List of largest mergers and acquisitions

Free market enterprises

1870s

Rank	Year	Purchaser	Purchased	Transaction value	Inflation adjusted
1	1879	Pacific Coast Oil Company	Star Oil	0.001	0.024

1900s

Rank	Year	Purchaser	Purchased	Transaction value	Inflation adjusted
1	1901	United States Steel Corporation	Carnegie Steel Company Federal Steel Company National Steel Company	0.492	14.9
2	1907	New York, New Haven and Hartford Railroad Company	Boston and Maine Corporation	0.310	8.5
3	1909	Interborough Rapid Transit Company	Metropolitan Street Railway	0.222	6.2

1910s

Rank	Year	Purchaser	Purchased	Transaction value	Inflation adjusted
1	1915	Midvale Steel Company	Remington Arms Company Worth Brothers Company	0.100	2.5
2	1915	United Dry Goods	Associated Merchants Company	0.050	1.3
3	1918	General Motors	United Motors Company	0.045	0.764

1920s

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

1930s

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

1940s

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

1950s

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

1960s

Rank	Year	Purchaser	Purchased	Transaction value	Inflation adjusted
1	1969	Atlantic Richfield	Sinclair Oil Corporation	3.7
2	1965	Union Oil	Pure Oil	1.5
3	1968	Hunt-Wesson	Canada Dry McCall Corporation	1.0
4	1969	Xerox Corporation	Scientific Data Systems	0.925
5	1967	Rockwell-Standard	North American Aviation	0.922
6	1968	Sun Oil	Sunray DX Oil Company	0.763
7	1965	Continental Oil Company	Consolidation Coal	0.620
8	1961	American-Marietta Corporation	Glenn L. Martin Company	0.600
9	1968	Control Data Corporation	Commercial Credit Company	0.582
10	1967	Studebaker Corporation	Worthington Corporation	0.550

1970s

Rank	Year	Purchaser	Purchased	Transaction value	Inflation adjusted
1	1979	Shell Oil Company	Belridge Oil Company	3.65
2	1979	RCA	CIT Financial	1.3
3	1979	Exxon	Reliance Electric	1.2
4	1978	United Technologies	Carrier Corporation	1.0
5	1979	Mobil	General Crude Oil	0.765
6	1976	Atlantic Richfield	Anaconda Copper	0.760
7	1978	R. J. Reynolds Industries	Del Monte Corporation	0.620
8	1978	Johns Manville	Olinkraft Inc	0.585
9	1977	Kennecott Copper	Carborundum Corporation	0.567
10	1978	Philip Morris	Seven-Up Bottling Co	0.520
11	1978	Beatrice Foods	Tropicana Products	0.488
12	1977	Unilever	National Starch and Chemical	0.485
13	1974	Burmah Oil	Signal Oil & Gas	0.480
14	1979	American Brands	Franklin Life Insurance	0.465
15	1979	Standard Oil of Indiana	Cyprus Mines Corporation	0.460

1980s

Rank	Year	Purchaser	Purchased	Transaction value	Inflation adjusted
1	1989	Kohlberg Kravis Roberts	RJR Nabisco	31.0
2	1989	Mitsui Bank	Taiyo Kobe Bank	22.8
3	1989	Time Inc.	Warner Communications	15.2
4	1984	Standard Oil of California	Gulf Oil	13.2
5	1988	Philip Morris	Kraft Foods	13.1
6	1989	Bristol Myers	Squibb	12.0
7	1984	Texaco	Getty Oil	10.1
8	1989	Beecham Group	SmithKline Beckman	7.9
9	1987	BP	Standard Oil of Ohio	7.8
10	1981	DuPont	Conoco	7.3
11	1988	Campeau Corporation	Federated Department Stores	6.6
12	1985	General Electric	RCA	6.3
13	1982	United States Steel Corp.	Marathon Oil	6.0
14	1985	Kohlberg Kravis Roberts	Beatrice Companies	6.0
15	1985	Philip Morris Companies	General Foods	5.8
16	1987	Dome Mines	Placer Development Campbell Red Lake Mines	5.8
17	1984	Mobil	Superior Oil Company	5.7
18	1988	Grand Metropolitan	Pillsbury Company	5.7
19	1989	Dow Chemical Company	Marion Laboratories	5.7
20	1984	Royal Dutch/Shell Group	Shell Oil Company	5.5
21	1989	Hanson plc	Consolidated Gold Fields	5.5
22	1985	General Motors	Hughes Aircraft Company	5.2
23	1988	British American Tobacco	Farmers Insurance Group	5.2
24	1987	John Philp Thompson Sr.	Southland Corporation	5.1
25	1988	Thomas F. Frist Jr. Richard Rainwater	HCA Healthcare	5.1
26	1988	Eastman Kodak	Sterling Drug	5.1
27	1981	Elf Aquitaine	Texasgulf Inc.	5.0
28	1985	R.J. Reynolds Industries	Nabisco Brands	4.9
29	1986	Burroughs Corporation	Sperry Corporation	4.8
30	1989	Sony	Columbia Pictures	4.8

1990s

Rank	Year	Purchaser	Purchased	Transaction value	Inflation adjusted
1	1999	Vodafone Airtouch PLC	Mannesmann	183.0
2	1999	Pfizer	Warner-Lambert	90.0
3	1998	Exxon	Mobil	77.2
4	1998	Citicorp	Travelers Group	70.0
5	1999	Bell Atlantic	Vodafone Airtouch PLC	70.0
6	1998	Astra AB	Zeneca	67.0
7	1998	NationsBank	Bank America	62.0
8	1999	SBC Communications	Ameritech Corporation	62.0
9	1999	Vodafone Group	AirTouch Communications	56.0
10	1999	TotalFina	Elf Aquitaine	54.3
11	1998	Bell Atlantic	GTE	53.36
12	1996	Bell Atlantic	NYNEX	52.0
13	1998	BP	Amoco	49.0
14	1999	AT&T	Tele-Communications Inc.	48.0
15	1999	The Sumitomo Bank	The Sakura Bank	45.5
16	1999	Qwest Communications	US West	44.0
17	1998	Hoechst AG	Rhône-Poulenc	43.0
18	1999	Royal Bank of Scotland Group	National Westminster Bank Plc	42.5
19	1999	Fuji Bank	Dai-Ichi Kangyo Bank Industrial Bank of Japan	40.1
20	1998	Daimler-Benz	Chrysler	38.0
21	1997	Worldcom	MCI Communications	37.0
22	1999	Mannesmann	Orange UK	36.0
23	1999	Viacom	CBS Corporation	35.6
24	1998	Wells Fargo	Norwest Corporation	34.0
25	1999	Olivetti	Telecom Italia	34.0
26	1995	Mitsubishi Bank	The Bank of Tokyo	33.8
27	1998	Banc One	First Chicago Bank	29.8
28	1996	Ciba-Geigy	Sandoz	27.0
29	1999	BP-Amoco	Atlantic Richfield Company	26.8
30	1999	Monsanto	Pharmacia & Upjohn	26.5
31	1999	Lucent	Ascend Communications	25.2
32	1997	Union Bank of Switzerland	Swiss Bank Corporation	25.0
33	1999	Clear Channel Broadcasting	AMFM Broadcasting Licenses, LLC	23.8
34	1998	Berkshire Hathaway	Gen Re	22.0

2000s

Rank	Year	Purchaser	Purchased	Transaction value	Inflation adjusted
1	2000	AOL	Time Warner	182.0
2	2007	Gaz de France	Suez S.A.	107.0
3	2007	RFS Holdings	ABN Amro	98.0
4	2004	Royal Dutch Petroleum	Shell Transport & Trading Co.	95.0
5	2000	Glaxo Wellcome	SmithKline Beecham	76.0
6	2001	Comcast	AT&T Broadband	72.0
7	2006	Banca Intesa	Sanpaolo IMI	71.0
8	2009	Pfizer	Wyeth	68.0
9	2008	United States Department of the Treasury	American International Group	67.8
10	2006	AT&T	BellSouth	67.0
11	2008	Enel Acciona	Endesa	65.3
12	2004	Sanofi	Aventis	64.2
13	2002	AT&T	MediaOne	62.0
14	2002	Pfizer	Pharmacia	60.0
15	2004	JPMorgan Chase	Bank One Corporation	58.0
16	2008	HM Treasury	Royal Bank of Scotland Group	58.0
17	2005	Procter & Gamble	Gillette	57.0
18	2008	InBev	Anheuser-Busch	52.0
19	2000	Deutsche Telekom	Voicestream	50.7
20	2008	Lloyds TSB Group	HBOS	50.0
21	2008	Bank of America	Merrill Lynch & Co.	50.0
22	2009	United States Department of the Treasury	General Motors	49.5
23	2003	Bank of America	FleetBoston Financial	47.0
24	2009	Roche Holding AG	Genentech	46.8
25	2009	Merck & Co.	Schering-Plough	41.1
26	2000	JDS Uniphase	SDL Inc.	41.0
27	2004	Cingular	AT&T Wireless	41.0
28	2009	ExxonMobil	XTO Energy	41.0
29	2000	France Télécom	Vodafone Airtouch PLC	40.3
30	2008	Novartis	Alcon	39.0
31	2007	Rio Tinto	Alcan	38.1
32	2000	Pacific Century Cyber Works	Cable & Wireless HKT Ltd	38.0
33	2005	Tokyo Mitsubishi	UFJ Holdings	38.0
34	2006	América Móvil	América Telecom	37.0
35	2006	The Blackstone Group	Equity Office	36.0
36	2005	ConocoPhillips	Burlington Resources	35.6
37	2000	Chevron Corporation	Texaco	35.0
38	2005	Sprint Corporation	Nextel Communications	35.0
39	2005	Bank of America	MBNA	34.2
40	2000	Vivendi	Seagram	34.0
41	2006	Mittal Steel Company	Arcelor	33.65
42	2007	Kohlberg Kravis Roberts Texas Pacific Group	TXU Corp.	31.8
43	2005	Telefónica	O2	31.6
44	2006	Nokia Corporation	Siemens AG	31.6
45	2000	Citigroup	Associates First Capital Corporation	31.0
46	2000	Chase Manhattan Bank	J.P. Morgan & Co.	30.9
47	2007	Statoil	Norsk Hydro	30.0
48	2009	Comcast	General Electric	30.0
49	2007	Kohlberg Kravis Roberts	First Data	29.0
50	2007	UniCredit	Capitalia	29.0
51	2004	KBC Bank	Almanij	28.12
52	2008	Verizon Wireless	Alltel	28.1
53	2003	Olivetti	Telecom Italia	27.8
54	2007	Texas Pacific Group Goldman Sachs Capital Partners	Alltel	27.5
55	2006	Boston Scientific	Guidant	27.2
56	2006	Thomas H. Lee Partners Bain Capital	Clear Channel Broadcasting	26.7
57	2009	Berkshire Hathaway	Burlington Northern Santa Fe Corp.	26.3
58	2007	The Blackstone Group	Hilton Hotels Corp	26.0
59	2007	Freeport-McMoRan	Phelps Dodge	25.9
60	2006	Wachovia	Golden West Financial	25.5
61	2008	HM Treasury	Lloyds Banking Group	25.4
62	2008	Apollo Management Texas Pacific Group	Harrahs Entertainment	25.1
63	2001	Hewlett Packard Company	Compaq	25.0
64	2008	United States Department of the Treasury	JPMorgan Chase	25.0
65	2008	United States Department of the Treasury	Wells Fargo	25.0
66	2008	Ministry of Finance	Fortis	23.3
67	2001	American International Group	American General	23.0
68	2008	Mars, Incorporated	Wm. Wrigley Jr. Company	23.0
69	2007	Iberdrola	Scottish Power	22.5
70	2006	Richard Kinder Goldman Sachs Capital Partners The Carlyle Group Riverstone Holdings American International Group	Kinder Morgan	22.0
71	2007	Kohlberg Kravis Roberts Stefano Pessina	Alliance Boots	22.0
72	2006	Bayer	Schering AG	21.5
73	2000	Verisign	Network Solutions	21.0
74	2000	Firstar Corporation	U.S. Bancorp	21.0
75	2006	Thomas F. Frist Jr. Bain Capital Kohlberg Kravis Roberts Merrill Lynch Global Private Equity	HCA Healthcare	21.0
76	2006	CVS	Caremark RX	21.0
77	2007	Bank of America	ABN AMRO	21.0
78	2000	Unilever	Bestfoods	20.3
79	2006	Ferrovial	BAA plc	20.0
80	2008	United States Department of the Treasury	Citigroup	20.0
81	2009	United States Department of the Treasury	Bank of America	20.0

2010s

Rank	Year	Purchaser	Purchased	Transaction value	Inflation adjusted	Ref
1	2013	Verizon Communications	Vodafone Group	130.0
2	2015	Dow Chemical	DuPont	130.0
3	2019	United Technologies	Raytheon	121.0
4	2018	T-Mobile US	Sprint Corporation	120.0
5	2015	Anheuser-Busch InBev	SABMiller	107.0
6	2015	Heinz	Kraft	100.0
7	2018	Energy Transfer Equity	Energy Transfer Partners	90
8	2017	Linde AG	Praxair	86.0
9	2016	AT&T	Time Warner	85.4 —	—
10	2015	Cheung Kong Holdings	Hutchison Whampoa	85.0
11	2015	Charter Communications	Time Warner Cable	78.7
12	2019	Bristol-Myers Squibb	Celgene	74.0 —	—
13	2018	The Walt Disney Company	21st Century Fox	71.3 —	—
14	2014	Kinder Morgan	Kinder Morgan Energy Partners Kinder Morgan Management El Paso Pipeline Partners	71.0
15	2015	Actavis	Allergan, Inc	70.5
16	2015	Royal Dutch Shell	BG Group	70.0 —	—
17	2019	Saudi Aramco	SABIC	69.1
18	2017	CVS Health	Aetna	69.0
19	2015	Dell	EMC Corporation	67.0
20	2018	Takeda Pharmaceutical	Shire plc	64.3
21	2019	Abbvie	Allergan plc	63.0
22	2014	Holcim	Lafarge S.A.	60.0
23	2017	Essilor	Luxottica	58.49
24	2013	Rosneft	TNK-BP	55.0
25	2016	Bayer	Monsanto	54.5 —	—
26	2018	Cigna	Express Scripts	54.0 —	—
27	2019	Groupe PSA	Fiat Chrysler	50.0
28	2014	AT&T Inc.	DirecTV	49.0 —	—
29	2017	British American Tobacco	R. J. Reynolds Tobacco Company	49.0
30	2019	DuPont	International Flavors & Fragrances	45.4
31	2016	ChemChina	Syngenta	43.0
32	2014	Medtronic	Covidien	42.9
33	2015	Teva Pharmaceutical Industries	Actavis Generics	40.5
34	2018	Comcast Corporation	Sky plc	39.0
35	2018	E.ON SE	Innogy SE	38.5
36	2019	Occidental Petroleum Corp	Anadarko Petroleum	38.0 —	—
37	2015	Berkshire Hathaway	Precision Castparts	37.2
38	2015	Avago Technologies	Broadcom Corporation	37.0
39	2019	Fidelity National Information Services	Worldpay, Inc.	35.0 —	—
40	2018	Harris Corporation	L3 Technologies	34.0
41	2018	IBM	Red Hat	34.0
42	2016	Shire plc	Baxalta	32.0 —	—
43	2016	Softbank	Arm Holdings	31.4
44	2012	Glencore	Xstrata	31.0
45	2010	GDF Suez	International Power	30.0
46	2016	General Electric	Baker Hughes	30.0
47	2017	United Technologies	Rockwell Collins	30.0
48	2017	Johnson & Johnson	Actelion	30.0
49	2019	Yahoo! Japan	Line Corporation	30.0
50	2012	T-Mobile US	MetroPCS	29.6
51	2011	Express Scripts	Medco Health Solutions	29.1
52	2015	ACE Ltd	Chubb Corporation	28.3
53	2016	Enbridge	Spectra Energy	28.0
54	2019	BB&T	SunTrust Banks	28.0
55	2014	Reynolds American	Lorillard Tobacco Company	27.4
56	2016	Agrium	Potash Corp of Saskatchewan Inc	27.0
57	2019	London Stock Exchange Group	Refinitiv	27.0
58	2016	Microsoft	LinkedIn Corp	26.2
59	2011	Duke Energy	Progress Energy Inc	26.0
60	2019	Charles Schwab	TD Ameritrade	26.0
61	2014	Actavis	Forest Laboratories	25.0
62	2016	Abbott Laboratories	St Jude Medical	25.0 —	—
63	2019	Viacom	CBS Corp	25.0
64	2019	Pfizer	Mylan	25.0
65	2017	Unibail-Rodamco SE	Westfield Corporation	24.7
66	2013	Michael Dell Silver Lake Partners	Dell	24.4
67	2010	CenturyLink	Qwest Corporation	24.0
68	2012	Ministry of Economy	Bankia	24.0
69	2015	VimpelCom	CK Hutchison Holdings	24.0
70	2016	CenturyLink	Level 3 Communications	24.0
71	2017	Becton, Dickinson and Company	C. R. Bard	24.0
72	2018	Dell	VMware	23.9
73	2013	Liberty Global	Virgin Media	23.3
74	2017	Visa Inc.	Visa Europe	23.3
75	2013	Berkshire Hathaway 3G Capital	Heinz	23.0
76	2014	Numericable	SFR	23.0
77	2017	Vodafone Group	Idea Cellular	23.0
78	2018	Marathon Petroleum Corp	Andeavor	23.0 —	—
79	2012	Nippon Steel	Sumitomo Metal Industries	22.45
80	2014	Facebook, Inc	WhatsApp Inc.	22.0
81	2018	Atlantia Grupo ACS	Abertis	22.0
82	2019	Fiserv	First Data	22.0
83	2018	Vodafone Group	Liberty Global	21.8
84	2012	Softbank	Sprint Corporation	21.6
85	2010	VimpelCom	Weather Investments	21.5
86	2019	Global Payments	TSYS	21.5
87	2019	Danaher Corporation	GE	21.4
88	2011	Johnson & Johnson	Synthes	21.3
89	2010	América Móvil	Telmex	21.0
90	2011	Kinder Morgan	El Paso Corporation	21.0
91	2015	MPLX	MarkWest Energy	21.0
92	2015	Abbvie	Pharmacyclics	21.0
93	2018	Keurig Green Mountain	Dr Pepper Snapple Group	21.0
94	2011	Sanofi	Genzyme	20.1
95	2012	Anheuser-Busch InBev	Grupo Modelo	20.1
96	2016	Energy Transfer Partners	Sunoco Logistics Partners	20.0
97	2016	SACAM Mutualisation	Crédit Agricole	20.0
98	2018	The Blackstone Group	Thomson Reuters	20.0

2020s

Rank	Year	Purchaser	Purchased	Transaction value	Inflation adjusted	Ref
1	2020	Unilever plc	Unilever N.V.	81.0
2	2020	Liberty Global	Telefónica	38.0
3	2020	Aon plc	Willis Towers Watson	30.0
4	2020	Analog Devices	Maxim Integrated	21.0
5	2020	Advent International Cinven RAG-Stiftung	ThyssenKrupp	20.4

State-owned enterprises

Rank	Year	Purchaser	Purchased	Total asset value	Inflation adjusted	Note
1	2017	Shenhua Group		278.0		In August 2017, SASAC announced that China Guodian Corporation and Shenhua Group 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.
2	2015	China Minmetals	China Metallurgical Group	245.6		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.
3	2017	Sinograin	China National Cotton Reserves Corp.	213.0		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.
4	2018	ChemChina	Sinochem	120.0		Merger of the Chinese state-controlled ChemChina and Sinochem in a deal reported to be worth $120 billion. The merger would create the largest entity in the industrial chemicals industry, overtaking BASF. In January 2020 ChemChina and Sinochem consolidated their agricultural assets into a new holding company, to be called Syngenta Group.
5	2015	China Power Investment	State Nuclear Power Technology	112.6		In June 2015 the Chinese cabinet approved plans to merge state-owned China Power Investment 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.
6	2018	China National Nuclear Corp		99.0		Merger of China’s second largest nuclear power producer, and their top nuclear power plant builder.
7	2020		PetroChina Sinopec	55.9		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. After the deals have completed, PipeChina will have a market capitalisation of 500 billion yuan ; PetroChina will own 29.9% of the business, Sinopec 14% and CNOOC Gas and Power will own 2.9%.
8	2014	CITIC Pacific	CITIC Limited	50.0		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.
9	2000	China Mobile Ltd	Beijing Mobile Shanghai Mobile Tianjin Mobile Hebei Mobile Liaoning Mobile Shandong Mobile Guangxi Mobile	34.2		China Mobile acquired seven Chinese state-owned mobile communications businesses as part of a consolidation effort.
10	2020	Ministry of Finance		28.31		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.
11	2008	China Unicom	China Netcom	24.0		The merger took place as part of the first step in the country's reshuffling of its telecom shops.

Largest ever deals which have failed to complete

Rank	Year	Purchaser	Purchased	Transaction value	Inflation adjusted value	Note
1	2019	Altria	Philip Morris International	200.0		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.
2	2015	Pfizer	Allergan, plc	160.0		The deal fell through over changes made to tax inversion legislation by the US Government.
3	2008	BHP Billiton	Rio Tinto	148.0		As commodity prices fell in value, the deal became too risky for BHP Billiton to complete.
4	2017	Kraft Heinz	Unilever plc	143.0		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, as well as job-cut implications and regulator approval issues. The bid was formally dropped on February 19, citing the complexities of acquiring control in a Dutch entity without the support of shareholders.
5	1999	MCI WorldCom	Sprint	129.0		The US Department of Justice and European Commission prohibited the merger on competition grounds, with the DoJ filing a lawsuit against the transaction.
6	2014	Pfizer	Astra Zeneca	123.0		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.
7	2018	Broadcom Ltd	Qualcomm Inc	121.0		Qualcomm claimed that Broadcom had undervalued the business but did propose to meet Broadcom officials, with the initial offer of $121 billion. On February 21, Broadcom reduced their offer to $117 billion in light of Qualcomms increased bid for NXP Semconductors.
8	2018	Broadcom Ltd	Qualcomm Inc	117.0		On February 21, Broadcom reduced their offer to $117 billion in light of Qualcomms increased bid for NXP Semconductors. The deal was effectively blocked after US President Donald Trump blocked any deal based upon national security grounds.
9	1999	MCI WorldCom	Sprint	111.0		The Board of Sprint claimed that the first deal undervalued the company and thus rejected the proposal.
10	2014	Pfizer	Astra Zeneca	106.0		AstraZeneca claimed the deal undervalued the company.
11	2018	Broadcom Ltd	Qualcomm Inc	103.0		$130 billion with assumed debt, 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.
12	2006	Kohlberg Kravis Roberts Texas Pacific Group	The Home Depot	100.0		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.
13	2014	Pfizer	Astra Zeneca	98.9		AstraZeneca claimed the deal undervalued the company.
14	2016	Honeywell	United Technologies	90.0		Honeywell dropped a bid to acquire United Technologies, citing potential regulatory hurdles.
15	2007	Barclays	ABN AMRO	89.6		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.
16	1999	Pfizer	Warner–Lambert	82.4		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.
17	1999	Deutsche Telekom	Telecom Italia	81.0		Olivetti was able to sway key Telecom Italia shareholders and win control of 51% of shares, killing the proposed merger of the telecommunication giants.
18	2014	21st Century Fox	Time Warner	80.0		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.
19	1998	American Home Products	SmithKline Beecham	77.0		The deal was reportedly killed in response to British regulators who feared losing jobs to a proposed U.S. headquarters location.
20	2019	Kohlberg Kravis Roberts	Walgreens Boots Alliance	70.0		KKR did not follow through with a formal bid as the potential world record LBO was simply deemed too large.
21	2009	Xstrata	Anglo American plc	68.0		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.
22	2004	Comcast	Disney	66.0		Comcast executives abandoned the deal to buy Walt Disney after both investors and Disney executives failed to agree on the acquisition.
23	1999	Warner–Lambert	American Home Products	65.0		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.
24	2018	Comcast	21st Century Fox	65.0		Main Article: Proposed acquisition of 21st Century Fox
25	2018	Takeda Pharmaceutical	Shire	62.5		Third bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalued the Company, its growth prospects as well as pipeline.
26	2018	Takeda Pharmaceutical	Shire	62.1		Fourth bid with enhanced cash component, super-ceded by a fifth bid on April 24.
27	2018	Takeda Pharmaceutical	Shire	61.0		Second bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalued the Company, its growth prospects as well as pipeline.
28	2002	Comcast	MediaOne	60.0		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.
29	2018	Takeda Pharmaceutical	Shire	58.2		First bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalued the Company, its growth prospects as well as pipeline.
30	2007	E.ON	Endesa	54.0		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.
31	2014	AbbVie	Shire	54.0		The deal fell through over changes made to tax inversion legislation by the US Government.
32	2014	Valeant Pharmaceuticals	Allergan, Inc.	54.0		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.
33	2017	Disney	21st Century Fox	52.4		Main Article: Proposed acquisition of 21st Century Fox
34	2008	Bharti Airtel	MTN Group	50.0		Bharti called off negotiations after MTN turned Bharti's takeover plan upside down, proposing to take over Bharti instead.
35	2015	Anthem	Cigna	48.0		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.
36	2008	Microsoft	Yahoo! Inc	47.5		Yahoo pulled out of talks with Microsoft after they agreed to let Google sell search ads on its site.
37	2015	Monsanto	Syngenta	46.5		Monsanto dropped its hostile bid for Syngenta, refocusing on its five-year plan to double earnings and avoid a backlash from large shareholders. Subsequently, Bayer purchased Monsanto, with ChemChina acquiring Syngenta.
38	2014	Comcast	Time Warner Cable	45.2		Main Article: Attempted purchase of Time Warner Cable by Comcast
39	1996	Credit Suisse	Union Bank of Switzerland	45.0		UBS not only spurned the offer from CS Holding but insisted that it had been "taken aback" by its rival's offer.
40	2000	General Electric	Honeywell	45.0		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.
41	2012	EADS	BAE Systems	45.0		Lack of investor support, coupled with opposition from the UK Government, German Government and the French Government.
42	2018	Qualcomm	NXP Semiconductors	44.0		Qualcomm raised their offer from $110 per share to $127.50 per share after pressure from activist investors. In 2018, China failed to approve the merger, leading to its cancellation by Qualcomm on July 26, 2018.
43	2000	United Technologies	Honeywell	40.0		United Technologies ended merger talks with Honeywell after it had emerged that General Electric had dealt a counter-offer.
44	2008	France Télécom S.A.	TeliaSonera	40.0		France Telecom withdrew its bid after the two parties could not reach an agreement on the terms of the deal.
45	2010	BHP Billiton	Potash Corp of Saskatchewan Inc	40.0		Potash Corp rejected the offer claiming it undervalued the company.
46	2015	Teva Pharmaceutical Industries	Mylan	40.0		In April, Teva offered to acquire Mylan for $40 billion, only a fortnight after Mylan offered to acquire Perrigo for $29 billion. Teva's offer for Mylan was contingent on Mylan abandoning its acquisition of Perrigo. Mylan stated in June 2015 that Teva’s disclosure that it had a 1.35 percent stake in Mylan violated US anti-trust rules.
47	2011	AT&T	T-Mobile US	39.0		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.
48	2019	Hong Kong Exchanges and Clearing	London Stock Exchange	39.0		$39 billion takeover proposal was rejected by the Board of the London Stock Exchange.
49	1999	Global Crossing	US West	37.0		Global Crossing lost out on acquiring US West after Qwest outbid them.
50	2015	Aetna	Humana	37.0		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.
51	2010	Prudential plc	AIA Group	35.5		Prudential tried to lower their bid to $30 billion following shareholder opposition but AIG said they would “not consider” any alterations to the deal. Prudential subsequently withdrew the deal.
52	2014	Omnicom	Publicis	35.0		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.
53	2019	Fiat Chrysler	Renault	35.0		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.
54	2020	Xerox	HP Inc	35.0		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.
55	1998	American Home Products	Monsanto	34.4		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.
56	1999	Bank of Scotland	National Westminster Bank	34.3		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.
57	2018	Comcast	Sky plc	34.0		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.
58	2019	Xerox	HP Inc	33.5		Xerox’s $33.5 billion cash-and-stock offer to buy bigger rival HP was declined, with HP indicating it might make its own counter-offer for Xerox.
59	1994	Bell Atlantic	Tele-Communications Inc.	33.0		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 may be paying too much for it .”
60	2016	Energy Transfer Equity	Williams Companies	33.0		Energy Transfer Equity terminated the merger agreement with Williams after ETE’s counsel were unable to declare the deal as tax-free.
61	2019	Chevron Corporation	Anadarko Petroleum	33.0		On April 12, Chevron Corporation announced it would acquire Anadarko for $33 billion. However, on April 24, Occidental Petroleum Corp announced a counter-offer to Chevron's previous announcement, offering $38 billion - Occidental's offer would ultimately prove successful.
62	2018	21st Century Fox	Sky plc	32.5		Fox raised their offer to $32.5 billion for Sky.
63	2016	Deutsche Börse AG	London Stock Exchange Group	31.0		The merger was prohibited on competition grounds by the EU Commission.
64	2018	Comcast	Sky plc	31.0		Comcast offered $31 billion for Sky plc which Fox trumped.
65	2000	Deutsche Bank	Dresdner Bank	30.0		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.
66	2006	Aviva plc	Prudential plc	29.6		Aviva’s all-stock proposal was rejected by the Prudential Board, despite Aviva offering a premium to the current share price.
67	2017	PPG Industries	Akzo Nobel	29.5		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"
68	2004	Sumitomo Mitsui Financial Group	UFJ Bank	29.2		UFJ Bank rejected the proposal as it had already committed to a merger with Mitsubishi Tokyo Financial Group.
69	2017	Emerson Electric	Rockwell Automation	29.0		Rejected as Rockwell believed the offer still undervalued the company.
70	1997	GTE	MCI Inc.	28.0		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.
71	2001	Lloyds TSB Group	Abbey National	28.0		The British Government blocked the proposed merger as they believed it would be against the public interest.
72	2005	Gas Natural	Endesa	28.0		Endesa rejected the bid saying it was "manifestly insufficient". Endesa would be acquired for $65.3 billion by Enel and Acciona.
73	2016	Canadian Pacific Railway Limited	Norfolk Southern Corporation	28.0		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.
74	2016	Halliburton	Baker Hughes	28.0		Oilfield services provider Halliburton and smaller rival Baker Hughes terminated their $28 billion merger deal after opposition from U.S. and European antitrust regulators.
75	2007	Alcoa	Alcan	27.6		Alcan rejected the offer as they believed it did not reflect the full value of the company and advised shareholders not to tender any of their shares to the bid.
76	2017	Emerson Electric	Rockwell Automation	27.6		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.
77	2001	Prudential plc	American General	26.5		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.
78	2017	PPG Industries	Akzo Nobel	26.1		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.
79	2007	Express Scripts	Caremark Rx	26.0		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.
80	2015	Mylan	Perrigo	26.0		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.
81	2002	Hughes Electronics Corp.	EchoStar	25.6		US and state anti-trust enforcers filed a lawsuit to halt the deal, claiming that the deal would eliminate competition and adversely effect consumers.
82	2013	Dish Network	Sprint Corporation	25.5		Sprint requested a revised offer but Dish stated that it was not practical to do so.
83	2004	Johnson & Johnson	Guidant	25.4		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.
84	2006	Boston Scientific	Guidant	25.0		A day after Johnson & Johnson raised their price for Guidant to $23.2 billion, Boston Scientific announced a further increased offer.
85	2013	The Blackstone Group	Dell	25.0		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.
86	2005	Boston Scientific	Guidant	24.6		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.
87	2006	Johnson & Johnson	Guidant	24.2		After Boston Scientific increased their offer to $25 billion, Johnson & Johnson further increased their offer to $24.2 billion.
88	2017	PPG Industries	Akzo Nobel	24.1		Akzo rejected the unsolicited offer, claiming the revised offer was still too low.
89	1998	Bank of New York	Mellon Bank Corporation	24.0		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.
90	2018	Albertsons	Rite Aid	24.0		Albertsons and Rite Aid called off the planned merger after several advisory firms recommended voting against the proposal.
91	2006	Johnson & Johnson	Guidant	23.2		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.
92	2016	Mondelez International	The Hershey Company	23.0		Mondelez ceased its pursuit of the Hershey Co acquisition after the chocolate company turned down its $23 billion cash-and-stock offer.
93	1995	Tracinda	Chrysler	22.8		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.
94	1996	British Telecom	MCI Inc.	22.0		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.
95	2020	Seven & i Holdings	Marathon Petroleum	22.0		Seven & i walked away from the potential deal, citing concerns over the price.
96	1989	Sir James Goldsmith Jacob Rothschild, 4th Baron Rothschild Kerry Packer	British American Tobacco	21.0		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.”
97	2014	Bouygues	SFR	20.6		Bouygues offer was soon trumped by Numericable's, who purchased SFR for $23 billion.
98	2017	Clariant	Huntsman	20.0		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.