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 August 2021, the largest ever acquisition was the 1999 takeover of Mannesmann by Vodafone Airtouch plc at $183 billion ($284 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.

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	7
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	3
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	65
2	1989	Mitsui Bank[68][69]	Taiyo Kobe Bank	22.8	48
3	1989	Warner Communications[70]	Time Inc.	15.2	32
4	1984	Standard Oil of California[71]	Gulf Oil	13.2	33
5	1988	Philip Morris[72]	Kraft Foods	13.1	29
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	13
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	12
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	284
2	1999	Pfizer[106]	Warner-Lambert	90.0	140
3	1998	Exxon[107][108]	Mobil	77.2	123
4	1998	Citicorp[109]	Travelers Group	70.0	111
5	1999	Bell Atlantic (Wireless Unit) [110][a]	Vodafone Airtouch plc (US Wireless Unit)	70.0	109
6	1998	Zeneca[111]	Astra AB	67.0	106
7	1998	NationsBank[112]	Bank America	62.0	98
8	1999	SBC Communications[113]	Ameritech Corporation	62.0	96
9	1999	Vodafone Group[114]	AirTouch Communications	56.0	87
10	1999	TotalFina[115]	Elf Aquitaine	54.3	84
11	1998	Bell Atlantic[116]	GTE	53.36	85
12	1996	Bell Atlantic[117]	NYNEX	52.0	86
13	1998	BP[118]	Amoco	49.0	78
14	1999	AT&T[119]	Tele-Communications Inc.	48.0	75
15	1999	The Sumitomo Bank[120][121]	The Sakura Bank	45.5	71
16	1999	Qwest Communications[122]	US West	44.0	68
17	1998	Hoechst AG[123]	Rhône-Poulenc	43.0	68
18	1999	Royal Bank of Scotland Group[124]	National Westminster Bank plc	42.5	66
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	60
22	1999	Mannesmann[128]	Orange UK	36.0	56
23	1999	Viacom[129]	CBS Corporation	35.6	55
24	1998	Wells Fargo[130]	Norwest Corporation	34.0	54
25	1999	Olivetti[131]	Telecom Italia (55% Stake)	34.0	53
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	45
29	1999	BP-Amoco[136]	Atlantic Richfield Company	26.8	42
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	274
2	2007	Gaz de France[143]	Suez S.A.	107.0	134
3	2007	RFS Holdings[144][145]	ABN Amro	98.0	122
4	2004	Royal Dutch Petroleum[146][147][b]	Shell Transport & Trading Company plc	95.0	130
5	2000	Glaxo Wellcome[148]	SmithKline Beecham	76.0	114
6	2001	Comcast[149]	AT&T Broadband	72.0	105
7	2006	Banca Intesa[150]	Sanpaolo IMI	71.0	91
8	2009	Pfizer[151]	Wyeth	68.0	82
9	2008	United States Department of the Treasury[152][c]	American International Group	67.8	81
10	2006	AT&T[153][154]	BellSouth	67.0	86
11	2008	Enel Acciona[155]	Endesa	65.3	78
12	2004	Sanofi[156]	Aventis	64.2	88
13	2002	AT&T[157]	MediaOne	62.0	89
14	2002	Pfizer[158]	Pharmacia Corp.	60.0	86
15	2004	JPMorgan Chase[159]	Bank One Corporation	58.0	79
16	2008	HM Treasury[160][c]	Royal Bank of Scotland Group	58.0	70
17	2005	Procter & Gamble[161]	Gillette	57.0	76
18	2008	InBev[162]	Anheuser-Busch	52.0	63
19	2000	Deutsche Telekom[163]	Voicestream	50.7	76
20	2008	Lloyds TSB Group[164]	HBOS	50.0	60
21	2008	Bank of America[165]	Merrill Lynch & Co.	50.0	60
22	2009	United States Department of the Treasury[166][c]	General Motors	49.5	60
23	2003	Bank of America[167]	FleetBoston Financial	47.0	66
24	2009	Roche Holding AG[168]	Genentech	46.8	56
25	2008	United States Department of the Treasury[169][170][c]	Citigroup	45.0	54
26	2008	United States Department of the Treasury[171][172][c]	Bank of America	45.0	54
27	2009	Merck & Co.[173]	Schering-Plough	41.1	50
28	2000	JDS Uniphase[174]	SDL Inc.	41.0	62
29	2004	Cingular[175]	AT&T Wireless	41.0	56
30	2009	ExxonMobil[176]	XTO Energy	41.0	49
31	2000	France Télécom[177]	Vodafone Airtouch plc ( Orange UK)	40.3	61
32	2008	Novartis[178]	Alcon	39.0	47
33	2007	Rio Tinto[179]	Alcan	38.1	48
34	2000	Pacific Century Cyber Works[180]	Cable & Wireless HKT Ltd	38.0	57
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	53
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	51
43	2006	Mittal Steel Company[189]	Arcelor	33.65	43
44	2007	Kohlberg Kravis Roberts Texas Pacific Group[190]	TXU Corp.	31.8	40
45	2005	Telefónica[191]	O2	31.6	42
46	2006	Nokia Corporation (Telecommunication Network Equipment Unit) [192][a]	Siemens AG (Telecommunication Network Equipment Unit)	31.6	41
47	2000	Citigroup[193]	Associates First Capital Corporation	31.0	47
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	39
54	2008	Verizon Wireless[200]	Alltel	28.1	34
55	2001	BHP Ltd.[201]	Billiton plc	28.0	41
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	35
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	32
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	33
64	2008	HM Treasury[210][c]	Lloyds Banking Group	25.4	31
65	2008	Apollo Management Texas Pacific Group[211]	Harrahs Entertainment	25.1	30
66	2001	Hewlett Packard Company[212]	Compaq	25.0	37
67	2008	United States Department of the Treasury[213][c]	JPMorgan Chase	25.0	30
68	2008	United States Department of the Treasury[214][c]	Wells Fargo	25.0	30
69	2008	Ministry of Finance[215][c]	Fortis (Dutch Unit)	23.3	28
70	2001	American International Group[216]	American General	23.0	34
71	2008	Mars, Incorporated[217]	Wm. Wrigley Jr. Company	23.0	28
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	28
76	2000	Verisign[222]	Network Solutions	21.0	32
77	2000	Firstar Corporation[223]	U.S. Bancorp	21.0	32
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	31
82	2006	Ferrovial[228]	BAA plc	20.0	26

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	144	[229]
2	2015	Dow Chemical	DuPont	130.0	142	[230]
3	2019	United Technologies (Aerospace Division)	Raytheon	121.0	122	[231][232][233][234]
4	2015	AB InBev	SABMiller	107.0	117	[235]
5	2015	Heinz	Kraft	100.0	109	[236]
6	2018	Energy Transfer Equity	Energy Transfer Partners	90.0	93	[237][238]
7	2017	Linde AG	Praxair	86.0	91	[239][240][d]
8	2016	AT&T	Time Warner	85.4 — 108.7	92 — 117	[241]
9	2015	Cheung Kong Holdings	Hutchison Whampoa	85.0	93	[242]
10	2015	Charter Communications	Time Warner Cable	78.7	86	[243]
11	2019	Bristol-Myers Squibb	Celgene	74.0 — 95.0	75 — 96	[244][245][246][247]
12	2018	The Walt Disney Company	21st Century Fox	71.3 — 85.1	73 — 88	[248][249]
13	2014	Kinder Morgan	Kinder Morgan Energy Partners Kinder Morgan Management El Paso Pipeline Partners	71.0	78	[250]
14	2015	Actavis	Allergan, Inc	70.5	77	[251][d]
15	2015	Royal Dutch Shell	BG Group	70.0 — 81.9	76 — 89	[252][253]
16	2019	Saudi Aramco	SABIC	69.1	70	[254]
17	2017	CVS Health	Aetna	69.0	73	[255][256][257]
18	2015	Dell	EMC Corporation	67.0	73	[258]
19	2018	Takeda Pharmaceutical	Shire plc	64.3	66	[259][260][261]
20	2019	Abbvie	Allergan plc	63.0	64	[262]
21	2019	GlaxoSmithKline (Consumer Health Unit)	Pfizer (Consumer Health Unit)	62.8	64	[263][264][a]
22	2014	Holcim	Lafarge S.A.	60.0	66	[265]
23	2017	Essilor	Luxottica	58.5	62	[266]
24	2013	Rosneft	TNK-BP	55.0	61	[267]
25	2016	Bayer	Monsanto	54.5 — 63.5	59 — 68	[268][269]
26	2018	Cigna	Express Scripts	54.0 — 67.0	56 — 69	[270][271]
27	2019	Groupe PSA	Fiat Chrysler	50.0	51	[272]
28	2014	AT&T	DirecTV	49.0 — 67.1	54 — 73	[273]
29	2017	British American Tobacco	R. J. Reynolds Tobacco Company	49.0	52	[274]
30	2019	DuPont (Nutrition & Biosciences Division)	International Flavors & Fragrances	45.4	46	[275]
31	2016	ChemChina	Syngenta	43.0	46	[276]
32	2014	Medtronic	Covidien	42.9	47	[277][d]
33	2015	Teva Pharmaceutical Industries	Actavis Generics	40.5	44	[278][279][280]
34	2018	Comcast Corporation	Sky plc	39.0	40	[281][282][283]
35	2018	E.ON SE	Innogy SE	38.5	40	[284]
36	2019	Occidental Petroleum Corp	Anadarko Petroleum	38.0 — 57.0	38 — 58	[285]
37	2015	Berkshire Hathaway	Precision Castparts	37.2	41	[286]
38	2015	Avago Technologies	Broadcom Corporation	37.0	40	[287]
39	2018	T-Mobile US	Sprint Corporation	37.0	38	[288][289][290]
40	2019	Fidelity National Information Services	Worldpay, Inc.	35.0 — 43	35 — 44	[291]
41	2018	Harris Corporation	L3 Technologies	34.0	35	[292]
42	2018	IBM	Red Hat	34.0	35	[293]
43	2016	Shire plc	Baxalta	32.0 — 35	35 — 38	[294][295][d]
44	2016	Softbank Group	Arm Holdings	31.4	34	[296]
45	2012	Glencore	Xstrata	31.0	35	[297]
46	2010	GDF Suez	International Power	30.0	36	[298]
47	2016	General Electric ( GE Oil and Gas)	Baker Hughes	30.0	32	[299]
48	2017	United Technologies	Rockwell Collins	30.0	32	[300]
49	2017	Johnson & Johnson	Actelion	30.0	32	[301]
50	2019	Yahoo! Japan	Line Corporation	30.0	30	[302]
51	2012	T-Mobile US	MetroPCS	29.6	33	[303]
52	2011	Express Scripts	Medco Health Solutions	29.1	33	[304]
53	2015	ACE Ltd	Chubb Corporation	28.3	31	[305]
54	2016	Enbridge	Spectra Energy	28.0	30	[306]
55	2019	BB&T	SunTrust Banks	28.0	28	[307]
56	2014	Reynolds American	Lorillard Tobacco Company	27.4	30	[308]
57	2016	Agrium	Potash Corp of Saskatchewan Inc	27.0	29	[309]
58	2019	London Stock Exchange Group	Refinitiv	27.0	27	[310]
59	2016	Microsoft	LinkedIn Corp	26.2	28	[311]
60	2011	Duke Energy	Progress Energy Inc	26.0	30	[312]
61	2019	Charles Schwab	TD Ameritrade	26.0	26	[313]
62	2014	Actavis	Forest Laboratories	25.0	27	[314][d]
63	2016	Abbott Laboratories	St Jude Medical	25.0 — 30.5	27 — 33	[315]
64	2019	Viacom	CBS Corporation	25.0	25	[316]
65	2019	Pfizer (Upjohn Off-Patent Medicine Division)	Mylan	25.0	25	[317]
66	2017	Unibail-Rodamco SE	Westfield Corporation	24.7	26	[318]
67	2013	Michael Dell Silver Lake Partners	Dell	24.4	27	[319][320]
68	2010	CenturyLink	Qwest Corporation	24.0	28	[321]
69	2012	Ministry of Economy	Bankia	24.0	27	[322][c]
70	2015	VimpelCom (Italian Assets)	CK Hutchison Holdings (Italian Assets)	24.0	26	[323][a]
71	2016	CenturyLink	Level 3 Communications	24.0	26	[324]
72	2017	Becton, Dickinson and Company	C. R. Bard	24.0	25	[325]
73	2018	Dell	VMware	23.9	25	[326][327]
74	2013	Liberty Global	Virgin Media	23.3	26	[328][329][d]
75	2017	Visa Inc.	Visa Europe	23.3	25	[330]
76	2013	Berkshire Hathaway 3G Capital	Heinz	23.0	26	[331]
77	2014	Numericable	SFR	23.0	25	[332][333]
78	2017	Vodafone Group (Indian Operations)	Idea Cellular	23.0	24	[334][a]
79	2018	Marathon Petroleum Corp	Andeavor	23.0 — 35.6	24 — 37	[335]
80	2012	Nippon Steel	Sumitomo Metal Industries	22.45	25	[336]
81	2014	Facebook, Inc	WhatsApp Inc.	22.0	24	[337]
82	2018	Atlantia Grupo ACS	Abertis	22.0	23	[338]
83	2019	Fiserv	First Data	22.0	22	[339]
84	2018	Vodafone Group	Liberty Global (Germany & Eastern Europe Ops)	21.8	22	[340]
85	2012	Softbank Group	Sprint Corporation	21.6	24	[341][342]
86	2010	VimpelCom	Weather Investments	21.5	26	[343]
87	2019	Global Payments	TSYS	21.5	22	[344]
88	2019	Danaher Corporation	GE (Biopharma Division)	21.4	22	[345]
89	2011	Johnson & Johnson	Synthes	21.3	25	[346]
90	2010	América Móvil	Telmex	21.0	25	[347]
91	2011	Kinder Morgan	El Paso Corporation	21.0	24	[348]
92	2015	MPLX	MarkWest Energy	21.0	23	[349]
93	2015	Abbvie	Pharmacyclics	21.0	23	[350]
94	2018	Keurig Green Mountain	Dr Pepper Snapple Group	21.0	22	[351]
95	2011	Sanofi	Genzyme	20.1	23	[352]
96	2012	AB InBev	Grupo Modelo	20.1	23	[353]
97	2016	Energy Transfer Partners	Sunoco Logistics Partners	20.0	22	[354]
98	2016	SACAM Mutualisation	Crédit Agricole (39 Regional Operators)	20.0	22	[355]
99	2018	The Blackstone Group	Thomson Reuters (Financial & Risk Unit)	20.0	21	[356][a]

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	[357][358][b]
2	2020	S&P Global	IHS Markit	44.0	44	[359][e]
3	2021	Discovery, Inc.	AT&T ( WarnerMedia)	43.0	43	[360][361][e]
4	2020	Nvidia Corporation	SoftBank Group ( Arm Holdings)	40.0	40	[362][e]
5	2020	Nippon Telegraph and Telephone	NTT Docomo	40.0	40	[363]
6	2020	AstraZeneca	Alexion Pharmaceuticals	39.0	39	[364]
7	2020	Liberty Global ( Virgin Media)	Telefónica ( O2)	38.0	38	[365][366][a]
8	2020	Advanced Micro Devices	Xilinx	35.0	35	[367][e]
9	2021	AerCap	General Electric ( GECAS)	30.0	30	[368][e]
10	2021	Canadian National Railway	Kansas City Southern	30.0	30	[369][e]
11	2021	Square, Inc.	Afterpay	29.0	29	[370][e]
12	2020	Salesforce.com	Slack Technologies	27.7	28	[371]
13	2021	Vonovia	Deutsche Wohnen	22.7	23	[372][e]
14	2020	Huntington Bancshares	TCF Financial Corporation	22.0	22	[373]
15	2020	Analog Devices	Maxim Integrated	21.0	21	[374]
16	2020	Seven & i Holdings	Marathon Petroleum ( Speedway LLC)	21.0	21	[375]
17	2020	Gilead Sciences	Immunomedics	21.0	21	[376]
18	2021	Rogers Communications	Shaw Communications	20.8	21	[377][e]
19	2020	Advent International Cinven RAG-Stiftung	ThyssenKrupp (Elevator Division)	20.4	20	[378]

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	294	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.[379][380]
2	2015	China Minmetals	China Metallurgical Group	245.6	268	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.[381][382]
3	2017	Sinograin	China National Cotton Reserves Corp.	213.0	225	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.[383]
4	2018	ChemChina	Sinochem	120.0	124	Merger of the Chinese state-controlled ChemChina and Sinochem in a deal reported to be worth $120 billion.[384] The merger would create the largest entity in the industrial chemicals industry, overtaking BASF.[385][386][387][388] In January 2020 ChemChina and Sinochem consolidated their agricultural assets into a new holding company, to be called Syngenta Group.[389]
5	2015	China Power Investment	State Nuclear Power Technology Corporation	112.6	123	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.[390][391]
6	2018	China National Nuclear Corp	China Nuclear Engineering & Construction	99.0	102	Merger of China's second largest nuclear power producer, and their top nuclear power plant builder.[392]
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.[393] 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%.[394]
8	2014	CITIC Pacific	CITIC Limited	50.0	55	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.[395]
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.[396][397]
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.[398][399]
11	2008	China Unicom	China Netcom	24.0	29	The merger took place as part of the first step in the country's reshuffling of its telecom shops.[400]

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.[401][402][403]
2	2019	Altria	Philip Morris International	200.0	202	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.[404]
3	2015	Pfizer	Allergan, plc	160.0	175	The deal fell through over changes made to tax inversion legislation by the Government of the United States.[405]
4	2008	BHP Billiton	Rio Tinto	148.0	178	As commodity prices fell in value, the deal became too risky for BHP Billiton to complete.[406][405]
5	2017	Kraft Heinz	Unilever	143.0	151	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,[407] as well as job-cut implications and regulator approval issues.[408] The bid was formally dropped on February 19, citing the complexities of acquiring control in a Dutch entity without the support of shareholders.[409]
6	1999	MCI WorldCom	Sprint	129.0	200	The US Department of Justice and European Commission prohibited the merger on competition grounds, with the DoJ filing a lawsuit against the transaction.[405][410][411][412]
7	2014	Pfizer	Astra Zeneca	123.0	134	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.[405]
8	2018	Broadcom	Qualcomm	121.0	125	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).[413][414] On February 21, Broadcom reduced their offer to $117 billion in light of Qualcomms increased bid for NXP Semconductors.[415]
9	2018	Broadcom	Qualcomm	117.0	121	On February 21, Broadcom reduced their offer to $117 billion in light of Qualcomms increased bid for NXP Semconductors.[415] The deal was effectively blocked after US President Donald Trump blocked any deal based upon national security grounds.[416]
10	1999	MCI WorldCom	Sprint	111.0	172	The Board of Sprint claimed that the first deal undervalued the company and thus rejected the proposal.[405]
11	2014	Pfizer	Astra Zeneca	106.0	116	AstraZeneca claimed the deal undervalued the company.[417][418]
12	2018	Broadcom	Qualcomm	103.0	106	$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.[419][420]
13	2006	KKR Texas Pacific Group	The Home Depot	100.0	128	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.[421]
14	2014	Pfizer	Astra Zeneca	98.9	108	AstraZeneca claimed the deal undervalued the company.[422]
15	2016	Honeywell	United Technologies	90.0	97	Honeywell dropped a bid to acquire United Technologies, citing potential regulatory hurdles.[423][424]
16	2007	Barclays	ABN AMRO	89.6	112	Barclays lost out after RBS Group, Fortis, and Banco Santander bid $98 billion with the plan to break ABN AMRO between the three banks.[425]
17	1999	Pfizer	Warner-Lambert	82.4	128	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.[426][427][428]
18	1999	Deutsche Telekom	Telecom Italia	81.0	126	Olivetti was able to sway key Telecom Italia shareholders and win control of 51% of shares, killing the proposed merger of the telecommunication giants.[429][430]
19	2014	21st Century Fox	Time Warner	80.0	87	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.[431][432]
20	1998	American Home Products	SmithKline Beecham	77.0	122	The deal was reportedly killed in response to British regulators who feared losing jobs to a proposed U.S. headquarters location.[433][434]
21	2019	KKR	Walgreens Boots Alliance	70.0	71	KKR did not follow through with a formal bid as the potential world record LBO was simply deemed too large.[435][436]
22	2009	Xstrata	Anglo American plc	68.0	82	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.[437]
23	2004	Comcast	Disney	66.0	90	Comcast executives abandoned the deal to buy Walt Disney after both investors and Disney executives failed to agree on the acquisition.[438]
24	1999	Warner–Lambert	American Home Products	65.0	101	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.[439][440]
25	2018	Comcast	21st Century Fox	65.0	67	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.[441]
27	2018	Takeda Pharmaceutical	Shire	62.1	64	Fourth bid with enhanced cash component, super-ceded by a fifth bid on April 24.[442]
28	2018	Takeda Pharmaceutical	Shire	61.0	63	Second bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalued the company, its growth prospects as well as pipeline.[441]
29	2002	Comcast	MediaOne	60.0	86	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.[443][444]
31	2018	Takeda Pharmaceutical	Shire	58.2	60	First bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalued the company, its growth prospects as well as pipeline.[441]
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.[445][446][447]
33	2014	AbbVie	Shire	54.0	59	The deal fell through over changes made to tax inversion legislation by the US Government.[448]
34	2014	Valeant Pharmaceuticals	Allergan Inc	54.0	59	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.[449]
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	60	Bharti called off negotiations after MTN turned Bharti's takeover plan upside down, proposing to take over Bharti instead.[450]
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.[451]
38	2008	Microsoft	Yahoo!	47.5	57	Yahoo pulled out of talks with Microsoft after they agreed to let Google sell search ads on its site.[452]
39	2015	Monsanto	Syngenta	46.5	51	Monsanto dropped its hostile bid for Syngenta, refocusing on its five-year plan to double earnings and avoid a backlash from large shareholders.[453] 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	74	UBS not only spurned the offer from CS Holding but insisted that it had been "taken aback" by its rival's offer.[454]
42	2000	General Electric	Honeywell	45.0	68	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.[455][456]
43	2012	EADS	BAE Systems	45.0	51	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).[457]
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.[458] In 2018, China failed to approve the merger, leading to its cancellation by Qualcomm on July 26, 2018.[459]
45	2000	United Technologies	Honeywell	40.0	60	United Technologies ended merger talks with Honeywell after it had emerged that General Electric had dealt a counter-offer.[460][461]
46	2008	France Télécom	TeliaSonera	40.0	48	France Telecom withdrew its bid after the two parties could not reach an agreement on the terms of the deal.[462]
47	2010	BHP Billiton	PotashCorp	40.0	47	Potash Corp rejected the offer claiming it undervalued the company.[463]
48	2015	Teva Pharmaceutical Industries	Mylan	40.0	44	In April, Teva offered to acquire Mylan for $40 billion,[464] only a fortnight after Mylan offered to acquire Perrigo for $29 billion.[465] Teva's offer for Mylan was contingent on Mylan abandoning its acquisition of Perrigo.[466] 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	45	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.[467]
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.[468][469][470]
51	1999	Global Crossing	US West	37.0	57	Global Crossing lost out on acquiring US West after Qwest outbid them.[471][472]
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.[451][473]
53	2010	Prudential	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.[474]
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.[475]
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.[476][477][478][479][480]
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.[481][482][483]
57	1998	American Home Products	Monsanto	34.4	55	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.[484]
58	1999	Bank of Scotland	NatWest	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.[485]
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.[486]
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.[487]
61	1994	Bell Atlantic	Tele-Communications Inc	33.0	58	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].” [488]
62	2016	Energy Transfer Equity	Williams Companies	33.0	36	Energy Transfer Equity terminated the merger agreement with Williams after ETE's counsel were unable to declare the deal as tax-free.[489]
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).[490] 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.
64	2018	21st Century Fox	Sky plc	32.5	33	Fox raised their offer to $32.5 billion for Sky.[491]
65	2016	Deutsche Börse	London Stock Exchange Group	31.0	33	The merger was prohibited on competition grounds by the EU Commission.[492][493][494][495]
66	2018	Comcast	Sky plc	31.0	32	Comcast offered $31 billion for Sky plc which Fox trumped.[496][497][498]
67	2021	Canadian Pacific Railway	Kansas City Southern	31.0	31	Kansas City Southern rejected the bid as the Canadian National Railway bid was still the superior offer.[499]
68	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.[500]
69	2020	Aon plc	Willis Towers Watson	30.0	30	Aon and Willis Towers Watson called off their merger after reaching an impasse with US regulators.[501][502]
70	2006	Aviva	Prudential	29.6	38	Aviva's all-stock proposal was rejected by the Prudential Board, despite Aviva offering a premium to the current share price.[503]
71	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"[504]
72	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.[505][506]
73	2017	Emerson Electric	Rockwell Automation	29.0	31	Rejected as Rockwell believed the offer still undervalued the company.[507]
74	1997	GTE	MCI	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.[508]
75	2001	Lloyds TSB Group	Abbey National	28.0	41	The British Government blocked the proposed merger as they believed it would be against the public interest.[509]
76	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.[510][511]
77	2016	Canadian Pacific	Norfolk Southern	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.[512]
78	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.[513]
79	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.[514]
80	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.[515][516][517]
81	2001	Prudential	American General	26.5	39	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.[518]
82	2017	PPG Industries	Akzo Nobel	26.1	28	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.[519]
83	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.[520]
84	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.[521]
85	2002	Hughes Electronics	EchoStar	25.6	37	US and state anti-trust enforcers filed a lawsuit to halt the deal, claiming that the deal would eliminate competition and adversely effect consumers.[522][523]
86	2013	Dish Network	Sprint Corporation	25.5	28	Sprint requested a revised offer but Dish stated that it was not practical to do so.[524]
87	2004	Johnson & Johnson	Guidant	25.4	35	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.[525]
88	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.[525][526]
89	2013	The Blackstone Group	Dell	25.0	28	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.[527]
90	2021	Chubb	The Hartford	25.0	25	The Hartford rejected two enhanced buyout offers.[528]
91	2005	Boston Scientific	Guidant	24.6	33	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).[525][529]
92	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.[525][530]
93	2017	PPG Industries	Akzo Nobel	24.1	25	Akzo rejected the unsolicited offer, claiming the revised offer was still too low.[531]
94	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.[532]
95	2018	Albertsons	Rite Aid	24.0	25	Albertsons and Rite Aid called off the planned merger after several advisory firms recommended voting against the proposal.[533][534]
96	2021	Chubb	The Hartford	23.9	24	The Hartford rejected two enhanced buyout offers.[528]
97	2021	Chubb	The Hartford	23.2	23	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."[535]
98	2006	Johnson & Johnson	Guidant	23.2	30	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.[525][536]
99	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.[537]
100	1995	Tracinda	Chrysler	22.8	39	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.[538]
101	1996	British Telecom	MCI	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.[539]
102	2020	Seven & i Holdings	Marathon Petroleum ( Speedway)	22.0	22	Seven & i walked away from the potential deal, citing concerns over the price.[540]
103	1989	James Goldsmith Jacob Rothschild Kerry Packer	British American Tobacco	21.0	44	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.”[541]
104	2014	Bouygues	SFR	20.6	23	Bouygues offer was soon trumped by Numericable's, who purchased SFR for $23 billion.[542]
105	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.[543]
106	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.[544]