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[update], the largest ever acquisition was the 1999 takeover of Mannesmann by Vodafone Airtouch plc at $183 billion ($334.7 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.
Top 2 M&A deals worldwide by value from 1870 to 1879:
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
[1] Inflation adjusted (in billions USD) |
---|---|---|---|---|---|
1 | 1874 | Honeybrook Coal Company[2] | Wilkesbarre Coal and Iron Company | 0.01 | 0.269 |
2 | 1879 | Pacific Coast Oil Company[3] | Star Oil | 0.001 | 0.033 |
Top 2 M&A deals worldwide by value from 1880 to 1889:
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
[1] Inflation adjusted (in billions USD) |
---|---|---|---|---|---|
1 | 1884 | New York Gas Light Company[4] | Manhattan Gas Light Company Metropolitan Gas Light Company Municipal Gas Light Company Knickerbocker Gas Light Company Harlem Gas Light Company |
0.045 | 1.526 |
2 | 1883 | Buffalo, Pittsburgh and Western Railroad[5] | Buffalo, New York and Philadelphia Railway Olean and Salamanca Railroad Oil City and Chicago Railroad Company |
0.02085 | 0.682 |
Top 2 M&A deals worldwide by value from 1890 to 1899:
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
[1] Inflation adjusted (in billions USD) |
---|---|---|---|---|---|
1 | 1899 | American Spirits Manufacturing Company[6] | Kentucky Distilleries and Warehouse Company Spirits Distributing Company |
0.125 | 4.578 |
2 | 1899 | Pullman Palace Car Company[7][8] | Wagner Palace Car Company | 0.074 | 2.71 |
Top 3 M&A deals worldwide by value from 1900 to 1909:
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
[1] Inflation adjusted (in billions USD) |
---|---|---|---|---|---|
1 | 1901 | United States Steel Corporation[9] | Carnegie Steel Company Federal Steel Company National Steel Company |
0.492 | 18 |
2 | 1907 | New York, New Haven and Hartford Railroad Company[10] | Boston and Maine Corporation | 0.310 | 10.1 |
3 | 1909 | Interborough Rapid Transit Company[11][12] | Metropolitan Street Railway | 0.222 | 7.5 |
Top 3 M&A deals worldwide by value from 1910 to 1919:
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
[1] Inflation adjusted (in billions USD) |
---|---|---|---|---|---|
1 | 1915 | Midvale Steel Company[13][14] | Remington Arms Company Worth Brothers Company |
0.100 | 3 |
2 | 1915 | United Dry Goods[15] | Associated Merchants Company | 0.050 | 1.5 |
3 | 1918 | General Motors[16] | United Motors Company | 0.045 | 0.912 |
Top 5 M&A deals worldwide by value from 1920 to 1929:
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
[1] Inflation adjusted (in billions USD) |
---|---|---|---|---|---|
1 | 1928 | Consolidated Gas Company of New York[17] | Brooklyn Edison Company | 1.0 | 17.7 |
2 | 1929 | Niagara and Eastern Power Corporation[18] | MohawkHudson Power Corporation Northeastern Power Corporation |
0.665 | 11.8 |
3 | 1928 | United Light and Power Company[19] | American Light and Traction | 0.522 | 9.3 |
4 | 1928 | Hodenpyl & Hardy[17][20] | Stevens & Wood | 0.500 | 8.9 |
5 | 1928 | Middle West Utilities[17] | National Electric Power National Public Service New England Public Service Inland Power and Light |
0.400 | 7.1 |
Top 5 M&A deals worldwide by value from 1930 to 1939:
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
[1] Inflation adjusted (in billions USD) |
---|---|---|---|---|---|
1 | 1930 | Pacific Gas and Electric Company[21] | Great Western Power Company San Joaquin Light and Power Corporation Midland Counties Public Service Corporation |
0.650 | 11.9 |
2 | 1932 | Sinclair Consolidated Oil Corporation[22][23] | Prairie Oil and Gas Prairie Pipe Line Company |
0.542 | 12.1 |
3 | 1934 | Republic Steel[24] | Corrigan-McKinney Steel Corporation | 0.323 | 7.4 |
4 | 1931 | Bethlehem Steel[25] | Pittsburgh Steel Company | 0.080 | 1.6 |
5 | 1932 | Studebaker Corporation[26] | White Motor Company | 0.026 | 0.581 |
Top 5 M&A deals worldwide by value from 1940 to 1949:
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
[1] Inflation adjusted (in billions USD) |
---|---|---|---|---|---|
1 | 1949 | Pan American Airways[27] | American Overseas Airlines | 0.059 | 0.756 |
2 | 1943 | Manufacturers Light and Heat Company[28] | Manufacturers Gas Company Pennsylvania Fuel Supply Company Greensboro Gas Company |
0.038 | 0.669 |
3 | 1949 | Union Oil of California[29] | Los Nietos Company | 0.022 | 0.282 |
4 | 1943 | Delaware Power and Light[30] | Eastern Shore Public Service Company | 0.016 | 0.282 |
5 | 1948 | Burlington Mills[31][32] | May McEwen Kaiser | 0.014 | 0.178 |
Top 10 M&A deals worldwide by value from 1950 to 1959:
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
[1] Inflation adjusted (in billions USD) |
---|---|---|---|---|---|
1 | 1959 | General Telephone[33] | Sylvania Electric Products | 1.8 | 18.8 |
2 | 1957 | Armco[34] | National Supply Company | 0.768 | 8.3 |
3 | 1957 | American Can Company[35] | Marathon Corporation | 0.717 | 7.8 |
4 | 1955 | Monsanto[36] | Lion Oil | 0.550 | 6.3 |
5 | 1956 | Continental Can Company[37] | Robert Gair Company | 0.549 | 6.2 |
6 | 1954 | Olin Industries[38] | Mathieson Chemical | 0.500 | 5.7 |
7 | 1955 | Sunray Oil Corporation[39] | Mid-Continent Petroleum Corporation | 0.486 | 5.5 |
8 | 1955 | Sperry Corporation[40] | Remington Rand | 0.466 | 5.3 |
9 | 1953 | Gulf Oil[41] | Warren Petroleum Corporation | 0.420 | 4.8 |
10 | 1954 | Hudson Motor Car Company[42] | Nash-Kelvinator | 0.355 | 4 |
Top 10 M&A deals worldwide by value from 1960 to 1969:
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
[1] Inflation adjusted (in billions USD) |
---|---|---|---|---|---|
1 | 1969 | Atlantic Richfield[43] | Sinclair Oil Corporation | 3.7 | 30.7 |
2 | 1965 | Union Oil[44] | Pure Oil | 1.5 | 14.5 |
3 | 1968 | Hunt-Wesson[45] | Canada Dry McCall Corporation |
1.0 | 8.8 |
4 | 1969 | Xerox Corporation[31][46] | Scientific Data Systems | 0.925 | 7.7 |
5 | 1967 | Rockwell-Standard[47] | North American Aviation | 0.922 | 8.4 |
6 | 1968 | Sun Oil[31][48] | Sunray DX Oil Company | 0.763 | 6.7 |
7 | 1965 | Continental Oil Company[49] | Consolidation Coal | 0.620 | 6 |
8 | 1961 | American-Marietta Corporation[50] | Glenn L. Martin Company | 0.600 | 6.1 |
9 | 1968 | Control Data Corporation[51] | Commercial Credit Company | 0.582 | 5.1 |
10 | 1967 | Studebaker Corporation[52] | Worthington Corporation | 0.550 | 5 |
Top 15 M&A deals worldwide by value from 1970 to 1979:
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
[1] Inflation adjusted (in billions USD) |
---|---|---|---|---|---|
1 | 1979 | Shell Oil Company[53] | Belridge Oil Company | 3.65 | 15.3 |
2 | 1976 | General Electric[54] | Utah International | 2.17 | 11.6 |
3 | 1979 | RCA[55] | CIT Financial | 1.3 | 5.5 |
4 | 1979 | Exxon[56] | Reliance Electric | 1.2 | 5 |
5 | 1978 | United Technologies[57][58] | Carrier Corporation | 1.0 | 4.7 |
6 | 1979 | Mobil[59] | General Crude Oil | 0.765 | 3.2 |
7 | 1976 | Atlantic Richfield[31][60][61] | Anaconda Copper | 0.760 | 4.1 |
8 | 1978 | R. J. Reynolds Industries[62] | Del Monte Corporation | 0.620 | 2.9 |
9 | 1978 | Johns Manville[31][63] | Olinkraft Inc | 0.585 | 2.7 |
10 | 1977 | Kennecott Copper[31][64] | Carborundum Corporation | 0.567 | 2.9 |
11 | 1978 | Philip Morris[31][65] | Seven-Up Bottling Co | 0.520 | 2.4 |
12 | 1978 | Beatrice Foods[31][66] | Tropicana Products | 0.488 | 2.3 |
13 | 1977 | Unilever[31][67] | National Starch and Chemical | 0.485 | 2.4 |
14 | 1974 | Burmah Oil[31][68] | Signal Oil & Gas | 0.480 | 3 |
15 | 1979 | American Brands[69] | Franklin Life Insurance | 0.465 | 2 |
Top 30 M&A deals worldwide by value from 1980 to 1989:
Top M&A deals worldwide by value ($20 billion or larger) from 1990 to 1999:[105]
Top M&A deals worldwide by value ($20 billion or larger) from 2000 to 2009:[105]
Top M&A deals worldwide by value ($20 billion or larger) from 2010 to 2019:
Top M&A deals worldwide by value ($20 billion or larger) from 2020 to 2029:
† | Pending |
Top M&A deals worldwide by value ($20 billion or larger) between state-owned enterprises:
Rank | Year | Purchaser | Purchased | Total asset value (billions USD) |
Inflation adjusted (billions USD) |
Note |
---|---|---|---|---|---|---|
1 | 2017 | Shenhua Group | China Guodian Corporation | 278.0 | 345.6 | 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.[404][405] |
2 | 2015 | China Minmetals | China Metallurgical Group | 245.6 | 315.7 | 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.[406][407] |
3 | 2017 | Sinograin | China National Cotton Reserves Corp. | 213.0 | 264.8 | 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.[408] |
4 | 2018 | ChemChina | Sinochem | 120.0 | 145.6 | Merger of the Chinese state-controlled ChemChina and Sinochem in a deal reported to be worth $120 billion.[409] The merger would create the largest entity in the industrial chemicals industry, overtaking BASF.[410][411][412][413] In January 2020 ChemChina and Sinochem consolidated their agricultural assets into a new holding company, to be called Syngenta Group.[414] |
5 | 2015 | China Power Investment | State Nuclear Power Technology Corporation | 112.6 | 144.7 | 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.[415][416] |
6 | 2018 | China National Nuclear Corp | China Nuclear Engineering & Construction | 99.0 | 120.1 | Merger of China's second largest nuclear power producer, and their top nuclear power plant builder.[417] |
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 | 65.8 | 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.[418] 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%.[419] |
8 | 2014 | CITIC Pacific | CITIC Limited | 50.0 | 64.4 | 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.[420] |
9 | 2000 | China Mobile (Hong Kong) Ltd | Beijing Mobile Shanghai Mobile Tianjin Mobile Hebei Mobile Liaoning Mobile Shandong Mobile Guangxi Mobile |
34.2 | 60.5 | China Mobile acquired seven Chinese state-owned mobile communications businesses as part of a consolidation effort.[421] |
10 | 2020 | Ministry of Finance | Central Bank of Russia ( Sberbank of Russia 50% Stake) |
28.31 | 33.3 | 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.[422][423] |
11 | 2008 | China Unicom | China Netcom | 24.0 | 34 | The merger took place as part of the first step in the country's reshuffling of its telecom shops.[424] |
This lists catalogues M&A deals ($20 billion or larger in transaction value) which were confirmed, but for a number of reasons, failed to complete.
Rank | Year | Purchaser | Purchased | Transaction value (in billions USD) |
Inflation adjusted value | Note |
---|---|---|---|---|---|---|
1 | 2020 | Astra Zeneca | Gilead Sciences | 232.0 | 273.1 | 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.[425][426][427] |
2 | 2019 | Altria | Philip Morris International | 200.0 | 238.3 | 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.[428] |
3 | 2015 | Pfizer | Allergan, plc | 160.0 | 205.7 | The deal fell through over changes made to tax inversion legislation by the Government of the United States.[429] |
4 | 2008 | BHP Billiton | Rio Tinto | 148.0 | 209.4 | As commodity prices fell in value, the deal became too risky for BHP Billiton to complete.[430][429] |
5 | 2017 | Kraft Heinz | Unilever | 143.0 | 177.8 | 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,[431] as well as job-cut implications and regulator approval issues.[432] The bid was formally dropped on February 19, citing the complexities of acquiring control in a Dutch entity without the support of shareholders.[433] |
6 | 2023 | Cigna | Humana | 140.0 | 140 | The deal talks ended due to the parties not being able to agree on price. Also governmental antitrust action was a concern.[434] |
7 | 1999 | MCI WorldCom | Sprint | 129.0 | 235.9 | The US Department of Justice and European Commission prohibited the merger on competition grounds, with the DoJ filing a lawsuit against the transaction.[429][435][436][437] |
8 | 2014 | Pfizer | Astra Zeneca | 123.0 | 158.3 | 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.[429] |
9 | 2018 | Broadcom | Qualcomm | 121.0 | 146.8 | 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).[438][439] On February 21, Broadcom reduced their offer to $117 billion in light of Qualcomms increased bid for NXP Semiconductors.[440] |
10 | 2018 | Broadcom | Qualcomm | 117.0 | 142 | On February 21, Broadcom reduced their offer to $117 billion in light of Qualcomms increased bid for NXP Semiconductors.[440] The deal was effectively blocked after US President Donald Trump blocked any deal based upon national security grounds.[441] |
11 | 2009 | BHP Billiton (West Australian Iron Ore Assets) | Rio Tinto (West Australian Iron Ore Assets) | 116.0 | 164.7 | 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.[442] |
12 | 1999 | MCI WorldCom | Sprint | 111.0 | 203 | The Board of Sprint claimed that the first deal undervalued the company and thus rejected the proposal.[429] |
13 | 2014 | Pfizer | Astra Zeneca | 106.0 | 136.4 | AstraZeneca claimed the deal undervalued the company.[443][444] |
14 | 2018 | Broadcom | Qualcomm | 103.0 | 125 | $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.[445][446] |
15 | 2006 | Kohlberg Kravis Roberts Texas Pacific Group |
The Home Depot | 100.0 | 151.1 | 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.[447] |
16 | 2014 | Pfizer | Astra Zeneca | 98.9 | 127.3 | AstraZeneca claimed the deal undervalued the company.[448] |
17 | 2016 | Honeywell | United Technologies | 90.0 | 114.3 | Honeywell dropped a bid to acquire United Technologies, citing potential regulatory hurdles.[449][450] |
18 | 2007 | Barclays | ABN AMRO | 89.6 | 131.7 | Barclays lost out after RBS Group, Fortis, and Banco Santander bid $98 billion with the plan to break ABN AMRO between the three banks.[451] |
19 | 1999 | Pfizer | Warner-Lambert | 82.4 | 150.7 | 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.[452][453][454] |
20 | 1999 | Deutsche Telekom | Telecom Italia | 81.0 | 148.1 | Olivetti was able to sway key Telecom Italia shareholders and win control of 51% of shares, killing the proposed merger of the telecommunication giants.[455][456] |
21 | 2014 | 21st Century Fox | Time Warner | 80.0 | 103 | 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.[457][458] |
22 | 1998 | American Home Products | SmithKline Beecham | 77.0 | 143.9 | The deal was reportedly killed in response to British regulators who feared losing jobs to a proposed U.S. headquarters location.[459][460] |
23 | 2019 | KKR | Walgreens Boots Alliance | 70.0 | 83.4 | KKR did not follow through with a formal bid as the potential world record LBO was simply deemed too large.[461][462] |
24 | 2021 | Unilever | GlaxoSmithKline (Consumer Health Unit) | 68.4 | 76.9 | 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.[463] |
25 | 2009 | Xstrata | Anglo American plc | 68.0 | 96.6 | 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.[464] |
26 | 2004 | Comcast | Disney | 66.0 | 106.5 | Comcast executives abandoned the deal to buy Walt Disney after both investors and Disney executives failed to agree on the acquisition.[465] |
27 | 1999 | Warner–Lambert | American Home Products | 65.0 | 118.9 | 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.[466][467] |
28 | 2018 | Comcast | 21st Century Fox | 65.0 | 78.9 | Main Article: Acquisition of 21st Century Fox by Disney |
29 | 2018 | Takeda Pharmaceutical | Shire | 62.5 | 75.8 | Third bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalued the company, its growth prospects as well as pipeline.[468] |
30 | 2018 | Takeda Pharmaceutical | Shire | 62.1 | 75.3 | Fourth bid with enhanced cash component, super-ceded by a fifth bid on April 24.[469] |
31 | 2018 | Takeda Pharmaceutical | Shire | 61.0 | 74 | Second bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalued the company, its growth prospects as well as pipeline.[468] |
32 | 2002 | Comcast | MediaOne | 60.0 | 101.6 | 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.[158] |
33 | 2020 | NextEra Energy | Duke Energy | 60.0 | 70.6 | 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.[470][471] |
34 | 2018 | Takeda Pharmaceutical | Shire | 58.2 | 70.6 | First bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalued the company, its growth prospects as well as pipeline.[468] |
35 | 2007 | E.ON | Endesa | 54.0 | 79.3 | 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.[472][473][474] |
36 | 2014 | AbbVie | Shire | 54.0 | 69.5 | The deal fell through over changes made to tax inversion legislation by the US Government.[475] |
37 | 2014 | Valeant Pharmaceuticals | Allergan Inc | 54.0 | 69.5 | 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.[476] |
38 | 2017 | Disney | 21st Century Fox | 52.4 | 65.1 | Main Article: Acquisition of 21st Century Fox by Disney |
39 | 1999 | Elf Aquitaine | TotalFina | 50.0 | 91.5 | After TotalFina's hostile bid for Elf Aquitaine, Elf Aquitaine submitted their own hostile bid for TotalFina. They eventually consummated a 'friendly' merger.[477][478] |
40 | 2008 | Bharti Airtel | MTN Group | 50.0 | 70.8 | Bharti called off negotiations after MTN turned Bharti's takeover plan upside down, proposing to take over Bharti instead.[479] |
41 | 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.[480] |
42 | 2007 | Teachers' Private Capital Providence Equity Madison Dearborn Partners |
BCE Inc | 48.5 | 71.3 | 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.[481][482] |
43 | 2015 | Anthem | Cigna | 48.0 | 61.7 | 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.[483] |
44 | 2008 | Microsoft | Yahoo! | 47.5 | 67.2 | Yahoo pulled out of talks with Microsoft after they agreed to let Google sell search ads on its site.[484] |
45 | 2015 | Monsanto | Syngenta | 46.5 | 59.8 | Monsanto dropped its hostile bid for Syngenta, refocusing on its five-year plan to double earnings and avoid a backlash from large shareholders.[485] Subsequently, Bayer purchased Monsanto, with ChemChina acquiring Syngenta. |
46 | 2014 | Comcast | Time Warner Cable | 45.2 | 58.2 | Main Article: Attempted purchase of Time Warner Cable by Comcast |
47 | 1996 | Credit Suisse | Union Bank of Switzerland | 45.0 | 87.4 | UBS not only spurned the offer from CS Holding but insisted that it had been "taken aback" by its rival's offer.[486] |
48 | 2000 | General Electric | Honeywell | 45.0 | 79.6 | 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.[487][488] |
49 | 2012 | EADS | BAE Systems | 45.0 | 59.7 | 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).[489] |
50 | 2018 | Qualcomm | NXP Semiconductors | 44.0 | 53.4 | Qualcomm raised their offer from $110 per share to $127.50 per share after pressure from activist investors.[490] In 2018, China failed to approve the merger, leading to its cancellation by Qualcomm on July 26, 2018.[491] |
51 | 2024 | BHP Group Limited | Anglo American plc | 42.7 | 42.7 | Anglo American rejected the improved bid saying that it "continues to significantly undervalue".[492] |
52 | 1999 | Banque Nationale de Paris | Paribas Société Générale |
41.0 | 75 | 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.[493][494][495] |
53 | 2000 | United Technologies | Honeywell | 40.0 | 70.8 | United Technologies ended merger talks with Honeywell after it had emerged that General Electric had dealt a counter-offer.[496][497] |
54 | 2008 | France Télécom | TeliaSonera | 40.0 | 56.6 | France Telecom withdrew its bid after the two parties could not reach an agreement on the terms of the deal.[498] |
55 | 2010 | BHP Billiton | PotashCorp | 40.0 | 55.9 | Potash Corp rejected the offer claiming it undervalued the company.[499] |
56 | 2015 | Teva Pharmaceutical Industries | Mylan | 40.0 | 51.4 | In April, Teva offered to acquire Mylan for $40 billion,[500] only a fortnight after Mylan offered to acquire Perrigo for $29 billion.[501] Teva's offer for Mylan was contingent on Mylan abandoning its acquisition of Perrigo.[502] Mylan stated in June 2015 that Teva's disclosure that it had a 1.35 percent stake in Mylan violated US anti-trust rules. |
57 | 2020 | Nvidia Corporation | SoftBank Group ( Arm Holdings) | 40.0 | 47.1 | 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.[503] |
58 | 2011 | AT&T | T-Mobile US | 39.0 | 52.8 | 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.[504] Main Article: Attempted purchase of T-Mobile USA by AT&T |
59 | 2019 | Hong Kong Exchanges and Clearing | London Stock Exchange | 39.0 | 46.5 | $39 billion takeover proposal was rejected by the Board of the London Stock Exchange.[505][506][507] |
60 | 2024 | BHP Group Limited | Anglo American plc | 39.0 | 39 | Anglo American rejected the bid saying that it significantly undervalued the company.[508] |
61 | 2024 | Alimentation Couche-Tard | Seven & i Holdings | 38.5 | 38.5 | 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.[509] |
62 | 1999 | Global Crossing | US West | 37.0 | 67.7 | Global Crossing lost out on acquiring US West after Qwest outbid them.[510][511] |
63 | 2015 | Aetna | Humana | 37.0 | 47.6 | 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.[483][512] |
64 | 2010 | Prudential | AIA Group | 35.5 | 49.6 | 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.[513] |
65 | 2014 | Omnicom | Publicis | 35.0 | 45 | 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.[514] |
66 | 2019 | Fiat Chrysler | Renault | 35.0 | 41.7 | 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.[515][516][517][518][519] |
67 | 2020 | Xerox | HP Inc | 35.0 | 41.2 | 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.[520][521][522] |
68 | 1998 | American Home Products | Monsanto | 34.4 | 64.3 | 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.[523] |
69 | 1999 | Bank of Scotland | NatWest | 34.3 | 62.7 | 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.[524] |
70 | 2018 | Comcast | Sky plc | 34.0 | 41.3 | 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.[525] |
71 | 2021 | Canadian National Railway | Kansas City Southern | 33.6 | 37.8 | 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.[526] |
72 | 2019 | Xerox | HP Inc | 33.5 | 39.9 | 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.[527] |
73 | 1994 | Bell Atlantic | Tele-Communications Inc | 33.0 | 67.8 | 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].” [528] |
74 | 2016 | Energy Transfer Equity | Williams Companies | 33.0 | 41.9 | Energy Transfer Equity terminated the merger agreement with Williams after ETE's counsel were unable to declare the deal as tax-free.[529] |
75 | 2019 | Chevron Corporation | Anadarko Petroleum | 33.0 | 39.3 | On April 12, Chevron Corporation announced it would acquire Anadarko for $33 billion ($65 per share, 25% in cash, $50 billion including debt).[530] 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. |
76 | 2018 | 21st Century Fox | Sky plc | 32.5 | 39.4 | Fox raised their offer to $32.5 billion for Sky.[531] |
77 | 2016 | Deutsche Börse | London Stock Exchange Group | 31.0 | 39.4 | The merger was prohibited on competition grounds by the EU Commission.[532][533][534][535] |
78 | 2018 | Comcast | Sky plc | 31.0 | 37.6 | Comcast offered $31 billion for Sky plc which Fox trumped.[536][537][538] |
79 | 2021 | Canadian Pacific Railway | Kansas City Southern | 31.0 | 34.9 | Kansas City Southern rejected the bid as the Canadian National Railway bid was still the superior offer.[539] |
80 | 2000 | Deutsche Bank | Dresdner Bank | 30.0 | 53.1 | 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.[540] |
81 | 2020 | Aon plc | Willis Towers Watson | 30.0 | 35.3 | Aon and Willis Towers Watson called off their merger after reaching an impasse with US regulators.[541][542] |
82 | 2006 | Aviva | Prudential | 29.6 | 44.7 | Aviva's all-stock proposal was rejected by the Prudential Board, despite Aviva offering a premium to the current share price.[543] |
83 | 2017 | PPG Industries | Akzo Nobel | 29.5 | 36.7 | 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".[544] |
84 | 2004 | Sumitomo Mitsui Financial Group | UFJ Bank | 29.2 | 47.1 | UFJ Bank rejected the proposal as it had already committed to a merger with Mitsubishi Tokyo Financial Group.[545][546] |
85 | 2017 | Emerson Electric | Rockwell Automation | 29.0 | 36 | Rejected as Rockwell believed the offer still undervalued the company.[547] |
86 | 1997 | GTE | MCI | 28.0 | 53.1 | 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.[548] |
87 | 2001 | Lloyds TSB Group | Abbey National | 28.0 | 48.2 | The British Government blocked the proposed merger as they believed it would be against the public interest.[549] |
88 | 2005 | Gas Natural | Endesa | 28.0 | 43.7 | Endesa rejected the bid saying it was "manifestly insufficient". Endesa would be acquired for $65.3 billion by Enel and Acciona.[550][551] |
89 | 2016 | Canadian Pacific | Norfolk Southern | 28.0 | 35.5 | 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.[552] |
90 | 2016 | Halliburton | Baker Hughes | 28.0 | 35.5 | Oilfield services provider Halliburton and smaller rival Baker Hughes terminated their $28 billion merger deal after opposition from U.S. and European antitrust regulators.[553] |
91 | 2007 | Alcoa | Alcan | 27.6 | 40.6 | 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.[554] |
92 | 2017 | Emerson Electric | Rockwell Automation | 27.6 | 34.3 | 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.[555][556][557] |
93 | 2001 | Prudential | American General | 26.5 | 45.6 | 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.[558] |
94 | 2017 | PPG Industries | Akzo Nobel | 26.1 | 32.4 | 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.[559] |
95 | 2007 | Express Scripts | Caremark Rx | 26.0 | 38.2 | 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.[560] |
96 | 2015 | Mylan | Perrigo | 26.0 | 33.4 | 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.[561] |
97 | 2002 | Hughes Electronics | EchoStar | 25.6 | 43.4 | US and state anti-trust enforcers filed a lawsuit to halt the deal, claiming that the deal would eliminate competition and adversely effect consumers.[562][563] |
98 | 2013 | Dish Network | Sprint Corporation | 25.5 | 33.4 | Sprint requested a revised offer but Dish stated that it was not practical to do so.[564] |
99 | 2004 | Johnson & Johnson | Guidant | 25.4 | 41 | 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.[565] |
100 | 2006 | Boston Scientific | Guidant | 25.0 | 37.8 | A day after Johnson & Johnson raised their price for Guidant to $23.2 billion, Boston Scientific announced a further increased offer.[565][566] |
101 | 2007 | J.C. Flowers & Co. Friedman Fleischer & Lowe Bank of America JPMorgan Chase & Co. |
Sallie Mae | 25.0 | 36.7 | Sallie Mae attempted to craft an "alternative transaction" but the proposal was rejected. Subsequently, the takeover was dropped.[567][568] |
102 | 2013 | The Blackstone Group | Dell | 25.0 | 32.7 | 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.[569] |
103 | 2021 | Chubb | The Hartford | 25.0 | 28.1 | The Hartford rejected two enhanced buyout offers.[570] |
104 | 2005 | Boston Scientific | Guidant | 24.6 | 38.4 | 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).[565][571] |
105 | 2006 | Johnson & Johnson | Guidant | 24.2 | 36.6 | After Boston Scientific increased their offer to $25 billion, Johnson & Johnson further increased their offer to $24.2 billion.[565][572] |
106 | 2017 | PPG Industries | Akzo Nobel | 24.1 | 30 | Akzo rejected the unsolicited offer, claiming the revised offer was still too low.[573] |
107 | 1998 | Bank of New York | Mellon Bank Corporation | 24.0 | 44.9 | 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.[574] |
108 | 2018 | Albertsons | Rite Aid | 24.0 | 29.1 | Albertsons and Rite Aid called off the planned merger after several advisory firms recommended voting against the proposal.[575][576] |
109 | 2021 | Chubb | The Hartford | 23.9 | 26.9 | The Hartford rejected two enhanced buyout offers.[570] |
110 | 2022 | Prologis | Duke Realty | 23.7 | 24.7 | Duke Realty rejected the offer calling it "insufficient" despite being Prologis' third bid.[577] |
111 | 1988 | First Boston Pritzker family Philip Anschutz |
RJR Nabisco | 23.38 | 60.2 | The group's final bid was beat out by Kohlberg Kravis Roberts.[578] |
112 | 2021 | Chubb | The Hartford | 23.24 | 26.1 | 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."[579] |
113 | 2006 | Johnson & Johnson | Guidant | 23.2 | 35.1 | 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.[565][580] |
114 | 2016 | Mondelez International | The Hershey Company | 23.0 | 29.2 | Mondelez ceased its pursuit of the Hershey Co acquisition after the chocolate company turned down its $23 billion cash-and-stock offer.[581] |
115 | 2024 | Alphabet | Wiz | 23.0 | 23 | 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."[582] |
116 | 1988 | Shearson Lehman Hutton F. Ross Johnson |
RJR Nabisco | 22.9 | 59 | The group's final bid was beat out by Kohlberg Kravis Roberts.[578] |
117 | 1995 | Tracinda | Chrysler | 22.8 | 45.6 | 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.[583] |
118 | 2023 | Glencore | Teck Resources | 22.5 | 22.5 | 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.[584] |
119 | 1996 | British Telecom | MCI | 22.0 | 42.7 | 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.[585] |
120 | 2020 | Seven & i Holdings | Marathon Petroleum ( Speedway) | 22.0 | 25.9 | Seven & i and Marathon agreed to a price of $21 billion, after 5 months of baulking at the deal.[586] |
121 | 2021 | DraftKings | Entain | 22.0 | 24.7 | 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.[587] |
122 | 2007 | Vornado Realty Trust Starwood Capital Group Walton Street Capital |
Equity Office | 21.6 | 31.7 | The Vornado-led takeover attempt failed after a better bid came from the The Blackstone Group.[588][589] |
123 | 2007 | Terra Firma Capital Partners Wellcome Trust HBOS |
Alliance Boots | 21.6 | 31.7 | The Terra Firma-led takeover attempt failed after a better bid came from a group led by Kohlberg Kravis Roberts.[590] |
124 | 1989 | James Goldsmith Jacob Rothschild Kerry Packer |
British American Tobacco | 21.0 | 51.6 | 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.”[591] |
125 | 2014 | Bouygues | SFR | 20.6 | 26.5 | Bouygues offer was soon trumped by Numericable's, who purchased SFR for $23 billion.[592] |
126 | 2017 | Hochtief | Abertis | 20.1 | 25 | 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.[593] |
127 | 2007 | CVC Capital Partners | J Sainsbury plc | 20.0 | 29.4 | 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.[594] |
128 | 2017 | Clariant | Huntsman | 20.0 | 24.9 | 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.[595] |
129 | 2020 | Blackstone Inc Global Infrastructure Partners |
Kansas City Southern | 20.0 | 23.5 | Kansas City Southern rejected the $20 billion offer from a consortium led by Blackstone Inc and Global Infrastructure Partners.[596] |
130 | 2021 | Alimentation Couche-Tard | Carrefour | 20.0 | 22.5 | The two abandoned talks on the proposed merger following stiff opposition from the French finance minister.[597] |
131 | 2021 | CVC Capital Partners | Toshiba | 20.0 | 22.5 | 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."[598][599] |
132 | 2022 | Adobe | Figma | 20.0 | 20.8 | 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."[600][601] |
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