The Timesizing® Wire
©2003-11  Phil Hyde, Timesizing Assocs, Box 117, Cambridge MA 02238 USA 617-623-8080 - HOMEPAGE

Takeovers, alias Mergers&Acquisitions (M&As)
First, recall the 1920s, check out *dot-coms, banking & Warsh & Porter, & consider, mergers are "opportunities for cooking the books" (Hedrick Smith's Wall Street Fix) & "just another word for more layoffs" (NYT 11/30/98). They dediversify the economy & downsize the workforce & their own consumer base, & lead to more mergers = a downward spiral.


11/26/2009  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to biggies (>$1B), banks, blasts, blocks, overviews, downsides, untakeovers (spinoffs), statistics, put-downs, prop-ups, sporadic failures, speedups, & delays (note: more recent dates are handled entirely on current homepage or homepage-archive pages) -

12/10/2005  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to biggies (>$1B), banks, blasts, blocks, overviews, downsides, untakeovers (spinoffs), statistics, put-downs, prop-ups, sporadic failures, speedups, & delays (note: more recent dates are handled entirely on current homepage or homepage-archive pages) -

6/26/2005  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to biggies (>$1B), banks, blasts, blocks, overviews, downsides, untakeovers (spinoffs), statistics, put-downs, prop-ups, sporadic failures, speedups, & delays (note: more recent dates are handled entirely on current homepage or homepage-archive pages) -

5/17/2005  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to biggies (>$1B), banks, blasts, blocks, overviews, downsides, untakeovers (spinoffs), statistics, put-downs, prop-ups, sporadic failures, speedups, & delays (note: more recent dates are handled entirely on current homepage or homepage-archive pages) -

  1. UPS agrees to acquire freight carrier Overnite Corp. for $1.3B, Dow Jones/AP via Boston Globe, E2.
  2. Merger costs slash profit 62% at TD Banknorth after Toronto Dominion's acquisition of Banknorth, Dow Jones/AP via Boston Globe, E2.
5/12/2005  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to biggies (>$1B), banks, blasts, blocks, overviews, downsides, untakeovers (spinoffs), statistics, put-downs, prop-ups, sporadic failures, speedups, & delays (note: more recent dates are handled entirely on current homepage or homepage-archive pages) - 3/23/2005  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to ... biggies (>$1B), banks, blasts, blocks, overviews, downsides, untakeovers (spinoffs), statistics, put-downs, prop-ups, sporadic failures, speedups, & delays (note: more recent dates are handled entirely on current homepage or homepage-archive pages) - 11/17/2004  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to biggies (>$1B), banks, blasts, blocks, overviews, downsides, untakeovers (spinoffs), statistics, put-downs, prop-ups, sporadic failures, speedups, & delays (note: more recent dates are handled entirely on current homepage or homepage-archive pages) - 1/14/2004  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to biggies (>$1B) , banks, blasts, blocks, overviews, downsides, untakeovers (spinoffs), statistics, put-downs, prop-ups, sporadic failures, speedups, & delays (note: more recent dates are handled entirely on current homepage or homepage-archive pages) - 12/30/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to overviews, biggies (>$1B), banks, blasts, blocks, downsides, untakeovers (spinoffs), statistics, put-downs, prop-ups, sporadic failures, speedups, & delays - 12/20/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to dangerous biggies (>$1B), banks, blasts, blocks, downsides, untakeovers (spinoffs), overviews, statistics, put-downs, prop-ups, sporadic failures, speedups, & delays - 11/11/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to blocks, biggies (>$1B), banks, blasts, downsides, untakeovers (spinoffs), overviews, statistics, put-downs, prop-ups, sporadic failures, speedups, & delays - 11/10/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to untakeovers (spinoffs), biggies (>$1B), banks, blasts, blocks, downsides, , overviews, statistics, put-downs, prop-ups, sporadic failures, speedups, & delays - 11/07/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to blocks, biggies (>$1B), banks, blasts, downsides, untakeovers (spinoffs), overviews, statistics, put-downs, prop-ups, sporadic failures, speedups, & delays - 10/28/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to biggies (>$1B), overviews, banks, blasts, blocks, downsides, untakeovers (spinoffs), statistics, put-downs, prop-ups, sporadic failures, speedups, & delays -
  1. Anthem Inc. is buying WellPoint Heath Networks for $16.4B, pointer blurb (to B1), WSJ, front page.
    ...to form the biggest managed-care firm...
  2. [and] UnitedHealth Group is acquiring Mid Atlantic Medical Services [for $2.6B]....

  3. R.J. Reynolds Tobacco Holdings plans to buy tobacco rival - Will pay $2.6B in an all-stock deal, NYT, C1.
    ...[for] US cigarette business of British American Tobacco....

  4. [overview]
    After a dry spell, a merger flood - As the economy 'bounces back' [our quotes], companies are again looking for 'growth', rather than cuts, WSJ, C1.
    [Nice try, but a "merger" does not equal "growth" and the resulting overlap frequently triggers cuts.]

9/27-29/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to biggies (>$1B), blocks, banks, blasts, downsides, overviews, untakeovers (spinoffs), statistics, put-downs, prop-ups, sporadic failures, speedups, & delays -
  1. 9/29 Manulife agreed to buy John Hancock for $10.3B in stock, pointer blurb (to A3), WSJ, front page.
    ...a deal that will make the Canadian firm the second-largest life insurer in North America [after American International Group (AIG)]....

  2. 9/27 Air France and KLM may form a broad ['sweeping'] alliance - French are seen taking lead role, NYT, B3.

  3. [and the 'block' -]
    9/27 Britain blocks big chains from taking over Safeway, NYT, B3.

9/26/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to blocks, biggies (>$1B), banks, blasts, downsides, overviews, untakeovers (spinoffs), statistics, put-downs, prop-ups, sporadic failures, speedups, & delays - 9/19/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to blocks, biggies (>$1B), banks, blasts, downsides, overviews, untakeovers (spinoffs), statistics, put-downs, prop-ups, sporadic failures, speedups, & delays - 9/16/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to sporadic failures, biggies (>$1B), banks, blasts, blocks, downsides, overviews, untakeovers (spinoffs), statistics, put-downs, prop-ups, speedups, & delays - 8/22/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to biggies (>$1B), banks, blasts, blocks, downsides, overviews, untakeovers (spinoffs), statistics, put-downs, prop-ups, speedups, & delays - 8/20/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to untakeovers (spinoffs), biggies (>$1B), banks, blasts, blocks, downsides, overviews, statistics, put-downs, prop-ups, speedups, & delays - 8/19/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to singularities, biggies (>$1B), untakeovers (spinoffs), banks, blasts, blocks, downsides, overviews, statistics, connections, put-downs, prop-ups, speedups, & delays -
there's a remarkable Company News column in the NYT today with 1 merger down & 4 up - the top story, is directly followed by - meaning that despite the deepening depression aka 'struggling recovery', there's still plenty of money out there, much too concentrated to do the economy any good, but certainly concentrated enough to finance more consolidation (meaning subsequent downsizing) which will deepen the depression even further. This may be called a self-fueling death spiral. Since boards of directors are often rewarded for approving mergers, current fixed-workweek, M&A-fixated, self-cannibalizing economic thinking is like a nerve system that rewards the brain with endorphins for getting cancer.]

8/14/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to biggies (>$1B), untakeovers (spinoffs), banks, blasts, blocks, downsides, overviews, statistics, connections, singularities, put-downs, prop-ups, speedups, & delays -

8/06/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to biggies (>$1B), untakeovers (spinoffs), banks, blasts, blocks, downsides, overviews, statistics, connections, singularities, put-downs, prop-ups, speedups, & delays -
  1. [biggy]
    GE agrees to pay Aegon $5.4B for [its commercial-]finance units, by Kranhold & Fleming, WSJ, A3.

  2. [untakeover]
    Merck sets date for spinoff of Medco Health Solutions, Bloomberg via NYT, C2.
8/05/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to untakeovers (spinoffs), blocks, biggies (>$1B),  banks, blasts, downsides, overviews, statistics, connections, singularities, put-downs, prop-ups, speedups, & delays -
  1. [untakeover]
    Fidelity said it spun off Geode Investors, pointer blurb (D7), WSJ, front page.
    ...a unit for computer-driven investment strategies.

  2. [block]
    Dana sues ArvinMeritor adviser in an effort to fight off takeover , by Robert Frank, WSJ, C12.
    Dana Corp., fending off a hostile takeover from ArvinMeritor Inc., sued ArvinMeritor's financial adviser for breach of contract and misappropriation of confidential information. ...Dana claims UBS was advising the company on a highly sensitive project at the same time the banking company was helping ArvinMeritor launch its unsolicited bid....

8/04/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to put-downs, prop-ups, biggies (>$1B),  banks, blasts, blocks, downsides, overviews, statistics, connections, singularities, spinoffs, speedups, & delays -
  1. [the put-down]
    Peugeot's formula for success: Steering clear of megamergers - Undistracted by big alliances, car maker becomes one of world's most profitable, by Neal Boudette, WSJ, front page.

  2. [the prop-up]
    Pace of acquisitions bodes well for investors, by Karen Talley, Dow Jones via WSJ, C8.
    [We wouldn't be so sure.]

8/01/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to blocks, biggies (>$1B),  banks, blasts, downsides, overviews, statistics, connections, singularities, spinoffs, speedups, & delays - 7/31/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to downsides, biggies (>$1B),  banks, overviews, statistics, blasts, blocks, connections, singularities, spinoffs, speedups, & delays - 7/28/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to downsides, biggies (>$1B),  banks, overviews, statistics, blasts, blocks, connections, singularities, spinoffs, speedups, & delays -
  1. Pfizer posts $3.59B Q2 loss due to acquisition [of Pharmacia in April], by Scott Hensley, WSJ, B4.
    [See 4/15/2003 #1 below.]

  2. Having a cow over milk prices, pointer summary (to B1), WSJ, front page.
    Gluts often bring consumers' dairy prices down sharply. Not this time, and certain economists think supermarket mergers may be to blame.
    [The indicated article -]
    Secret in the dairy aisle: Milk is a cash cow, by Scott Kilman, WSJ, B1.
    ...The nation's top 5 grocery chains, including Kroger and Safeway, now control about 45% of supermarket sales, up from roughly 26% in 1995, according to Wall Street analysts. "With all the mergers, there is less competition," says Marty Mack, a deputy in the NY State Attorney General's office, which has sent letters to 40 grocers in the state seeking explanations for their high milk prices.
    [That's easy - momentum, alias, rolling inertia.]
    ..\..America's farmers are swimming in such a glut of milk that they are getting their lowest prices for the stuff in 25 years.... Supermarkets have seen their milk costs drop since 2001..\.. But consumers aren't reaping comparable savings, as many dairy processors and retailers hold onto the profits....
    The average price of a gallon of whole milk has declined just 9.4% during the past 20 months to $2.68 in June, according to the US Bureau of Labor Statistics..., in many places...not even that much....
    [So what the heck is the Bureau of Labor Statistics doing tracking milk prices??? We'd like to see a lot fuller statistics on labor prices (wages) in relation to labor (over)supply and in relation to unemployment, workers' comp, welfare, disability, homelessness and incarceration - or is that too much to ask a Bush-government agency? Surely it's the FTC's and the Commerce Dept's job to fret about monopoly-manipulated food et al. prices, not the BLS.]

7/25/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to biggies (>$1B),  banks, overviews, statistics, blasts, blocks, downsides, connections, singularities, spinoffs, speedups, & delays -
  1. [biggy]
    Roche Holding to acquire Igen International for $1.42B cash, stock, by Landers & Raghavan, WSJ, B2 (//NYT C1).

  2. [banks]
    J.P. Morgan buying Bank One trust business for $720m, Reuters via NYT, C4.
7/23/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to biggies (>$1B), banks, overviews, statistics, blasts, blocks, downsides, connections, singularities, spinoffs, speedups, & delays -
  1. [the biggy]
    Lehman Brothers goes from the prey to the hunter [of Neuberger Berman for $2.63B], by Craig & Lauricella, WSJ, C1 (//NYT C1).

  2. [the banks]
    First National Bank Holding to buy Access Anytime [Bancorp for $22m], Reuters via NYT, C4.

  3. [the overview]
    Private equity deals are again the talk of Europe - Big private buyouts, reviving in Europe, aren't just for Americans anymore, by John Tagliabue, NYT, C1 & C9.
    [We swear this destructive, wheel-spinning, makework-for-CEOs is driven by boredom.]

7/21/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to overviews, biggies (>$1B), banks, blasts, blocks, downsides, connections, singularities, spinoffs, speedups, & delays -
  1. Beijing names firms for M&A restructuring, Dow Jones via WSJ, A8.
    ...104 state-owned firms [in which] foreign and private companies will even be allowed to take a controlling stake....
    [Woweee. Looks like China has completed lesson one in Cannibalizing Your Own Consumers.]

  2. Canadian banks still plan mergers - in the U.S., by Elena Cherney, WSJ, C5.
    TORONTO -...Royal Bank of Canada, Bank of Nova Scotia, and Bank of Montreal are trolling for acquisitions in the U.S. retail-banking market....
    [See, us Canucks can be just as suicidal as you Americans!]

  3. [and right below -]
    Stocks driven higher by merger-bid expectations may be risky, inside continuation of C1 article by Robin Sidel, WSJ, C5.

7/17/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to biggies (>$1B), banks, blasts, blocks, overviews, downsides, connections, singularities, spinoffs, speedups, & delays - 7/16/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to biggies (>$1B), downsides, banks, blasts, blocks, overviews, connections, singularities, spinoffs, speedups, & delays -
  1. [biggy]
    Citigroup said, pointer blurb (to A3), WSJ, front page (//NYT C1).
    ...it plans to buy Sears Roebuck's massive credit-card and financial-products business for about $3B in cash.

  2. [downside]
    Johnson & Johnson said, pointer blurb (to B4), WSJ, front page.
    ...profit fell 27% on acquisition-related charges [related to $2.4B purchase of Scios Inc.] despite a 14% sales gain.
    [You have to wonder, with this kind of downside, why are CEOs' ego trips still outvoting their competency?]

7/15/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to biggies (>$1B), overviews, banks, blasts, blocks, downsides, connections, singularities, spinoffs, speedups, & delays -
  1. Yahoo in [$1.63B] deal for Overture Services, an Internet listing service, by Bob Tedeschi, NYT, C1.

  2. A boomlet hailed, by Jesse Eisinger, WSJ, C1.
    The financial media are busily reporting a surge in M&A activity. And why not? Their sources are chattering about it. Fortunately, most people aren't looking at the data, which would confuse them. To date, there have been 3,706 deals announced, Thomson Financial said. That's a whopping 10 deals more than last year by this time. The value of [this year's] deals falls short: $187B vs. $201B last year....

7/12-14/2003  since ending complete coverage, our takeover tracking has narrowed to biggies (>$1B), blasts, banks, blocks,spinoffs, overviews, downsides, connections, singularities, speedups, & delays -
  1. 7/12 Boise Cascade is to buy OfficeMax for $1.1B, by Robin Sidel, WSJ, B2.

  2. 7/14 New economy - When chief executives attack: the Oracle-PeopleSoft takeover fight turns personal, by Laurie Flynn, NYT, C4.
    [It's all about Ellison's sagging ego. He can't compete, so he goes around trying to buy, & shutdown, rivals.]

7/09/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to spinoffs, overviews, biggies (>$1B), banks, blasts, blocks, downsides, connections, singularities, speedups, & delays -
  1. [good -]
    Magna International to spin off property, tracks, by Mark Heinzl, WSJ, B2.
    ...Aurora, Ont...MI Developments Inc. [which] will also own Magna's 59% stake...in Magna Entertainment Corp. which owns 14 racetracks in North America....

  2. [bad - ]
    Merger activity is picking up, pointer blurb (to C1), WSJ, front page.
    ...after a 2-year slump, spurred by increased investor confidence [aka superwealthy's desperation about where to $tore it all now] and still-cheap stock prices [ha!]
    [They're ba-a-ack.]

7/08/2003  since the end of complete coverage (dec/2001), our takeover tracking has narrowed to biggies (>$1B), blocks, banks, blasts, downsides, connections, overviews, singularities, speedups, & delays - 7/04/2003  since the end of complete coverage in dec/2001, our takeover tracking has narrowed to blocks, biggies (>$1B), banks, blasts, downsides, connections, overviews, singularities, speedups, & delays -
  1. [good -]
    Regulators [SEC] may be clamping down on merger accounting, by Floyd Norris, NYT, C1.

  2. [bad -]
    Liberty Media buys [Comcast's majority stake in] QVC [for $7.9B], hedging bets on Vivendi auction, by Sorkin & Fabrikant, NYT, C1.

  3. [another bad -]
    U.S. owners [CMS Energy and Xcel Energy] sell big Australian power producer [Loy Yang Power to consortium including Australian Gas Light and Tokyo Electric Power] for $2.4B, Reuters via NYT, C5.

7/03/2003  since the end of complete coverage in dec/2001, our takeover tracking has narrowed to biggies, banks, blocks, blasts, downsides, connections, overviews, singularities, speedups, delays & reversals -
  1. Fiat will sell [FiatAvio, its] aerospace components division for $1.7B [to Finmeccanica & Carlyle Group via Avio Holding], by Eric Sylvers, NYT, W1.

  2. Provident Bancorp to buy New York bank [E.N.B. Holding] for $73.5m, Bloomberg via NYT, C4.
7/02/2003  since the end of complete coverage in dec/2001, our takeover tracking has narrowed to reversals, biggies, banks, overviews, blocks, blasts, downsides, connections, singularities, speedups & delays -
  1. [the reversal (good) -]
    China introduces regulations banning cartels, Dow Jones via WSJ, A8.

  2. [the biggy (bad) -]
    Airlines [Delta, Northwest, American] sell reservations company [Worldspan] in $1B deal [to Travel Transaction Processing Corp.], Reuters via NYT, C6.

7/01/2003  since the end of complete coverage in dec/2001, our takeover tracking has narrowed to reversals, biggies, banks, overviews, blocks, blasts, downsides, connections, singularities, speedups & delays - For earlier Mergers&Acquisitions, click on the desired date -
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  • Feb/99 and before

    For more details, our laypersons' guide to our best economic future Timesizing, Not Downsizing is available at bookstores in Harvard Square, Cambridge, Mass. or from *Amazon.com online.

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