Mergers Total $3.1 Trillion So Far This Year

With a month to go in 1999, the value of mergers worldwide has reached $3.1 trillion, more than the record $2.5 trillion last year, as Europe’s new single currency sparked a wave of cross-border combinations. European transactions announced through Nov. 30 amounted to $1.2 trillion, twice last year’s total. The tally jumped Nov. 19 when Britain’s Vodafone AirTouch made a hostile $141-billion bid for Germany’s Mannesmann, the largest merger ever attempted. U.S. activity, at $1.6 trillion, is about even with last year. When 11 European countries adopted the euro in January, cross-border capital-raising, business transactions and goods flows became easier, spurring international combinations. Companies sought partners abroad to compete regionally and globally and cut costs by eliminating duplication.