ONLINE CHAPTERS
Rank (by
Deal Size)
Year Deal Size
(USD million)
Target Name Target
Nation
Target Industry Acquirer
Name
Acquirer
Nation
Acquirer Industry
5 2000 88,771 Warner-Lambert Co United States Pharmaceuticals Pfizer Inc United States Pharmaceuticals
6 1999 85,126 Mobil Corp United States Oil & Gas Exxon Corp United States Oil & Gas
7 2000 78,775 SmithKline Beecham
PLC
United
Kingdom
Pharmaceuticals Glaxo Wellcome
PLC
United Kingdom Pharmaceuticals
8 2008 75,242 Suez SA France Power Gaz de France
SA
France Oil & Gas
9 1998 72,558 Citicorp United States Banks Travelers Group
Inc
United States Insurance
10 2000 71,324 GTE Corp United States Telecommunications
Services
Bell Atlantic
Corp
United States Telecommunications
Services
11 1999 70,395 Ameritech Corp United States Telecommunications
Services
SBC
Communications
Inc
United States Telecommunications
Services
12 1999 69,896 Tele-Communications
Inc
United States Cable AT&T Corp United States Telecommunications
Services
13 2015 67,186 DirecTV Inc United States Cable AT&T Inc United States Wireless
14 2015 66,404 Allergan Inc United States Pharmaceuticals Actavis PLC United States Pharmaceuticals
15 1999 65,763 AirTouch
Communications Inc
United States Telecommunications
Services
Vodafone Group
PLC
United Kingdom Wireless
16 2004 65,657 Aventis SA France Pharmaceuticals Sanofi-
Synthelabo SA
France Pharmaceuticals
17 2009 64,480 Wyeth United States Pharmaceuticals Pfizer Inc United States Pharmaceuticals
18 1998 61,633 BankAmerica Corp,
San Francisco,CA
United States Banks NationsBank
Corp, Charlotte,
North Carolina
United States Banks
19 2003 60,704 Pharmacia Corp United States Pharmaceuticals Pfizer Inc United States Pharmaceuticals
20 2008 60,408 Anheuser-Busch
Cos Inc
United States Food and Beverage InBev NV Belgium Food and Beverage
Source: Data to create table sourced from SDC Platinum, Thomson Reuters,19 December 2015.
In the Australian M&A market, cross-border activity has played an important part in recent years.
According to a 2012 report by Clayton Utz^3 , in 2011 foreign bidders far outstripped domestic bidders
in terms of M&A activity, and accounted for over 77% of the deals by value, and over 64% of the deals
by volume. Foreign bidders were also involved in the six largest deals. Figure 21.7 shows that in 2014,
Canadian companies accounted for the largest acquisition of Australian target assets (by deal value). The
US produced the highest number of deals, accounting for 26.3% of the deals by number. Acquirors from
the Asia Pacific region accounted for over 70% of deals (by value), although the number of deals were
relatively small; suggesting the constituent deals themselves involved very large investments, by value.
According to a 2014 report by Clayton Utz^4 , this is now trending downwards. By 2013, foreign bids
declined significantly, with foreign bidders involved in 48% of deals (by number) and 63% of deals (by
value). Seventy-four per cent of offshore capital was sourced from North America, and foreign bidders
were domiciled in China, Canada, the US, the UK, India, Bermuda, the Cayman Islands and South
Africa. However, only bidders from China and Canada accounted for multiple deals.
3 Source: The Real Deal, M&A Deal Trends and Developments, 2012 Edition, Clayton Utz.
4 Source: The Real Deal, M&A Deal Trends and Developments, 2014 Edition, Clayton Utz, p. 17.
TABLE 21.1 TWENTY LARGEST CORPORATE TAKEOVERS, RANKED BY TRANSACTION VALUE (Continued)