After the tremendous buying binge of the 1990s, companies around the world pulled their purse strings tight when it came to mergers and acquisitions in 2002. The value of mergers and acquisitions worldwide fell 26 percent to $1.36 trillion, down from $1.83 trillion in 2001, according to London-based investment banking research group Dealogic.
The U.S. took the biggest hit, with the value of M&As sinking 43 percent. European and Asian M&As (excluding Japan) dropped seven percent and two percent, respectively. Pfizer’s $61.4 billion purchase of Pharmacia Corp. in July was the largest deal of 2002. Goldman Sachs Group won the most investment banking advisory business last year, handling 254 deals worth a combined $306 billion.
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