Dealogic: 2016 Has Already Seen Failed U.S. Deals Worth $378 Billion
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billion merger between Halliburton Company (NYSE: HAL) and Baker Hughes Incorporated (NYSE: BHI) increased the value of withdrawn U.S. deals to $378 billion and made for an "already a record high for a year."
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.
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