Note
Endesa rejected the bid saying it was "manifestly insufficient". Endesa would be acquired for $65.3 billion by Enel and Acciona.
90
90
Rank
90
Year
2016
Purchaser
Canadian Pacific
Purchased
Norfolk Southern
Transaction value(in billions USD)
28.0
Inflation adjusted value
36.7
Note
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.
91
91
Rank
91
Year
2016
Purchaser
Halliburton
Purchased
Baker Hughes
Transaction value(in billions USD)
28.0
Inflation adjusted value
36.7
Note
Oilfield services provider Halliburton and smaller rival Baker Hughes terminated their $28 billion merger deal after opposition from U.S. and European antitrust regulators.
92
92
Rank
92
Year
2007
Purchaser
Alcoa
Purchased
Alcan
Transaction value(in billions USD)
27.6
Inflation adjusted value
41.9
Note
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.
93
93
Rank
93
Year
2017
Purchaser
Emerson Electric
Purchased
Rockwell Automation
Transaction value(in billions USD)
27.6
Inflation adjusted value
35.4
Note
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.
94
94
Rank
94
Year
2001
Purchaser
Prudential
Purchased
American General
Transaction value(in billions USD)
26.5
Inflation adjusted value
47.1
Note
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.
95
95
Rank
95
Year
2017
Purchaser
PPG Industries
Purchased
Akzo Nobel
Transaction value(in billions USD)
26.1
Inflation adjusted value
33.5
Note
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.
96
96
Rank
96
Year
2007
Purchaser
Express Scripts
Purchased
Caremark Rx
Transaction value(in billions USD)
26.0
Inflation adjusted value
39.4
Note
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.
97
97
Rank
97
Year
2015
Purchaser
Mylan
Purchased
Perrigo
Transaction value(in billions USD)
26.0
Inflation adjusted value
34.5
Note
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.
98
98
Rank
98
Year
2002
Purchaser
Hughes Electronics
Purchased
EchoStar
Transaction value(in billions USD)
25.6
Inflation adjusted value
44.8
Note
US and state anti-trust enforcers filed a lawsuit to halt the deal, claiming that the deal would eliminate competition and adversely effect consumers.
99
99
Rank
99
Year
2013
Purchaser
Dish Network
Purchased
Sprint Corporation
Transaction value(in billions USD)
25.5
Inflation adjusted value
34.4
Note
Sprint requested a revised offer but Dish stated that it was not practical to do so.
100
100
Rank
100
Year
2004
Purchaser
Johnson & Johnson
Purchased
Guidant
Transaction value(in billions USD)
25.4
Inflation adjusted value
42.3
Note
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.
101
101
Rank
101
Year
2006
Purchaser
Boston Scientific
Purchased
Guidant
Transaction value(in billions USD)
25.0
Inflation adjusted value
39
Note
A day after Johnson & Johnson raised their price for Guidant to $23.2 billion, Boston Scientific announced a further increased offer.
102
102
Rank
102
Year
2007
Purchaser
J.C. Flowers & Co. Friedman Fleischer & Lowe Bank of America JPMorgan Chase & Co.
Purchased
Sallie Mae
Transaction value(in billions USD)
25.0
Inflation adjusted value
37.9
Note
Sallie Mae attempted to craft an "alternative transaction" but the proposal was rejected. Subsequently, the takeover was dropped.
103
103
Rank
103
Year
2013
Purchaser
The Blackstone Group
Purchased
Dell
Transaction value(in billions USD)
25.0
Inflation adjusted value
33.7
Note
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.
104
104
Rank
104
Year
2021
Purchaser
Chubb
Purchased
The Hartford
Transaction value(in billions USD)
25.0
Inflation adjusted value
29
Note
The Hartford rejected two enhanced buyout offers.
105
105
Rank
105
Year
2022
Purchaser
Kroger
Purchased
Albertsons
Transaction value(in billions USD)
25.0
Inflation adjusted value
26.9
Note
After a three-week trial, U.S. District Judge Adrienne Nelson sided with the Federal Trade Commission and ruled that the merger was likely to remove direct competition between the two grocers, making it unlawful. The two companies subsequently called off the deal.
106
106
Rank
106
Year
2005
Purchaser
Boston Scientific
Purchased
Guidant
Transaction value(in billions USD)
24.6
Inflation adjusted value
39.6
Note
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).
107
107
Rank
107
Year
2006
Purchaser
Johnson & Johnson
Purchased
Guidant
Transaction value(in billions USD)
24.2
Inflation adjusted value
37.7
Note
After Boston Scientific increased their offer to $25 billion, Johnson & Johnson further increased their offer to $24.2 billion.
108
108
Rank
108
Year
2017
Purchaser
PPG Industries
Purchased
Akzo Nobel
Transaction value(in billions USD)
24.1
Inflation adjusted value
30.9
Note
Akzo rejected the unsolicited offer, claiming the revised offer was still too low.
109
109
Rank
109
Year
1998
Purchaser
Bank of New York
Purchased
Mellon Bank Corporation
Transaction value(in billions USD)
24.0
Inflation adjusted value
46.3
Note
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.
110
110
Rank
110
Year
2018
Purchaser
Albertsons
Purchased
Rite Aid
Transaction value(in billions USD)
24.0
Inflation adjusted value
30.1
Note
Albertsons and Rite Aid called off the planned merger after several advisory firms recommended voting against the proposal.
111
111
Rank
111
Year
2021
Purchaser
Chubb
Purchased
The Hartford
Transaction value(in billions USD)
23.9
Inflation adjusted value
27.7
Note
The Hartford rejected two enhanced buyout offers.
112
112
Rank
112
Year
2022
Purchaser
Prologis
Purchased
Duke Realty
Transaction value(in billions USD)
23.7
Inflation adjusted value
25.5
Note
Duke Realty rejected the offer calling it "insufficient" despite being Prologis' third bid.
113
113
Rank
113
Year
1988
Purchaser
First Boston Pritzker family Philip Anschutz
Purchased
RJR Nabisco
Transaction value(in billions USD)
23.38
Inflation adjusted value
62.2
Note
The group's final bid was beat out by Kohlberg Kravis Roberts.
114
114
Rank
114
Year
2021
Purchaser
Chubb
Purchased
The Hartford
Transaction value(in billions USD)
23.24
Inflation adjusted value
27
Note
The Hartford's board of directors unanimously rejected the unsolicited proposed takeover from Chubb stating that the transaction would "not be in the best interests of the company and its shareholders."
115
115
Rank
115
Year
2006
Purchaser
Johnson & Johnson
Purchased
Guidant
Transaction value(in billions USD)
23.2
Inflation adjusted value
36.2
Note
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.
116
116
Rank
116
Year
2016
Purchaser
Mondelez International
Purchased
The Hershey Company
Transaction value(in billions USD)
23.0
Inflation adjusted value
30.1
Note
Mondelez ceased its pursuit of the Hershey Co acquisition after the chocolate company turned down its $23 billion cash-and-stock offer.
117
117
Rank
117
Year
2024
Purchaser
Alphabet
Purchased
Wiz
Transaction value(in billions USD)
23.0
Inflation adjusted value
23
Note
Wiz ended takeover talks, instead choosing to focus on an IPO. Wiz CEO Assaf Rappaport said, "Saying no to such humbling offers is tough, but with our exceptional team, I feel confident in making that choice."
118
118
Rank
118
Year
1988
Purchaser
Shearson Lehman Hutton F. Ross Johnson
Purchased
RJR Nabisco
Transaction value(in billions USD)
22.9
Inflation adjusted value
60.9
Note
The group's final bid was beat out by Kohlberg Kravis Roberts.
119
119
Rank
119
Year
1995
Purchaser
Tracinda
Purchased
Chrysler
Transaction value(in billions USD)
22.8
Inflation adjusted value
47
Note
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.
120
120
Rank
120
Year
2023
Purchaser
Glencore
Purchased
Teck Resources
Transaction value(in billions USD)
22.5
Inflation adjusted value
23.2
Note
Copper and zinc miner Teck Resources rejected an unsolicited bid from Glencore, citing a reluctance to expose its shareholders to thermal coal, oil, LNG, and related sectors.
121
121
Rank
121
Year
1996
Purchaser
British Telecom
Purchased
MCI
Transaction value(in billions USD)
22.0
Inflation adjusted value
44.1
Note
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.
122
122
Rank
122
Year
2020
Purchaser
Seven & i Holdings
Purchased
Marathon Petroleum ( Speedway)
Transaction value(in billions USD)
22.0
Inflation adjusted value
26.7
Note
Seven & i and Marathon agreed to a price of $21 billion, after 5 months of baulking at the deal.
123
123
Rank
123
Year
2021
Purchaser
DraftKings
Purchased
Entain
Transaction value(in billions USD)
22.0
Inflation adjusted value
25.5
Note
Neither DraftKings nor Entain explained exactly why the deal talks floundered but said in separate statements that they believed strongly in their individual growth prospects. The potential deal was likely hindered by Entain's joint venture with MGM, BetMGM.
124
124
Rank
124
Year
2007
Purchaser
Vornado Realty Trust Starwood Capital Group Walton Street Capital
Purchased
Equity Office
Transaction value(in billions USD)
21.6
Inflation adjusted value
32.8
Note
The Vornado-led takeover attempt failed after a better bid came from The Blackstone Group.
125
125
Rank
125
Year
2007
Purchaser
Terra Firma Capital Partners Wellcome Trust HBOS
Purchased
Alliance Boots
Transaction value(in billions USD)
21.6
Inflation adjusted value
32.8
Note
The Terra Firma-led takeover attempt failed after a better bid came from a group led by Kohlberg Kravis Roberts.
126
126
Rank
126
Year
1989
Purchaser
James Goldsmith Jacob Rothschild Kerry Packer
Purchased
British American Tobacco
Transaction value(in billions USD)
21.0
Inflation adjusted value
53.3
Note
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.”
127
127
Rank
127
Year
2014
Purchaser
Bouygues
Purchased
SFR
Transaction value(in billions USD)
20.6
Inflation adjusted value
27.4
Note
Bouygues offer was soon trumped by Numericable's, who purchased SFR for $23 billion.
128
128
Rank
128
Year
2017
Purchaser
Hochtief
Purchased
Abertis
Transaction value(in billions USD)
20.1
Inflation adjusted value
25.8
Note
Hochtief launched a bid to rival a lesser one from Atlantia. However, soon after Atlantia and Hochtief's parent company, ACS Group succeeded in the takeover with a joint bid.
129
129
Rank
129
Year
2007
Purchaser
CVC Capital Partners
Purchased
J Sainsbury plc
Transaction value(in billions USD)
20.0
Inflation adjusted value
30.3
Note
The proposed offer collapsed because of CVC's failure to broker an agreement with the Sainsbury family, owners of a nearly 20% stake, and trustees who demanded it fill a billion pound pension deficit.
130
130
Rank
130
Year
2017
Purchaser
Clariant
Purchased
Huntsman
Transaction value(in billions USD)
20.0
Inflation adjusted value
25.7
Note
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.
131
131
Rank
131
Year
2020
Purchaser
Blackstone Inc Global Infrastructure Partners
Purchased
Kansas City Southern
Transaction value(in billions USD)
20.0
Inflation adjusted value
24.3
Note
Kansas City Southern rejected the $20 billion offer from a consortium led by Blackstone Inc and Global Infrastructure Partners.
132
132
Rank
132
Year
2021
Purchaser
Alimentation Couche-Tard
Purchased
Carrefour
Transaction value(in billions USD)
20.0
Inflation adjusted value
23.2
Note
The two abandoned talks on the proposed merger following stiff opposition from the French finance minister.
133
133
Rank
133
Year
2021
Purchaser
CVC Capital Partners
Purchased
Toshiba
Transaction value(in billions USD)
20.0
Inflation adjusted value
23.2
Note
A notice for shareholders said the buyout offer "was not, objectively viewed, a bona-fide and feasible acquisition proposal" under Japanese regulations. Toshiba therefore sent CVC a "please explain" letter to seek more information. Toshiba said CVC's reply "contained no specific and detailed information capable of detailed evaluation."
134
134
Rank
134
Year
2022
Purchaser
Adobe
Purchased
Figma
Transaction value(in billions USD)
20.0
Inflation adjusted value
21.5
Note
The two companies abandoned the deal, with Adobe stating that there was "no clear path to receive regulatory approvals from the European Commission and the UK Competition and Markets Authority."
| Rank | Year | Purchaser | Purchased | Transaction value(in billions USD) | Inflation adjusted value | Note |
| 1 | 2020 | Astra Zeneca | Gilead Sciences | 232.0 | 281.9 | 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. |
| 2 | 2019 | Altria | Philip Morris International | 200.0 | 246 | 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. |
| 3 | 2015 | Pfizer | Allergan, plc | 160.0 | 212.2 | The deal fell through over changes made to tax inversion legislation by the Government of the United States. |
| 4 | 2008 | BHP Billiton | Rio Tinto | 148.0 | 216.1 | As commodity prices fell in value, the deal became too risky for BHP Billiton to complete. |
| 5 | 2017 | Kraft Heinz | Unilever | 143.0 | 183.4 | 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, as well as job-cut implications and regulator approval issues. The bid was formally dropped on February 19, citing the complexities of acquiring control in a Dutch entity without the support of shareholders. |
| 6 | 2023 | Cigna | Humana | 140.0 | 144.5 | The deal talks ended due to the parties not being able to agree on price. Also governmental antitrust action was a concern. |
| 7 | 1999 | MCI WorldCom | Sprint | 129.0 | 243.5 | The US Department of Justice and European Commission prohibited the merger on competition grounds, with the DoJ filing a lawsuit against the transaction. |
| 8 | 2014 | Pfizer | Astra Zeneca | 123.0 | 163.4 | Significant concerns were raised by the Government of the United Kingdom over job security, in the end leading to a deal being abandoned due to resistance from the AstraZeneca Board. |
| 9 | 2018 | Broadcom | Qualcomm | 121.0 | 151.5 | 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). On February 21, Broadcom reduced their offer to $117 billion in light of Qualcomms increased bid for NXP Semiconductors. |
| 10 | 2018 | Broadcom | Qualcomm | 117.0 | 146.5 | On February 21, Broadcom reduced their offer to $117 billion in light of Qualcomms increased bid for NXP Semiconductors. The deal was effectively blocked after US President Donald Trump blocked any deal based upon national security grounds. |
| 11 | 2009 | BHP Billiton (West Australian Iron Ore Assets) | Rio Tinto (West Australian Iron Ore Assets) | 116.0 | 170 | Mining giants Rio Tinto and BHP Billiton abandoned a controversial merger of their Australian iron ore operations after anti-competition complaints from regulators and top customers including China. |
| 12 | 1999 | MCI WorldCom | Sprint | 111.0 | 209.5 | The Board of Sprint claimed that the first deal undervalued the company and thus rejected the proposal. |
| 13 | 2014 | Pfizer | Astra Zeneca | 106.0 | 140.8 | AstraZeneca claimed the deal undervalued the company. |
| 14 | 2018 | Broadcom | Qualcomm | 103.0 | 129 | $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. |
| 15 | 2006 | Kohlberg Kravis Roberts Texas Pacific Group | The Home Depot | 100.0 | 156 | In a filing with the Securities & 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. |
| 16 | 2014 | Pfizer | Astra Zeneca | 98.9 | 131.4 | AstraZeneca claimed the deal undervalued the company. |
| 17 | 2016 | Honeywell | United Technologies | 90.0 | 117.9 | Honeywell dropped a bid to acquire United Technologies, citing potential regulatory hurdles. |
| 18 | 2007 | Barclays | ABN AMRO | 89.6 | 135.9 | Barclays lost out after RBS Group, Fortis, and Banco Santander bid $98 billion with the plan to break ABN AMRO between the three banks. |
| 19 | 1999 | Pfizer | Warner-Lambert | 82.4 | 155.5 | 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. |
| 20 | 1999 | Deutsche Telekom | Telecom Italia | 81.0 | 152.9 | Olivetti was able to sway key Telecom Italia shareholders and win control of 51% of shares, killing the proposed merger of the telecommunication giants. |
| 21 | 2014 | 21st Century Fox | Time Warner | 80.0 | 106.3 | 21st Century Fox abandoned its takeover of Time Warner, 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. |
| 22 | 1998 | American Home Products | SmithKline Beecham | 77.0 | 148.5 | The deal was reportedly killed in response to British regulators who feared losing jobs to a proposed U.S. headquarters location. |
| 23 | 2019 | KKR | Walgreens Boots Alliance | 70.0 | 86.1 | KKR did not follow through with a formal bid as the potential world record LBO was simply deemed too large. |
| 24 | 2021 | Unilever | GlaxoSmithKline (Consumer Health Unit) | 68.4 | 79.4 | Unilever made the offer for Glaxo's household brands unit in late 2021 but Glaxo's board and Pfizer, which owns a minority stake in the business, rejected the bid as too low. |
| 25 | 2009 | Xstrata | Anglo American plc | 68.0 | 99.7 | 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. |
| 26 | 2004 | Comcast | Disney | 66.0 | 109.9 | Comcast executives abandoned the deal to buy Walt Disney after both investors and Disney executives failed to agree on the acquisition. |
| 27 | 1999 | Warner–Lambert | American Home Products | 65.0 | 122.7 | 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. |
| 28 | 2018 | Comcast | 21st Century Fox | 65.0 | 81.4 | Main Article: Acquisition of 21st Century Fox by Disney |
| 29 | 2018 | Takeda Pharmaceutical | Shire | 62.5 | 78.3 | Third bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalued the company, its growth prospects as well as pipeline. |
| 30 | 2018 | Takeda Pharmaceutical | Shire | 62.1 | 77.8 | Fourth bid with enhanced cash component, super-ceded by a fifth bid on April 24. |
| 31 | 2018 | Takeda Pharmaceutical | Shire | 61.0 | 76.4 | Second bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalued the company, its growth prospects as well as pipeline. |
| 32 | 2002 | Comcast | MediaOne | 60.0 | 104.9 | 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. |
| 33 | 2020 | NextEra Energy | Duke Energy | 60.0 | 72.9 | 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. |
| 34 | 2018 | Takeda Pharmaceutical | Shire | 58.2 | 72.9 | First bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalued the company, its growth prospects as well as pipeline. |
| 35 | 2025 | Paramount Skydance | Warner Bros. Discovery | 57.0 | 57 | Warner Bros. Discovery CEO David Zaslav believed the company was worth $30 per share, or around $70 billion, and convinced the board to reject the bid. Paramount Skydance CEO David Ellison is expected to increase his bid. |
| 36 | 2007 | E.ON | Endesa | 54.0 | 81.9 | 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. |
| 37 | 2014 | AbbVie | Shire | 54.0 | 71.7 | The deal fell through over changes made to tax inversion legislation by the US Government. |
| 38 | 2014 | Valeant Pharmaceuticals | Allergan Inc | 54.0 | 71.7 | 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 and form Allergan. |
| 39 | 2017 | Disney | 21st Century Fox | 52.4 | 67.2 | Main Article: Acquisition of 21st Century Fox by Disney |
| 40 | 1999 | Elf Aquitaine | TotalFina | 50.0 | 94.4 | After TotalFina's hostile bid for Elf Aquitaine, Elf Aquitaine submitted their own hostile bid for TotalFina. They eventually consummated a 'friendly' merger. |
| 41 | 2008 | Bharti Airtel | MTN Group | 50.0 | 73 | Bharti called off negotiations after MTN turned Bharti's takeover plan upside down, proposing to take over Bharti instead. |
| 42 | 2024 | BHP Group Limited | Anglo American plc | 49.18 | 49.2 | Anglo American rejected the third bid from BHP in a month. The structure of any deal and the fate of Anglo's businesses in South Africa remain big obstacles, with Anglo chairman Stuart Chambers highlighting concerns about completion and execution risks in BHP's proposal. |
| 43 | 2007 | Teachers' Private Capital Providence Equity Madison Dearborn Partners | BCE Inc | 48.5 | 73.5 | Due to the tightening of the credit market caused by the subprime mortgage crisis, the investment banks financing the deal – led by Citigroup, Deutsche Bank and the Royal Bank of Scotland – started negotiations on May 16, 2008, to revise the terms of their loans with greater interest rates and greater restrictions to protect themselves. On November 26, 2008, BCE announced that KPMG had informed BCE that it would not be able to issue a statement on the solvency of the company after its privatization, one of the required conditions of the buyout. As a result, the purchase was cancelled. |
| 44 | 2015 | Anthem | Cigna | 48.0 | 63.7 | 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. |
| 45 | 2008 | Microsoft | Yahoo! | 47.5 | 69.4 | Yahoo pulled out of talks with Microsoft after they agreed to let Google sell search ads on its site. |
| 46 | 2015 | Monsanto | Syngenta | 46.5 | 61.7 | Monsanto dropped its hostile bid for Syngenta, refocusing on its five-year plan to double earnings and avoid a backlash from large shareholders. Subsequently, Bayer purchased Monsanto, with ChemChina acquiring Syngenta. |
| 47 | 2014 | Comcast | Time Warner Cable | 45.2 | 60 | Main Article: Attempted purchase of Time Warner Cable by Comcast |
| 48 | 1996 | Credit Suisse | Union Bank of Switzerland | 45.0 | 90.2 | UBS not only spurned the offer from CS Holding but insisted that it had been "taken aback" by its rival's offer. |
| 49 | 2000 | General Electric | Honeywell | 45.0 | 82.2 | 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. |
References
- Joint Venture
- Dual Structure Consolidation
- Bailout
- Tax Inversion
- US Inflation Calculatorhttps://web.archive.org/web/20131028120632/http://www.usinflationcalculator.com/
- The New York Timeshttps://www.nytimes.com/1874/02/06/archives/consolidation-of-coal-companies-the-wilkesbarre-coal-and-iron-and.html?searchResultPosition=2
- The Corporate Planet: Ecology and Politics in the Age of Globalizationhttps://books.google.com/books?id=2CHLmPx2PJ0C&pg=PA61
- The New York Timeshttps://www.nytimes.com/1884/11/11/archives/reducing-the-price-of-gas-election-of-officers-of-the-consolidated.html?searchResultPosition=4
- The New York Timeshttps://www.nytimes.com/1883/02/15/archives/railroads-consolidated-organization-of-the-buffalo-newyork-and.html?searchResultPosition=1
- The New York Timeshttps://www.nytimes.com/1899/06/22/archives/immense-liquor-trust-distilling-company-of-america-capital.html
- The New York Timeshttps://www.nytimes.com/1899/10/21/archives/wagner-company-to-sell-out-pullman-directors-vote-to-buy-the-rival.html?searchResultPosition=1
- The New York Timeshttps://www.nytimes.com/1899/10/27/archives/vanderbilts-get-control.html?searchResultPosition=2
- "History of United States Steel Corporation – FundingUniverse"http://www.fundinguniverse.com/company-histories/united-states-steel-corporation-history/
- The New York Timeshttps://timesmachine.nytimes.com/timesmachine/1907/06/10/106755201.html
- The New York Timeshttps://www.nytimes.com/1905/12/27/archives/traction-merger-terms-made-public-222000000-holding-company-for-all.html
- The New York Timeshttps://timesmachine.nytimes.com/timesmachine/1905/12/27/100496412.html
- The New York Timeshttps://www.nytimes.com/1915/10/07/archives/midvale-steel-co-heads-big-merger-absorbs-worth-brothers-and.html
- The New York Timeshttps://timesmachine.nytimes.com/timesmachine/1915/10/07/105041761.html
- The New York Timeshttps://www.nytimes.com/1915/12/04/archives/plan-a-50000000-dry-goods-merger-new-company-proposed-to-take-over.html
- "The turning wheel; the story of General Motors through twenty-five years, 1908–1933"https://archive.org/stream/turningwheelstor00pounrich#page/174/mode/2up
- The New York Timeshttps://timesmachine.nytimes.com/timesmachine/1929/01/02/95866222.html
- The New York Timeshttps://www.nytimes.com/1929/06/15/archives/upstate-utilities-nearer-to-merger-terms-reported-for-exchange-of.html
- The New York Timeshttps://www.nytimes.com/1928/09/10/archives/522000000-merger-of-utilities-formed-control-of-american-light-and.html
- "Cms Energy Corp | Encyclopedia.com"https://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/businesses-and-occupations/cms-energy-corp
- The New York Timeshttps://www.nytimes.com/1930/06/01/archives/utilities-advance-650000000-union-acquisition-of-stocks-of-three.html
- The New York Timeshttps://www.nytimes.com/1932/03/02/archives/prairie-companies-join-sinclair-oil-more-than-88-of-owners-of-oil.html
- Imperial Valley Presshttps://cdnc.ucr.edu/?a=d&d=IVP19320301.2.17&e=-------en--20--1--txt-txIN--------
- The New York Timeshttps://timesmachine.nytimes.com/timesmachine/1934/08/28/95056088.html
- The New York Timeshttps://www.nytimes.com/1931/11/13/archives/bethlehem-to-get-pittsburgh-steel-schwab-and-the-companys-officials.html
- The New York Timeshttps://www.nytimes.com/1932/09/14/archives/studebaker-in-deal-to-buy-white-motor-directors-of-both-concerns.html
- The New York Timeshttps://www.nytimes.com/1945/07/27/archives/utility-merger-here-gets-psc-approval.html
- The New York Timeshttps://www.nytimes.com/1948/09/30/archives/merger-approved-of-niagara-hudson-public-service-commission.html
- The New York Timeshttps://www.nytimes.com/1945/07/25/archives/proxy-count-halts-vote-on-coal-merger.html
- The New York Timeshttps://www.nytimes.com/1948/06/19/archives/utilities-merger-approved-by-psc-hearings-on-the-plan-for-long.html
- The New York Timeshttps://www.nytimes.com/1941/08/01/archives/merger-plan-approved-stockholders-of-celluloid-vote-on-celanese.html
- The New York Timeshttps://timesmachine.nytimes.com/timesmachine/1959/02/12/110084487.html
- The New York Timeshttps://timesmachine.nytimes.com/timesmachine/1957/12/21/90872425.html
- The New York Timeshttps://timesmachine.nytimes.com/timesmachine/1957/10/18/91170801.html
- The New York Timeshttps://timesmachine.nytimes.com/timesmachine/1955/07/22/83364268.html
- The New York Timeshttps://timesmachine.nytimes.com/timesmachine/1956/06/29/96229859.html
- The New York Timeshttps://timesmachine.nytimes.com/timesmachine/1954/05/11/92579633.html
- The New York Timeshttps://timesmachine.nytimes.com/timesmachine/1955/05/11/83357553.html
- The New York Timeshttps://timesmachine.nytimes.com/timesmachine/1955/03/17/96627961.html
- "Warren Petroleum Company | The Encyclopedia of Oklahoma History and Culture"https://www.okhistory.org/publications/enc/entry.php?entry=WA026
- The New York Timeshttps://timesmachine.nytimes.com/timesmachine/1954/04/23/83329760.html
- The New York Timeshttps://www.nytimes.com/1969/01/01/archives/atlantic-richfield-and-sinclair-oil-merge-37billion-accord-is.html
- The New York Timeshttps://timesmachine.nytimes.com/timesmachine/1965/02/16/101527768.html
- "Hunt-Wesson, Inc. | Encyclopedia.com"https://www.encyclopedia.com/books/politics-and-business-magazines/hunt-wesson-inc
- www.ftc.govhttps://www.ftc.gov/system/files/documents/reports/statistical-report-mergers-acquisitions-1978/statistical_report_on_mergers_aug1980.pdf
- The New York Timeshttps://www.nytimes.com/1969/02/08/archives/xerox-is-seeking-computer-maker-925million-in-stock-would-be-given.html
- The New York Timeshttps://timesmachine.nytimes.com/timesmachine/1967/03/23/90301984.html
- The New York Timeshttps://www.nytimes.com/1968/01/20/archives/sun-oil-planning-to-buy-sunray-dx-763million-stock-transfer-would.html
- The New York Timeshttps://www.nytimes.com/1965/10/13/archives/continental-oil-to-add-coal-unit-plans-to-acquire-business-of.html
- The New York Timeshttps://timesmachine.nytimes.com/timesmachine/1961/06/24/118914784.html
- The New York Timeshttps://www.nytimes.com/1968/06/17/archives/finance-company-agrees-to-merge-control-data-to-give-shares-worth.html
- The New York Timeshttps://timesmachine.nytimes.com/timesmachine/1967/11/28/140511322.html
- The Washington Posthttps://www.washingtonpost.com/archive/politics/1979/09/30/shell-to-purchase-calif-oil-land-for-365-billion/2dda0dcd-78b7-4288-92a8-81b183837cda/
- The New York Timeshttps://www.nytimes.com/1976/12/16/archives/geutah-international-merger-a-217-billion-deal-is-approved.html
- The New York Timeshttps://www.nytimes.com/1979/07/06/archives/cit-and-rca-reveal-discussions-on-merger-cit-and-rca-reveal-merger.html
- The New York Timeshttps://www.nytimes.com/1979/10/30/archives/exxon-to-acquire-balance-of-reliance.html
- The New York Timeshttps://www.nytimes.com/1978/12/23/archives/carrier-wont-bar-united-link-talks-planned-us-will-pursue-bid-to.html
- The New York Timeshttps://www.nytimes.com/1979/03/31/archives/company-news-utc-and-carrier-reach-agreement-shamrock-acquiring.html
- The New York Timeshttps://www.nytimes.com/1979/03/23/archives/mobil-bids-765-million-for-general-crude-oil-mobil-bids-for-general.html
- The New York Timeshttps://www.nytimes.com/1976/07/03/archives/arco-plans-to-buy-rest-of-anaconda-oil-company-now-has-27-copper.html
- The New York Timeshttps://www.nytimes.com/1976/11/02/archives/anaconda-holders-back-arco-merger-195-million-of-the-shares-vote.html
- The New York Timeshttps://www.nytimes.com/1978/12/14/archives/reynolds-sued-on-bid.html
- The New York Timeshttps://www.nytimes.com/1978/12/29/archives/olinkraft-approves-johnsmanville-tie.html
- The New York Timeshttps://www.nytimes.com/1977/11/19/archives/kennecotts-66-carborundum-bid-tied-to-a-big-offer-by-continental.html
- The New York Timeshttps://www.nytimes.com/1978/06/20/archives/company-news-cocacola-bottling-to-bid-for-jeannette-general.html
- The New York Timeshttps://www.nytimes.com/1978/08/08/archives/beatrice-tropicana-in-merger-announce-union-17-minutes-after-court.html
- The New York Timeshttps://www.nytimes.com/1977/12/26/archives/unilever-stirs-speculators-with-bid-on-national-starch-speculators.html
- The New York Timeshttps://www.nytimes.com/1975/04/03/archives/burmah-oil-plans-to-sell-2-us-units-to-pay-debt-burmah-oil-plans-to.html
- The New York Timeshttps://www.nytimes.com/1979/02/15/archives/company-news-control-data-buys-weedens-system-ludlow-rejects-tycos.html
- "10 Most Famous Leveraged Buyouts"https://www.investopedia.com/articles/markets/111015/10-most-famous-leveraged-buyouts.asp
- "The Top 10 Buyouts"https://dealbook.nytimes.com/2007/02/26/the-top-10-buyouts/
- Los Angeles Timeshttps://www.latimes.com/archives/la-xpm-1989-08-29-fi-1555-story.html
- The New York Timeshttps://www.nytimes.com/1989/03/05/us/time-inc-and-warner-to-merge-creating-largest-media-company.html
- The New York Timeshttps://www.nytimes.com/1984/10/25/business/ftc-approves-chevron-gulf-deal.html
- The New York Timeshttps://www.nytimes.com/1988/10/31/business/kraft-being-sold-to-philip-morris-for-13.1-billion.html
- Los Angeles Timeshttps://www.latimes.com/archives/la-xpm-1989-07-28-fi-295-story.html
- The New York Timeshttps://www.nytimes.com/1984/07/11/business/texaco-getty-deal-approved.html
- The New York Timeshttps://www.nytimes.com/1989/04/13/business/smithkline-beecham-to-merge.html
- Chemical & Engineering News Archivehttps://doi.org/10.1021%2Fcen-v065n013.p005a
- Los Angeles Timeshttps://www.latimes.com/archives/la-xpm-1987-03-26-mn-448-story.html
- The New York Timeshttps://www.nytimes.com/1987/04/29/business/bp-in-7.82-billion-deal-for-standard.html
- Christian Science Monitorhttps://www.csmonitor.com/1981/0707/070727.html
- The Washington Posthttps://www.washingtonpost.com/archive/politics/1988/04/02/federated-stores-accepts-campeau-takeover-offer/9ffcd95e-54db-4f36-9e9d-faf88308db2d/
- The New York Timeshttps://www.nytimes.com/1985/12/12/business/ge-will-purchase-rca-in-a-cash-deal-worth-6.3-billion.html
- The New York Timeshttps://www.nytimes.com/1982/03/12/business/marathon-holders-vote-merger-with-us-steel.html
- Los Angeles Timeshttps://www.latimes.com/archives/la-xpm-1985-11-15-fi-2295-story.html
- The New York Timeshttps://www.nytimes.com/1985/09/28/business/philip-morris-to-buy-general-foods-for-5.8-billion.html
- The New York Timeshttps://www.nytimes.com/1987/05/07/business/3-major-gold-producers-in-canada-plan-merger.html
- "Mobil Agrees To Buy Superior For $5.7 Billion"https://www.washingtonpost.com/archive/politics/1984/03/12/mobil-agrees-to-buy-superior-for-57-billion/73a0a862-daf4-49d0-aeb2-479f43519faa/
- Los Angeles Timeshttps://www.latimes.com/archives/la-xpm-1988-12-19-mn-457-story.html
- Los Angeles Timeshttps://www.latimes.com/archives/la-xpm-1989-07-18-fi-4000-story.html
- The New York Timeshttps://www.nytimes.com/1984/11/06/business/market-place-royal-dutch-and-shell-oil.html
- The New York Timeshttps://www.nytimes.com/1990/12/13/business/shell-oil-shareholders-awarded-110-million.html
- The New York Timeshttps://www.nytimes.com/1989/07/05/business/gold-fields-takes-new-hanson-bid.html
- Los Angeles Timeshttps://www.latimes.com/archives/la-xpm-1985-06-06-mn-6763-story.html
- Los Angeles Timeshttps://www.latimes.com/archives/la-xpm-1988-08-26-fi-919-story.html
- The New York Timeshttps://www.nytimes.com/1987/07/06/business/7-eleven-owner-in-5-billion-deal-to-sell-company.html
- The New York Timeshttps://www.nytimes.com/1988/11/22/business/buyout-set-for-chain-of-hospitals.html
- "Our History"https://hcahealthcare.com/about/press-kit-hca-history.dot
- The New York Timeshttps://www.nytimes.com/1988/01/23/business/kodak-agrees-to-buy-sterling-for-5.1-billion.html
- The New York Timeshttps://www.nytimes.com/1981/06/27/business/aquitaine-to-acquire-texasgulf.html
- The Washington Posthttps://www.washingtonpost.com/archive/politics/1985/06/03/reynolds-to-buy-nabisco-in-49-billion-deal/b8f76429-19e8-4e8f-9e22-14708f107f35/
- The New York Timeshttps://www.nytimes.com/1986/05/28/business/burroughs-in-challenge-to-ibm-to-acquire-sperry-for-4.8-billion.html
- "Sony-Columbia Pictures: Lessons from a Cross Border Acquisition"https://www.icmrindia.org/casestudies/catalogue/Business%20Strategy2/Sony-Columbia%20Pictures%20Cross%20Border%20Acquisition.htm
- IMAA-Institutehttps://imaa-institute.org/mergers-and-acquisitions-statistics/
- CNNhttps://money.cnn.com/2000/02/03/europe/vodafone/
- The Wall Street Journalhttps://www.wsj.com/articles/SB949880425106587767
- CNNhttps://money.cnn.com/1998/12/01/deals/exxon/
- "FINANCE: EXXON-MOBIL MERGER COULD POISON THE WELL"http://www.sunsonline.org/trade/process/followup/1998/12030298.htm
- The New York Timeshttps://www.nytimes.com/1998/04/07/news/citicorp-and-travelers-plan-to-merge-in-record-70-billion-deal-a-new-no.html
- The Washington Posthttps://www.washingtonpost.com/wp-srv/pmextra/sept99/21/bellatlantic21.htm
- "Astra, Zeneca to Merge"https://www.pharmaceuticalonline.com/doc/astra-zeneca-to-merge-0001
- The New York Timeshttps://www.nytimes.com/1998/04/14/news/nations-bank-drives-62-billion-merger-a-new-bankamericabiggest-of-us.html
- "SBC to buy Ameritech – May 11, 1998"https://money.cnn.com/1998/05/11/deals/sbc/
- Sfgatehttps://www.sfgate.com/news/article/British-Company-Buys-AirTouch-For-56-Billion-2951650.php
- "BBC News | the Company File | TotalFina and Elf agree 'friendly' merger"https://news.bbc.co.uk/2/hi/business/445868.stm
- "Fool.com: Bell Atlantic and GTE Agree to Merge (Feature) July 28, 1998"https://web.archive.org/web/20150919081744/http://www.fool.com/features/1998/sp980728BellAtlanticGTEMerger.htm
- The Washington Posthttps://www.washingtonpost.com/archive/politics/1996/04/22/bell-atlantic-nynex-strike-merger-deal/0085e738-8fef-42bf-8384-4d005724799d/
- money.cnn.comhttps://money.cnn.com/1998/12/30/deals/bp/
- "AT&T-TCI merge nears go – Feb. 17, 1999"https://money.cnn.com/1999/02/17/deals/att/
- "A Bank Merger for the Record Books"https://dealbook.nytimes.com/2007/03/20/a-bank-merger-for-the-record-books/
- "Sumitomo, Sakura to merge – Oct. 14, 1999"https://money.cnn.com/1999/10/14/asia/japan_banks/index.htm
- "Qwest, US West merger a done deal"https://www.cnet.com/news/qwest-us-west-merger-a-done-deal/
- CBS Newshttps://www.cbsnews.com/news/hoechst-rhone-confirm-talks/
- money.cnn.comhttps://money.cnn.com/1999/11/29/europe/rbs_natwest_a/
- The New York Timeshttps://www.nytimes.com/1999/10/15/business/international-business-japan-banks-to-merge-with-wider-effects.html
- WSJhttps://www.wsj.com/articles/SB876986051912704000
- "Chrysler, Daimler Benz in auto merger deal – May 7, 1998"https://money.cnn.com/1998/05/07/deals/benz/
- "WorldCom and MCI announce $37 billion merger"https://www.verizon.com/about/news/worldcom-and-mci-announce-37-billion-merger
- "Mannesmann cements $33 billion Orange offer – Oct. 21, 1999"https://money.cnn.com/1999/10/21/europe/orange/
- "Viacom buys CBS for $35.6 billion – Sep. 7, 1999"https://money.cnn.com/1999/09/07/deals/cbs/
- money.cnn.comhttps://money.cnn.com/1998/06/08/deals/wells/
- The New York Timeshttps://www.nytimes.com/2003/03/13/business/olivetti-telecom-italia-merger-planned.html
- The New York Timeshttps://www.nytimes.com/1995/03/29/us/international-business-merger-to-create-new-japan-bank-world-s-largest.html
- "Banc One to acquire First Chicago $29.8 billion purchase creates Midwest giant, 5th largest U.S. Bank; Banking"https://www.baltimoresun.com/news/bs-xpm-1998-04-14-1998104004-story.html
- Sfgatehttps://www.sfgate.com/business/article/Ciba-Sandoz-in-huge-drug-merger-3157211.php
- Wall Street Journalhttps://www.wsj.com/articles/SB922957318416361129
- Los Angeles Timeshttps://www.latimes.com/archives/la-xpm-1999-dec-20-fi-45727-story.html
- "Lucent, Ascend Marriage Holds Challenges / Merger a good fit but will need tending, analysts say"https://www.sfgate.com/business/article/Lucent-Ascend-Marriage-Holds-Challenges-Merger-2923515.php
- "UBS, SBC in $25B merger – Dec. 8, 1997"https://money.cnn.com/1997/12/08/deals/ubs/
- Los Angeles Timeshttps://www.latimes.com/archives/la-xpm-2000-aug-30-fi-12696-story.html
- "Buffett's troubled Gen Re acquisition"https://www.marketwatch.com/story/general-re-has-been-troubled-acquisition-for-buffett
- The New York Timeshttps://www.nytimes.com/1999/08/16/business/huge-french-bank-merger-at-an-impasse.html
- CNNhttps://money.cnn.com/2000/01/10/deals/aol_warner/
- CNBChttps://www.cnbc.com/2007/09/03/french-gdf-suez-agree-to-power-merger.html
- The Telegraphhttps://www.telegraph.co.uk/business/2016/04/08/the-biggest-mergers-in-history/abnamro/
- New York Timeshttps://dealbook.nytimes.com/2007/04/25/rival-bidders-offer-98-billion-for-abn-amro/
- BBC Newshttps://news.bbc.co.uk/2/hi/business/4628983.stm
- CNNhttps://money.cnn.com/2000/01/17/europe/glaxo_deal/
- corporate.comcast.comhttps://corporate.comcast.com/news-information/news-feed/att-broadband-to-merge-with-comcast-corporation-in-72-billion-transaction
- "Banca Intesa, Sanpaolo agree to merge"https://www.marketwatch.com/story/intesa-sanpaolo-agree-to-merge-to-create-italys-largest-bank
- Wall Street Journalhttps://www.wsj.com/articles/SB123293456420414421/
- "Treasury plans $18 billion AIG stock sale"https://money.cnn.com/2012/09/10/news/companies/aig-stock-treasury/index.html
- CBS Newshttps://www.cbsnews.com/news/att-to-buy-bellsouth-for-67-billion/
- "AT&T Press Release Headlines & News from AT&T"http://www.att.com/gen/press-room?pid=4800&cdvn=news&newsarticleid=22860
- Reutershttps://web.archive.org/web/20200411041612/https://uk.reuters.com/article/us-eu-endesa-takeover/eu-clears-enel-acciona-bid-for-endesa-idUKL164379920080616
- "Sanofi-Synthelabo lands Aventis for $64 billion – Apr. 26, 2004"https://money.cnn.com/2004/04/26/news/international/aventis_sanofi/
- CNEThttps://www.cnet.com/tech/mobile/mediaone-at-t-deal-pushes-comcast-aside/
- "Pfizer to Acquire Pharmacia for $60 Billion"https://www.thestreet.com/opinion/pfizer-to-acquire-pharmacia-for-60-billion-10031547
- CNNMoney.comhttps://money.cnn.com/2004/01/14/news/deals/jpmorgan_bankone/
- Reutershttps://reuters.com/article/us-britain-rbs-buybacks/rbs-seeks-investor-backing-for-share-buyback-plan-idUKKCN1PB21Y
- CBS Newshttps://www.cbsnews.com/news/procter-gamble-acquires-gillette/
- "Anheuser-Busch accepts $52 billion InBev offer"https://www.marketwatch.com/story/anheuser-busch-accepts-52-billion
- Wall Street Journalhttps://www.wsj.com/articles/SB964424432543482052
- Reutershttps://www.reuters.com/article/us-hbos-lloyds-idUSLH43730920080917
- CNBChttps://www.cnbc.com/2008/09/14/bank-of-america-to-buy-merrill-lynch-for-50-billion.html
- USA Todayhttps://www.usatoday.com/story/money/cars/2013/12/09/government-treasury-gm-general-motors-tarp-bailout-exit-sale/3925515/
- TheStreethttps://www.thestreet.com/opinion/bank-of-america-to-acquire-fleet-for-47-billion-10122344
- The New York Timeshttps://www.nytimes.com/2009/03/13/business/worldbusiness/13drugs.html
- "Citigroup chief thanks taxpayers for $45 billion bailout"https://tnj.com/citigroup-chief-thanks-taxpayers-45-billion-bailout/
- NBC Newshttps://www.nbcnews.com/id/wbna34350133
- Reutershttps://www.reuters.com/article/us-banks-idUSTRE50F1Q720090116
- Reutershttps://www.reuters.com/article/us-merck-scheringplough-idUSTRE5A23YZ20091103
- Wall Street Journalhttps://www.wsj.com/articles/SB963200491536854074
- "Cingular, AT&T Wireless close $41 billion merger"https://www.networkworld.com/article/2326454/cingular--at-t-wireless-close--41-billion-merger.html
- MarketWatchhttps://www.marketwatch.com/story/exxon-mobil-to-buy-xto-energy-in-41-billion-deal-2009-12-14
- computerworld.comhttps://www.computerworld.com/article/2595086/france-telecom-to-acquire-orange-in--40b-deal.html
- Reutershttps://www.reuters.com/article/us-novartis-idUSZAT00762320080407
- "Rio Tinto to buy Alcan for $38 billion"https://www.marketwatch.com/story/rio-tinto-agrees-to-acquire-alcan-for-381-billion-in-cash
- Wall Street Journalhttps://www.wsj.com/articles/SB966490238775132765
- NBC Newshttps://www.nbcnews.com/id/wbna6992181
- Timehttps://content.time.com/time/specials/packages/article/0,28804,2011254_2014504_2014475,00.html
- The New York Timeshttps://www.nytimes.com/2006/11/20/business/worldbusiness/20iht-reit.3607013.html
- MarketWatchhttps://www.marketwatch.com/story/conocophillips-buying-burlington-for-356b
- CBS Newshttps://www.cbsnews.com/news/chevron-and-texaco-another-oil-merger/
- "Sprint, Nextel agree to $35 billion merger"https://www.cnet.com/news/sprint-nextel-agree-to-35-billion-merger/
- CBS Newshttps://www.cbsnews.com/news/bank-of-america-acquires-mbna/
- CBS Newshttps://www.cbsnews.com/news/vivendi-to-buy-seagrams/
- "Arcelor accepts Mittal's $33.65 billion offer"https://www.marketwatch.com/story/arcelor-accepts-mittals-3365-billion-offer
- Reutershttps://www.reuters.com/article/us-txucorp-takeover-kkr-idUSWNAS203120070226
- "Telefonica bids £18bn for UK's O2"https://news.bbc.co.uk/2/hi/business/4391754.stm
- The New York Timeshttps://www.nytimes.com/2006/06/19/business/worldbusiness/19iht-web.0619nokia2.2000650.html
- "Citigroup buys Associates First for $31B – Sep. 6, 2000"https://money.cnn.com/2000/09/06/deals/citigroup/index.htm
- "Chase Manhattan to Acquire J.P. Morgan for $30.9 Billion"https://archive.nytimes.com/www.nytimes.com/learning/teachers/featured_articles/20000914thursday.html
- Reutershttps://www.reuters.com/article/uk-hydro-statoil-merge/statoil-to-buy-norsk-hydros-oil-gas-business-idUKL1883367720061219
- Reutershttps://www.reuters.com/article/us-comcast-nbc-idUSTRE70S2WZ20110129
- Reutershttps://www.reuters.com/article/us-firstdata-kkr-idUSN0238467320070402
- Reutershttps://www.reuters.com/article/us-capitalia-unicredit-idUSL184229220070520
- Wall Street Journalhttps://www.wsj.com/articles/SB110380532007008181
- CNEThttps://www.cnet.com/culture/verizon-wireless-to-buy-alltel/
- "Australia's BHP, Britain's Billiton agree to merger – Mar. 19, 2001"https://money.cnn.com/2001/03/19/europe/billiton/
- "Alltel agrees to $27.5 billion buyout; shares rise"https://www.marketwatch.com/story/alltel-shares-jump-on-275-billion-buyout
- NBC Newshttps://www.nbcnews.com/id/wbna11018335
- "Bain Capital Wins Again: $20-Billion Leveraged-Buyout Queen Topples, Biggest in Years, Another Private Equity Casualty"https://wolfstreet.com/2018/03/15/bain-capital-wins-again-iheartmedia-finally-files-for-bankruptcy/
- Wall Street Journalhttps://www.wsj.com/articles/SB10001424052748703740004574513191915147218
- CBS Newshttps://www.cbsnews.com/news/hilton-hotels-acquired-by-blackstone-group/
- Reutershttps://www.reuters.com/article/freeportmcmoran-idUSN1928000420070319
- NBC Newshttps://www.nbcnews.com/id/wbna12680868
- Business Insiderhttps://www.businessinsider.com/government-cuts-lloyds-stake-to-under-5-183-billion-recovered-2017-1
- "Deal closes: Harrah's now private"https://www.reviewjournal.com/business/deal-closes-harrahs-now-private/
- "HP to acquire Compaq for $25 billion"https://www.cnet.com/tech/tech-industry/hp-to-acquire-compaq-for-25-billion/
- "JPMorgan Profit Hit by Bailout Repayment"https://www.thestreet.com/investing/stocks/jpmorgan-profit-hit-by-bailout-repayment-10521571
- Wall Street Journalhttps://www.wsj.com/articles/SB122532172455982065
- Reutershttps://www.reuters.com/article/us-fortis-belgium-idUSTRE49263E20081003
- "AIG to buy American General – May 11, 2001"https://money.cnn.com/2001/05/11/europe/pru/index.htm
- MarketWatchhttps://www.marketwatch.com/story/mars-to-buy-wrigley-for-23-billion-with-buffetts-assistance
- Reutershttps://www.reuters.com/article/us-scottishpower-iberdrola-idUSWLA567920061128
- "Kinder Morgan agrees to $22 billion buyout"https://www.marketwatch.com/story/kinder-morgan-accepts-sweetened-22b-bid-to-take-it-private
- Reutershttps://www.reuters.com/article/uk-allianceboots-kkr/kkr-wins-bid-battle-for-alliance-boots-idUKL2349398720070425
- The New York Timeshttps://www.nytimes.com/2006/06/14/business/14cnd-bayer.html
- money.cnn.comhttps://money.cnn.com/2000/03/07/deals/verisign/
- The New York Timeshttps://www.nytimes.com/2000/10/05/business/us-bancorp-to-be-acquired-by-firstar-for-21-billion.html
- money.cnn.comhttps://money.cnn.com/2006/07/24/news/companies/hca_deal/index.htm
- "CVS to Buy Caremark in $21 Billion Deal"https://dealbook.nytimes.com/2006/11/01/cvs-and-caremark-agree-to-21-billion-merger/
- "Bank of America completes LaSalle acquisition – Business First of Columbus"https://web.archive.org/web/20071104152604/http://www.bizjournals.com/columbus/stories/2007/10/01/daily1.html
- The New York Timeshttps://www.nytimes.com/2000/06/07/business/unilever-deal-for-bestfoods-signals-more-acquisitions.html
- The New York Timeshttps://www.nytimes.com/2001/04/02/business/allianz-says-it-will-acquire-dresdner-bank-for-20-billion.html
- The Economisthttps://www.economist.com/business/2007/07/05/the-man-who-bought-trouble
- BBC Newshttps://www.bbc.co.uk/news/business-23933955
- USA TODAYhttps://www.usatoday.com/story/money/business/2015/12/11/dupont-dow-chemical-merger/77137888/
- Reutershttps://web.archive.org/web/20190611075049/https://uk.reuters.com/article/us-utc-m-a-raytheon/united-technologies-nears-deal-to-merge-aerospace-unit-with-raytheon-source-idUKKCN1T90T0
- Reutershttps://web.archive.org/web/20190610194103/https://uk.reuters.com/article/uk-utc-m-a-trump/trump-says-united-tech-raytheon-deal-may-hurt-competition-idUKKCN1TB289
- Reutershttps://web.archive.org/web/20190610165459/https://uk.reuters.com/article/us-utc-m-a-stocks/united-technologies-raytheon-slip-after-trump-comments-on-mega-deal-idUKKCN1TB1KD
- Reutershttps://web.archive.org/web/20190611074317/https://uk.reuters.com/article/us-utc-m-a-raytheon/united-technologies-expects-regulatory-approvals-by-early-2020-for-raytheon-deal-idUKKCN1TB1NL
- USA Todayhttps://www.usatoday.com/story/money/business/2016/07/20/report-doj-ok-ab-inbev-sabmiller-deal/87347546/
- Telegraph.co.ukhttps://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/11493874/Heinz-owners-acquire-Kraft-to-create-US-food-giant.html
- Yahoo Financehttps://finance.yahoo.com/news/energy-transfer-ete-snap-mlp-124512861.html
- "Pipeline giant Energy Transfer to simplify structure through merger"https://www.bizjournals.com/houston/news/2018/08/02/pipeline-giant-energy-transfer-to-simplify.html
- reuters.comhttps://web.archive.org/web/20171030004042/https://uk.reuters.com/article/uk-linde-m-a-praxair/linde-passes-important-50-percent-threshold-in-praxair-tender-idUKKBN1CP212
- Reutershttps://www.reuters.com/article/us-linde-praxair-ftc-idUSKCN1MW1V2
- about.att.comhttp://about.att.com/story/att_to_acquire_time_warner.html
- Reutershttps://www.reuters.com/article/us-cheung-kong-stocks-idUSKBN0KL0AR20150112
- "EX-99.1"https://www.sec.gov/Archives/edgar/data/1091667/000119312515199495/d930887dex991.htm
- Bloomberg Newshttps://www.bloomberg.com/news/articles/2019-01-03/bristol-myers-squibb-to-buy-celgene-in-74-billion-pharma-deal
- Reutershttps://web.archive.org/web/20190107002537/https://uk.reuters.com/article/uk-celgene-m-a-bristol-myers/celgene-bristol-myers-set-2-2-billion-termination-fee-for-their-mega-deal-idUKKCN1OY1CA
- "2019 Begins with a $74 Billion Bang as BMS Buys Celgene"https://www.biospace.com/article/2019-begins-with-a-74-billion-bang-as-bms-buys-celgene/?s=79
- "BMS CEO Giovanni Caforio Lays out Reasoning for $74 Billion Acquisition of Celgene"https://www.biospace.com/article/bms-ceo-giovanni-caforio-lays-out-reasoning-for-74-billion-acquisition-of-celgene/?s=79
- "The Walt Disney Company Signs Amended Acquisition Agreement To Acquire Twenty-First Century Fox, Inc., For $71.3 Billion In Cash And Stock – The Walt Disney Company"https://www.thewaltdisneycompany.com/the-walt-disney-company-signs-amended-acquisition-agreement-to-acquire-twenty-first-century-fox-inc-for-71-3-billion-in-cash-and-stock/
- Reutershttps://uk.reuters.com/article/uk-fox-m-a-disney/disney-hikes-bid-for-fox-assets-to-71-3-billion-tops-comcast-idUKKBN1JG1LS
- "Kinder Morgan May Target Oil, Gas and Coal After $71 Billion Deal"https://www.thestreet.com/markets/mergers-and-acquisitions/kinder-morgan-may-target-oil-gas-and-coal-after-71-billion-deal-12840236
- Wall Street Journalhttps://www.wsj.com/articles/actavis-completes-acquisition-of-allergan-1426602714
- Bloomberg.comhttps://www.bloomberg.com/news/articles/2015-04-08/shell-will-buy-bg-group-for-70-billion-in-cash-and-shares
- Financial Timeshttps://www.ft.com/content/140c4f2e-ddb7-11e4-8d14-00144feab7de
- Reutershttps://web.archive.org/web/20190327220253/https://uk.reuters.com/article/us-aramco-sabic-m-a/saudi-aramco-to-buy-sabic-in-69-billion-chemicals-megadeal-idUKKCN1R81QU
- reuters.comhttps://web.archive.org/web/20171121102317/https://uk.reuters.com/article/us-aetna-m-a-cvs-health/cvs-aetna-aim-to-finalize-deal-as-early-as-december-sources-idUKKBN1D32A6
- reuters.comhttps://web.archive.org/web/20171113073505/https://uk.reuters.com/article/us-aetna-m-a-cvs-health-research/cvs-deal-for-aetna-could-help-retailer-face-amazon-entry-analysts-idUKKBN1CW1YC
- The Washington Posthttps://www.washingtonpost.com/news/wonk/wp/2017/12/03/cvs-agrees-to-buy-aetna-in-69-billion-deal-that-could-shake-up-health-care-industry/
- Wall Street Journalhttps://www.wsj.com/articles/dell-to-buy-emc-for-67-billion-1444649012
- Reutershttps://web.archive.org/web/20180508161301/https://uk.reuters.com/article/uk-shire-m-a-takeda/japans-takeda-clinches-45-3-billion-shire-deal-as-pharma-ma-rolls-on-idUKKBN1I90IA
- Reutershttps://www.reuters.com/article/us-shire-m-a-takeda-pharma-deal-exclusiv-idUSKBN1HV2P4
- Business Insiderhttps://www.businessinsider.com/takeda-acquires-shire-for-64-billion-2018-4
- Reutershttps://web.archive.org/web/20190625202403/https://uk.reuters.com/article/us-allergan-m-a-abbvie/abbvie-looks-beyond-humira-with-63-billion-deal-for-botox-maker-allergan-idUKKCN1TQ15X
- "GSK completes transaction with Pfizer to form new world-leading Consumer Healthcare Joint Venture | GSK"https://www.gsk.com/en-gb/media/press-releases/gsk-completes-transaction-with-pfizer-to-form-new-world-leading-consumer-healthcare-joint-venture/
- Reutershttps://www.reuters.com/business/healthcare-pharmaceuticals/gsk-sets-out-plans-listing-consumer-products-venture-2021-06-23/
- Reutershttps://www.reuters.com/article/us-lafarge-holcim-idUSBREA3314L20140407
- Reutershttps://web.archive.org/web/20180301133335/https://uk.reuters.com/article/us-essilor-m-a-luxottica-group-eu/eu-clears-merger-of-essilor-luxottica-without-conditions-idUKKCN1GD4NX
- uk.reuters.comhttps://web.archive.org/web/20140214072516/http://uk.reuters.com/article/2013/03/22/uk-rosneft-tnkbp-deal-idUKBRE92K0IX20130322
- Reutershttps://web.archive.org/web/20180314104534/https://uk.reuters.com/article/uk-bayer-results/bayer-cuts-monsanto-deal-value-to-63-5-billion-on-revised-debt-idUKKBN1CV0O4
- CBS Newshttps://www.cbsnews.com/news/bayer-sells-unit-basf-for-7-billion-ahead-of-monsanto-deal/
- Reutershttps://www.reuters.com/article/us-express-scripts-m-a-cigna-idUSKCN1OJ2AO
- Reutershttps://www.reuters.com/article/uk-fiat-chrysler-m-a-psa-unions/psa-trade-unions-give-the-nod-to-merger-with-fiat-idUKKBN1XT1G4
- Wall Street Journalhttps://www.wsj.com/articles/at-t-closes-49-billion-directv-acquisition-1437766932
- Yahoo Financehttp://finance.yahoo.com/news/reynolds-agrees-merge-british-american-133501837.html
- CNNhttps://www.cnn.com/2019/12/16/business/iff-dupont-nutrition-merger/index.html
- "ChemChina Clinches Its $43 Billion Takeover of Syngenta"https://fortune.com/2017/05/05/chemchina-syngenta-deal-acquisition/
- "Medtronic buys Covidien for $42.9 billion"https://money.cnn.com/2014/06/15/investing/medtronic-covidien/index.html
- Allerganhttp://www.allergan.com/NEWS/News/Thomson-Reuters/Allergan-Accelerates-Transformation-to-Branded-Gro
- Bloomberg L.Phttps://www.bloomberg.com/news/articles/2015-07-27/teva-ceo-sees-more-deals-coming-after-40-5b-allergan-purchase
- Bloomberg L.Phttps://www.bloomberg.com/news/articles/2015-07-27/teva-snaps-up-allergan-s-generics-arm-dumping-mylan
- Reutershttps://web.archive.org/web/20180716223837/https://uk.reuters.com/article/us-sky-m-a-fox/comcast-raises-bid-for-sky-to-34-billion-tops-foxs-offer-idUKKBN1K10KU
- Reutershttps://web.archive.org/web/20180922194259/https://uk.reuters.com/article/us-sky-m-a-auction/comcast-outbids-fox-with-39-billion-offer-for-sky-in-auction-idUKKCN1M20U2
- "Comcast to acquire Sky for $39 billion following bidding war"https://www.engadget.com/2018/09/22/comcast-to-acquire-sky/
- Reutershttps://web.archive.org/web/20180330053020/https://uk.reuters.com/article/us-deals-review/global-mergers-and-acquisitions-reach-record-high-in-first-quarter-idUKKBN1H60EC
- Reutershttps://web.archive.org/web/20190424204253/https://uk.reuters.com/article/uk-anadarko-petrol-m-a-occidental/occidental-offers-38-billion-for-anadarko-topping-chevron-idUKKCN1S01DR
- "Buffett to Acquire Precision Castparts in $37.2 Billion Deal"https://www.bloomberg.com/news/articles/2015-08-10/buffett-agrees-to-buy-precision-castparts-in-37-2-billion-deal
- Reutershttps://www.reuters.com/article/us-broadcom-m-a-avago-correction-idUSKBN0OE28220150529
- Reutershttps://web.archive.org/web/20180501004755/https://uk.reuters.com/article/us-sprint-corp-m-a-t-mobile-us/t-mobile-sprint-say-26-billion-deal-would-give-u-s-tech-lead-over-china-idUKKBN1I00PH
- "T-Mobile's acquisition of Sprint increases in value thanks to amended deal"https://www.bizjournals.com/seattle/news/2020/02/25/t-mobiles-acquisition-of-sprint-increases-in-value.html
- Reutershttps://web.archive.org/web/20190318205550/https://uk.reuters.com/article/uk-worldpay-inc-m-a-fidelity-ntl-inf/u-s-firm-fis-buys-worldpay-for-35-billion-in-payments-deal-bonanza-idUKKCN1QZ0N0
- Reutershttps://www.reuters.com/article/us-m-a-defense-harris-l3-idUSKCN1MO0PV
- Business Insiderhttps://www.businessinsider.com/ibm-is-reportedly-nearing-a-deal-to-acquire-redhat-the-software-company-valued-at-20-billion-2018-10
- "M&A Deals Reach Record Levels"http://www.morningstar.co.uk/uk/news/146749/ma-deals-reach-record-levels.aspx
- "Shire, Baxalta Complete $32B Merger"https://www.genengnews.com/news/shire-baxalta-complete-32b-merger/
- The Vergehttps://www.theverge.com/2016/9/5/12798302/softbank-arm-acquisition-complete
- Reutershttps://www.reuters.com/article/us-glencore-xstrata-timeline-idUSBRE8AJ13O20121120
- Bloomberg Newshttps://www.bloomberg.com/news/articles/2010-08-10/gdf-set-to-pay-92-pence-a-share-dividend-to-control-international-power
- "GE nears about $30 bln deal with Baker Hughes – WSJ – Energy & Oil – Reuters"https://web.archive.org/web/20200803094006/https://af.reuters.com/article/energyOilNews/idAFL4N1D11PQ
- CNBChttps://www.cnbc.com/2017/09/04/united-technologies-to-buy-rockwell-collins-for-30-billion-in-stock-and-cash.html
- Wall Street Journalhttps://www.wsj.com/articles/johnson-johnson-to-acquire-rare-disease-drug-maker-actelion-in-30-billion-deal-1485413057
- CNNhttps://www.cnn.com/2019/11/18/tech/softbank-yahoo-line-merger/index.html
- "PCS INVESTOR PRESENTATION MARCH 2013"https://s29.q4cdn.com/310188824/files/doc_downloads/merger_info_docs/2013/03/18/1001182677.pdf
- Reutershttps://www.reuters.com/article/us-expressscripts-idUSTRE76K1GG20110721
- Reutershttps://www.reuters.com/article/us-chubb-corp-m-a-ace-idUSKCN0PB4G220150701
- Reutershttps://www.reuters.com/article/us-spectra-energy-m-a-enbridge-inc-idUSKCN11C13H
- Reutershttps://web.archive.org/web/20190207233753/https://uk.reuters.com/article/us-suntrust-banks-m-a-bb-and-t/bbt-to-buy-suntrust-in-biggest-u-s-bank-deal-in-a-decade-idUKKCN1PW156
- "Reynolds, Lorillard in tobacco merger"https://money.cnn.com/2014/07/15/news/companies/tobacco-merger/index.html
- Bloomberg Newshttps://www.bloomberg.com/news/articles/2016-09-12/agrium-potash-corp-to-combine-in-fertilizer-merger-of-equals
- Reutershttps://web.archive.org/web/20190730053101/https://uk.reuters.com/article/us-refinitiv-m-a-lse/london-stock-exchange-in-talks-to-buy-refinitiv-for-27-billion-idUKKCN1UL2FA
- news.microsoft.comhttp://news.microsoft.com/2016/06/13/microsoft-to-acquire-linkedin/
- "Duke Energy, Progress Energy to merge in $26B deal"https://www.wral.com/business/story/8907376/
- CNBChttps://www.cnbc.com/2019/11/25/charles-schwab-to-buy-td-ameritrade-in-a-26-billion-all-stock-deal.html
- Bloomberg Newshttps://www.bloomberg.com/news/articles/2014-02-18/actavis-to-buy-forest-laboratories-for-25-billion
- Bloomberg Newshttps://www.bloomberg.com/news/articles/2015-06-19/enbridge-income-to-buy-enbridge-assets-sees-10-dividend-boost#xj4y7vzkg
- USA Todayhttps://www.usatoday.com/story/money/2016/04/28/abbott-laboratories-st-jude-medical-acquisition/83638548/
- "The CBS-Viacom Merger is Going to Close Next Week"https://www.barrons.com/articles/cbs-viacom-merger-closing-next-week-51574696849?mod=RTA
- "While No Magic Pill, Mylan Deal Might Just Revive Drugmaker"https://realmoney.thestreet.com/investing/stocks/while-no-magic-pill-mylan-deal-might-just-revive-drugmaker-15036216
- "French group to take over Westfield malls for $25 billion"https://uk.news.yahoo.com/french-group-over-westfield-malls-103510418.html
- Reutershttps://www.reuters.com/article/us-dell-buyout/dell-to-go-private-in-landmark-24-4-billion-deal-idUSBRE9140NF20130205
- "Dell Enters into Agreement to be Acquired by Michael Dell and Silver Lake"https://www.businesswire.com/news/home/20130205006211/en/Dell-Enters-Agreement-Acquired-Michael-Dell-Silver
- "CenturyLink completes purchase of Qwest"https://www.denverpost.com/2011/04/01/centurylink-completes-purchase-of-qwest/
- BBC Newshttps://www.bbc.com/news/business-18213848
- "Hutchison, VimpelCom to Merge Italy Assets in $24 Billion Deal"https://www.bloomberg.com/news/articles/2015-08-06/vimpelcom-hutchison-agree-to-merge-italian-mobile-phone-units
- CNBChttps://www.cnbc.com/2016/10/31/centurylink-agrees-to-buy-level-3-communications-in-34-billion-deal.html
- CNBChttps://www.cnbc.com/2017/04/23/becton-dickinson-to-acquire-bard-for-24-billion.html
- Reutershttps://www.reuters.com/article/us-dell-vmware-idUSKBN1OA1NI
- Reutershttps://www.reuters.com/article/us-dell-vmware-idUSKBN1JS11X
- "As Treasury Moves to Bring Back Inversions, Here are 7 of the Biggest Recent Deals"https://www.thestreet.com/politics/as-treasury-moves-to-bring-back-inversions-here-are-seven-of-the-biggest-recent-deals-html#gid=ci02572a7d30042687&pid=actavis-plc---allergan-inc
- BBC Newshttps://www.bbc.com/news/business-21347814
- Reutershttps://www.reuters.com/article/us-visaeurope-m-a-visa-idUSKCN0SR16520151102
- "Berkshire and 3G Capital in a $23 Billion Deal for Heinz"https://dealbook.nytimes.com/2013/02/14/berkshire-and-3g-capital-to-buy-heinz-for-23-billion/
- Wall Street Journalhttps://www.wsj.com/articles/frances-antitrust-watchdog-approves-numericables-sfr-acquisition-1414425028
- "Drahi's Numericable Agrees to Acquire Virgin Mobile in France"https://www.bloomberg.com/news/articles/2014-06-30/drahi-s-numericable-agrees-to-acquire-virgin-mobile-in-france
- Reutershttps://www.reuters.com/article/us-vodafone-m-a-idea-idUSKBN16R07R
- Reutershttps://web.archive.org/web/20180430193541/https://uk.reuters.com/article/us-andeavor-us-m-a-marathon-petroleum/marathon-to-become-top-u-s-refiner-with-23-billion-andeavor-buy-idUKKBN1I1043
- Reutershttps://www.reuters.com/article/nipponsteelsumitomo-merger-idUSL4E8KO60520120930
- "Facebook $22 Billion WhatsApp Deal Buys $10 Million in Sales"https://www.bloomberg.com/news/articles/2014-10-28/facebook-s-22-billion-whatsapp-deal-buys-10-million-in-sales
- Reutershttps://web.archive.org/web/20180314190936/https://uk.reuters.com/article/us-abertis-m-a-atlantia-acs-es/italys-atlantia-joins-acs-to-end-22-billion-battle-for-spains-abertis-idUKKCN1GP2R4
- Reutershttps://web.archive.org/web/20190116195012/https://uk.reuters.com/article/uk-fiserv-m-a-first-data/fiserv-to-buy-first-data-for-22-billion-to-boost-payments-business-idUKKCN1PA1IQ
- Reutershttps://web.archive.org/web/20180510000836/https://uk.reuters.com/article/us-liberty-global-m-a-vodafone/vodafone-challenges-deutsche-telekom-with-21-8-billion-liberty-deal-idUKKBN1IA0MP
- ソフトバンクグループ株式会社https://group.softbank/en/corp/news/press/sb/2013/20130711_01/
- "Sprint-Softbank merger a done deal"https://www.cnet.com/news/sprint-softbank-merger-a-done-deal/
- www.clearygottlieb.comhttps://www.clearygottlieb.com//news-and-insights/news-listing/weather-investments-orascom-telecom-in-21-5-billion-combination-with-vimpelcom102
- Reutershttps://web.archive.org/web/20190528152315/https://uk.reuters.com/article/us-total-systems-m-a-global-payments/global-payments-to-buy-tsys-for-21-5-billion-in-latest-fintech-deal-idUKKCN1SY142
- Reutershttps://web.archive.org/web/20190225202245/https://uk.reuters.com/article/uk-ge-divestiture-danaher/ge-chief-culp-sells-biopharma-business-for-21-4-billion-idUKKCN1QE1KE
- "Johnson & Johnson and Synthes Announce Definitive Merger Agreement to Create World's Most Innovative and Comprehensive Orthopaedics Business | Johnson & Johnson"https://www.jnj.com/media-center/press-releases/johnson-johnson-and-synthes-announce-definitive-merger-agreement-to-create-worlds-most-innovative-and-comprehensive-orthopaedics-business
- Reutershttps://www.reuters.com/article/us-americamovil-idUSTRE60D0BD20100114
- Reutershttps://www.reuters.com/article/us-kindermorgan-idUSTRE79F20Y20111017
- Cravath – MarkWest Energy Partners's $21 Billion Merger with MPLXhttps://www.cravath.com/news/markwest-energy-partners-s-21-billion-merger-with-mplx.html
- Wall Street Journalhttps://www.wsj.com/articles/abbvie-to-buy-pharmacyclics-in-21-billion-deal-1425528086
- Reutershttps://www.reuters.com/article/us-dr-pepper-snapp-m-a-keurig-idUSKBN1FI1II
- Reutershttps://www.reuters.com/article/us-genzyme-sanofi-idUSTRE71E4XI20110216
- "InBev to buy out Modelo for $20.1 billion"https://www.cleveland.com/business/2012/06/inbev_to_buy_out_modelo_for_20.html
- CNBChttps://www.cnbc.com/2016/11/21/first-trump-deal-sunoco-logistics-to-acquire-energy-transfer-partners.html
- Yahoo Financehttps://au.finance.yahoo.com/news/credit-agricole-asset-sale-boost-223118315.html
- Reutershttps://www.reuters.com/article/us-thomsonreuters-m-a-blackstone-idUSKCN1MB3PY
- Reutershttps://www.reuters.com/legal/litigation/union-pacific-buy-norfolk-85-billion-mega-us-railroad-deal-2025-07-29/
- Reutershttps://www.reuters.com/article/us-unilever-restructure-idUSKBN23I0SL
- Reutershttps://www.reuters.com/business/energy/uk-market-set-lose-major-stock-bhp-plans-australia-shift-2021-08-17/
- Reutershttps://www.reuters.com/article/shell-structure-takeaways-idUSL4N2S629D/
- Reutershttps://www.reuters.com/technology/microsoft-buy-activision-blizzard-deal-687-billion-2022-01-18/
- "Microsoft to acquire Activision Blizzard to bring the joy and community of gaming to everyone, across every device"https://news.microsoft.com/2022/01/14/microsoft-to-acquire-activision-blizzard-to-bring-the-joy-and-community-of-gaming-to-everyone-across-every-device/
- Reutershttps://www.reuters.com/markets/us/chipmaker-broadcom-buy-vmware-61-bln-deal-2022-05-26/
- "India's HDFC Bank Adds Mortgage Lender in $60 Billion Deal"https://www.bloombergquint.com/business/indian-morgage-lender-hdfc-plans-to-merge-with-hdfc-bank
- Reutershttps://www.reuters.com/markets/deals/austrias-omv-uaes-adnoc-acquire-nova-chemicals-97-billion-through-jv-2025-03-03/
- Associated Presshttps://apnews.com/article/exxon-pioneer-acquisition-crude-oil-natural-gas-00e0e0eea67b7fb8bf3685221e5423d1
- Reutershttps://www.reuters.com/markets/deals/atlantia-set-be-delisted-buyout-bid-reaches-90-threshold-2022-11-24/
- Reutershttps://www.reuters.com/business/media-telecom/electronic-arts-go-private-55-billion-deal-with-pif-silver-lake-2025-09-29/
- Reutershttps://www.reuters.com/markets/deals/chevron-buy-hess-corp-53-bln-stock-2023-10-23/
- Reutershttps://www.reuters.com/world/uk/anglo-american-teck-resources-merge-second-largest-mining-deal-ever-2025-09-09/
- Reutershttps://www.reuters.com/business/healthcare-pharmaceuticals/kimberly-clark-acquire-kenvue-487-billion-deal-2025-11-03/
- Reutershttps://reuters.com/article/us-ihs-markit-m-a-s-p-global/sp-global-to-buy-ihs-markit-in-deal-valued-at-44-billion-idUKKBN28A02T
- Reutershttps://www.reuters.com/technology/exclusive-twitter-set-accept-musks-best-final-offer-sources-2022-04-25/
- CNNhttps://www.cnn.com/2022/04/25/tech/elon-musk-twitter-sale-agreement/index.html
- CNBChttps://www.cnbc.com/2021/05/17/att-to-combine-warnermedia-and-discovery-assets-to-create-a-new-standalone-company.html
- "WarnerMedia to join with Discovery in $43bn deal"https://www.gamesindustry.biz/articles/2021-05-17-warnermedia-merging-with-discovery-in-usd43bn-deal
- Reutershttps://www.reuters.com/markets/deals/pfizer-buy-seagen-deal-valued-43-billion-2023-03-13/
- Reutershttps://www.reuters.com/article/us-ntt-docomo/japans-ntt-launches-40-billion-buyout-of-wireless-unit-docomo-idUKKBN26J2JL
- Reutershttps://www.reuters.com/legal/transactional/blackrock-nvidia-buy-aligned-data-centers-40-billion-deal-2025-10-15/
- Reutershttps://www.reuters.com/article/uk-alexion-pharms-m-a-astrazeneca-idUKKBN28M0H1
- www.businesswire.comhttps://www.businesswire.com/news/home/20200506006163/en/Liberty-Global-Telefonica-Merge-U.K.-Operations-Creating
- Reutershttps://www.reuters.com/article/us-telefonica-liberty-britain-idUSKBN22J0MQ
- "Capital One to acquire Discover Financial Services in $35.3 billion all-stock deal"https://www.cnbc.com/2024/02/19/capital-one-acquiring-discover-financial-services-report-says.html
- Reutershttps://www.reuters.com/article/xilinx-m-a-amd-idUSKBN27C20U
- Reutershttps://www.reuters.com/markets/deals/synopsys-finalizes-35-bln-deal-buy-engineering-software-vendor-ansys-source-2024-01-16/
- Financial Timeshttps://www.ft.com/content/3993dcba-4cbc-4564-a22e-8c36992589b2
- Reutershttps://www.reuters.com/markets/deals/bunge-merge-with-viterra-form-18-billion-agriculture-trader-2023-06-13/
- Reutershttps://www.reuters.com/markets/deals/musks-xai-buys-social-media-platform-x-45-billion-2025-03-28/
- Reutershttps://www.reuters.com/business/autos-transportation/toyota-industries-accept-toyota-groups-42-billion-offer-nikkei-reports-2025-06-02/?lctg=618435bd162223285a76a278
- Reutershttps://www.reuters.com/technology/cybersecurity/google-agrees-buy-cybersecurity-startup-wiz-32-bln-ft-reports-2025-03-18/?lctg=618435bd162223285a76a278
- www.marketwatch.comhttps://www.marketwatch.com/story/kansas-city-southern-settles-on-canadian-pacifics-31-billion-bid-01631477451
- Reutershttps://www.reuters.com/article/us-ge-divestiture-idUSKBN2B219V
- "Sweet and salty deal worth $30 billion would put M&M's and Snickers alongside Cheez-It and Pringles"https://apnews.com/article/mars-kellanova-eggo-skittles-pringles-b47c6906bea9c285c2a94711a543f6c7
- Wall Street Journalhttps://www.wsj.com/articles/square-agrees-to-acquire-afterpay-for-29-billion-in-all-stock-deal-11627855390
- www.prnewswire.comhttps://www.prnewswire.com/news-releases/oracle-buys-cerner-301448252.html
- CNBChttps://www.cnbc.com/2023/09/21/cisco-acquiring-splunk-for-157-a-share-in-cash.html
- Reutershttps://www.reuters.com/markets/deals/amgen-set-buy-biotech-firm-horizon-26-bln-valuation-bloomberg-news-2022-12-12/
- Reutershttps://www.reuters.com/article/us-slack-tech-m-a-salesforce-com/salesforce-to-buy-workplace-app-slack-in-27-7-billion-deal-idUKKBN2852PA
- "PROLOGIS TO COMBINE WITH DUKE REALTY IN $26 BILLION ALL-STOCK TRANSACTION"https://www.prologis.com/about/news-press-releases/prologis-combine-duke-realty-26-billion-all-stock-transaction
- Reutershttps://www.reuters.com/markets/deals/diamondback-energy-buy-endeavor-energy-26-billion-deal-2024-02-12/
- "Palo Alto Networks stock falls 7% after announcing $25 billion Cyberark deal"https://www.cnbc.com/2025/07/30/palo-alto-networks-cyberark-deal.html
- Reutershttps://www.reuters.com/markets/deals/global-payments-buy-worldpay-227-billion-2025-04-17/
- Reutershttps://www.reuters.com/en/att-buy-wireless-spectrum-licenses-echostar-23-billion-2025-08-26/
- Bloomberg Newshttps://www.bloomberg.com/news/articles/2021-08-01/vonovia-raises-offer-for-deutsche-wohnen-to-eu53-share
- MPR Newshttps://www.mprnews.org/story/2020/12/14/ohiobased-huntington-bank-announces-22-billion-merger-with-tcf-bank
- Reutershttps://www.reuters.com/business/media-telecom/charter-advanced-talks-combine-with-cox-bloomberg-news-reports-2025-05-16/
- Bloomberghttps://www.bloomberg.com/news/articles/2022-03-08/orange-and-masmovil-enter-exclusive-talks-to-merge-in-spain
- CNBChttps://www.cnbc.com/2020/07/13/chipmaker-analog-devices-to-buy-rival-maxim-integrated-in-an-all-stock-deal.html
- Reutershttps://reuters.com/article/us-marathon-ptrlum-speedway-seven-i-hldg/marathon-petroleum-sells-speedway-to-7-eleven-owner-for-21-billion-idUKKBN24Y0RT
- CNBChttps://www.cnbc.com/2020/09/13/gilead-to-buy-cancer-drugmaker-immunomedics-in-21-billion-deal.html
- FoodDivehttps://www.fooddive.com/news/dsm-firmenich-to-merge-into-powerhouse-of-innovation-and-creativity/624759/
- Reutershttps://www.reuters.com/markets/deals/endeavor-group-acquire-wwe-93-billion-deal-2023-04-03/
- Yahoo Entertainmenthttps://www.yahoo.com/entertainment/canadian-cable-giants-rogers-shaw-171142510.html
- Reutershttps://www.reuters.com/business/healthcare-pharmaceuticals/novartis-sells-its-roche-stake-roche-207-bln-2021-11-04/
- Reutershttps://reuters.com/article/us-thyssenkrupp-m-a-privateequity/thyssenkrupp-closes-20-4-billion-elevator-sale-idUKKCN24W1L2
- Reutershttps://www.reuters.com/markets/deals/telecom-italia-gives-green-light-kkrs-grid-bid-sources-say-2023-11-05/
- reuters.comhttps://web.archive.org/web/20170907175837/http://uk.reuters.com/article/us-china-power-shenhua-guodian-analysis-idUKKCN1B918C
- Reutershttps://www.reuters.com/article/us-china-power-shenhua-guodian/china-power-producer-guodian-to-merge-with-shenhua-coal-government-idUSKCN1B80UG
- Reutershttps://www.reuters.com/article/us-cn-metallurgical-m-a-china-minmetals/minmetals-to-take-over-chinas-mcc-as-part-of-state-reform-government-idUSKBN0TR10M20151208
- www.minmetals.comhttp://www.minmetals.com/english/about_666/AboutMinmetals/
- Bloomberg.comhttps://www.bloomberg.com/news/articles/2017-01-13/china-creates-agriculture-giant-with-grain-cotton-merger
- reuters.comhttps://web.archive.org/web/20171201131421/https://uk.reuters.com/article/us-chemchina-m-a-sinochem-idUKKBN18J1HR
- www.chemanager-online.comhttp://www.chemanager-online.com/en/news-opinions/headlines/chemchina-and-sinochem-merge-2018
- cityam.comhttps://www.cityam.com/264312/chinese-firms-chemchina-and-sinochem-said-talks-over-mega
- afr.comhttp://www.afr.com/business/manufacturing/tieup-between-sinochem-and-chemchina-in-a-class-of-its-own-20170510-gw1gf2#
- atimes.comhttps://asiatimes.com/article/chemchina-sinochem-merger-create-worlds-largest-chem-group/
- Reutershttps://www.reuters.com/article/uk-chemchina-sinochem-syngenta/chemchina-sinochem-merge-agricultural-assets-syngenta-idUKKBN1Z40HB
- Power Technologyhttps://www.power-technology.com/news/newschina-announces-merger-of-state-nuclear-power-technology-and-the-china-power-investment-4590782
- www.world-nuclear-news.orghttp://www.world-nuclear-news.org/C-Chinese-nuclear-giant-officially-launched-1607155.html
- Reutershttps://web.archive.org/web/20180131190345/https://uk.reuters.com/article/us-china-power-nuclear/china-goes-nuclear-with-latest-state-brokered-power-deal-idUKKBN1FK0S4
- Reutershttps://www.reuters.com/article/us-china-pipeline/petrochina-to-sell-major-pipeline-assets-to-pipechina-for-38-billion-idUKKCN24O2BU
- Reutershttps://www.reuters.com/article/us-china-pipeline-idUSKCN24O2BU
- Reutershttps://www.reuters.com/article/citic-pacific-mergers-idUSL3N0QW13H20140826
- "China Mobile Limited – About China Mobile > Milestones"https://www.chinamobileltd.com/en/about/milestones.php?year=1997
- Reutershttps://www.reuters.com/article/us-russia-banks-sberbank-idUSKBN2052EF
- Reutershttps://www.reuters.com/article/russia-banks-sberbank-idUSL5N2BY0WO
- "China Unicom to Acquire China Netcom"https://www.thestreet.com/technology/china-unicom-to-acquire-china-netcom-10419297
- "A new pharma king? AstraZeneca approaches Gilead about potential merger: Report"https://www.smh.com.au/business/companies/a-new-pharma-king-astrazeneca-approaches-gilead-about-potential-merger-report-20200608-p550d0.html
- Bloomberg Newshttps://www.bloomberg.com/news/articles/2020-06-07/astrazeneca-is-said-to-approach-gilead-about-potential-merger
- Reutershttps://www.reuters.com/article/us-gilead-sciences-m-a-astrazeneca-idUSKBN23E09O
- CNBChttps://www.cnbc.com/2019/09/25/philip-morris-and-altria-end-merger-talks.html
- "M&A Boom Implodes, US Deal Failures in 2016 Worst Ever"https://wolfstreet.com/2016/04/07/end-of-boom-failed-us-mergers-acquisitions-2016-all-time-record/
- Wall Street Journalhttps://www.wsj.com/articles/SB122759796497756137
- BBC Newshttps://www.bbc.co.uk/news/business-39006302
- "FE Investegate -Unilever PLC Announcements – Unilever PLC: Statement re announcement by Kraft Heinz Company"http://www.investegate.co.uk/unilever-plc--ulvr-/rns/statement-re-announcement-by-kraft-heinz-company/201702171315072133X/
- BBC Newshttps://www.bbc.co.uk/news/business-39022692
- Reutershttps://www.reuters.com/markets/deals/us-health-insurer-cigna-scraps-deal-buy-humana-wsj-2023-12-10/
- "European Commission – PRESS RELEASES – Press release – Commission prohibits merger between MCI WorldCom and Sprint"http://europa.eu/rapid/press-release_IP-00-668_en.htm
- CNEThttps://www.cnet.com/uk/news/doj-files-to-block-worldcom-sprint-merger/
- "MCI WorldCom buys Sprint for $129 billion"https://www.cnet.com/news/mci-worldcom-buys-sprint-for-129-billion/
- BBC Newshttps://www.bbc.com/news/business-43401675
- Reutershttps://web.archive.org/web/20180210001643/https://uk.reuters.com/article/us-qualcomm-m-a-broadcom/qualcomm-rejects-broadcoms-revised-buyout-offer-proposes-meeting-idUKKBN1FS391
- "Broadcom cuts Qualcomm offer to $117 billion after new NXP deal"https://web.archive.org/web/20180222044316/https://uk.reuters.com/article/us-qualcomm-m-a-broadcom/broadcom-trims-qualcomm-offer-to-117-billion-after-new-nxp-deal-idUKKCN1G51M3
- "Broadcom to stay on deal path after Qualcomm halt: Analysts"https://web.archive.org/web/20180313175521/https://uk.reuters.com/article/us-qualcomm-m-a-broadcom/broadcom-to-stay-on-deal-path-after-qualcomm-halt-analysts-idUKKCN1GP1ND
- "Rio Tinto, BHP Billiton Axe Controversial Iron Ore Merger"https://www.industryweek.com/finance/software-systems/article/21947536/rio-tinto-bhp-billiton-axe-controversial-iron-ore-merger
- The Guardianhttps://www.theguardian.com/business/2014/may/19/astrazeneca-board-reject-pfizer-takeover-bid
- Reutershttps://www.reuters.com/article/us-astrazeneca-pfizer-idUSBREA3R0H520140502
- reuters.comhttps://web.archive.org/web/20171121152535/https://uk.reuters.com/article/us-qualcomm-m-a-broadcom/qualcomm-rejects-broadcoms-103-billion-takeover-proposal-idUKKBN1DD1NU
- reuters.comhttps://web.archive.org/web/20171118003948/https://uk.reuters.com/article/uk-qualcomm-m-a-broadcom/broadcom-offers-103-billion-for-qualcomm-sets-up-takeover-battle-idUKKBN1D61EK
- "Home Depot stock soars, CEO shrugs off buyout talk – Dec. 1, 2006"https://money.cnn.com/2006/12/01/news/companies/home_depot/index.htm
- Reutershttps://www.reuters.com/article/us-astrazeneca-pfizer-idUSBREA3R0H520140428
- Wall Street Journalhttps://www.wsj.com/articles/honeywell-ends-pursuit-of-united-technologies-1456841533
- "United Technologies Comments On Recent News Reports"http://www.utc.com/News/News-Center/Pages/United-Technologies-Comments-On-Recent-News-Reports.aspx
- Reutershttps://www.reuters.com/article/us-abnamro-barclays-idUSL3018365520070730
- money.cnn.comhttps://money.cnn.com/1999/11/04/deals/drug_deal/
- www.washingtonpost.comhttps://www.washingtonpost.com/wp-srv/pmextra/nov99/4/pfizer.htm
- The New York Timeshttps://www.nytimes.com/1999/11/05/business/warner-lambert-gets-pfizer-offer-for-82.4-billion.html
- Wiredhttps://www.wired.com/1999/05/deutsche-telekom-gets-dumped/
- "BBC News | the Company File | Olivetti conquers Telecom Italia"https://news.bbc.co.uk/2/hi/business/348931.stm
- Wall Street Journalhttps://www.wsj.com/articles/fox-withdraws-time-warner-bid-1407269617
- CNBChttps://www.cnbc.com/2014/07/16/time-warner-rejected-80b-offer-from-21st-century-fox-sources.html
- Wall Street Journalhttps://www.wsj.com/articles/SB886380463925003000
- Independent.co.ukhttps://www.independent.co.uk/news/business/smithkline-beecham-set-for-record-pounds-77bn-merger-with-us-pharmaceut-icals-giant-1139968.html
- "Opinion: Why the prospective $70 billion buyout of Walgreens may signal the stock-market rally is about to end"https://www.marketwatch.com/story/walgreens-possible-70-billion-buyout-is-a-clear-sign-the-stock-market-rally-is-about-to-end-2019-11-06
- CNBChttps://www.cnbc.com/2019/11/05/walgreens-shares-halted-on-report-that-company-is-in-talks-to-go-private.html
- "GSK rejected $68 billion Unilever bid for consumer division"https://gulfnews.com/business/markets/gsk-rejected-68-billion-unilever-bid-for-consumer-division-1.84986102
- Reutershttps://www.reuters.com/article/us-xstrata-angloamerican-idUSTRE55K0OQ20090622
- "Comcast walks away from Disney bid"https://www.cnet.com/news/comcast-walks-away-from-disney-bid/
- money.cnn.comhttps://money.cnn.com/1999/11/03/deals/drug_merger/
- "Emerging from the Merger: Warner-Lambert and Pfizer"https://www.pharmaceuticalonline.com/doc/emerging-from-the-merger-warner-lambert-and-p-0001
- www.shire.comhttps://www.shire.com/en/newsroom/2018/april/mdt9go
- Reutershttps://web.archive.org/web/20180424144721/https://uk.reuters.com/article/uk-shire-m-a-takeda-pharma/shire-receives-new-bid-from-takeda-as-takeover-deadline-looms-idUKKBN1HV1FY
- "NextEra's $60B Duke merger proposal has some strong upsides but significant obstacles, analyst finds"https://www.utilitydive.com/news/nextera-60b-duke-merger-proposal-has-some-strong-upsides-but-significant/586213/
- Forbeshttps://www.forbes.com/sites/davidblackmon/2020/10/11/why-the-proposed-merger-of-nextera-and-duke-is-unlikely-to-succeed/?sh=3174882875ce
- New York Posthttps://nypost.com/2025/10/21/media/warner-bros-discovery-rejects-24-a-share-takeover-bid-fom-paramount-skydance-sources/
- TheGuardian.comhttps://www.theguardian.com/business/2007/apr/03/spain
- Reutershttps://www.reuters.com/article/us-eu-endesa-takeover/eu-clears-enel-acciona-bid-for-endesa-idUKL164379920080616
- Reutershttps://www.reuters.com/article/endesa-investors-idUKL0735528820070308
- "(SHPG), (ABBV) – 10 Giant M&A Deals That Almost Happened...But Fell Through At The Last Minute"http://www.benzinga.com/general/education/15/10/5931257/10-giant-m-a-deals-that-almost-happened-but-fell-through-at-the-last
- Reutershttps://www.reuters.com/article/us-allergan-actavis-idUSKCN0J00W720141117
- CNN Moneyhttps://money.cnn.com/1999/08/10/europe/totalfina/
- The New York Timeshttps://www.nytimes.com/1999/07/20/business/international-business-elf-aquitaine-in-50-billion-counterbid-for-rival.html
- The New York Timeshttps://www.nytimes.com/2008/05/25/technology/25bharti.html
- Reutershttps://www.reuters.com/markets/deals/anglo-american-rejects-2934-pounds-per-share-proposal-bhp-2024-05-22/
- Reutershttps://www.reuters.com/article/us-bce-timeline-idUSTRE4BA48920081211/
- Privatization of BCEhttps://web.archive.org/web/20080302034223/http://www.bce.ca/en/investors/shareholderinfo/privatization/
- Bloomberg.comhttps://www.bloomberg.com/news/articles/2017-02-09/anthem-s-bid-for-cigna-blocked-by-judge-as-anticompetitive
- Reutershttps://www.reuters.com/article/us-yahoo-microsoft-idUSN1247863820080612
- Forbeshttps://www.forbes.com/sites/antoinegara/2015/08/26/monsanto-drops-46-5-billion-offer-for-syngenta-stock-buyback-double-earnings-market-rout/#6f4817f63894
- The New York Timeshttps://www.nytimes.com/1996/04/12/news/switzerlands-top-bank-spurns-merger-bid-from-archrival.html
- "5 Mergers That Failed"https://www.thestreet.com/story/12714173/6/5-government-blocked-mergers-that-should-worry-comcast-att.html
- ABC Newshttps://abcnews.go.com/Business/story?id=89173&page=1
- BBC Newshttps://www.bbc.com/news/business-19897699
- Reutershttps://web.archive.org/web/20180220152910/https://uk.reuters.com/article/us-nxp-semicondtrs-m-a-qualcomm/qualcomm-raises-offer-for-nxp-to-127-50-share-idUKKCN1G41AE
- Nikkei Asian Reviewhttps://asia.nikkei.com/Business/Business-Deals/China-shifts-blame-to-Qualcomm-for-collapse-of-NXP-deal
- Reutershttps://www.reuters.com/markets/deals/bhp-says-anglo-american-rejected-revised-proposal-2024-05-13/
- "BNP raises offers to $41B"https://money.cnn.com/1999/07/01/europe/bnp/
- "SocGen blasts BNP bid"https://money.cnn.com/1999/03/12/europe/bnp/
- New York Timeshttps://www.nytimes.com/1999/08/16/business/huge-french-bank-merger-at-an-impasse.html
- "Honeywell Talks Deal With United Technologies"https://www.latimes.com/archives/la-xpm-2000-oct-20-fi-39234-story.html
- "United Technology calls off Honeywell talks – Oct. 20, 2000"https://money.cnn.com/2000/10/20/deals/honeywell/
- Reutershttps://www.reuters.com/article/us-teliasonera-francetelecom-idUSWEA057520080630
- BBC Newshttps://www.bbc.com/news/business-11009145
- Genetic Engineering & Biotechnology Newshttp://www.genengnews.com/gen-news-highlights/teva-offers-to-buy-mylan-for-40b/81251178/
- Genetic Engineering & Biotechnology Newshttp://www.genengnews.com/gen-news-highlights/mylan-offers-28-9b-for-perrigo/81251129/
- Pharmaceutical Processinghttp://www.pharmpro.com/news/2015/04/teva-offers-buy-mylan-401b-cash-and-stock-deal?et_cid=4527542&et_rid=280926499&location=top
- GamesIndustry.bizhttps://www.gamesindustry.biz/nvidias-acquisition-of-arm-cancelled-due-to-significant-regulatory-challenges
- Bloomberg.comhttps://www.bloomberg.com/news/articles/2011-08-31/u-s-files-antitrust-complaint-to-block-proposed-at-t-t-mobile-merger
- Reutershttps://www.reuters.com/article/us-lse-m-a-hkexlse/hong-kong-exchange-vows-to-press-on-with-39-billion-lse-bid-after-rebuff-idUKKCN1VY19O
- Reutershttps://www.reuters.com/article/uk-lse-m-a-hong-kong-exchanges/hong-kong-exchange-in-39-billion-bid-for-lse-rivalling-refinitiv-deal-idUKKCN1VW0ZH
- Reutershttps://www.reuters.com/article/us-lse-m-a-hong-kong-exchanges-refinitiv/lse-confirms-hong-kong-exchanges-proposal-says-committed-to-refinitiv-deal-idUKKCN1VW13U
- Reutershttps://www.reuters.com/markets/commodities/bhp-shares-fall-36-after-making-39-bln-bid-rival-anglo-american-2024-04-26/
- Reutershttps://www.reuters.com/markets/deals/seven-i-says-couche-tards-1486-per-share-offer-is-not-adequate-2024-09-06/
- money.cnn.comhttps://money.cnn.com/1999/05/17/deals/crossing/
- Wall Street Journalhttps://www.wsj.com/articles/SB932332524549345218
- USA Todayhttps://www.usatoday.com/story/money/2017/01/23/aetna-humana-37b-merger-blocked-over-fear-would-harm-consumers/96948570/
- BBC Newshttps://www.bbc.com/news/10211773
- Reutershttps://www.reuters.com/article/us-omnicom-group-publicis-groupe-idUSBREA4713R20140509
- Reutershttps://web.archive.org/web/20190528204330/https://uk.reuters.com/article/uk-fiat-chrysler-renault/fiat-chrysler-and-renault-pursue-35-billion-merger-to-combat-car-industry-upheaval-idUKKCN1SX0D9
- Reutershttps://web.archive.org/web/20190528204325/https://uk.reuters.com/article/us-renault-m-a-fiat-chrysler-talks/renault-to-decide-next-week-whether-to-proceed-with-fca-merger-talks-sources-idUKKCN1SX1OB
- Reutershttps://web.archive.org/web/20190528204329/https://uk.reuters.com/article/uk-renault-m-a-fiat-chrysler-nissan/blindsided-by-fca-renault-talks-nissan-risks-being-left-by-the-roadside-idUKKCN1SY1KM
- Reutershttps://web.archive.org/web/20190528152554/https://uk.reuters.com/article/us-renault-m-a-fiat-chrysler/france-wants-fca-renault-job-guarantees-and-nissan-on-board-idUKKCN1SY0FR
- Reutershttps://web.archive.org/web/20190528204334/https://uk.reuters.com/article/uk-renault-m-a-fiat-chrysler-products/how-renault-fiat-chrysler-could-save-through-sharing-idUKKCN1SY2AD
- Yahoo Financehttps://finance.yahoo.com/news/xerox-courts-hp-shareholders-takeover-015319468.html
- "HP Announces Huge Share Buyback and Once Again Rejects Xerox Takeover Offer"https://www.barrons.com/articles/hp-announces-huge-stock-buyback-and-again-rejects-xerox-takeover-51582579070
- Reutershttps://www.reuters.com/article/us-hp-results-idUSKCN20I2G6
- The New York Timeshttps://www.nytimes.com/1998/10/14/business/american-home-products-deal-with-monsanto-collapses.html
- TheGuardian.comhttps://www.theguardian.com/business/1999/sep/24/4
- "Comcast ups Sky bid to $34 billion, escalating battle with Rupert Murdoch"https://www.cnet.com/news/comcast-ups-sky-bid-to-34-billion-escalating-battle-with-rupert-murdoch/
- MarketWatchhttps://www.marketwatch.com/story/kansas-city-southern-settles-on-canadian-pacifics-31-billion-bid-01631477451
- Reutershttps://www.reuters.com/article/uk-hp-m-a-xerox-hlngs/hp-down-5-after-xerox-bid-rejection-counter-offer-hints-idUKKBN1XS1PU
- Los Angeles Timeshttps://www.latimes.com/archives/la-xpm-1994-02-24-mn-26797-story.html
- Fortunehttps://fortune.com/2016/06/29/energy-transfer-williams-merger/
- Reutershttps://web.archive.org/web/20190412143351/https://uk.reuters.com/article/uk-anadarko-petrol-m-a-chevron/chevron-to-buy-anadarko-for-33-billion-in-shale-lng-push-idUKKCN1RO13Z
- TheStreethttps://www.thestreet.com/markets/fox-increases-sky-bid-to-32-5-billion-topping-comcast-approach-14647501
- "European Commission – PRESS RELEASES – Press release – Mergers: Commission blocks proposed merger between Deutsche Börse and London Stock Exchange"http://europa.eu/rapid/press-release_IP-17-789_en.htm
- BBC Newshttps://www.bbc.co.uk/news/business-39430799
- BBC Newshttps://www.bbc.co.uk/news/business-35818997
- Reutershttps://www.reuters.com/article/us-lse-m-a-deutsche-boerse-eu-idUSKBN1700XG
- Reutershttps://web.archive.org/web/20180305214818/https://uk.reuters.com/article/uk-sky-m-a-comcast-scenarios/comcasts-bid-for-sky-could-lure-disney-in-bidding-war-idUKKCN1GD5FY
- Reutershttps://web.archive.org/web/20180425131717/https://uk.reuters.com/article/us-sky-m-a-comcast/comcast-offers-31-billion-for-sky-going-head-to-head-with-fox-idUKKBN1HW16X
- BBC Newshttps://www.bbc.com/news/business-43891132
- AP NEWShttps://apnews.com/article/business-kansas-city-southern-551862d0401f0a52703a0f07071708bc
- "Failed Merger a Blow to Deutsche Bank's Credibility"https://www.wsj.com/articles/SB95514852950315249
- "Aon and Willis Towers Watson agree to terminate merger deal and end litigation with DoJ"https://www.marketwatch.com/story/aon-and-willis-towers-watson-agree-to-terminate-merger-deal-and-end-litigation-with-doj-2021-07-26?siteid=yhoof2
- Wall Street Journalhttps://www.wsj.com/articles/aon-to-merge-with-willis-towers-watson-in-all-stock-deal-valued-at-30-billion-11583758247
- "Aviva abandons Prudential merger"https://www.canadianunderwriter.ca/insurance/aviva-abandons-prudential-merger-1000050422/
- Reutershttps://www.reuters.com/article/us-akzo-m-a-ppg-inds-bid-idUKKBN18S6KU
- Marketwatchhttps://www.marketwatch.com/story/japans-sumitomo-mitsui-bids-292b-to-merge-with-ufj
- MarketWatchhttps://www.marketwatch.com/story/ufj-reportedly-rejects-sumitomo-merger-talks-offer
- Reutershttps://web.archive.org/web/20171122145035/https://uk.reuters.com/article/us-rockwell-automat-m-a-emerson-electric/rockwell-automation-rebuffs-emersons-latest-bid-idUKKBN1DM1EY
- The New York Timeshttps://www.nytimes.com/1997/10/16/business/battle-for-mci-offer-gte-joins-bidding-for-mci-offering-28-billion-cash.html
- "Lloyds TSB/Abbey tie-up blocked"https://news.bbc.co.uk/2/hi/business/1431569.stm
- www.telegraph.co.ukhttps://www.telegraph.co.uk/finance/2921753/Endesa-bid-rejected-amid-storm-of-conspiracy.html
- The New York Timeshttps://www.nytimes.com/2005/12/13/business/energy-the-hot-deal-field-is-likely-to-get-still-hotter.html
- "Canadian Pacific terminates effort to buy Norfolk Southern | CBC News"https://www.cbc.ca/news/canada/calgary/canadian-pacific-norfolk-southern-merger-abandoned-1.3529756
- Reutershttps://www.reuters.com/article/us-bakerhughes-m-a-halliburton-idUSKCN0XS1KW
- The New York Timeshttps://www.nytimes.com/2007/05/22/business/22alcan-reuters.html
- reuters.comhttps://web.archive.org/web/20171116024550/https://uk.reuters.com/article/brief-emerson-electric-has-made-multiple/brief-emerson-electric-has-made-multiple-offers-for-rockwell-automation-cnbc-idUKFWN1N6132
- reuters.comhttps://web.archive.org/web/20171031222401/https://uk.reuters.com/article/us-rockwell-automat-m-a-emerson-electric/rockwell-automation-rejects-emersons-27-billion-offer-idUKKBN1D01SM
- reuters.comhttps://web.archive.org/web/20171115221825/https://uk.reuters.com/article/brief-rockwell-automation-says-board-rej/brief-rockwell-automation-says-board-rejected-takeover-proposals-from-emerson-idUKASB0BPY0
- "Prudential loses US merger battle"https://news.bbc.co.uk/2/hi/business/1324691.stm
- reuters.comhttps://web.archive.org/web/20170523132001/http://uk.reuters.com/article/us-akzo-nobel-m-a-ppg-idUKKBN1751J6
- Reutershttps://www.reuters.com/article/caremark-lawsuit-idUSN1030407320070110
- "Mylan's Hostile Bid for Perrigo Fails"http://fortune.com/2015/11/13/mylan-perrigo-hostile/
- "5 Mergers That Failed"https://www.thestreet.com/story/12714173/2/5-government-blocked-mergers-that-should-worry-comcast-att.html
- "EchoStar, Hughes scrap merger plans"https://www.cnet.com/news/echostar-hughes-scrap-merger-plans/
- Reutershttps://www.reuters.com/article/us-sprint-dish-softbank-idUSBRE95H1EM20130618
- CNNhttps://money.cnn.com/2006/01/25/news/companies/guidant_jnj/index.htm
- NBC Newshttps://www.nbcnews.com/id/wbna10334047
- Reutershttps://www.reuters.com/article/us-salliemae-merger-idUSN0644950020070807
- New York Timeshttps://dealbook.nytimes.com/2007/12/12/sallie-maes-buyers-walk-away-from-the-table/
- CNEThttps://www.cnet.com/news/dell-confirms-blackstone-drops-takeover-bid-amid-pc-slump/
- Reutershttps://www.reuters.com/article/us-hartford-m-a-chubb-idUSKBN2C91WO
- Reutershttps://www.reuters.com/markets/deals/kroger-acquire-rival-albertsons-near-25-billion-deal-2022-10-14/
- Reutershttps://www.reuters.com/markets/deals/albertsons-terminates-25-billion-merger-with-kroger-after-regulatory-hurdle-2024-12-11/
- Reutershttps://www.reuters.com/legal/us-court-blocks-krogers-25-billion-acquisition-grocery-rival-albertsons-2024-12-10/
- "Boston Scientific grants, then retracts extension in bidding war for Guidant"https://www.vaildaily.com/news/boston-scientific-grants-then-retracts-extension-in-bidding-war-for-guidant/
- CBS Newshttps://www.cbsnews.com/news/jj-rival-now-leads-guidant-bid-war/
- Fortunehttps://fortune.com/2017/03/22/akzo-nobel-ppg-acquisition-rejection/
- CNNhttps://money.cnn.com/1998/05/20/deals/mellon/
- CNBChttps://www.cnbc.com/2018/02/20/albertsons-to-acquire-rite-aid-in-defense-move-against-amazon.html
- "Albertsons, Rite Aid kill merger deal"https://www.supermarketnews.com/retail-financial/albertsons-rite-aid-kill-merger-deal
- Wall Street Journalhttps://www.wsj.com/articles/duke-realty-rejects-nearly-24-billion-buyout-offer-from-prologis-11652282895
- New York Timeshttps://www.nytimes.com/1988/12/02/business/history-of-the-rjr-nabisco-takeover.html
- Fox Businesshttps://www.foxbusiness.com/markets/the-hartford-rejects-chubbs-23b-buyout-bid
- The New York Timeshttps://www.nytimes.com/2006/01/12/business/johnson-raises-bid-for-control-of-guidant.html
- Reutershttps://www.reuters.com/article/us-hershey-m-a-mondelez-intl-idUSKCN1142BE
- Reutershttps://www.reuters.com/markets/deals/wiz-walks-away-23-billion-deal-with-google-memo-says-2024-07-23/
- The Washington Posthttps://www.washingtonpost.com/archive/politics/1995/06/01/kerkorian-withdraws-bid-to-acquire-chrysler-corp/a511c4bd-c437-43a0-a2e8-24a57095f2de/
- Reutershttps://www.reuters.com/markets/deals/teck-resources-rejects-unsolicited-acquisition-proposal-glencore-2023-04-03/
- The New York Timeshttps://www.nytimes.com/1996/11/02/business/a-british-company-weighs-buying-mci-in-22-billion-deal.html
- Reutershttps://www.reuters.com/article/us-marathon-ptrlum-speedway-seven-i-hldg-idUSKBN24Y0RT
- Reutershttps://www.reuters.com/business/draftkings-says-it-will-not-make-an-offer-buy-entain-2021-10-26/
- CNBChttps://www.cnbc.com/2007/01/17/vornado-makes-joint-bid-for-equity-office-of-52-a-share.html
- Reutershttps://www.reuters.com/article/us-equityoffice-vornado-idUSN0738818120070207/
- CNBChttps://web.archive.org/web/20070510235637/http://www.cnbc.com/id/18278981
- The New York Timeshttps://www.nytimes.com/1990/04/24/business/goldsmith-ends-bid-for-bat.html
- Bloomberg Newshttps://www.bloomberg.com/news/articles/2014-04-04/bouygues-sweetens-sfr-bid-again-to-15-billion-euros-in-cash
- Reutershttps://www.reuters.com/article/us-abertis-m-a-timeline-idUSKBN1CN2BL/
- Reutershttps://www.reuters.com/article/us-sainsbury-cvc-idUSL1110666320070411/
- reuters.comhttps://web.archive.org/web/20171119012937/https://uk.reuters.com/article/uk-clariant-huntsman-statement/activist-investors-scupper-20-billion-clariant-huntsman-merger-idUKKBN1CW0RI
- Reutershttps://www.reuters.com/article/us-kc-southern-m-a-gip-idUSKBN26038A
- BNN Bloomberghttps://www.bnnbloomberg.ca/couche-tard-carrefour-end-merger-talks-amid-french-objections-1.1549527
- The Registerhttps://www.theregister.com/2021/04/21/toshiba_rejects_cvc_buyout/
- CNBChttps://www.cnbc.com/2021/04/07/japans-toshiba-reportedly-considers-a-20-billion-deal-to-take-it-private.html
- CNBChttps://www.cnbc.com/2023/12/18/adobe-and-figma-call-off-20-billion-merger.html
- Wall Street Journalhttps://www.wsj.com/articles/adobe-to-buy-figma-for-about-20-billion-sources-say-11663241962