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1、Finance 203: Notes on Mergers1Mergers and Acquisitions: Overview Types of Mergers History of Merger Activity Reasons for MergersFinance 203: Notes on Mergers2Types of Mergers Horizontal Vertical Conglomerate OtherFinance 203: Notes on Mergers3Horizontal Mergers Merger of competitors Examples:Northru
2、p and Grumman, two suppliers of military aircraft, merged in 1994: $2.17billionColumbia Healthcare and Health Trust, two private hospital groups, merged in 1995: $5.4 billionFinance 203: Notes on Mergers4Horizontal Mergers (contd) Banking mergers Bank of America - Fleet bank, $49 billion: 03 JP Morg
3、an Chase-Bank One 04, $54 Billion Airline Mergers US Air-America West 05 Media Paramount Viacom-Dreamworks 06 $3.1 BillionFinance 203: Notes on Mergers5Horizontal Mergers (contd) Daimler-Benz Chrysler: $39 billion Oil mergers BP Amoco: $50 billion Exxon Mobil: $81 billion BP Amoco Arco: $29 billion
4、Chevron-Texaco: $43 billionFinance 203: Notes on Mergers6Horizontal Mergers (contd) Phone and wireless mergers MCI-Worldcom: $37 billion Deutsche Telecom-Voicestream: $54 billion France Telecom-Orange: $46 billion Cingular-AT corporate raiders play prominent rolelarge target firms Finance 203: Notes
5、 on Mergers22History of Merger Activity (contd) The Fourth Merger Wave (contd)Vishny and Schleiffer begin by noting that $1.3 trillion in assets changed hands and 28% of firms existing in 1980 had been acquired by 1989investment banks heavily involved ( as in the first two merger waves)prevalence of
6、 debt financingFinance 203: Notes on Mergers23History of Merger Activity (contd) The Fourth Merger Wave (contd)Vishny and Schleiffer describe two types of common deals acquisition by large firms of other large firms in the same industry “bustups” in which a conglomerate is acquired and its assets so
7、ld off; Revlon example Finance 203: Notes on Mergers24US Mergers and Acquisitions (Source: Securities Data Co.)Finance 203: Notes on Mergers25History of Merger Activity (contd) The 90s (Fifth Merger Wave)Merger activity slowed down in the early eighties but increased after 1991almost $356 billion in
8、 1995 (Mergerstat Review) 75 deals (worth $199 billion) over $1 billion in 1995 compared to 1988 with 50 deals (worth $114 billion) over $1 billionFinance 203: Notes on Mergers26History of Merger Activity (contd) 1996 (WSJ 2/97 article): $650 billion worth of deals in US10 deals worth $10 billion20%
9、 of $ volume in 10 deals100 transactions over $1billionChase-Chemical Bank, Sandoz-Ciba-Geigy, British Telecom-MCI ($21 billion)Finance 203: Notes on Mergers27History of Merger Activity (contd) 1997 Morgan Stanley-Dean Witter ($10 billion) Bank One-First USAFinance 203: Notes on Mergers28History of
10、Merger Activity (contd) 1998 Travelers-Citicorp, $70 billion SBC Communications-Ameritech, $62 billion Nationsbank-BankAmerica, $60 billion Daimler-Benz-Chrysler, $39 billion ATT-TCI: $31.8 Billion Finance 203: Notes on Mergers29History of Merger Activity (contd) BP Amoco: $55 billion; 8/98 Exxon Mo
11、bil: $75.3 billion; 12/98. Market value of Exxon Mobil $238 billionFinance 203: Notes on Mergers30History of Merger Activity (contd) Over $1.4 billion of deals in 1999 Large oil, auto and financial sector deals in 1999 Worldcom MCI: $37 BP Amoco Arco: $25 billion; 3/99Finance 203: Notes on Mergers31
12、History of Merger Activity (contd) 2000 US companies: more than $1.84 trillion 18% increase over 1999 worldwide: $3.84 trillion Time Warner-AOL: $164 billion when announced, worth $88.6 billion in December 2000 Finance 203: Notes on Mergers32History of Merger Activity (contd) 2000 (contd) Smith Klei
13、n Beecham- Glaxo Wellcome PLC: $76 billion Deutsche Telecom-Voicestream: $54 billion France Telecom-Orange: $46 billion GE-Honeywell: $43 billion Chevron-Texaco: $43 billionFinance 203: Notes on Mergers33History of Merger Activity (contd) 2001 AA-TWA 2002 Pfizer Pharmacia $60 billionFinance 203: Not
14、es on Mergers34History of Merger Activity (contd) 2003 3rd Quarter: $120 billion Pechiney Alcan, $4.5 billion Manulife Financial John Hancock Financial Services: $10 billion Bank of America Fleet: $49billion, 10/27Finance 203: Notes on Mergers35History of Merger Activity (contd) 2003 RJ Reynolds US
15、holdings of British American Tobacco: $2.6 billion, 10/27 Anthem - Wellpoint Health Networks: $16.4 10/27 UnitedHealth Group Mid Atlantic Medical: $1.6 billion, 10/272008 InBev buys Anheuser Busch $46 Billion Horizontal merger Verizon buys Alltel $28 million Exit by private equity group TPG and Goldman from Alltel a wireless provider Horizontal merger Received DOJ approval after 6 months Verizon must sell wireless assets in areas served by AlltelFinance 203: Notes on Mergers362008 (contd) Delta buys NW Closed 10/29 $2.8 Billion 6 month DOJ investigati
