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The World's Worst M&A Deals
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Compiled by Collins Stewart Tullett, the list is based on a calculation of value destruction based on the total equity value of the acquiring company, in excess of what would have occurred had it just performed in line with the market.
Here's the list:
Vodafone's 2000 acquisition of Mannesmann - $150bn deal value
Value destruction after: Yr 1 - $97bn, Yr 2 - $137bn, Yr 3 - $79bn
AOL's 2001 acquisition of Time Warner - $147bn
Value destruction after: Yr 1 - $44bn, Yr 2 - $78bn, Yr 3 - $91bn
Worldcom's 1999 acquisition of Sprint - $127bn
Value destruction after: Yr 1 - $63bn, Yr 2 - $63bn, Yr 3 - $87bn
France Telecom's 2000 acquisition of Orange - $46bn
Value destruction after: Yr 1 - $66bn, Yr 2 - $71bn, Yr 3 - $57bn
Quest's 2000 acquisition of US West - $47bn
Value destruction after: Yr 1 - $19bn, Yr 2 - $52bn, Yr 3 - $48b
Daimler Benz's 1998 acquisition of Chrysler - $47bn
Value destruction after: Yr 1 - $27bn, Yr 2 - $50bn, Yr 3 - $33bn
Deutsche Telekom's 2001 acquisition of Voicestream - $51bn
Value destruction after: Yr 1 - $42bn, Yr 2 - $16bn, Yr 3 - $25bn
JDS Uniphase's acquisition of SDL Inc - $41bn
Value destruction after: Yr 1 - $38bn, Yr 2 - $40bn, Yr 3 - $41bn
Source - Collins Stewart Tullett (The Business)
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