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impact…. Intangible assets are necessary for direct foreign investment to make sense.” (Page 185)
EXHIBIT 5.4 Seventeen Largest Cross-Border Deals, 1997–2002
| Date Announced | Target Name | Target Nation | Acquirer Name | Acquirer Nation | Transaction Value ($ Millions) | Enterprise Value ($ Millions) | Equity Value ($ Millions) | Asset Value ($ Millions) |
|---|---|---|---|---|---|---|---|---|
| 11/14/99 | Mannesmann AG | Germany | Vodafone AirTouch PLC | U.K. | 202,785 | 180,033 | 179,861 | 21,442 |
| 4/18/99 | Telecom Italia SpA | Italy | Deutsche Telekom AG | Germany | 81,528 | 74,613 | 66,801 | 52,744 |
| 1/18/99 | AirTouch Communications | U.S. | Vodafone Group PLC | U.K. | 60,287 | 65,770 | 60,212 | 17,262 |
| 8/11/98 | Amoco Corp. | U.S. | British Petroleum Co. PLC | U.K. | 48,174 | 54,768 | 47,902 | 32,274 |
| 5/30/00 | Orange PLC (Mannesmann AG) | U.K. | France Telecom SA | France | 45,967 | N/A | N/A | 2,901 |
| 5/17/99 | US WEST Inc. | U.S. | Global Crossing Ltd. | Bermuda | 41,105 | 51,097 | 41,098 | 18,709 |
| 5/7/98 | Chrysler Corp. | U.S. | Daimler-Benz AG | Germany | 40,467 | 49,377 | 40,467 | 64,256 |
| 6/20/00 | Seagram Co. Ltd. | Canada | Vivendi SA | France | 40,428 | 38,725 | 29,771 | 34,921 |
| 12/9/98 | Astra AB | Sweden | Zeneca Group PLC | U.K. | 34,637 | 31,787 | 34,637 | 7,841 |
| 10/21/99 | Orange PLC | U.K. | Mannesmann AG | Germany | 32,595 | 34,214 | 31,489 | 2,901 |
| 4/1/99 | ARCO | U.S. | BP Amoco PLC | U.K. | 27,224 | 33,702 | 27,224 | 25,199 |
| 5/2/00 | Bestfoods | U.S. | Unilever PLC | U.K. | 25,065 | 23,529 | 20,895 | 6,209 |
| 5/17/99 | Hoechst AG | Germany | Rhone-Poulenc SA | France | 21,918 | 28,526 | 21,917 | 33,338 |
| 11/16/98 | Rhône-Poulenc SA— Life Sciences | France | Hoechst AG—Life Sciences Divs. | Germany | 21,223 | N/A | N/A | N/A |
| 4/17/00 | Allied Zurich PLC | U.K. | Zurich Allied AG | Switzerland | 19,399 | 21,409 | 19,384 | 87,552 |
| 11/1/96 | MCI Communications Corp. | U.S. | British Telecom PLC | U.K. | 18,889 | 27,272 | 23,328 | 19,301 |
| 10/13/97 | BAT Industries PLC-Financial | U.K. | Zurich Versicherungs GmbH | Switzerland | 18,355 | N/A | N/A | N/A |
Note: Size judged on the basis of transaction value in millions of U.S. dollars.
Source: Thomson Securities Data Corporation, Mergers and Acquisitions Database.
