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[Commentary] ©2002 Phil Hyde, The Timesizing Wire, Box 622, Cambridge MA 02140 USA (617) 623-8080 - Homepage


Mergers&Acquisitions - 2002

12/31/2002  our takeover tracking has narrowed to biggies, blasts, setbacks & summaries- 12/20/2002  our takeover tracking has narrowed to biggies, blasts & setbacks - 12/11/2002  our takeover tracking has narrowed to biggies, blasts & setbacks - 11/01/2002  our takeover tracking has narrowed to biggies, blasts & setbacks, like these 2 (the 2nd between banks) -
  1. U.S. and states sue on satellite TV merger - Argue that an EchoStar-DirecTV deal would limit competition - 2 companies are now likely to end their push for approval, by Andrew Sorkin & Seth Schiesel, NYT, C4.

  2. Error by BB&T puts acquisition plan in doubt, Bloomberg via NYT, C4.
    BB&T [Winston-Salem NC] was forced to cancel a plan to buy FloridaFirst Bancorp Inc. [Lakeland FL], another southeastern bank, for $134.8m, because of a procedural error that violated federal regulations.... BB&T said it believed a waiting period required by the office had expired when it made its original bid on Oct. 3....
    [BB&T is the Tyco of southeastern banking - a voracious spider more interested in merging than banking.]
10/31/2002  narrowing takeover tracking to biggies, banks & blasts, like this combo - 10/29/2002  narrowing takeover tracking to biggies, banks, & blasts, like these, blasts first -
  1. Steve Case muses about spinning off AOL unit from Time Warner, by Peers & Angwin, WSJ, front page.
    [Wait a minute. Didn't those clowns just merge? Apparently there have been...]
    ...Months of complaints from AOL Time Warner Inc. executives and investors that the America Online division is a drag on the company....

  2. Qwest sets billions in charges related to goodwill value, Dow Jones via WSJ, A18.
    DENVER - Qwest Communications International Inc. will take a goodwill-impairment charge of about $24B, as the Baby Bell has completed an accounting review as called for by new accounting rules.... Many companies are facing huge goodwill write-downs after paying large premiums for acquisitions....

  3. Prudential-Wachovia talks end, by Mollenkamp & Craig, WSJ, C3.
    Talks between Prudential Financial Inc. and Wachovia Corp. to launch a joint venture merging their brokerage operations have collapsed, according to people familiar with the matter....

  4. [and today's ominous banking merger can be found on our banking page by scanning down to 10/29/2002]

10/26/2002  no downsizings in WSJ or NYT today (despite 3 downsizings in Boston regional papers), but...
1 layoff-inducing takeover, totaling $$undisclosed - 10/16/2002  no downsizings in WSJ or NYT today (despite Boston Globe's "Sun seen set to lay off up to 8,000 employees," by Chris Gaither, BG, C1, and "Delta reports loss of $326m," by Nicole Harris, WSJ A2, which says, "Delta...plans to announce more jobcuts in the coming weeks"), but...
5 layoff-inducing takeovers, totaling $393m -
  1. RF Micro Devices to acquire Resonext Communications [for $133m], WSJ, D12.
  2. Kraft Foods Inc. [to sell its Fleischmann's Latin American yeast & industrial bakery unit to Burns Philp {sic} for $110m], NYT, C4.
  3. SPX buys Vance International for $67m, Bloomberg via NYT, C4.
  4. Invitrogen to acquire InforMax [for $42m], WSJ, D2.
  5. Temple-Inland Inc. [to sell Mid-American Packaging and Pine Bluff, Ark., papermill to undisclosed buyer for $41m], NYT, C4.
10/11/2002  tapering takeover tracking to biggies, banks, & blasts, like this one - 10/01/2002  tapering takeover tracking to biggies, banks, blasts, & BGOs, like this one - 9/29/2002  tapering takeover tracking to biggies, banks, blasts, & BGOs,* like this one - 9/25/2002  tapering takeover tracking to biggies, banks & blasts, like this second piece of unusual good news - 9/20/2002  tapering takeover tracking to biggies, banks & blasts, like this unusual piece of good news - 8/31/2002  tapering takeover tracking to biggies, banks & blasts, like these babies -
  1. Phillips, Conoco merger OK'd - $15.1B deal clears the FTC, by David Ho, AP via Arizona Republic, D1.
    ...to create the 3rd-largest US oil and gas company after...Exxon Mobil...and ChevronTexaco..\..
    ["Anti-trust" - what's that??? We're right back where we were in 1902 just before McKinley took a bullet and Teddy Roosevelt had to take on ... the big oil trusts. We have learned zero, zilch, nada, nihil, nothing, nil from history, so we are doomed to repeat it.]
    The deal creates the world's 6th-largest oil and gas company....

  2. [bank mergers in the 1920s were one of the big lead-ins to the Great Depression]
    Royal Bank of Canada unit to buy Admiralty Bancorp for $150m, Reuters via NYT, B2.
    ...a deal that will give the Canadian bank a presence in southern and central Florida....
    [Trying to recapture the business of Canadian retirees in Florida? - Dumb. The U.S. in general (and Florida in particular) is leading the global economic deterioration with excessive workweeks, labor glut, wage stagnation, income concentration and shrinking markets.]
    The Royal Bank unit, RBC Centura of Rocky Mount, NC, [is] Royal's retail arm in the U.S..\.. The transaction [is] the latest in Royal's quest to expand in the U.S.... "Acquiring Admiralty Bancorp is a significant step toward our goal of creating a leading North American financial services organization," said Jim Rager, head of Royal's personal and commercial banking business.
    [They've already got a leading N.A. financial services organization. They're just expanding their risks and unwieldiness. Executives who can think of no other way to grow their company than the invalid acquisition cornercut should just quit and apply for a job at the other company, or some other bigger company, and quit thinking of ruining the one they're at with debt-laden and economic diversity-bashing takeovers. Real managers don't do takeovers.]
    Admiralty, which is based in Palm Beach Gardens, Fla., owns and operates Admiralty Bank, which offers personal and commercial banking services. Its 10 branches will become part of RBC Centura.... Admiralty, with assets of $578m [they must mean deposits, else Admiralty could not be bought for only $150m], employs about 120 people and holds about 17,500 accounts....

8/29/2002  tapering takeover tracking to biggies & blasts, like this baby - 8/28/2002  tapering takeover tracking to biggies & blasts, like this baby - 8/22/2002  tapering takeover tracking to biggies & blasts, like this baby - 8/8/2002  tapering takeover tracking to blasts & biggies, like this self-immolation - 7/31/2002  tapering takeover tracking to blasts & biggies, like these 2 megadoses of 'auto-kevork' -
  1. I.B.M. to purchase consulting group [PricewaterhouseCoopers Consulting] for $3.5B - Part of a strategy shift - Company's acquisition...could broaden services, by Lohr & Glater, NYT, front page.

  2. Guidant to buy Cook Group [for $3B], advancing coated-stent goal, by Amy Merrick, WSJ, A3.

7/20/2002  tapering takeover tracking to biggies & blasts, like this one - 7/17/2002  tapering takeover tracking to biggies & blasts, like this one - 7/15/2002  sharply tapering takeover tracking to just the biggies - 5/27/2002  tapering off tracking takeovers - we realize we're missing a certain number of downsizings by dropping daily takeover tracking, because oftentimes downsizing news is buried in takeover stories - 1/03/2002  tapering off tracking - 12 takeovers, worth $524.3m + $undisclosed, reported in (NYT) NY Times & (BG) Boston Globe - 1/02/2002  no takeovers reported in NY Times & Boston Globe today, and -
This brings to an end our coverage (see below) of takeovers, mergers and acquisitions ("M&As")
- begun on a daily basis from the Boston Globe in mid-January 1999 and additionally - and primarily (by volume) - from the NY Times on June 20, 1999. 1/1/2002  5 takeovers, worth $833.5m + $undisclosed, reported in (NYT) NY Times & (BG) Boston Globe -
  1. Italy: Brokerage firm Bipop-Carire sells Azimut fund mgmt unit to Apax Partners of Britain for $370m, Bloomberg via NYT, W1.
  2. Ionics sells its Aqua Cool Pure Bottled Water company to Nestle's Perrier-Vittel unit for $220m, Bloomberg via NYT, C3.
  3. American Electric Power buys an Enron wind project in west Texas from an Enron subsidiary for $175m, AP via NYT, C3.
  4. Advent Software, a software maker, buys Kinexus for $68.5m, Bloomberg via NYT, C3.
  5. UnumProvident deal - Its Genex Services subsidiary acquired Resource Opportunities for $??, AP via BG, C4.
For earlier Mergers&Acquisitions, click on the desired date -
  • Oct-Dec/2001
  • Jul-Sep/2001
  • Apr-Jun/2001
  • Jan-Mar/2001
  • Dec/2000
  • Oct-Nov/2000
  • Aug-Sept/2000
  • July/2000
  • June/2000
  • May/2000
  • Mar-Apr/2000
  • Jan-Feb/2000
  • Dec/1999
  • Nov-Oct/99
  • Sept/99
  • Aug/99
  • July 16-31/99
  • July 1-15/99
  • June 16-30/99
  • June 1-15/99
  • Apr-May/99
  • Mar/99
  • Feb/99 and before

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

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