List of largest mergers and acquisitions

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

"Megamerger" redirects here. For distributed algorithm in computing, see Mega-Merger.

Free market enterprises

1870s

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

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

1900s

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

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

1910s

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

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

1920s

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

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

1930s

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

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

1940s

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

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

1950s

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

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

1960s

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

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

1970s

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

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

1980s

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

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

1990s

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

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

2000s

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

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

2010s

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

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

2020s

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

Rank Year Purchaser Purchased Transaction value
(in billions USD) (with debt)		 Inflation adjusted
(in billions USD) (with debt)		 Ref
1 2020 Unilever plc Unilever N.V. 81.0 81 [355][356][N 24]
2 2020 S&P Global IHS Markit 44.0 44 [357][N 25]
3 2020 Nvidia Corporation SoftBank Group ( Arm Holdings) 40.0 40 [358][N 26]
4 2020 Nippon Telegraph and Telephone NTT Docomo 40.0 40 [359]
5 2020 AstraZeneca Alexion Pharmaceuticals 39.0 39 [360][N 27]
6 2020 Liberty Global ( Virgin Media) Telefónica ( O2) 38.0 38 [361][362][N 28][N 29]
7 2020 Advanced Micro Devices Xilinx 35.0 35 [363][N 30]
8 2020 Aon plc Willis Towers Watson 30.0 30 [364][N 31]
9 2020 Salesforce.com Slack Technologies 27.7 28 [365][N 32]
10 2020 Huntington Bancshares TCF Financial Corporation 22.0 22 [366][N 33]
11 2020 Analog Devices Maxim Integrated 21.0 21 [367][N 34]
12 2020 Seven & i Holdings Marathon Petroleum ( Speedway LLC) 21.0 21 [368][N 35]
13 2020 Gilead Sciences Immunomedics 21.0 21 [369]
14 2020 Advent International
Cinven
RAG-Stiftung		 ThyssenKrupp (Elevator Division) 20.4 20 [370]

State-owned enterprises

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

Largest ever deals which have failed to complete

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

See also

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

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