Where does Pfizer's $160bn acquisition of Allergan rank in the top ten?
November 2015 update: The latest mega-merger between healthcare giant Pfizer and Allergan has shaken up the industry, creating the largest drugmaker in the world.
The merger has become the third largest acquisition in financial history, and has reshaped the list of the 10 largest M&A deals of all time.
Below is the updated top ten:
1. Vodafone AirTouch's acquisition of Mannesmann AG for $203bn in 1999. (Vodafone was re-branded Vodafone Airtouch in early 1999 after it bought AirTouch Communications. It then reverted to its former name Vodafone Group in 2001).
Vodafone Airtouch pursued German mobile network provider Mannesmann in what was seen as a hostile takeover, provoking strong protest from the Germans, who were unhappy about a UK company taking a dominant role in its domestic market. Later the conglomerate was broken up and all manufacturing-related operations were sold off.
2. America Online (AOL)'s acquisition of Time Warner for $182bn in 2000.
At the time, the deal was described as the "deal of the millennium" and the two companies hoped to become the largest media company in the world. However, the partnership was hit hard when the dotcom bubble burst and subsequently broke up.
3. Pfizer buys Allergan for $160bn in biggest healthcare deal in history in 2015.
The merger of the two companies will create the largest healthcare conglomerate in the world, to be called Pfizer. Its new market value in excess of $320bn will exceed that of Johnson & Johnson, currently the largest healthcare group.
4. Verizon buys out Vodafone's stake in its joint venture in a 2013/14 deal worth $130bn
After years of speculation, Verizon bought its UK peer's holding in Verizon Wireless in a cash and shares deal. Vodafone shareholders received a bumper payout as part of the deal, which left the UK business as a materially smaller firm.
5. Altria spins out Philip Morris International in a $113bn 2008 deal.
Until a spin-off in March 2008, US cigarette company Philip Morris International was an operating company of Altria Group. Altria said in 2008 that PMI would have more "freedom" outside the constraints of US corporate ownership in terms of potential litigation and legislative restrictions to develop sales in emerging markets. The move saw shareholders in Altria given shares in PMI, which was listed on the London Stock Exchange and other markets.
6. RBS' acquisition of ABN-AMRO for $98bn in 2007.
In 2007, the Royal Bank of Scotland proposed a deal which was to become infamous across the world.
Leading a consortium which included Belgium's Fortis bank and Spain's Banco Santander, RBS edged out rival Barclays who had also been eyeing up ABN.
However, the takeover turned sour a year later as the credit crunch hit home and RBS was forced to turn to the UK taxpayer to prevent its collapse.
As MPs picked apart the messy near-collapse of the bank years later, tales emerged of cheering and jubilation at Barclays' head office on the day the deal for ABN went through.
7. AT&T's acquisition of BellSouth Corporation for $89bn in 2006.
Already the dominant player in the US telecoms market at the time, AT&T's acquisition of the third largest local phone company in the US, BellSouth, gave it access to a total of 22 states and 70 million local customers.
8. Pfizer buys Warner-Lambert for $89bn in 2000
One of the most ill-tempered takeover deals in corporate history, Pfizer's turn of the century deal for US peer Warner-Lambert saw it beat rival American Home Products after a three-month battle for the company.
Pfizer ended up paying American Home a $1.8bn break-up fee after the latter reluctantly agreed to pull out of its own agreement to buy Warner-Lambert.
9. Exxon Corporation's acquisition of Mobil Corp in a deal valued at $85bn in 1998.
The partnership between these two major oil companies formed the multinational oil and gas giant ExxonMobil, the world's second largest company by market cap.
The merger has a spot in American history because it reunited the two largest companies of John D. Rockefeller's Standard Oil trust, Standard Oil Company of New Jersey/Exxon and Standard Oil Company of New York/Mobil, which had been forcibly separated by government order nearly a century earlier.
10. Royal Dutch Petroleum Corporation bought out Shell Transport and Trading Company in a 2004 deal valued at $80bn
Prior to the merger, Shell had dual ownership with the firm being 60% owned by Royal Dutch Petroleum and 40% owned by Shell Transport & Trading. Royal Dutch Shell remains one of the largest energy companies in the world, with a larger market cap than UK peer BP.
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