Chapter VI The effects of consolidation on payment and settlement systems
1.
Introduction
This chapter consists of three sections. Section 2 reviews the types of consolidation identified in Chapter I and discusses applications to payment systems. Section 3 provides a review of the main causes of and obstacles to consolidation covered in Chapter II in the context of payment systems. Section 4 analyses efficiency, competition, risk and oversight aspects of the consolidation of the financial industry on payment and settlement systems. The chapter ends with some preliminary conclusions concerning those issues that deserve further consideration from a policy perspective.
2.
Types of consolidation
Consolidation in a payment and settlement context includes both mergers and acquisitions (M&As) and other developments within the financial industry, such as alliances, joint ventures and the outsourcing of payment processing, that result in a higher degree of concentration of payment and securities settlement activities. In addition, reorganisation measures within individual financial institutions and the consolidation of market infrastructures have significantly influenced the structure and dynamics of the payment and securities settlement industry. Institutional consolidation Merger decisions are generally not driven by payment or securities settlement considerations. Nevertheless, M&As often have important implications for payment and securities settlement activities: they are usually followed by internal reorganisation and consolidation of information technology (IT) infrastructures, payment functions and accounting systems. They may also stimulate a rationalisation of the payment and securities settlement policy of the banks concerned. Specialisation, outsourcing, alliances and joint ventures Consolidation in the payment and securities settlement industry also occurs through structural and business developments such as alliances, specialisation, joint ventures and outsourcing. At a domestic level, cooperative joint ventures, outsourcing and specialisation have been the predominant forces of concentration. At the international level, fewer correspondent banks (due to industry consolidation) and the emergence of new cross-border infrastructures have been key factors. At the domestic level, cooperational approaches in the G10 countries have a long tradition, particularly in the savings, cooperative and community banking sectors. Small and mediumsized savings and cooperative banks often outsource payment activities or securities-related back office activities to sector-specific cooperative interbank clearing mechanisms. In Germany, for example, the savings and cooperative banking sectors have established their own giro networks based on internally agreed exchange and settlement procedures. In the United States, credit unions often clear some of their payments through a network of so-called corporate credit
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unions and a central corporate credit union. Corporate credit unions are cooperative entities owned by the credit unions and chartered to supply transaction services to the credit unions. Similarly, in the US community banking sector, payment transactions may flow through bankers’ banks owned by several community banks. Another domestic development is the emergence in Europe of transaction banks (sometimes also called “white-label providers”) that specialise in the provision of payment or back office services to other banks. These banks are often established as separate legal entities, even when they are sponsored by one large bank. This ensures confidentiality of operations, which is an important condition for being chosen as a service provider by other banks, and leaves open the possibility for other banks to become shareholders. In the United States, specialised banks known as bankers’ banks provide a wide array of payment and settlement services to other banks.305 Another domestic phenomenon, particularly in the United States, is the outsourcing of payment and securities clearing to a third party, which may be a bank or a non-bank entity. Banks increasingly have recourse to such entities, allowing them to specialise in the “sales function” (covering direct relations with customers, including account holding) while outsourcing the “production function”, ie the processing of payments and securities, to third-party service providers. In the United States, for example, the top five non-bank service providers already account for nearly 20% of the outsourcing market. Third-party service providers are confident that the rapid convergence of financial services providers will increase their business even further in the coming years. These companies forecast that traditional financial institutions, such as banks, will increasingly focus on offering existing and new products that are in line with their core competencies rather than expending effort on conquering the more repetitive back office tasks. At the international level, consolidation is leading to an increasing concentration of correspondent banking306 and custody services307 in a smaller number of large market players. Correspondent and global custody institutions are normally selected by other banks according to the range of products they offer, the ease of access to their services (including the issue of how the exchange of payment and securities settlement-related information between the service provider and the customer is handled), the payment and settlement systems in which they participate, their financial standing and their ability to raise liquidity. The role of traditional correspondent banks is also changing with consolidation. Most international banks have reviewed and reduced the number of nostro accounts they maintain with other banks and correspondent relationships based on reciprocity are largely being replaced by commercially based relationships, joint ventures or alliances. In addition, the emergence of cross-border settlement mechanisms, such as TARGET,308 the Euro Banking Association’s (EBA) Euro 1 system and the impending CLS Bank, are eroding the traditional payment “bridging” function of international correspondents. Networks have also been established for the purpose of making low-value cross-border retail payments in Europe. TIPA, for example, is a network of correspondent banks, mainly from the cooperative banking sector, which hold
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See “Bankers’ Banks: A Correspondent Alternative for Community Banks”, Camden R Fine, Thesis, Stonier Graduate School of Banking, American Bankers Association, June 1992. The term “correspondent banking” describes an arrangement where one bank provides payment and other services to another bank. Payments through correspondents are often executed through reciprocal accounts (“nostro” and “loro” accounts), to which standing credit lines may be attached. Correspondent banking services are primarily provided across national boundaries. Custody services include the safekeeping and administration of securities and financial instruments on behalf of others. The information on TARGET can be found in the annex to this chapter.
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accounts for each other and which have thereby established a multilateral correspondent arrangement. Via the receiving correspondents, the respective local payment systems can be accessed. S-Interpay is a network founded in 1994 by the German savings banks to facilitate cross-border retail payments. The system consists of a network of correspondent banks, most of them also from the savings bank sector, in different countries. Economic and monetary union (EMU), for example, has substantially reduced the number of correspondent relationships needed to operate in Europe and, as a result, has accelerated the trend towards concentration of the correspondent banking business. In Japan some of the largest banks have gained most of the yen payment and securities settlement business originating from small or medium-sized banks located in the United States and Europe. Similarly, several large US banks indicated that they have consolidated their correspondent and custody banks to the extent that they use only one or two local correspondents in each major currency. With regard to global custody, the assets held in custody by the 20 largest global custodians increased by more than 80% between 1996 and 1999.309 Internal consolidation Internal consolidation describes a reorganisation process within an individual financial institution (or within a banking group) that leads to the concentration of payment and securitiesrelated processing and back office activities within a few processing centres. This evolution is in contrast with the traditional organisation of major international banks, where payment and securities settlement business is distributed among their branches and subsidiaries abroad, each of them having responsibility for settlements in the local currencies. Large international banks now tend to concentrate most of their worldwide payment activities in one (or a few) processing centre(s). The future establishment of the Continuous Linked Settlement (CLS) mechanism, which is intended to limit foreign exchange settlement risks, is likely to support this trend. In the case of banking groups consisting of legally independent banks controlled by a holding company, consolidation is sometimes achieved by centralising a number of payment-related activities (eg direct access to payment systems, liquidity management for the group as a whole, correspondent banking and custody services) at the holding company or at one of the banks of the group. Centralisation of access to large-value payment systems and liquidity management may provide significant cost savings as well as greater efficiency in liquidity management. Furthermore, individual systems, including those that are run by central banks, may be subject to some form of internal consolidation. For example, in the United States, the IT platform supporting the Fedwire funds and securities transfer systems has been consolidated from 12 district data processing centres and four backup locations into three sites. In the euro area, the Eurosystem has started discussions on how to overcome the difficulties related to the fragmented nature of the present TARGET system. Consolidation of market infrastructures Consolidation concerns not only financial institutions, but also the market infrastructures for making payments and settling securities transactions. Market participants are increasingly seeking to produce interbank payment and securities settlement services in a cost-minimising approach, leaving the creation of value added payment services to the commercial relationship between a bank and its customer. In this respect, a global trend towards consolidation is observable both at the horizontal level (eg the merger of two securities settlement systems) and at the vertical level (eg in the securities industry, the integration of trading, clearing, settlement and custody services within a single institution).
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Institutional Investor, September 1999, volume 24, issue 9, pp 199-200.
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Securities settlement in the United States offers a good example of horizontal and vertical consolidation. First, the Depository Trust Company (DTC), the largest securities depository in United States, merged with two regional depositories, the Midwest Securities Trust Company and the Philadelphia Depository Trust Company, resulting in a single central securities depository (CSD); second, in 1999, DTC and the National Securities Clearing Corporation, which compares and nets almost all broker-to-broker corporate and municipal securities trades in the United States, affiliated their organisations under a common holding company, the Depository Trust and Clearing Corporation. In the European Union (EU) the consolidation of the securities settlement industry has accelerated since the start of Stage Three of EMU. It is taking place through the merging of CSDs that operate securities settlement systems. In January 2000 the owners of Cedelbank, the Luxembourg-based international central securities depository (ICSD), and the owners of Deutsche Börse Clearing, the German CSD, set up a new holding company called Clearstream International, which owns both depository institutions. These have been renamed Clearstream Banking S.A. and Clearstream Banking AG respectively. The legally separate entities will use a common technical infrastructure and intend to create a pan-European clearing house. In March 2000 the boards of Euroclear, the Belgium-based ICSD, and Sicovam, the French CSD, also announced their agreement in principle to merge fully the two organisations. The agreement states that Euroclear will take over Sicovam and that it has an option of taking an ownership interest of up to 20% in Clearnet, the Paris Bourse’s subsidiary for clearing and netting. In turn, Sicovam will receive a certain share in Euroclear. Consolidation, in the form of international joint ventures, is also occurring among securities clearing organisations. An example is the establishment of the European Securities Clearing Corporation (ESCC). The ESCC is a pan-European clearing house, which was set up by Euroclear and the US Government Securities Clearing Corporation (GSCC) to provide trade comparison and netting services for European government debt securities. The London Clearing House (LCH) has joined this partnership.
3.
Causes of and obstacles to consolidation
Causes of consolidation Although consolidation in the financial sector is driven by a variety of factors (see Chapter II), two have been the main driving forces behind the consolidation of payment and securities processing: cost reduction and leveraging specialised business opportunities. For banks, it is becoming increasingly important that the provision of payment and securities settlement services is produced at minimal cost due to increased competition as a result of EMU and nationwide banking in the United States. In addition, increased concentration in processing payments will drive the demand for rationalisation of market infrastructures. A move towards consolidation of payment and settlement processes, for example, is one natural consequence of the European integration process stemming from the introduction of the euro. This integration process will allow banks, whether based in Europe or not, to take full advantage of economies of scale and scope inherent in the payment and settlement business. Major players in the financial markets, especially, tend to ask for a higher degree of harmonisation of the different domestic systems or even to require a consolidation of infrastructures across borders in order to save costs. For example, in the securities industry, the introduction of the euro and the elimination of currency risk permit investors to adjust their portfolios by targeting new financial instruments and markets. The increasing importance of cross-border trades, in turn, has put pressure on service providers to integrate their infrastructures in order to provide cost-efficient mechanisms for the transfer of cash and of securities. An outgrowth of these pressures has been the creation of the European Central Securities Depository Association (ECSDA), which is looking at methods of integrating or linking European central securities depositories. As banks
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globalise, their need for more efficient payment and settlement processes has also manifested itself in the growing demand for direct remote access310 to payment and settlement systems and a global collateral pool.311 On the business opportunity side, the interviews indicate that, as cross-border mergers occur in order to diversify business portfolios, international banks also want the ability to offer a wide range of payment and settlement services to sophisticated customers. Such services are complementary, and in some cases essential, in order to seize business opportunities in such areas as asset management, global custody and corporate cash management services. Closely related to technology investment is the requirement for real-time payment processing. Furthermore, providers of payment and securities settlement services have to accommodate requests for more sophisticated services, such as intraday (or even real-time) delivery versus payment (DVP) settlement (ie the simultaneous settlement of the securities leg and the cash leg of a securities market transaction), cash management services and related information services. Other requirements stem from the goal to increase processing efficiency through systems integration and straight-through processing. The Global Straight Through Processing Association (GSTPA), for example, is an initiative set up by financial intermediaries composed of broker/dealers, global custodians and investment managers involved in the processing of cross-border securities trades. The primary objective of the GSTPA is to reduce the risks and costs of cross-border trade activities by accelerating the flow of cross-border trade information and reducing the number of failed trades. On the other hand, technological progress has also reduced processing costs and made many options more affordable to all market participants, irrespective of size. Several interviewees expect certain non-bank institutions to provide payment-related services via the internet in the coming years and thus to become direct competitors of banks. Obstacles to consolidation In the field of cross-border consolidation, the political and regulatory environment has the potential to increase the difficulties facing mergers and internal consolidation of payment and securities settlement processes. Certain tax regulations, different legal frameworks (eg with regard to employment law, bookkeeping rules and the nature of the legal title to securities in different countries, such as bearer versus registration) and differences in reporting requirements have been the main impediments to consolidation. A higher degree of harmonisation in these fields – if desired – would probably not be easy to achieve. Moreover, restrictions concerning direct remote access to payment and settlement systems or to intraday and overnight central bank credit (including the issue of locally accepted collateral) often make it necessary for banks to continue to rely on foreign subsidiaries or branches or correspondents in order to have access to the respective systems. The existence of non-harmonised internal IT platforms may prevent banks from consolidating their payment and back office activities at fewer locations, whether domestically or crossborder. The general lack of standardisation (with regard to message formats, etc) between payment and settlement systems in different countries causes similar problems. Banks, however, might now be expected to make greater efforts to streamline their internal systems and
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Direct remote access to an interbank funds transfer system (IFTS) is the ability of a credit institution established in one country (“home country”) to become a direct participant in an established IFTS in another country (“host country”) and, for that purpose, to have a settlement account in its own name with the central bank (or, more generally, with the settlement agent) in the host country without necessarily having established a legal physical presence in the host country. A global collateral pool would contain collateral denominated in several currencies, which would be accepted by several central banks for the collateralisation of intraday and/or overnight credit provided to their eligible counterparties.
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procedures given the end of Year 2000 transition efforts, which hampered the consolidation process. On the other hand, advances in information and network technology have also reduced the obstacles to consolidation in the payment and securities settlement industry. Declining technology costs and increasing technological capabilities have allowed for the emergence of new payment and settlement processing arrangements. For example, centralised processing and remote access through telecommunications networks have reduced geographical barriers. As a result, for those banks that have or can attract a critical mass of transactions, the provision of payment and securities services can leverage their business opportunities across other banking services (eg credit provision, custody services, information services, cash management services, etc). At the international level, specialised correspondent and custodian banks acting on a global basis may seek to provide payment and settlement services. For those institutions without a critical mass of transactions, technology has also enabled them to outsource their payment and settlement activities to other processors that can capture economies of scale. One of the main advantages for the outsourcing bank is that it shifts the investment costs (as well as the operational risk) to the service provider and converts fixed costs to variable costs. In this respect, consolidation is a rational outcome made possible by declining technology costs and increasing technological capabilities.
4.
The effects of consolidation
This section analyses the efficiency, competition, risk and oversight aspects of the consolidation of payment and settlement systems. It concentrates on the major issues related to consolidation and does not attempt to describe all possible implications of all the different types of consolidation. Effects on efficiency Consolidation has an impact on the efficiency of payment and securities settlement since it affects the way in which these activities are conducted and thus the resources that are used for the provision of the respective services. A first effect is related to the fact that consolidation tends to lead to a greater concentration of payment and settlement flows among fewer parties within the financial sector. For example, in the United States the top five originators of automated clearing house (ACH) transactions accounted for 49% of total ACH transactions in 1998, compared with only 25% in 1989. At the international level, regional or global banks that specialise in correspondent banking are emerging, while banks of a smaller size are tending to abandon this activity, for which the profit margins are shrinking. Evidence from US commercial banks suggests that concentrations of correspondent deposits have increased over the last five years among both the 10 largest banks and the next 90 largest banks by asset size. By contrast, the share of correspondent deposits at other US banks declined sharply from around 38% in 1995 to some 16% in 1999. As a result of such concentration, a greater number of transactions are internalised within fewer institutions. Interbank transactions become intrabank transactions which do not involve external exchanges of payment messages via an interbank funds transfer system (IFTS) and hence tend to be cheaper to process.312 The degree of payment internalisation, however, is dependent upon factors such as the type of businesses in which each entity participated prior to the consolidation, the extent to which the merged institutions consolidate their internal payment processing, and the existing concentration within the market. In Switzerland, for example, two
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A comprehensive description of, inter alia, the effects of consolidation on payment system efficiency is provided in the text by Berger, Demsetz and Strahan (1999).
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large banks, prior to their merger, had similar types of businesses and nearly the same daily turnover in the national real-time gross settlement (RTGS) system. After the merger and the consolidation of the two RTGS accounts, the turnover of the new institution was roughly the same size as that of one of the pre-merger banks. The total volume and value of payments processed in the RTGS system decreased by around 25%. By contrast, owing to the large number of depository institutions in the United States, the two largest mergers in the fourth quarter of 1999 reduced the overall average value of daily Fedwire flows by less than 0.4%. Large banks that have specialised in payment processing now increasingly compete directly with interbank systems. Large banks have two main advantages over their smaller competitors with regard to efficiency in payment and securities settlement. First, they typically have the financial strength to invest in new, sometimes costly, technologies that may increase efficiency and reduce risk in payment and securities settlement. Second, their high market share in the payment business enables them to decrease unit costs by capturing economies of scale. Lower unit costs may attract additional volume and increase profits. In the case of specialisation and outsourcing, the market power of the service provider and the contestability of the outsourcing market largely determine whether such efficiencies result in lower prices for downstream users or increased profits for service providers. Similarly to consolidation in the form of specialisation and outsourcing, internal consolidation may yield scale efficiencies. The cost savings that financial institutions can realise through internal consolidation may sometimes be so great that internal consolidation even becomes an alternative to outsourcing. The cost savings through internal reorganisation also apply to payment and settlement systems: for instance, when the Federal Reserve consolidated the IT platforms that supported Fedwire operations, it was able to eliminate redundant resources and reduce operating costs. These efficiencies permitted dramatic Fedwire fee reductions over a three-year period (a 50% reduction for funds transfers, and a 25% reduction for securities transfers). A recent study found substantial long-run benefits in terms of economies of scale and an improvement in the cost efficiency of Fedwire as a result of consolidation, although there were significant transition costs.313 Consequences of consolidation for the efficiency of a payment system can also be found in a study314 of the Federal Reserve’s costs of processing cheques, ACH transfers and wire transfers. Both electronic services, ACH and Fedwire, were found to have significant economies of scale. The electronic services have also experienced rapid technological change over the last five years. This finding is consistent with the rapid decline in the prices of computer and communications equipment. Cheque processing, on the other hand, has shown little measurable progress over time. This may, in part, have been due to the fact that easier-to-process items such as payroll cheques may have tended to migrate to ACH. The results of both studies may carry over to consolidation of private sector processors. The concentration of payment and settlement flows within fewer institutions might also lead to increased efficiency because a reduction in the number of banks can facilitate agreements on technical standards and market conventions. In fact, one study found that countries with more consolidated banking systems have greater use of electronic payments and attributed this to the greater ease experienced in agreeing on common standards, technology and the use of centralised account information.315 However, there are also examples of countries with a less consolidated banking industry where interbank cooperation in the field of payment systems (including standardisation issues) works well owing to the fact that banking associations – or similar common entities – have been given a mandate by their member banks to act on their behalf in this special area. Furthermore, in cases where a few large institutions dominate the
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Hancock, Humphrey and Wilcox (1999). Bauer and Ferrier (1996). Humphrey, Pulley and Vesala (1996).
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market, each with a legacy system geared to a somewhat different standard, ultimate agreement on common standards and conventions might not be quickly attained. Finally, financial sector consolidation leads to the emergence of large market players that often have very demanding business needs with regard to the functionality of interbank payment and settlement systems. This is the case at the domestic level, and even more so at the international level. Global players normally participate in several systems and would thus prefer a higher degree of cross-system standardisation. The demand for standardisation includes technical aspects, such as message formats, as well as support for global cash management, DVP procedures and professional information systems. Thus, under the pressure from global market players, the system operators need to enhance market infrastructures continuously. An example of this phenomenon is the efforts of the Federal Reserve, CHIPS and SWIFT over the years to maintain compatible funds transfer message formats (ie an ability to map fields between formats) in order to facilitate straight through processing of cross-system domestic and crossborder payments. With regard to TARGET, in particular large banks operating in several EU countries request a higher degree of harmonisation of the service provided by the different RTGS systems participating in TARGET. The requests from these banks range from the harmonisation of message formats to the provision of a uniform service throughout TARGET. Another example is the work undertaken by ECSDA to standardise the procedures and messages for securities settlement. Effects on competition As described in the previous section, the consolidation processes in the financial industry have the potential to increase the efficiency of payment and settlement activities. In many cases, these benefits come from a reduction in the number of market participants. There might, however, be a limit to concentration beyond which the reduction in the number of institutions involved in payment and settlement activities results in reduced competition. This may in turn have negative effects, such as increased prices for settlement services and lower incentives for innovation. Consolidation also concerns the number of institutions with access to interbank infrastructures (interbank funds transfer systems, securities settlement systems, etc) and the volume of traffic in the systems. Should the volumes processed via traditional IFTSs (or the number of participants) decrease substantially, processing fees might have to be increased in order to ensure cost recovery. As a result, smaller participants may face higher fees or be forced to become indirect participants in the system via the large participants, running higher credit and liquidity risks than is currently the case. The overall effects of consolidation on competition are likely to vary according to the type of consolidation being considered (eg consolidation of financial institutions or market infrastructures), the definition of the market (ie local, national or global) as well as its contestability, the extent of existing market concentration, and the legal and policy framework governing competition. With regard to the definition of the relevant market, it would, for example, be inappropriate for the evaluation of the competitive situation in global correspondent banking to assess the market power of a global player which is active in that field against one of the smaller, domestically oriented institutions in its home market. Depending on how the relevant market has been defined, the number of banks that are active in that market or their competitive strengths might differ considerably. It is also interesting to note that, as recent developments in the custody business have shown, two institutions can be both partners in some countries and competitors in others. As mentioned above, whether consolidation leads to a decrease in competition depends largely on the contestability of the market. If the market is easily accessible to new entrants and there are no sunk costs from entry, the incumbent will not be able to reap excessive profits if it wants to remain in the market. Some of the entry barriers to a market, or barriers to continuing participation by smaller participants, may include the criteria for access to payment and
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settlement systems, the fee structures of interbank systems, high fixed costs, switching costs, compliance costs and critical mass of participants and transaction volume to capture economies of scale. These considerations may reduce the contestability of the payment processing market. One response to fears about excessive market concentration has been reasonably open and objective criteria for direct access to interbank facilities. Most of the banks that were interviewed expect that, despite consolidation, competition in the provision of payment and settlement services will increase in the coming years. One of the reasons is that an increasing number of banks and non-banks are establishing transaction banks intended to act as new third-party service providers. In addition, the possibilities offered by the internet and other technological advances will lower the cost barriers to entering the processing business, and will probably increasingly foster disintermediation of the traditional banking activities, leading to a more pronounced distinction between “sales banks” and “production banks”. In general, market participants expect competition to be more intense in the fields of service level and innovation than in the field of pricing policy. Non-price features are, however, often difficult to compare across organisations, so it is difficult to assess the degree of competition in a specific market. Despite these market expectations, policymakers should be aware that competition is a dynamic process. Competition effects observed over the short term may not be indicative of competition over the longer term. In particular, an increase in competition as a result of consolidation may exist only for an interim period. The picture may change once the market situation has become more stable and the remaining institutions exercise their market power. In short, policymakers should always make sure that a market is contestable. In this framework, consolidation among payment and settlement infrastructures may represent a special, albeit complex, case. Consolidation among infrastructure systems seems to be driven largely by economies of scale, network effects, and consolidation in the banking industry. For example, banking consolidation increases the likelihood of common membership between two systems. To the extent that two systems have common membership, those common members may seek to achieve cost savings by consolidating systems. These cost savings would arise from elimination of redundant costs and economies of scale. In addition, consolidation would probably expand the network of participants served by the system and provide a larger financing base for investments in new products and technologies. Three policy views of system consolidation exist in the literature – a competing network model, a public utility model, and a model for promoting intra-network competition.316 The competing network model is premised on the assumption of sufficient transaction volume to sustain multiple networks in a region and that banks have a choice as to which network they can join. Under these assumptions, interbank payment networks would compete on both a price and non-price basis, thus motivating efficiency and innovation. The public utility model sees interbank payment systems as essential facilities that should have open access in order to provide a level playing field for the provision of downstream payment services by the participating banks. In the United States, the public utility model generally exists at the wholesale level for the clearance and settlement of securities transactions. Central securities depositories and clearing organisations, for example, are highly regulated by federal authorities. In a public utility model, efficiency and innovation is achieved through greater economies of scale and network effects, and greater investment capacity resulting from network consolidation. The intra-system competition model also assumes open access and equitable governance that allows all participants a common infrastructure on which to base downstream services and products. For example, in ATM networks, consolidation may enhance competition for retail deposits by allowing small and large banks equal access to a large number of ATM locations.
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See Robert Anderson and Brian Rivard: “The Competition Policy Treatment of Shared EFT Networks”, and David Balto and James McAndrews: “Joint Venture Payment Networks and Public Policy”, Proceedings of the Bank Structure and Competition Conference, Federal Reserve Bank of Chicago.
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The competitive effects of system consolidation, however, largely depend on such factors as the governance structure of the surviving system, access criteria, market demand for downstream services, and economies of scale levels. For example, if the governance structure acts to restrict access, limit the introduction of innovative services by the system, or implement anticompetitive pricing schemes, then overall competition may be adversely affected. Determining the competitive effects of system consolidation (ie the social welfare effects) is a complex task requiring the evaluation of highly uncertain costs and benefits.317 The multidimensional effects of consolidation on competition are not limited to retail payments, but also apply to wholesale payments and securities settlement. However, in the latter field, system consolidation seems generally to be regarded as having positive competitive effects. In the current restructuring process of the respective European systems, which is, however, a very specific case owing to the introduction of the euro only one and a half years ago, most large banks are in favour of a higher degree of consolidation. In certain fields, such as securities settlement and the settlement of foreign exchange transactions, several interviewees even expressed their preference for monopolies. With regard to securities settlement systems, some took the view that it could be useful to separate the business into areas that could be monopolies (eg registration of ownership) and areas where competition might be favourable (eg transfer of ownership). Others were, however, of the opinion that competing utilities would be preferable, since advances in technology increasingly allow the different systems to connect to each other. This connection was seen as an opportunity to combine the advantages of a more integrated general infrastructure with those of competition between different systems. The overall market infrastructure should always be considered from the standpoint of risk, competitiveness and cost efficiency. The ownership structure and the governance of a specific system also play an important role in this respect. In some systems, control is vested in the largest users. These large users may not be sympathetic to the needs of smaller users. Other systems may operate on a shared basis or a more representative governance basis. Whether a system is organised on a profit or non-profit basis may also influence competition effects. Effects on financial, operational and systemic risk Consolidation in the financial sector may affect the nature and the size of risks associated with payment and securities settlement activities in four areas – transparency, scope, concentration and incentives. These effects may necessitate changes in risk management within individual financial institutions and payment and settlement systems, as well as changes in oversight and supervisory practices. Settlement risks, for example, may become less transparent as risks shift from rule-based interbank systems with relatively open disclosure to large private sector payment service providers with more discretionary credit management practices and less transparency. Critical operational “choke points” may shift from well recognised and understood interbank systems to private sector firms whose payment and settlement roles may not be recognised fully by market participants or authorities. Risks must be identified and monitored as a first step in risk management. To the degree that consolidation makes settlement risks less transparent to counterparties and the markets by shifting transactions to private systems, risk management may be weakened. On the more positive side, consolidation also has the potential to improve the scope, integration and coverage of an institution’s settlement risk management across settlement transactions such
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For opposing views on the effects of ATM network consolidation in the United States, see Elizabeth S Laderman: “The Public Policy Implications of State Laws Pertaining to Automated Teller Machines”, Federal Reserve Bank of San Francisco Economic Review (Winter 1990), and Robin A Prager: “ATM network mergers and the creation of market power”, The Antitrust Bulletin (Summer 1999).
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as foreign exchange, domestic large-value payments and securities. Some banks, for example, have or intend to implement a single global operations, treasury or risk management centre working on a 24-hour basis, especially to meet the requirements stemming from the use of the CLS system. Some large international banks, such as Chase, Bankers Trust and Deutsche Bank, already have regional or global centres. Consolidations among institutions may also reduce the number of counterparties a large bank must assess for settlement risk purposes, but may also complicate assessment due to the increased complexity of larger, merged institutions. Chapter III discusses the possibility that consolidation may create firms that may be too large to fail, liquidate, or discipline effectively. One important attribute of such large, complex firms is their extensive participation in large-value payment and securities settlement systems. Consolidation of payment and settlement activity within such firms will also consolidate settlement risks (credit and liquidity risks) and operational risk. In particular, those large, complex firms that specialise in trading, settlement, correspondent banking or custody activities are likely to be the most intertwined with the global payment and settlement infrastructure and become the focal points for much of the settlement activity. The key question, therefore, is: has consolidation increased the risk that the failure or operational disruption of a large, complex firm would be disorderly to the payment or securities settlement systems? Consolidation of payment flows among a few major processors may lead to a significant shift of credit risk from interbank settlement systems that are relatively transparent public utilities to private firms that are relatively more opaque. In particular, financial firms may be extending to or receiving from a large private sector payment processing firm a significant amount of intraday and overnight credit. As a consequence, the failure or disruption of a large payment provider in terms of credit risk could be significant.318 Furthermore, by shifting credit risk from interbank settlement mechanisms to private firms, the financial markets may forgo some of the risk management benefits of interbank settlement mechanisms, such as settlement guarantees, backup liquidity facilities and settlement failure resolution procedures that help to mitigate the effects of credit risks and buffer systemic shocks.319 In order to properly manage this shift in settlement risk, bank and non-bank service providers need to have well developed securities settlement and payment risk control mechanisms in place, including adequate liquidity, monitoring of intraday exposures, and counterparty/customer credit and liquidity risk assessments. With regard to the effects of consolidation on liquidity risk, it is not clear whether positive or negative effects prevail. For example, as payment flows become more concentrated among fewer participants, the likelihood of offsetting incoming and outgoing payments for any particular participant increases. Therefore, there are indications that concentration may facilitate banks’ intraday liquidity management and reduce intraday liquidity tensions in a given payment system. Nevertheless, consolidation may also negatively affect the general liquidity situation in the interbank market. Should the local money market, for instance, be dominated by one or two banks, the possibility of disrupting banks’ liquidity management may increase (and, in fact, the dominant participant might also have difficulty investing a large amount of excess reserves in the local money market), as experience in some countries such as Switzerland has shown. For example, if such a major market player fails or, owing to a malfunctioning of its internal IT
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In the global custody business, the risk situation might be somewhat different, because securities owned by customers are typically segregated from the custodians’ own assets. In this case, the customer may be better protected in the event of the failure of the custodian than in the case of deposit balances with a settlement agent. The issue of risks within payment and settlement systems has been extensively studied by central banks, especially with regard to RTGS systems, hybrid and net settlement systems, DVP securities settlement systems and foreign exchange settlements. Several central bank reports have outlined procedures for reducing or managing risks in these systems (eg Lamfalussy standards and the Core Principles for Systemically Important Payment Systems). See the website of the Bank for International Settlements for a listing of the relevant reports (www.bis.org).
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systems, is no longer able to process payment orders, this may give rise to serious repercussions not only for the liquidity situation of individual market participants which do not receive expected incoming funds, but also for the money, capital and foreign exchange markets in general. A particular consolidation issue at the international level is the emergence of global correspondent banks that participate directly in multiple foreign payment systems and process high payment volumes in the respective currencies, but which have only limited liquidity resources (eg collateral) in these currencies. Liquidity problems may arise, especially when full collateralisation of central bank credit is required. In the past, these banks usually relied on locally based correspondents that had ample home country assets to pledge for liquidity purposes. Some institutions consider the establishment of a multi-country common collateral pool to be a possible solution to this problem. Such a global collateral pool (see footnote 5) may reduce liquidity cost, since the same collateral could be used for central bank credit in several currencies. In the context of CLS, where banks will have to issue payments in several currencies simultaneously, a global collateral pool might facilitate their operations considerably. Establishing such a common collateral pool, however, would raise important monetary policy, legal and technical issues which would need to be resolved. Another alternative would be for individual central banks (or other liquidity providers) to accept a broader range of collateral. In particular, instruments denominated in foreign currencies might be accepted, subject to an appropriate haircut to cover currency risk. This is, in fact, the approach being followed in the development of the US dollar clearing system in Hong Kong, where the settlement institution proposes to accept certain Hong Kong dollar instruments as collateral for US dollar credit. Consolidation also affects operational risk. In the short term, banks indicated that operational risk tends to increase after a merger of two financial institutions, until the IT platforms of the two institutions can be integrated.320 In the longer term, to avoid the liquidity problems linked to a malfunctioning in the internal IT systems of a major player (see above), banks should have robust backup systems and contingency arrangements that are reviewed and enhanced on an ongoing basis. To the extent that consolidation results in the emergence of certain key operational “choke points” in the payment system, public authorities may wish to increase their supervision and monitoring of financial institutions’ backup systems and contingency arrangements with an emphasis on the continuity of payment operations. Finally, consolidation may also affect systemic risk. The stability of the financial system can be endangered when the failure of a financial institution leads to considerable adverse effects on one or several other financial institutions.321 Payment and securities settlement systems determine to an important extent the exposures among and linkages between financial institutions, because they provide the technical infrastructure through which market transactions are settled. Therefore, they are one of the channels through which contagion effects can be transferred through the financial system. One basic premise is that the greater the degree of consolidation, the more concentrated payment flows will be among fewer, larger institutions and the greater the adverse effects on other financial institutions from the failure to settle of another financial institution.322 It is not clear, however, what net effect consolidation will have on the settlement risk profile of individual institutions. As mentioned previously, consolidation
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In this report, the term “operational risk” mainly refers to major failures of information technology systems. In a broader sense, however, operational risk also includes breakdowns in internal controls and corporate governance. Such breakdowns - which might also be more likely to occur in the restructuring phase after a merger - can lead to financial losses through error, fraud or failure to perform in a timely manner. A detailed analysis of this issue is provided in the Report on Operational Risk Management of the Basel Committee on Banking Supervision (1998). This is a narrow definition of systemic events or systemic risk. For a comprehensive analysis of the concept of systemic risk, see de Bandt and Hartmann (1998). See also Berger, Demsetz and Strahan (1999).
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may allow institutions to improve their risk management practices by getting a more comprehensive picture of their settlement exposures across multiple markets and systems. Larger institutions would also have the resources to invest in more sophisticated risk management systems. On the other hand, consolidation may shift payment flows and their attendant risks from relatively transparent, rule-based interbank systems to more opaque, discretionary private institutions. Second, it should also be considered that a smaller number of market players might facilitate the monitoring of risks by supervisors and counterparties. On the other hand, the structure of a merged institution may be so complex, at least in the initial period after the merger, that it raises additional concerns and makes supervision more difficult (this is especially true for cross-border mergers). In any case, it is clear that even if consolidation does not necessarily increase the probability that individual institutions will fail, it makes the consequences of the failure more likely to have wide-ranging systemic effects. Third, the rapid changes in the financial markets and organisations as a result of consolidation coupled with technological changes and the entry of non-banks into payment and settlement activities might also have systemic risk implications. Supervision of the credit, liquidity and operational risks posed by non-bank service providers of payment services is still an evolving issue. Organisational change, unless managed proactively, can pose significant risks. Technology can be a powerful tool or a significant risk, depending on the level of understanding of the issues by management. Fourth, a shift of settlement activity from interbank settlement mechanisms with risk-adverse objectives to private sector firms with a more positive risk appetite, in the aggregate, may increase systemic risk. The incentives for risk management, particularly under adverse market conditions, may shift from the collective protection of the clearing house to the protection of an individual firm. Such a shift in incentives may be destabilising during a market crisis as payment service providers look to the protection of their firm first. Since robust interbank payment systems play a role in buffering credit and liquidity shocks by dampening their transmission to other market participants, the shock absorber role may be minimised or forgone as consolidation progresses. To the extent that most payment flows continue to go through interbank systems, systemic effects depend largely on the design and the robustness of the payment system’s risk controls. A payment system can function in a neutral way as a simple transmitter of contagion effects, increase contagion effects or, by contrast, act as a shock absorber, depending on its approach to settlement risk management. Central banks have undertaken several major efforts in the past two decades to strengthen risk management in systems and to reduce and contain systemic risk. For example, they have promoted and operated RTGS systems and insisted on the implementation of risk control measures in net settlement systems. RTGS systems, for instance, can offer a powerful mechanism for limiting systemic risks in the interbank settlement process, because they can effect final settlement of individual funds transfers on a continuous basis during the processing day. With regard to public and private net settlement systems, the Lamfalussy standards (ie minimum standards for the design and operation of netting schemes) define one basis for effective risk control. Systems fulfilling the Lamfalussy standards will be able, at the very least, to withstand the failure of the participant with the largest single net debit position. Due to the risk control measures in such a system (eg limit systems, collateral requirements and loss-sharing agreements), this is independent of the size of an individual participant. For example, after a merger of two participants in the same system, the new institution might have higher limits in the system, but will also have to provide more collateral to cover the higher exposure. It is, however, also true that, in the event of the failure of a participant during the settlement day, counterparties in both an RTGS system and a net settlement system complying with the Lamfalussy standards would not receive expected incoming funds from the failed participant if the failed participant had not submitted the payments to the system prior to its failure.
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Finally, consolidation as it affects the size of a participant, its settlement business or the role of interbank payment systems may have implications from a systemic risk perspective.323 For example, certain developments at the level of both financial institutions and payment and settlement systems may increase systemic risks by increasing the dependencies between systems. Interdependencies between systems have increased as a result of the emergence of multinational institutions and specialised service providers that have access to several payment and securities settlement systems in different countries. Furthermore, consolidation has caused an increasing interdependence between different systems as evidenced by the development of systems such as CLS or by the implementation of DVP procedures. On the one hand, DVP mechanisms, for example, eliminate principal risk in securities settlement. On the other hand, by connecting payment and securities settlement systems, they may accelerate the transmission of settlement problems from one system to another.324 Likewise, CLS acts as a bridge mechanism between multiple payment systems, potentially increasing the operational and liquidity interdependencies between such payment systems. These examples indicate the growing importance of payment and settlement systems in the potential transmission of contagion effects caused by consolidation among participants and systems. Finally, market participants may assume that global correspondent and custodian banks are “too big to fail” from the perspective of settlement system and financial system stability. Market participants may also mistakenly believe that settlements on the books of these institutions have the same quality as settlements on the books of a central bank. Consequently, a moral hazard problem might occur not only with regard to the global clearing and custodian banks themselves, but also with regard to other market participants. In conclusion, financial consolidation may shift credit and liquidity settlement risks from relatively transparent, risk-adverse interbank utilities to more opaque, risk-taking private firms. At the same time, operational “choke points” in the payment system may shift from well recognised and understood systems to private firms whose role in the payment system may not be fully recognised by market participants or authorities. Consolidation may shift risk management incentives from a risk-avoidance, collective protection to a risk-taking, individual firm protection bias. Such a shift may be destabilising during a market crisis as individual payment processors seek to protect their firm interests first. Finally, consolidation may be increasing the interdependencies and linkages between payment and settlement systems. Taken together, these effects may create additional opportunities for spillover effects or negative externalities to arise.325 Consolidation’s effect on financial, operational and systemic risks in a particular venue, however, depends in part on the initial conditions of the banking system in that venue regarding payment flows, concentrations and merger patterns. Effects on the oversight role of central banks Consolidation processes lead to the expansion of very large institutions with a high share of inhouse payment and settlement transactions. Many of these institutions provide payment services to other banks or other payment intermediaries by effecting payments between the accounts of these entities in their books. To some extent, these institutions can be considered alternatives for traditional payment and settlement channels. As consolidation progresses, the concentration of payment activity among a few large institutions will challenge the traditional oversight role of
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See Chapter III for a working definition of systemic risk. However, DVP is often achieved via systems where the securities settlement system also settles the cash leg of a transaction through its own processing system. In such a system design, the interdependencies between payment and securities settlement systems are significantly reduced. Spillover effects, negative externalities and interdependencies are key components of systemic risk as defined in Chapter III.
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central banks over the payment system and the bank supervisors’ role over individual institutions. Central banks will need to better understand the role played by key institutions in the flow of payments and bank supervisors will need to analyse whether existing supervisory tools are suited to coping with institutions’ growing role in the payment and settlement business. New cooperative arrangements between banking supervisors and overseers may be needed to identify and analyse the interactions, dynamics and risk at both the institutional and system levels. With regard to major payment systems, the Core Principles for Systemically Important Payment Systems now provide a key set of evaluative standards for the relevant authorities.326 Moreover, the increasing importance of cross-border consolidation may require an intensification of cross-border cooperation between payment and settlement systems overseers and banking supervisory authorities and securities supervisory authorities. Examples in this direction include the joint IOSCO/CPSS working group to develop standards for securities settlement systems and the joint IOSCO/CPSS effort to establish a disclosure framework for securities settlement systems. Finally, the expected increased entrance of non-banks in payment and settlement-related activities might present a further challenge to central banks and bank supervisors. Most of the interviewees did not express a general concern about this fact, although they expect increased competition. However, what the banks clearly have requested is a level playing field between themselves and any kind of new market participant.
5.
Conclusions
The current situation of the financial industry in the G10 countries is characterised by an accelerated consolidation process, not only changing the banking structures through M&As, but also affecting the market infrastructures for payment and securities settlement and banks’ internal systems and procedures for payment and back office activities. In parallel, the global correspondent banking and the global custody businesses are tending to be concentrated among a smaller number of large market players and, at the domestic level, banks are increasingly starting to outsource payment and settlement activities to bank and non-bank payment service providers. The emergence of large, specialised service providers is driven primarily by both the benefits of size and, consequently, of the potential to make large investments in the necessary IT infrastructure, and the internationalisation of the interbank and capital markets. The latter factor has been made possible by a general trend towards deregulation and liberalisation of financial markets and is connected with sharply increasing cost-cutting pressure. Global players, in turn, are becoming more demanding vis-à-vis market infrastructures in terms of their business needs for efficiency of payment and securities processing. Consequently, they are often the main drivers of a greater harmonisation and consolidation of systems, both domestically and across borders. All the types of consolidation analysed in this report affect efficiency, competition, risk and the oversight role of central banks. Many of these effects can be considered to be quite positive and may, for instance, lead to lower prices for payment and securities transactions for banks as well as for customers. M&As may result in stronger financial institutions, which are able to invest in risk-reducing technologies, and internal consolidation may allow banks to manage credit and liquidity risk better. However, there are also possible long-term negative effects with regard to competition, which are difficult to predict today. It cannot be ruled out that a decrease in the number of financial institutions or payment and settlement systems competing in the relevant
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See Committee on Payment and Settlement Systems, Consultative Report on Core Principles for Systemically Important Payment Systems, Part 2 - Implementing the Core Principles, page 3.
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markets may ultimately result in higher prices for settlement services and lower rates of innovation. Moreover, certain changes in the role of financial institutions in the field of payment and securities processing have the potential to affect the nature and the size of risks arising in connection with these activities which, in turn, may require oversight and supervisory authorities to adapt their policies. The complexity and different effects of the consolidation processes taking place within the payment and settlement industry make it impossible to categorise consolidation either as purely positive or as purely negative from a social welfare viewpoint. Furthermore, consolidation cannot be analysed only from a payment and securities settlement or even central bank perspective. In general, at the present stage, it does not seem to be advisable for public authorities to interfere with the market competition between financial institutions or between payment and settlement systems. In fact, public authorities, as a public policy objective, may wish to remove potential obstacles to the consolidation process when it enables the market to develop initiatives aimed at reducing risks and enhancing efficiency in the field of payment and securities settlement. However, authorities should carefully monitor the impact of consolidation in the field of payment and settlement businesses from a risk, efficiency and competition viewpoint. Authorities should not refrain from defining safety or access standards when appropriate, especially regarding the potential risks stemming, on the one hand, from very large players participating in payment systems and, on the other hand, from the emergence of consolidated systems. There are some issues related to consolidation of the payment and settlement system that might become key areas of interest for central banks in the coming years and which they – or public authorities in general – might need to examine more closely. First, the providers of payment and securities settlement systems (including central banks as providers of RTGS systems) might face an increasing demand for remote access from large correspondent and custody banks operating on a global basis. Closely related to the issue of remote access are the ideas of a global collateral pool and of an extension of the range of eligible collateral accepted by individual central banks, both of which are aimed at avoiding temporary liquidity tensions within and across payment systems, eg in connection with the operation of CLS. Second, the increased entrance of non-bank service providers into a market which used to be occupied only by banks, and the development of the internet and e-commerce might increasingly affect central banks in discharging their responsibility to ensure the soundness and the efficiency of the payment system. Although the current developments might be regarded as improving competition, banks expect public authorities to ensure a level playing field in this area in terms of safety and soundness. Third, the provision of payment and settlement services usually requires significant IT investments. This fosters the emergence of large, specialised service providers that, to some extent, can be considered as alternatives to traditional interbank payment and settlement systems. Consequently, there might be a shift from risks within interbank settlement systems to risks between customer banks and service providers. Banks should be aware of these risks and need to have well developed risk control mechanisms in place. A failure of a large service provider, or even a temporary technical problem in one of its IT systems, might have serious systemic liquidity and credit effects. Fourth, a closely related issue is the fact that customer banks might perceive global correspondent and custodian banks as “too big to fail”. Consequently, moral hazard problems might occur in the market. This is an additional reason for central banks to insist on effective risk management procedures. Fifth, the emergence of large bank and non-bank service providers and concentrated payment flows through these providers raises a question concerning the respective roles of overseers and banking supervisors and the suitability of the tools they currently use to fulfil their responsibilities. This issue has both functional and, owing to the increased cross-border consolidation, jurisdictional aspects. The appropriateness of the current cooperative
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arrangements between central banks and supervisors – domestically and cross-border – should be carefully analysed to ensure the soundness and the efficiency of the payment and settlement systems and, at the same time, to strive for synergies.
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Annex VI.1: TARGET327
Before the start of economic and monetary union (EMU), separate RTGS systems existed in the EU countries. Some of them had been operating for several years, others were established only recently in view of the requirements of EMU. With the introduction of the euro, these individual RTGS systems were interconnected to form one single system: TARGET. TARGET is a decentralised system consisting of 15 national RTGS systems, the European Central Bank payment mechanism (EPM) and the Interlinking system, which is a telecommunications network (S.W.I.F.T.) interconnecting these systems. TARGET is needed under EMU in order to achieve – between the national central banks of the euro area – the same easy transferability of central bank money which had previously existed within the individual countries. The integration of the euro money market, made possible by TARGET, is a prerequisite for a single monetary stance in the euro area. Apart from the monetary policy considerations, TARGET also reflects the central banks’ willingness, during the 1990s, to develop RTGS systems as a safe way of processing payments, minimising systemic risk and promoting the efficiency of crossborder payments. The TARGET experience provides several lessons regarding the consolidation of payment infrastructure in the areas of market demands for further infrastructure consolidation, implications for liquidity management, and operational risks arising from interdependencies. Today, participants consider TARGET to be one system rather than a hotchpotch of 15 different ones and they have requested further harmonisation. In particular larger banks (representing 70 to 80% of payment flows), which typically access TARGET through more than one national RTGS system, are strongly in favour of a more uniform service level. As consolidation in the European banking sector progresses, the pressures for further harmonisation of the TARGET system are likely to increase. The Eurosystem has recently started a discussion on the long-term evolution of TARGET in order to eliminate some existing shortcomings of the present system and to be able to adapt the system to meet future developments in technology and the financial sector in general. The TARGET experience has also shown that banks needed some time to learn to manage their liquidity efficiently across several interlinked large-value payment systems operating in euros. Market conventions concerning the efficient movement of funds that, prior to TARGET, existed only at the national levels had to be developed for the euro area level. Further developments in liquidity management are expected as banks gain experience in euro markets. In addition to changes in liquidity management, it became clear that consolidation raised important operational issues. An incident in one component of TARGET or at a major bank, for example, has repercussions across borders, given the interdependencies that exist. For instance, in 1999 there was a system error at one of the very large banks, which resulted in a breakdown in the control system for online applications on the mainframe. As a result, payment orders for foreign exchange and money market transactions, securities settlement and customer payments could not be processed. The backup system of this bank could not be used since it exhibited the same software error. As a consequence, various emergency and manual procedures were used. However, they were not sufficient to cope with the number of payments to be processed and, as a result, the execution of many large-value payment and securities orders had to be postponed until the next business day.
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TARGET is the Trans-European Automated Real-time Gross settlement Express Transfer system. It processes over 190,000 payments each day valued at over EUR 1 trillion, of which more than 41,000 payments valued at over EUR 450 billion were cross-border payments.
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TARGET represents a specific form of consolidation that originated from the central banks, rather than the markets, in order to facilitate the implementation of the single monetary policy of the Eurosystem. The TARGET experience demonstrates some of the implications from crossborder consolidation of national payment systems such as liquidity effects and operational dependencies. As consolidation of financial services continues, market participants are likely to put increasing pressure on the Eurosystem to further harmonise TARGET. Despite TARGET’s central bank origins and objectives, the Eurosystem is being responsive to market needs by continuously seeking input and feedback on TARGET-related issues from the banking and financial community. At the national level this is done through regular TARGET User Group meetings. At the euro area level the Eurosystem has regular discussions with European banking associations and representatives of individual financial institutions.
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References Anderson, Robert and Brian Rivard (1998): “The Competition Policy Treatment of Shared EFT Networks”, Proceedings of the Bank Structure and Competition Conference, Federal Reserve Bank of Chicago. Balto, David and James McAndrews (1998): “Joint Venture Payment Networks and Public Policy”, Proceedings of the Bank Structure and Competition Conference, Federal Reserve Bank of Chicago. Bank for International Settlements (1990): “Report of the Committee on Interbank Netting Schemes of the Central Banks of the Group of Ten Countries”. Basel Committee on Banking Supervision (1998): “Report on Operational Risk Management”. Bauer, Paul W and Gary D Ferrier (1996): “Scale Economies, Cost Efficiencies and Technological Change in Federal Reserve Payments Processing”, Journal of Money, Credit and Banking, 28: 1004-1039. Berger, Allen N, Rebecca S. Demsetz and Philip E. Strahan (1999): “The Consolidation of the Financial Services Industry: Causes, Consequences and Implication for the Future”, Journal of Banking and Finance, 23(2-4): 135-94. Committee on Payment and Settlement Systems (2000): “Consultative Report on Core Principles for Systemically Important Payment Systems”. de Bandt, O and Ph. Hartmann (1998): “What is systemic risk today?”, paper prepared for the Second Joint Central Bank Research Conference “Risk Measurement and Systemic Risk”, Bank of Japan. Fine, Camden R (1992): “Bankers’ Banks: A Correspondent Alternative for Community Banks”, Thesis, Stonier Graduate School of Banking, American Bankers Association. Humphrey, David, Moshe Kim and Bent Vale (1998): “Realizing the Gains from Electronic Payments: Costs, Pricing and Payment Choice”, Arbeidsnotat Research Department, Norges Bank. Humphrey, David B, Lawrence B Pulley and Jukka M Vesala (1996): “Cash, paper and electronic payments: a cross-country analysis”, Journal of Money, Credit and Banking, 28: 914939. Institutional Investor (September 1999): “The world’s largest global custodians”, volume 24, issue 9: 199-200. Laderman, Elizabeth S (1990): “The Public Policy Implications of State Laws Pertaining to Automated Teller Machines”, Federal Reserve Bank of San Francisco Economic Review. Prager, Robin A (1999): “ATM network mergers and the creation of market power”, The Antitrust Bulletin.
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Working Party on Financial Sector Consolidation
Chair: Roger W Ferguson, Jr, Board of Governors of the Federal Reserve System
Task force on the patterns of consolidation Chair: Members: Takatoshi Ito (Ministry of Finance, Japan) Mauro Grande (European Central Bank) Paul Habeshaw (Ministry of Finance, Tokyo) Ritha Khemani (International Monetary Fund) John Laker (Reserve Bank of Australia) Magnus Petrelius (Ministry of Finance, Sweden) Steven J. Pilloff (Board of Governors of the Federal Reserve System) Kostas Tsatsaronis (Bank for International Settlements)
The task force is especially appreciative of the assistance received from Banca d'Italia in helping it assemble transactions data. Dario Focarelli played a particularly large role in assisting the task force. The task force is also grateful for the help of the OECD, especially that of Ayse Bertrand. Task force on the fundamental causes of consolidation Chair: Members: Age Bakker (Netherlands Bank) Martin Gisiger (Federal Department of Finance, Switzerland) Mauro Grande (European Central Bank) John Laker (Reserve Bank of Australia) Stephen Lumpkin (Organisation for Economic Co-operation and Development) Wilbur Monroe (Department of the Treasury, United States) Paul Mylonas (Organisation for Economic Co-operation and Development) Robin A. Prager (Board of Governors of the Federal Reserve System) Luis Rodriguez (Bank of Spain)
The task force is grateful for Secretariat support provided by Irene de Greef and Marc de Vor, both from the Netherlands Bank. Task force on the impact of financial consolidation on financial risk Chair: Members: Myron L. Kwast (Board of Governors of the Federal Reserve System) Gianni De Nicoló (Board of Governors of the Federal Reserve System) Werner Gehring (Deutsche Bundesbank) Glenn Hoggarth (Bank of England) Hiroshi Nakaso (Bank of Japan) Kazunari Ohashi (Bank of Japan) Paolo Marullo Reedtz (Bank of Italy) Garry J. Schinasi (International Monetary Fund) Konstantinos Tsatsaronis (Bank for International Settlements)
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Part of the work was carried out in task groups, which were chaired by Glenn Hoggarth, Myron L. Kwast and Hiroshi Nakaso. Colleen Barnes (Department of Finance, Canada) prepared the Canada annex. The task force is grateful for Secretariat support provided by Linda Pitts (Board of Governors of the Federal Reserve System). Task force on the impact of financial consolidation on monetary policy Chair: Members: Alex Bowen (Bank of England) Agathe Côté (Bank of Canada) William B. English (Board of Governors of the Federal Reserve System) Isao Hishikawa (Bank of Japan) Mike Kennedy (Organisation for Economic Co-operation and Development) Ivo Maes (National Bank of Belgium) Paul Mylonas (Organisation for Economic Co-operation and Development) Yves Nachbaur (Bank of France) Dominique Servais (National Bank of Belgium)
Task force on the effects of consolidation on efficiency, competition and credit flows Chair: Members: Fabio Panetta (Bank of Italy) Dean F. Amel (Board of Governors of the Federal Reserve System) Martin Andersson (Sveriges Riksbank) Colleen Barnes (Department of Finance, Canada) Emilia Bonaccorsi di Patti (Bank of Italy) Dominik Egli (Swiss National Bank) Frédéric Fouqet (Bank of France) Carmelo Salleo (Bank of Italy) Dirk Schoenmaker (Ministry of Finance, Netherlands) John Watson (European Commission)
The task force is grateful for research assistance provided by Roberto Felici (Bank of Italy). Task force on the effects of consolidation on payment and settlement systems Chair: Members: Jean-Michel Godeffroy (European Central Bank) Shuhei Aoki (Bank of Japan) Hans-Jürgen Friederich (Deutsche Bundesbank) Daniel Heller (Swiss National Bank) Marc Hollanders (Bank for International Settlements) Jacqueline Lacoste (Bank of France) Tony Latter (Hong Kong Monetary Authority) Dieter Reichwein (European Central Bank) Martin Santema (Netherlands Bank) Ferdinando Sasso (Bank of Italy) Jeff Stehm (Board of Governors of the Federal Reserve System)
Significant contributions were also made by Elias Kazarian (European Central Bank) and Birgit Zeitschel (Deutsche Bundesbank).
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Other members of the Working Party Hervé Carré (European Commission) Steve French (The Treasury, Australia) Ray Jones (The Treasury, Australia) Martin Noréus (Bank of Sweden) Gerry Salembier (Department of Finance, Canada) Beat Siegenthaler (Federal Department of Finance, Switzerland) Secretariat Secretaries to the Group of Ten: Gavin Bingham Ritha Khemani Paul Mylonas/Sveinbjörn Blöndal
The Secretariat was assisted by Paul Moser-Boehm and Fang Yang. Editorial committee The Summary of the report was drafted under the oversight of Roger Ferguson by a committee chaired by Myron Kwast that included the task force chairs and Gavin Bingham. Federal Reserve Board staff members of the working party also assisted in drafting the Summary. The integration of the individual chapters into a coherent whole was done under the guidance of Dean Amel and benefited from the efforts of Age Bakker, Gavin Bingham, Alex Bowen, JeanMichel Godeffroy, Takatoshi Ito, Myron Kwast and Fabio Panetta.
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Data Annex A: Patterns in consolidation transactions
The data presented in this annex were obtained from the Securities Data Company (SDC) Merger and Acquisition (M&A) Database, which is produced by Thomson Financial Securities Services. The SDC database attempts to cover all transactions that involve at least 5% of one of the parties participating in the transaction. Before 1992, only transactions with no reported value or a reported value of at least USD 1 million were included in the sample, but no such limit has been used since that date. This methodological change may contribute to the observed rise in consolidation activity over the decade. The information used to compile the database is collected regularly by SDC from prospectuses, more than 200 English and foreign language news sources, company regulatory filings, direct contact with financial institutions, and surveys of investment banks, lawyers and other advisers. Besides typical mergers and acquisitions of entire, healthy firms, the M&A database also includes some other deals such as spin-offs, purchases of failing firms and privatisations of state-owned institutions. Only transactions announced between 1990 and 1999 were included in the analysis. The year that the deal was announced is used as the year of the merger, acquisition, joint venture or strategic alliance. Only deals that were completed or pending as of May 2000 were included in the sample. Transactions that were cancelled after being announced were excluded. If a deal involved more than two financial firms, it would typically be listed as several two-firm deals. For inclusion in the tables, mergers and acquisitions were restricted to transactions that involved financial firms only. Likewise, joint ventures and strategic alliances were limited to deals where the jointly controlled entity was a financial firm. The industry of the “parents” was not taken into account, as the data do not lend themselves well to assessing the industries of the firms that own and control a joint venture. Financial firms involved in mergers and acquisitions are classified as belonging to one of three segments of the financial sector: banking, insurance or securities/other. Banking comprises commercial banks, bank holding companies, credit institutions, real estate mortgage bankers and brokers, and savings and mutual savings banks. Insurance includes both life and non-life insurance firms. Lastly, as the name indicates, the third group consists of securities firms, including investment banks, securities and commodities firms, and all other financial firms, such as exchanges. With the joint venture and strategic alliance data, no distinction was made among the three categories of financial firms. It should be noted that inspection of the M&A data revealed that some firms were not classified in the most appropriate groups. In large transactions where problems were identified, corrections were made to reflect the appropriate industry. However, it is highly likely that at least some firms are still improperly classified. Reported figures may also be influenced by similar problems with the country of transaction participants. Specifically, some firms may be classified as being located in the wrong country. As a result of improper classifications and other issues associated with obtaining accurate and consistent data, some of the figures reported in the tables in Annex A exhibit minor inconsistencies. Two sets of tables are presented in this annex. The first and much larger set reports data on mergers and acquisitions. These transactions are defined as deals characterised by SDC as either mergers or acquisitions of majority interest (ie the acquirer’s ownership share of the target exceeded 50% as a result of the transaction). The second set of tables presents data on joint ventures and strategic alliances. Such deals are defined as agreements where two or more entities combined resources to form a new, mutually advantageous business arrangement to achieve predetermined objectives. An important issue that may affect figures in the table is the lack of information on the transaction values for some deals. In the context of this chapter, deal value is a somewhat
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ambiguous term, as SDC obtains its estimates from announcements available from public sources. In the case of share exchanges, deal value is based on the market price of shares. In the case of a merger of equals, transaction value is calculated as the value of shares that are exchanged. Values are also not necessarily based on a consistent date relative to the merger process, as the recorded transaction value may vary during the period between announcement and consummation of a deal as information becomes available or deal terms are changed during post-announcement negotiations. As a result of these issues surrounding value estimates, such figures are best used as indicators of the size of deals and the relative level of merger activity. In about 40% of the cases that are included in our analysis of M&A activity, SDC was not able to collect data on the value of the deal. Therefore, that information is not included in the analysis for those transactions, even though the transactions themselves are included. Thus, in the mergers and acquisitions tables, reported figures for the total value of transactions actually refer to the total value for the subset of transactions for which values was reported. As a result, reported figures should understate the true total value. However, it is likely that the understatement is modest, because values should be available for most large deals. Average value is based on the number of deals with an associated value. All deal values are reported in USD millions, with the exchange rate conversion based on the exchange rate at the time the deals were announced. In addition, value is reported in nominal terms, so changes over time are influenced at least somewhat by inflation. No deal value or analogous measure is available for joint ventures and strategic alliances. Using a single database for all of the transactions data provides some consistency across countries and segments of the financial sector. However, consistency may come at the price of coverage not being universal or uniform across countries. Thomson relies on company disclosures and press reports to collect data, and although these sources are relatively thorough, they do not cover every transaction. As a result, smaller deals, which are less likely to be covered by the media or followed closely by investors and analysts, are more likely to be inadvertently excluded. In addition, differences in the nature of business reporting may influence the extent of coverage in different countries. Although efforts are made to ensure that transactions data for each country are comparable, such a task is inherently difficult given differences in various financial sectors. Therefore, besides differences in coverage and ability to obtain value estimates, additional differences among countries may exist in the ability of SDC to consistently identify and classify deals.
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Table A.1 All countries All values in USD millions Deals classified by country and sector of target firm
1990
Deal type
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 213 17762.5 158.6 53 12295.8 396.6 39 6407.0 400.4 19 1536.4 192.1 403 32606.4 174.4 78 4399.0 125.7 45 812.5 67.7 23 382.0 42.4 473 31340.5 141.2 83 3604.7 94.9 44 1291.5 86.1 16 2122.6 235.8 532 53605.7 169.1 90 6125.6 113.4 46 5008.0 263.6 14 542.8 90.5 583 43621.0 114.5 112 3679.8 62.4 59 5074.9 169.2 19 1027.3 114.1 605 127777.9 350.1 135 8857.5 142.9 87 11629.4 290.7 29 3342.3 222.8 602 73039.3 202.3 140 7174.3 99.6 75 13353.2 381.5 25 3410.0 284.2 635 221869.8 514.8 147 38203.0 444.2 87 25714.2 547.1 32 7187.3 378.3 620 354225.2 803.2 121 107903.6 1332.1 96 24975.5 480.3 37 8011.5 320.5 594 271276.8 788.6 172 21957.2 196.0 90 48661.4 1013.8 31 11275.5 593.4 5260 1227125.1 388.2 1131 214200.5 340.0 668 142927.6 455.2 245 38837.7 296.5
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Crossborder Number Total value Ave value Number Total value Ave value 266 30058.3 210.2 58 7943.4 331.0 481 37005.4 166.7 68 1194.5 56.9 556 34945.2 134.4 60 3414.1 142.3 622 59731.3 161.0 60 5550.8 222.0 695 47300.8 107.5 78 6102.2 156.5 740 136635.4 320.0 116 14971.7 272.2 742 80213.6 185.3 100 16763.2 356.7 782 260072.8 503.0 119 32901.5 498.5 741 462128.8 885.3 133 32987.0 428.4 766 293234.0 643.1 121 59936.9 894.6 6391 1441325.6 380.2 913 181765.3 408.5
Deal type
Within industry Cross industry Number Total value Ave value Number Total value Ave value 252 24169.5 188.8 72 13832.2 354.7 448 33418.9 167.9 101 4781.0 108.7 517 32632.0 137.7 99 5727.3 121.9 578 58613.7 174.4 104 6668.4 111.1 642 48695.9 118.5 131 4707.1 69.2 692 139407.3 344.2 164 12199.8 158.4 677 86392.5 218.2 165 10584.3 126.0 722 247584.0 518.0 179 45390.3 432.3 716 379200.7 769.2 158 115915.1 1093.5 684 319938.2 816.2 203 33232.7 253.7 5928 1370052.7 394.3 1376 253038.2 332.5
Industry
Banking Number Total value Ave value Number Total value Ave value 199 31041.2 250.3 54 5039.5 210.0 71 1921.0 101.1 324 38001.7 227.6 311 31535.2 193.5 89 3409.9 106.6 149 3254.8 67.8 549 38199.9 157.2 381 26653.4 131.9 102 9003.8 191.6 133 2702.1 77.2 616 38359.3 135.1 461 29707.3 98.4 87 16945.7 434.5 134 18629.1 338.7 682 65282.1 164.9 525 34556.7 95.2 80 11499.1 267.4 168 7347.2 100.6 773 53403.0 111.5 532 136241.4 404.3 123 6968.9 131.5 201 8396.8 91.3 856 151607.1 314.5 480 46370.9 149.6 149 32966.7 439.6 213 17639.2 185.7 842 96976.8 202.0 534 187074.1 482.1 145 55064.5 724.5 222 50835.7 427.2 901 292974.3 502.5 533 373030.6 921.1 146 89270.8 1115.9 195 32814.4 287.8 874 495115.8 826.6 488 270277.9 826.5 103 44506.5 927.2 296 38386.5 259.4 887 353170.9 675.3 4444 1166488.7 399.3 1078 274675.4 531.3 1782 181926.8 228.0 7304 1623090.9 383.2
Insurance
Securities/ Number Total value Other Ave value
Total
Number Total value Ave value
GDP 16147400 17041128 18265215 18447147 19726512 21571033 21637942 21242306 21480085 22549762 198108531 Value/GDP 0.24% 0.22% 0.21% 0.35% 0.27% 0.70% 0.45% 1.38% 2.30% 1.57% 0.82%
335
Deals classified by country and sector of target firm
1990
Banking
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Ttl value Ave value 139 16765.9 182.2 37 10663.5 484.7 14 2343.5 390.6 9 1268.3 317.1 244 27738.3 216.7 39 2999.9 136.4 18 562.8 70.4 10 234.2 46.8 318 23652.0 135.9 40 922.7 54.3 14 229.7 76.6 9 1849.0 264.1 390 26683.8 100.7 45 1443.8 55.5 19 1159.7 165.7 7 420.0 105.0 433 31016.0 97.2 59 1539.6 57.0 24 1846.3 153.9 9 154.8 31.0 435 122349.5 429.3 58 4787.2 171.0 30 8511.8 472.9 9 592.9 98.8 395 38919.3 148.0 53 1653.0 55.1 21 3172.2 288.4 11 2626.4 437.7 425 172040.5 529.4 71 4214.5 110.9 30 5699.9 335.3 8 5119.2 639.9 417 257247.1 781.9 62 99532.1 2211.8 36 13484.1 749.1 18 2767.3 212.9 367 241114.2 976.2 79 8270.7 162.2 29 13790.1 766.1 13 7102.9 645.7 3563 957526.6 394.5 543 136027.0 444.5 235 50800.1 430.5 103 22135.0 320.8
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 30 896.6 69.0 4 17.6 17.6 17 4032.7 448.1 3 92.6 92.6 56 1836.6 87.5 14 1259.9 180.0 15 211.2 105.6 4 102.2 51.1 63 5940.3 220.0 21 2124.3 212.4 16 939.2 93.9 2 0.0 0.0 57 12296.4 558.9 11 1262.8 140.3 16 3375.4 482.2 3 11.1 11.1 46 8031.4 308.9 11 512.1 73.2 21 2929.6 325.5 2 26.0 26.0 68 2534.0 70.4 23 925.6 154.3 30 1553.0 172.6 2 1956.3 978.2 89 25312.2 575.3 27 2513.1 147.8 30 5019.3 386.1 3 122.1 122.1 72 23363.1 599.1 27 18198.0 1299.9 39 13434.2 639.7 7 69.2 34.6 83 71013.9 1775.3 18 4401.8 440.2 40 10023.4 371.2 5 3831.7 1277.2 44 16374.0 861.8 27 585.5 45.0 27 27139.9 2087.7 5 407.1 135.7 608 167598.5 584.0 183 31800.7 338.3 251 68657.9 572.1 36 6618.3 413.6
Securities/ Other
Within border/ within industry Within border/ cross industry Crossborder/ Within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 44 100.0 14.3 12 1614.7 201.8 8 30.8 30.8 7 175.5 58.5 103 3031.5 79.8 25 139.2 23.2 12 38.5 19.3 9 45.6 22.8 92 1748.2 87.4 22 557.7 50.7 14 122.6 61.3 5 273.6 136.8 85 14625.5 487.5 34 3419.0 179.9 11 472.9 94.6 4 111.7 111.7 104 4573.6 127.0 42 1628.1 65.1 14 299.0 33.2 8 846.5 282.2 102 2894.4 65.8 54 3144.7 112.3 27 1564.6 120.4 18 793.1 113.3 118 8807.8 163.1 60 3008.2 120.3 24 5161.7 469.2 11 661.5 132.3 138 26466.2 395.0 49 15790.5 464.4 18 6580.1 731.1 17 1998.9 222.1 120 25964.2 360.6 41 3969.7 152.7 20 1468.0 209.7 14 1412.5 156.9 183 13788.6 176.8 66 13101.0 272.9 34 7731.4 454.8 13 3765.5 753.1 1089 102000.0 228.7 540 46372.8 201.6 182 23469.6 308.8 106 10084.4 219.2
Total
Number Total value Ave value
324 38001.7 227.6
549 38199.9 157.2
616 38359.3 135.1
682 65282.1 164.9
773 53403.0 111.5
856 151607.1 314.5
842 96976.8 202.0
901 292974.3 502.5
874 495115.8 826.6
887 353170.9 675.3
7304 1623090.9 383.2
336
Deals classified by country and sector of acquiring firm
1990
Deal type
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 213 17762.5 158.6 53 12295.8 396.6 51 6923.0 329.7 20 1698.4 212.3 403 32606.4 174.4 78 4399.0 125.7 58 914.4 57.2 26 441.9 36.8 473 31340.5 141.2 83 3604.7 94.9 53 3044.9 152.2 21 2270.2 206.4 532 53605.7 169.1 90 6125.6 113.4 54 5298.1 252.3 16 712.6 79.2 583 43621.0 114.5 112 3679.8 62.4 79 4805.8 145.6 18 950.1 158.4 605 127777.9 350.1 135 8857.5 142.9 121 13366.1 252.2 40 3600.3 211.8 602 73039.3 202.3 140 7174.3 99.6 103 15400.9 358.2 33 3763.0 313.6 635 221869.8 514.8 147 38203.0 444.2 112 30063.1 556.7 42 8836.6 401.7 620 354225.2 803.2 121 107903.6 1332.1 138 28258.1 387.1 54 8601.5 253.0 594 271276.8 788.6 172 21957.2 196.0 146 59362.8 791.5 58 16403.6 431.7 5260 1227125.1 388.2 1131 214200.5 340.0 915 167437.2 409.4 328 47278.2 279.8
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Crossborder Number Total value Ave value Number Total value Ave value 266 30058.3 210.2 71 8621.4 297.3 481 37005.4 166.7 84 1356.3 48.4 556 34945.2 134.4 74 5315.1 171.5 622 59731.3 161.0 70 6010.7 200.4 695 47300.8 107.5 97 5755.9 147.6 740 136635.4 320.0 161 16966.4 242.4 742 80213.6 185.3 136 19163.9 348.4 782 260072.8 503.0 154 38899.7 511.8 741 462128.8 885.3 192 36859.6 344.5 766 293234.0 643.1 204 75766.4 670.5 6391 1441325.6 380.2 1243 214715.4 371.5
Deal type
Within industry Cross industry Number Total value Ave value Number Total value Ave value 264 24685.5 185.6 73 13994.2 358.8 461 33520.8 165.1 104 4840.9 103.0 526 34385.4 142.1 104 5874.9 119.9 586 58903.8 174.3 106 6838.2 108.5 662 48426.8 117.0 130 4629.9 71.2 726 141144.0 337.7 175 12457.8 157.7 705 88440.2 218.9 173 10937.3 130.2 747 251932.9 519.4 189 47039.6 435.6 758 382483.3 744.1 175 116505.1 1013.1 740 330639.6 789.1 230 38360.8 255.7 6175 1394562.3 390.6 1459 261478.7 327.3
Industry
Banking Number Total value Ave value Number Total value Ave value 180 20028.0 180.4 69 14913.0 451.9 88 3738.7 133.5 337 38679.7 224.9 297 29421.9 202.9 98 2750.1 83.3 170 6189.7 86.0 565 38361.7 153.4 366 25430.6 136.0 97 7486.0 149.7 167 7343.7 138.6 630 40260.3 138.4 454 32582.2 109.0 94 16820.6 410.3 144 16339.2 267.9 692 65742.0 163.9 503 34189.3 97.7 100 12391.7 229.5 189 6475.7 87.5 792 53056.7 110.8 552 135338.0 398.1 142 5736.3 92.5 207 12527.5 131.9 901 153601.8 309.1 504 50166.6 158.8 147 30853.9 489.7 227 18357.0 168.4 878 99377.5 203.6 533 204302.6 527.9 148 52278.5 697.0 255 42391.4 323.6 936 298972.5 504.2 528 279260.5 710.6 163 162714.5 1892.0 242 57013.4 380.1 933 498988.4 793.3 506 274660.1 805.5 124 59019.5 1035.4 340 35320.8 206.6 970 369000.4 648.5 4423 1085379.8 378.3 1182 364964.1 658.8 2029 205697.1 217.9 7634 1656041.0 379.0
Insurance
Securities/ Number Other Total value Ave value
Total
Number Total value Ave value
GDP 16147400 17041128 18265215 18447147 19726512 21571033 21637942 21242306 21480085 22549762 198108531 Value/GDP 0.24% 0.23% 0.22% 0.36% 0.27% 0.71% 0.46% 1.41% 2.32% 1.64% 0.84%
337
Deals classified by country and sector of acquiring firm
1990
Banking
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 139 16765.9 182.2 13 251.9 42.0 22 2834.7 283.5 6 175.5 58.5 244 27738.3 216.7 25 1126.5 160.9 20 368.3 61.4 8 188.8 47.2 318 23652.0 135.9 22 516.0 86.0 19 989.0 197.8 7 273.6 136.8 390 26683.8 100.7 35 4490.7 204.1 22 1276.7 141.9 7 131.0 43.7 433 31016.0 97.2 36 770.7 40.6 25 1652.6 150.2 9 750.0 750.0 435 122349.5 429.3 52 2088.4 90.8 44 10249.4 379.6 21 650.7 130.1 395 38919.3 148.0 60 5061.3 163.3 34 5122.3 301.3 15 1063.7 212.7 425 172040.5 529.4 49 20339.0 598.2 42 10702.7 509.7 17 1220.4 174.3 417 257247.1 781.9 45 5668.4 195.5 51 15498.3 596.1 15 846.7 94.1 367 241114.2 976.2 72 9705.2 194.1 50 20255.4 613.8 17 3585.3 325.9 3563 957526.6 394.4 409 50018.1 220.3 329 68949.4 415.4 122 8885.7 177.7
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 30 896.6 69.0 13 9107.5 1011.9 21 4052.5 450.3 5 856.4 428.2 56 1836.6 87.5 9 227.1 75.7 26 536.7 89.5 7 149.7 49.9 63 5940.3 220.0 11 532.2 66.5 20 992.6 82.7 3 20.9 7.0 57 12296.4 558.9 17 508.5 56.5 18 3478.7 434.8 2 537.0 268.5 46 8031.4 308.9 20 1339.8 89.3 33 2960.6 246.7 1 59.9 59.9 68 2534.0 70.4 23 1402.4 175.3 46 1772.7 110.8 5 27.2 13.6 89 25312.2 575.3 13 212.2 212.2 39 5251.0 328.2 6 78.5 39.3 72 23363.1 599.1 20 9193.7 1021.5 48 12793.2 609.2 8 6928.5 1154.8 83 71013.9 1775.3 12 80912.7 13485.5 57 9442.3 269.8 11 1345.6 269.1 44 16374.0 861.8 17 5854.9 650.5 53 31305.9 1361.1 10 5484.7 914.1 608 167598.5 584.0 155 109291.0 1419.4 361 72586.2 459.4 58 15488.4 484.0
Securities/ Other
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 44 100.0 14.3 27 2936.4 183.5 8 35.8 17.9 9 666.5 222.2 103 3031.5 79.8 44 3045.4 121.8 12 9.4 2.4 11 103.4 20.7 92 1748.2 87.4 50 2556.5 106.5 14 1063.3 354.4 11 1975.7 329.3 85 14625.5 487.5 38 1126.4 49.0 14 542.7 135.7 7 44.6 11.2 104 4573.6 127.0 56 1569.3 62.8 21 192.6 21.4 8 140.2 35.1 102 2894.4 65.8 60 5366.7 173.1 31 1344.0 134.4 14 2922.4 292.2 118 8807.8 163.1 67 1900.8 47.5 30 5027.6 502.8 12 2620.8 524.2 138 26466.2 395.0 78 8670.3 201.6 22 6567.2 547.3 17 687.7 76.4 120 25964.2 360.6 64 21322.5 463.5 30 3317.5 276.5 28 6409.2 320.5 183 13788.6 176.8 83 6397.1 120.7 43 7801.5 410.6 31 7333.6 349.2 1089 102000.0 228.7 567 54891.4 168.4 225 25901.6 304.7 148 22904.1 263.3
Total
Number Total value Ave value
337 38679.7 224.9
565 38361.7 153.4
630 40260.3 138.4
692 65742.0 163.9
792 53056.7 110.8
901 153601.8 309.1
878 99377.5 203.6
936 298972.5 504.2
933 498988.4 793.3
970 369000.4 648.5
7634 1656041.0 379.0
Source: Thomson Financial, SDC Platinum.
338
Table A.2 All North American countries All values in USD millions Deals classified by country and sector of target firm
1990
Deal type
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 152 4839.7 56.9 25 392.2 28.0 14 1487.0 247.8 9 49.0 24.5 204 21792.7 162.6 28 659.6 34.7 11 291.2 58.2 5 48.5 24.3 293 18773.4 103.7 33 2092.7 130.8 6 9.8 4.9 5 88.2 29.4 373 29314.2 111.5 41 3675.6 141.4 12 815.7 116.5 2 25.8 25.8 412 30706.6 95.1 47 1965.1 67.8 11 1393.8 154.9 3 789.7 263.2 453 71258.7 230.6 57 5803.8 181.4 19 3974.2 331.2 5 2244.9 748.3 418 44591.6 154.8 60 4196.7 119.9 19 8667.4 619.1 4 2801.6 700.4 469 171470.8 477.6 76 19806.3 430.6 21 9035.8 645.4 8 2012.2 335.4 435 284734.3 818.2 78 87786.8 1567.6 27 15401.9 855.7 6 533.1 106.6 301 76733.3 335.1 88 11889.6 201.5 26 30935.1 1933.4 9 3447.3 689.5 3510 754215.3 299.4 533 138268.4 416.5 166 72011.9 699.1 56 12040.3 354.1
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Crossborder Number Total value Ave value Number Total value Ave value 177 5231.9 52.8 23 1536.0 192.0 232 22452.3 146.7 16 339.7 48.5 326 20866.1 105.9 11 98.0 19.6 414 32989.8 114.2 14 841.5 105.2 459 32671.7 92.8 14 2183.5 182.0 510 77062.5 226.0 24 6219.1 414.6 478 48788.3 151.0 23 11469.0 637.2 545 191277.1 472.3 29 11048.0 552.4 513 372521.1 922.1 33 15935.0 692.8 389 88622.9 307.7 35 34382.4 1637.3 4043 892483.7 313.0 222 84052.2 613.5
Deal type
Within industry Cross industry Number Total value Ave value Number Total value Ave value 166 6326.7 69.5 34 441.2 27.6 215 22083.9 158.9 33 708.1 33.7 299 18783.2 102.6 38 2180.9 114.8 385 30129.9 111.6 43 3701.4 137.1 423 32100.4 96.7 50 2754.8 86.1 472 75232.9 234.4 62 8048.7 230.0 437 53259.0 176.4 64 6998.3 179.4 490 180506.6 483.9 84 21818.5 419.6 462 300136.2 820.0 84 88319.9 1447.9 327 107668.4 439.5 97 15336.9 239.6 3676 826227.2 315.1 589 150308.7 410.7
Industry
Banking Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 136 5153.1 56.6 26 1451.8 121.0 38 163.0 40.8 200 6767.9 63.3 164 21045.6 175.4 39 1262.0 63.1 45 484.4 24.2 248 22792.0 142.5 6582621 0.35% 247 15075.4 93.1 48 4986.9 172.0 42 901.8 82.0 337 20964.1 103.8 6897278 0.30% 333 18784.7 74.8 39 6279.6 314.0 56 8767.0 337.2 428 33831.3 113.9 7204432 0.47% 369 23204.4 75.6 41 5792.5 231.7 63 5858.3 183.1 473 34855.2 95.8 7616368 0.46% 396 73568.7 263.7 59 5119.4 142.2 79 4593.5 112.0 534 83281.6 233.9 7988801 1.04% 348 35076.8 134.9 74 14752.4 335.3 79 10428.1 281.8 501 60257.3 176.7 8424152 0.72% 397 139274.0 428.5 64 19364.1 586.8 113 43687.0 652.0 574 202325.1 476.1 8935031 2.26% 362 300112.2 965.0 79 59114.2 1257.7 105 29229.7 423.6 546 388456.1 909.7 9368628 4.15% 261 80384.8 370.4 50 23217.9 829.2 113 19402.6 303.2 424 123005.3 398.1 9901033 1.24% 3013 711679.7 306.4 519 141340.8 480.8 733 123515.4 332.9 4265 976535.9 326.8 79302747 1.23%
Insurance
Securities/ Other
Total
GDP 6384403 Value/GDP 0.11%
339
Deals classified by country and sector of target firm
1990
Banking
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 109 4618.9 60.0 20 297.2 27.0 3 188.0 188.0 4 49.0 24.5 142 20235.8 194.6 15 513.7 46.7 6 286.1 71.5 1 10.0 10.0 227 14924.1 98.2 16 63.1 9.0 0 0.0 0.0 4 88.2 29.4 307 17640.4 75.1 19 375.6 34.1 6 742.9 185.7 1 25.8 25.8 337 21678.8 75.3 24 279.6 23.3 6 1206.3 241.3 2 39.7 19.9 361 66484.6 262.8 28 3634.2 191.3 7 3449.9 492.8 0 0.0 0.0 310 28836.1 124.3 29 1163.5 58.2 8 2948.6 421.2 1 2128.6 2128.6 340 131268.6 455.8 46 2977.9 110.3 7 4707.6 784.6 4 319.9 80.0 316 207302.6 751.1 37 83336.2 2976.3 5 9270.4 3090.1 4 203.0 50.8 211 62512.7 339.7 40 4984.0 199.4 8 12502.5 2083.8 2 385.6 192.8 2660 575502.6 275.5 274 97625.0 570.9 56 35302.3 821.0 23 3249.8 162.5
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ within industry Within border/ Cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 18 152.8 21.8 0 0.0 0.0 7 1299.0 259.8 1 0.0 0.0 29 1214.9 71.5 7 47.1 15.7 1 0.0 0.0 2 0.0 0.0 33 3164.9 143.9 11 1812.2 362.4 3 9.8 4.9 1 0.0 0.0 30 5281.2 377.2 6 953.7 190.7 3 44.7 44.7 0 0.0 0.0 33 5210.3 260.5 6 462.4 115.6 2 119.8 119.8 0 0.0 0.0 44 2372.0 84.7 7 481.3 160.4 7 393.7 98.4 1 1872.4 1872.4 57 8536.2 266.8 9 1996.1 285.2 7 4098.0 1024.5 1 122.1 122.1 45 14603.5 608.5 9 1670.8 417.7 9 3089.8 618.0 1 0.0 0.0 54 53225.3 1774.2 11 838.7 167.7 14 5050.2 420.9 0 0.0 0.0 20 4741.5 395.1 19 200.7 25.1 9 18271.9 2610.3 2 3.8 3.8 363 98502.6 478.2 85 8463.0 192.3 62 32376.9 789.7 9 1998.3 666.1
Securities/ Other
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 25 68.0 68.0 5 95.0 31.7 4 0.0 0.0 4 0.0 0.0 33 342.0 26.3 6 98.8 19.8 4 5.1 5.1 2 38.5 38.5 33 684.4 97.8 6 217.4 54.4 3 0.0 0.0 0 0.0 0.0 36 6392.6 456.6 16 2346.3 234.6 3 28.1 14.1 1 0.0 0.0 42 3817.5 254.5 17 1223.1 94.1 3 67.7 22.6 1 750.0 750.0 48 2402.1 85.8 22 1688.3 168.8 5 130.6 130.6 4 372.5 186.3 51 7219.3 300.8 22 1037.1 129.6 4 1620.8 540.3 2 550.9 275.5 84 25598.7 544.7 21 15157.6 1010.5 5 1238.4 412.8 3 1692.3 846.2 65 24206.4 576.3 30 3611.9 157.0 8 1081.3 360.4 2 330.1 330.1 70 9479.1 287.2 29 6704.9 257.9 9 160.7 53.6 5 3057.9 1529.0 487 80210.1 358.1 174 32180.4 275.0 48 4332.7 228.0 24 6792.2 617.5
Total
Number Total value Ave value
200 6767.9 63.3
248 22792.0 142.5
337 20964.1 103.8
428 33831.3 113.9
473 34855.2 95.8
534 83281.6 233.9
501 60257.3 176.7
574 202325.1 476.1
546 388456.1 909.7
424 123005.3 398.1
4265 976535.9 326.8
340
Deals classified by country and sector of acquiring firm
1990
Deal type
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 152 4839.7 56.9 25 392.2 28.0 9 636.0 127.2 6 254.6 254.6 204 21792.7 162.6 28 659.6 34.7 15 502.4 71.8 3 10.6 5.3 293 18773.4 103.7 33 2092.7 130.8 7 922.8 307.6 7 264.1 132.1 373 29314.2 111.5 41 3675.6 141.4 17 401.8 67.0 5 27.0 6.8 412 30706.6 95.1 46 1965.1 67.8 23 1121.7 112.2 6 39.7 19.9 453 71258.7 230.6 57 5803.8 181.4 37 4727.1 278.1 6 222.0 111.0 418 44591.6 154.8 60 4196.7 119.9 32 1390.3 106.9 8 693.0 173.3 469 171470.8 477.6 76 19806.3 430.6 46 10647.3 409.5 14 1851.5 205.7 434 284684.3 820.4 78 87786.8 1567.6 57 8395.3 299.8 20 2870.5 179.4 301 76733.3 335.1 88 11889.6 201.5 37 8138.5 406.9 16 2440.5 221.9 3509 754165.3 299.5 532 138268.4 416.5 280 36883.2 273.2 91 8673.5 163.7
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Crossborder Number Total value Ave value Number Total value Ave value 177 5231.9 52.8 15 890.6 148.4 232 22452.3 146.7 18 513.0 57.0 326 20866.1 105.9 14 1186.9 237.4 414 32989.8 114.2 22 428.8 42.9 458 32671.7 92.8 29 1161.4 96.8 510 77062.5 226.0 43 4949.1 260.5 478 48788.3 151.0 40 2083.3 122.5 545 191277.1 472.3 60 12498.8 357.1 512 372471.1 924.2 77 11265.8 256.0 389 88622.9 307.7 53 10579.0 341.3 4041 892433.7 313.1 371 45556.7 242.3
Deal type
Within industry Cross industry Number Total value Ave value Number Total value Ave value 161 5475.7 60.8 31 646.8 43.1 219 22295.1 158.1 31 670.2 31.9 300 19696.2 107.0 40 2356.8 130.9 390 29716.0 110.5 46 3702.6 123.4 435 31828.3 95.6 52 2004.8 64.7 490 75985.8 233.1 63 6025.8 177.2 450 45981.9 152.8 68 4889.7 125.4 515 182118.1 473.0 90 21657.8 393.8 491 293079.6 781.5 98 90657.3 1259.1 338 84871.8 340.9 104 14330.1 204.7 3789 791048.5 298.2 623 146941.9 381.7
Industry
Banking Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 120 5233.6 63.8 24 374.8 34.1 48 514.1 42.8 192 6122.5 58.3 154 20600.3 182.3 38 1612.8 76.8 58 752.2 26.9 250 22965.3 141.8 6582621 0.35% 238 15197.0 98.0 39 3372.6 124.9 63 3483.4 174.2 340 22053.0 109.2 6897278 0.32% 336 21166.8 83.7 41 5460.2 303.3 59 6791.6 242.6 436 33418.6 111.8 7204432 0.46% 360 23082.4 76.2 48 6248.9 215.5 79 4501.8 140.7 487 33833.1 92.9 7616368 0.44% 391 71463.5 266.7 71 3245.7 83.2 91 7302.4 137.8 553 82011.6 227.8 7988801 1.03% 351 33481.0 131.3 73 8831.2 245.3 94 8559.4 174.7 518 50871.6 149.6 8424152 0.60% 383 143345.9 450.8 76 24935.1 656.2 146 35494.9 422.6 605 203775.9 463.1 8935031 2.28% 375 213168.8 685.4 84 138680.0 2666.9 130 31888.1 379.6 589 383736.9 858.5 9368628 4.10% 263 74644.1 334.7 41 9076.8 394.6 138 15481.0 212.1 442 99201.9 311.0 9901033 1.00% 2971 621383.4 272.4 535 201838.1 686.5 906 114768.9 247.9 4412 937990.4 308.8 79302747 1.18%
Insurance
Securities/ Other
Total
GDP 6384403 Value/GDP 0.10%
341
Deals classified by country and sector of acquiring firm
1990
Banking
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 109 4618.9 60.0 5 95.0 31.7 4 519.7 259.9 2 0.0 0.0 142 20235.8 194.6 5 78.4 15.7 7 286.1 71.5 0 0.0 0.0 227 14924.1 98.2 7 24.5 12.3 1 0.0 0.0 3 248.4 248.4 307 17640.4 75.1 18 3182.8 265.2 8 324.3 81.1 3 19.3 9.7 338 21678.8 75.3 15 470.6 42.8 6 933.0 233.3 1 0.0 0.0 361 66484.6 262.8 17 1602.2 228.9 11 3376.7 422.1 2 0.0 0.0 310 28836.1 124.3 25 3019.9 232.3 13 952.0 136.0 3 673.0 224.3 340 131268.6 455.8 20 7224.9 516.1 18 3953.2 304.1 5 899.2 299.7 316 207302.6 751.1 34 3315.5 132.6 22 2491.3 311.4 3 59.4 29.7 211 62512.7 339.7 37 6541.4 225.6 12 4901.7 612.7 3 688.3 344.2 2661 575502.6 275.5 183 25555.2 211.2 102 17738.0 305.8 25 2587.6 199.0
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 18 152.8 21.8 2 110.7 55.4 3 111.3 55.7 1 0.0 0.0 29 1214.9 71.5 3 186.7 93.4 5 211.2 105.6 1 0.0 0.0 33 3164.9 143.9 4 197.9 66.0 2 9.8 4.9 0 0.0 0.0 30 5281.2 377.2 6 176.6 58.9 5 2.4 2.4 0 0.0 0.0 32 5210.3 260.5 8 892.9 148.8 8 145.7 48.6 0 0.0 0.0 44 2372.0 84.7 10 426.5 85.3 17 447.2 74.5 0 0.0 0.0 57 8536.2 266.8 5 0.0 0.0 10 295.0 73.8 1 0.0 0.0 45 14603.5 608.5 9 9044.0 1808.8 19 763.2 109.0 3 524.4 262.2 53 53175.3 1833.6 7 80829.5 16165.9 20 4603.5 306.9 4 71.7 23.9 20 4741.5 395.1 7 1608.8 402.2 13 2726.5 389.5 1 0.0 0.0 361 98452.6 480.3 61 93473.6 2670.7 102 9315.8 190.1 11 596.1 119.2
Securities/ Other
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 25 68.0 68.0 18 186.5 20.7 2 5.0 5.0 3 254.6 254.6 33 342.0 26.3 20 394.5 32.9 3 5.1 5.1 2 10.6 5.3 33 684.4 97.8 22 1870.3 170.0 4 913.0 913.0 4 15.7 15.7 36 6392.6 456.6 17 316.2 28.7 4 75.1 75.1 2 7.7 3.9 42 3817.5 254.5 23 601.6 50.1 9 43.0 14.3 5 39.7 19.9 48 2402.1 85.8 30 3775.1 188.8 9 903.2 301.1 4 222.0 111.0 51 7219.3 300.8 30 1176.8 53.5 9 143.3 71.7 4 20.0 20.0 84 25598.7 544.7 47 3537.4 131.0 9 5930.9 988.5 6 427.9 107.0 65 24206.4 576.3 37 3641.8 140.1 15 1300.5 260.1 13 2739.4 249.0 70 9479.1 287.2 44 3739.4 143.8 12 510.3 102.1 12 1752.2 194.7 487 80210.1 358.1 288 19239.6 109.3 76 9829.4 351.1 55 5489.8 156.9
Total
Number Total value Ave value
192 6122.5 58.3
250 22965.3 141.8
340 22053.0 109.2
436 33418.6 111.8
487 33833.1 92.9
553 82011.6 227.8
518 50871.6 149.6
605 203775.9 463.1
589 383736.9 858.5
442 99201.9 311.0
4412 937990.4 308.8
Source: Thomson Financial, SDC Platinum.
342
Table A.3 All Pacific Rim countries All values in USD millions Deals classified by country and sector of target firm
1990
Deal type
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 10 8242.9 1648.6 3 221.3 73.8 1 0.0 0.0 0 0.0 0.0 18 421.7 84.3 3 164.7 82.4 6 33.4 33.4 2 7.1 7.1 6 5.4 5.4 2 34.1 34.1 7 216.1 72.0 0 0.0 0.0 22 196.9 24.6 4 998.9 249.7 3 116.9 116.9 3 8.0 4.0 12 2074.0 345.7 5 160.9 40.2 7 196.5 49.1 1 36.6 36.6 20 34524.3 4315.5 8 202.5 101.3 12 1515.5 378.9 8 32.4 8.1 27 2896.8 482.8 10 666.5 133.3 7 124.2 62.1 4 83.2 41.6 43 1413.6 176.7 12 848.6 121.2 5 62.8 20.9 3 17.2 8.6 44 1661.2 103.8 7 239.8 60.0 7 1002.2 501.1 6 673.5 168.4 112 78164.2 2233.3 25 1281.7 91.6 12 2305.8 288.2 3 1388.3 694.2 314 129601.0 1322.5 79 4819.0 104.8 67 5573.4 199.1 30 2246.3 124.8
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Crossborder Number Total value Ave value Number Total value Ave value 13 8464.2 1058.0 1 0.0 0.0 21 586.4 83.8 8 40.5 20.3 8 39.5 19.8 7 216.1 72.0 26 1195.8 99.7 6 124.9 41.6 17 2234.9 223.5 8 233.1 46.6 28 34726.8 3472.7 20 1547.9 193.5 37 3563.3 323.9 11 207.4 51.9 55 2262.2 150.8 8 80.0 16.0 51 1901.0 95.1 13 1675.7 279.3 137 79445.9 1621.3 15 3694.1 369.4 393 134420.0 933.5 97 7819.7 170.0
Deal type
Within industry Cross industry Number Total value Ave value Number Total value Ave value 11 8242.9 1648.6 3 221.3 73.8 24 455.1 75.9 5 171.8 57.3 13 221.5 55.4 2 34.1 34.1 25 313.8 34.9 7 1006.9 167.8 19 2270.5 227.1 6 197.5 39.5 32 36039.8 3003.3 16 234.9 39.2 34 3021.0 377.6 14 749.7 107.1 48 1476.4 134.2 15 865.8 96.2 51 2663.4 148.0 13 913.3 114.2 124 80470.0 1871.4 28 2670.0 166.9 381 135174.4 1072.8 109 7065.3 110.4
Industry
Banking Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 12 8463.9 1209.1 1 0.0 0.0 1 0.3 0.3 14 8464.2 1058.0 12 32.2 16.1 4 164.7 82.4 13 430.0 86.0 29 626.9 69.7 3719670 0.02% 3 0.0 0.0 5 162.1 54.0 7 93.5 46.8 15 255.6 51.1 4024401 0.01% 18 526.4 52.6 4 0.0 0.0 10 794.3 158.9 32 1320.7 88.0 4584213 0.03% 9 2246.5 374.4 2 0.5 0.5 14 221.0 27.6 25 2468.0 164.5 5037737 0.05% 20 35251.4 3916.8 8 952.0 317.3 20 71.3 11.9 48 36274.7 2015.3 5521440 0.66% 23 2817.2 402.5 5 302.8 151.4 20 650.7 108.5 48 3770.7 251.4 5015633 0.08% 27 1816.6 227.1 5 29.1 29.1 31 496.5 45.1 63 2342.2 117.1 4626124 0.05% 23 1392.9 154.8 6 1946.9 486.7 35 236.9 18.2 64 3576.7 137.6 4189702 0.09% 58 76182.2 3312.3 12 3210.7 535.1 82 3747.1 124.9 152 83140.0 1409.2 4759985 1.75% 205 128729.3 1589.3 52 6768.8 307.7 233 6741.6 77.5 490 142239.7 748.6 44769487 0.32%
Insurance
Securities/ Other
Total
GDP 3290581 Value/GDP 0.26%
343
Deals classified by country and sector of target firm
1990
Banking
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 8 8242.6 2060.7 3 221.3 73.8 1 0.0 0.0 0 0.0 0.0 12 32.2 16.1 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 11 173.9 43.5 3 227.6 75.9 1 116.9 116.9 3 8.0 4.0 3 2044.9 1022.5 4 149.8 49.9 2 51.8 51.8 0 0.0 0.0 8 34363.3 8590.8 6 202.5 101.3 3 680.4 680.4 3 5.2 2.6 15 2482.0 827.3 5 329.6 109.9 1 0.0 0.0 2 5.6 5.6 19 1131.0 565.5 6 655.9 131.2 2 29.7 29.7 0 0.0 0.0 12 93.3 46.7 5 239.8 60.0 3 994.8 994.8 3 65.0 32.5 43 74389.7 6199.1 11 533.4 66.7 3 109.1 54.6 1 1150.0 1150.0 133 122952.9 3512.9 44 2559.9 82.6 16 1982.7 283.2 12 1233.8 154.2
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 2 164.7 82.4 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 1 34.1 34.1 3 128.0 64.0 0 0.0 0.0 3 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 0.5 0.5 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 4 134.9 67.5 1 0.0 0.0 3 817.1 817.1 0 0.0 0.0 1 0.0 0.0 2 270.7 270.7 2 32.1 32.1 0 0.0 0.0 2 29.1 29.1 3 0.0 0.0 0 0.0 0.0 0 0.0 0.0 3 1345.6 672.8 0 0.0 0.0 2 7.4 7.4 1 593.9 593.9 5 883.4 441.7 3 0.0 0.0 3 2089.0 696.3 1 238.3 238.3 22 2393.5 299.2 12 469.5 117.4 16 3073.6 384.2 2 832.2 416.1
Securities/ Other
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 1 0.3 0.3 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 5 389.5 129.8 1 0.0 0.0 5 33.4 33.4 2 7.1 7.1 3 5.4 5.4 0 0.0 0.0 4 88.1 88.1 0 0.0 0.0 8 23.0 5.8 1 771.3 771.3 1 0.0 0.0 0 0.0 0.0 8 28.6 9.5 1 11.1 11.1 4 144.7 48.2 1 36.6 36.6 8 26.1 13.1 1 0.0 0.0 6 18.0 9.0 5 27.2 13.6 11 414.8 138.3 3 66.2 66.2 4 92.1 92.1 2 77.6 77.6 22 253.5 50.7 3 192.7 96.4 3 33.1 16.6 3 17.2 8.6 29 222.3 18.5 2 0.0 0.0 2 0.0 0.0 2 14.6 14.6 64 2891.1 137.7 11 748.3 124.7 6 107.7 35.9 1 0.0 0.0 159 4254.6 77.4 23 1789.6 162.7 35 517.1 39.8 16 180.3 22.5
Total
Number Total value Ave value
14 8464.2 1058.0
29 626.9 69.7
15 255.6 51.1
32 1320.7 88.0
25 2468.0 164.5
48 36274.7 2015.3
48 3770.7 251.4
63 2342.2 117.1
64 3576.7 137.6
152 83140.0 1409.2
490 142239.7 748.6
344
Deals classified by country and sector of acquiring firm
1990
Deal type
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 10 8242.9 1648.6 3 221.3 73.8 5 1661.2 553.7 2 48.0 48.0 18 421.7 84.3 3 164.7 82.4 4 3.4 3.4 1 0.0 0.0 6 5.4 5.4 2 34.1 34.1 7 980.8 326.9 0 0.0 0.0 22 196.9 24.6 4 998.9 249.7 5 34.6 17.3 3 25.8 25.8 12 2074.0 345.7 5 160.9 40.2 6 137.2 34.3 0 0.0 0.0 20 34524.3 4315.5 8 202.5 101.3 10 1826.1 456.5 7 103.4 25.9 27 2896.8 482.8 10 666.5 133.3 8 1316.9 439.0 2 77.6 77.6 42 1413.6 176.7 12 848.6 121.2 5 1296.1 648.1 1 9.3 9.3 44 1661.2 103.8 7 239.8 60.0 7 77.7 25.9 5 3904.1 976.0 112 78164.2 2233.3 25 1281.7 91.6 12 224.3 44.9 4 160.9 160.9 313 129601.0 1322.5 79 4819.0 104.8 69 7558.3 251.9 25 4329.1 333.0
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Crossborder Number Total value Ave value Number Total value Ave value 13 8464.2 1058.0 7 1709.2 427.3 21 586.4 83.8 5 3.4 3.4 8 39.5 19.8 7 980.8 326.9 26 1195.8 99.7 8 60.4 20.1 17 2234.9 223.5 6 137.2 34.3 28 34726.8 3472.7 17 1929.5 241.2 37 3563.3 323.9 10 1394.5 348.6 54 2262.2 150.8 6 1305.4 435.1 51 1901.0 95.1 12 3981.8 568.8 137 79445.9 1621.3 16 385.2 64.2 392 134420.0 933.5 94 11887.4 276.5
Deal type
Within industry Cross industry Number Total value Ave value Number Total value Ave value 15 9904.1 1238.0 5 269.3 67.3 22 425.1 70.9 4 164.7 82.4 13 986.2 246.6 2 34.1 34.1 27 231.5 23.2 7 1024.7 204.9 18 2211.2 221.1 5 160.9 40.2 30 36350.4 3029.2 15 305.9 51.0 35 4213.7 468.2 12 744.1 124.0 47 2709.7 271.0 13 857.9 107.2 51 1738.9 91.5 12 4143.9 518.0 124 78388.5 1959.7 29 1442.6 96.2 382 137159.3 1071.6 104 9148.1 155.1
Industry
Banking Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 11 9848.0 1969.6 5 137.6 45.9 4 187.8 47.0 20 10173.4 847.8 13 32.2 16.1 2 0.0 0.0 11 557.6 92.9 26 589.8 73.7 3719670 0.02% 3 809.1 809.1 3 83.6 83.6 9 127.6 42.5 15 1020.3 204.1 4024401 0.03% 16 979.2 163.2 4 0.0 0.0 14 277.0 30.8 34 1256.2 83.7 4584213 0.03% 5 2096.7 698.9 5 14.8 4.9 13 260.6 32.6 23 2372.1 169.4 5037737 0.05% 17 36243.9 5177.7 9 162.1 40.5 19 250.3 35.8 45 36656.3 2036.5 5521440 0.66% 23 4103.7 586.2 5 109.7 54.9 19 744.4 124.1 47 4957.8 330.5 5015633 0.10% 25 2611.0 522.2 5 47.2 15.7 30 909.4 90.9 60 3567.6 198.2 4626124 0.08% 13 93.3 46.7 8 1977.0 494.3 42 3812.5 181.5 63 5882.8 217.9 4189702 0.14% 59 75142.9 3954.9 12 1010.7 336.9 82 3677.5 111.4 153 79831.1 1451.5 4759985 1.68% 185 131960.0 2315.1 58 3542.7 154.0 243 10804.7 101.0 486 146307.4 782.4 44769487 0.33%
Insurance
Securities/ Other
Total
GDP 3290581 Value/GDP 0.31%
345
Deals classified by country and sector of acquiring firm
1990
Banking
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 8 8242.6 2060.7 0 0.0 0.0 3 1605.4 1605.4 0 0.0 0.0 12 32.2 16.1 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 2 0.0 0.0 0 0.0 0.0 1 809.1 809.1 0 0.0 0.0 11 173.9 43.5 1 771.3 771.3 3 34.0 34.0 1 0.0 0.0 3 2044.9 1022.5 0 0.0 0.0 2 51.8 51.8 0 0.0 0.0 8 34363.3 8590.8 2 0.0 0.0 4 1808.1 904.1 3 72.5 72.5 15 2482.0 827.3 4 336.9 168.5 4 1284.8 642.4 0 0.0 0.0 19 1131.0 565.5 2 183.9 183.9 4 1296.1 648.1 0 0.0 0.0 12 93.3 46.7 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 43 74389.7 6199.1 12 748.3 124.7 2 4.9 4.9 2 0.0 0.0 133 122952.9 3512.9 22 2040.4 204.0 23 6894.2 626.7 7 72.5 72.5
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 1 0.0 0.0 1 64.6 64.6 1 25.0 25.0 2 48.0 48.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 2 83.6 83.6 0 0.0 0.0 3 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 0.5 0.5 2 11.1 11.1 2 3.2 3.2 0 0.0 0.0 4 134.9 67.5 2 0.0 0.0 1 0.0 0.0 2 27.2 13.6 1 0.0 0.0 0 0.0 0.0 2 32.1 32.1 2 77.6 77.6 2 29.1 29.1 2 8.8 8.8 0 0.0 0.0 1 9.3 9.3 3 1345.6 672.8 1 0.0 0.0 3 3.0 3.0 1 628.4 628.4 5 883.4 441.7 2 0.0 0.0 4 127.3 127.3 1 0.0 0.0 22 2393.5 299.2 11 84.5 28.2 16 274.2 45.7 9 790.5 131.8
Securities/ Other
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 1 0.3 0.3 2 156.7 78.4 1 30.8 30.8 0 0.0 0.0 5 389.5 129.8 2 164.7 82.4 4 3.4 3.4 0 0.0 0.0 3 5.4 5.4 2 34.1 34.1 4 88.1 88.1 0 0.0 0.0 8 23.0 5.8 3 227.6 75.9 1 0.6 0.6 2 25.8 25.8 8 28.6 9.5 3 149.8 49.9 2 82.2 41.1 0 0.0 0.0 8 26.1 13.1 4 202.5 101.3 5 18.0 9.0 2 3.7 3.7 11 414.8 138.3 6 329.6 109.9 2 0.0 0.0 0 0.0 0.0 21 253.5 50.7 8 655.9 131.2 1 0.0 0.0 0 0.0 0.0 29 222.3 18.5 5 239.8 60.0 4 74.7 37.4 4 3275.7 1091.9 64 2891.1 137.7 11 533.4 66.7 6 92.1 30.7 1 160.9 160.9 158 4254.6 77.4 46 2694.1 81.6 30 389.9 30.0 9 3466.1 577.7
Total
Number Total value Ave value
20 10173.4 847.8
26 589.8 73.7
15 1020.3 204.1
34 1256.2 83.7
23 2372.1 169.4
45 36656.3 2036.5
47 4957.8 330.5
60 3567.6 198.2
63 5882.8 217.9
153 79831.1 1451.5
486 146307.4 782.4
Source: Thomson Financial, SDC Platinum.
346
Table A.4 All European countries All values in USD millions Deals classified by country and sector of target firm
1990
Deal type
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 51 4679.9 212.7 25 11682.3 834.5 24 4920.0 492.0 10 1487.4 247.9 181 10392.0 216.5 47 3574.7 255.3 28 487.9 81.3 16 326.4 54.4 174 12561.7 314.0 48 1477.9 70.4 31 1065.6 106.6 11 2034.4 339.1 137 24094.6 523.8 45 1451.1 60.5 31 4075.4 370.5 9 509.0 169.7 159 10840.4 208.5 60 1553.8 59.8 41 3484.6 205.0 15 201.0 40.2 132 21994.9 458.2 70 2851.2 101.8 56 6139.7 255.8 16 1065.0 133.1 157 25550.9 381.4 70 2311.1 72.2 49 4561.6 240.1 17 525.2 87.5 123 48985.4 765.4 59 17548.1 531.8 61 16615.6 553.9 21 5157.9 468.9 141 67829.7 880.9 36 19877.0 946.5 62 8571.4 267.9 25 6804.9 425.3 181 116379.3 1454.7 59 8785.9 225.3 52 15420.5 642.5 19 6439.9 536.7 1436 343308.8 631.1 519 71113.1 282.2 435 65342.3 357.1 159 24551.1 310.8
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Crossborder Number Total value Ave value Number Total value Ave value 76 16362.2 454.5 34 6407.4 400.5 228 13966.7 225.3 44 814.3 67.9 222 14039.6 230.2 42 3100.0 193.8 182 25545.7 364.9 40 4584.4 327.5 219 12394.2 158.9 56 3685.6 167.5 202 24846.1 326.9 72 7204.7 225.1 227 27862.0 281.4 66 5086.8 203.5 182 66533.5 685.9 82 21773.5 531.1 177 87706.7 895.0 87 15376.3 320.3 240 125165.2 1051.8 71 21860.4 607.2 1955 414421.9 520.6 594 89893.4 343.1
Deal type
Within industry Cross industry Number Total value Ave value Number Total value Ave value 75 9599.9 300.0 35 13169.7 658.5 209 10879.9 201.5 63 3901.1 195.1 205 13627.3 272.5 59 3512.3 130.1 168 28170.0 494.2 54 1960.1 72.6 200 14325.0 207.6 75 1754.8 56.6 188 28134.6 390.8 86 3916.2 108.8 206 30112.5 350.1 87 2836.3 74.6 184 65601.0 697.9 80 22706.0 516.0 203 76401.1 700.9 61 26681.9 721.1 233 131799.8 1267.3 78 15225.8 298.5 1871 408651.1 562.1 678 95664.2 289.0
Industry
Banking Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 51 17424.2 670.2 27 3587.7 299.0 32 1757.7 125.6 110 22769.6 437.9 135 10457.4 255.1 46 1983.2 198.3 91 2340.4 101.8 272 14781.0 199.7 6738836 0.22% 131 11578.0 289.5 49 3854.8 257.0 84 1706.8 77.6 264 17139.6 222.6 7343535 0.23% 110 10396.2 253.6 44 10666.1 561.4 68 9067.8 377.8 222 30130.1 358.7 6658502 0.45% 147 9105.8 182.1 37 5706.1 335.7 91 1267.9 38.4 275 16079.8 160.8 7072407 0.23% 116 27421.3 559.6 56 897.5 64.1 102 3732.0 82.9 274 32050.8 296.8 8060793 0.40% 109 8476.9 197.1 70 17911.5 617.6 114 6560.4 126.2 293 32948.8 265.7 8198157 0.40% 110 45983.5 836.1 76 35671.3 849.3 78 6652.2 162.2 264 88307.0 639.9 7681151 1.15% 148 71525.5 841.5 61 28209.7 972.7 55 3347.8 104.6 264 103083.0 706.0 7921755 1.30% 169 113710.9 1307.0 41 18077.9 1291.3 101 15236.8 282.2 311 147025.6 948.6 7888743 1.86% 1226 326079.7 630.7 507 126565.8 629.7 816 51669.8 152.0 2549 504315.3 476.7 74036296 0.68%
Insurance
Securities/ Other
Total
GDP 6472416 Value/GDP 0.35%
347
Deals classified by country and sector of target firm
1990
Banking
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 22 3904.4 354.9 14 10145.0 1268.1 10 2155.5 431.1 5 1219.3 609.7 90 7470.3 339.6 24 2486.2 226.0 12 276.7 69.2 9 224.2 56.1 89 8727.9 396.7 23 859.6 86.0 14 229.7 76.6 5 1760.8 440.2 72 8869.5 341.1 23 840.6 70.1 12 299.9 150.0 3 386.2 386.2 93 7292.3 251.5 31 1110.2 92.5 16 588.2 98.0 7 115.1 38.4 66 21501.6 767.9 24 950.5 135.8 20 4381.5 438.2 6 587.7 146.9 70 7601.2 271.5 19 159.9 22.8 12 223.6 55.9 8 492.2 123.1 66 39640.9 1132.6 19 580.7 96.8 21 962.6 96.3 4 4799.3 1199.8 89 49851.2 977.5 20 15956.1 1227.4 28 3218.9 229.9 11 2499.3 357.0 113 104211.8 2043.4 28 2753.3 153.0 18 1178.5 117.9 10 5567.3 695.9 770 259071.1 855.0 225 35842.1 344.6 163 13515.1 198.8 68 17651.4 430.5
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 11 743.8 124.0 4 17.6 17.6 10 2733.7 683.4 2 92.6 92.6 26 621.7 155.4 5 1048.1 524.1 13 211.2 105.6 2 102.2 51.1 29 2775.4 555.1 9 278.0 69.5 10 801.4 133.6 1 0.0 0.0 24 7015.2 876.9 5 309.1 77.3 12 3330.7 555.1 3 11.1 11.1 12 2820.6 564.1 5 49.7 16.6 18 2809.8 351.2 2 26.0 26.0 20 27.1 4.5 15 444.3 148.1 20 342.2 85.6 1 83.9 83.9 31 16776.0 1398.0 16 246.3 27.4 21 889.2 111.2 2 0.0 0.0 25 8730.5 623.6 15 16527.2 1652.7 30 10344.4 646.5 6 69.2 34.6 26 16443.0 2055.4 7 3563.1 712.6 24 4965.8 354.7 4 3237.8 1618.9 19 10749.1 2149.8 5 384.8 77.0 15 6779.0 2259.7 2 165.0 165.0 223 66702.4 913.7 86 22868.2 497.1 173 33207.4 467.7 25 3787.8 344.3
Securities/ Other
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 18 31.7 6.3 7 1519.7 303.9 4 30.8 30.8 3 175.5 58.5 65 2300.0 104.5 18 40.4 40.4 3 0.0 0.0 5 0.0 0.0 56 1058.4 88.2 16 340.3 48.6 7 34.5 34.5 5 273.6 136.8 41 8209.9 684.2 17 301.4 37.7 7 444.8 148.3 3 111.7 111.7 54 727.5 40.4 24 393.9 35.8 7 86.6 28.9 6 59.9 59.9 46 466.2 33.3 31 1456.4 80.9 16 1416.0 141.6 9 393.4 131.1 56 1173.7 43.5 35 1904.9 119.1 16 3448.8 492.7 7 33.0 16.5 32 614.0 40.9 25 440.2 25.9 10 5308.6 1327.2 11 289.4 57.9 26 1535.5 85.3 9 357.8 119.3 10 386.7 96.7 10 1067.8 152.5 49 1418.4 59.1 26 5647.8 353.0 19 7463.0 678.5 7 707.6 235.9 443 17535.3 105.0 208 12402.8 121.6 99 18619.8 423.2 66 3111.9 115.3
Total
Number Total value Ave value
110 22769.6 437.9
272 14781.0 199.7
264 17139.6 222.6
222 30130.1 358.7
275 16079.8 160.8
274 32050.8 296.8
293 32948.8 265.7
264 88307.0 639.9
264 103083.0 706.0
311 147025.6 948.6
2549 504315.3 476.7
348
Deals classified by country and sector of acquiring firm
1990
Deal type
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 51 4679.9 212.7 25 11682.3 834.5 37 4625.8 355.8 12 1395.8 232.6 181 10392.0 216.5 47 3574.7 255.3 39 408.6 51.1 22 431.3 43.1 174 12561.7 314.0 48 1477.9 70.4 39 1141.3 81.5 14 2006.1 222.9 137 24094.6 523.8 45 1451.1 60.5 32 4861.7 374.0 8 659.8 165.0 159 10840.4 208.5 61 1553.8 59.8 50 3546.9 186.7 12 910.4 227.6 132 21994.9 458.2 70 2851.2 101.8 74 6812.9 212.9 27 3274.9 297.7 157 25550.9 381.4 70 2311.1 72.2 63 12693.7 470.1 23 2992.4 427.5 124 48985.4 765.4 59 17548.1 531.8 61 18119.7 696.9 27 6975.8 581.3 142 67879.7 870.3 36 19877.0 946.5 74 19785.1 471.1 29 1826.9 130.5 181 116379.3 1454.7 59 8785.9 225.3 97 51000.0 1020.0 38 13802.2 530.9 1438 343358.8 630.0 520 71113.1 282.2 566 122995.7 504.1 212 34275.6 332.8
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Crossborder Number Total value Ave value Number Total value Ave value 76 16362.2 454.5 49 6021.6 316.9 228 13966.7 225.3 61 839.9 46.7 222 14039.6 230.2 53 3147.4 136.8 182 25545.7 364.9 40 5521.5 324.8 220 12394.2 158.9 62 4457.3 193.8 202 24846.1 326.9 101 10087.8 234.6 227 27862.0 281.4 86 15686.1 461.4 183 66533.5 685.9 88 25095.5 660.4 178 87756.7 886.4 103 21612.0 385.9 240 125165.2 1051.8 135 64802.2 852.7 1958 414471.9 520.0 778 157271.3 453.2
Deal type
Within industry Cross industry Number Total value Ave value Number Total value Ave value 88 9305.7 265.9 37 13078.1 653.9 220 10800.6 192.9 69 4006.0 166.9 213 13703.0 253.8 62 3484.0 116.1 169 28956.3 490.8 53 2110.9 75.4 209 14387.3 202.6 73 2464.2 82.1 206 28807.8 360.1 97 6126.1 157.1 220 38244.6 406.9 93 5303.5 136.0 185 67105.1 745.6 86 24523.9 545.0 216 87664.8 730.5 65 21703.9 620.1 278 167379.3 1287.5 97 22588.1 347.5 2004 466354.5 591.1 732 105388.7 296.9
Industry
Banking Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value GDP
Value/GDP
49 4946.4 206.1 40 14400.6 757.9 36 3036.8 253.1 125 22383.8 407.0 6472416 0.35%
130 8789.4 293.0 58 1137.3 94.8 101 4879.9 128.4 289 14806.6 185.1 6738836 0.22%
125 9424.5 304.0 55 4029.8 183.2 95 3732.7 124.4 275 17187.0 204.6 7343535 0.23%
102 10436.2 260.9 49 11360.4 493.9 71 9270.6 386.3 222 31067.2 357.1 6658502 0.47%
138 9010.2 204.8 47 6128.0 278.5 97 1713.3 50.4 282 16851.5 166.8 7072407 0.24%
144 27630.6 425.1 62 2328.5 122.6 97 4974.8 142.1 303 34933.9 293.6 8060793 0.43%
130 12581.9 233.0 69 21913.0 876.5 114 9053.2 167.7 313 43548.1 327.4 8198157 0.53%
125 58345.7 911.7 67 27296.2 802.8 79 5987.1 161.8 271 91629.0 678.7 7681151 1.19%
140 65998.4 825.0 71 22057.5 735.3 70 21312.8 473.6 281 109368.7 705.6 7921755 1.38%
184 124873.1 1261.3 71 48932.0 1578.5 120 16162.3 248.7 375 189967.4 974.2 7888743 2.41%
1267 332036.4 625.3 589 159583.3 673.3 880 80123.5 214.2 2736 571743.2 499.8 74036296 0.77%
Insurance
Securities /Other
Total
349
Deals classified by country and sector of acquiring firm
1990
Banking
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 22 3904.4 354.9 8 156.9 52.3 15 709.6 101.4 4 175.5 58.5 90 7470.3 339.6 20 1048.1 524.1 13 82.2 41.1 7 188.8 47.2 89 8727.9 396.7 15 491.5 122.9 17 179.9 45.0 4 25.2 25.2 72 8869.5 341.1 16 536.6 59.6 11 918.4 229.6 3 111.7 111.7 92 7292.3 251.5 21 300.1 37.5 17 667.8 111.3 8 750.0 750.0 66 21501.6 767.9 33 486.2 30.4 29 5064.6 297.9 16 578.2 144.6 70 7601.2 271.5 31 1704.5 106.5 17 2885.5 360.7 12 390.7 195.4 66 39640.9 1132.6 27 12930.2 680.5 20 5453.4 908.9 12 321.2 80.3 89 49851.2 977.5 10 2352.9 588.2 29 13007.0 722.6 12 787.3 112.5 113 104211.8 2043.4 23 2415.5 161.0 36 15348.8 639.5 12 2897.0 321.9 769 259071.1 852.2 204 22422.5 233.6 204 44317.2 456.9 90 6225.6 172.9
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 11 743.8 124.0 10 8932.2 1488.7 17 3916.2 652.7 2 808.4 808.4 26 621.7 155.4 5 40.4 40.4 21 325.5 81.4 6 149.7 49.9 29 2775.4 555.1 7 334.3 66.9 16 899.2 99.9 3 20.9 7.0 24 7015.2 876.9 11 331.9 55.3 12 3476.3 496.6 2 537.0 268.5 13 2820.6 564.1 10 435.8 54.5 23 2811.7 351.5 1 59.9 59.9 20 27.1 4.5 11 975.9 325.3 28 1325.5 132.6 3 0.0 0.0 31 16776.0 1398.0 8 212.2 212.2 27 4923.9 447.6 3 0.9 0.9 25 8730.5 623.6 9 140.9 47.0 29 12030.0 859.3 4 6394.8 2131.6 27 16493.0 1832.6 4 83.2 83.2 34 4835.8 254.5 6 645.5 645.5 19 10749.1 2149.8 8 4246.1 849.2 36 28452.1 1896.8 8 5484.7 914.1 225 66752.4 902.1 83 15732.9 403.4 243 62996.2 611.6 38 14101.8 671.5
Securities/ Other
Within border/ within industry Within border/ cross industry Cross border/ Within industry Cross border/ Cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 18 31.7 6.3 7 2593.2 518.6 5 0.0 0.0 6 411.9 206.0 65 2300.0 104.5 22 2486.2 226.0 5 0.9 0.5 9 92.8 30.9 56 1058.4 88.2 26 652.1 54.3 6 62.2 62.2 7 1960.0 392.0 41 8209.9 684.2 18 582.6 64.7 9 467.0 233.5 3 11.1 11.1 54 727.5 40.4 30 817.9 81.8 10 67.4 16.9 3 100.5 50.3 46 466.2 33.3 26 1389.1 154.3 17 422.8 84.6 8 2696.7 385.2 56 1173.7 43.5 31 394.4 26.3 19 4884.3 610.5 8 2600.8 650.2 33 614.0 40.9 23 4477.0 407.0 12 636.3 106.1 11 259.8 52.0 26 1535.5 85.3 22 17440.9 1090.1 11 1942.3 388.5 11 394.1 65.7 49 1418.4 59.1 28 2124.3 111.8 25 7199.1 654.5 18 5420.5 492.8 444 17535.3 105.0 233 32957.7 281.7 119 15682.3 356.4 84 13948.2 303.2
Total
Number Total value Ave value
125 22383.8 407.0
289 14806.6 185.1
275 17187.0 204.6
222 31067.2 357.1
282 16851.5 166.8
303 34933.9 293.6
313 43548.1 327.4
271 91629.0 678.7
281 109368.7 705.6
375 189967.4 974.2
2736 571743.2 499.8
Source: Thomson Financial, SDC Platinum.
350
Table A.5 Country: United States All values in USD millions Deals classified by country and sector of target firm
1990
Deal type
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Average value 145 4117.6 50.2 21 338.4 28.2 13 1379.2 275.8 7 49.0 24.5 192 21742.1 167.2 17 335.3 30.5 9 291.2 58.2 5 48.5 24.3 280 18743.4 105.9 28 1870.8 143.9 4 9.8 4.9 5 88.2 29.4 358 28702.8 111.7 36 3285.6 136.9 10 770.2 154.0 2 25.8 25.8 401 30683.4 95.6 42 1665.7 61.7 9 1267.7 181.1 3 789.7 263.2 441 71135.4 234.0 52 5541.9 178.8 14 3697.9 369.8 5 2244.9 748.3 401 43697.9 153.3 50 3627.0 134.3 15 8530.4 775.5 3 2679.5 893.2 437 167025.3 485.5 65 19727.2 458.8 20 9005.5 692.7 7 1986.9 397.4 414 284220.7 851.0 68 87616.8 1788.1 19 14124.1 1086.5 6 533.1 106.6 273 70105.0 323.1 77 9672.7 193.5 23 28209.2 2169.9 7 3438.7 859.7 3342 740173.6 302.0 456 133681.4 465.8 136 67285.2 801.0 50 11884.3 383.4
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Crossborder Number Total value Ave value Number Total value Ave value 166 4456.0 47.4 20 1428.2 204.0 209 22077.4 156.6 14 339.7 48.5 308 20614.2 108.5 9 98.0 19.6 394 31988.4 113.8 12 796.0 132.7 443 32349.1 93.0 12 2057.4 205.7 493 76677.3 228.9 19 5942.8 457.1 451 47324.9 151.7 18 11209.9 800.7 502 186752.5 482.6 27 10992.4 610.7 482 371837.5 970.9 25 14657.2 814.3 350 79777.7 298.8 30 31647.9 1861.6 3798 873855.0 319.2 186 79169.5 688.4
Deal type
Within industry Cross industry Number Total value Ave value Number Total value Ave value 158 5496.8 63.2 28 387.4 27.7 201 22033.3 163.2 22 383.8 29.5 284 18753.2 104.8 33 1959.0 122.4 368 29473.0 112.5 38 3311.4 132.5 410 31951.1 97.4 45 2455.4 81.8 455 74833.3 238.3 57 7786.8 229.0 416 52228.3 176.4 53 6306.5 210.2 457 176030.8 493.1 72 21714.1 452.4 433 298344.8 859.8 74 88149.9 1632.4 296 98314.2 427.5 84 13111.4 242.8 3478 807458.8 318.5 506 145565.7 457.8
Industry
Banking Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value GDP
Value/GDP
131 4413.9 50.2 23 1329.4 132.9 32 140.9 47.0 186 5884.2 58.3 5803250 0.10%
152 20780.1 183.9 36 1262.0 63.1 35 375.0 25.0 223 22417.1 151.5 5986225 0.37%
243 15046.4 93.5 46 4986.9 172.0 28 678.9 135.8 317 20712.2 106.2 6318950 0.33%
326 18540.0 74.8 36 5744.6 337.9 44 8499.8 386.4 406 32784.4 114.2 6642325 0.49%
365 23204.4 75.6 37 5656.8 245.9 53 5545.3 198.0 455 34406.5 96.1 7054300 0.49%
390 73260.7 266.4 56 4973.7 142.1 66 4385.7 115.4 512 82620.1 237.4 7400550 1.12%
334 34942.2 138.7 66 13635.1 349.6 69 9957.5 284.5 469 58534.8 179.6 7813175 0.75%
374 136957.6 439.0 56 17218.1 573.9 99 43569.2 691.6 529 197744.9 488.3 8300725 2.38%
348 299610.0 998.7 69 58583.0 1394.8 90 28301.7 479.7 507 386494.7 963.8 8759950 4.41%
248 70414.5 340.2 47 23172.1 891.2 85 17839.0 349.8 380 111425.6 392.3 9256150 1.20%
2911 697169.8 308.1 472 136561.7 503.9 601 119293.0 374.0 3984 953024.5 334.0 73335600 1.30%
Insurance
Securities /Other
Total
351
Deals classified by country and sector of target firm
1990
Banking
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 107 3911.4 52.2 17 265.5 26.6 3 188.0 188.0 4 49.0 24.5 136 20216.8 198.2 9 267.2 44.5 6 286.1 71.5 1 10.0 10.0 225 14924.1 98.2 14 34.1 5.7 0 0.0 0.0 4 88.2 29.4 302 17565.2 75.4 17 206.1 20.6 6 742.9 185.7 1 25.8 25.8 336 21678.8 75.3 21 279.6 23.3 6 1206.3 241.3 2 39.7 19.9 356 66438.5 265.8 27 3372.3 187.4 7 3449.9 492.8 0 0.0 0.0 305 28826.2 124.8 22 1050.5 75.0 6 2936.9 489.5 1 2128.6 2128.6 325 128987.6 465.7 38 2942.5 117.7 7 4707.6 784.6 4 319.9 80.0 308 206908.6 766.3 31 83228.0 3618.6 5 9270.4 3090.1 4 203.0 50.8 208 56873.3 312.5 32 3351.9 176.4 7 9812.3 1962.5 1 377.0 377.0 2608 566330.5 274.9 228 94997.7 664.3 53 32600.4 795.1 22 3241.2 170.6
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 16 138.2 23.0 0 0.0 0.0 6 1191.2 297.8 1 0.0 0.0 28 1214.9 71.5 6 47.1 15.7 0 0.0 0.0 2 0.0 0.0 33 3164.9 143.9 10 1812.2 362.4 2 9.8 4.9 1 0.0 0.0 28 4790.9 399.2 6 953.7 190.7 2 0.0 0.0 0 0.0 0.0 30 5194.4 273.4 6 462.4 115.6 1 0.0 0.0 0 0.0 0.0 43 2372.0 84.7 7 481.3 160.4 5 248.0 82.7 1 1872.4 1872.4 52 7652.4 255.1 8 1988.0 331.3 6 3994.7 1331.6 0 0.0 0.0 38 12487.8 567.6 9 1670.8 417.7 8 3059.5 764.9 1 0.0 0.0 51 53225.3 1774.2 8 779.0 194.8 10 4578.7 572.3 0 0.0 0.0 19 4713.9 428.5 18 182.5 26.1 9 18271.9 2610.3 1 3.8 3.8 338 94954.7 482.0 78 8377.0 204.3 49 31353.8 1011.4 7 1876.2 938.1
Securities/ Other
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value 22 68.0 68.0 4 72.9 28 310.4 28.2 2 21.0 22 654.4 218.1 4 24.5 28 6346.7 528.9 13 2125.8 35 3810.2 272.2 15 923.7 42 2324.9 89.4 18 1688.3 44 7219.3 300.8 20 588.5 74 25549.9 567.8 18 15113.9 55 24086.8 708.4 29 3609.8 46 8517.8 354.9 27 6138.3 396 78888.4 406.6 150 30306.7
Ave value Number Total value Ave value Number Total value Ave value
36.5 4 0.0 0.0 2 0.0 0.0
10.5 3 5.1 5.1 2 38.5 38.5
12.3 2 0.0 0.0 0 0.0 0.0
236.2 2 27.3 27.3 1 0.0 0.0
84.0 2 61.4 30.7 1 750.0 750.0
168.8 2 0.0 0.0 4 372.5 186.3
84.1 3 1598.8 799.4 2 550.9 275.5
1079.6 5 1238.4 412.8 2 1667.0 1667.0
164.1 4 275.0 137.5 2 330.1 330.1
255.8 7 125.0 125.0 5 3057.9 1529.0
294.2 34 3331.0 277.6 21 6766.9 676.7
Total
Number Total value Ave value
186 5884.2 58.3
223 22417.1 151.5
317 20712.2 106.2
406 32784.4 114.2
455 34406.5 96.1
512 82620.1 237.4
469 58534.8 179.6
529 197744.9 488.3
507 386494.7 963.8
380 111425.6 392.3
3984 953024.5 334.0
352
Deals classified by country and sector of acquiring firm
1990
Deal type
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 145 4117.6 50.2 21 338.4 28.2 7 448.0 112.0 4 254.6 254.6 192 21742.1 167.2 17 335.3 30.5 9 437.2 109.3 3 10.6 5.3 280 18743.4 105.9 28 1870.8 143.9 5 922.8 307.6 4 248.4 248.4 358 28702.8 111.7 36 3285.6 136.9 15 397.4 79.5 3 19.3 9.7 401 30683.4 95.6 41 1665.7 61.7 18 747.8 93.5 5 10.6 10.6 441 71135.4 234.0 52 5541.9 178.8 35 4727.1 278.1 4 222.0 111.0 401 43697.9 153.3 50 3627.0 134.3 29 1182.2 107.5 5 3.0 3.0 437 167025.3 485.5 65 19727.2 458.8 32 8161.3 583.0 12 1755.6 219.5 413 284170.7 853.4 68 87616.8 1788.1 44 6537.9 311.3 18 2807.2 187.1 272 70105.0 323.1 77 9672.7 193.5 31 8098.0 449.9 16 2440.5 221.9 3340 740123.6 302.1 455 133681.4 465.8 225 31659.7 301.5 74 7771.8 176.6
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Crossborder Number Total value Ave value Number Total value Ave value 166 4456.0 47.4 11 702.6 140.5 209 22077.4 156.6 12 447.8 74.6 308 20614.2 108.5 9 1171.2 292.8 394 31988.4 113.8 18 416.7 59.5 442 32349.1 93.0 23 758.4 84.3 493 76677.3 228.9 39 4949.1 260.5 451 47324.9 151.7 34 1185.2 98.8 502 186752.5 482.6 44 9916.9 450.8 481 371787.5 973.3 62 9345.1 259.6 349 79777.7 298.8 47 10538.5 363.4 3795 873805.0 319.3 299 39431.5 264.6
Deal type
Within industry Cross industry Number Total value Ave value Number Total value Ave value 152 4565.6 53.1 25 593.0 45.6 201 22179.3 165.5 20 345.9 26.6 285 19666.2 109.3 32 2119.2 151.4 373 29100.2 111.1 39 3304.9 127.1 419 31431.2 95.5 46 1676.3 59.9 476 75862.5 236.3 56 5763.9 174.7 430 44880.1 151.6 55 3630.0 129.6 469 175186.6 489.3 77 21482.8 421.2 457 290708.6 821.2 86 90424.0 1412.9 303 78203.0 332.8 93 12113.2 198.6 3565 771783.3 302.1 529 141453.2 427.4
Industry
Banking Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value GDP Value/GDP 113 4316.0 55.3 22 360.2 36.0 42 482.4 43.9 177 5158.6 52.1 5803250 0.09% 142 20471.0 191.3 34 1426.1 75.1 45 628.1 29.9 221 22525.2 153.2 5986225 0.38% 235 15197.0 98.0 37 3179.7 127.2 45 3408.7 243.5 317 21785.4 112.3 6318950 0.34% 327 20866.7 83.8 38 4800.4 320.0 47 6738.0 280.8 412 32405.1 112.5 6642325 0.49% 356 22528.9 75.1 43 6113.2 226.4 66 4465.4 148.8 465 33107.5 92.7 7054300 0.47% 381 71417.4 269.5 67 2983.8 78.5 84 7225.2 141.7 532 81626.4 230.6 7400550 1.10% 339 32239.6 129.5 67 7844.1 237.7 79 8426.4 200.6 485 48510.1 149.7 7813175 0.62% 361 138935.1 460.1 61 22494.4 703.0 124 35239.9 469.9 546 196669.4 480.9 8300725 2.37% 362 212713.0 702.0 74 136854.6 2975.1 107 31565.0 457.5 543 381132.6 911.8 8759950 4.35% 255 68393.8 315.2 36 7685.6 366.0 105 14236.8 245.5 396 90316.2 305.1 9256150 0.98% 2871 607078.5 272.8 479 193742.1 728.4 744 112415.9 284.6 4094 913236.5 316.4 73335600 1.25%
Insurance
Securities/ Other
Total
353
Deals classified by country and sector of acquiring firm
1990
Banking
Within border/ within industry Within border/ cross industry Cross border/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 107 3911.4 52.2 4 72.9 36.5 2 331.7 331.7 0 0.0 0.0 136 20216.8 198.2 3 28.2 9.4 3 226.0 113.0 0 0.0 0.0 225 14924.1 98.2 6 24.5 12.3 1 0.0 0.0 3 248.4 248.4 302 17565.2 75.4 15 2962.3 269.3 7 319.9 106.6 3 19.3 9.7 337 21678.8 75.3 13 171.2 19.0 5 678.9 226.3 1 0.0 0.0 356 66438.5 265.8 14 1602.2 228.9 11 3376.7 422.1 0 0.0 0.0 305 28826.2 124.8 22 2563.2 233.0 11 847.2 141.2 1 3.0 3.0 325 128987.6 465.7 19 7224.9 516.1 13 1823.4 227.9 4 899.2 299.7 308 206908.6 766.3 32 3253.7 141.5 19 2491.3 311.4 3 59.4 29.7 208 56873.3 312.5 34 5956.6 229.1 10 4875.6 696.5 3 688.3 344.2 2609 566330.5 274.9 162 23859.7 220.9 82 14970.7 325.5 18 1917.6 174.3
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 16 138.2 23.0 2 110.7 55.4 3 111.3 55.7 1 0.0 0.0 28 1214.9 71.5 0 0.0 0.0 5 211.2 105.6 1 0.0 0.0 33 3164.9 143.9 2 5.0 5.0 2 9.8 4.9 0 0.0 0.0 28 4790.9 399.2 5 7.1 3.6 5 2.4 2.4 0 0.0 0.0 29 5194.4 273.4 8 892.9 148.8 6 25.9 13.0 0 0.0 0.0 43 2372.0 84.7 8 164.6 41.2 16 447.2 74.5 0 0.0 0.0 52 7652.4 255.1 5 0.0 0.0 9 191.7 63.9 1 0.0 0.0 38 12487.8 567.6 6 9000.3 2250.1 14 481.9 120.5 3 524.4 262.2 50 53175.3 1833.6 7 80829.5 16165.9 14 2778.1 308.7 3 71.7 23.9 19 4713.9 428.5 5 245.2 81.7 11 2726.5 389.5 1 0.0 0.0 336 94904.7 484.2 48 91255.3 3379.8 85 6986.0 183.8 10 596.1 119.2
Securities/ Other
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 22 68.0 68.0 15 154.8 19.4 2 5.0 5.0 3 254.6 254.6 28 310.4 28.2 14 307.1 38.4 1 0.0 0.0 2 10.6 5.3 22 654.4 218.1 20 1841.3 184.1 2 913.0 913.0 1 0.0 0.0 28 6346.7 528.9 16 316.2 28.7 3 75.1 75.1 0 0.0 0.0 35 3810.2 272.2 20 601.6 50.1 7 43.0 14.3 4 10.6 10.6 42 2324.9 89.4 30 3775.1 188.8 8 903.2 301.1 4 222.0 111.0 44 7219.3 300.8 23 1063.8 66.5 9 143.3 71.7 3 0.0 0.0 74 25549.9 567.8 40 3502.0 140.1 5 5856.0 2928.0 5 332.0 110.7 55 24086.8 708.4 29 3533.6 168.3 11 1268.5 317.1 12 2676.1 267.6 45 8517.8 354.9 38 3470.9 165.3 10 495.9 124.0 12 1752.2 194.7 395 78888.4 406.6 245 18566.4 122.1 58 9703.0 462.0 46 5258.1 187.8
Total
Number Total value Ave value
177 5158.6 52.1
221 22525.2 153.2
317 21785.4 112.3
412 32405.1 112.5
465 33107.5 92.7
532 81626.4 230.6
485 48510.1 149.7
546 196669.4 480.9
543 381132.6 911.8
396 90316.2 305.1
4094 913236.5 316.4
Source: Thomson Financial, SDC Platinum.
354
Table A.6 Country: Canada All values in USD millions Deals classified by country and sector of target firm
1990
Deal type
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 7 722.1 240.7 4 53.8 26.9 1 107.8 107.8 2 0.0 0.0 12 50.6 12.7 11 324.3 40.5 2 0.0 0.0 0 0.0 0.0 13 30.0 7.5 5 221.9 74.0 2 0.0 0.0 0 0.0 0.0 15 611.4 101.9 5 390.0 195.0 2 45.5 22.8 0 0.0 0.0 11 23.2 11.6 5 299.4 149.7 2 126.1 63.1 0 0.0 0.0 12 123.3 24.7 5 261.9 261.9 5 276.3 138.2 0 0.0 0.0 17 893.7 297.9 10 569.7 71.2 4 137.0 45.7 1 122.1 122.1 32 4445.5 296.4 11 79.1 26.4 1 30.3 30.3 1 25.3 25.3 21 513.6 36.7 10 170.0 24.3 8 1277.8 255.6 0 0.0 0.0 28 6628.3 552.4 11 2216.9 246.3 3 2725.9 908.6 2 8.6 8.6 168 14041.7 206.5 77 4587.0 101.9 30 4726.7 248.8 6 156.0 52.0
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Crossborder Number Total value Ave value Number Total value Ave value 11 775.9 155.2 3 107.8 107.8 23 374.9 31.2 2 0.0 0.0 18 251.9 36.0 2 0.0 0.0 20 1001.4 125.2 2 45.5 22.8 16 322.6 80.7 2 126.1 63.1 17 385.2 64.2 5 276.3 138.2 27 1463.4 133.0 5 259.1 64.8 43 4524.6 251.4 2 55.6 27.8 31 683.6 32.6 8 1277.8 255.6 39 8845.2 421.2 5 2734.5 683.6 245 18628.7 164.9 36 4882.7 221.9
Deal type
Within industry Cross industry Number Total value Ave value Number Total value Ave value 8 829.9 207.5 6 53.8 26.9 14 50.6 12.7 11 324.3 40.5 15 30.0 7.5 5 221.9 74.0 17 656.9 82.1 5 390.0 195.0 13 149.3 37.3 5 299.4 149.7 17 399.6 57.1 5 261.9 261.9 21 1030.7 171.8 11 691.8 76.9 33 4475.8 279.7 12 104.4 26.1 29 1791.4 94.3 10 170.0 24.3 31 9354.2 623.6 13 2225.5 222.6 198 18768.4 215.7 83 4743.0 98.8
Industry
Banking Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value GDP Value/GDP 5 739.2 246.4 3 122.4 61.2 6 22.1 22.1 14 883.7 147.3 581153 0.15% 12 265.5 37.9 3 0.0 0.0 10 109.4 21.9 25 374.9 31.2 596396 0.06% 4 29.0 29.0 2 0.0 0.0 14 222.9 37.2 20 251.9 36.0 578328 0.04% 7 244.7 81.6 3 535.0 178.3 12 267.2 66.8 22 1046.9 104.7 562107 0.19% 4 0.0 0.0 4 135.7 67.9 10 313.0 78.3 18 448.7 74.8 562068 0.08% 6 308.0 77.0 3 145.7 145.7 13 207.8 69.3 22 661.5 82.7 588251 0.11% 14 134.6 16.8 8 1117.3 223.5 10 470.6 235.3 32 1722.5 114.8 610977 0.28% 23 2316.4 178.2 8 2146.0 715.3 14 117.8 29.5 45 4580.2 229.0 634306 0.72% 14 502.2 45.7 10 531.2 106.2 15 928.0 92.8 39 1961.4 75.4 608678 0.32% 13 9970.3 997.0 3 45.8 22.9 28 1563.6 120.3 44 11579.7 463.2 644883 1.80% 102 14509.9 241.8 47 4779.1 207.8 132 4222.4 81.2 281 23511.4 174.2 5967147 0.39%
Insurance
Securities/ Other
Total
355
Deals classified by country and sector of target firm
1990
Banking
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 2 707.5 353.8 3 31.7 31.7 0 0.0 0.0 0 0.0 0.0 6 19.0 9.5 6 246.5 49.3 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 2 29.0 29.0 0 0.0 0.0 0 0.0 0.0 5 75.2 37.6 2 169.5 169.5 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 3 0.0 0.0 0 0.0 0.0 0 0.0 0.0 5 46.1 15.4 1 261.9 261.9 0 0.0 0.0 0 0.0 0.0 5 9.9 9.9 7 113.0 18.8 2 11.7 11.7 0 0.0 0.0 15 2281.0 207.4 8 35.4 17.7 0 0.0 0.0 0 0.0 0.0 8 394.0 65.7 6 108.2 21.6 0 0.0 0.0 0 0.0 0.0 3 5639.4 2819.7 8 1632.1 272.0 1 2690.2 2690.2 1 8.6 8.6 52 9172.1 316.3 46 2627.3 93.8 3 2701.9 1351.0 1 8.6 8.6
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 2 14.6 14.6 0 0.0 0.0 1 107.8 107.8 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 2 490.3 245.2 0 0.0 0.0 1 44.7 44.7 0 0.0 0.0 3 15.9 15.9 0 0.0 0.0 1 119.8 119.8 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 2 145.7 145.7 0 0.0 0.0 5 883.8 441.9 1 8.1 8.1 1 103.3 103.3 1 122.1 122.1 7 2115.7 1057.9 0 0.0 0.0 1 30.3 30.3 0 0.0 0.0 3 0.0 0.0 3 59.7 59.7 4 471.5 117.9 0 0.0 0.0 1 27.6 27.6 1 18.2 18.2 0 0.0 0.0 1 0.0 0.0 25 3547.9 394.2 7 86.0 28.7 13 1023.1 102.3 2 122.1 122.1
Securities/ Other
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 3 0.0 0.0 1 22.1 22.1 0 0.0 0.0 2 0.0 0.0 14 883.7 147.3 5 31.6 15.8 4 77.8 25.9 1 0.0 0.0 0 0.0 0.0 25 374.9 31.2 11 30.0 7.5 2 192.9 96.5 1 0.0 0.0 0 0.0 0.0 20 251.9 36.0 8 45.9 23.0 3 220.5 220.5 1 0.8 0.8 0 0.0 0.0 22 1046.9 104.7 7 7.3 7.3 2 299.4 149.7 1 6.3 6.3 0 0.0 0.0 18 448.7 74.8 6 77.2 38.6 4 0.0 0.0 3 130.6 130.6 0 0.0 0.0 22 661.5 82.7 7 0.0 0.0 2 448.6 448.6 1 22.0 22.0 0 0.0 0.0 32 1722.5 114.8 10 48.8 24.4 3 43.7 43.7 0 0.0 0.0 1 25.3 25.3 45 4580.2 229.0 10 119.6 15.0 1 2.1 2.1 4 806.3 806.3 0 0.0 0.0 39 1961.4 75.4 24 961.3 106.8 2 566.6 283.3 2 35.7 17.9 0 0.0 0.0 44 11579.7 463.2 91 1321.7 44.1 24 1873.7 133.8 14 1001.7 143.1 3 25.3 25.3 281 23511.4 174.2
Total
356
Deals classified by country and sector of acquiring firm
1990
Deal type
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value 7 722.1 240.7 4 53.8 26.9 2 188.0 188.0 2 0.0 0.0 12 50.6 12.7 11 324.3 40.5 6 65.2 21.7 0 0.0 0.0 13 30.0 7.5 5 221.9 74.0 2 0.0 0.0 3 15.7 15.7 15 611.4 101.9 5 390.0 195.0 2 4.4 4.4 2 7.7 3.9 11 23.2 11.6 5 299.4 149.7 5 373.9 187.0 1 29.1 29.1 12 123.3 24.7 5 261.9 261.9 2 0.0 0.0 2 0.0 0.0 17 893.7 297.9 10 569.7 71.2 3 208.1 104.1 3 690.0 230.0 32 4445.5 296.4 11 79.1 26.4 14 2486.0 207.2 2 95.9 95.9 21 513.6 36.7 10 170.0 24.3 13 1857.4 265.3 2 63.3 63.3 29 6628.3 552.4 11 2216.9 246.3 6 40.5 20.3 0 0.0 0.0 169 14041.7 206.5 77 4587.0 101.9 55 5223.5 174.1 17 901.7 7
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Crossborder Number Total value Ave value Number Total value Ave value 11 775.9 155.2 4 188.0 188.0 23 374.9 31.2 6 65.2 21.7 18 251.9 36.0 5 15.7 15.7 20 1001.4 125.2 4 12.1 4.0 16 322.6 80.7 6 403.0 134.3 17 385.2 64.2 4 0.0 0.0 27 1463.4 133.0 6 898.1 179.6 43 4524.6 251.4 16 2581.9 198.6 31 683.6 32.6 15 1920.7 240.1 40 8845.2 421.2 6 40.5 20.3 246 18628.7 164.9 72 6125.2 157.1
Deal type
Within industry Cross industry Number Total value Ave value Number Total value Ave value 9 910.1 227.5 6 53.8 26.9 18 115.8 16.5 11 324.3 40.5 15 30.0 7.5 8 237.6 59.4 17 615.8 88.0 7 397.7 99.4 16 397.1 99.3 6 328.5 109.5 14 123.3 24.7 7 261.9 261.9 20 1101.8 220.4 13 1259.7 114.5 46 6931.5 256.7 13 175.0 43.8 34 2371.0 112.9 12 233.3 29.2 35 6668.8 476.3 11 2216.9 246.3 224 19265.2 196.6 94 5488.7 101.6
Industry
Banking Number Total value Ave value Number Total value Ave value Number Total value Ave value Number Total value Ave value GDP Value/GDP 7 917.6 229.4 2 14.6 14.6 6 31.7 31.7 15 963.9 160.7 581153 0.17% 12 129.3 21.6 4 186.7 93.4 13 124.1 17.7 29 440.1 29.3 596396 0.07% 3 0.0 0.0 2 192.9 96.5 18 74.7 12.5 23 267.6 33.5 578328 0.05% 9 300.1 75.0 3 659.8 219.9 12 53.6 13.4 24 1013.5 92.1 562107 0.18% 4 553.5 184.5 5 135.7 67.9 13 36.4 18.2 22 725.6 103.7 562068 0.13% 10 46.1 15.4 4 261.9 261.9 7 77.2 38.6 21 385.2 64.2 588251 0.07% 12 1241.4 206.9 6 987.1 329.0 15 133.0 19.0 33 2361.5 147.6 610977 0.39% 22 4410.8 275.7 15 2440.7 406.8 22 255.0 28.3 59 7106.5 229.2 634306 1.12% 13 455.8 57.0 10 1825.4 304.2 23 323.1 21.5 46 2604.3 89.8 608678 0.43% 8 6250.3 1041.7 5 1391.2 695.6 33 1244.2 82.9 46 8885.7 386.3 644883 1.38% 100 14304.9 255.4 56 8096.0 289.1 162 2353.0 34.6 318 24753.9 162.9 5967147 0.41%
Insurance
Securities/ Other
Total
357
Deals classified by country and sector of acquiring firm
1990
Banking
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Tot Value Ave Value Number Tot Value Ave Value Number Tot Value Ave Value Number Tot Value Ave Value 2 707.5 353.8 1 22.1 22.1 2 188.0 188.0 2 0.0 0.0 6 19.0 9.5 2 50.2 25.1 4 60.1 30.1 0 0.0 0.0 2 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 5 75.2 37.6 3 220.5 220.5 1 4.4 4.4 0 0.0 0.0 1 0.0 0.0 2 299.4 149.7 1 254.1 254.1 0 0.0 0.0 5 46.1 15.4 3 0.0 0.0 0 0.0 0.0 2 0.0 0.0 5 9.9 9.9 3 456.7 228.4 2 104.8 104.8 2 670.0 335.0 15 2281.0 207.4 1 0.0 0.0 5 2129.8 426.0 1 0.0 0.0 8 394.0 65.7 2 61.8 30.9 3 0.0 0.0 0 0.0 0.0 3 5639.4 2819.7 3 584.8 194.9 2 26.1 26.1 0 0.0 0.0 52 9172.1 316.3 21 1695.5 130.4 20 2767.3 230.6 7 670.0 335.0
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Tot Value Ave Value Number Tot Value Ave Value Number Tot Value Ave Value Number Tot Value Ave Value 2 14.6 14.6 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 3 186.7 93.4 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 192.9 96.5 0 0.0 0.0 0 0.0 0.0 2 490.3 245.2 1 169.5 169.5 0 0.0 0.0 0 0.0 0.0 3 15.9 15.9 0 0.0 0.0 2 119.8 119.8 0 0.0 0.0 1 0.0 0.0 2 261.9 261.9 1 0.0 0.0 0 0.0 0.0 5 883.8 441.9 0 0.0 0.0 1 103.3 103.3 0 0.0 0.0 7 2115.7 1057.9 3 43.7 43.7 5 281.3 93.8 0 0.0 0.0 3 0.0 0.0 0 0.0 0.0 6 1825.4 304.2 1 0.0 0.0 1 27.6 27.6 2 1363.6 1363.6 2 0.0 0.0 0 0.0 0.0 25 3547.9 394.2 13 2218.3 277.3 17 2329.8 211.8 1 0.0 0.0
Securities/ Other
Within border/ within industry Within border/ cross industry Crossborder/ within industry Crossborder/ cross industry Number Total value Ave Value Number Total value Ave Value Number Total value Ave Value Number Total value Ave Value 3 0.0 0.0 3 31.7 31.7 0 0.0 0.0 0 0.0 0.0 5 31.6 15.8 6 87.4 21.9 2 5.1 5.1 0 0.0 0.0 11 30.0 7.5 2 29.0 29.0 2 0.0 0.0 3 15.7 15.7 8 45.9 23.0 1 0.0 0.0 1 0.0 0.0 2 7.7 3.9 7 7.3 7.3 3 0.0 0.0 2 0.0 0.0 1 29.1 29.1 6 77.2 38.6 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 7 0.0 0.0 7 113.0 18.8 0 0.0 0.0 1 20.0 20.0 10 48.8 24.4 7 35.4 17.7 4 74.9 18.7 1 95.9 95.9 10 119.6 15.0 8 108.2 21.6 4 32.0 32.0 1 63.3 63.3 25 961.3 106.8 6 268.5 53.7 2 14.4 14.4 0 0.0 0.0 92 1321.7 44.1 43 673.2 28.1 18 126.4 18.1 9 231.7 33.1
Total
Number Total value Ave Value
15 963.9 160.7
29 440.1 29.3
23 267.6 33.5
24 1013.5 92.1
22 725.6 103.7
21 385.2 64.2
33 2361.5 147.6
59 7106.5 229.2
46 2604.3 89.8
46 8885.7 386.3
318 24753.9 162.9
Source: Thomson Financial, SDC Platinum.
358
Table A.7 Country: Japan All values in USD millions Deals classified by country and sector of target firm
1990
Deal type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 4 8092.5 8092.5 1 66.1 66.1 0 0.0 0.0 0 0.0 0.0 9 0.0 0.0 2 164.7 82.4 0 0.0 0.0 0 0.0 0.0 4 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 7 0.0 0.0 2 961.9 481.0 0 0.0 0.0 0 0.0 0.0 2 2000.3 2000.3 0 0.0 0.0 1 2.3 2.3 0 0.0 0.0 7 33797.5 16898.8 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 15 0.0 0.0 2 14.7 14.7 0 0.0 0.0 1 0.0 0.0 29 0.0 0.0 1 0.0 0.0 1 0.0 0.0 1 0.0 0.0 27 81.1 13.5 2 0.0 0.0 4 1002.2 501.1 2 593.9 593.9 94 75931.7 3615.8 12 27.3 9.1 3 2024.4 1012.2 2 1388.3 694.2 198 119903.1 3867.8 23 1234.7 137.2 11 3028.9 605.8 6 1982.2 660.7
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 5 8158.6 4079.3 0 0.0 0.0 11 164.7 82.4 0 0.0 0.0 4 0.0 0.0 1 0.0 0.0 9 961.9 481.0 0 0.0 0.0 2 2000.3 2000.3 1 2.3 2.3 8 33797.5 16898.8 1 0.0 0.0 17 14.7 14.7 1 0.0 0.0 30 0.0 0.0 2 0.0 0.0 29 81.1 13.5 6 1596.1 532.0 106 75959.0 3165.0 5 3412.7 853.2 221 121137.8 3028.4 17 5011.1 626.4
Deal type
Within industry Crossindustry Number Total Value Ave Value Number Total Value Ave Value 4 8092.5 8092.5 1 66.1 66.1 9 0.0 0.0 2 164.7 82.4 5 0.0 0.0 0 0.0 0.0 7 0.0 0.0 2 961.9 481.0 3 2002.6 1001.3 0 0.0 0.0 8 33797.5 16898.8 1 0.0 0.0 15 0.0 0.0 3 14.7 14.7 30 0.0 0.0 2 0.0 0.0 31 1083.3 135.4 4 593.9 593.9 97 77956.1 3389.4 14 1415.6 283.1 209 122932.0 3414.8 29 3216.9 268.1
Industry
Banking Number Total Value Ave Value Number Total Value Ave Value 5 8158.6 4079.3 0 0.0 0.0 0 0.0 0.0 5 8158.6 4079.3 2982567 0.27% 8 0.0 0.0 2 164.7 82.4 1 0.0 0.0 11 164.7 82.4 3408808 0.00% 2 0.0 0.0 0 0.0 0.0 3 0.0 0.0 5 0.0 0.0 3719360 0.00% 6 190.6 190.6 0 0.0 0.0 3 771.3 771.3 9 961.9 481.0 4287023 0.02% 1 2000.3 2000.3 0 0.0 0.0 2 2.3 2.3 3 2002.6 1001.3 4698160 0.04% 4 33787.7 33787.7 0 0.0 0.0 5 9.8 9.8 9 33797.5 16898.8 5157826 0.66% 9 14.7 14.7 2 0.0 0.0 7 0.0 0.0 18 14.7 14.7 4607412 0.00% 14 0.0 0.0 2 0.0 0.0 16 0.0 0.0 32 0.0 0.0 4217808 0.00% 10 994.8 994.8 3 601.3 300.7 22 81.1 13.5 35 1677.2 186.4 3824738 0.04% 49 75617.0 4726.1 7 2192.7 1096.4 55 1562.0 156.2 111 79371.7 2834.7 4365415 1.82% 108 120763.7 5250.6 16 2958.7 493.1 114 2426.5 127.7 238 126148.9 2628.1 41269118 0.31%
Insurance
Securities/ Number Total Value Other Ave Value
Total
Number Total Value Ave Value GDP Value/GDP
359
Deals classified by country and sector of target firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 4 8092.5 8092.5 1 66.1 66.1 0 0.0 0.0 0 0.0 0.0 8 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 5 0.0 0.0 1 190.6 190.6 0 0.0 0.0 0 0.0 0.0 1 2000.3 2000.3 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 4 33787.7 33787.7 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 7 0.0 0.0 1 14.7 14.7 0 0.0 0.0 1 0.0 0.0 13 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 8 0.0 0.0 0 0.0 0.0 2 994.8 994.8 0 0.0 0.0 42 74369.7 6760.9 5 27.3 9.1 1 70.0 70.0 1 1150.0 1150.0 94 118250.2 8446.4 8 298.7 49.8 4 1064.8 532.4 2 1150.0 1150.0
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 164.7 82.4 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 7.4 7.4 1 593.9 593.9 2 0.0 0.0 3 0.0 0.0 1 1954.4 1954.4 1 238.3 238.3 5 0.0 0.0 7 164.7 82.4 2 1961.8 980.9 2 832.2 416.1
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 2 0.0 0.0 1 771.3 771.3 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 2.3 2.3 0 0.0 0.0 3 9.8 9.8 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 7 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 15 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 18 81.1 13.5 2 0.0 0.0 1 0.0 0.0 1 0.0 0.0 50 1562.0 156.2 4 0.0 0.0 1 0.0 0.0 0 0.0 0.0 99 1652.9 97.2 8 771.3 771.3 5 2.3 2.3 2 0.0 0.0
Total
Number Total Value Ave Value
5 8158.6 4079.3
11 164.7 82.4
5 0.0 0.0
9 961.9 481.0
3 2002.6 1001.3
9 33797.5 16898.8
18 14.7 14.7
32 0.0 0.0
35 1677.2 186.4
111 79371.7 2834.7
238 126148.9 2628.1
360
Deals classified by country and sector of acquiring firm
1990
Deal type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 4 8092.5 8092.5 1 66.1 66.1 0 0.0 0.0 1 0.0 0.0 9 0.0 0.0 2 164.7 82.4 1 0.0 0.0 1 0.0 0.0 4 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 7 0.0 0.0 2 961.9 481.0 3 34.6 17.3 1 0.0 0.0 2 2000.3 2000.3 0 0.0 0.0 2 24.5 24.5 0 0.0 0.0 7 33797.5 16898.8 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 15 0.0 0.0 2 14.7 14.7 1 0.0 0.0 0 0.0 0.0 28 0.0 0.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 27 81.1 13.5 2 0.0 0.0 7 77.7 25.9 0 0.0 0.0 94 75931.7 3615.8 12 27.3 9.1 4 0.2 0.2 2 0.0 0.0 197 119903.1 3867.8 23 1234.7 137.2 21 137.0 19.6 5 0.0 0.0
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 5 8158.6 4079.3 1 0.0 0.0 11 164.7 82.4 2 0.0 0.0 4 0.0 0.0 1 0.0 0.0 9 961.9 481.0 4 34.6 17.3 2 2000.3 2000.3 2 24.5 24.5 8 33797.5 16898.8 1 0.0 0.0 17 14.7 14.7 1 0.0 0.0 29 0.0 0.0 1 0.0 0.0 29 81.1 13.5 7 77.7 25.9 106 75959.0 3165.0 6 0.2 0.2 220 121137.8 3028.4 26 137.0 19.6
Deal type
Within industry Cross industry Number Total Value Ave Value Number Total Value Ave Value 4 8092.5 8092.5 2 66.1 66.1 10 0.0 0.0 3 164.7 82.4 5 0.0 0.0 0 0.0 0.0 10 34.6 17.3 3 961.9 481.0 4 2024.8 1012.4 0 0.0 0.0 8 33797.5 16898.8 1 0.0 0.0 16 0.0 0.0 2 14.7 14.7 29 0.0 0.0 1 0.0 0.0 34 158.8 17.6 2 0.0 0.0 98 75931.9 3451.5 14 27.3 9.1 218 120040.1 3159.0 28 1234.7 137.2
Industry
Banking Number Total Value Ave Value Number Total Value Ave Value 4 8092.5 8092.5 1 0.0 0.0 1 66.1 66.1 6 8158.6 4079.3 2982567 0.27% 9 0.0 0.0 0 0.0 0.0 4 164.7 82.4 13 164.7 82.4 3408808 0.00% 2 0.0 0.0 0 0.0 0.0 3 0.0 0.0 5 0.0 0.0 3719360 0.00% 9 805.3 402.7 0 0.0 0.0 4 191.2 95.6 13 996.5 249.1 4287023 0.02% 2 2000.3 2000.3 0 0.0 0.0 2 24.5 24.5 4 2024.8 1012.4 4698160 0.04% 6 33787.7 33787.7 0 0.0 0.0 3 9.8 9.8 9 33797.5 16898.8 5157826 0.66% 8 0.0 0.0 1 0.0 0.0 9 14.7 14.7 18 14.7 14.7 4607412 0.00% 14 0.0 0.0 1 0.0 0.0 15 0.0 0.0 30 0.0 0.0 4217808 0.00% 9 0.0 0.0 5 3.0 3.0 22 155.8 19.5 36 158.8 17.6 3824738 0.00% 48 74369.7 6760.9 6 0.0 0.0 58 1589.5 113.5 112 75959.2 3038.4 4365415 1.74% 111 119055.5 7441.0 14 3.0 3.0 121 2216.3 73.9 246 121274.8 2580.3 41269118 0.29%
Insurance
Securities/ Number Other Total Value Ave Value
Total
Number Total Value Ave Value GDP Value/GDP
361
Deals classified by country and sector of acquiring firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 4 8092.5 8092.5 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 8 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 5 0.0 0.0 1 771.3 771.3 2 34.0 34.0 1 0.0 0.0 1 2000.3 2000.3 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 4 33787.7 33787.7 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 7 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 13 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 8 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 42 74369.7 6760.9 5 0.0 0.0 0 0.0 0.0 1 0.0 0.0 94 118250.2 8446.4 8 771.3 771.3 6 34.0 34.0 3 0.0 0.0
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 66.1 66.1 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 2 164.7 82.4 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 1 190.6 190.6 1 0.6 0.6 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 24.5 24.5 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 3 9.8 9.8 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 7 0.0 0.0 2 14.7 14.7 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 14 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 3 3.0 3.0 0 0.0 0.0 18 81.1 13.5 0 0.0 0.0 4 74.7 37.4 0 0.0 0.0 2 0.0 0.0 2 0.0 0.0 1 0.0 0.0 1 0.0 0.0 50 1562.0 156.2 5 27.3 9.1 3 0.2 0.2 0 0.0 0.0 5 0.0 0.0 3 0.0 0.0 4 3.0 3.0 2 0.0 0.0 98 1652.9 97.2 12 463.4 57.9 11 100.0 20.0 0 0.0 0.0
Total
Number Total Value Ave Value
6 8158.6 4079.3
13 164.7 82.4
5 0.0 0.0
13 996.5 249.1
4 2024.8 1012.4
9 33797.5 16898.8
18 14.7 14.7
30 0.0 0.0
36 158.8 17.6
112 75959.2 3038.4
246 121274.8 2580.3
Source: Thomson Financial, SDC Platinum.
362
Table A.8 Country: Australia All values in USD millions Deals classified by country and sector of target firm
1990
Deal type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 6 150.4 37.6 2 155.2 77.6 1 0.0 0.0 0 0.0 0.0 9 421.7 84.3 1 0.0 0.0 6 33.4 33.4 2 7.1 7.1 2 5.4 5.4 2 34.1 34.1 6 216.1 72.0 0 0.0 0.0 15 196.9 24.6 2 37.0 18.5 3 116.9 116.9 3 8.0 4.0 10 73.7 14.7 5 160.9 40.2 6 194.2 64.7 1 36.6 36.6 13 726.8 121.1 7 202.5 101.3 11 1515.5 378.9 8 32.4 8.1 12 2896.8 482.8 8 651.8 163.0 7 124.2 62.1 3 83.2 41.6 14 1413.6 176.7 11 848.6 121.2 4 62.8 20.9 2 17.2 8.6 17 1580.1 158.0 5 239.8 60.0 3 0.0 0.0 4 79.6 26.5 18 2232.5 159.5 13 1254.4 114.0 9 281.4 46.9 1 0.0 0.0 116 9697.9 144.7 56 3584.3 96.9 56 2544.5 110.6 24 264.1 17.6
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 8 305.6 50.9 1 0.0 0.0 10 421.7 84.3 8 40.5 20.3 4 39.5 19.8 6 216.1 72.0 17 233.9 23.4 6 124.9 41.6 15 234.6 26.1 7 230.8 57.7 20 929.3 116.2 19 1547.9 193.5 20 3548.6 354.9 10 207.4 51.9 25 2262.2 150.8 6 80.0 16.0 22 1819.9 130.0 7 79.6 26.5 31 3486.9 139.5 10 281.4 46.9 172 13282.2 127.7 80 2808.6 73.9
Deal type
Within industry Cross industry Number Total Value Ave Value Number Total Value Ave Value 7 150.4 37.6 2 155.2 77.6 15 455.1 75.9 3 7.1 7.1 8 221.5 55.4 2 34.1 34.1 18 313.8 34.9 5 45.0 11.3 16 267.9 33.5 6 197.5 39.5 24 2242.3 224.2 15 234.9 39.2 19 3021.0 377.6 11 735.0 122.5 18 1476.4 134.2 13 865.8 96.2 20 1580.1 158.0 9 319.4 45.6 27 2513.9 125.7 14 1254.4 114.0 172 12242.4 136.0 80 3848.4 74.0
Industry
Banking Number Total Value Ave Value Number Total Value Ave Value 7 305.3 61.1 1 0.0 0.0 1 0.3 0.3 9 305.6 50.9 308014 0.10% 4 32.2 16.1 2 0.0 0.0 12 430.0 86.0 18 462.2 66.0 310862 0.15% 1 0.0 0.0 5 162.1 54.0 4 93.5 46.8 10 255.6 51.1 305040 0.08% 12 335.8 37.3 4 0.0 0.0 7 23.0 5.8 23 358.8 27.6 297190 0.12% 8 246.2 49.2 2 0.5 0.5 12 218.7 31.2 22 465.4 35.8 339577 0.14% 16 1463.7 183.0 8 952.0 317.3 15 61.5 12.3 39 2477.2 154.8 363613 0.68% 14 2802.5 467.1 3 302.8 151.4 13 650.7 108.5 30 3756.0 268.3 408222 0.92% 13 1816.6 227.1 3 29.1 29.1 15 496.5 45.1 31 2342.2 117.1 408317 0.57% 13 398.1 49.8 3 1345.6 672.8 13 155.8 22.3 29 1899.5 111.7 364964 0.52% 9 565.2 80.7 5 1018.0 254.5 27 2185.1 109.3 41 3768.3 121.6 394570 0.96% 97 7965.6 137.3 36 3810.1 238.1 119 4315.1 63.5 252 16090.8 113.3 3500370 0.46%
Insurance
Securities/O Number ther Total Value Ave Value
Total
Number Total Value Ave Value GDP Value/GDP
363
Deals classified by country and sector of target firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 4 150.1 50.0 2 155.2 77.6 1 0.0 0.0 0 0.0 0.0 4 32.2 16.1 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 6 173.9 43.5 2 37.0 18.5 1 116.9 116.9 3 8.0 4.0 2 44.6 44.6 4 149.8 49.9 2 51.8 51.8 0 0.0 0.0 4 575.6 191.9 6 202.5 101.3 3 680.4 680.4 3 5.2 2.6 8 2482.0 827.3 4 314.9 157.5 1 0.0 0.0 1 5.6 5.6 6 1131.0 565.5 6 655.9 131.2 1 29.7 29.7 0 0.0 0.0 4 93.3 46.7 5 239.8 60.0 1 0.0 0.0 3 65.0 32.5 1 20.0 20.0 6 506.1 101.2 2 39.1 39.1 0 0.0 0.0 39 4702.7 223.9 36 2261.2 90.4 12 917.9 183.6 10 83.8 12.0
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Ave Value Number Ave Value 1 0.0 0.0 0 0.0 0.0 0 0.0 0 0.0 1 0.0 0.0 0 0.0 0.0 1 0.0 0 0.0 1 0.0 0.0 1 34.1 34.1 3 64.0 0 0.0 3 0.0 0.0 0 0.0 0.0 1 0.0 0 0.0 1 0.5 0.5 0 0.0 0.0 1 0.0 0 0.0 4 134.9 67.5 1 0.0 0.0 3 817.1 0 0.0 0 0.0 0.0 1 270.7 270.7 2 32.1 0 0.0 1 29.1 29.1 2 0.0 0.0 0 0.0 0 0.0 2 1345.6 672.8 0 0.0 0.0 1 0.0 0 0.0 3 883.4 441.7 0 0.0 0.0 2 67.3 0 0.0 17 2393.5 299.2 5 304.8 152.4 14 185.3 0 0.0
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 1 0.3 0.3 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 4 389.5 129.8 1 0.0 0.0 5 33.4 33.4 2 7.1 7.1 1 5.4 5.4 0 0.0 0.0 3 88.1 88.1 0 0.0 0.0 6 23.0 5.8 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 7 28.6 9.5 1 11.1 11.1 3 142.4 71.2 1 36.6 36.6 5 16.3 16.3 0 0.0 0.0 5 18.0 9.0 5 27.2 13.6 4 414.8 138.3 3 66.2 66.2 4 92.1 92.1 2 77.6 77.6 7 253.5 50.7 3 192.7 96.4 3 33.1 16.6 2 17.2 8.6 11 141.2 23.5 0 0.0 0.0 1 0.0 0.0 1 14.6 14.6 14 1329.1 120.8 7 748.3 124.7 5 107.7 35.9 1 0.0 0.0 60 2601.7 68.5 15 1018.3 101.8 30 514.8 42.9 14 180.3 22.5
Total
Number Total Value Ave Value
9 305.6 50.9
18 462.2 66.0
10 255.6 51.1
23 358.8 27.6
22 465.4 35.8
39 2477.2 154.8
30 3756.0 268.3
31 2342.2 117.1
29 1899.5 111.7
41 3768.3 121.6
252 16090.8 113.3
364
Deals classified by country and sector of acquiring firm
1990
Deal type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 6 150.4 37.6 2 155.2 77.6 5 1661.2 553.7 1 48.0 48.0 9 421.7 84.3 1 0.0 0.0 3 3.4 3.4 0 0.0 0.0 2 5.4 5.4 2 34.1 34.1 6 980.8 326.9 0 0.0 0.0 15 196.9 24.6 2 37.0 18.5 2 0.0 0.0 2 25.8 25.8 10 73.7 14.7 5 160.9 40.2 4 112.7 37.6 0 0.0 0.0 13 726.8 121.1 7 202.5 101.3 9 1826.1 456.5 7 103.4 25.9 12 2896.8 482.8 8 651.8 163.0 7 1316.9 439.0 2 77.6 77.6 14 1413.6 176.7 11 848.6 121.2 4 1296.1 648.1 1 9.3 9.3 17 1580.1 158.0 5 239.8 60.0 0 0.0 0.0 5 3904.1 976.0 18 2232.5 159.5 13 1254.4 114.0 8 224.1 56.0 2 160.9 160.9 116 9697.9 144.7 56 3584.3 96.9 48 7421.3 322.7 20 4329.1 333.0
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 8 305.6 50.9 6 1709.2 427.3 10 421.7 84.3 3 3.4 3.4 4 39.5 19.8 6 980.8 326.9 17 233.9 23.4 4 25.8 25.8 15 234.6 26.1 4 112.7 37.6 20 929.3 116.2 16 1929.5 241.2 20 3548.6 354.9 9 1394.5 348.6 25 2262.2 150.8 5 1305.4 435.1 22 1819.9 130.0 5 3904.1 976.0 31 3486.9 139.5 10 385.0 77.0 172 13282.2 127.7 68 11750.4 326.4
Deal type
Within industry Cross industry Number Total Value Ave Value Number Total Value Ave Value 11 1811.6 258.8 3 203.2 67.7 12 425.1 70.9 1 0.0 0.0 8 986.2 246.6 2 34.1 34.1 17 196.9 24.6 4 62.8 20.9 14 186.4 23.3 5 160.9 40.2 22 2552.9 255.3 14 305.9 51.0 19 4213.7 468.2 10 729.4 145.9 18 2709.7 271.0 12 857.9 107.2 17 1580.1 158.0 10 4143.9 518.0 26 2456.6 136.5 15 1415.3 117.9 164 17119.2 190.2 76 7913.4 158.3
Industry
Banking Number Total Value Ave Value Number Total Value Ave Value 7 1755.5 438.9 4 137.6 45.9 3 121.7 40.6 14 2014.8 201.5 308014 0.65% 4 32.2 16.1 2 0.0 0.0 7 392.9 98.2 13 425.1 70.9 310862 0.14% 1 809.1 809.1 3 83.6 83.6 6 127.6 42.5 10 1020.3 204.1 305040 0.33% 7 173.9 43.5 4 0.0 0.0 10 85.8 12.3 21 259.7 23.6 297190 0.09% 3 96.4 48.2 5 14.8 4.9 11 236.1 33.7 19 347.3 28.9 339577 0.10% 11 2456.2 409.4 9 162.1 40.5 16 240.5 40.1 36 2858.8 178.7 363613 0.79% 15 4103.7 586.2 4 109.7 54.9 10 729.7 145.9 29 4943.1 353.1 408222 1.21% 11 2611.0 522.2 4 47.2 15.7 15 909.4 90.9 30 3567.6 198.2 408317 0.87% 4 93.3 46.7 3 1974.0 658.0 20 3656.7 281.3 27 5724.0 318.0 364964 1.57% 11 773.2 96.7 6 1010.7 336.9 24 2088.0 109.9 41 3871.9 129.1 394570 0.98% 74 12904.5 314.7 44 3539.7 160.9 122 8588.4 111.5 240 25032.6 178.8 3500370 0.72%
Insurance
Securities/ Number Total Value Other Ave Value
Total
Number Total Value Ave Value GDP Value/GDP
365
Deals classified by country and sector of acquiring firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 4 150.1 50.0 0 0.0 0.0 3 1605.4 1605.4 0 0.0 0.0 4 32.2 16.1 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 809.1 809.1 0 0.0 0.0 6 173.9 43.5 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 2 44.6 44.6 0 0.0 0.0 1 51.8 51.8 0 0.0 0.0 4 575.6 191.9 1 0.0 0.0 3 1808.1 904.1 3 72.5 72.5 8 2482.0 827.3 4 336.9 168.5 3 1284.8 642.4 0 0.0 0.0 6 1131.0 565.5 2 183.9 183.9 3 1296.1 648.1 0 0.0 0.0 4 93.3 46.7 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 20.0 20.0 7 748.3 124.7 2 4.9 4.9 1 0.0 0.0 39 4702.7 223.9 14 1269.1 141.0 17 6860.2 686.0 4 72.5 72.5
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 1 0.0 0.0 1 64.6 64.6 1 25.0 25.0 1 48.0 48.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 2 83.6 83.6 0 0.0 0.0 3 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 0.5 0.5 2 11.1 11.1 2 3.2 3.2 0 0.0 0.0 4 134.9 67.5 2 0.0 0.0 1 0.0 0.0 2 27.2 13.6 0 0.0 0.0 0 0.0 0.0 2 32.1 32.1 2 77.6 77.6 1 29.1 29.1 2 8.8 8.8 0 0.0 0.0 1 9.3 9.3 2 1345.6 672.8 0 0.0 0.0 0 0.0 0.0 1 628.4 628.4 3 883.4 441.7 0 0.0 0.0 3 127.3 127.3 0 0.0 0.0 17 2393.5 299.2 8 84.5 28.2 12 271.2 54.2 7 790.5 131.8
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 1 0.3 0.3 1 90.6 90.6 1 30.8 30.8 0 0.0 0.0 4 389.5 129.8 0 0.0 0.0 3 3.4 3.4 0 0.0 0.0 1 5.4 5.4 2 34.1 34.1 3 88.1 88.1 0 0.0 0.0 6 23.0 5.8 2 37.0 18.5 0 0.0 0.0 2 25.8 25.8 7 28.6 9.5 3 149.8 49.9 1 57.7 57.7 0 0.0 0.0 5 16.3 16.3 4 202.5 101.3 5 18.0 9.0 2 3.7 3.7 4 414.8 138.3 4 314.9 157.5 2 0.0 0.0 0 0.0 0.0 7 253.5 50.7 7 655.9 131.2 1 0.0 0.0 0 0.0 0.0 11 141.2 23.5 5 239.8 60.0 0 0.0 0.0 4 3275.7 1091.9 14 1329.1 120.8 6 506.1 101.2 3 91.9 46.0 1 160.9 160.9 60 2601.7 68.5 34 2230.7 89.2 19 289.9 36.2 9 3466.1 577.7
Total
Number Total Value Ave Value
14 2014.8 201.5
13 425.1 70.9
10 1020.3 204.1
21 259.7 23.6
19 347.3 28.9
36 2858.8 178.7
29 4943.1 353.1
30 3567.6 198.2
27 5724.0 318.0
41 3871.9 129.1
240 25032.6 178.8
Source: Thomson Financial, SDC Platinum.
366
Table A.9 Country: Belgium All values in USD millions Deals classified by country and sector of target firm
1990
Deal type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 1 0.0 0.0 1 2269.8 2269.8 1 131.0 131.0 4 21.3 21.3 5 0.0 0.0 4 25.8 25.8 1 40.4 40.4 4 0.0 0.0 1 0.0 0.0 3 140.7 70.4 0 0.0 0.0 1 0.0 0.0 2 2.3 2.3 7 279.8 70.0 2 386.2 386.2 2 0.0 0.0 3 57.7 57.7 4 184.8 92.4 1 0.0 0.0 4 0.0 0.0 2 15.3 15.3 3 197.1 98.6 2 0.0 0.0 4 0.0 0.0 0 0.0 0.0 4 3119.8 1559.9 1 0.0 0.0 2 0.0 0.0 1 0.0 0.0 1 6.7 6.7 1 4516.0 4516.0 5 7335.5 1833.9 2 12298.5 12298.5 6 912.9 912.9 4 823.6 411.8 6 37.7 18.9 2 93.6 93.6 4 49.1 49.1 0 0.0 0.0 32 7394.5 1056.4 19 12467.4 2493.5 37 7186.5 422.7 13 5897.2 982.9
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Number Total Value Ave Value Number Total Value Ave Value 1 0.0 0.0 2 2400.8 1200.4 9 21.3 21.3 5 66.2 33.1 5 0.0 0.0 3 140.7 70.4 3 2.3 2.3 9 666.0 133.2 5 57.7 57.7 5 184.8 92.4 6 15.3 15.3 5 197.1 98.6 4 0.0 0.0 5 3119.8 1559.9 3 0.0 0.0 2 4522.7 2261.4 7 19634.0 3926.8 10 1736.5 578.8 8 131.3 43.8 4 49.1 49.1 51 19861.9 1655.2 50 13083.7 568.9
Cross border
Deal type
Within industry Number Total Value Ave Value Number Total Value Ave Value 1 2269.8 2269.8 2 131.0 131.0 8 47.1 23.6 6 40.4 40.4 7 140.7 70.4 1 0.0 0.0 8 279.8 70.0 4 388.5 194.3 6 184.8 92.4 4 57.7 57.7 7 197.1 98.6 4 15.3 15.3 8 3119.8 1559.9 1 0.0 0.0 3 6.7 6.7 2 4516.0 4516.0 11 8248.4 1649.7 6 13122.1 4374.0 10 86.8 28.9 2 93.6 93.6 69 14581.0 607.5 32 18364.6 1669.5
Cross industry
Industry
Banking Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 1 2269.8 2269.8 2 131.0 131.0 3 2400.8 1200.4 197942 1.21% 3 61.7 30.9 5 25.8 25.8 6 0.0 0.0 14 87.5 29.2 202715 0.04% 3 140.7 70.4 2 0.0 0.0 3 0.0 0.0 8 140.7 70.4 226620 0.06% 4 406.3 203.2 5 259.7 86.6 3 2.3 2.3 12 668.3 111.4 215192 0.31% 4 18.8 18.8 3 166.0 166.0 3 57.7 57.7 10 242.5 80.8 233668 0.10% 7 212.4 70.8 1 0.0 0.0 3 0.0 0.0 11 212.4 70.8 275781 0.08% 3 50.0 50.0 4 0.0 0.0 2 3069.8 3069.8 9 3119.8 1559.9 268210 1.16% 4 4522.7 2261.4 0 0.0 0.0 1 0.0 0.0 5 4522.7 2261.4 243686 1.86% 8 20276.0 4055.2 4 912.9 912.9 5 181.6 90.8 17 21370.5 2671.3 250640 8.53% 6 49.1 49.1 3 93.6 93.6 3 37.7 18.9 12 180.4 45.1 248505 0.07% 42 25737.7 1354.6 28 3727.8 466.0 31 3480.1 435.0 101 32945.6 941.3 2362960 1.39%
Insurance
Securities/O Number ther Total Value Ave Value
Total
Number Total Value Ave Value GDP Value/GDP
367
Deals classified by country and sector of target firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 21.3 21.3 1 0.0 0.0 0 0.0 0.0 1 40.4 40.4 0 0.0 0.0 0 0.0 0.0 3 140.7 70.4 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 2 20.1 20.1 1 386.2 386.2 0 0.0 0.0 2 0.0 0.0 1 18.8 18.8 1 0.0 0.0 2 0.0 0.0 2 15.3 15.3 2 197.1 98.6 1 0.0 0.0 2 0.0 0.0 0 0.0 0.0 1 50.0 50.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 1 6.7 6.7 1 4516.0 4516.0 3 7332.0 2444.0 1 12298.5 12298.5 1 0.0 0.0 3 645.5 645.5 3 0.0 0.0 1 0.0 0.0 2 49.1 49.1 0 0.0 0.0 14 7353.3 1838.3 7 12313.8 6156.9 13 482.5 53.6 8 5588.1 1397.0
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 0 0.0 0.0 1 2269.8 2269.8 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 4 25.8 25.8 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 4 259.7 86.6 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 3 166.0 166.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 2 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 4 912.9 912.9 0 0.0 0.0 1 0.0 0.0 1 93.6 93.6 1 0.0 0.0 0 0.0 0.0 5 0.0 0.0 1 93.6 93.6 20 3634.2 519.2 2 0.0 0.0
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 131.0 131.0 2 0.0 0.0 4 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 2.3 2.3 1 0.0 0.0 0 0.0 0.0 2 0.0 0.0 1 57.7 57.7 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 3069.8 3069.8 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 3.5 3.5 1 0.0 0.0 1 0.0 0.0 1 178.1 178.1 2 37.7 18.9 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 13 41.2 13.7 11 60.0 30.0 4 3069.8 3069.8 3 309.1 154.6
Total
Number Total Value Ave Value
3 2400.8 1200.4
14 87.5 29.2
8 140.7 70.4
12 668.3 111.4
10 242.5 80.8
11 212.4 70.8
9 3119.8 1559.9
5 4522.7 2261.4
17 21370.5 2671.3
12 180.4 45.1
101 32945.6 941.3
368
Deals classified by country and sector of acquiring firm
1990
Deal type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 1 0.0 0.0 2 0.0 0.0 1 0.0 0.0 4 21.3 21.3 5 0.0 0.0 5 0.0 0.0 0 0.0 0.0 4 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 2 2.3 2.3 2 20.1 20.1 0 0.0 0.0 2 0.0 0.0 4 57.7 57.7 2 0.0 0.0 0 0.0 0.0 4 0.0 0.0 2 15.3 15.3 5 928.2 309.4 2 133.3 133.3 4 0.0 0.0 0 0.0 0.0 4 175.4 87.7 2 0.0 0.0 3 0.0 0.0 1 0.0 0.0 1 0.0 0.0 2 0.0 0.0 5 7335.5 1833.9 2 12298.5 12298.5 5 912.9 912.9 1 645.5 645.5 6 37.7 18.9 2 93.6 93.6 10 10175.0 1695.8 3 61.1 30.6 33 7394.5 1056.4 20 12467.4 2493.5 36 12211.6 939.4 11 839.9 210.0
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 1 0.0 0.0 3 0.0 0.0 9 21.3 21.3 5 0.0 0.0 5 0.0 0.0 0 0.0 0.0 3 2.3 2.3 2 20.1 20.1 6 57.7 57.7 2 0.0 0.0 6 15.3 15.3 7 1061.5 265.4 4 0.0 0.0 6 175.4 87.7 4 0.0 0.0 3 0.0 0.0 7 19634.0 3926.8 6 1558.4 779.2 8 131.3 43.8 13 10236.1 1279.5 53 19861.9 1655.2 47 13051.5 767.7
Deal type
Within industry Cross industry Number Total Value Ave Value Number Total Value Ave Value 2 0.0 0.0 2 0.0 0.0 9 21.3 21.3 5 0.0 0.0 4 0.0 0.0 1 0.0 0.0 3 20.1 20.1 2 2.3 2.3 4 0.0 0.0 4 57.7 57.7 9 928.2 309.4 4 148.6 74.3 8 175.4 87.7 2 0.0 0.0 4 0.0 0.0 3 0.0 0.0 10 8248.4 1649.7 3 12944.0 6472.0 16 10212.7 1276.6 5 154.7 51.6 69 19606.1 980.3 31 13307.3 1478.6
Industry
Banking Number Total Value Ave Value Number Total Value Ave Value 2 0.0 0.0 1 0.0 0.0 1 0.0 0.0 4 0.0 0.0 197942 0.00% 10 21.3 21.3 1 0.0 0.0 3 0.0 0.0 14 21.3 21.3 202715 0.01% 1 0.0 0.0 2 0.0 0.0 2 0.0 0.0 5 0.0 0.0 226620 0.00% 4 22.4 11.2 1 0.0 0.0 0 0.0 0.0 5 22.4 11.2 215192 0.01% 0 0.0 0.0 3 57.7 57.7 5 0.0 0.0 8 57.7 57.7 233668 0.02% 7 1061.5 265.4 2 0.0 0.0 4 15.3 15.3 13 1076.8 215.4 275781 0.39% 5 50.0 50.0 4 125.4 125.4 1 0.0 0.0 10 175.4 87.7 268210 0.07% 5 0.0 0.0 0 0.0 0.0 2 0.0 0.0 7 0.0 0.0 243686 0.00% 6 7332.0 2444.0 4 1558.4 779.2 3 12302.0 6151.0 13 21192.4 3027.5 250640 8.46% 8 1220.4 305.1 7 2884.6 961.5 6 6262.4 1565.6 21 10367.4 942.5 248505 4.17% 48 9707.6 647.2 25 4626.1 660.9 27 18579.7 2654.2 100 32913.4 1134.9 2362960 1.39%
Insurance
Securities/ Number Total Value Other Ave Value
Total
Number Total Value Ave Value GDP Value/GDP
369
Deals classified by country and sector of acquiring firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 21.3 21.3 4 0.0 0.0 5 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 2 2.3 2.3 1 20.1 20.1 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 3 928.2 309.4 2 133.3 133.3 2 0.0 0.0 0 0.0 0.0 1 50.0 50.0 2 0.0 0.0 2 0.0 0.0 1 0.0 0.0 1 0.0 0.0 1 0.0 0.0 3 7332.0 2444.0 1 0.0 0.0 2 0.0 0.0 0 0.0 0.0 3 0.0 0.0 0 0.0 0.0 5 1220.4 305.1 0 0.0 0.0 14 7353.3 1838.3 10 2.3 2.3 19 2218.7 246.5 5 133.3 133.3
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 57.7 57.7 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 3 125.4 125.4 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 3 912.9 912.9 1 645.5 645.5 1 0.0 0.0 1 0.0 0.0 2 2823.5 2823.5 3 61.1 30.6 5 0.0 0.0 2 57.7 57.7 14 3861.8 1287.3 4 706.6 235.5
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 2 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 3 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 2 15.3 15.3 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 2 3.5 3.5 1 12298.5 12298.5 0 0.0 0.0 0 0.0 0.0 2 37.7 18.9 1 93.6 93.6 3 6131.1 6131.1 0 0.0 0.0 14 41.2 13.7 8 12407.4 4135.8 3 6131.1 6131.1 2 0.0 0.0
Total
Number Total Value Ave Value
4 0.0 0.0
14 21.3 21.3
5 0.0 0.0
5 22.4 11.2
8 57.7 57.7
13 1076.8 215.4
10 175.4 87.7
7 0.0 0.0
13 21192.4 3027.5
21 10367.4 942.5
100 32913.4 1134.9
Source: Thomson Financial, SDC Platinum.
370
Table A.10 Country: France All values in USD millions Deals classified by country and sector of target firm
1990
Deal type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 10 194.8 48.7 4 207.6 69.2 2 0.0 0.0 0 0.0 0.0 47 605.9 75.7 19 491.5 98.3 4 0.0 0.0 3 91.0 91.0 27 498.3 166.1 12 208.9 52.2 8 0.0 0.0 2 861.1 861.1 28 15978.8 1997.4 11 265.4 66.4 1 0.0 0.0 1 111.7 111.7 16 38.8 9.7 9 20.5 10.3 7 189.4 63.1 3 0.0 0.0 24 444.8 63.5 14 2034.5 254.3 14 1784.1 356.8 2 217.2 108.6 21 13443.1 2240.5 9 45.8 22.9 7 166.9 41.7 2 323.7 323.7 6 558.1 279.1 6 4357.5 1452.5 15 2823.4 352.9 5 322.7 80.7 18 7876.8 562.6 5 462.1 154.0 13 2430.8 243.1 4 831.7 207.9 12 14509.2 2418.2 5 115.2 28.8 8 6482.4 1620.6 4 321.0 107.0 209 54148.6 873.4 94 8209.0 216.0 79 13877.0 408.1 26 3080.1 181.2
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 14 402.4 57.5 2 0.0 0.0 66 1097.4 84.4 7 91.0 91.0 39 707.2 101.0 10 861.1 861.1 39 16244.2 1353.7 2 111.7 111.7 25 59.3 9.9 10 189.4 63.1 38 2479.3 165.3 16 2001.3 285.9 30 13488.9 1686.1 9 490.6 98.1 12 4915.6 983.1 20 3146.1 262.2 23 8338.9 490.5 17 3262.5 233.0 17 14624.4 1462.4 12 6803.4 971.9 303 62357.6 623.6 105 16957.1 332.5
Deal type
Within industry Cross industry Number Total Value Ave Value Number Total Value Ave Value 12 194.8 48.7 4 207.6 69.2 51 605.9 75.7 22 582.5 97.1 35 498.3 166.1 14 1070.0 214.0 29 15978.8 1997.4 12 377.1 75.4 23 228.2 32.6 12 20.5 10.3 38 2228.9 185.7 16 2251.7 225.2 28 13610.0 1361.0 11 369.5 123.2 21 3381.5 338.2 11 4680.2 668.6 31 10307.6 429.5 9 1293.8 184.8 20 20991.6 2099.2 9 436.2 62.3 288 68025.6 708.6 120 11289.1 205.3
Industry
Banking Number Total Value Ave Value Number Total Value Ave Value 8 256.2 51.2 1 0.0 0.0 7 146.2 73.1 16 402.4 57.5 39 955.8 95.6 4 91.0 91.0 30 141.6 47.2 73 1188.4 84.9 1224258 0.10% 23 1390.5 278.1 2 0.0 0.0 24 177.8 59.3 49 1568.3 196.0 1347451 0.12% 26 5834.5 833.5 4 2741.4 2741.4 11 7780.0 1556.0 41 16355.9 1258.1 1277003 1.28% 17 156.7 31.3 1 0.0 0.0 17 92.0 23.0 35 248.7 27.6 1352306 0.02% 22 2865.6 286.6 8 98.4 32.8 24 1516.6 168.5 54 4480.6 203.7 1555093 0.29% 15 2755.8 689.0 7 10785.9 1797.7 17 437.8 145.9 39 13979.5 1075.3 1554895 0.90% 10 871.9 174.4 13 7117.7 790.9 9 72.1 24.0 32 8061.7 474.2 1406827 0.57% 27 8274.1 394.0 6 3133.5 626.7 7 193.8 38.8 40 11601.4 374.2 1448918 0.80% 13 15124.2 1374.9 4 0.0 0.0 12 6303.6 1050.6 29 21427.8 1260.5 1432218 1.50% 200 38485.3 463.7 50 23967.9 958.7 158 16861.5 392.1 408 79314.7 525.3 13818281 0.57%
Insurance
Securities/ Number Total Value Other Ave Value
Total
Number Total Value Ave Value
GDP 1219313 Value/GDP 0.03%
371
Deals classified by country and sector of target firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 5 181.8 60.6 2 74.4 37.2 1 0.0 0.0 0 0.0 0.0 28 464.3 92.9 9 491.5 98.3 2 0.0 0.0 0 0.0 0.0 14 498.3 166.1 3 31.1 31.1 5 0.0 0.0 1 861.1 861.1 18 5624.3 1124.9 7 210.2 105.1 1 0.0 0.0 0 0.0 0.0 9 16.3 8.2 4 6.6 6.6 4 133.8 66.9 0 0.0 0.0 11 172.5 43.1 4 909.2 454.6 7 1783.9 446.0 0 0.0 0.0 9 2432.1 810.7 2 0.0 0.0 3 0.0 0.0 1 323.7 323.7 3 558.1 279.1 1 0.0 0.0 4 53.0 53.0 2 260.8 130.4 11 4890.7 543.4 3 395.2 197.6 11 2243.8 280.5 2 744.4 372.2 6 14495.8 2899.2 1 7.1 7.1 3 300.3 150.2 3 321.0 107.0 114 29334.2 715.5 36 2125.3 132.8 41 4514.8 265.6 9 2511.0 279.0
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 1 0.0 0.0 1 91.0 91.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 4 2741.4 2741.4 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 2 14.3 14.3 1 0.0 0.0 4 0.2 0.2 1 83.9 83.9 2 10605.4 10605.4 1 13.6 13.6 4 166.9 41.7 0 0.0 0.0 1 0.0 0.0 3 4352.9 2176.5 8 2764.4 460.7 1 0.4 0.4 2 2919.4 1459.7 1 0.0 0.0 2 187.0 93.5 1 27.1 27.1 2 0.0 0.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 14 16280.5 3256.1 9 4366.5 1455.5 23 3118.5 239.9 4 202.4 50.6
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 5 13.0 13.0 2 133.2 133.2 0 0.0 0.0 0 0.0 0.0 18 141.6 47.2 9 0.0 0.0 1 0.0 0.0 2 0.0 0.0 13 0.0 0.0 7 177.8 59.3 3 0.0 0.0 1 0.0 0.0 6 7613.1 3806.6 4 55.2 27.6 0 0.0 0.0 1 111.7 111.7 7 22.5 11.3 5 13.9 13.9 2 55.6 55.6 3 0.0 0.0 11 258.0 129.0 9 1125.3 187.6 3 0.0 0.0 1 133.3 133.3 10 405.6 202.8 6 32.2 32.2 0 0.0 0.0 1 0.0 0.0 2 0.0 0.0 2 4.6 4.6 3 6.0 6.0 2 61.5 61.5 5 66.7 22.2 1 66.9 66.9 0 0.0 0.0 1 60.2 60.2 4 13.4 13.4 4 108.1 36.0 3 6182.1 3091.1 1 0.0 0.0 81 8533.9 533.4 49 1717.2 90.4 15 6243.7 1560.9 13 366.7 91.7
Total
Number Total Value Ave Value
16 402.4 57.5
73 1188.4 84.9
49 1568.3 196.0
41 16355.9 1258.1
35 248.7 27.6
54 4480.6 203.7
39 13979.5 1075.3
32 8061.7 474.2
40 11601.4 374.2
29 21427.8 1260.5
408 79314.7 525.3
372
Deals classified by country and sector of acquiring firm
1990
Deal type
Within border/ Within Industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 10 194.8 48.7 3 74.4 37.2 11 315.2 78.8 4 586.4 146.6 47 605.9 75.7 19 491.5 98.3 4 82.2 41.1 5 102.2 51.1 27 498.3 166.1 12 208.9 52.2 8 79.0 39.5 4 918.3 306.1 28 15978.8 1997.4 11 265.4 66.4 9 3435.6 1145.2 1 0.0 0.0 16 38.8 9.7 9 20.5 10.3 7 674.4 168.6 1 0.0 0.0 24 444.8 63.5 14 2034.5 254.3 10 1193.7 199.0 3 244.2 122.1 21 13443.1 2240.5 9 45.8 22.9 8 3368.0 842.0 8 15.5 15.5 6 558.1 279.1 6 4357.5 1452.5 8 80.6 40.3 8 275.2 91.7 18 7876.8 562.6 5 462.1 154.0 16 1899.5 211.1 4 278.9 93.0 12 14509.2 2418.2 5 115.2 28.8 10 2932.1 488.7 4 300.6 150.3 209 54148.6 873.4 93 8075.8 218.3 91 14060.3 334.8 42 2721.3 136.1
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 13 269.2 44.9 15 901.6 112.7 66 1097.4 84.4 9 184.4 46.1 39 707.2 101.0 12 997.3 199.5 39 16244.2 1353.7 10 3435.6 1145.2 25 59.3 9.9 8 674.4 168.6 38 2479.3 165.3 13 1437.9 179.7 30 13488.9 1686.1 16 3383.5 676.7 12 4915.6 983.1 16 355.8 71.2 23 8338.9 490.5 20 2178.4 181.5 17 14624.4 1462.4 14 3232.7 404.1 302 62224.4 628.5 133 16781.6 270.7
Deal type
Within industry Cross industry Number Total Value Ave Value Number Total Value Ave Value 21 510.0 63.8 7 660.8 110.1 51 688.1 68.8 24 593.7 84.8 35 577.3 115.5 16 1127.2 161.0 37 19414.4 1764.9 12 265.4 66.4 23 713.2 89.2 10 20.5 10.3 34 1638.5 126.0 17 2278.7 227.9 29 16811.1 1681.1 17 61.3 20.4 14 638.7 159.7 14 4632.7 772.1 34 9776.3 425.1 9 741.0 123.5 22 17441.3 1453.4 9 415.8 69.3 300 68208.9 655.9 135 10797.1 189.4
Industry
Banking Number Total Value Ave Value Number Ave Value 13 484.4 60.6 7 69.8 8 476.9 159.0 28 1170.8 83.6 40 637.5 79.7 4 0.0 31 644.3 71.6 75 1281.8 75.4 1224258 0.10% 26 601.0 120.2 4 43.4 21 929.8 309.9 51 1704.5 142.0 1347451 0.13% 24 5636.4 939.4 12 1012.4 13 7968.8 2656.3 49 19679.8 1312.0 1277003 1.54% 17 49.0 12.3 6 215.5 10 38.2 12.7 33 733.7 73.4 1352306 0.05% 26 1015.4 78.1 8 322.0 17 1291.9 258.4 51 3917.2 170.3 1555093 0.25% 22 2464.3 616.1 6 3631.6 18 3513.4 585.6 46 16872.4 1297.9 1554895 1.09% 13 1373.0 228.8 8 108.2 7 3682.0 1841.0 28 5271.4 527.1 1406827 0.37% 22 6700.0 418.8 9 737.6 12 866.8 96.3 43 10517.3 362.7 1448918 0.73% 14 14906.7 1490.7 6 983.1 11 984.2 164.0 31 17857.1 992.1 1432218 1.25% 217 33867.7 423.3 70 773.2 148 20396.3 416.3 435 79006.0 490.7 13818281 0.57%
Insurance
Securities/ Number Total Value Other Ave Value
Total
Number Total Value Ave Value
GDP 1219313 Value/GDP 0.10%
373
Deals classified by country and sector of acquiring firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 5 181.8 60.6 1 0.0 0.0 4 127.1 63.6 3 175.5 58.5 28 464.3 92.9 9 0.0 0.0 2 82.2 41.1 1 91.0 91.0 14 498.3 166.1 7 102.7 51.4 5 0.0 0.0 0 0.0 0.0 18 5624.3 1124.9 3 12.1 12.1 3 0.0 0.0 0 0.0 0.0 9 16.3 8.2 5 13.9 13.9 2 18.8 18.8 1 0.0 0.0 11 172.5 43.1 8 414.3 82.9 5 309.1 103.0 2 119.5 119.5 9 2432.1 810.7 5 32.2 32.2 3 0.0 0.0 5 0.0 0.0 3 558.1 279.1 2 671.3 671.3 4 80.6 40.3 4 63.0 63.0 11 4890.7 543.4 2 66.9 66.9 7 1727.8 345.6 2 14.6 14.6 6 14495.8 2899.2 4 108.1 36.0 4 302.8 151.4 0 0.0 0.0 114 29334.2 715.5 46 1421.5 94.8 39 2648.4 155.8 18 463.6 66.2
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 1 21.4 21.4 6 188.1 94.1 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 75.1 75.1 2 79.0 39.5 1 19.6 19.6 4 2741.4 2741.4 5 253.3 84.4 3 3079.9 1540.0 0 0.0 0.0 0 0.0 0.0 2 6.6 6.6 4 639.9 320.0 0 0.0 0.0 2 14.3 14.3 1 711.0 711.0 5 884.6 294.9 0 0.0 0.0 2 10605.4 10605.4 1 0.0 0.0 2 289.3 144.7 1 0.0 0.0 1 0.0 0.0 1 4.6 4.6 4 0.0 0.0 2 211.8 211.8 2 2919.4 1459.7 0 0.0 0.0 7 31.1 15.6 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 3 1966.2 983.1 1 0.0 0.0 14 16280.5 3256.1 13 1072.0 134.0 38 7158.1 421.1 5 231.4 115.7
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 5 13.0 13.0 1 53.0 53.0 1 0.0 0.0 1 410.9 410.9 18 141.6 47.2 9 491.5 98.3 0 0.0 0.0 4 11.2 11.2 13 0.0 0.0 4 31.1 31.1 1 0.0 0.0 3 898.7 449.4 6 7613.1 3806.6 3 0.0 0.0 3 355.7 355.7 1 0.0 0.0 7 22.5 11.3 2 0.0 0.0 1 15.7 15.7 0 0.0 0.0 11 258.0 129.0 5 909.2 454.6 0 0.0 0.0 1 124.7 124.7 10 405.6 202.8 3 13.6 13.6 3 3078.7 1539.4 2 15.5 15.5 2 0.0 0.0 3 3681.6 3681.6 0 0.0 0.0 2 0.4 0.4 5 66.7 22.2 3 395.2 197.6 2 140.6 70.3 2 264.3 132.2 4 13.4 13.4 1 7.1 7.1 3 663.1 331.6 3 300.6 150.3 81 8533.9 533.4 34 5582.3 398.7 14 4253.8 531.7 19 2026.3 184.2
Total
Number Total Value Ave Value
28 1170.8 83.6
75 1281.8 75.4
51 1704.5 142.0
49 19679.8 1312.0
33 733.7 73.4
51 3917.2 170.3
46 16872.4 1297.9
28 5271.4 527.1
43 10517.3 362.7
31 17857.1 992.1
435 79006.0 490.7
Source: Thomson Financial, SDC Platinum.
374
Table A.11 Country: Germany All values in USD millions Deals classified by country and sector of target firm
1990
Deal type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 6 787.2 393.6 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 12 1575.0 787.5 2 0.0 0.0 3 0.0 0.0 0 0.0 0.0 18 2547.8 509.6 5 556.8 185.6 2 407.7 407.7 1 888.4 888.4 14 0.0 0.0 6 452.3 226.2 4 0.0 0.0 1 0.0 0.0 36 2826.2 942.1 15 49.6 16.5 2 0.0 0.0 4 0.0 0.0 29 0.0 0.0 17 425.2 425.2 5 377.2 94.3 4 124.7 124.7 30 223.9 112.0 9 0.0 0.0 2 122.5 122.5 4 0.0 0.0 21 11063.1 5531.6 7 0.0 0.0 3 5075.1 5075.1 3 194.8 194.8 28 24.3 24.3 6 2076.7 2076.7 8 313.7 313.7 1 0.0 0.0 44 310.5 103.5 8 337.1 337.1 8 1162.9 290.7 3 4040.8 2020.4 238 19358.0 967.9 76 3897.7 354.3 37 7459.1 621.6 22 5248.7 1049.7
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 7 787.2 393.6 1 0.0 0.0 14 1575.0 787.5 3 0.0 0.0 23 3104.6 388.1 3 1296.1 648.1 20 452.3 226.2 5 0.0 0.0 51 2875.8 479.3 6 0.0 0.0 46 425.2 425.2 9 501.9 100.4 39 223.9 112.0 6 122.5 122.5 28 11063.1 5531.6 6 5269.9 2635.0 34 2101.0 1050.5 9 313.7 313.7 52 647.6 161.9 11 5203.7 867.3 314 23255.7 750.2 59 12707.8 747.5
Deal type
Within industry Cross industry Number Total Value Ave Value Number Total Value Ave Value 6 787.2 393.6 2 0.0 0.0 15 1575.0 787.5 2 0.0 0.0 20 2955.5 492.6 6 1445.2 361.3 18 0.0 0.0 7 452.3 226.2 38 2826.2 942.1 19 49.6 16.5 34 377.2 94.3 21 549.9 275.0 32 346.4 115.5 13 0.0 0.0 24 16138.2 5379.4 10 194.8 194.8 36 338.0 169.0 7 2076.7 2076.7 52 1473.4 210.5 11 4377.9 1459.3 275 26817.1 838.0 98 9146.4 571.7
Industry
Banking Number Total Value Ave Value Number Total Value Ave Value 6 202.8 202.8 1 584.4 584.4 1 0.0 0.0 8 787.2 393.6 1679079 0.05% 10 0.0 0.0 3 0.0 0.0 4 1575.0 787.5 17 1575.0 787.5 1780793 0.09% 13 1064.4 354.8 7 2706.0 541.2 6 630.3 315.2 26 4400.7 440.1 2021775 0.22% 13 432.4 432.4 7 19.9 19.9 5 0.0 0.0 25 452.3 226.2 1955203 0.02% 33 126.0 42.0 6 2738.0 1369.0 18 11.8 11.8 57 2875.8 479.3 2095849 0.14% 24 124.7 124.7 15 558.4 279.2 16 244.0 81.3 55 927.1 154.5 2459378 0.04% 23 127.2 63.6 8 219.2 219.2 14 0.0 0.0 45 346.4 115.5 2384235 0.01% 21 7001.2 7001.2 8 9137.0 4568.5 5 194.8 194.8 34 16333.0 4083.3 2119601 0.77% 31 24.3 24.3 9 2390.4 1195.2 3 0.0 0.0 43 2414.7 804.9 2151383 0.11% 44 4493.2 641.9 8 963.0 963.0 11 395.1 197.6 63 5851.3 585.1 2108903 0.28% 218 13596.2 679.8 72 19316.3 1136.3 83 3051.0 277.4 373 35963.5 749.2 20756200 0.17%
Insurance
Securities/ Number Total Value Other Ave Value
Total
Number Total Value Ave Value GDP Value/GDP
375
Deals classified by country and sector of target firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 4 202.8 202.8 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 8 0.0 0.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 8 8.0 8.0 3 168.0 168.0 1 0.0 0.0 1 888.4 888.4 6 0.0 0.0 3 432.4 432.4 3 0.0 0.0 1 0.0 0.0 21 97.3 97.3 8 28.7 14.4 2 0.0 0.0 2 0.0 0.0 15 0.0 0.0 7 0.0 0.0 0 0.0 0.0 2 124.7 124.7 18 4.7 4.7 0 0.0 0.0 1 122.5 122.5 4 0.0 0.0 16 7001.2 7001.2 5 0.0 0.0 0 0.0 0.0 0 0.0 0.0 22 24.3 24.3 3 0.0 0.0 5 0.0 0.0 1 0.0 0.0 33 252.5 126.3 4 0.0 0.0 4 199.9 66.6 3 4040.8 2020.4 151 7590.8 948.9 35 629.1 157.3 17 322.4 80.6 15 5053.9 1263.5
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 1 584.4 584.4 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 2 0.0 0.0 0 0.0 0.0 5 2046.9 682.3 1 251.4 251.4 1 407.7 407.7 0 0.0 0.0 4 0.0 0.0 2 19.9 19.9 1 0.0 0.0 0 0.0 0.0 4 2717.1 2717.1 1 20.9 20.9 0 0.0 0.0 1 0.0 0.0 7 0.0 0.0 6 425.2 425.2 2 133.2 133.2 0 0.0 0.0 6 219.2 219.2 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 5 4061.9 4061.9 0 0.0 0.0 2 5075.1 5075.1 1 0.0 0.0 4 0.0 0.0 2 2076.7 2076.7 3 313.7 313.7 0 0.0 0.0 5 0.0 0.0 0 0.0 0.0 3 963.0 963.0 0 0.0 0.0 41 9629.5 1375.6 15 2794.1 558.8 14 6892.7 1378.5 2 0.0 0.0
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 4 1575.0 787.5 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 5 492.9 492.9 1 137.4 137.4 0 0.0 0.0 0 0.0 0.0 4 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 11 11.8 11.8 6 0.0 0.0 0 0.0 0.0 1 0.0 0.0 7 0.0 0.0 4 0.0 0.0 3 244.0 81.3 2 0.0 0.0 6 0.0 0.0 7 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 1 0.0 0.0 2 194.8 194.8 2 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 6 58.0 58.0 4 337.1 337.1 1 0.0 0.0 0 0.0 0.0 46 2137.7 427.5 26 474.5 237.3 6 244.0 81.3 5 194.8 194.8
Total
Number Total Value Ave Value
8 787.2 393.6
17 1575.0 787.5
26 4400.7 440.1
25 452.3 226.2
57 2875.8 479.3
55 927.1 154.5
45 346.4 115.5
34 16333.0 4083.3
43 2414.7 804.9
63 5851.3 585.1
373 35963.5 749.2
376
Deals classified by country and sector of acquiring firm
1990
Deal type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 6 787.2 393.6 1 0.0 0.0 3 424.8 424.8 0 0.0 0.0 12 1575.0 787.5 2 0.0 0.0 1 0.0 0.0 3 78.6 78.6 18 2547.8 509.6 5 556.8 185.6 5 124.7 62.4 0 0.0 0.0 14 0.0 0.0 6 452.3 226.2 2 153.5 76.8 1 111.7 111.7 36 2826.2 942.1 15 49.6 16.5 9 814.4 203.6 3 0.0 0.0 29 0.0 0.0 17 425.2 425.2 16 1806.5 451.6 3 300.0 300.0 30 223.9 112.0 9 0.0 0.0 9 4006.9 1335.6 4 145.2 72.6 21 11063.1 5531.6 7 0.0 0.0 3 146.5 146.5 2 23.9 23.9 28 24.3 24.3 6 2076.7 2076.7 9 9625.8 2406.5 7 188.8 62.9 44 310.5 103.5 8 337.1 337.1 20 1985.9 220.7 5 3434.9 1145.0 238 19358.0 967.9 76 3897.7 354.3 77 19089.0 636.3 28 4283.1 356.9
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 7 787.2 393.6 3 424.8 424.8 14 1575.0 787.5 4 78.6 78.6 23 3104.6 388.1 5 124.7 62.4 20 452.3 226.2 3 265.2 88.4 51 2875.8 479.3 12 814.4 203.6 46 425.2 425.2 19 2106.5 421.3 39 223.9 112.0 13 4152.1 830.4 28 11063.1 5531.6 5 170.4 85.2 34 2101.0 1050.5 16 9814.6 1402.1 52 647.6 161.9 25 5420.8 451.7 314 23255.7 750.2 105 23372.1 556.5
Deal type
Within industry Cross industry Number Total Value Ave Value Number Total Value Ave Value 9 1212.0 404.0 1 0.0 0.0 13 1575.0 787.5 5 78.6 78.6 23 2672.5 381.8 5 556.8 185.6 16 153.5 76.8 7 564.0 188.0 45 3640.6 520.1 18 49.6 16.5 45 1806.5 451.6 20 725.2 362.6 39 4230.8 846.2 13 145.2 72.6 24 11209.6 3736.5 9 23.9 23.9 37 9650.1 1930.0 13 2265.5 566.4 64 2296.4 191.4 13 3772.0 943.0 315 38447.0 768.9 104 8180.8 355.7
Industry
Banking Number Total Value Ave Value Number Total Value Ave Value 6 627.6 313.8 3 584.4 584.4 1 0.0 0.0 10 1212.0 404.0 1679079 0.07% 12 0.0 0.0 1 0.0 0.0 5 1653.6 551.2 18 1653.6 551.2 1780793 0.09% 13 521.5 104.3 8 2046.9 682.3 7 660.9 330.5 28 3229.3 322.9 2021775 0.16% 9 131.6 65.8 6 153.5 76.8 8 432.4 432.4 23 717.5 143.5 1955203 0.04% 31 179.9 90.0 9 3436.4 1145.5 23 73.9 14.8 63 3690.2 369.0 2095849 0.18% 28 1952.2 488.1 21 0.0 0.0 16 579.5 289.8 65 2531.7 422.0 2459378 0.10% 27 16.9 8.5 16 4226.1 1056.5 9 133.0 133.0 52 4376.0 625.1 2384235 0.18% 18 7001.2 7001.2 11 4208.4 2104.2 4 23.9 23.9 33 11233.5 2808.4 2119601 0.53% 33 11314.3 1885.7 10 507.5 253.8 7 93.8 93.8 50 11915.6 1324.0 2151383 0.55% 42 1130.3 188.4 18 4432.0 738.7 17 506.1 126.5 77 6068.4 379.3 2108903 0.29% 219 22875.5 762.5 103 19595.2 852.0 97 4157.1 207.9 419 46627.8 638.7 20756200 0.22%
Insurance
Securities/ Number Total Value Other Ave Value
Total
Number Total Value Ave Value GDP Value/GDP
377
Deals classified by country and sector of acquiring firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 4 202.8 202.8 0 0.0 0.0 2 424.8 424.8 0 0.0 0.0 8 0.0 0.0 1 0.0 0.0 1 0.0 0.0 2 0.0 0.0 8 8.0 8.0 2 388.8 194.4 3 124.7 62.4 0 0.0 0.0 6 0.0 0.0 2 19.9 19.9 0 0.0 0.0 1 111.7 111.7 21 97.3 97.3 5 0.0 0.0 3 82.6 82.6 2 0.0 0.0 15 0.0 0.0 6 0.0 0.0 4 1652.2 550.7 3 300.0 300.0 18 4.7 4.7 4 0.0 0.0 3 0.0 0.0 2 12.2 12.2 16 7001.2 7001.2 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 22 24.3 24.3 2 2076.7 2076.7 4 9118.3 4559.2 5 95.0 47.5 33 252.5 126.3 4 337.1 337.1 4 540.7 180.2 1 0.0 0.0 151 7590.8 948.9 26 2822.5 564.5 25 11943.3 995.3 17 518.9 103.8
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 1 584.4 584.4 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 5 2046.9 682.3 1 0.0 0.0 2 0.0 0.0 0 0.0 0.0 4 0.0 0.0 0 0.0 0.0 2 153.5 76.8 0 0.0 0.0 4 2717.1 2717.1 1 0.0 0.0 4 719.3 359.7 0 0.0 0.0 7 0.0 0.0 5 0.0 0.0 9 0.0 0.0 0 0.0 0.0 6 219.2 219.2 3 0.0 0.0 6 4006.9 1335.6 1 0.0 0.0 5 4061.9 4061.9 4 0.0 0.0 2 146.5 146.5 0 0.0 0.0 4 0.0 0.0 1 0.0 0.0 4 507.5 253.8 1 0.0 0.0 5 0.0 0.0 0 0.0 0.0 11 1374.1 343.5 2 3057.9 1529.0 41 9629.5 1375.6 17 0.0 0.0 41 6907.8 493.4 4 3057.9 1529.0
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 4 1575.0 787.5 0 0.0 0.0 0 0.0 0.0 1 78.6 78.6 5 492.9 492.9 2 168.0 168.0 0 0.0 0.0 0 0.0 0.0 4 0.0 0.0 4 432.4 432.4 0 0.0 0.0 0 0.0 0.0 11 11.8 11.8 9 49.6 16.5 2 12.5 12.5 1 0.0 0.0 7 0.0 0.0 6 425.2 425.2 3 154.3 154.3 0 0.0 0.0 6 0.0 0.0 2 0.0 0.0 0 0.0 0.0 1 133.0 133.0 0 0.0 0.0 3 0.0 0.0 0 0.0 0.0 1 23.9 23.9 2 0.0 0.0 3 0.0 0.0 1 0.0 0.0 1 93.8 93.8 6 58.0 58.0 4 0.0 0.0 5 71.1 35.6 2 377.0 377.0 46 2137.7 427.5 33 1075.2 179.2 11 237.9 59.5 7 706.3 141.3
Total
Number Total Value Ave Value
10 1212.0 404.0
18 1653.6 551.2
28 3229.3 322.9
23 717.5 143.5
63 3690.2 369.0
65 2531.7 422.0
52 4376.0 625.1
33 11233.5 2808.4
50 11915.6 1324.0
77 6068.4 379.3
419 46627.8 638.7
Source: Thomson Financial, SDC Platinum.
378
Table A.12 Country: Italy All values in USD millions Deals classified by country and sector of target firm
1990
Deal type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 7 2616.7 523.3 4 96.5 96.5 3 80.3 80.3 1 0.0 0.0 28 6163.8 474.1 3 78.3 78.3 3 44.0 44.0 3 0.0 0.0 37 2056.7 257.1 9 256.7 85.6 2 0.0 0.0 2 273.6 136.8 20 5755.5 959.3 8 262.1 65.5 4 279.8 279.8 1 0.0 0.0 35 3446.4 382.9 11 590.6 73.8 6 750.3 187.6 2 26.0 26.0 21 1074.1 153.4 5 0.0 0.0 5 154.3 154.3 2 175.7 175.7 20 1532.1 170.2 14 777.6 194.4 2 376.4 376.4 0 0.0 0.0 14 5425.6 678.2 9 73.8 36.9 7 375.2 125.1 3 0.0 0.0 22 31736.9 1983.6 6 557.9 186.0 3 64.3 32.2 2 237.2 237.2 27 33116.9 2759.7 13 1257.3 157.2 4 156.8 156.8 2 750.6 750.6 231 92924.7 999.2 82 3950.8 116.2 39 2281.4 152.1 18 1463.1 243.9
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 11 2713.2 452.2 4 80.3 80.3 31 6242.1 445.9 6 44.0 44.0 46 2313.4 210.3 4 273.6 136.8 28 6017.6 601.8 5 279.8 279.8 46 4037.0 237.5 8 776.3 155.3 26 1074.1 153.4 7 330.0 165.0 34 2309.7 177.7 2 376.4 376.4 23 5499.4 549.9 10 375.2 125.1 28 32294.8 1699.7 5 301.5 100.5 40 34374.2 1718.7 6 907.4 453.7 313 96875.5 762.8 57 3744.5 178.3
Deal type
Within industry Cross industry Number Total Value Ave Value Number Total Value Ave Value 10 2697.0 449.5 5 96.5 96.5 31 6207.8 443.4 6 78.3 78.3 39 2056.7 257.1 11 530.3 106.1 24 6035.3 862.2 9 262.1 65.5 41 4196.7 322.8 13 616.6 68.5 26 1228.4 153.6 7 175.7 175.7 22 1908.5 190.9 14 777.6 194.4 21 5800.8 527.3 12 73.8 36.9 25 31801.2 1766.7 8 795.1 198.8 31 33273.7 2559.5 15 2007.9 223.1 270 95206.1 881.5 100 5413.9 135.3
Industry
Banking Number Total Value Ave Value Number Total Value Ave Value 7 2632.1 526.4 7 161.4 80.7 1 0.0 0.0 15 2793.5 399.1 1105131 0.25% 20 5790.4 723.8 2 473.3 236.7 15 22.4 4.5 37 6286.1 419.1 1163743 0.54% 32 2309.0 256.6 6 2.3 2.3 12 275.7 91.9 50 2587.0 199.0 1236492 0.21% 20 2915.9 364.5 4 3378.6 1689.3 9 2.9 2.9 33 6297.4 572.5 995684 0.63% 34 3778.8 343.5 6 853.8 170.8 14 180.7 30.1 54 4813.3 218.8 1026576 0.47% 21 1234.4 176.3 5 0.0 0.0 7 169.7 84.9 33 1404.1 156.0 1097756 0.13% 17 1002.1 143.2 11 896.6 224.2 8 787.4 262.5 36 2686.1 191.9 1233298 0.22% 15 5096.3 566.3 11 778.3 194.6 7 0.0 0.0 33 5874.6 451.9 1165163 0.50% 26 32322.7 1795.7 3 65.9 22.0 4 207.7 207.7 33 32596.3 1481.7 1192002 2.73% 36 24423.3 1436.7 3 10187.5 5093.8 7 670.8 223.6 46 35281.6 1603.7 1171635 3.01% 228 81505.0 823.3 58 16797.7 671.9 84 2317.3 96.6 370 100620.0 679.9 11387480 0.88%
Insurance
Securities/ Number Total Value Other Ave Value
Total
Number Total Value Ave Value GDP Value/GDP
379
Deals classified by country and sector of target firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 5 2535.6 633.9 2 96.5 96.5 0 0.0 0.0 0 0.0 0.0 15 5668.1 944.7 1 78.3 78.3 2 44.0 44.0 2 0.0 0.0 28 2054.6 293.5 4 254.4 127.2 0 0.0 0.0 0 0.0 0.0 16 2617.2 523.4 2 18.9 9.5 2 279.8 279.8 0 0.0 0.0 29 3359.5 419.9 4 419.3 139.8 1 0.0 0.0 0 0.0 0.0 19 1058.7 176.5 1 0.0 0.0 0 0.0 0.0 1 175.7 175.7 12 997.7 166.3 4 4.4 4.4 1 0.0 0.0 0 0.0 0.0 11 5055.6 722.2 3 39.2 39.2 1 1.5 1.5 0 0.0 0.0 22 31736.9 1983.6 2 348.6 348.6 1 0.0 0.0 1 237.2 237.2 25 22937.3 2085.2 7 578.6 144.7 3 156.8 156.8 1 750.6 750.6 182 78021.2 1026.6 30 1838.2 114.9 11 482.1 120.5 5 1163.5 387.8
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 2 81.1 81.1 2 0.0 0.0 2 80.3 80.3 1 0.0 0.0 2 473.3 236.7 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 3 0.0 0.0 2 2.3 2.3 1 0.0 0.0 0 0.0 0.0 3 3138.3 3138.3 1 240.3 240.3 0 0.0 0.0 0 0.0 0.0 2 86.9 86.9 1 21.6 21.6 2 719.3 359.7 1 26.0 26.0 0 0.0 0.0 2 0.0 0.0 3 0.0 0.0 0 0.0 0.0 6 508.4 254.2 4 11.8 11.8 1 376.4 376.4 0 0.0 0.0 1 370.0 370.0 4 34.6 34.6 6 373.7 186.9 0 0.0 0.0 0 0.0 0.0 1 1.6 1.6 2 64.3 32.2 0 0.0 0.0 1 10179.6 10179.6 1 7.9 7.9 1 0.0 0.0 0 0.0 0.0 20 14837.6 1648.6 18 320.1 45.7 18 1614.0 201.8 2 26.0 26.0
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 11 22.4 4.5 2 0.0 0.0 1 0.0 0.0 1 0.0 0.0 6 2.1 2.1 3 0.0 0.0 1 0.0 0.0 2 273.6 136.8 1 0.0 0.0 5 2.9 2.9 2 0.0 0.0 1 0.0 0.0 4 0.0 0.0 6 149.7 37.4 3 31.0 15.5 1 0.0 0.0 2 15.4 15.4 2 0.0 0.0 2 154.3 154.3 1 0.0 0.0 2 26.0 26.0 6 761.4 380.7 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 2 0.0 0.0 0 0.0 0.0 3 0.0 0.0 0 0.0 0.0 3 207.7 207.7 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 5 670.8 223.6 0 0.0 0.0 1 0.0 0.0 29 65.9 8.2 34 1792.5 163.0 10 185.3 61.8 11 273.6 136.8
Total
Number Total Value Ave Value
15 2793.5 399.1
37 6286.1 419.1
50 2587.0 199.0
33 6297.4 572.5
54 4813.3 218.8
33 1404.1 156.0
36 2686.1 191.9
33 5874.6 451.9
33 32596.3 1481.7
46 35281.6 1603.7
370 100620.0 679.9
380
Deals classified by country and sector of acquiring firm
1990
Deal type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 7 2616.7 523.3 4 96.5 96.5 2 285.0 285.0 0 0.0 0.0 28 6163.8 474.1 3 78.3 78.3 6 0.0 0.0 1 38.5 38.5 37 2056.7 257.1 9 256.7 85.6 8 448.4 224.2 3 862.1 431.1 20 5755.5 959.3 8 262.1 65.5 4 279.8 279.8 0 0.0 0.0 34 3446.4 382.9 11 590.6 73.8 7 1164.5 1164.5 1 59.9 59.9 21 1074.1 153.4 5 0.0 0.0 7 0.0 0.0 0 0.0 0.0 20 1532.1 170.2 14 777.6 194.4 2 6.4 6.4 0 0.0 0.0 14 5425.6 678.2 8 73.8 36.9 7 7039.7 1005.7 2 49.0 49.0 22 31736.9 1983.6 6 557.9 186.0 5 1715.4 571.8 1 1.2 1.2 27 33116.9 2759.7 13 1257.3 157.2 5 156.8 156.8 2 1389.5 694.8 230 92924.7 999.2 81 3950.8 116.2 53 11096.0 652.7 10 2400.2 300.0
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 11 2713.2 452.2 2 285.0 285.0 31 6242.1 445.9 7 38.5 38.5 46 2313.4 210.3 11 1310.5 327.6 28 6017.6 601.8 4 279.8 279.8 45 4037.0 237.5 8 1224.4 612.2 26 1074.1 153.4 7 0.0 0.0 34 2309.7 177.7 2 6.4 6.4 22 5499.4 549.9 9 7088.7 886.1 28 32294.8 1699.7 6 1716.6 429.2 40 34374.2 1718.7 7 1546.3 515.4 311 96875.5 762.8 63 13496.2 539.8
Deal type
Within industry Cross industry Number Total Value Ave Value Number Total Value Ave Value 9 2901.7 483.6 4 96.5 96.5 34 6163.8 474.1 4 116.8 58.4 45 2505.1 250.5 12 1118.8 223.8 24 6035.3 862.2 8 262.1 65.5 41 4610.9 461.1 12 650.5 72.3 28 1074.1 153.4 5 0.0 0.0 22 1538.5 153.9 14 777.6 194.4 21 12465.3 831.0 10 122.8 40.9 27 33452.3 1760.6 7 559.1 139.8 32 33273.7 2559.5 15 2646.8 264.7 283 104020.7 945.6 91 6351.0 151.2
Industry
Banking Number Total Value Ave Value Number Total Value Ave Value 7 2535.6 633.9 3 366.1 183.1 3 96.5 96.5 13 2998.2 428.3 1105131 0.27% 18 5706.6 815.2 7 473.3 236.7 13 100.7 16.8 38 6280.6 418.7 1163743 0.54% 37 2095.3 261.9 6 408.7 204.4 14 1119.9 224.0 57 3623.9 241.6 1236492 0.29% 23 3140.2 392.5 5 3148.4 1574.2 4 8.8 8.8 32 6297.4 572.5 995684 0.63% 36 3474.1 315.8 10 1468.6 244.8 7 318.7 159.4 53 5261.4 276.9 1026576 0.51% 25 1058.7 176.5 3 0.0 0.0 5 15.4 15.4 33 1074.1 153.4 1097756 0.10% 21 1558.7 194.8 7 720.6 240.2 8 36.8 12.3 36 2316.1 165.4 1233298 0.19% 18 5456.0 606.2 7 7043.9 1006.3 6 88.2 44.1 31 12588.1 699.3 1165163 1.08% 28 31946.2 1774.8 3 66.8 33.4 3 1998.4 666.1 34 34011.4 1478.8 1192002 2.85% 35 24080.3 1416.5 3 10218.6 5109.3 9 1621.6 405.4 47 35920.5 1561.8 1171635 3.07% 248 81051.7 844.3 54 23915.0 854.1 72 5405.0 193.0 374 110371.7 726.1 11387480 0.97%
Insurance
Securities/ Number Other Total Value Ave Value
Total
Number Total Value Ave Value GDP Value/GDP
381
Deals classified by country and sector of acquiring firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 5 2535.6 633.9 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 15 5668.1 944.7 2 0.0 0.0 0 0.0 0.0 1 38.5 38.5 28 2054.6 293.5 3 0.0 0.0 5 40.7 40.7 1 0.0 0.0 16 2617.2 523.4 5 243.2 121.6 2 279.8 279.8 0 0.0 0.0 28 3359.5 419.9 5 114.6 38.2 3 0.0 0.0 0 0.0 0.0 19 1058.7 176.5 4 0.0 0.0 2 0.0 0.0 0 0.0 0.0 12 997.7 166.3 8 561.0 280.5 1 0.0 0.0 0 0.0 0.0 11 5055.6 722.2 5 34.6 34.6 1 365.8 365.8 1 0.0 0.0 22 31736.9 1983.6 4 209.3 104.7 2 0.0 0.0 0 0.0 0.0 25 22937.3 2085.2 5 678.7 169.7 4 156.8 156.8 1 307.5 307.5 181 78021.2 1026.6 43 1841.4 131.5 20 843.1 210.8 4 346.0 173.0
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 2 81.1 81.1 0 0.0 0.0 1 285.0 285.0 0 0.0 0.0 2 473.3 236.7 0 0.0 0.0 5 0.0 0.0 0 0.0 0.0 3 0.0 0.0 0 0.0 0.0 2 407.7 407.7 1 1.0 1.0 3 3138.3 3138.3 2 10.1 10.1 0 0.0 0.0 0 0.0 0.0 2 86.9 86.9 3 157.3 52.4 4 1164.5 1164.5 1 59.9 59.9 0 0.0 0.0 0 0.0 0.0 3 0.0 0.0 0 0.0 0.0 6 508.4 254.2 1 212.2 212.2 0 0.0 0.0 0 0.0 0.0 1 370.0 370.0 0 0.0 0.0 6 6673.9 1112.3 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 2 66.8 33.4 0 0.0 0.0 1 10179.6 10179.6 2 39.0 39.0 0 0.0 0.0 0 0.0 0.0 20 14837.6 1648.6 9 418.6 69.8 23 8597.9 781.6 2 60.9 30.5
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 2 96.5 96.5 1 0.0 0.0 0 0.0 0.0 11 22.4 4.5 1 78.3 78.3 1 0.0 0.0 0 0.0 0.0 6 2.1 2.1 6 256.7 85.6 1 0.0 0.0 1 861.1 861.1 1 0.0 0.0 1 8.8 8.8 2 0.0 0.0 0 0.0 0.0 4 0.0 0.0 3 318.7 159.4 0 0.0 0.0 0 0.0 0.0 2 15.4 15.4 1 0.0 0.0 2 0.0 0.0 0 0.0 0.0 2 26.0 26.0 5 4.4 4.4 1 6.4 6.4 0 0.0 0.0 2 0.0 0.0 3 39.2 39.2 0 0.0 0.0 1 49.0 49.0 0 0.0 0.0 1 348.6 348.6 1 1648.6 1648.6 1 1.2 1.2 1 0.0 0.0 6 539.6 179.9 1 0.0 0.0 1 1082.0 1082.0 29 65.9 8.2 29 1690.8 120.8 10 1655.0 827.5 4 1993.3 498.3
Total
Number Total Value Ave Value
13 2998.2 428.3
38 6280.6 418.7
57 3623.9 241.6
32 6297.4 572.5
53 5261.4 276.9
33 1074.1 153.4
36 2316.1 165.4
31 12588.1 699.3
34 34011.4 1478.8
47 35920.5 1561.8
374 110371.7 726.1
Source: Thomson Financial, SDC Platinum.
382
Table A.13 Country: Netherlands All values in USD millions Deals classified by country and sector of target firm
1990
Deal type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 3 53.5 53.5 5 9871.6 4935.8 4 78.1 78.1 1 18.5 18.5 23 13.3 13.3 2 0.0 0.0 2 185.4 185.4 3 81.6 40.8 18 0.0 0.0 4 0.0 0.0 0 0.0 0.0 0 0.0 0.0 17 358.9 179.5 2 57.8 57.8 2 3035.2 3035.2 0 0.0 0.0 9 0.0 0.0 3 0.0 0.0 2 0.0 0.0 1 0.0 0.0 2 0.0 0.0 5 0.2 0.2 3 731.1 731.1 0 0.0 0.0 7 101.2 50.6 2 282.0 282.0 6 266.1 133.1 1 0.0 0.0 5 0.0 0.0 2 37.6 37.6 2 47.0 47.0 2 1.9 1.9 2 0.0 0.0 3 2036.3 2036.3 4 326.1 108.7 2 65.6 65.6 5 1299.8 1299.8 2 1000.4 500.2 3 0.0 0.0 0 0.0 0.0 91 1826.7 261.0 30 13285.9 1476.2 28 4669.0 466.9 10 167.6 33.5
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 8 9925.1 3308.4 5 96.6 48.3 25 13.3 13.3 5 267.0 89.0 22 0.0 0.0 0 0.0 0.0 19 416.7 138.9 2 3035.2 3035.2 12 0.0 0.0 3 0.0 0.0 7 0.2 0.2 3 731.1 731.1 9 383.2 127.7 7 266.1 133.1 7 37.6 37.6 4 48.9 24.5 5 2036.3 2036.3 6 391.7 97.9 7 2300.2 766.7 3 0.0 0.0 121 15112.6 944.5 38 4836.6 322.4
Deal type
Within industry Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 7 131.6 65.8 6 9890.1 3296.7 7 9949.7 3316.6 4 53.5 53.5 2 18.5 18.5 13 10021.7 2004.3 296315 3.38% 25 198.7 99.4 5 81.6 40.8 10 81.6 40.8 10 185.4 185.4 10 13.3 13.3 30 280.3 70.1 302903 0.09% 18 0.0 0.0 4 0.0 0.0 4 0.0 0.0 8 0.0 0.0 10 0.0 0.0 22 0.0 0.0 335803 0.00% 19 3394.1 1131.4 2 57.8 57.8 4 109.6 54.8 7 3035.2 3035.2 10 307.1 307.1 21 3451.9 863.0 326033 1.06% 11 0.0 0.0 4 0.0 0.0 3 0.0 0.0 5 0.0 0.0 7 0.0 0.0 15 0.0 0.0 352361 0.00% 5 731.1 731.1 5 0.2 0.2 3 731.3 365.7 3 0.0 0.0 4 0.0 0.0 10 731.3 365.7 415052 0.18% 13 367.3 91.8 3 282.0 282.0 3 0.0 0.0 4 21.1 21.1 9 628.2 157.1 16 649.3 129.9 411850 0.16% 7 47.0 47.0 4 39.5 19.8 5 84.6 42.3 3 0.0 0.0 3 1.9 1.9 11 86.5 28.8 376818 0.02% 6 326.1 108.7 5 2101.9 1051.0 4 2078.6 692.9 4 283.8 283.8 3 65.6 65.6 11 2428.0 485.6 391875 0.62% 8 1299.8 1299.8 2 1000.4 500.2 1 1299.8 1299.8 1 0.0 0.0 8 1000.4 500.2 10 2300.2 766.7 393887 0.58% 119 6495.7 382.1 40 13453.5 961.0 44 14335.2 955.7 49 3579.0 715.8 66 2035.0 185.0 159 19949.2 643.5 3602897 0.55%
Industry
Insurance
Securities/ Number Other Total Value Ave Value
Total
Number Total Value Ave Value GDP Value/GDP
383
Deals classified by country and sector of target firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 1 0.0 0.0 4 9871.6 4935.8 2 78.1 78.1 0 0.0 0.0 5 0.0 0.0 2 0.0 0.0 1 0.0 0.0 2 81.6 40.8 2 0.0 0.0 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 51.8 51.8 2 57.8 57.8 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 0.2 0.2 2 731.1 731.1 0 0.0 0.0 2 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 1 37.6 37.6 2 47.0 47.0 0 0.0 0.0 1 0.0 0.0 1 2036.3 2036.3 2 42.3 21.2 0 0.0 0.0 1 1299.8 1299.8 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 17 1351.6 675.8 15 12003.5 2000.6 9 898.5 179.7 3 81.6 40.8
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 2 53.5 53.5 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 9 0.0 0.0 0 0.0 0.0 1 185.4 185.4 0 0.0 0.0 7 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 5 0.0 0.0 0 0.0 0.0 2 3035.2 3035.2 0 0.0 0.0 2 0.0 0.0 1 0.0 0.0 2 0.0 0.0 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 2 21.1 21.1 1 0.0 0.0 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 2 283.8 283.8 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 30 53.5 53.5 4 0.0 0.0 12 3525.5 881.4 3 0.0 0.0
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 1 18.5 18.5 9 13.3 13.3 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 9 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 10 307.1 307.1 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 6 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 3 0.0 0.0 0 0.0 0.0 0 0.0 0.0 4 101.2 50.6 1 282.0 282.0 4 245.0 245.0 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 1.9 1.9 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 1 65.6 65.6 4 0.0 0.0 2 1000.4 500.2 2 0.0 0.0 0 0.0 0.0 44 421.6 105.4 11 1282.4 427.5 7 245.0 245.0 4 86.0 28.7
Total
Number Total Value Ave Value
13 10021.7 2004.3
30 280.3 70.1
22 0.0 0.0
21 3451.9 863.0
15 0.0 0.0
10 731.3 365.7
16 649.3 129.9
11 86.5 28.8
11 2428.0 485.6
10 2300.2 766.7
159 19949.2 643.5
384
Deals classified by country and sector of acquiring firm
1990
Deal type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 3 53.5 53.5 5 9871.6 4935.8 2 2305.5 1152.8 2 0.0 0.0 23 13.3 13.3 3 555.5 555.5 3 0.0 0.0 3 125.3 62.7 18 0.0 0.0 4 0.0 0.0 2 284.9 142.5 1 0.0 0.0 17 358.9 179.5 2 57.8 57.8 7 929.8 232.5 3 537.0 268.5 9 0.0 0.0 3 0.0 0.0 5 2.3 1.2 4 93.4 93.4 2 0.0 0.0 5 0.2 0.2 8 382.7 127.6 4 291.3 291.3 7 101.2 50.6 2 282.0 282.0 10 2292.6 764.2 3 323.7 323.7 5 0.0 0.0 2 37.6 37.6 7 2746.4 1373.2 1 4516.0 4516.0 2 0.0 0.0 3 2036.3 2036.3 7 1099.7 219.9 4 0.0 0.0 5 1299.8 1299.8 2 1000.4 500.2 8 10954.8 3651.6 3 2348.1 1174.1 91 1826.7 261.0 31 13841.4 1384.1 59 20998.7 807.6 28 8234.8 823.5
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 8 9925.1 3308.4 4 2305.5 1152.8 26 568.8 284.4 6 125.3 62.7 22 0.0 0.0 3 284.9 142.5 19 416.7 138.9 10 1466.8 244.5 12 0.0 0.0 9 95.7 31.9 7 0.2 0.2 12 674.0 168.5 9 383.2 127.7 13 2616.3 654.1 7 37.6 37.6 8 7262.4 2420.8 5 2036.3 2036.3 11 1099.7 219.9 7 2300.2 766.7 11 13302.9 2660.6 122 15668.1 921.7 87 29233.5 812.0
Deal type
Within industry Cross industry Number Total Value Ave Value Number Total Value Ave Value 5 2359.0 786.3 7 9871.6 4935.8 26 13.3 13.3 6 680.8 226.9 20 284.9 142.5 5 0.0 0.0 24 1288.7 214.8 5 594.8 198.3 14 2.3 1.2 7 93.4 93.4 10 382.7 127.6 9 291.5 145.8 17 2393.8 478.8 5 605.7 302.9 12 2746.4 1373.2 3 4553.6 2276.8 9 1099.7 219.9 7 2036.3 2036.3 13 12254.6 3063.7 5 3348.5 837.1 150 22825.4 691.7 59 22076.2 1103.8
Industry
Banking Number Total Value Ave Value Number Total Value Ave Value 3 35.7 35.7 6 9780.8 3260.3 3 2414.1 2414.1 12 12230.6 2446.1 296315 4.13% 8 578.6 289.3 14 102.2 102.2 10 13.3 13.3 32 694.1 173.5 302903 0.23% 5 0.0 0.0 9 284.9 142.5 11 0.0 0.0 25 284.9 142.5 335803 0.08% 6 670.3 223.4 10 794.8 198.7 13 418.4 209.2 29 1883.5 209.3 326033 0.58% 7 0.0 0.0 3 0.0 0.0 11 95.7 47.9 21 95.7 31.9 352361 0.03% 9 9.1 9.1 5 145.7 145.7 5 519.4 173.1 19 674.2 134.8 415052 0.16% 8 2574.6 643.7 5 0.0 0.0 9 424.9 141.6 22 2999.5 428.5 411850 0.73% 4 0.0 0.0 6 7262.4 2420.8 5 37.6 37.6 15 7300.0 1825.0 376818 1.94% 6 366.6 122.2 5 583.1 583.1 5 2186.3 1093.2 16 3136.0 522.7 391875 0.80% 5 2339.3 584.8 3 13128.4 6564.2 10 135.4 67.7 18 15603.1 1950.4 393887 3.96% 61 6574.2 346.0 66 32082.3 1887.2 82 6245.1 367.4 209 44901.6 847.2 3602897 1.25%
Insurance
Securities/ Number Total Value Other Ave Value
Total
Number Total Value Ave Value GDP Value/GDP
385
Deals classified by country and sector of acquiring firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 1 0.0 0.0 1 0.0 0.0 1 35.7 35.7 0 0.0 0.0 5 0.0 0.0 1 555.5 555.5 1 0.0 0.0 1 23.1 23.1 2 0.0 0.0 2 0.0 0.0 0 0.0 0.0 1 0.0 0.0 2 51.8 51.8 0 0.0 0.0 4 618.5 309.3 0 0.0 0.0 1 0.0 0.0 2 0.0 0.0 1 0.0 0.0 3 0.0 0.0 0 0.0 0.0 1 0.0 0.0 5 9.1 9.1 3 0.0 0.0 2 0.0 0.0 1 282.0 282.0 4 2292.6 764.2 1 0.0 0.0 2 0.0 0.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 3 366.6 122.2 1 0.0 0.0 1 1299.8 1299.8 2 1000.4 500.2 1 39.1 39.1 1 0.0 0.0 17 1351.6 675.8 12 1837.9 459.5 21 3361.6 280.1 11 23.1 23.1
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 2 53.5 53.5 3 7457.5 7457.5 1 2269.8 2269.8 0 0.0 0.0 9 0.0 0.0 1 0.0 0.0 2 0.0 0.0 2 102.2 102.2 7 0.0 0.0 0 0.0 0.0 2 284.9 142.5 0 0.0 0.0 5 0.0 0.0 1 57.8 57.8 2 200.0 200.0 2 537.0 268.5 2 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 3 0.0 0.0 1 145.7 145.7 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 3 0.0 0.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 3 2746.4 1373.2 1 4516.0 4516.0 1 0.0 0.0 1 0.0 0.0 1 583.1 583.1 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 10790.7 10790.7 1 2337.7 2337.7 30 53.5 53.5 10 7515.3 3757.7 18 17020.6 1891.2 8 7492.9 1498.6
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 1 2414.1 2414.1 0 0.0 0.0 2 0.0 0.0 9 13.3 13.3 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 9 0.0 0.0 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 10 307.1 307.1 1 0.0 0.0 1 111.3 111.3 1 0.0 0.0 6 0.0 0.0 1 0.0 0.0 3 2.3 2.3 1 93.4 93.4 1 0.0 0.0 1 0.2 0.2 2 227.9 227.9 1 291.3 291.3 4 101.2 50.6 0 0.0 0.0 3 0.0 0.0 2 323.7 323.7 1 0.0 0.0 1 37.6 37.6 3 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 2036.3 2036.3 3 150.0 150.0 1 0.0 0.0 4 0.0 0.0 0 0.0 0.0 5 125.0 125.0 1 10.4 10.4 44 421.6 105.4 9 4488.2 1122.1 20 616.5 123.3 9 718.8 179.7
Total
Number Total Value Ave Value
12 12230.6 2446.1
32 694.1 173.5
25 284.9 142.5
29 1883.5 209.3
21 95.7 31.9
19 674.2 134.8
22 2999.5 428.5
15 7300.0 1825.0
16 3136.0 522.7
18 15603.1 1950.4
209 44901.6 847.2
Source: Thomson Financial, SDC Platinum.
386
Table A.14 Country: Spain All values in USD millions Deals classified by country and sector of target firm
1990
Deal type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 3 21.3 10.7 0 0.0 0.0 4 336.3 336.3 1 410.9 410.9 14 1164.3 291.1 3 555.5 555.5 5 38.2 38.2 0 0.0 0.0 23 991.1 247.8 4 148.9 49.6 7 383.4 95.9 2 1.0 1.0 6 172.1 57.4 1 102.8 102.8 3 0.0 0.0 3 11.1 11.1 3 2287.1 2287.1 1 0.0 0.0 4 469.7 234.9 1 93.4 93.4 4 928.1 309.4 3 13.4 13.4 3 0.0 0.0 0 0.0 0.0 7 506.5 126.6 1 0.0 0.0 3 0.0 0.0 0 0.0 0.0 17 118.0 14.8 3 30.5 30.5 4 359.5 179.8 0 0.0 0.0 17 4131.7 590.2 1 50.6 50.6 5 59.5 29.8 2 109.5 54.8 16 23762.4 3960.4 3 248.8 248.8 8 608.3 101.4 3 33.0 33.0 110 34082.6 811.5 20 1150.5 127.8 46 2254.9 125.3 12 658.9 94.1
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 3 21.3 10.7 5 747.2 373.6 17 1719.8 344.0 5 38.2 38.2 27 1140.0 162.9 9 384.4 76.9 7 274.9 68.7 6 11.1 11.1 4 2287.1 2287.1 5 563.1 187.7 7 941.5 235.4 3 0.0 0.0 8 506.5 126.6 3 0.0 0.0 20 148.5 16.5 4 359.5 179.8 18 4182.3 522.8 7 169.0 42.3 19 24011.2 3430.2 11 641.3 91.6 130 35233.1 690.8 58 2913.8 116.6
Deal type
Within industry Cross industry Number Total Value Ave Value Number Total Value Ave Value 7 357.6 119.2 1 410.9 410.9 19 1202.5 240.5 3 555.5 555.5 30 1374.5 171.8 6 149.9 37.5 9 172.1 57.4 4 113.9 57.0 7 2756.8 918.9 2 93.4 93.4 7 928.1 309.4 3 13.4 13.4 10 506.5 126.6 1 0.0 0.0 21 477.5 47.8 3 30.5 30.5 22 4191.2 465.7 3 160.1 53.4 24 24370.7 2030.9 6 281.8 140.9 156 36337.5 605.6 32 1809.4 113.1
Industry
Banking Number Total Value Ave Value Number Total Value Ave Value 2 410.9 410.9 3 348.4 174.2 3 9.2 9.2 8 768.5 192.1 515624 0.15% 14 1202.5 240.5 6 555.5 555.5 2 0.0 0.0 22 1758.0 293.0 552741 0.32% 18 384.6 64.1 11 1110.0 222.0 7 29.8 29.8 36 1524.4 127.0 604403 0.25% 8 271.2 90.4 4 14.8 7.4 1 0.0 0.0 13 286.0 57.2 501850 0.06% 6 2574.6 858.2 3 275.6 275.6 0 0.0 0.0 9 2850.2 712.6 506180 0.56% 6 928.1 309.4 4 13.4 13.4 0 0.0 0.0 10 941.5 235.4 584887 0.16% 6 477.5 159.2 5 29.0 29.0 0 0.0 0.0 11 506.5 126.6 608914 0.08% 6 413.7 103.4 7 38.7 9.7 11 55.6 18.5 24 508.0 46.2 558806 0.09% 11 4203.5 467.1 12 101.6 50.8 2 46.2 46.2 25 4351.3 362.6 583037 0.75% 12 23807.0 3401.0 9 130.5 65.3 9 715.0 143.0 30 24652.5 1760.9 596094 4.14% 89 34673.6 788.0 64 2617.5 124.6 35 855.8 77.8 188 38146.9 501.9 5612537 0.68%
Insurance
Securities/ Number Total Value Other Ave Value
Total
Number Total Value Ave Value GDP Value/GDP
387
Deals classified by country and sector of target firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 1 410.9 410.9 12 1164.3 291.1 1 0.0 0.0 1 38.2 38.2 0 0.0 0.0 11 234.7 117.4 4 148.9 49.6 2 0.0 0.0 1 1.0 1.0 4 168.4 84.2 1 102.8 102.8 2 0.0 0.0 1 0.0 0.0 3 2287.1 2287.1 1 0.0 0.0 1 194.1 194.1 1 93.4 93.4 4 928.1 309.4 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 5 477.5 159.2 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 3 54.2 27.1 1 0.0 0.0 2 359.5 179.8 0 0.0 0.0 8 4131.7 590.2 0 0.0 0.0 2 8.5 8.5 1 63.3 63.3 8 23756.3 4751.3 1 0.0 0.0 2 50.7 25.4 1 0.0 0.0 58 33202.3 1144.9 10 251.7 62.9 15 651.0 93.0 6 568.6 142.2
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 1 12.1 12.1 0 0.0 0.0 2 336.3 336.3 0 0.0 0.0 1 0.0 0.0 1 555.5 555.5 4 0.0 0.0 0 0.0 0.0 6 726.6 726.6 0 0.0 0.0 5 383.4 95.9 0 0.0 0.0 1 3.7 3.7 0 0.0 0.0 1 0.0 0.0 2 11.1 11.1 0 0.0 0.0 0 0.0 0.0 3 275.6 275.6 0 0.0 0.0 0 0.0 0.0 3 13.4 13.4 1 0.0 0.0 0 0.0 0.0 2 29.0 29.0 0 0.0 0.0 3 0.0 0.0 0 0.0 0.0 5 38.7 9.7 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 8 0.0 0.0 1 50.6 50.6 3 51.0 51.0 0 0.0 0.0 5 6.1 6.1 0 0.0 0.0 3 124.4 124.4 1 0.0 0.0 29 816.2 90.7 5 619.5 206.5 27 1170.7 146.3 3 11.1 11.1
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 2 9.2 9.2 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 6 29.8 29.8 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 9 25.1 12.6 2 30.5 30.5 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 46.2 46.2 3 0.0 0.0 2 248.8 248.8 3 433.2 144.4 1 33.0 33.0 23 64.1 16.0 5 279.3 139.7 4 433.2 144.4 3 79.2 39.6
Total
Number Total Value Ave Value
8 768.5 192.1
22 1758.0 293.0
36 1524.4 127.0
13 286.0 57.2
9 2850.2 712.6
10 941.5 235.4
11 506.5 126.6
24 508.0 46.2
25 4351.3 362.6
30 24652.5 1760.9
188 38146.9 501.9
388
Deals classified by country and sector of acquiring firm
1990
Deal Type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 3 21.3 10.7 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 14 1164.3 291.1 2 0.0 0.0 6 0.0 0.0 0 0.0 0.0 23 991.1 247.8 4 148.9 49.6 1 72.7 72.7 2 168.4 84.2 6 172.1 57.4 1 102.8 102.8 0 0.0 0.0 0 0.0 0.0 3 2287.1 2287.1 1 0.0 0.0 3 0.0 0.0 0 0.0 0.0 4 928.1 309.4 3 13.4 13.4 5 534.9 178.3 2 135.2 67.6 7 506.5 126.6 1 0.0 0.0 6 427.6 106.9 2 378.5 378.5 17 118.0 14.8 3 30.5 30.5 4 32.6 16.3 0 0.0 0.0 17 4131.7 590.2 1 50.6 50.6 8 1749.5 349.9 4 675.7 225.2 16 23762.4 3960.4 3 248.8 248.8 8 1880.7 470.2 4 1886.6 471.7 110 34082.6 811.5 19 595.0 74.4 43 4698.0 247.3 14 3244.4 270.4
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 3 21.3 10.7 2 0.0 0.0 16 1164.3 291.1 6 0.0 0.0 27 1140.0 162.9 3 241.1 80.4 7 274.9 68.7 0 0.0 0.0 4 2287.1 2287.1 3 0.0 0.0 7 941.5 235.4 7 670.1 134.0 8 506.5 126.6 8 806.1 161.2 20 148.5 16.5 4 32.6 16.3 18 4182.3 522.8 12 2425.2 303.2 19 24011.2 3430.2 12 3767.3 470.9 129 34677.6 693.6 57 7942.4 256.2
Deal type
Within industry Cross industry Number Total Value Ave Value Number Total Value Ave Value 5 21.3 10.7 0 0.0 0.0 20 1164.3 291.1 2 0.0 0.0 24 1063.8 212.8 6 317.3 63.5 6 172.1 57.4 1 102.8 102.8 6 2287.1 2287.1 1 0.0 0.0 9 1463.0 243.8 5 148.6 49.5 13 934.1 116.8 3 378.5 378.5 21 150.6 15.1 3 30.5 30.5 25 5881.2 490.1 5 726.3 181.6 24 25643.1 2564.3 7 2135.4 427.1 153 38780.6 635.7 33 3839.4 192.0
Industry
Banking Number Total Value Ave Value Number Total Value Ave Value 2 0.0 0.0 1 12.1 12.1 2 9.2 9.2 5 21.3 10.7 515624 0.00% 14 1164.3 291.1 6 0.0 0.0 2 0.0 0.0 22 1164.3 291.1 552741 0.21% 12 259.9 86.6 7 799.3 399.7 11 321.9 64.4 30 1381.1 138.1 604403 0.23% 4 168.4 84.2 1 3.7 3.7 2 102.8 102.8 7 274.9 68.7 501850 0.05% 4 2287.1 2287.1 2 0.0 0.0 1 0.0 0.0 7 2287.1 2287.1 506180 0.45% 10 1450.3 290.1 1 12.7 12.7 3 148.6 49.5 14 1611.6 179.1 584887 0.28% 9 1245.4 207.6 6 67.2 22.4 1 0.0 0.0 16 1312.6 145.8 608914 0.22% 7 111.7 27.9 6 38.7 9.7 11 30.7 10.2 24 181.1 16.5 558806 0.03% 17 6556.9 437.1 10 0.0 0.0 3 50.6 50.6 30 6607.5 413.0 583037 1.13% 19 27751.5 2134.7 7 6.1 6.1 5 20.9 20.9 31 27778.5 1851.9 596094 4.66% 98 40995.5 773.5 47 939.8 72.3 41 684.7 45.6 186 42620.0 526.2 5612537 0.76%
Insurance
Securities/ Number Total Value Other Ave Value
Total
Number Total Value Ave Value GDP Value/GDP
389
Deals classified by country and sector of acquiring firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 12 1164.3 291.1 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 11 234.7 117.4 0 0.0 0.0 0 0.0 0.0 1 25.2 25.2 4 168.4 84.2 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 3 2287.1 2287.1 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 4 928.1 309.4 2 0.0 0.0 4 522.2 261.1 0 0.0 0.0 5 477.5 159.2 0 0.0 0.0 2 389.4 194.7 2 378.5 378.5 3 54.2 27.1 2 30.5 30.5 2 27.0 27.0 0 0.0 0.0 8 4131.7 590.2 0 0.0 0.0 6 1749.5 349.9 3 675.7 225.2 8 23756.3 4751.3 2 248.8 248.8 5 1859.8 619.9 4 1886.6 471.7 58 33202.3 1144.9 7 279.3 139.7 23 4547.9 349.8 10 2966.0 329.6
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 1 12.1 12.1 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 5 0.0 0.0 0 0.0 0.0 6 726.6 726.6 0 0.0 0.0 1 72.7 72.7 0 0.0 0.0 1 3.7 3.7 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 12.7 12.7 0 0.0 0.0 2 29.0 29.0 0 0.0 0.0 4 38.2 19.1 0 0.0 0.0 5 38.7 9.7 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 8 0.0 0.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 5 6.1 6.1 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 29 816.2 90.7 0 0.0 0.0 18 123.6 30.9 0 0.0 0.0
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 2 9.2 9.2 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 6 29.8 29.8 4 148.9 49.6 0 0.0 0.0 1 143.2 143.2 1 0.0 0.0 1 102.8 102.8 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 13.4 13.4 0 0.0 0.0 2 135.2 67.6 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 9 25.1 12.6 1 0.0 0.0 1 5.6 5.6 0 0.0 0.0 1 0.0 0.0 1 50.6 50.6 0 0.0 0.0 1 0.0 0.0 3 0.0 0.0 1 0.0 0.0 1 20.9 20.9 0 0.0 0.0 23 64.1 16.0 12 315.7 52.6 2 26.5 13.3 4 278.4 92.8
Total
Number Total Value Ave Value
5 21.3 10.7
22 1164.3 291.1
30 1381.1 138.1
7 274.9 68.7
7 2287.1 2287.1
14 1611.6 179.1
16 1312.6 145.8
24 181.1 16.5
30 6607.5 413.0
31 27778.5 1851.9
186 42620.0 526.2
Source: Thomson Financial, SDC Platinum.
390
Table A.15 Country: Sweden All values in USD millions Deals classified by country and sector of target firm
1990
Deal type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 1 0.0 0.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 8 0.0 0.0 7 1904.5 476.1 0 0.0 0.0 0 0.0 0.0 9 135.2 67.6 4 234.1 234.1 2 0.0 0.0 0 0.0 0.0 8 24.4 12.2 3 211.9 211.9 0 0.0 0.0 0 0.0 0.0 8 539.6 134.9 3 409.3 204.7 2 0.3 0.3 1 7.1 7.1 4 182.0 60.7 1 172.5 172.5 2 0.0 0.0 1 119.5 119.5 10 3450.4 862.6 4 208.4 69.5 0 0.0 0.0 0 0.0 0.0 8 2723.7 389.1 2 2262.3 1131.2 2 284.5 284.5 2 31.2 15.6 6 1250.2 250.0 1 0.0 0.0 2 6.4 3.2 0 0.0 0.0 5 288.0 144.0 2 34.3 34.3 2 490.1 245.1 1 269.1 269.1 67 8593.5 296.3 28 5437.3 362.5 13 781.3 130.2 5 426.9 85.4
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 2 0.0 0.0 1 0.0 0.0 15 1904.5 476.1 0 0.0 0.0 13 369.3 123.1 2 0.0 0.0 11 236.3 78.8 0 0.0 0.0 11 948.9 158.2 3 7.4 3.7 5 354.5 88.6 3 119.5 119.5 14 3658.8 522.7 0 0.0 0.0 10 4986.0 554.0 4 315.7 105.2 7 1250.2 250.0 2 6.4 3.2 7 322.3 107.4 3 759.2 253.1 95 14030.8 318.9 18 1208.2 109.8
Deal type
Within industry Cross industry Number Total Value Ave Value Number Total Value Ave Value 2 0.0 0.0 1 0.0 0.0 8 0.0 0.0 7 1904.5 476.1 11 135.2 67.6 4 234.1 234.1 8 24.4 12.2 3 211.9 211.9 10 539.9 108.0 4 416.4 138.8 6 182.0 60.7 2 292.0 146.0 10 3450.4 862.6 4 208.4 69.5 10 3008.2 376.0 4 2293.5 573.4 8 1256.6 179.5 1 0.0 0.0 7 778.1 194.5 3 303.4 151.7 80 9374.8 267.9 33 5864.2 293.2
Industry
Banking Number Total Value Ave Value Number Total Value Ave Value 1 0.0 0.0 2 0.0 0.0 0 0.0 0.0 3 0.0 0.0 238444 0.00% 8 1864.1 621.4 1 0.0 0.0 6 40.4 40.4 15 1904.5 476.1 248486 0.77% 9 234.1 117.1 2 0.0 0.0 4 135.2 135.2 15 369.3 123.1 256736 0.14% 5 0.0 0.0 0 0.0 0.0 6 236.3 78.8 11 236.3 78.8 192684 0.12% 6 435.6 108.9 0 0.0 0.0 8 520.7 130.2 14 956.3 119.5 207289 0.46% 2 155.9 78.0 2 0.0 0.0 4 318.1 106.0 8 474.0 94.8 240682 0.20% 7 3452.6 863.2 1 153.5 153.5 6 52.7 26.4 14 3658.8 522.7 261813 1.40% 8 2814.5 469.1 1 2204.2 2204.2 5 283.0 56.6 14 5301.7 441.8 237474 2.23% 4 822.4 274.1 2 425.6 212.8 3 8.6 4.3 9 1256.6 179.5 237789 0.53% 4 908.5 227.1 0 0.0 0.0 6 173.0 86.5 10 1081.5 180.3 238579 0.45% 54 10687.7 381.7 11 2783.3 695.8 48 1768.0 76.9 113 15239.0 277.1 2359974 0.65%
Insurance
Securities/ Number Total Value Other Ave Value
Total
Number Total Value Ave Value GDP Value/GDP
391
Deals classified by country and sector of target firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 3 0.0 0.0 5 1864.1 621.4 0 0.0 0.0 0 0.0 0.0 5 0.0 0.0 4 234.1 234.1 0 0.0 0.0 0 0.0 0.0 3 0.0 0.0 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 38.8 38.8 2 389.4 389.4 2 0.3 0.3 1 7.1 7.1 2 155.9 78.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 6 3449.4 1149.8 1 3.2 3.2 0 0.0 0.0 0 0.0 0.0 6 2530.0 506.0 0 0.0 0.0 2 284.5 284.5 0 0.0 0.0 3 822.4 274.1 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 183.4 183.4 1 34.3 34.3 1 421.7 421.7 1 269.1 269.1 30 7179.9 448.7 17 2525.1 360.7 5 706.5 235.5 2 276.2 138.1
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 153.5 153.5 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 2204.2 2204.2 0 0.0 0.0 0 0.0 0.0 1 422.3 422.3 0 0.0 0.0 1 3.3 3.3 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 3 422.3 422.3 2 2357.7 1178.9 6 3.3 3.3 0 0.0 0.0
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 4 0.0 0.0 2 40.4 40.4 0 0.0 0.0 0 0.0 0.0 4 135.2 135.2 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 5 24.4 12.2 1 211.9 211.9 0 0.0 0.0 0 0.0 0.0 7 500.8 166.9 1 19.9 19.9 0 0.0 0.0 0 0.0 0.0 2 26.1 26.1 1 172.5 172.5 0 0.0 0.0 1 119.5 119.5 4 1.0 1.0 2 51.7 51.7 0 0.0 0.0 0 0.0 0.0 2 193.7 96.9 1 58.1 58.1 0 0.0 0.0 2 31.2 15.6 2 5.5 5.5 0 0.0 0.0 1 3.1 3.1 0 0.0 0.0 4 104.6 104.6 1 0.0 0.0 1 68.4 68.4 0 0.0 0.0 34 991.3 82.6 9 554.5 92.4 2 71.5 35.8 3 150.7 50.2
Total
Number Total Value Ave Value
3 0.0 0.0
15 1904.5 476.1
15 369.3 123.1
11 236.3 78.8
14 956.3 119.5
8 474.0 94.8
14 3658.8 522.7
14 5301.7 441.8
9 1256.6 179.5
10 1081.5 180.3
113 15239.0 277.1
392
Deals classified by country and sector of acquiring firm
1990
Deal type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 1 0.0 0.0 1 0.0 0.0 2 34.7 34.7 1 808.4 808.4 8 0.0 0.0 7 1904.5 476.1 3 1.3 0.7 3 43.4 21.7 9 135.2 67.6 4 234.1 234.1 0 0.0 0.0 0 0.0 0.0 8 24.4 12.2 3 211.9 211.9 0 0.0 0.0 0 0.0 0.0 8 539.6 134.9 3 409.3 204.7 2 0.0 0.0 0 0.0 0.0 4 182.0 60.7 1 172.5 172.5 1 810.6 810.6 0 0.0 0.0 10 3450.4 862.6 4 208.4 69.5 1 0.0 0.0 0 0.0 0.0 8 2723.7 389.1 2 2262.3 1131.2 4 4292.0 4292.0 1 0.0 0.0 6 1250.2 250.0 1 0.0 0.0 3 67.2 22.4 0 0.0 0.0 4 288.0 144.0 2 34.3 34.3 3 4030.0 2015.0 6 2714.1 678.5 66 8593.5 296.3 28 5437.3 362.5 19 9235.8 923.6 11 3565.9 509.4
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 2 0.0 0.0 3 843.1 421.6 15 1904.5 476.1 6 44.7 11.2 13 369.3 123.1 0 0.0 0.0 11 236.3 78.8 0 0.0 0.0 11 948.9 158.2 2 0.0 0.0 5 354.5 88.6 1 810.6 810.6 14 3658.8 522.7 1 0.0 0.0 10 4986.0 554.0 5 4292.0 4292.0 7 1250.2 250.0 3 67.2 22.4 6 322.3 107.4 9 6744.1 1124.0 94 14030.8 318.9 30 12801.7 753.0
Deal type
Within industry Cross industry Number Total Value Ave Value Number Total Value Ave Value 3 34.7 34.7 2 808.4 808.4 11 1.3 0.7 10 1947.9 324.7 9 135.2 67.6 4 234.1 234.1 8 24.4 12.2 3 211.9 211.9 10 539.6 134.9 3 409.3 204.7 5 992.6 248.2 1 172.5 172.5 11 3450.4 862.6 4 208.4 69.5 12 7015.7 877.0 3 2262.3 1131.2 9 1317.4 164.7 1 0.0 0.0 7 4318.0 1079.5 8 2748.4 549.7 85 17829.3 457.2 39 9003.2 409.2
Industry
Banking Number Total Value Ave Value Number Total Value Ave Value 1 34.7 34.7 3 808.4 808.4 1 0.0 0.0 5 843.1 421.6 238444 0.35% 5 0.0 0.0 5 81.3 27.1 11 1867.9 373.6 21 1949.2 243.7 248486 0.78% 5 0.0 0.0 2 234.1 234.1 6 135.2 135.2 13 369.3 123.1 256736 0.14% 4 211.9 211.9 1 0.0 0.0 6 24.4 12.2 11 236.3 78.8 192684 0.12% 2 58.7 29.4 1 0.0 0.0 10 890.2 222.6 13 948.9 158.2 207289 0.46% 3 966.5 322.2 1 172.5 172.5 2 26.1 26.1 6 1165.1 233.0 240682 0.48% 7 3501.1 875.3 1 0.0 0.0 7 157.7 52.6 15 3658.8 522.7 261813 1.40% 12 9084.3 1135.5 1 0.0 0.0 2 193.7 96.9 15 9278.0 927.8 237474 3.91% 3 822.4 274.1 3 486.4 162.1 4 8.6 4.3 10 1317.4 164.7 237789 0.55% 5 366.1 183.1 1 3847.3 3847.3 9 2853.0 475.5 15 7066.4 785.2 238579 2.96% 47 15045.7 601.8 19 5630.0 563.0 58 6156.8 236.8 124 26832.5 439.9 2359974 1.14%
Insurance
Securities/ Number Total Value Other Ave Value
Total
Number Total Value Ave Value GDP Value/GDP
393
Deals classified by country and sector of acquiring firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 0 0.0 0.0 1 34.7 34.7 0 0.0 0.0 3 0.0 0.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 5 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 3 0.0 0.0 1 211.9 211.9 0 0.0 0.0 0 0.0 0.0 1 38.8 38.8 1 19.9 19.9 0 0.0 0.0 0 0.0 0.0 2 155.9 78.0 0 0.0 0.0 1 810.6 810.6 0 0.0 0.0 6 3449.4 1149.8 1 51.7 51.7 0 0.0 0.0 0 0.0 0.0 6 2530.0 506.0 2 2262.3 1131.2 3 4292.0 4292.0 1 0.0 0.0 3 822.4 274.1 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 183.4 183.4 1 0.0 0.0 2 182.7 182.7 1 0.0 0.0 30 7179.9 448.7 7 2545.8 509.2 8 5320.0 1330.0 2 0.0 0.0
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 1 808.4 808.4 1 0.0 0.0 2 40.4 40.4 1 0.5 0.5 1 40.4 40.4 0 0.0 0.0 2 234.1 234.1 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 172.5 172.5 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 422.3 422.3 0 0.0 0.0 2 64.1 32.1 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 3847.3 3847.3 0 0.0 0.0 3 422.3 422.3 7 447.0 149.0 7 3911.9 978.0 2 848.8 424.4
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 4 0.0 0.0 4 1864.1 621.4 1 0.8 0.8 2 3.0 3.0 4 135.2 135.2 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 5 24.4 12.2 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 7 500.8 166.9 2 389.4 389.4 1 0.0 0.0 0 0.0 0.0 2 26.1 26.1 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 4 1.0 1.0 2 156.7 78.4 1 0.0 0.0 0 0.0 0.0 2 193.7 96.9 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 5.5 5.5 1 0.0 0.0 1 3.1 3.1 0 0.0 0.0 3 104.6 104.6 1 34.3 34.3 0 0.0 0.0 5 2714.1 678.5 33 991.3 82.6 14 2444.5 349.2 4 3.9 2.0 7 2717.1 543.4
Total
Number Total Value Ave Value
5 843.1 421.6
21 1949.2 243.7
13 369.3 123.1
11 236.3 78.8
13 948.9 158.2
6 1165.1 233.0
15 3658.8 522.7
15 9278.0 927.8
10 1317.4 164.7
15 7066.4 785.2
124 26832.5 439.9
Source: Thomson Financial, SDC Platinum.
394
Table A.16 Country: Switzerland All values in USD millions Deals classified by country and sector of target firm
1990
Deal type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 3 0.0 0.0 0 0.0 0.0 4 104.6 104.6 2 0.0 0.0 12 36.5 36.5 1 0.0 0.0 1 0.0 0.0 2 0.0 0.0 16 129.3 32.3 1 0.0 0.0 1 0.0 0.0 1 0.0 0.0 12 1356.5 339.1 0 0.0 0.0 2 0.0 0.0 1 0.0 0.0 18 1034.3 129.3 2 61.0 61.0 3 1164.5 1164.5 1 59.9 59.9 6 637.4 318.7 3 0.0 0.0 5 48.9 48.9 2 0.0 0.0 8 102.7 34.2 3 0.0 0.0 7 0.2 0.2 1 20.0 20.0 5 23036.5 7678.8 2 9661.7 9661.7 6 0.0 0.0 2 0.0 0.0 2 0.0 0.0 0 0.0 0.0 4 0.0 0.0 0 0.0 0.0 5 95.2 47.6 1 943.8 943.8 6 0.0 0.0 1 0.0 0.0 87 26428.4 978.8 13 10666.5 3555.5 39 1318.2 329.6 13 79.9 40.0
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 3 0.0 0.0 6 104.6 104.6 13 36.5 36.5 3 0.0 0.0 17 129.3 32.3 2 0.0 0.0 12 1356.5 339.1 3 0.0 0.0 20 1095.3 121.7 4 1224.4 612.2 9 637.4 318.7 7 48.9 48.9 11 102.7 34.2 8 20.2 10.1 7 32698.2 8174.6 8 0.0 0.0 2 0.0 0.0 4 0.0 0.0 6 1039.0 346.3 7 0.0 0.0 100 37094.9 1236.5 52 1398.1 233.0
Deal type
Within industry Cross industry Number Total Value Ave Value Number Total Value Ave Value 7 104.6 104.6 2 0.0 0.0 13 36.5 36.5 3 0.0 0.0 17 129.3 32.3 2 0.0 0.0 14 1356.5 339.1 1 0.0 0.0 21 2198.8 244.3 3 120.9 60.5 11 686.3 228.8 5 0.0 0.0 15 102.9 25.7 4 20.0 20.0 11 23036.5 7678.8 4 9661.7 9661.7 6 0.0 0.0 0 0.0 0.0 11 95.2 47.6 2 943.8 943.8 126 27746.6 895.1 26 10746.4 2149.3
Industry
Banking Number Total Value Ave Value Number Total Value Ave Value 7 104.6 104.6 1 0.0 0.0 1 0.0 0.0 9 104.6 104.6 229998 0.05% 12 0.0 0.0 2 0.0 0.0 2 36.5 36.5 16 36.5 36.5 232928 0.02% 19 129.3 32.3 0 0.0 0.0 0 0.0 0.0 19 129.3 32.3 244140 0.05% 13 255.4 85.1 1 1101.1 1101.1 1 0.0 0.0 15 1356.5 339.1 236850 0.57% 19 1034.3 129.3 1 1164.5 1164.5 4 120.9 60.5 24 2319.7 210.9 262286 0.88% 6 637.4 318.7 3 0.0 0.0 7 48.9 48.9 16 686.3 228.8 307784 0.22% 10 120.9 40.3 3 0.0 0.0 6 2.0 1.0 19 122.9 24.6 296128 0.04% 11 23036.5 7678.8 3 9661.7 9661.7 1 0.0 0.0 15 32698.2 8174.6 256204 12.76% 3 0.0 0.0 2 0.0 0.0 1 0.0 0.0 6 0.0 0.0 262572 0.00% 7 1039.0 346.3 3 0.0 0.0 3 0.0 0.0 13 1039.0 346.3 259092 0.40% 107 26357.4 976.2 19 11927.3 3975.8 26 208.3 34.7 152 38493.0 1069.3 2587982 1.49%
Insurance
Securities/ Number Total Value Other Ave Value
Total
Number Total Value Ave Value GDP Value/GDP
395
Deals classified by country and sector of target firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 2 0.0 0.0 0 0.0 0.0 3 104.6 104.6 2 0.0 0.0 9 0.0 0.0 1 0.0 0.0 0 0.0 0.0 2 0.0 0.0 16 129.3 32.3 1 0.0 0.0 1 0.0 0.0 1 0.0 0.0 11 255.4 85.1 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 16 1034.3 129.3 1 0.0 0.0 2 0.0 0.0 0 0.0 0.0 2 637.4 318.7 2 0.0 0.0 2 0.0 0.0 0 0.0 0.0 4 100.9 50.5 2 0.0 0.0 3 0.0 0.0 1 20.0 20.0 5 23036.5 7678.8 1 0.0 0.0 5 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 4 95.2 47.6 1 943.8 943.8 2 0.0 0.0 0 0.0 0.0 70 25289.0 1053.7 9 943.8 943.8 22 104.6 104.6 6 20.0 20.0
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 1101.1 1101.1 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 1164.5 1164.5 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 9661.7 9661.7 0 0.0 0.0 2 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 3 0.0 0.0 0 0.0 0.0 7 1101.1 1101.1 1 9661.7 9661.7 9 1164.5 1164.5 2 0.0 0.0
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 36.5 36.5 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 2 0.0 0.0 1 61.0 61.0 0 0.0 0.0 1 59.9 59.9 2 0.0 0.0 1 0.0 0.0 2 48.9 48.9 2 0.0 0.0 2 1.8 1.8 1 0.0 0.0 3 0.2 0.2 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 10 38.3 19.2 3 61.0 61.0 8 49.1 24.6 5 59.9 59.9
Total
Number Total Value Ave Value
9 104.6 104.6
16 36.5 36.5
19 129.3 32.3
15 1356.5 339.1
24 2319.7 210.9
16 686.3 228.8
19 122.9 24.6
15 32698.2 8174.6
6 0.0 0.0
13 1039.0 346.3
152 38493.0 1069.3
396
Deals classified by country and sector of acquiring firm
1990
Deal type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 3 0.0 0.0 1 133.2 133.2 3 0.0 0.0 2 0.0 0.0 12 36.5 36.5 1 0.0 0.0 5 324.0 162.0 3 0.0 0.0 16 129.3 32.3 1 0.0 0.0 3 0.0 0.0 1 0.0 0.0 12 1356.5 339.1 0 0.0 0.0 4 0.0 0.0 3 11.1 11.1 18 1034.3 129.3 2 61.0 61.0 4 275.6 275.6 1 750.0 750.0 6 637.4 318.7 3 0.0 0.0 5 6.9 6.9 4 1872.4 1872.4 8 102.7 34.2 3 0.0 0.0 5 461.7 230.9 0 0.0 0.0 5 23036.5 7678.8 3 9661.7 9661.7 9 539.5 539.5 6 1923.3 641.1 2 0.0 0.0 0 0.0 0.0 5 2252.2 563.1 5 12.8 6.4 5 95.2 47.6 1 943.8 943.8 12 197.1 65.7 2 675.0 675.0 87 26428.4 978.8 15 10799.7 2699.9 55 4057.0 289.8 27 5244.6 582.7
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 4 133.2 133.2 5 0.0 0.0 13 36.5 36.5 8 324.0 162.0 17 129.3 32.3 4 0.0 0.0 12 1356.5 339.1 7 11.1 11.1 20 1095.3 121.7 5 1025.6 512.8 9 637.4 318.7 9 1879.3 939.7 11 102.7 34.2 5 461.7 230.9 8 32698.2 8174.6 15 2462.8 615.7 2 0.0 0.0 10 2265.0 377.5 6 1039.0 346.3 14 872.1 218.0 102 37228.1 1200.9 82 9301.6 404.4
Deal type
Within industry Cross industry Number Total Value Ave Value Number Total Value Ave Value 6 0.0 0.0 3 133.2 133.2 17 360.5 120.2 4 0.0 0.0 19 129.3 32.3 2 0.0 0.0 16 1356.5 339.1 3 11.1 11.1 22 1309.9 145.5 3 811.0 405.5 11 644.3 214.8 7 1872.4 1872.4 13 564.4 112.9 3 0.0 0.0 14 23576.0 5894.0 9 11585.0 2896.3 7 2252.2 563.1 5 12.8 6.4 17 292.3 58.5 3 1618.8 809.4 142 30485.4 743.5 42 16044.3 1234.2
Industry
Banking Number Total Value Ave Value Number Total Value Ave Value 4 133.2 133.2 2 0.0 0.0 3 0.0 0.0 9 133.2 133.2 229998 0.06% 10 0.0 0.0 6 324.0 162.0 5 36.5 36.5 21 360.5 120.2 232928 0.15% 19 129.3 32.3 1 0.0 0.0 1 0.0 0.0 21 129.3 32.3 244140 0.05% 14 255.4 85.1 3 1101.1 1101.1 2 11.1 11.1 19 1367.6 273.5 236850 0.58% 21 1845.3 184.5 1 275.6 275.6 3 0.0 0.0 25 2120.9 192.8 262286 0.81% 6 637.4 318.7 5 0.0 0.0 7 1879.3 939.7 18 2516.7 629.2 307784 0.82% 6 100.9 50.5 5 461.7 230.9 5 1.8 1.8 16 564.4 112.9 296128 0.19% 14 32954.5 5492.4 6 2206.5 1103.3 3 0.0 0.0 23 35161.0 4395.1 256204 13.72% 2 2.0 2.0 7 2252.2 563.1 3 10.8 10.8 12 2265.0 377.5 262572 0.86% 8 774.5 193.6 7 1068.2 534.1 5 68.4 68.4 20 1911.1 273.0 259092 0.74% 104 36832.5 1116.1 43 7689.3 549.2 37 2007.9 286.8 184 46529.7 861.7 2587982 1.80%
Insurance
Securities/ Number Total Value Other Ave Value
Total
Number Total Value Ave Value GDP Value/GDP
397
Deals classified by country and sector of acquiring firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 2 0.0 0.0 1 133.2 133.2 0 0.0 0.0 1 0.0 0.0 9 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 16 129.3 32.3 0 0.0 0.0 2 0.0 0.0 1 0.0 0.0 11 255.4 85.1 0 0.0 0.0 1 0.0 0.0 2 0.0 0.0 16 1034.3 129.3 1 61.0 61.0 3 0.0 0.0 1 750.0 750.0 2 637.4 318.7 1 0.0 0.0 1 0.0 0.0 2 0.0 0.0 4 100.9 50.5 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 5 23036.5 7678.8 1 9661.7 9661.7 5 0.0 0.0 3 256.3 128.2 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 2.0 2.0 4 95.2 47.6 0 0.0 0.0 3 4.3 4.3 1 675.0 675.0 70 25289.0 1053.7 5 9855.9 3285.3 16 4.3 4.3 13 1683.3 336.7
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 4 324.0 162.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 1101.1 1101.1 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 275.6 275.6 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 2 0.0 0.0 1 0.0 0.0 2 0.0 0.0 0 0.0 0.0 3 461.7 230.9 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 4 539.5 539.5 1 1667.0 1667.0 1 0.0 0.0 0 0.0 0.0 5 2252.2 563.1 1 0.0 0.0 0 0.0 0.0 1 943.8 943.8 6 124.4 124.4 0 0.0 0.0 7 1101.1 1101.1 2 943.8 943.8 30 3977.4 361.6 4 1667.0 1667.0
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 2 36.5 36.5 1 0.0 0.0 1 0.0 0.0 1 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 1 11.1 11.1 2 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 2 0.0 0.0 2 0.0 0.0 2 6.9 6.9 1 1872.4 1872.4 2 1.8 1.8 2 0.0 0.0 1 0.0 0.0 0 0.0 0.0 0 0.0 0.0 1 0.0 0.0 0 0.0 0.0 2 0.0 0.0 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 3 10.8 10.8 1 0.0 0.0 0 0.0 0.0 3 68.4 68.4 1 0.0 0.0 10 38.3 19.2 8 0.0 0.0 9 75.3 37.7 10 1894.3 631.4
Total
Number Total Value Ave Value
9 133.2 133.2
21 360.5 120.2
21 129.3 32.3
19 1367.6 273.5
25 2120.9 192.8
18 2516.7 629.2
16 564.4 112.9
23 35161.0 4395.1
12 2265.0 377.5
20 1911.1 273.0
184 46529.7 861.7
Source: Thomson Financial, SDC Platinum.
398
Table A.17 Country: United Kingdom All values in USD millions Deals classified by country and sector of target firm
1990
Deal type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 18 1006.4 125.8 9 1506.6 188.3 5 2050.9 410.2 3 927.0 309.0 33 811.9 45.1 5 544.9 181.6 6 194.5 97.3 4 113.4 56.7 22 6203.3 443.1 8 72.5 10.4 6 133.8 44.6 3 10.3 10.3 31 448.4 21.4 12 96.5 9.7 8 480.6 96.1 0 0.0 0.0 32 668.0 29.0 13 365.1 40.6 11 725.6 181.4 1 14.6 14.6 38 18728.5 720.3 20 190.1 12.7 16 2847.0 284.7 3 427.9 142.6 50 6191.0 167.3 28 997.3 45.3 18 509.7 63.7 8 181.5 45.4 45 6060.4 178.2 27 1124.7 48.9 21 7644.2 588.0 3 91.3 45.7 41 15474.3 515.8 12 2394.9 217.7 17 4457.7 405.2 10 4737.3 789.6 61 42959.6 933.9 23 4755.4 237.8 9 6470.9 1078.5 5 1025.4 256.4 371 98551.8 383.5 157 12048.0 94.1 117 25514.9 380.8 40 7528.7 289.6
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 27 2513.0 157.1 8 2977.9 372.2 38 1356.8 64.6 10 307.9 77.0 30 6275.8 298.8 9 144.1 36.0 43 544.9 17.6 8 480.6 96.1 45 1033.1 32.3 12 740.2 148.0 58 18918.6 461.4 19 3274.9 251.9 78 7188.3 121.8 26 691.2 57.6 72 7185.1 126.1 24 7735.5 515.7 53 17869.2 435.8 27 9195.0 540.9 84 47715.0 723.0 14 7496.3 749.6 528 110599.8 287.3 157 33043.6 355.3
Deal type
Within industry Cross industry Number Total Value Ave Value Number Total Value Ave Value 23 3057.3 235.2 12 2433.6 221.2 39 1006.4 50.3 9 658.3 131.7 28 6337.1 372.8 11 82.8 10.4 39 929.0 35.7 12 96.5 9.7 43 1393.6 51.6 14 379.7 38.0 54 21575.5 599.3 23 618.0 34.3 68 6700.7 148.9 36 1178.8 45.3 66 13704.6 291.6 30 1216.0 48.6 58 19932.0 486.1 22 7132.2 419.5 70 49430.5 950.6 28 5780.8 240.9 488 124066.7 382.9 197 19576.7 127.1
Industry
Banking Number Total Value Ave Value Number Total Value Ave Value 13 3867.9 386.8 7 170.2 34.0 15 1452.8 161.4 35 5490.9 228.8 990570 0.55% 19 501.3 45.6 13 652.2 163.1 16 511.2 51.1 48 1664.7 66.6 1030268 0.16% 10 5925.4 658.4 11 36.5 9.1 18 458.0 38.2 39 6419.9 256.8 1070115 0.60% 17 170.9 11.4 12 115.4 14.4 22 739.2 56.9 51 1025.5 28.5 958004 0.11% 25 981.0 65.4 12 508.2 72.6 20 284.1 18.9 57 1773.3 47.9 1035891 0.17% 25 20531.5 1080.6 15 227.3 28.4 37 1434.7 53.1 77 22193.5 411.0 1124381 1.97% 25 490.8 25.8 27 5806.2 387.1 52 1582.5 42.8 104 7879.5 111.0 1178814 0.67% 30 2142.1 93.1 30 6733.7 320.7 36 6044.8 215.9 96 14920.6 207.2 1316570 1.13% 34 3523.9 141.0 19 20896.0 1607.4 27 2644.3 132.2 80 27064.2 466.6 1403540 1.93% 46 42566.8 1182.4 10 6703.3 837.9 42 5941.2 185.7 98 55211.3 726.5 1439832 3.83% 244 80701.6 443.4 156 41849.0 450.0 285 21092.8 103.9 685 143643.4 300.5 11547985 1.24%
Insurance
Securities/ Number Total Value Other Ave Value
Total
Number Total Value Ave Value GDP Value/GDP
399
Deals classified by country and sector of target firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 5 984.2 328.1 4 102.5 34.2 3 1972.8 657.6 1 808.4 808.4 9 152.3 25.4 3 52.3 26.2 5 194.5 97.3 2 102.2 102.2 5 5803.0 1160.6 2 23.1 11.6 2 89.0 89.0 1 10.3 10.3 11 152.4 15.2 6 18.5 3.7 0 0.0 0.0 0 0.0 0.0 13 459.0 57.4 8 266.2 53.2 3 241.2 241.2 1 14.6 14.6 11 18549.0 1686.3 7 25.8 8.6 5 1669.4 556.5 2 287.3 143.7 12 138.9 13.9 8 152.3 30.5 3 51.1 25.6 2 148.5 74.3 18 1405.3 93.7 7 503.9 126.0 4 210.4 70.1 1 22.5 22.5 18 913.2 76.1 9 877.5 109.7 4 924.3 308.1 3 808.9 404.5 32 41191.5 1716.3 12 1189.5 108.1 1 0.0 0.0 1 185.8 185.8 134 69748.8 670.7 66 3211.6 66.9 30 5352.7 297.4 14 2388.5 199.0
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 4 12.7 6.4 1 17.6 17.6 1 47.3 47.3 1 92.6 92.6 10 148.4 74.2 2 492.6 492.6 0 0.0 0.0 1 11.2 11.2 6 1.9 1.9 3 24.3 12.2 1 10.3 10.3 1 0.0 0.0 6 30.7 7.7 2 48.9 24.5 4 35.8 17.9 0 0.0 0.0 4 16.6 5.5 2 7.2 7.2 6 484.4 161.5 0 0.0 0.0 8 12.8 2.6 2 5.7 5.7 5 208.8 104.4 0 0.0 0.0 11 5414.0 773.4 8 67.4 11.2 8 324.8 162.4 0 0.0 0.0 11 4259.9 532.5 6 273.8 54.8 12 2131.2 304.5 1 68.8 68.8 9 13101.3 2620.3 2 1434.2 717.1 6 3149.8 630.0 2 3210.7 3210.7 5 563.4 187.8 3 283.3 94.4 1 5691.6 5691.6 1 165.0 165.0 74 23561.7 589.0 31 2655.0 110.6 44 12084.0 503.5 7 3548.3 709.7
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 9 9.5 3.2 4 1386.5 346.6 1 30.8 30.8 1 26.0 26.0 14 511.2 51.1 0 0.0 0.0 1 0.0 0.0 1 0.0 0.0 11 398.4 49.8 3 25.1 8.4 3 34.5 34.5 1 0.0 0.0 14 265.3 37.9 4 29.1 9.7 4 444.8 148.3 0 0.0 0.0 15 192.4 16.0 3 91.7 30.6 2 0.0 0.0 0 0.0 0.0 19 166.7 16.7 11 158.6 14.4 6 968.8 193.8 1 140.6 140.6 27 638.1 31.9 12 777.6 70.7 7 133.8 33.5 6 33.0 16.5 16 395.2 35.9 14 347.0 24.8 5 5302.6 1767.5 1 0.0 0.0 14 1459.8 112.3 1 83.2 83.2 7 383.6 127.9 5 717.7 239.2 24 1204.7 63.4 8 3282.6 547.1 7 779.3 155.9 3 674.6 337.3 163 5241.3 46.4 60 6181.4 110.4 43 8078.2 323.1 19 1591.9 176.9
Total
Number Total Value Ave Value
35 5490.9 228.8
48 1664.7 66.6
39 6419.9 256.8
51 1025.5 28.5
57 1773.3 47.9
77 22193.5 411.0
104 7879.5 111.0
96 14920.6 207.2
80 27064.2 466.6
98 55211.3 726.5
685 143643.4 300.5
400
Deals classified by country and sector of acquiring firm
1990
Deal type
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 18 1006.4 125.8 9 1506.6 188.3 10 1260.6 315.2 2 1.0 1.0 33 811.9 45.1 5 544.9 181.6 6 1.1 0.6 4 43.3 21.7 22 6203.3 443.1 8 72.5 10.4 12 131.6 26.3 3 57.3 28.7 31 448.4 21.4 12 96.5 9.7 4 42.9 21.5 0 0.0 0.0 33 668.0 29.0 13 365.1 40.6 11 615.7 88.0 2 7.1 7.1 38 18728.5 720.3 20 190.1 12.7 17 1149.4 104.5 9 298.5 99.5 50 6191.0 167.3 28 997.3 45.3 18 1955.1 244.4 4 2129.5 1064.8 45 6060.4 178.2 27 1124.7 48.9 18 3242.4 324.2 5 188.4 62.8 42 15524.3 500.8 12 2394.9 217.7 16 462.9 57.9 3 24.0 24.0 62 42959.6 933.9 23 4755.4 237.8 21 18687.6 1168.0 9 992.3 165.4 374 98601.8 382.2 157 12048.0 94.1 133 27549.3 377.4 41 3741.4 178.2
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Deal type
Within border Cross border Number Total Value Ave Value Number Total Value Ave Value 27 2513.0 157.1 12 1261.6 252.3 38 1356.8 64.6 10 44.4 11.1 30 6275.8 298.8 15 188.9 27.0 43 544.9 17.6 4 42.9 21.5 46 1033.1 32.3 13 622.8 77.9 58 18918.6 461.4 26 1447.9 103.4 78 7188.3 121.8 22 4084.6 408.5 72 7185.1 126.1 23 3430.8 263.9 54 17919.2 426.6 19 486.9 54.1 85 47715.0 723.0 30 19679.9 894.5 531 110649.8 286.7 174 31290.7 332.9
Deal type
Within industry Cross industry Number Total Value Ave Value Number Total Value Ave Value 28 2267.0 188.9 11 1507.6 167.5 39 813.0 40.7 9 588.2 117.6 34 6334.9 333.4 11 129.8 14.4 35 491.3 21.4 12 96.5 9.7 44 1283.7 42.8 15 372.2 37.2 55 19877.9 537.2 29 488.6 27.1 68 8146.1 181.0 32 3126.8 130.3 63 9302.8 211.4 32 1313.1 50.5 58 15987.2 409.9 15 2418.9 201.6 83 61647.2 994.3 32 5747.7 221.1 507 126151.1 381.1 198 15789.4 106.0
Industry
Banking Number Total Value Ave Value Number Total Value Ave Value 11 1095.2 156.5 14 2639.3 329.9 14 40.1 6.7 39 3774.6 179.7 990570 0.38% 13 681.1 85.1 14 156.5 39.1 21 563.6 43.4 48 1401.2 56.0 1030268 0.14% 7 5817.5 969.6 16 82.2 10.3 22 565.0 40.4 45 6464.7 230.9 1070115 0.60% 14 199.6 15.4 10 84.3 12.0 23 303.9 23.4 47 587.8 17.8 958004 0.06% 20 1116.1 79.7 12 243.2 30.4 27 296.6 16.5 59 1655.9 41.4 1035891 0.16% 30 19479.5 721.5 16 387.7 35.2 38 499.3 29.4 84 20366.5 370.3 1124381 1.81% 25 1070.0 46.5 19 5417.3 601.9 56 4785.6 129.3 100 11272.9 163.4 1178814 0.96% 34 2365.0 78.8 22 6319.9 451.4 39 1931.0 74.3 95 10615.9 151.7 1316570 0.81% 23 958.0 63.9 20 13652.6 1137.7 30 3795.5 158.1 73 18406.1 360.9 1403540 1.31% 48 52304.0 1341.1 19 11380.6 948.4 48 3710.3 100.3 115 67394.9 765.9 1439832 4.68% 225 85086.0 467.5 162 40363.6 434.0 318 16490.9 80.4 705 141940.5 295.7 11547985 1.23%
Insurance
Securities/ Number Other Total Value Ave Value
Total
Number Total Value Ave Value GDP Value/GDP
401
Deals classified by country and sector of acquiring firm
1990
Banking
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 5 984.2 328.1 2 23.7 11.9 4 87.3 43.7 0 0.0 0.0 9 152.3 25.4 1 492.6 492.6 2 0.0 0.0 1 36.2 36.2 5 5803.0 1160.6 0 0.0 0.0 2 14.5 14.5 0 0.0 0.0 11 152.4 15.2 3 47.2 15.7 0 0.0 0.0 0 0.0 0.0 13 459.0 57.4 2 90.7 45.4 4 566.4 141.6 1 0.0 0.0 11 18549.0 1686.3 11 71.9 6.5 4 833.2 208.3 4 25.4 25.4 12 138.9 13.9 11 777.6 70.7 2 153.5 76.8 0 0.0 0.0 18 1405.3 93.7 13 269.8 20.8 2 688.0 688.0 1 1.9 1.9 18 913.2 76.1 0 0.0 0.0 5 44.8 14.9 0 0.0 0.0 32 41191.5 1716.3 5 42.4 10.6 8 11042.2 1380.3 3 27.9 9.3 134 69748.8 670.7 48 1815.9 38.6 33 13429.9 537.2 10 91.4 15.2
1991
1992
1993
1994
1995
1996
1997
1998
1999
Total
Insurance
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 4 12.7 6.4 5 1453.3 363.3 4 1173.3 586.7 1 0.0 0.0 10 148.4 74.2 0 0.0 0.0 2 1.0 1.0 2 7.1 7.1 6 1.9 1.9 3 25.1 8.4 6 54.9 18.3 1 0.3 0.3 6 30.7 7.7 2 10.7 10.7 2 42.9 21.5 0 0.0 0.0 5 16.6 5.5 3 214.2 71.4 4 12.4 6.2 0 0.0 0.0 8 12.8 2.6 1 92.4 92.4 5 282.5 56.5 2 0.0 0.0 11 5414.0 773.4 1 0.0 0.0 6 2.4 2.4 1 0.9 0.9 11 4259.9 532.5 3 136.3 68.2 8 1923.7 480.9 0 0.0 0.0 10 13151.3 2191.9 1 83.2 83.2 8 418.1 83.6 1 0.0 0.0 5 563.4 187.8 4 3263.3 1087.8 9 7525.9 1505.2 1 28.0 28.0 76 23611.7 575.9 23 5278.5 293.3 54 11437.1 381.2 9 36.3 9.1
Securities/ Other
Within border/ Within industry Within border/ Cross industry Cross border/ Within industry Cross border/ Cross industry Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value Number Total Value Ave Value 9 9.5 3.2 2 29.6 14.8 2 0.0 0.0 1 1.0 1.0 14 511.2 51.1 4 52.3 26.2 2 0.1 0.1 1 0.0 0.0 11 398.4 49.8 5 47.4 11.9 4 62.2 62.2 2 57.0 57.0 14 265.3 37.9 7 38.6 6.4 2 0.0 0.0 0 0.0 0.0 15 192.4 16.0 8 60.2 15.1 3 36.9 36.9 1 7.1 7.1 19 166.7 16.7 8 25.8 8.6 8 33.7 16.9 3 273.1 136.6 27 638.1 31.9 16 219.7 20.0 10 1799.2 359.8 3 2128.6 2128.6 16 395.2 35.9 11 718.6 89.8 8 630.7 126.1 4 186.5 93.3 14 1459.8 112.3 11 2311.7 231.2 3 0.0 0.0 2 24.0 24.0 25 1204.7 63.4 14 1449.7 111.5 4 119.5 39.8 5 936.4 468.2 164 5241.3 46.4 86 4953.6 78.6 46 2682.3 149.0 22 3613.7 328.5
Total
Number Total Value Ave Value
39 3774.6 179.7
48 1401.2 56.0
45 6464.7 230.9
47 587.8 17.8
59 1655.9 41.4
84 20366.5 370.3
100 11272.9 163.4
95 10615.9 151.7
73 18406.1 360.9
115 67394.9 765.9
705 141940.5 295.7
Source: Thomson Financial, SDC Platinum.
402
Table A.18 Number of joint ventures and strategic alliances (by country)
Country
United States Canada
Deal type
Within border Cross border Total Within border Cross border Total Within border Cross border Total Within border Cross border Total Within border Cross border Total Within border Cross border Total Within border Cross border Total Within border Cross border Total Cross border Total
1990
22 25 47 5 3 8 4 7 11 0 2 2 0 1 1 2 9 11 2 3 5 1 4 5 0 1 1 0 4 4 2 1 3 1 2 3 7 11 18
1991
25 32 57 5 5 10 2 9 11 3 1 4 0 1 1 2 3 5 4 7 11 2 2 4 2 4 6 0 8 8 0 2 2 1 1 2 13 15 28
1992
36 12 48 0 1 1 5 2 7 3 2 5 0 2 2 4 7 11 4 1 5 13 9 22 2 2 4 2 5 7 0 0 0 1 0 1 3 7 10
1993
48 11 59 1 4 5 4 5 9 5 4 9 0 1 1 1 4 5 8 6 14 2 4 6 2 1 3 2 2 4 0 0 0 1 0 1 8 5 13
1994
85 24 109 3 3 6 5 4 9 12 7 19 1 3 4 4 3 7 2 5 7 2 2 4 1 1 2 2 5 7 0 1 1 5 3 8 11 17 28
1995
134 33 167 7 5 12 4 6 10 21 18 39 1 1 2 3 5 8 3 6 9 2 4 6 3 2 5 0 2 2 0 0 0 3 0 3 39 24 63
1996
67 28 95 3 6 9 1 4 5 5 9 14 1 1 2 2 3 5 0 2 2 0 1 1 1 1 2 0 2 2 1 1 2 0 0 0 11 15 26
1997
160 42 202 11 9 20 4 17 21 11 12 23 1 0 1 4 6 10 5 4 9 1 10 11 1 1 2 0 2 2 0 0 0 0 2 2 25 16 41
1998
318 75 393 21 29 50 20 64 84 33 21 54 1 2 3 1 12 13 8 16 24 1 8 9 1 7 8 1 5 6 0 4 4 0 3 3 29 38 67
1999
241 57 298 28 16 44 47 65 112 52 42 94 1 3 4 4 11 15 4 6 10 3 8 11 2 6 8 2 5 7 0 4 4 4 3 7 47 60 107
Total
1136 339 1475 84 81 165 96 183 279 145 118 263 6 15 21 27 63 90 40 56 96 27 52 79 15 26 41 9 40 49 3 13 16 16 14 30 193 208 401
Japan
Australia
Belgium
France
Germany
Italy
Netherlands Within border
Spain
Within border Cross border Total Within border Cross border Total Cross border Total
Sweden
Switzerland Within border
United Kingdom
Within border Cross border Total
Number of joint ventures and strategic alliances (by region)
Region
North America Pacific Rim Europe
Deal type
Within border Cross border Total Within border Cross border Total Within border Cross border Total
1990
27 28 55 4 9 13 15 36 51
1991
30 37 67 5 10 15 24 43 67
1992
36 13 49 8 4 12 29 33 62
1993
49 15 64 9 9 18 24 23 47
1994
88 27 115 17 11 28 28 40 68
1995
141 38 179 25 24 49 54 44 98
1996
70 34 104 6 13 19 16 26 42
1997
171 51 222 15 29 44 37 41 78
1998
339 104 443 53 85 138 42 95 137
1999
269 73 342 99 107 206 67 106 173
Total
1220 420 1640 241 301 542 336 487 823
Number of joint ventures and strategic alliances (all countries)
Global Deal type
Within border Cross border Total
1990
46 73 119
1991
59 90 149
1992
73 50 123
1993
82 47 129
1994
133 78 211
1995
220 106 326
1996
92 73 165
1997
223 121 344
1998
434 284 718
1999
435 286 721
Total
1797 1208 3005
Source: Thomson Financial, SDC Platinum.
403
Data Annex B: Patterns in the structure of the financial sector
The primary data used to prepare most of the tables in this annex provide information on the banking and insurance industries in each of the 13 reference countries. The data are oriented towards measuring the number, condition and performance of the institutions in those industries. Data were obtained from a variety of sources. Much of the banking and insurance information was collected from the 1999 edition of Bank Profitability, the 1998 edition of Institutional Investors Statistical Yearbook and Insurance Statistics Yearbook 1990-1997. All three of these publications are compiled annually by the Organisation for Economic Co-operation and Development (OECD). The most recent information in the publications generally reflects 1997 or 1998. The OECD, acting on behalf of the Patterns task force, also requested additional data from its contacts. These data tended to be either from more recent years than the information available from the publications or were items not reported in those publications. Although OECD sources provided much of the banking and insurance data in the annex, some data were obtained directly from national authorities without the assistance of the OECD, and certain other data were collected from miscellaneous publications. Unless noted otherwise, banking and insurance definitions and classifications are generally consistent with the three OECD publications. Concentration data are measured by deposits for banks and, unless noted otherwise, by assets for insurance companies. Data are generally not aggregated to the organisation level: each institution, regardless of any common ownership, is examined independently. Gross domestic product figures were obtained from the International Monetary Fund’s International Financial Statistics, May 2000. The data are not well suited for extensive international comparisons. The OECD states in Bank Profitability that “international comparisons in the field of income and expenditure accounts of banks are particularly difficult due to considerable differences in OECD countries as regards structural and regulatory features of national banking systems, accounting rules and practices, and reporting methods.”328 Comparisons of insurance data are similarly difficult. Some specific notes must be made regarding the data collected for individual countries. In some cases, financial figures for Japanese commercial banks exceed those for all Japanese banks. This apparent contradiction arises due to the data coming from different sources. The figures for Japanese commercial and large commercial banks come from the OECD, whereas the all banks figures were complied by the Bank of Japan from the Bank of Japan Economic Statistics Quarterly. It is noted that the figures up to 1994 were for “all banks”, but that after that, the figures are for “domestically licensed banks”. They define “all banks” as member banks of the Federation of Bankers Associations of Japan (excluding Trust Banks that opened in or after October 1993) and “domestically licensed banks” as banks which are established and licensed under Japanese legislation. In the United States, all banks include all insured commercial banks and thrifts. Commercial banks include commercial banks, private banks and non-deposit trust companies. Thrifts include savings banks and savings and loan associations. The number of new bank entrants is the number of new charters granted to FDIC-insured commercial banks and savings institutions. The number of branches is the number of offices, which equals the number of branches plus the number of institutions (the methodology implicitly assumes that each bank has one head office, which is not classified as a branch). Concentration data take into account common ownership.
328
OECD (1999a).
405
Insurance data were collected from various years of Best’s Aggregates and Averages, LifeHealth and Best’s Aggregates and Averages, Property-Casualty, which are published by AM Best. Life insurance includes life and health companies, and non-life insurance includes property and casualty companies. In Canada, both all banks and all commercial banks include all domestic and foreign banks. Finally, different data were collected for the last two tables of the annex. First, data were collected from various issues of The Banker to identify the home countries of the world’s largest banking organisations. Rankings were based on year-end asset figures. Second, estimates of the notional size of the global OTC derivatives market were obtained from Swaps Monitor. These figures were rounded to the nearest USD 0.1 trillion and reflect balances as of year-end. Currency forwards include unmatured spot transactions and other derivatives consist of equity, commodity and credit swaps, options and forwards. Excluded from the numbers are exchangetraded instruments and internal trades. All numbers have been adjusted to eliminate doublecounting.
406
Table B.1 Country: United States
(concentration figures in percent, monetary values in USD billion) 1980
All Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 2109.8 2614.3 2505.8 148.9 80.7% 5.7% 19 0.76% 2795.6 93.5% 58,491 18,711 15,304 171 72,346 3664.2 4,691 4750.5 264 78.1% 5.6% 18.67 0.39% 5803.2 80.8% 15,043 107 76,484 3591.9 4553.4 4622.2 293.2 78.9% 6.4% 26.03 0.56% 5986.2 76.1% 13,859 73 72,082 3517.7 4535.2 4544.3 329.9 77.6% 7.3% 48.75 1.07% 6318.9 71.8% 13,090 67 71,546 3505.1 4686.9 4,611 365.7 74.8% 7.8% 66.9 1.45% 6642.3 70.6% 12,422 59 73,397 3572.3 4,976 4831.4 387.4 71.8% 7.8% 71.42 1.48% 7054.3 70.5% 11,790 111 74,637 3717.3 5273.8 5124.9 430.1 70.5% 8.2% 79.56 1.55% 7,400.5 71.3% 11,280 156 75,768 3876.7 5542.6 5408.2 455.2 69.9% 8.2% 85.48 1.58% 7813.2 70.9% 10,758 200 76,753 4076.1 5972.8 5757.7 501.3 68.2% 8.4% 96.32 1.67% 8300.8 72.0% 10,305 222 77,796 4,326 6449.8 6211.3 550.1 67.1% 8.5% 98.28 1.58% 8,759.9 73.6% 78,928 4472.6 6783.5 6616.6 567.2 65.9% 8.4% 116.31 1.76% 9,248.45 73.3% 10070
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
1863,000 1785,000 1766,000 1769,000 1731,000 1711,000 1719,000 1760,000 1841,000 1876,000
Large Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 10,330 578 759.4 1,007 962.1 44 75.4% 4.4% 8.27 0.86% 2795.6 36.0% 15,833 662 1251.8 1713.6 1694.7 92.8 73.1% 5.4% 9.27 0.55% 5803.2 29.5% 16,733 649 1266.1 1735.8 1724.7 99.8 72.9% 5.7% 10.65 0.62% 5986.2 29.0% 17,616 667 1282.1 1809.7 1772.7 123.7 70.8% 6.8% 22.77 1.28% 6318.9 28.6% 18,572 695 1355.4 1984.5 1897.1 146.7 68.3% 7.4% 33.96 1.79% 6642.3 29.9% 19,998 696 1467.1 2234.6 2109.5 158.5 65.7% 7.1% 36.1 1.71% 7054.3 31.7% 21,321 722 1575.8 2467.4 2351 180.6 63.9% 7.3% 42.37 1.80% 7400.5 33.3% 24,321 781 1807.7 2807.1 2637.2 210.1 64.4% 7.5% 48.32 1.83% 7813.2 35.9% 29,325 885 2126.4 3366.9 3087 259 63.2% 7.7% 59.93 1.94% 8300.8 40.6% 31,778 992 2367.7 3761.5 3564.2 300.6 62.9% 8.0% 61.92 1.74% 8759.9 42.9% 32,827 1030 2505.9 3995.2 3878.3 318.2 62.7% 8.0% 78.26 2.02% 9248.45 43.2% 100 100 100 100 100 100 100 100 100 100 100
Sources: See notes to Annex B.
407
Table B.1 (continued) Country: United States
(concentration figures in percent, monetary values in USD billion) 1980
All Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 14,406 205 50,804 1,478 1475.7 1848.9 1767.4 107.1 79.8% 5.8% 18.55 1.05% 2,795.6 66.1% 12,195 165 61,377 1,500 2,624.9 3,359 3,317.1 216.3 78.1% 6.4% 23.44 0.71% 5,803.2 57.9% 11,791 106 62,494 1,471 2665.5 3403.4 3381.2 229.3 78.3% 6.7% 25.84 0.76% 5986.2 56.9% 11,348 72 62,842 1,462 2674.8 3475.8 3439.6 260.7 77.0% 7.5% 46.04 1.34% 6318.9 55.0% 10,867 61 63,317 1478 2730.1 3673.8 3574.8 293.6 74.3% 8.0% 62.42 1.75% 6642.3 55.3% 10,359 50 65,211 1,471 2845.7 3972.1 3822.9 308.8 71.6% 7.8% 66.54 1.74% 7054.3 56.3% 9,854 102 66,518 1466 2996.5 4,270 4,121 345.8 70.2% 8.1% 74.3 1.80% 7400.5 57.7% 9,446 145 67,389 1,469 3,163 4523.6 4369.8 370.2 69.9% 8.2% 79.75 1.83% 7813.2 57.9% 9,065 188 69,185 1,518 3387.5 4955.2 4739.4 412 68.4% 8.3% 89.72 1.89% 8300.8 59.7% 8,698 194 70,304 1,607 3640.1 5370.2 5162.7 455.5 67.8% 8.5% 92.05 1.78% 8759.9 61.3% 8,505 n/a 71,383 1,635 3780.2 5643.4 5506.8 472.2 67.0% 8.4% 109.08 1.98% 9248.45 61.0%
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Concentration-Banks
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B 4.23 14.24 20.32 24.2 3.73 11.3 17.27 22.08 4.02 13.92 20.11 24.86 4.04 15.14 21.21 25.83 4.2 15.89 23.02 27.89 4.45 16.52 24.24 29.61 4.68 16.66 25.23 31.25 4.94 19.87 28.86 34.76 4.87 20.61 29.31 35.43 8.57 26.19 35.63 41.38 8.18 26.56 36.7 42.55
408
Table B.1 (continued) Country: United States
(concentration figures in percent, monetary values in USD billion) 1980
Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 2795.6 5803.2 24.5% 184.55 1420.1 1342.6 5.5% 14.87 185.67 1,538 1450.4 5.7% 16.03 1.08% 5986.2 25.7% 195.99 1658.1 1562.4 5.8% 18.3 1.15% 6318.9 26.2% 210.64 1824.1 1718.6 5.8% 21.48 1.23% 6642.3 27.5% 229.43 1945.7 1,832 5.8% 20.26 1.07% 7054.3 27.6% 241.36 2148.2 2022.7 5.8% 23.77 1.16% 7400.5 29.0% 244.58 2,316 2,177 6.0% 25.63 1.15% 7813.2 29.6% 254.75 2575.8 2418.4 6.1% 28.18 1.15% 8300.8 31.0% 8759.9 32.2% 9248.45 268.33 2,824 2659.7 5.8% 1,409 1,350 1,316 1,262 1,241 1,201 1,150 1,134 1,109
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Non-Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 2795.6 7.1% 5803.2 9.6% 5986.2 10.0% 6318.9 10.1% 6642.3 10.1% 99.06 197.66 145.46 26.4% 230.76 556.31 417.91 24.9% 235.63 601.45 442.79 26.4% 240.41 637.31 474.23 25.6% 253.85 671.54 489.26 27.1% 263.75 704.6 511.25 27.4% 13.27 1.93% 7054.3 10.0% 273.16 765.23 535.23 30.1% 25.46 3.46% 7400.5 10.3% 280.46 802.31 546.78 31.8% 30.04 3.83% 7813.2 10.3% 288.22 870.06 561.58 35.5% 46.28 5.53% 8300.8 10.5% 298.88 925.71 588.85 36.4% 41.4 4.61% 8759.9 10.6% 9248.45 1,575 2,406 2,423 2,409 2,387 2,411 2,430 2,418 2,456 2,499
Concentration – Life Insurance
Largest Largest 5 Largest 10 Largest 15 9.7 28.16 40.19 48.73 9.45 27.45 39.55 48.78 8.93 25.96 38.28 47.59 8.69 25.32 38.35 48.08 8.06 25.73 39.83 51.32 7.97 25.54 39.66 51.76 7.47 25.19 39.42 52.01
Concentration – Non-Life Insurance
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B 8.09 23.83 36.89 45.9 8.03 23.53 37.45 46.35 8.47 23.69 37.08 46.09 8.39 23.08 36.98 46.28 8.62 23.26 36.41 45.48 8.54 23.31 36.39 44.97 8.77 25.52 38.63 47.02 9.22 26.54 40.69 48.97 9.53 27.57 42.12 50.32 9.61 29.72 44.45 52.14
409
Table B.2 Country: Canada
(concentration figures in percent, monetary values in CAD billion) 1980
All Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 309.89 90.7% 1.6 5.1% 6 1.04% 669.51 91.0% 5.5% 6 0.98% 676.48 93.9% 5.2% 2.3 0.35% 698.54 97.0% 281.2 254.3 8 609 576 31 635 612.5 34.7 677.6 653.5 35.3 11 0 66 3 7397 172484 67 0 7583 173090 71 4 7623 172776 68 0 7744 170808 362 756 707.2 38.8 47.9% 5.1% 4.6 0.65% 724.96 104.3% 65 0 8038 209460 387.4 841.9 796.7 42 46.0% 5.0% 7.3 0.92% 767.51 109.7% 61 0 8038 206800 417 913.8 868.5 45.4 45.6% 5.0% 8.7 1.00% 807.09 113.2% 52 1 8067 207150 431.1 1107.4 985.2 47.6 38.9% 4.3% 10.8 1.10% 833.92 132.8% 53 4 8140 213000 469 1322.1 1199.2 54.7 35.5% 4.1% 12.9 1.08% 873.95 151.3% 54 2 8211 221000 471 1433.6 1377.5 62.1 32.9% 4.3% 11.8 0.86% 895.7 160.1% 53 1 8423 222000 503.5 1399.4 1390.8 68.2 36.0% 4.9% 14.2 1.02%
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Domestic Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP Sources: See notes to Annex B 309.89 90.7% 1.6 4.9% 5.7 1.10% 669.51 82.1% 5.4% 5.9 1.07% 676.48 85.1% 5.1% 2.92 0.49% 698.54 88.5% 281.2 254.3 8 550 517.9 27.1 575.9 553 30.9 618.3 593 31.6 344.9 695.2 646.3 35 49.6% 5.0% 4.68 0.72% 724.96 95.9% 369.6 777.1 732.7 38.1 47.6% 4.9% 7.13 0.97% 767.51 101.2% 395 845.8 799.7 41.1 46.7% 4.9% 8.32 1.04% 807.09 104.8% 408.4 1029.5 909.5 43.3 39.7% 4.2% 10.32 1.13% 833.92 123.5% 445.4 1229.9 1112.5 49.8 36.2% 4.0% 12.26 1.10% 873.95 140.7% 445.6 1341.3 1281.4 56.5 33.2% 4.2% 11.44 0.89% 895.7 149.7% 474 1317.5 1299.1 61.6 36.0% 4.7% 13.6 1.05% 11 0 10 0 6,918 11 0 7,009 12 1 7,054 12 0 7,136 12 0 7,400 12 0 7,389 9 0 7,379 11 1 7,411 11 0 7,508 11 0 7,705
410
Table B.2 (continued) Country: Canada
(concentration figures in percent, monetary values in CAD billion) 1980
All Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 309.89 90.7% 1.6 5.1% 6 1.04% 669.51 91.0% 5.5% 6 0.98% 676.48 93.9% 5.2% 2.3 0.35% 698.54 97.0% 281.2 254.3 8 609 576 31 635 612.5 34.7 677.6 653.5 35.3 11 0 66 3 7,397 172,484 67 0 7,583 173,090 71 4 7,623 172,776 68 0 7,744 170,808 362 756 707.2 38.8 47.9% 5.1% 4.6 0.65% 724.96 104.3% 65 0 8,038 209,460 387.4 841.9 796.7 42 46.0% 5.0% 7.3 0.92% 767.51 109.7% 61 0 8,038 206,800 417 913.8 868.5 45.4 45.6% 5.0% 8.7 1.00% 807.09 113.2% 52 1 8,067 207,150 431.1 1107.4 985.2 47.6 38.9% 4.3% 10.8 1.10% 833.92 132.8% 53 4 8140 213,000 469 1322.1 1199.2 54.7 35.5% 4.1% 12.9 1.08% 873.95 151.3% 54 2 8,211 221,000 471 1433.6 1377.5 62.1 32.9% 4.3% 11.8 0.86% 895.7 160.1% 53 1 8,423 222,000 503.5 1399.4 1390.8 68.2 36.0% 4.9% 14.2 1.02%
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Concentration-Banks
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B 17 60.2 84.5 91.2 17.5 61.7 85.1 91.9 17.6 63.6 85.5 92.3 21.5 70.2 90.5 93.9 20.8 73 93.5 95.4 21.2 73.4 94.4 95.9 21.4 74.2 94.8 96.3 21.3 77.8 95.7 96.8 21.5 77.7 95.4 96.6 20.7 77.1 94.9 96.5
411
Table B.2 (continued) Country: Canada
(concentration figures in percent, monetary values in CAD billion) 1980
Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 309.89 669.51 676.48 698.54 33.91 233.7 181.14 22.5% 2.22 1.90% 724.96 32.2% 34.56 236.79 185.2 21.8% 2.50 1.06% 767.51 30.9% 36.18 241.25 189.02 21.6% 3.27 1.37% 807.09 29.9% 33.55 256.23 195.41 23.7% 3.62 1.46% 833.92 30.7% 36.61 263.74 219.87 16.6% 4.27 1.64% 873.95 30.2% 38.47 279.92 231.07 17.5% 3.47 1.28% 895.7 31.3% 5.19 42.32 280.48 231.16 147 146 3 151 5 150 1 146 1
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Non-Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 309.89 669.51 4.4% 676.48 4.5% 698.54 4.4% 1.07 1.05 0.87 12.67 29.75 18.83 12.77 30.59 19.46 13.16 31.04 20.06 13.5 32.6 20.69 36.5% 1.25 3.93% 724.96 4.5% 14.32 34.21 21.57 36.9% 0.92 2.75% 767.51 4.5% 15.84 37.11 23 38.0% 1.73 4.85% 807.09 4.6% 16.11 45.93 30.03 34.6% 2.38 5.73% 833.92 5.5% 16.42 48.45 31.41 35.2% 2.71 5.74% 873.95 5.5% 16.62 50.68 32.62 35.6% 1.52 3.07% 895.7 5.7% 1.47 16.83 53.68 34.28 212 224 12 218 4 213 2 210 4
Concentration – Life Insurance
Largest Largest 5 Largest 10 Largest 15 17.9 65.6 82.8 86.9 18.9 68.4 86.1 89.5 18.6 70.6 80.0 83.1 18.5 73.1 82.0 85.1 18.6 73.3 82.1 85.0
Concentration – Non-Life Insurance
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B
412
Table B.3 Country: Japan
(concentration figures in percent, monetary values in JPY billion) 1980
All Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 186,300 272,400 251,400 8,150 68.4% 3.0% 570 0.23% 240,176 113.4% 462,400 746,600 736,800 28,600 61.9% 3.8% 3370 0.46% 430,040 173.6% 450,300 745,900 746,300 30,100 60.4% 4.0% 2930 0.39% 458,299 162.8% 432,300 718,400 732,200 30,950 60.2% 4.3% 2210 0.30% 471,064 152.5% 454,200 719,500 719,000 31,620 63.1% 4.4% 1510 0.21% 475,381 151.4% 458,500 719,300 719,400 32,110 63.7% 4.5% 800 0.11% 479,260 150.1% 0.00% 483,220 154.3% 0.00% 500,310 149.2% 0.00% 507,852 152.1% 0.00% 495211 154.3% 504,500 745,800 732,600 31,810 67.6% 4.3% 507,100 746,700 746,300 28,970 67.9% 3.9% 512,100 772,400 759,600 28,790 66.3% 3.7% 518,800 763,900 768,200 35,660 67.9% 4.7% 157 154 153 151 150 150 173 175 174 170
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Large Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP Sources: See notes to Annex B 2,751 172,647 113,200 158,000 151,700 3,240 71.6% 2.1% 240 0.16% 240,176 65.8% 3,249 152,000 353,600 491,600 500,000 14,410 71.9% 2.9% 1,640 0.33% 430,040 114.3% 3,280 154,000 329,200 475,000 483,300 14,850 69.3% 3.1% 1,440 0.30% 458,299 103.6% 3,293 157,000 308,800 436,100 455,500 14,990 70.8% 3.4% 940 0.21% 471,064 92.6% 3,238 158,000 306,000 425,800 431,000 15,220 71.9% 3.6% 560 0.13% 475,381 89.6% 3,224 155,000 303,500 419,300 422,600 14,960 72.4% 3.6% 60 0.01% 479,260 87.5% 3,199 149,000 306,900 426,300 422,800 13,140 72.0% 3.1% -1340 -0.32% 483,220 88.2% 3,174 139,400 307,300 434,000 430,200 13,430 70.8% 3.1% 20 0.00% 500,310 86.7% 2,955 128,600 288,900 427,200 430,600 10,330 67.6% 2.4% -2,830 -0.66% 507,852 84.1% 2,807 124,525 264,100 389,600 408,400 17,710 67.8% 4.5% -4,040 -0.99% 495,211 78.7% 13 12 11 11 11 11 11 10 9 9
413
Table B.3 (continued) Country: Japan
(concentration figures in percent, monetary values in JPY billion) 1980
All Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 201,700 264,100 253,800 6,740 76.4% 2.6% 470 0.19% 240,176 110.0% 14,325 399,000 573,700 753,300 758,300 23,970 76.2% 3.2% 2,710 0.36% 430,040 175.2% 14,632 406,000 555,400 744,700 749,000 24,900 74.6% 3.3% 2,370 0.32% 458,299 162.5% 14,782 412,000 535,700 699,600 722,100 25,390 76.6% 3.6% 1,870 0.26% 471,064 148.5% 14,804 417,000 536,300 692,400 696,000 25,860 77.5% 3.7% 1,290 0.19% 475,381 145.7% 14,823 414,000 539,400 688,800 690,600 25,800 78.3% 3.7% 790 0.11% 479,260 143.7% 14,693 399,600 541,300 696,100 692,500 23,310 77.8% 3.3% -1170 -0.17% 483,220 144.1% 14,597 383,000 542,200 702,000 699,100 23,890 77.2% 3.4% 2370 0.34% 500,310 140.3% 14,395 367,100 522,100 696,500 699,300 19,650 75.0% 2.8% -3480 -0.50% 507,852 137.1% 13,817 350,879 495,500 655,000 675,800 28,600 75.6% 4.4% -5120 -0.76% 495,211 132.3% 147 144 143 141 140 140 139 136 136 130
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Concentration-Banks
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B 6.3 28.5 49 61.7 7.1 31.8 52.3 64 7 31.7 53.8 63.7 6.7 30.7 53 63.2 6.3 30.2 51.8 61.8 6.5 30.3 51.7 61.3 6.5 29.5 51 61 6.2 29.2 50.6 60.4 8.3 31 52.3 60 8.9 30.9 51 58.2 8.4 29.8 48.8 56
414
Table B.3 (continued) Country: Japan
(concentration figures in percent, monetary values in JPY billion) 1980
Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 240,176 430,040 458,299 471,064 475,381 479,260 483,220 500,310 507852 495211 22 1 397,862 8,230 30 0 447,000 27,170 30 0 571,000 28,210 30 0 548,000 29,500 30 0 672,225 30,360 31 1 655,871 30,450 31 0 655,449 30,720 44 13 858,875 29,310 45 1 1151969 30320 46 1 1070601 28840 47 2
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Non-Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 240,176 430,040 458,299 471,064 475,381 479,260 483,220 500,310 507852 495211 62 1 793,938 5,580 59 0 9,100 59 2 9,380 58 0 9,530 55 0 10,140 56 1 10,180 58 2 10470 64 7 10,900 65 1 1272078 10600 65 3 1279957 10500 64 2
1150,000 1217,000 1227,000 1165,990 1195,637 1191,987 1286,662
Concentration – Life Insurance
Largest Largest 5 Largest 10 Largest 15 23.8 66.9 88.6 97.5 21.1 63.9 85.4 96.6 20.8 63.6 85.1 96.6 20.8 63.8 84.9 96.6 20.8 63.8 84.7 96.6 20.9 64.1 84.8 96.6 21.1 64.2 84.8 96.4 21.2 63.7 83.7 94.8 22.2 65.1 85.0 94.9 22.6 53.8 73.6 82.8
Concentration – Non-Life Insurance
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B 17.1 48.7 74.5 92.7 17.4 55.2 79.7 94.3 17.3 55.0 79.3 94.2 17.4 54.6 78.9 94.2 17.1 54.0 78.5 94.2 16.9 53.8 78.5 94.3 17.0 53.9 78.7 94.4 16.9 53.6 77.9 93.3 17.2 53.7 77.4 92.4 17.3 53.7 77.2 92.2
415
Table B.4 Country: Australia
(concentration figures in percent, monetary values in AUD billion) 1980
All Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 137.23 43.0% 393.66 88.6% 4 81.4% 6.8% 0.8 23.3 56.0% 6.7% 3.3 48 59 195.4 348.8 201.1 360.7 354.75 26.7 55.8% 7.4% 3.3 0.93% 399.89 90.2% 217.7 374.2 367.45 28.1 58.2% 7.5% 1.3 0.35% 416.11 89.9% 229.4 393.8 384 29.1 58.3% 7.4% 4.1 1.07% 438.11 89.9% 253.3 426.2 410 30.1 59.4% 7.1% 5.8 1.41% 464.14 91.8% 276.9 472.7 449.45 31.8 58.6% 6.7% 5.9 1.31% 491.59 96.2% 304.6 520.3 496.5 35.5 58.5% 6.8% 7.9 1.59% 521.7 99.7% 324.8 569.4 544.85 36 57.0% 6.3% 7.9 1.45% 549.29 103.7% 355.7 629.4 599.4 37.1 56.5% 5.9% 8.5 1.42% 579.14 108.7% 56.2% 392.1 697.1 663.25 5,900 6,921 6,917 16 34 31 31 1 6,920 33 2 7,064 42 13 6,747 42 3 6,655 42 6 6,508 42 5 6,121 45 5 5,615 5,358 44
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Large Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP Sources: See notes to Annex B 137.23 31.1% 393.66 57.7% 3.0 90.6% 7.0% 0.8 19.0 56.1% 8.4% 3.6 38.7 42.7 127.5 227.1 144.6 259.0 243.05 22.0 55.8% 8.5% 2.4 0.99% 399.89 64.8% 150.1 256.2 257.60 23.2 58.6% 9.1% 0.7 0.27% 416.11 61.6% 154.7 263.6 259.90 23.4 58.7% 8.9% 2.9 1.12% 438.11 60.2% 164.9 279.0 271.30 24.1 59.1% 8.6% 4.6 1.70% 464.14 60.1% 176.1 307.1 293.05 25.7 57.3% 8.4% 4.5 1.54% 491.59 62.5% 192.1 334.5 320.80 26.5 57.4% 7.9% 6.2 1.93% 521.7 64.1% 206.7 363.6 349.05 25.0 56.8% 6.9% 6.5 1.86% 549.29 66.2% 231.3 410.6 387.10 27.1 56.3% 6.6% 7.0 1.81% 579.14 70.9% 56.3% 256.0 455.1 432.85 4,500 4,961 5,481 5,626 5,468 5,125 4,966 4,783 4,398 4,147 3,960 6 4 4 4 4 4 4 4 4 4 4
416
Table B.4 (continued) Country: Australia
(concentration figures in percent, monetary values in AUD billion) 1980
All Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 137.23 393.66 399.89 416.11 438.11 464.14 491.59 521.7 549.29 579.14
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Concentration-Banks
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B 27.3 76.5 96.7 99.7 19.8 72.1 85.1 91.0 25.5 75.1 86.5 91.8 23.4 73.0 86.8 92.7 23.4 71.8 85.0 92.0 21.8 69.5 83.2 89.8 20.3 67.8 81.7 88.5 20.5 68.6 83.7 89.6 20.4 75.0 86.7 91.7 20.8 73.9 86.5 91.9 21.2 73.9 87.0 92.8
417
Table B.4 (continued) Country: Australia
(concentration figures in percent, monetary values in AUD billion) 1980
Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 137.23 13.6% 393.66 19.8% 3.2 25.3 24.6 30.15% 399.89 21.3% 24.7 27.72% 416.11 22.3% 26.1 27.17% 438.11 22.6% 31.5 31.41% 464.14 21.8% 27.7 26.29% 491.59 22.2% 28.7 25.58% 521.7 22.1% 2.2 18.6 18.9 77.9 18.1 85.3 18 92.9 19.9 99.2 25.3 101.4 20.8 109.3 21.2 115.1 29.2 166 148.6 10.5% 49.3 35.08% 549.29 30.2% 35.2 164.6 153 7.0% 48.5 29.34% 579.14 28.4% 48 60 59 1 54 2 48 50 1 50 2 50 48 46
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Non-Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 137.23 4.2% 393.66 5.1% 0.1 0.4 0.5 2.37% 399.89 5.6% 0.6 2.64% 416.11 5.6% 1.3 4.75% 438.11 7.2% 0.1 0.30% 464.14 7.4% 1.1 3.04% 491.59 7.7% 1.4 3.46% 521.7 8.2% 2.7 5.7 4.4 8.1 20.0 14.5 8.1 22.2 15.5 8.4 23.2 16.7 8.9 31.5 22.6 10.1 34.3 25.2 10.9 38.0 27.7 12.0 42.9 31.4 15.5 50.8 37.0 27.2% 2.4 5.12% 549.29 9.2% 16.1 56.2 42.1 25.1% 0.3 0.56% 579.14 9.7% 201 5 166 157 160 17 161 6 162 6 166 11 170 10 172 12 172 4
Concentration – Life Insurance
Largest Largest 5 Largest 10 Largest 15 37.2 82.2 91.8 94.9 32.4 73.5 87.1 92.6 33.0 70.9 85.0 91.8 28.3 65.8 81.5 90.7 28.9 64.1 80.6 90.5 26.6 61.5 78.4 88.3 27.2 60.0 76.2 86.7 25.9 58.3 76.3 87.2 32.7 61.6 76.9 87.1 27.9 60.0 76.3 87.7
Concentration – Non-Life Insurance
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B 9.9 34.2 48.7 58.9 12.0 31.9 41.7 55.2 13.9 38.7 44.2 75.2 11.5 28.5 39.9 62.4 11.5 29.3 44.7 57.4 11.7 26.5 41.2 51.7 11.3 26.3 40.8 52.3 11.3 27.1 37.5 50.3 11.2 26.6 40.9 50.9
418
Table B.5 Country: Belgium
(concentration figures in percent, monetary values in BEF billion) 1980
All Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 3508.4 18,389 79,000 6,366 18,695 18,150 632.7 34.1% 3.4% 52.5 0.29% 6,593 283.6% 17,078 77,000 6,807 19,162 18,928 722.0 35.5% 3.8% 46.8 0.25% 6,909 277.3% 16,405 76,000 7,410 20,445 19,804 809.0 36.2% 4.0% 46.1 0.23% 7,273 281.1% 19,888 76,300 7,488 22,709 22,338 577.6 33.0% 2.5% 81.6 0.37% 7431 305.6% 19,159 76,200 7,759 23,374 23,450 606.3 33.2% 2.6% 80.2 0.34% 7,793 299.9% 18,304 76,500 8,255 24,852 24,804 632.5 33.2% 2.5% 81.6 0.33% 8,129 305.7% 17,963 76,900 9,182 27,062 26,844 682.4 33.9% 2.5% 104.2 0.39% 8,304 325.9% 17,259 76,900 10,321 29,205 29,991 759.0 35.3% 2.6% 114.8 0.38% 8712 335.2% 10,972 29,349 30,197 904.9 37.4% 3.1% 132.7 0.44% 9,089 322.9% 11,635 31,102 31,384 959.4 37.4% 3.1% 115 119 121 150 147 143 140 131 119 117
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Large Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP Sources: See notes to Annex B 3508.4 6,593 6,909 7,273 5,198 13,004 12,833 363.1 40.0% 2.8% 51.1 0.40% 7431 175.0% 5,421 13,898 13,802 385.6 39.0% 2.8% 52.2 0.38% 7793 178.3% 5,828 15,588 15,117 408.7 37.4% 2.6% 60.4 0.40% 8129 191.8% 6,515 17,514 17,008 451.9 37.2% 2.6% 75.4 0.44% 8304 210.9% 7,603 19,715 19,657 538.3 38.6% 2.7% 82.2 0.42% 8712 226.3% 7,960 21,067 21,137 667.3 37.8% 3.2% 90.9 0.43% 9,089 231.8% 8,330 23,941 23,693 728.3 34.8% 3.0% 7 7 7 7 7 6 5
419
Table B.5 (continued) Country: Belgium
(concentration figures in percent, monetary values in BEF billion) 1980
All Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 3508.4 65930 69,090 72,730 6,971 18,228 18,029 545.9 38.2% 3.0% 18.9 0.10% 7,431 245.3% 7,281 19,326 19,269 575.7 37.7% 3.0% 20.9 0.11% 7793.0 248.0% 7,789 21,066 20,695 607.0 37.0% 2.9% 15.8 0.08% 8,129 259.1% 8,691 23,228 22,806 657.7 37.4% 2.8% 25.9 0.11% 8,304 279.7% 9,761 25,153 25,575 735.6 38.8% 2.9% 28.7 0.11% 8,712 288.7% 10,276 26,205 26,463 867.2 39.2% 3.3% 27.8 0.11% 9,089 288.3% 11,004 28,792 28,701 971.9 38.2% 3.4% 112 107 104 100 93 74 70
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Concentration-Banks
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B 53.4 69.4 48 65.4 60.9 75.1 82.3 60.2 75.2 82.4 59.9 75.4 82.4 59.9 75.7 82.8 59.9 76.5 82.8 62.8 78.9 84.8 66.7 80.2 86.3 71.6 82.5 87.8
420
Table B.5 (continued) Country: Belgium
(concentration figures in percent, monetary values in BEF billion) 1980
Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 3508.4 6,593 6,909 7,273 7,431 7,793 8,129 8,304 8,712 9,089 104.7 114.3 122.4 137 161.9 184.4 214.3 254.3 38 40 43 42 31 30 27 27
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Non-Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 3508.4 6,593 6,909 7,273 7,431 7,793 8,129 8,304 8,712 9,089 200.2 214.4 233.9 244.6 241.7 248.3 252.6 249.4 176 176 169 163 93 90 92 93
Concentration – Life Insurance
Largest Largest 5 Largest 10 Largest 15
Concentration – Non-Life Insurance
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B
421
Table B.6 Country: France
(concentration figures in percent, monetary values in FRF billion) 1980
All Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 2808.3 26,124 440,000 3,420 15,100 14,300 509.0 22.6% 3.4% 51.7 0.36% 6509.5 232.0% 25,431 433,600 3,710 15,500 15,800 595.5 23.9% 3.8% 62.2 0.39% 6776.2 228.7% 25,357 425,000 3,860 16,300 16,100 655.1 23.7% 4.0% 45.4 0.28% 6999.6 232.9% 26,291 406,100 4,270 16,600 17,500 748.3 25.7% 4.5% 21.5 0.12% 7077.1 234.6% 26,200 409,200 4,580 16,900 17,800 744.8 27.1% 4.4% 3.8 0.02% 7389.7 228.7% 1,981 1,823 1,701 1,635 1,618 1,453 20 26,606 407,700 5,000 17,800 18,600 785.5 28.1% 4.4% 28.5 0.15% 7752.4 229.6% 1,404 15 26,303 404,200 5,330 18,800 20,100 773.8 28.4% 4.1% 37.0 0.18% 7951.4 236.4% 1,288 20 26,386 397,300 6,010 20,200 22,200 807.0 29.8% 4.0% 61.8 0.28% 8224.9 245.6% 1,242 17 26,689 398,444 6,140 20,500 23,700 838.1 30.0% 4.1% 83.2 0.35% 8564.7 239.4%
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Large Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP Sources: See notes to Annex B 2808.3 2,160 5360 5040 128.3 40.3% 2.4% 19.4 0.38% 6509.5 82.3% 1,700 5,630 5,500 144.6 30.2% 2.6% 19.2 0.35% 6776.2 83.1% 1,890 6,420 6,030 156.3 29.4% 2.4% 12.5 0.21% 6999.6 91.7% 2,010 6,750 6,590 248.7 29.8% 3.7% 8.7 0.13% 7077.1 95.4% 2,000 6,410 6,580 242.6 31.2% 3.8% 3.6 0.05% 7389.7 86.7% 2,070 6,620 6,510 231.2 31.3% 3.5% 11.3 0.17% 7752.4 85.4% 2,250 7,250 6,930 234.0 31.0% 3.2% 24.0 0.35% 7951.4 91.2% 2,480 8,210 7,730 250.0 30.2% 3.0% 31.5 0.41% 8224.9 99.8% 8564.7 98.4% 267.0 32.3% 3.2% 26.6 2,720 8,430 5 5 5 5 5 5 5 5 5 5
422
Table B.6 (continued) Country: France
(concentration figures in percent, monetary values in FRF billion) 1980
All Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 2808.3 10,166 243,100 1,660 7,890 7,490 203.7 21.0% 2.6% 16.04 0.21% 6509.5 121.2% 10,177 238,700 1,770 8,060 8,190 235.3 22.0% 2.9% 20.08 0.25% 6776.2 118.9% 10,081 232,300 1,840 9,000 8,580 276.2 20.4% 3.1% 5.52 0.06% 6999.6 128.6% 10,451 219,200 2,000 9,190 10,070 303.9 21.8% 3.3% -3.01 -0.03% 7077.1 129.9% 10,131 218,000 2,060 9,080 10,190 308.2 22.7% 3.4% -18.82 -0.18% 7389.7 122.9% 10,320 213600 2,240 9,430 10,400 307.6 23.8% 3.3% 9.80 0.09% 7752.4 121.6% 10,240 208,700 2,420 10,160 11,270 315.2 23.8% 3.1% 3.81 0.03% 7951.4 127.8% 9,983 207,900 2,860 11,590 13,420 340.0 24.7% 2.9% 15.47 0.12% 8224.9 140.9% 10,118 206,630 2,910 11,570 15,040 394.5 25.2% 3.4% 27.58 0.18% 8564.7 135.1% 408 414 409 415 421 413 400 398 383
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Concentration-Banks
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B 51.9 65.6 67.8 82.8 67.2 82.5 67.5 83.4 68.1 84.1 68.1 84.1 68.8 84.6 70.2 85.3 70.2 85.2 69.3 84.6
423
Table B.6 (continued) Country: France
(concentration figures in percent, monetary values in FRF billion) 1980
Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 2808.3 4.1% 1.5 29.5 115.3 112.1 206.3 970.0 927.5 4.4% 9.2 1.70% 6509.5 14.9% 235.3 1,188.1 1,129.4 4.9% 10.1 0.94% 6776.2 17.5% 269.7 1,391.7 1,335.7 4.0% 9.8 0.76% 6999.6 19.9% 331.9 1,691.9 1,620.7 4.2% 9.7 0.63% 7077.1 23.9% 399.1 2,002.4 1,905.9 4.8% 9.0 0.49% 7389.7 27.1% 443.1 2,259.9 2,266.2 -0.3% 8.1 0.38% 7752.4 29.2% 493.6 2,722.9 2,680.9 1.5% 8.7 0.35% 7951.4 34.2% 539.4 3,199.8 3,158.7 1.3% 14.0 0.47% 8224.9 38.9% 458.6 3,586.4 3,529.4 1.6% 15.2 0.45% 8564.7 41.9% 19.5 0.50% 524.1 4,251.1 4,076.5 80 141 149 147 143 138 138 140 138 135 126
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Non-Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 2808.3 3.9% 1.7 86.1 108.2 126.3 201.8 364.6 323.5 11.3% 12.2 5.16% 6509.5 5.6% 214.6 386.9 339.4 12.3% 5.2 1.38% 6776.2 5.7% 234.2 431.3 383.4 11.1% 1.6 0.39% 6999.6 6.2% 250.8 456.3 401.8 11.9% 1.5 0.34% 7077.1 6.4% 268.9 486.3 415.1 14.6% 1.0 0.21% 7389.7 6.6% 278.2 465.0 432.4 7.0% 7.3 1.53% 7752.4 6.0% 277.6 479.7 448.3 6.5% 14.0 2.96% 7951.4 6.0% 274.4 550.6 470.6 14.5% 15.1 2.93% 8224.9 6.7% 271.2 553.7 492.7 11.0% 8.6 1.56% 8564.7 6.5% 11.0 1.91% 278.0 596.0 550.8 388 463 489 467 466 356 345 343 312 307 300
Concentration – Life Insurance
Largest Largest 5 Largest 10 Largest 15 12.8 48.2 68.3 78.9 15.0 48.9 68.8 79.3 15.6 51.3 75.5 87.5 18.0 49.2 69.7 80.3 17.8 48.5 68.9 79.8 18.4 49.6 69.7 81.8 19.8 53.9 73.4 84.8 19.7 53.2 75.5 86.5 22.0 58.4 80.2 91.6 20.0 56.0 79.0 90.0
Concentration – Non-Life Insurance
Largest Largest 5 Largest 10 Largest 15
1
10.0 41.6 62.0 76.2
9.9 41.1 61.4 75.5
9.9 40.6 60.1 73.5
9.4 39.9 59.2 72.9
9.8 40.9 60.6 74.4
10.7 42.9 65.4 80.2
16.4 46.1 66.8 80.6
16.7 56.2 75.5 85.0
15.5 58.0 77.0 86.5
16.0 56.0 75.0 85.0
Estimate.
Sources: See notes to Annex B
424
Table B.7 Country: Germany
(concentration figures in percent, monetary values in DEM billion) 1980
All Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 1470.9 44,345 695,900 2,010 3,861 3,626 146.4 52.1% 3.8% 17.47 0.48% 2429.40 158.9% 2,198 4,202 3,993 161.7 52.3% 3.8% 23.30 0.58% 2936.87 143.1% 2,354 4,573 4,360 187.4 51.5% 4.1% 24.67 0.57% 3075.60 148.7% 2,784 5,451 5,062 217.6 51.1% 4.0% 29.58 0.58% 3234.74 168.5% 2,850 5,812 5561 246.5 49.0% 4.2% 29.04 0.52% 3394.32 171.2% 44,863 49,186 49,118 48,721 48,224 756,100 3,002 6,380 5,951 267.6 47.1% 4.2% 33.63 0.57% 3520.52 181.2% 47,741 750,100 3,286 7,083 6,693 287.9 46.4% 4.1% 35.43 0.53% 3584.62 197.6% 4,719 4,460 4,200 4,038 3,872 3,784 3,674 3,577 9 47,026 751,100 3,567 7,909 7,507 321.6 45.1% 4.1% 35.06 0.47% 3667.23 215.7% 3,403 21 45,227 750,800 3,820 8,734 8,388 340.7 43.7% 3.9% 59.21 0.71% 3784.37 230.8% 44,443 3,167
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Large Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP Sources: See notes to Annex B 1470.9 343.8 604.3 563.2 31.3 56.9% 5.2% 4.67 0.83% 2429.40 24.9% 402.1 670.3 641.3 34.26 60.0% 5.1% 4.79 0.75% 2936.87 22.8% 423.6 717.3 694.4 38.06 59.1% 5.3% 4.88 0.70% 3075.6 23.3% 473.3 808.2 768.8 42.12 58.6% 5.2% 4.40 0.57% 3234.74 25.0% 431.9 851.6 829.9 46.45 50.7% 5.5% 4.81 0.58% 3394.32 25.1% 473.1 988.6 911.8 50.52 47.9% 5.1% 4.24 0.47% 3520.52 28.1% 570.8 1149.9 1099.4 55.27 49.6% 4.8% 5.47 0.50% 3584.62 32.1% 682.3 1412.9 1340.1 65.15 48.3% 4.6% 3.80 0.28% 3667.23 38.5% 719.9 1738.9 1665.6 67.36 41.4% 3.9% 22.42 1.35% 3784.37 45.9% 3,105 3,043 3,036 3,598 3,621 3,624 3,579 3,553 6 4 4 3 3 3 3 3 4 1 4,353 4
425
Table B.7 (continued) Country: Germany
(concentration figures in percent, monetary values in DEM billion) 1980
All Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 1470.9 215,000 634.5 1286.6 1203.3 64.92 49.3% 5.0% 7.58 0.63% 2429.40 53.0% 218,000 727.2 1421.5 1350.9 72.36 51.2% 5.1% 7.88 0.58% 2936.87 48.4% 223,000 784.3 1563.5 1495.9 82.29 50.2% 5.3% 7.07 0.47% 3075.6 50.8% 221,000 885.6 1,822 1697.1 91.35 48.6% 5.0% 9.26 0.55% 3234.74 56.3% 7,086 220,000 849.7 1913.6 1852.7 106.07 44.4% 5.5% 10.09 0.54% 3394.32 56.4% 7,004 218,000 892.1 2139.4 1981 114.43 41.7% 5.3% 10.12 0.51% 3520.52 60.8% 7,002 213,000 1032.6 2436.7 2297.7 120.55 42.4% 4.9% 11.31 0.49% 3584.62 68.0% 274 281 276 270 273 266 258 249 4 6,791 216,000 1181.1 2808.8 2666.5 135.89 42.0% 4.8% 10.83 0.41% 3667.23 76.6% 244 19 6,758 217,000 1260.2 3167.0 3107.5 137.6 39.8% 4.3% 33.10 1.07% 3784.37 83.7% 6,795 230
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Concentration-Banks
Largest Largest 5 (all large banks, varies from 3-6) Largest 10 Largest 15 Sources: See notes to Annex B 17.1 18.3 18.0 17.0 15.2 15.8 17.4 19.1 18.8
426
Table B.7 (continued) Country: Germany
(concentration figures in percent, monetary values in DEM billion) 1980
Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 1470.90 14.1% 2429.40 21.9% 32.63 207.10 192.42 7.1% 381 4 338 n/a 64,792 60.10 531.12 510.43 3.9% 0.72 342 n/a 68,462 67.60 584.34 562.65 3.7% 1.00 0.23% 2936.87 19.9% 326 n/a 66,492 72.84 619.72 600.13 3.2% 1.00 0.24% 3075.60 20.1% 327 3 66,926 80.16 680.11 656.77 3.4% 1.00 0.19% 3234.74 21.0% 319 3 64,145 87.46 739.58 715.97 3.2% 2.00 0.26% 3394.32 21.8% 323 7 62,822 92.26 801.80 778.29 2.9% 2.00 0.26% 3520.52 22.8% 320 5 63,350 97.63 875.34 848.15 3.1% 2.00 0.18% 3584.62 24.4% 319 4 57,733 102.27 948.72 919.94 3.0% 3.00 0.28% 3667.23 25.9% 318 4 60,023 106.66 1027.10 994.14 3.2% 3.00 0.29% 3784.37 27.1% 314 5 61,838 116.47 1116.98 1074.17 3.8% 2.31 0.22%
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Non-Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 1470.90 4.1% 2429.40 5.5% 395 7 n/a 46.24 60.66 47.94 21.0% n/a 399 n/a 158,966 83.48 132.88 132.97 -0.1% 3.874 407 n/a 181,014 97.29 141.10 144.53 -2.4% 2.674 1.95% 2936.87 4.8% 410 n/a 183,207 106.78 153.47 157.58 -2.7% 2.928 1.99% 3075.60 5.0% 403 6 183,246 117.87 169.76 174.14 -2.6% 4.120 2.55% 3234.74 5.2% 334 7 181,510 126.79 190.68 192.67 -1.0% 5.456 3.03% 3394.32 5.6% 337 3 164,531 134.18 216.23 215.99 0.1% 6.946 3.41% 3520.52 6.1% 334 8 155,122 136.69 242.34 241.02 0.5% 8.122 3.54% 3584.62 6.8% 331 5 152,733 138.39 265.89 263.02 1.1% 9.208 3.62% 3667.23 7.3% 328 12 150,858 137.73 289.83 283.7 2.1% 9.744 3.51% 3784.37 7.7% 327 8 160,398 144.59 312.09 305.22 2.2% 11.518 3.83%
Concentration – Life Insurance
Largest Largest 5 Largest 10 Largest 15 12.1 29.9 43.9 54.2 11.7 29.1 42.5 52.5 11.8 29.4 43.4 53.4 12.3 29.6 43.6 54.2 12.4 29.5 43.5 54.2 12.3 29.5 44.3 54.9 12.2 29.1 43.9 54.0 12.2 28.9 43.6 54.2 13.4 29.9 45.5 55.8 13.2 29.4 43.8 54.6
Concentration – Non-Life Insurance
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B 8.2 20.5 31.7 40.3 8.0 20.0 31.3 40.1 7.6 19.7 30.9 40.0 7.5 19.5 30.8 40.0 7.4 19.5 31.1 40.5 7.1 19.4 31.1 40.2 7.1 19.9 31.4 40.0 6.9 20.1 31.3 39.7 9.2 22.7 33.1 41.0 9.1 22.5 33.5 41.3
427
Table B.8 Country: Italy
(concentration figures in percent, monetary values in ITL billion) 1980
All Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 387,670 14,711 330,900 751,260 16,309 336,600 819,280 17,582 337,300 851,220 18,926 340,000 919,110 19,925 338,500 922,390 20,840 337,500 934,380 21,438 327,100 949,690 22,323 322,200 880,490 23,217 316,600 876,194 24,048 311,000 898,900 379 368 351 335 284 271 264 255 248 239
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
1699,000 1938,100 2254,100 2412,200 2464,900 2530,000 2680,600 2810,600 2859,700 3046,200 1547,600 1705,300 2033,400 2250,000 2363,900 2408,600 2504,100 2658,200 2807,000 2844,300 92,700 44.2% 5.5% 15,460 1.00% 122,100 42.3% 6.3% 159,90 0.94% 147,900 37.8% 6.6% 14,290 0.70% 155,300 38.1% 6.4% 18,200 0.81% 165,600 37.4% 6.7% 6,590 0.28% 164,300 36.9% 6.5% 8,620 0.36% 168,800 35.4% 6.3% 12480 0.50% 174,800 31.3% 6.2% 8730 0.33% 186,900 30.6% 6.5% 25,200 0.90% 201,800 29.5% 6.6% 29,300 1.03%
1310,660 1427,570 1502,490 1550,300 1638,670 1772,250 1872,630 1950,680 2034,560 129.6% 135.8% 150.0% 155.6% 150.4% 142.8% 143.1% 144.1% 140.6%
Large Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP Sources: See notes to Annex B 387,670 7,059 184,100 387,176 851,326 829,485 47,161 45.5% 5.5% 7,105 0.86% 7,976 190,200 425,571 941,527 696,427 68,188 45.2% 7.2% 7,074 1.02% 8,939 193,600 453,402 10,088 194,300 463,734 10,881 200,500 518,852 11,456 205,900 546,011 11,803 201,700 569,070 12,334 195,300 535,553 12,566 191,400 540,420 12,770 184,000 549,670 26 25 26 26 26 24 24 24 24 24
1131,501 1200,268 1347,600 1528,410 1635,772 1700,250 1745,496 1868,810 1036,514 1165,885 1273,934 1455,612 1545,469 1620,708 1708,720 1775,870 82,951 40.1% 7.3% 5,901 0.57% 86,394 38.6% 7.2% 8,709 0.75% 93,758 38.5% 7.0% 1,996 0.16% 94,432 35.7% 6.2% 2,802 0.19% 98,466 34.8% 6.0% 4,960 0.32% 101,642 31.5% 6.0% 1870 0.12% 108,230 31.0% 6.2% 15,982 0.94% 118,384 29.4% 6.3% 20,549 1.16%
1310,660 1427,570 1502,490 1550,300 1638,670 1772,250 1872,630 1950,680 2034,560 65.0% 66.0% 75.3% 77.4% 82.2% 86.2% 87.4% 87.2% 85.8%
428
Table B.8 (continued) Country: Italy
(concentration figures in percent, monetary values in ITL billion) 1980
All Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 387,670 1310,660 1427,570 1502,490 1550,300 1638,670 1772,250 1872,630 1950,680 2034,560
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Concentration-Banks
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B 25.9 37.5 46.2 26.9 38.5 47.3 27.7 40.1 48.8 33.8 49.7 58.4 33.6 50.0 59.1 32.8 48.8 57.8 38.3 54.6 62.3 39.3 56.7 65.0
429
Table B.8 (continued) Country: Italy
(concentration figures in percent, monetary values in ITL billion) 1980
Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 387,670 1310,660 1427,570 1502,490 1550,300 1638,670 1772,250 1872,630 1950,680 2034,560 8.677 10.957 12.508 15.143 18.625 23.055 25.817 36.682 62 71 74 76 77 83 87
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Non-Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 387,670 1310,660 1427,570 1502,490 1550,300 1638,670 1772,250 1872,630 1950,680 2034,560 25.509 29.157 32.845 35.110 36.793 38.761 40.855 43.618 164 166 162 166 155 154 156 143
Concentration – Life Insurance
Largest Largest 5 Largest 10 Largest 15
Concentration – Non-Life Insurance
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B
430
Table B.9 Country: Netherlands
(concentration figures in percent, monetary values in NLG billion) 1980
All Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 336.74 N/A 198 6 6655 99285 193.9 396.6 370.8 13 180 17 7992 122,900 510.7 1122.5 1005.0 45.0 45.5% 4.0% 5.54 0.55% 516.27 217.4% 173 9 7,827 119,900 535.2 1167.7 1145.1 47.6 45.8% 4.1% 6.06 0.53% 542.22 215.4% 177 23 7518 119,900 581.0 1255.5 1211.6 50.5 46.3% 4.0% 7.00 0.58% 566.1 221.8% 175 42 7167 115,400 618.8 1363.9 1309.7 56.0 45.4% 4.1% 8.90 0.68% 579.04 235.5% 173 47 7,269 109,000 740.3 1382.0 1373.0 63.6 53.6% 4.6% 9.65 0.70% 608.42 227.1% 174 30 6,729 111,400 784.4 1503.1 1442.5 68.8 52.2% 4.6% 10.88 0.75% 639.74 235.0% 172 32 6,822 115,900 878.2 1757.0 1630.0 80.4 50.0% 4.6% 12.57 0.77% 661.83 265.5% 169 33 7,032 120,400 1026.8 2169.9 1963.5 91.7 47.3% 4.2% 14.33 0.73% 703.39 308.5% 162 36 6,792 128,800 1234.9 2659.1 2414.5 102.8 46.4% 3.9% 14.71 0.61% 750.55 354.3% 169 14 N/A N/A 1404.0 3012.7 2835.9 124.5 46.6% 4.1% 22.30 0.79%
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Large Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP Sources: See notes to Annex B 336.74 516.27 109.5% 22.0 63.5% 3.9% 4.1 3 0 6,618 101.9 359.1 565.2 3 1 6,563 99.7 483.5 819 692.1 32.2 59.0% 3.9% 4.7 0.68% 542.22 151.0% 3 0 6,185 99.4 530.2 889.9 854.5 34.3 59.6% 3.9% 5.1 0.60% 566.10 157.2% 3 0 6,019 97.7 561.2 960.9 925.4 39.0 58.4% 4.1% 6.1 0.66% 579.04 165.9% 3 0 5,813 94.5 556.9 992.1 976.5 41.5 56.1% 4.2% 6.7 0.69% 608.42 163.1% 3 0 5,681 92.3 607.0 1092.0 1042.0 44.5 55.6% 4.1% 7.5 0.72% 639.74 170.7% 3 0 5,465 94.6 647.9 1240.4 1166.2 50.0 52.2% 4.0% 9.1 0.78% 661.83 187.4% 3 0 5,481 99.2 804.6 1629.5 1,435 64.7 49.4% 4.0% 11.2 0.78% 703.39 231.7% 3 0 5,412 108.2 999.0 2107.8 1868.7 62.7 47.4% 3.0% 11.3 0.60% 750.55 280.8% 3 0 N/A 108.5 1,156 2379.7 2243.8 70.3 48.6% 3.0% 17.9 0.80%
431
Table B.9 (continued) Country: Netherlands
(concentration figures in percent, monetary values in NLG billion) 1980
All Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 336.74 516.27 542.22 566.1 579.04 608.42 639.74 661.83 703.39 750.55
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Concentration-Banks
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B 50.0 73.7 84.0 87.8 66.4 77.9 85.8 89.3 66.9 77.9 86.8 90.7 66.2 77.0 86.2 90.1 65.7 76.7 86.2 90.2 65.4 76.1 85.6 89.7 64.7 75.4 84.9 89.6 67.7 79.4 87.9 92.0 70.7 81.7 90.2 93.9 69.1 82.2 90.8 94.1
432
Table B.9 (continued) Country: Netherlands
(concentration figures in percent, monetary values in NLG billion) 1980
Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 336.74 20.2 516.27 36.9 542.22 39.7 566.1 41.5 579.04 46.1 608.42 47.0 639.74 49.3 661.83 53.2 703.39 57.3 750.55 61.0 1.24 1.95 2.19 2.37 2.62 2.87 3.67 4.25 4.79 5.20 7.29 67.86 63.04 21.08 190.46 178.26 24.10 215.15 199.95 25.15 235.14 218.36 25.50 267.02 242.81 27.47 286.19 262.42 30.13 315.49 285.83 33.18 351.92 311.27 37.54 402.71 351.59 42.75 458.00 394.82 84 2 96 0 96 4 97 2 98 5 95 5 96 3 99 6 107 9 108 3 109 4
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Non-Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 336.74 3.1 516.27 5.7 542.22 5.8 566.10 5.9 579.04 6.3 608.42 6.6 639.74 7.3 661.83 8.0 703.39 8.5 750.55 8.7 0.84 1.17 1.39 1.05 0.57 0.95 2.00 2.04 2.460 1.75 8.58 10.52 8.01 19.65 29.60 20.58 20.23 31.56 21.65 22.09 33.38 22.77 23.96 36.66 25.05 26.08 39.87 27.70 27.38 46.47 33.03 28.74 53.03 36.85 30.08 59.94 40.24 31.93 65.54 42.96 372 5 385 12 385 9 391 11 393 9 314 19 280 10 288 16 286 8 294 15 291 11
Concentration – Life Insurance
Largest Largest 5 Largest 10 Largest 15 25.9 65.7 77.5 83.5 25.0 63.3 75.3 81.6 25.7 63.6 76.1 82.8 25.9 63.3 75.9 83.2 26.2 63.1 76.0 83.8 25.4 61.4 74.6 82.9 26.5 60.5 74.3 82.8 26.0 59.0 73.0 81.3 26.3 57.7 71.7 79.8
Concentration – Non-Life Insurance
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B 13.2 38.7 57.5 70.9 12.1 35.4 52.6 64.9 11.6 33.9 50.4 62.1 10.3 30.1 44.7 55.1 9.3 27.2 40.5 49.9 10.4 29.1 42.5 51.3 11.0 29.6 43.0 52.4 11.5 31.1 44.0 53.2 11.8 30.1 43.1 52.3
433
Table B.10 Country: Spain
(concentration figures in percent, monetary values in ESP billion) 1980
All Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 15168.1 35,234 252,000 44,500 70,140 66,810 6,450 63.4% 9.2% 876 1.31% 50145.2 139.9% 34,873 256,000 48,380 78,870 74,500 8,230 61.3% 10.4% 1028 1.38% 54927.3 143.6% 35,429 253,000 51,280 86,910 82,890 8,430 59.0% 9.7% 898 1.08% 59105.0 147.0% 35,193 247,000 56,330 103,350 95,130 9,160 54.5% 8.9% 344 0.36% 60952.6 169.6% 35,544 246,000 60,800 110,690 109,100 10,220 54.9% 9.2% 838 0.77% 64811.5 170.8% 36,251 245,000 67,670 120,220 115,460 10,370 56.3% 8.6% 951 0.82% 69780.1 172.3% 37,079 242,000 71,110 126,280 123,250 10,860 56.3% 8.6% 1,055 0.86% 73743.3 171.2% 37,634 242,000 74,610 134,950 130,610 11,580 55.3% 8.6% 1,229 0.94% 77896.6 173.2% 82650.4 327 323 319 316 316 318 313 307
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Large Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP Sources: See notes to Annex B 15168.1 50145.2 54927.3 59105.0 60952.6 64811.5 69780.1 73743.3 77896.6 82650.4 3 0 6616 101.9 359.1 3 1 6563 99.7 483.5 3 0 6165 99.4 530.2 3 0 6019 97.7 561.2 3 0 5813 94.5 556.9 3 0 5681 92.3 607 3 0 5465 94.5 647.9 3 0 5481 99.2 804.6 3 0 5412 108.2 999 3 0 N/A 108.5 1156
434
Table B.10 (continued) Country: Spain
(concentration figures in percent, monetary values in ESP billion) 1980
All Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 15168.1 16,917 157,000 23,800 42,640 40,690 4,230 55.8% 9.9% 620 1.52% 50145.2 85.0% 17,824 162,000 26,140 49,690 46,160 5,720 52.6% 11.5% 720 1.56% 54927.3 90.5% 18,058 159,000 26,650 53,530 51,610 5,640 49.8% 10.5% 580 1.12% 59105.0 90.6% 17,636 153,000 28,840 66,710 60,120 6,000 43.2% 9.0% 6 0.01% 60952.6 109.4% 17,557 151,000 30,470 70,400 70,630 6,640 43.3% 9.4% 480 0.68% 64811.5 108.6% 17,842 149,000 34,550 75,960 73,180 6,560 45.5% 8.6% 530 0.72% 69780.1 108.9% 17,674 143,000 34,920 78,050 77,000 6,560 44.7% 8.4% 560 0.73% 73743.3 105.8% 17,530 139,000 36,360 82,950 80,500 6,740 43.8% 8.1% 640 0.80% 77896.6 106.5% 82650.4 154 160 164 164 165 170 165 159
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Concentration-Banks
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B 38.1 56.4 38.3 60.2 46.3 58.3 45.6 61.8 43.6 61.3 48.5 60.4 48.2 62.0 48.4 62.0 47.2 62.4 61.8
435
Table B.10 (continued) Country: Spain
(concentration figures in percent, monetary values in ESP billion) 1980
Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 15168.1 50145.2 54927.3 59105.0 60952.6 64811.5 69780.1 73743.3 77896.6 82650.4 546.9 767.0 811.8 878.3 1441.6 1372.6 1635.6 1908.0 72 75 68 61 62 59 58 57
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Non-Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 15168.1 50145.2 54927.3 59105.0 60952.6 64811.5 69780.1 73743.3 77896.6 82650.4 1225.1 1398.6 1606.2 1742.1 1865.0 1980.7 2080.5 2122.9 294 338 315 299 278 254 246 236
Concentration – Life Insurance
Largest Largest 5 Largest 10 Largest 15
Concentration – Non-Life Insurance
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B
436
Table B.11 Country: Sweden
(concentration figures in percent, monetary values in SEK billion) 1980
All Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 528.26 3,659 3,251 45,329 666 1,630 1,536 97 40.9% 6.0% 3 0.20% 1359.88 119.9% 3,064 45,520 702 1,596 1,593 87 44.0% 5.5% 49 3.08% 1447.33 110.3% 598 498 450 108 1 2,910 44,216 705 1,519 1,577 75 46.4% 4.9% 13 0.82% 1441.72 105.4% 109 1 2,825 41,329 735 1,455 1,482 83 50.5% 5.7% 5 0.34% 1446.20 100.6% 112 7 2,690 43,203 752 1,457 1,491 82 51.6% 5.6% 16 1.07% 1531.10 95.2% 116 7 2,601 43,305 765 1,585 1,515 97 48.3% 6.1% 21 1.39% 1649.90 96.1% 124 6 2,530 43,328 838 1,862 1,799 98 45.0% 5.3% 23 1.28% 1688.20 110.3% 124 3 2,522 43,201 904 2,145 2,047 122 42.1% 5.7% 14 0.68% 1738.90 123.4% 126 4 2,197 43,531 947 2,410 2,353 129 39.3% 5.4% 21 0.89% 1800.58 133.8%
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Large Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP Sources: See notes to Annex B 528.26 1359.88 1447.33 1441.72 1446.20 1531.10 1649.90 1688.20 1738.90 1800.58
437
Table B.11 (continued) Country: Sweden
(concentration figures in percent, monetary values in SEK billion) 1980
All Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 528.26 56.2% 0.8 13 14 0 1,493 20,058 165 297 12 0 1,345 25,000 440.7 1264.6 1202.6 71.3 34.8% 5.6% 2.6 0.22% 1359.88 93.0% 9 0 1,288 25,100 504 1207.7 1254.8 65.4 41.7% 5.4% 35.7 2.85% 1447.33 83.4% 8 0 1,872 28,400 536 1153.5 1209.5 52.9 46.5% 4.6% 3 0.25% 1441.72 80.0% 9 0 2,474 37,200 717.8 1353.8 1383.1 73.3 53.0% 5.4% 2.1 0.15% 1446.2 93.6% 10 2 2,327 39,100 731.9 1344.6 1383.4 72.5 54.4% 5.4% 13.5 0.98% 1531.1 87.8% 13 3 2,239 39,000 754.9 1459.4 1431.4 86 51.7% 5.9% 19 1.33% 1649.9 88.5% 15 1 2,202 39,000 788.3 1730.4 1670.2 85 45.6% 4.9% 21.7 1.30% 1688.2 102.5% 15 1 2,165 39,200 860.7 1987 1897.4 105.6 43.3% 5.3% 11.8 0.62% 1738.9 114.3% 16 1 1,823 38,647 866.1 2188.6 2153.1 109.9 39.6% 5.0% 19.1 0.89% 1800.58 121.5%
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Concentration-Banks
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B 22 18 62 76 82 19 67 83 90 22 86 93 95 22 85 93 95 24 86 93 95 21 84 92 94 21 81 90 92 26 87 91 93 22 84 90 92
438
Table B.11 (continued) Country: Sweden
(concentration figures in percent, monetary values in SEK billion) 1980
Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 528.26 16.1% 11.00 85 61.0 28.2% 39.69 403 216.0 46.4% 20.0 8.20% 1359.88 29.6% 44.83 462 291.0 37.0% 36.0 8.32% 1447.33 31.9% 42.03 492 329.0 33.1% 17.6 3.69% 1441.72 34.1% 42.41 562 365.0 35.1% 58.5 11.10% 1446.20 38.9% 52.79 568 359.0 36.8% 21.2 3.75% 1531.10 37.1% 53.95 552 399.0 27.7% 54.0 9.64% 1649.90 33.5% 60.04 851 415.0 51.2% 124.0 17.68% 1688.20 50.4% 15 30 8 30 0 32 3 31 2 29 2 28 3 29 1 30 4 4,700 64.71 1,017 481.6 52.6% 68.8 7.37% 1738.90 58.5% 37 4 4,500 75.14 1,182 535.7 54.7% 115.7 10.52% 1800.58 65.6% 93.55 40 4
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Non-Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 528.26 6.2% 10.5 33.0 27 18.2% 31.49 145.0 75 48.3% 2 2.25% 1359.88 10.7% 37.11 159.0 87 45.3% -0.3 -0.20% 1447.33 11.0% 37.17 151.0 89 41.1% -1.4 -0.90% 1441.72 10.5% 46.40 170.0 99 41.8% 9.9 6.17% 1446.20 11.8% 35.81 230.0 1486 -546.1% 1.9 0.95% 1531.1 15.0% 36.31 237.0 144 39.2% 11.2 4.80% 1649.90 14.4% 35.20 295.0 168 43.1% 19.6 7.37% 1688.20 17.5% 73 0 97 13 99 2 100 10 112 17 109 3 111 3 99 8 100 2 11800 36.40 328.0 182 44.5% 16 5.14% 1738.90 18.9% 120 2 12000 36.10 371.4 185 50.2% 21 6.01% 1800.58 20.6% 41.10 120 3
Concentration – Life Insurance
Largest Largest 5 Largest 10 Largest 15
Concentration – Non-Life Insurance
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B
439
Table B.12 Country: Switzerland
(concentration figures in percent, monetary values in CHF billion) 1980
All Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 180.10 4191 121,400 510.7 1032.8 1005.6 67.3 49.4% 6.5% 5.24 0.52% 317.30 325.5% 4,190 120,900 534.7 1073.3 1053.0 69.4 49.8% 6.5% 5.70 0.54% 333.66 321.7% 4,111 118,500 557.1 1112.2 1092.8 72.2 50.1% 6.5% 5.52 0.51% 342.36 324.9% 3,991 117,100 588.3 1177.8 1145.0 78.0 49.9% 6.6% 8.04 0.70% 349.80 336.7% 3,807 116,500 613.8 1182.8 1180.3 80.5 51.9% 6.8% 6.00 0.51% 357.46 330.9% 3,727 116,000 627.2 1300.7 1241.8 82.9 48.2% 6.4% 6.96 0.56% 363.33 358.0% 3,600 116,000 713.9 1467.5 1384.1 87.6 48.6% 6.0% 1.45 0.10% 365.83 401.1% 3,395 115,100 793.0 1746.8 1607.1 89.7 45.4% 5.1% 4.65 0.29% 371.59 470.1% 380.01 457 444 434 419 393 382 370 360
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Large Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP Sources: See notes to Annex B 180.10 969 62,400 271.7 523.5 516.6 33.2 51.9% 6.3% 2.74 0.53% 317.30 165.0% 983 62,500 285.2 543.2 533.4 34.2 52.5% 6.3% 3.25 0.61% 333.66 162.8% 969 61,900 303.5 567.3 555.2 35.2 53.5% 6.2% 3.25 0.59% 342.36 165.7% 923 61,200 314.0 611.8 589.6 39.5 51.3% 6.5% 4.26 0.72% 349.80 174.9% 955 62,000 335.9 622.0 616.9 42.3 54.0% 6.8% 3.36 0.54% 357.46 174.0% 943 63,000 341.9 730.6 676.3 43.9 46.8% 6.0% 3.43 0.51% 363.33 201.1% 935 64,000 404.5 869.4 800.0 41.8 46.5% 4.8% -2.26 -0.28% 365.83 237.7% 840 63,000 458.4 1121.2 995.3 42.4 40.9% 3.8% -0.67 -0.07% 371.59 301.7% 380.01 4 4 4 4 4 4 4 4
440
Table B.12 (continued) Country: Switzerland
(concentration figures in percent, monetary values in CHF billion) 1980
All Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 180.10 1,556 91,300 335.6 691.2 677.3 53.2 48.6% 7.7% 4.16 0.61% 317.30 217.8% 1,590 90,600 352.9 715.4 703.4 54.8 49.3% 7.7% 4.68 0.67% 333.66 214.4% 1,561 88,700 372.8 744.0 729.7 57.0 50.1% 7.7% 4.93 0.68% 342.36 217.3% 1,501 87,900 389.6 798.6 771.4 62.4 48.8% 7.8% 7.08 0.92% 349.80 228.3% 1,516 88,600 412.0 806.1 802.4 64.9 51.1% 8.1% 5.35 0.67% 357.46 225.5% 1,507 89,000 419.8 917.1 861.6 67.0 45.8% 7.3% 5.92 0.69% 363.33 252.4% 1,488 90,000 495.4 1077.0 997.1 66.8 46.0% 6.2% 0.41 0.04% 365.83 294.4% 1,390 89,000 564.8 1349.7 1213.4 67.7 41.8% 5.0% 3.39 0.28% 371.59 363.2% 380.01 222 226 231 234 230 229 226 218
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Concentration-Banks
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B 53.2 53.3 54.5 53.4 54.7 54.5 56.7 57.8
441
Table B.12 (continued) Country: Switzerland
(concentration figures in percent, monetary values in CHF billion) 1980
Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 180.1 317.30 333.66 342.36 349.80 357.46 363.33 365.83 57.6% 371.59 62.2% 380.01 68.2% 14.21 15.86 17.00 18.94 21.09 24.10 16,269 27.16 210.56 17,579 30.87 231.05 15,031 34.96 259.19 29 29 30 30 30 31 31 32 31 32
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Non-Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 180.1 317.30 333.66 342.36 349.80 357.46 363.33 365.83 20.0% 371.59 21.0% 380.01 21.1% 11.23 11.77 12.36 12.81 13.20 13.44 58,609 13.62 73.06 41,093 13.37 78.15 35,973 13.17 80.06 89 93 93 95 98 96 96 100 105 106
Concentration – Life Insurance
Largest Largest 5 Largest 10 Largest 15
Concentration – Non-Life Insurance
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B
442
Table B.13 Country: United Kingdom
(concentration figures in percent, monetary values in GBP billion) 1980
All Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 229.58 132.0% 197 303 284 16 65.0% 5.3% 868 1266 1250 82 68.6% 6.5% 9.3 0.74% 554.49 228.3% 843 1,224 1,245 85 68.9% 6.9% 6.6 0.53% 582.95 210.0% 977 1,398 1,311 90 69.9% 6.4% 13.6 1.04% 606.58 230.5% 1,039 1,459 1,428 94 71.2% 6.4% 8.5 0.60% 637.82 228.7% 1,097 1,552 1,505 101 70.7% 6.5% 17.3 1.15% 676.04 229.6% 1,261 1,767 1,659 109 71.4% 6.2% 13.5 0.81% 712.55 248.0% 1,198 1,877 1,822 117 63.8% 6.2% 14.0 0.77% 754.6 248.7% 1,486 2449 2,163 195 60.7% 8.0% 16.8 0.78% 803.89 304.6% 1,579 2,587 2,518 213 61.0% 8.2% 23.0 0.91% 843.73 306.6% 1,590 2,640 2,614 224 60.2% 8.5% 346 507 15 491 25 469 26 462 10 458 11 484 13 467 15 468 18 448 10 418 11
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Large Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP Sources: See notes to Annex B 229.58 12,994 411,500 453.1 515.4 504.1 24.6 87.9% 4.8% 3.54 0.70% 554.49 93.0% 12,306 399,900 465.4 532.4 523.9 24.4 87.4% 4.6% 2.10 0.40% 582.95 91.3% 11,751 401,200 476.2 646.9 589.6 24.5 73.6% 3.8% 1.80 0.31% 606.58 106.6% 11,445 371,700 493.9 690.1 668.5 26.2 71.6% 3.8% 5.05 0.76% 637.82 108.2% 11,075 386,500 379.6 721.9 706.0 29.5 52.6% 4.1% 8.08 1.14% 676.04 106.8% 10,601 382,700 420.5 806.2 763.9 31.3 52.2% 3.9% 8.94 1.17% 712.55 113.1% 12,070 416,100 548.6 1015.1 952.6 43.5 54.0% 4.3% 11.13 1.17% 754.60 134.5% 11,743 41,4100 593.3 1129.5 1072.3 47.9 52.5% 4.2% 12.37 1.15% 803.89 140.5% 11,479 40,4700 622.2 1198.8 1164.2 51.0 51.9% 4.3% 14.26 1.22% 843.73 142.1% 11274 409825 665.5 1298.9 1167.1 57.7 51.2% 4.4% 16.92 47 41 39 37 37 40 44 44 44 42
443
Table B.13 (continued) Country: United Kingdom
(concentration figures in percent, monetary values in GBP billion) 1980
All Commercial Banks
Number of institutions Number of new entrants Number of branches Number of employees Total deposits Year-end total assets Average total assets Year-end capital and reserves Deposits to assets Capital to assets Pre-tax income Pre-tax ROAA Gross Domestic Product (GDP) Year-end assets to GDP 229.58 554.49 582.95 606.58 637.82 676.04 712.55 754.60 803.89 843.73
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Concentration-Banks
Largest Largest 5 Largest 10 Largest 15 Sources: See notes to Annex B 12.40 43.54 55.67 61.11 11.41 43.62 61.48 64.67 12.67 55.27 65.56 73.57 9.17 43.24 58.94 64.93 9.17 35.20 58.89 63.41
444
Table B.13 (continued) Country: United Kingdom
(concentration figures in percent, monetary values in GBP billion) 1980
Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 2795.6 5803.2 4.4% 5986.2 5.1% 6318.9 5.8% 6642.3 7.0% 7054.3 6.6% 7400.5 7.5% 7813.2 7.7% 8300.8 8.7% 8759.9 9.4% 9248.45 205 9 240.3 33.6 256.3 224.3 202 4 246.9 39.6 306.4 266.9 196 3 234.2 43.4 364.6 317.7 194 4 222.0 46.3 464.4 391.5 191 2 219.7 43.1 465.4 418.1 174 6 213.2 44.9 554.8 482.5 177 2 213.6 53.9 601.9 539.4 177 2 228.5 61.4 718.8 637.5 176 12
1
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
230.8 72.4 827.0 739.3
Non-Life Insurance
Number of institutions Number of new entrants Number of employees Gross direct premiums written Year-end total assets Year-end liabilities Capital to assets Pre-tax income Pre-tax return on average assets Gross Domestic Product (GDP) Assets to GDP 2795.6 5803.2 0.9% 5986.2 0.9% 6318.9 1.1% 6642.3 1.1% 7054.3 1.1% 7400.5 1.2% 7813.2 1.1% 8300.8 1.2% 8759.9 1.3% 9248.45 570 15 240.3 30.7 52.3 571 8 246.9 34.7 56.6 566 8 234.2 40.8 66.7 576 18 222.0 42.1 74.8 574 3 219.7 42.1 77.1 594 1 213.2 41.6 87.1 578 11 213.6 39.6 88.8 599 5 228.5 41.2 100.4 594 121 230.8 40.9 113.2
Concentration – Life Insurance
Largest Largest 5 Largest 10 Largest 15 13.0 36.3 50.5 62.3 12.1 35.3 50.5 61.8 13.6 34.2 49.5 60.5 13.3 38.1 53.5 64.4 14.6 35.9 51.3 62.2 13.0 34.7 49.1 61 15.2 35.6 52.1 63.2 13.4 34.8 51.1 61 13.2 38.6 58.0 72.8
Concentration – Non-Life Insurance
Largest Largest 5 Largest 10 Largest 15
1
12.7 48.0 65.6 73.1
11.8 48.8 68.0 75.4
11.4 48.2 65.7 72.8
11.6 49.9 66.1 72.9
11.6 49.6 65.4 71.6
12.9 50.4 65.3 71.1
18.1 54.3 66.0 71.9
17.9 53.7 65.5 70.5
24.0 68.1 77.7 82.8
Sector total (no separation available)
Sources: See notes to Annex B
445
Table B.14 Key measures for all countries
1980
All banks
Number of institutions
United States Canada Japan Australia Belgium France Germany Italy Netherlands Spain Sweden Switzerland United Kingdom 346 598 198 18,711 11 157 16 15,304 66 154 34 115 1,981 4,719 379 180 327 498 457 507 15,043 67 153 31 119 1,823 4,460 368 173 323 450 444 491 13,859 71 151 31 121 1,701 4,200 351 177 319 108 434 469 13,090 68 150 33 150 1,635 4,038 335 175 316 109 419 462 12,422 65 150 42 147 1,618 3,872 284 173 316 112 393 458 11,790 61 173 42 143 1,453 3,784 271 174 318 116 382 484 11,280 52 175 42 140 1,404 3,674 264 172 313 124 370 467 10,758 53 174 42 131 1,288 3,577 255 169 307 124 360 468 448 418 126 10,305 54 170 45 119 1,242 3,403 248 162 3,167 239 169 44 117 10,070 53
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Large commercial banks1
Number of institutions
United States Canada Japan Australia Belgium France Germany Italy Netherlands Spain Sweden Switzerland United Kingdom
1
100 11 13 6
100 10 12 4 5 6 26 3
100 11 11 4 5 4 25 3
100 12 11 4 5 4 26 3
100 12 11 4 7 5 3 26 3
100 12 11 4 7 5 3 26 3
100 12 11 4 7 5 3 24 3
100 9 10 4 7 5 3 24 3
100 11 9 4 7 5 3 24 3
100 11 9 4 6 5 4 24 3
100 11 4 5 5 4 24 3
4 47
4 41
4 39
4 37
4 37
4 40
4 44
4 44 44 42
Canadian figures reflect domestic commercial banks.
Sources: See notes to Annex B
Life insurance
Number of institutions
United States Canada Japan Australia Belgium France Germany Italy Netherlands Spain Sweden Switzerland United Kingdom Sources: See notes to Annex B 15 30 29 205 30 29 202 32 30 196 31 30 194 29 30 191 28 31 174 29 31 177 30 32 177 37 31 176 40 32 84 96 80 381 22 48 30 60 38 141 338 30 59 40 149 342 62 96 30 54 43 147 326 71 97 30 48 42 143 327 74 98 31 50 31 138 319 76 95 1409 1,350 1,316 1,262 1,241 1,201 147 31 50 30 138 323 77 96 1,150 146 44 50 27 140 320 83 99 1,134 151 45 48 27 138 319 87 107 108 109 135 318 126 314 1,109 150 46 46 146 47
446
Table B.14 (continued) Key measures for all countries
1980
Non-life insurance
Number of institutions
United States Canada Japan Australia Belgium France Germany Italy Netherlands Spain Sweden Switzerland United Kingdom 73 372 388 395 62 201 59 166 176 463 399 164 385 294 97 89 570 59 157 176 489 407 166 385 338 99 93 571 58 160 169 467 410 162 391 315 100 93 566 55 161 163 466 403 166 393 299 112 95 576 56 162 93 356 334 155 314 278 109 98 574 1,575 2,406 2,423 2,409 2,387 2,411 2,430 212 58 166 90 345 337 154 280 254 111 96 594 2,418 224 64 170 92 343 334 156 288 246 99 96 578 2,456 218 65 172 93 312 331 143 286 236 100 100 599 120 105 594 120 106 294 291 307 328 300 327 2,499 213 65 172 210 64
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Concentration-banks
Largest
United States Canada Japan Australia Belgium France Germany Italy Netherlands Spain Sweden Switzerland United Kingdom 12.40 11.41 12.67 9.17 9.17 22 18 19 22 22 24 21 21 26 22 50.0 66.4 66.9 66.2 65.7 65.4 64.7 67.7 70.7 69.1 6.3 27.3 4.23 3.73 17.0 7.1 19.8 4.02 17.5 7.0 25.5 4.04 17.6 6.7 23.4 4.20 21.5 6.3 23.4 4.45 20.8 6.5 21.8 4.68 21.2 6.5 20.3 4.94 21.4 6.2 20.5 4.87 21.3 8.3 20.4 8.57 21.5 8.9 20.8 8.18 20.7 8.4 21.2
Largest 5
United States Canada Japan Australia Belgium France Germany Italy Netherlands Spain Sweden Switzerland United Kingdom Sources: See notes to Annex B 38.1 73.7 38.3 62.0 53.2 43.54 77.9 46.3 67.0 53.3 28.5 76.5 53.4 14.24 11.3 60.2 31.8 72.1 48.0 51.9 17.1 67.8 18.3 13.92 61.7 31.7 75.1 15.14 63.6 30.7 73.0 60.9 67.2 18.0 25.9 77.9 45.6 86.0 54.5 15.89 70.2 30.2 71.8 60.2 67.5 17.0 26.9 77.0 43.6 85.0 53.4 16.52 73.0 30.3 69.5 59.9 68.1 15.2 27.7 76.7 48.5 86.0 54.7 16.66 73.4 29.5 67.8 59.9 68.1 15.8 33.8 76.1 48.2 84.0 54.5 43.62 19.87 74.2 29.2 68.6 59.9 68.8 17.4 33.6 75.4 48.4 81.0 56.7 55.27 20.61 77.8 31.0 75.0 62.8 70.2 19.1 32.8 79.4 47.2 87.0 57.8 43.24 35.2 84.0 26.19 77.7 30.9 73.9 66.7 70.2 18.8 38.3 81.7 39.3 82.2 26.56 77.1 29.8 73.9 71.6 69.3
447
Table B.14 (continued) Key measures for all countries
1980
Concentration – banks
Largest 10
United States Canada Japan Australia Belgium France Germany Italy Netherlands Spain Sweden Switzerland United Kingdom 55.67 61.48 65.56 58.94 58.89 56.4 84.0 60.2 76.0 85.8 58.3 83.0 37.5 86.8 61.8 93.0 38.5 86.2 61.3 93.0 40.1 86.2 60.4 93.0 49.7 85.6 62.0 92.0 50.0 84.9 62.0 90.0 48.8 87.9 62.4 91.0 54.6 90.2 61.8 90.0 56.7 90.8 49.0 96.7 69.4 20.32 17.27 84.5 52.3 85.1 65.4 65.6 82.8 20.11 85.1 53.8 86.5 21.21 85.5 53.0 86.8 75.1 82.5 23.02 90.5 51.8 85.0 75.2 83.4 24.24 93.5 51.7 83.2 75.4 84.1 25.23 94.4 51.0 81.7 75.7 84.1 28.86 94.8 50.6 83.7 76.5 84.6 29.31 95.7 52.3 86.7 78.9 85.3 35.63 95.4 51.0 86.5 80.2 85.2 36.70 94.9 48.8 87.0 82.5 84.6
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Largest 15
United States Canada Japan Australia Belgium France Germany Italy Netherlands Spain Sweden Switzerland United Kingdom 61.11 64.67 73.57 64.93 63.41 82.0 90.0 95.0 95.0 95.0 94.0 92.0 93.0 92.0 87.8 89.3 46.2 90.7 47.3 90.1 48.8 90.2 58.4 89.7 59.1 89.6 57.8 92.0 62.3 93.9 65.0 94.1 61.7 99.7 24.20 22.08 91.2 64.0 91.0 24.86 91.9 63.7 91.8 25.83 92.3 63.2 92.7 82.3 27.89 93.9 61.8 92.0 82.4 29.61 95.4 61.3 89.8 82.4 31.25 95.9 61.0 88.5 82.8 34.76 96.3 60.4 89.6 82.8 35.43 96.8 60.0 91.7 84.8 41.38 96.6 58.2 91.9 86.3 42.55 96.5 56.0 92.8 87.8
Concentration life insurance:
Largest
United States Canada Japan Australia Belgium France Germany Italy Netherlands Spain Sweden Switzerland United Kingdom Sources: See notes to Annex B 13 12.1 13.6 13.3 14.6 13 15.2 13.4 13.2 25.9 25.0 25.7 25.9 26.2 25.4 26.5 26.0 26.3 12.8 12.1 15 11.7 15.6 11.8 18 12.3 17.8 12.4 18.4 12.3 19.8 12.2 19.7 12.2 22 13.4 20 13.2 23.8 37.2 21.1 32.4 20.8 33 20.8 28.3 20.8 28.9 20.9 26.6 9.7 9.45 8.93 8.69 17.9 21.1 27.2 8.06 18.9 21.2 25.9 7.97 18.6 22.2 32.7 7.47 18.5 22.6 27.9 18.6
448
Table B.14 (continued) Key measures for all countries
1980
Concentration – life insurance
Largest 5
United States Canada Japan Australia Belgium France Germany Italy Netherlands Spain Sweden Switzerland United Kingdom 36.3 35.3 34.2 38.1 35.9 34.7 35.6 34.8 38.6 65.7 63.3 63.6 63.3 63.1 61.4 60.5 59.0 57.7 48.2 29.9 48.9 29.1 51.3 29.4 49.2 29.6 48.5 29.5 49.6 29.5 53.9 29.1 53.2 28.9 58.4 29.9 56 29.4 66.9 82.2 63.9 73.5 63.6 70.9 63.8 65.8 63.8 64.1 64.1 61.5 28.16 27.45 25.96 25.32 65.6 64.2 60 25.73 68.4 63.7 58.3 25.54 70.6 65.1 61.6 25.19 73.1 53.8 60 73.3
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Largest 10
United States Canada Japan Australia Belgium France Germany Italy Netherlands Spain Sweden Switzerland United Kingdom 50.5 50.5 49.5 53.5 51.3 49.1 52.1 51.1 58 77.5 75.3 76.1 75.9 76.0 74.6 74.3 73.0 71.7 68.3 43.9 68.8 42.5 75.5 43.4 69.7 43.6 68.9 43.5 69.7 44.3 73.4 43.9 75.5 43.6 80.2 45.5 79 43.8 88.6 91.8 85.4 87.1 85.1 85 84.9 81.5 84.7 80.6 84.8 78.4 40.19 39.55 38.28 38.35 82.8 84.8 76.2 39.83 86.1 83.7 76.3 39.66 80.0 85 76.9 39.42 82.0 73.6 76.3 82.1
Largest 15
United States Canada Japan Australia Belgium France Germany Italy Netherlands Spain Sweden Switzerland United Kingdom Sources: See notes to Annex B 62.3 61.8 60.5 64.4 62.2 61 63.2 61 72.8 83.5 81.6 82.8 83.2 83.8 82.9 82.8 81.3 79.8 78.9 54.2 79.3 52.5 87.5 53.4 80.3 54.2 79.8 54.2 81.8 54.9 84.8 54 86.5 54.2 91.6 55.8 90 54.6 97.5 94.9 96.6 92.6 96.6 91.8 96.6 90.7 96.6 90.5 96.6 88.3 48.73 48.78 47.59 48.08 86.9 96.4 86.7 51.32 89.5 94.8 87.2 51.76 83.1 94.9 87.1 52.01 85.1 82.8 87.7 85.0
449
Table B.14 (continued) Key measures for all countries
Concentration – nonlife insurance
Largest
United States Canada Japan Australia Belgium France Germany Italy Netherlands Spain Sweden Switzerland United Kingdom 12.7 11.8 11.4 11.6 11.6 12.9 18.1 17.9 24 13.2 12.1 11.6 10.3 9.3 10.4 11.0 11.5 11.8 10 8.2 9.9 8 9.9 7.6 9.4 7.5 9.8 7.4 10.7 7.1 16.4 7.1 16.7 6.9 15.5 9.2 16 9.1 17.1 17.4 9.9 17.3 12 17.4 13.9 17.1 11.5 16.9 11.5 17 11.7 16.9 11.3 17.2 11.3 17.3 11.2 8.09 8.03 8.47 8.39 8.62 8.54 8.77 9.22 9.53 9.61
Largest 5
United States Canada Japan Australia Belgium France Germany Italy Netherlands Spain Sweden Switzerland United Kingdom 48 48.8 48.2 49.9 49.6 50.4 54.3 53.7 68.1 38.7 35.4 33.9 30.1 27.2 29.1 29.6 31.1 30.1 41.6 20.5 41.1 20 40.6 19.7 39.9 19.5 40.9 19.5 42.9 19.4 46.1 19.9 56.2 20.1 58 22.7 56 22.5 48.7 55.2 34.2 55 31.9 54.6 38.7 54 28.5 53.8 29.3 53.9 26.5 53.6 26.3 53.7 27.1 53.7 26.6 23.83 23.53 23.69 23.08 23.26 23.31 25.52 26.54 27.57 29.72
Largest 10
United States Canada Japan Australia Belgium France Germany Italy Netherlands Spain Sweden Switzerland United Kingdom Sources: See notes to Annex B 65.6 68 65.7 66.1 65.4 65.3 66 65.5 77.7 57.5 52.6 50.4 44.7 40.5 42.5 43.0 44.0 43.1 62 31.7 61.4 31.3 60.1 30.9 59.2 30.8 60.6 31.1 65.4 31.1 66.8 31.4 75.5 31.3 77 33.1 75 33.5 74.5 79.7 48.7 79.3 41.7 78.9 44.2 78.5 39.9 78.5 44.7 78.7 41.2 77.9 40.8 77.4 37.5 77.2 40.9 36.89 37.45 37.08 36.98 36.41 36.39 38.63 40.69 42.12 44.45
450
Table B.14 (continued) Key measures for all countries
1980
Concentration non-life insurance
Largest 15
United States Canada Japan Australia Belgium France Germany Italy Netherlands Spain Sweden Switzerland United Kingdom 73.1 75.4 72.8 72.9 71.6 71.1 71.9 70.5 82.8 70.9 64.9 62.1 55.1 49.9 51.3 52.4 53.2 52.3 76.2 40.3 75.5 40.1 73.5 40 72.9 40 74.4 40.5 80.2 40.2 80.6 40 85 39.7 86.5 41 85 41.3 92.7 94.3 58.9 94.2 55.2 94.2 75.2 94.2 62.4 94.3 57.4 94.4 51.7 93.3 52.3 92.4 50.3 92.2 50.9 45.9 46.35 46.09 46.28 45.48 44.97 47.02 48.97 50.32 52.14
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
All Banks
Year-end assets to GDP
United States Canada Japan Australia Belgium France Germany Italy Netherlands Spain Sweden Switzerland United Kingdom Sources: See notes to Annex B 132.0 117.8 93.5 90.7 113.4 43.0 80.8 91.0 173.6 88.6 283.6 232.0 158.9 129.6 217.4 139.9 119.9 325.5 228.3 76.1 93.9 162.8 90.2 277.3 228.7 143.1 135.8 215.4 143.6 110.3 321.7 210.0 71.8 97.0 152.5 89.9 281.1 232.9 148.7 150.0 221.8 147.0 105.4 324.9 230.5 70.6 104.3 151.4 89.9 305.6 234.6 168.5 155.6 235.5 169.6 100.6 336.7 228.7 70.5 109.7 150.1 91.8 299.9 228.7 171.2 150.4 227.1 170.8 95.2 330.9 229.6 71.3 113.2 154.3 96.2 305.7 229.6 181.2 142.8 235.0 172.3 96.1 358.0 248.0 70.9 132.8 149.2 99.7 325.9 236.4 197.6 143.1 265.5 171.2 110.3 401.1 248.7 72.0 151.3 152.1 103.7 335.2 245.6 215.7 144.1 308.5 173.2 123.4 470.1 304.6 306.6 133.8 73.6 160.1 154.3 108.7 322.9 239.4 230.8 140.6 354.3 73.3
451
Table B.14 (continued) Key measures for all countries
(in percent)
1980
Large commercial banks
Year-end assets to GDP
United States Canada Japan Australia Belgium France Germany Italy Netherlands Spain Sweden Switzerland United Kingdom 36.0 90.7 65.8 31.1
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
29.5 82.1 114.3 57.7
29.0 85.1 103.6 64.8
28.6 88.5 92.6 61.6
29.9 95.9 89.6 60.2 175.0
31.7 101.2 87.5 60.1 178.3 86.7 25.1 82.2 163.1
33.3 104.8 88.2 62.5 191.8 85.4 28.1 86.2 170.7
35.9 123.5 86.7 64.1 210.9 91.2 32.1 87.4 187.4
40.6 140.7 84.1 66.2 226.3 99.8 38.5 87.2 231.7
42.9 149.7 78.7 70.9 231.8 98.4 45.9 85.8 280.8
43.2
82.3 24.9 65.0 109.5
83.1 22.8 66.0 151.0
91.7 23.3 75.3 157.2
95.4 25.0 77.4 165.9
165.0 93.0
162.8 91.3
165.7 106.6
174.9 108.2
174.0 106.8
201.1 113.1
237.7 134.5
301.7 140.5 142.1
Life insurance
Assets to GDP
United States Canada Japan Australia Belgium France Germany Italy Netherlands Spain Sweden Switzerland United Kingdom 4.4 5.1 5.8 7.0 6.6 7.5 16.1 29.6 31.9 34.1 38.9 37.1 33.5 50.4 57.6 7.7 58.5 62.2 8.7 65.6 68.2 9.4 20.2 36.9 39.7 41.5 46.1 47.0 49.3 53.2 57.3 61.0 4.1 14.1 14.9 21.9 17.5 19.9 19.9 20.1 23.9 21.0 27.1 21.8 29.2 22.8 34.2 24.4 38.9 25.9 41.9 27.1 13.6 19.8 21.3 22.3 22.6 21.8 22.2 22.1 30.2 28.4 24.5 25.7 26.2 27.5 32.2 27.6 30.9 29.0 29.9 29.6 30.7 31.0 30.2 32.2 31.3
Non-life insurance
Assets to GDP
United States Canada Japan Australia Belgium France Germany Italy Netherlands Spain Sweden Switzerland United Kingdom Sources: See notes to Annex B 0.9 0.9 1.1 1.1 1.1 1.2 6.2 10.7 11.0 10.5 11.8 15.0 14.4 17.5 20.0 1.1 18.9 21.0 1.2 20.6 21.1 1.3 3.1 5.7 5.8 5.9 6.3 6.6 7.3 8.0 8.5 8.7 3.9 4.1 5.6 5.5 5.7 4.8 6.2 5.0 6.4 5.2 6.6 5.6 6.0 6.1 6.0 6.8 6.7 7.3 6.5 7.7 4.2 5.1 5.6 5.6 7.2 7.4 7.7 8.2 9.2 9.7 7.1 9.6 4.4 10.0 4.5 10.1 4.4 10.1 4.5 10.0 4.5 10.3 4.6 10.3 5.5 10.5 5.5 10.6 5.7
452
Table B.15 Number of banks from various countries among the ten largest banks
(by assets)
Year
1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
United States
7 6 4 3 3 3 3 3 3 4 2 2 2 2 2 2 2 1 1 0 1 0 0 0 0 0 0 0 0 2
Japan
0 0 1 1 3 1 1 1 0 1 1 1 1 2 5 5 5 7 7 9 7 7 8 8 8 9 7 6 4 1
France
0 0 1 2 1 3 4 4 4 3 4 4 4 4 2 3 3 2 2 1 2 3 2 1 1 0 1 1 2 2
Germany
0 0 1 1 1 1 1 1 2 2 2 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 1
UK
2 1 2 2 2 2 1 0 0 0 1 2 2 2 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1
Other*
1 2 1 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 2 3
Source: The Banker, various issues (June or July of every year).
* Other includes Italy (1969-72), Canada (1970), Brazil (1976-77), China (1993, 1995-97), Switzerland (1997, 1998 (2 of them)) and the Netherlands (1998).
453
Table B.16 Activity levels and market shares of various securities markets, 1999
(Values are in USD million, shares are in percent and based on value)
International Equities Bank Name
Morgan Stanley Dean Witter Goldman Sachs & Co Merrill Lynch & Co Credit Suisse First Boston Warburg Dillon Read Salomon Smith Barney Int Deutsche Bank Lehman Brothers ABN AMRO Dresdner Kleinwort Benson
Value
24,059.66 22,197.88 16,286.10 11,309.10 9,585.89 7,352.32 7,268.58 5,377.54 4,653.17 4,324.06
Number
79 91 85 130 50 36 67 50 39 29
Share
16.22 14.96 10.98 7.62 6.46 4.96 4.90 3.62 3.14 2.91
International European Equities
Morgan Stanley Dean Witter Goldman Sachs & Co Merrill Lynch & Co Deutsche Bank Credit Suisse First Boston Warburg Dillon Read Dresdner Kleinwort Benson HSBC Lehman Brothers ABN AMRO 15,895.55 11,621.10 8,017.31 6,520.87 6,396.87 6,368.04 3,961.34 3,287.05 2,657.83 2,626.44 27 40 26 38 36 29 26 16 18 33 19.17 14.01 9.67 7.86 7.71 7.68 4.78 3.96 3.20 3.17
International US Equities
Morgan Stanley Dean Witter Credit Suisse First Boston Goldman Sachs & Co Merrill Lynch & Co Deutsche Bank Salomon Smith Barney Int Lehman Brothers JP Morgan Bear Stearns & Co Toronto-Dominion Bank Source: Capital Data – Bondware. 3,667.70 3,213.19 3,012.60 2,297.11 703.45 687.93 472.11 363.34 259.05 176.40 39 78 30 25 28 11 16 5 6 1 23.85 20.89 19.59 14.93 4.57 4.47 3.07 2.36 1.68 1.15
454
Table B.16 (continued) Activity levels and market shares of various securities markets, 1999
(Values are in USD million, shares are in percent and based on value) International IPOs
Bank Name
Merrill Lynch & Co Goldman Sachs & Co Morgan Stanley Dean Witter Credit Suisse First Boston Warburg Dillon Read Deutsche Bank Mediobanca Lehman Brothers Credit Lyonnais Salomon Smith Barney Int Source: Capital Data – Bondware
Value
7,795.87 7,663.52 5,491.35 4,359.81 3,648.56 2,127.57 1,774.57 1,712.20 1,463.89 1,283.60
Number
32 38 35 76 15 44 2 27 5 11
Share
15.90 15.63 11.20 8.89 7.44 4.34 3.62 3.49 2.99 2.62
US market IPOs1
Goldman Sachs & Co Morgan Stanley Dean Witter Merrill Lynch & Co Credit Suisse First Boston Donaldson Lufkin & Jenrette Lehman Brothers Fleet Boston Salomon Smith Barney Int Deutsche Bank Bear Stearns & Co
1
12,912.00 12,836.00 6,826.00 5,872.00 3,892.00 2,854.00 2,696.00 2,531.00 2,088.00 2,087.00
53 47 36 58 39 30 45 22 27 26
20.70 20.50 10.90 9.40 6.20 4.60 4.30 4.10 3.30 3.30
Data for 1997 exclude closed-end funds and unit issues; data for 1999 exclude closed-end funds and rank ineligible issues.
Source: Thomson Financial Securities Data
Top financial advisers in M&As (all completed involving US targets) Bank Name
Goldman Sachs & Co MSDW Merrill Lynch & Co DLJ Salomon Smith Barney Int CSFB JP Morgan Lehman Brothers Chase Manhattan Corp Bear Stearns & Co Deutsche Bank Wasserstein Perella Lazard Houses Warburg Dillon Read Houlihan L, H, & Zukin Source: Investment Dealers’ Digest.
Value
612,482.60 355,500.50 295,620.80 253,386.80 223,797.60 221,275.70 178,586.60 78,206.80 77,278.50 68,251.00 61,374.40 48,892.20 38,016.70 31,756.40 23,940.20
Number
222 189 169 228 170 139 75 118 114 74 101 42 44 58 71
Share
47.60 27.60 23.00 19.70 17.40 17.20 13.90 6.10 6.00 5.30 4.80 3.80 3.00 2.50 1.90
455
Table B.16 (continued) Activity levels and market shares of various securities markets, 1999
(Values are in USD million, shares are in percent and based on value) Top financial advisors (all completed involving European targets) Bank Name
Goldman Sachs & Co MSDW Merrill Lynch & Co JP Morgan CSFB Lazard Houses Rothschild Warburg Dillon Read Lehman Brothers Dresdner KB BNP Paribas DLJ Enskilda Securities Deutsche Bank Schroders Source: Investment Dealers’ Digest
Value
239,749.90 230,962.40 171,641.90 143,095.60 129,420.90 125,198.00 108,027.60 106,905.70 91,461.10 88,604.00 59,357.30 58,925.30 54,018.90 51,673.50 50,775.00
Number
72 110 83 75 94 90 142 100 47 68 75 58 58 91 86
Share
31.30 30.10 22.40 18.70 16.90 16.30 14.10 13.90 11.90 11.60 7.70 7.70 7.00 6.70 6.60
Top advisers – all global transactions (all completed deals)
Goldman Sachs & Co MSDW Merrill Lynch & Co CSFB JP Morgan DLJ Salomon Smith Barney Int Lehman Brothers Lazard Houses Warburg Dillon Read Chase Manhattan Corp Deutsche Bank Rothschild Dresdner KB Wasserstein Perella Source: Thomson Financial Securities Data 912,948.70 608,930.10 518,674.10 382,446.50 361,899.10 326,060.80 291,841.40 182,056.20 163,926.50 155,616.10 131,049.40 130,764.20 126,092.60 99,529.60 78,821.20 357 364 336 300 229 309 248 182 136 239 175 248 201 97 55 39.50 26.30 22.40 16.50 15.70 14.10 12.60 7.90 7.10 6.70 5.70 5.70 5.50 4.30 3.40
456
Table B.16 (continued) Activity levels and market shares of various securities markets, 1999
(Values are in USD million, shares are in percent and based on value)
Syndicated Loans Arrangers – Euromarkets
Bank Name
Barclays Citigroup Inc Deutsche Bank AG ABN-AMRO Bank NV Banque Nationale de Paris Chase Manhattan Corp HSBC Warburg Dillon Read Dresdner Bank AG SG ING Barings Greenwich NatWest WestLB BankAmerica Corp Credit Agricole Commerzbank AG Royal Bank of Scotland plc Morgan Stanley Dean Witter JP Morgan & Co Goldman Sachs & Co Source: Capital Data – Loanware
Value
43,200.64 38,910.68 34,490.87 22,644.55 22,093.50 21,932.06 20,502.58 19,144.48 18,451.10 17,192.57 16,295.33 16,287.08 14,562.71 13,439.75 12,165.33 11,479.80 11,331.26 11,100.61 9,896.73 9,468.87
Number
159 145 128 106 63 88 74 24 85 95 45 62 67 32 46 80 46 8 24 10
Share
7.98 7.19 6.37 4.18 4.08 4.05 3.79 3.54 3.41 3.18 3.01 3.01 2.69 2.48 2.25 2.12 2.09 2.05 1.83 1.75
Syndicated Loans Arrangers – US markets Bank Name
BankAmerica Corp Chase Manhattan Corp Citigroup Inc Bank One Corp JP Morgan & Co Deutsche Bank AG First Union Corp FleetBoston Financial Bank of New York Scotia Capital ABN-AMRO Bank NV Credit Suisse First Boston Goldman Sachs & Co Commerzbank AG Wachovia Corp CIBC World Markets Toronto-Dominion Bank Donaldson Lufkin & Jenrette Lehman Bros Holdings Inc Wells Fargo Bank NA Source: Capital Data – Loanware
Value
208,918.84 206,699.48 114,002.33 74,029.92 46,991.68 36,285.39 31,316.80 31,070.65 30,488.88 23,910.88 23,108.01 21,361.00 17,092.08 14,031.01 11,767.77 11,667.35 11,414.13 11,094.82 10,750.11 9,794.25
Number
1076 735 374 446 130 171 307 305 139 138 135 89 33 53 78 109 64 54 48 100
Share
19.25 19.04 10.50 6.82 4.33 3.34 2.89 2.86 2.81 2.20 2.13 1.97 1.57 1.29 1.08 1.07 1.05 1.02 0.99 0.90
457
Table B.16 (continued) Activity levels and market shares of various securities markets, 1999
(Values are in USD million, shares are in percent and based on value) International bonds Bank Name
Merrill Lynch & Co Morgan Stanley Dean Witter Deutsche Bank Salomon Smith Barney Int Credit Suisse First Boston Goldman Sachs & Co Warburg Dillon Read JP Morgan Lehman Brothers ABN AMRO Dresdner Kleinwort Benson Paribas Barclays Capital Commerzbank AG Bear Stearns & Co HypoVereinsbank CDC Marches Nomura Securities Co Ltd HSBC Chase Manhattan Corp Source: Capital Data – Loanware
Value
123.48 110.73 104.62 102.50 79.77 77.37 77.22 69.65 68.87 59.73 57.02 42.07 37.89 28.72 27.24 24.54 20.47 19.38 18.01 17.09
Number
612 517 548 295 292 194 400 218 248 263 303 164 168 170 76 166 96 96 110 67
Share
8.94 8.02 7.57 7.42 5.77 5.60 5.59 5.04 4.99 4.32 4.13 3.05 2.74 2.08 1.97 1.78 1.48 1.40 1.30 1.24
Public euro and global bonds Bank Name
Merrill Lynch & Co Morgan Stanley Dean Witter Salomon Smith Barney Int Deutsche Bank Goldman Sachs & Co Credit Suisse First Boston JP Morgan Lehman Brothers Warburg Dillon Read ABN AMRO Paribas Dresdner Kleinwort Benson Barclays Capital Bear Stearns & Co Nomura Securities Co Ltd Commerzbank AG Societe Generale Chase Manhattan Corp CDC Marches HSBC Source: Capital Data – Loanware
Value
123.20 106.35 101.64 88.48 78.22 73.41 69.68 68.67 68.44 46.39 41.45 39.90 35.28 27.24 18.21 17.55 17.03 15.01 14.61 13.52
Number
462 406 285 389 195 254 215 252 274 168 148 150 154 76 93 63 70 66 48 53
Share
10.02 8.65 8.27 7.20 6.36 5.97 5.67 5.59 5.57 3.77 3.37 3.25 2.87 2.22 1.48 1.43 1.39 1.22 1.19 1.10
458
Table B.17 Notional Size of the OTC Derivatives Markets (in USD trillions)
1992
Interest rate derivatives Swaps Options Forwards Currency derivatives Swaps Options Forwards Other OTC derivatives Currency derivatives Interest rate derivatives Other OTC derivatives Total Total Total Total 7.4 2.1 2.9 1.3 1.6 9.1 0.2 12.4 12.0 0.2
1993
9.7 3.3 3.2 1.5 1.7 10.2 0.3 16.2 13.4 0.3
1994
14.0 4.0 4.4 1.7 2.2 12.4 0.6 22.4 16.3 0.6
1995
18.4 5.2 4.5 2.0 2.8 11.8 0.9 28.1 16.6 0.9
1996
24.0 6.9 5.0 2.4 3.6 13.3 1.4 35.9 19.3 1.4
1997
30.2 8.3 6.1 2.6 5.0 13.5 1.9 44.6 21.1 1.9
1998
47.0 12.0 7.0 3.2 4.3 13.3 3.4 66.0 20.8 3.4
1999
52.0 12.3 8.3 3.6 3.1 11.0 4.3 72.6 17.7 4.3
All OTC derivatives
Total
24.6
29.9
39.3
45.6
56.6
67.6
90.2
94.6
Source: Swaps Monitor estimates.
459