Bank of Scotland

$40 billion merger with Halifax creating HBOS

AT&T Communications

$22 billion sale to SBC Communications

MFS Communications

$14 billion merger with WorldCom

ITT Corporation

$14 billion merger with Starwood Lodging

Level 3 Communications

$10 billion reorganization and spin-off from Peter Kiewit Sons’

American Home Products

$10 billion acquisition of American Cyanamid

RJR Nabisco

$9 billion proxy solicitation defense

WebMD

$8 billion merger with Healtheon

Blue Circle Industries plc

$6 billion successful hostile offer defense

BAE Systems plc

$4.2 billion acquisition of United Defense Industries

Sanford C. Bernstein

$3.5 billion merger with Alliance Capital Management

ConAgra

$2.9 billion acquisition of International Home Foods

Farnell Electronics plc

$2.8 billion acquisition of Premier Industrial

The Dial Corp

$2.8 billion spin-off of its Consumer Products Business

MFS Communications

$2.7 billion spin-off from Peter Kiewit Sons’

MFS Communications

$2.2 billion tax-free acquisition of UUNet Technologies

Apollo Management

$1.8 billion acquisition of EGL, Inc.

PHH Corporation

$1.8 billion sale to General Electric and Blackstone

M & F Worldwide Corp.

$1.7 billion acquisition of John H. Harland Company

Quick & Reilly Group

$1.6 billion merger with Fleet Financial Group

ConAgra

$1.4 billion sale of Swift fresh meats business to Hicks Muse

Potash Corporation

$1.4 billion acquisition of Arcadian

Newport News Shipbuilding

$1.2 billion spin-off from Tenneco

Gold Kist

$1.1 billion sale to Pilgrim’s Pride

Garantia

$1.1 billion merger with Credit Suisse First Boston

CalEnergy

$1.1 billion acquisition of Magma Power

GN Great Nordic

$1.1 billion acquisition of Photonetics

Colgate-Palmolive

$1.1 billion acquisition in South America

Thermadyne

$811 million sale to DLJ Merchant Banking Partners

M & F Worldwide Corp.

$800 million acquisition of Novar USA (Clarke American)

BAA Plc

$751 million acquisition of Duty Free International

ConAgra

$670 million divestiture of ConAgra Poultry to Pilgrim’s Pride

British Airways Plc

$625 million divestiture of equity interest in US Airways

ConAgra

$600 million divestiture of United Agri Products to Apollo Management

Spirent Communications

$590 million sale of Networks Product Division

Monsanto

$580 million divestiture of ABS Styrenics Plastics

Siemens

$530 million divestiture of Pacesetter

GN Great Nordic

$465 million acquisition of Beltone

PennEngineering

$306 million sale to Tinicum Capital Partners

Farnell Electronic Services

$300 million divestiture of Farnell InOne to Arrow Electronics

LJL BioSystems

$290 million sale to Molecular Devices

Mearl

$273 million sale to Engelhard

PepsiCo

$250 million divestiture of casual dining restaurant businesses

JLG Industries

$203 million acquisition of GradaII Industries

Hosiery Corp. of America

$200 million sale to Kelso & Co.

London & Overseas Freighters

$200 million merger with Frontline Ltd.

Mack Printing Group

$200 million sale to Cadmus Communications

Wright Medical

$140 million recapitalization by Warburg Pincus

Thermadyne

$115 million divestiture of Clarke Holding Corporation to Incentive AB

Simon Storage

$102 million sale to Siena Investments

JLG Industries

$100 million purchase of OmniQuip business from Textron

Thermadyne

$100 million divestiture of Deloro Stellite to Morgan Grenfell Development Capital

Simon Engineering

$90 million sale of Simon Access division to Terex

Edward S. Gordon

$75 million sale to Insignia Financial

Tomkins plc

Acquisition of Selkirk Americas

Forstmann Little & Co.

Acquisition of International Management Group

Xinhua Finance Ltd.

Acquisitions of Taylor Rafferty, Mergent Inc. and G7 Group

NGP Energy Capital Management

Sale of 40% stake to Barclays Capital

National Express

Sale of Stewart Airport

Collegiate Licensing Corp.

Sale to International Management Group