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Dealogic: 2016 Has Already Seen Failed U.S. Deals Worth $378 Billion

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Dealogic: 2016 Has Already Seen Failed U.S. Deals Worth $378 Billion
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It's only 13 weeks into 2016, and the year has already entered in the record books, albeit not for the best reasons.

The year has already seen the cancellation of $465 billion of deals globally, according to a report on the Wall Street Journal citing Dealogic, which says this is the second highest year-to-date level of failed deals since 2007's $505 billion lost-potential figures.

The Year In Review

Citing the analytics firm, the Journal said the recent collapse of nearly $35 billion merger between Halliburton Company (NYSE: HAL) and Baker Hughes Incorporated (NYSE: BHI) increased the value of withdrawn U.S. deals to $378 billion and made for an "already a record high for a year."

Related Link: With Halliburton, Iberia Asks "Why Look Elsewhere?"

Meanwhile, Pfizer Inc. (NYSE: PFE) terminated its $150 billion tie-up with Allergan plc Ordinary Shares (NYSE: AGN) after the Treasury unveiled legislation that aims to curb inversions.

Other abandoned deals thus far in 2016 include Honeywell International Inc. (NYSE: HON)'s efforts to buy United Technologies Corporation (NYSE: UTX) and Canadian Pacific Railway Limited (USA) (NYSE: CP)'s bid to acquire Norfolk Southern Corp. (NYSE: NSC). In addition, China's Anbang dismissed the $14 billion proposal to buy Starwood Hotels & Resorts Worldwide Inc (NYSE: HOT).

According to Dealogic, there are $114 billion in unsolicited or hostile bids still pending, and the saga may continue.

Posted-In: Anbang canceled deals canceled M&As Failed M&As terminated M&AsWall Street Journal M&A Media Best of Benzinga

 

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