Foreign Investment:

Foreign Hostile Takeovers of U.S. Firms

NSIAD-89-80FS: Published: Dec 15, 1988. Publicly Released: Dec 15, 1988.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

In response to a congressional request, GAO provided information on foreign firms' hostile takeovers of U.S. corporations.

GAO found that: (1) the Federal Trade Commission receives pre-merger notifications, but discontinued its annual reporting on corporate mergers and acquisitions in 1981; (2) in the first half of 1988, there were only 6 completed foreign hostile takeovers of U.S. firms, compared to 203 foreign acquisitions of U.S. firms, and 1,340 U.S. acquisitions of U.S. firms; (3) total foreign acquisitions of U.S. firms increased from 6 percent of all transactions in 1984 to 13 percent in 1988; (4) foreign firms completed only 17 hostile takeovers of U.S. firms over the past 4 years, compared to a total of 77 completed hostile takeovers, successfully completed 68 percent of their takeover attempts, compared to a success rate of 40 percent for all takeovers; (5) British firms completed 8 of the 17 takeovers, Canadian firms completed 3, French firms completed 2, and Dutch, Japanese, Swedish, and Swiss firms completed 1 each; (6) in only 6 of the 17 completed hostile takeovers did a publicly identified U.S. firm compete with the acquiring foreign firm; and (7) foreign takeovers occurred in a variety of industries, with no apparent pattern.

Nov 13, 2017

Oct 31, 2017

Oct 26, 2017

Oct 19, 2017

Oct 12, 2017

Oct 4, 2017

Sep 28, 2017

Sep 19, 2017

Sep 13, 2017

Looking for more? Browse all our products here