Value of cross-border M&A by region and country of seller/purchaser, 2006−2009 (millions of US dollars)
| Region/Country | Net salesa 2006 | Net salesa 2007 | Net salesa 2008 | Net salesa 2009 Jan-Jun | | Net purchasesb 2006 | Net purchasesb 2007 | Net purchasesb 2008 | Net purchasesb 2009 Jan-Jun | | World | 635 940 | 1 031 100 | 673 214 | 123155 | | 635 940 | 1 031 100 | 673 214 | 123 155 | | Developed economies | 538 415 | 903 430 | 551 847 | 102 313 | | 498 387 | 841 999 | 539 598 | 99 936 | | Europe | 353 141 | 557 542 | 245 749 | 69 546 | | 305 862 | 569 397 | 333 546 | 79 978 | | European Union | 335 738 | 526 486 | 224 575 | 61 834 | | 265 714 | 538 536 | 302 826 | 78 010 | | Austria | 1 145 | 9 661 | 1 327 | - 7 | | 6 982 | 4 720 | 3 148 | 312 | | Belgium | 1 794 | 915 | 2 455 | 11 027 | | 3 324 | 9 208 | 30 070 | 144 | | Bulgaria | 807 | 971 | 186 | 145 | | - | 5 | 7 | 2 | | Cyprus | 294 | 1 343 | - 970 | 28 | | 1 274 | 1 022 | 2 058 | 24 | | Czech Republic | 1 154 | 107 | 5 169 | 2 145 | | 812 | 846 | 34 | 1 152 | | Denmark | 11 375 | 5 761 | 6 095 | 1 327 | | 2 078 | 3 226 | 2 860 | 1 848 | | Estonia | 3 | 13 | 110 | - | | 179 | - | 4 | - | | Finland | 1 321 | 8 313 | 1 375 | 204 | | 2 169 | -1 128 | 13 179 | 314 | | France | 19 814 | 28 207 | 4 536 | 666 | | 43 463 | 78 108 | 56 617 | 30 692 | | Germany | 41 388 | 44 040 | 29 961 | 770 | | 16 540 | 59 474 | 57 294 | 4 950 | | Greece | 7 320 | 715 | 6 049 | 519 | | 5 238 | 1 495 | 2 636 | 52 | | Hungary | 2 337 | 721 | 1 559 | 1 852 | | 1 522 | 1 | 41 | 2 | | Ireland | 2 731 | 811 | 2 892 | 948 | | 10 176 | 6 713 | 3 574 | 131 | | Italy | 28 341 | 23 633 | - 752 | 1 357 | | 7 976 | 60 150 | 20 101 | 17 612 | Latvia
| 11 | 47 | 195 | - | | - | 4 | 3 | - | | Lithuania | 97 | 35 | 98 | - | | - | 30 | 31 | - | | Luxembourg | 35 005 | 7 205 | -3 570 | 338 | | 18 120 | 18 237 | 9 437 | 185 | | Malta | 517 | - 86 | - | 13 | | 115 | - | - 25 | - | | Netherlands | 25 560 | 162 283 | -8 156 | 9 983 | | 51 440 | -3 344 | 52 109 | - 544 | Poland
| 886 | 728 | 966 | 163 | | 194 | 126 | 511 | 13 | | Portugal | 537 | 1 791 | -1 280 | 263 | | 644 | 4 023 | 1 164 | 463 | | Romania | 5 324 | 1 926 | 1 073 | 10 | | - | - | 4 | - | | Slovakia | 1 284 | 50 | 136 | - | | - 142 | - | - | - | | Slovenia | 15 | 57 | 418 | - | | 29 | 74 | 320 | 251 | | Spain | 7 951 | 51 686 | 32 310 | 15 323 | | 71 481 | 41 179 | -10 994 | 3 437 | | Sweden | 15 228 | 4 561 | 16 817 | 821 | | 3 199 | 32 466 | 6 884 | 12 861 | | United Kingdom | 123 498 | 170 992 | 125 576 | 13 940 | | 18 900 | 221 900 | 51 758 | 4 111 | | Other developed Europe | 17 403 | 31 056 | 21 174 | 7 713 | | 40 148 | 30 861 | 30 720 | 1 967 | | Andorra | 1 174 | - | - | - | | - | - | - | - | | Faeroe Islands | - | - | 0.2 | - | | - | - | - | - | | Gibraltar | - | 50 | 212 | - | | 404 | 116 | 1 | - | | Guernsey | - | 31 | 17 | 44 | | 1 305 | 1 519 | 523 | 120 | | Iceland | 39 | - 227 | - | - | | 2 311 | 4 664 | 780 | - 239 | | Isle of Man | - | 221
| 35
| 19
| | 990
| 720 | 384 | - | | Jersey | 254 | 816 | 251 | 93 | | 96 | 1 153 | - 61 | - 94 | | Liechtenstein | - | - | - | - | | 154 | 270 | - | - | | Monaco | - | 136 | - | - | | - 13 | - | - | - | | Norway | 4 289 | 7 831 | 14 345 | 715 | | 9 577 | 9 738 | 3 659 | 179 | | Switzerland | 11 647 | 22 200 | 6 314 | 6 842 | | 25 323 | 12 681 | 25 434 | 2 000 | | North America | 174 460 | 279 520 | 260 849 | 24 473 | | 135 279 | 226 517 | 116 554 | 10 216 | | Canada | 37 876 | 100 301 | 35 071 | 1 225 | | 20 844 | 46 701 | 44 248 | 5 496 | | United States | 136 584 | 179 220 | 225 778 | 23 248 | | 114 436 | 179 816 | 72 305 | 4 719 | | Other developed economies | 10 814 | 66 368 | 45 250 | 8 294 | | 57 245 | 46 084 | 89 498 | 9 743 | | Australia | 10 500 | 44 064 | 33 781 | 7 193 | | 31 949 | 43 439 | 17 291 | 378 | | Bermuda | 1 083 | 1 424 | 624 | 1 359 | | - 619 | -40 712 | 2 805 | 589 | | Israel | 8 061 | 684 | 1 194 | 689 | | 9 747 | 8 417 | 11 326 | - 108 | | Japan | -11 683 | 16 116 | 9 250 | - 971 | | 16 980 | 30 376 | 54 058 | 8 850 | | New Zealand | 2 853 | 4 081 | 401 | 25 | | - 811 | 4 564 | 4 029 | 33 | | Developing economies | 89 028 | 96 998 | 100 862 | 19 837 | | 114 119 | 139 677 | 99 805 | 16 944 | | Africa | 11 181 | 7 906 | 20 901 | 3 332 | | 15 871 | 9 914 | 8 214 | 186 | | North Africa | 6 773 | 2 182 | 16 283 | 2 006 | | 5 633 | 1 401 | 4 665 | - | | Algeria | 18 | - | 82 | - | | - | - 47 | - | - | | Egypt | 2976 | 1 713 | 15 895 | 1 527 | | 5 633 | 1 448 | 4 613 | - | | Libyan Arab Jamahiriya | 1 | 200 | 307 | 145 | | - | - | 51 | - | | Morocco | 133 | 269 | - 125 | 333 | | - | - | - | - | | Sudan | 1 332 | - | - | - | | - | - | - | - | | Tunisia | 2 313 | - | 122 | - | | - | - | - | - | | Other Africa | 4 408 | 5 724 | 4 618 | 1 326 | | 10 238 | 8 513 | 3 550 | 186 | | Angola | 1 | - | - 475 | - 96 | | - | - 60 | - | - | | Botswana | 57 | 1 | - | - | | - | - | 3 | - | | Burkina Faso | 289 | - | 20 | - | | - | - | - | - | | Cameroon | - | - | 1 | - | | - | - | - | - | | Cape Verde | - | - | 4 | - | | - | - | - | - | | Congo | 20 | - | 435 | - | | - | - | - | - | | Congo, Democratic Republic of | - | - | - | - | | - | - 45 | - | - | | Equatorial Guinea | - | - | -2 200 | - | | - | - | - | - | | Gabon | - | 82 | - | -
| | -
| -16
| -
| -
| | Ghana | 3 | 122
| 900
| -
| | -
| -
| -
| -
| | Guinea | 2
| -
| -
| -
| | -
| - | -
| -
| | Kenya | 2
| 396
| -
| -
| | -
| -
| 18
| -
| | Madagascar | 1 | -
| -
| -
| | -
| -
| -
| -
| | Malawi | - | 5
| -
| -
| | -
| -
| -
| -
| Mali
| 1 | -
| -
| -
| | -
| -
| -
| -
| | Mauritania | - | 375
| -
| -
| | -
| -
| -
| -
| Mauritius
| 268
| - | 26 | 5 | | 231 | 112 | 206 | 140 | | Mozambique | 34 | 2 | - | - | | - | - | - | - | | Namibia | 181 | 2 | 15 | 59 | | - | - | - | - | | Nigeria | 4 883 | 490 | - 597 | - 197 | | - | - | 418 | - | | Rwanda | - | - | 6 | - | | - | - | - | - | | Seychelles | - | 89 | 49 | - | | - | 0.4 | 66 | - | | Sierra Leone | - | 31 | 40 | - | | - | - | - | - | | South Africa | -1 336 | 4 130 | 6 384 | 1 555 | | 10 006 | 8 541 | 2 816 | 46 | | Togo | - | - | - | - | | - | - | 20 | - | | Uganda | - | - | 1 | - | | - | - | - | - | | Zambia | 4 | - | 1 | - | | - | 25 | - | - | | Zimbabwe | - | - | 7 | - | | 1 | - 44 | 1 | - | | Latin America and the Caribbean | 12 718 | 20 554 | 15 231 | - 748 | | 27 534 | 38 514 | 2 584 | - 721 | | South and Central America | 7 351 | 18 493 | 11 275 | - 834 | | 23 622 | 29 800 | 3 813 | 4 374 | | South America | 4 453 | 13 604 | 8 378 | - 970 | | 19 923 | 12 942 | 4 763 | 1 575 | | Argentina | 344 | 817 | -3 279 | 69 | | 160 | 569 | 274 | - 91 | | Bolivia | - 39 | - 77 | 24 | - | | - | - | - | - | | Brazil | 2 637 | 6 539 | 8 240 | 413 | | 18 629 | 10 785 | 5 243 | 1 594 | | Chile | 397 | 1 447 | 3 147 | 1 053 | | 431 | 466 | - 102 | 66 | | Colombia | 1 319 | 4 303 | - 71 | - 592 | | 697 | 1 174 | 16 | 12 | | Ecuador | 21 | 29 | 0.3 | 7 | | - | - | 0.1 | - | | Guyana | - | 3 | 1 | - | | - | - | - | - | | Paraguay | - | 10 | 4 | - | | - | - | - | - | | Peru | 53 | 1 135 | 293 | 50 | | 6 | 195 | 679 | 1 | | Uruguay | 164 | 157 | 8 | - | | - | - | - | - | | Venezuela, Bolivarian Rep. of | - 443 | - 760 | 10 | -1 970 | | - | - 284 | -1 346 | - 7 | | Central America | 2 898 | 4 889 | 2 897 | 136 | | 3 699 | 16 859 | - 951 | 2 800 | | Belize | - | - | 0.4 | - | | 4 | - 43 | - | 2 | | Costa Rica | 294 | - 34 | 403 | - | | 97 | 642 | - | - | | El Salvador | 173 | 835 | - | - | | 370 | - | - | - | | Guatemala | - 2 | 5 | 145 | - | | 317 | 140 | - | - | | Honduras | - | 140 | - | - | | - | - | - | - | | Mexico | 874 | 3 717 | 2 304 | 115 | | 2 750 | 17 633 | - 358 | 2 636 | | Nicaragua | 2 | - | - | - | | - | - | - | - | | Panama | 1 557 | 226 | 44 | 21 | | 160 | -1 512 | - 593 | 162 | | Caribbean | 5 367 | 2 061 | 3 956 | 87 | | 3 912 | 8 713 | -1 229 | -5 095 | | Anguilla | - | - | - | - | | - | - | 30 | - | | Antigua and Barbuda | 85 | 1 | - | - | | - | - | - | - | | Aruba | 468 | - | - | - | | - | - | - | - | | Bahamas | 3 027 | - | 41 | - | | - 411 | 2 693 | 537 | 750 | | Barbados | 999 | 1 | 207 | - | | - | 3 | 3 | - | | British Virgin Islands | 19 | 559 | 980 | 85 | | 2 369 | 5 017 | -1 578 | -2 800 | | Cayman Islands | 49 | - | 493 | - | | 1 563 | 1 168 | 2 038 | -3 074 | | Dominican Republic | 427 | 42 | - | 0.4 | | - | 93 | - 25 | - | | Haiti | - | - | - | 1 | | - | - | - | - | | Jamaica | 67 | 595 | - | - | | 158 | 3 | 13 | 28 | | Netherlands Antilles | 10 | - | - | - | | 350 | - | - | - | | Puerto Rico | 216 | 862 | - | - | | - 216 | - 261 | -2 454 | - | | Trinidad and Tobago | - | - | 2 236 | - | | 97 | - 2 | 207 | - | | Turks and Caicos Islands | - | - | - | - | | 0.1 | - | - | - | | Asia and Oceania | 65 130 | 68 538 | 64 730 | 17 252 | | 70 714 | 91 250 | 89 006 | 17 480 | | Asia | 65 165 | 68 304 | 65 473 | 17 248 | | 70 560 | 91 236 | 89 257 | 17 306 | | West Asia | 22 431 | 22 976
| 14 677
| 1 391
| | 35 307
| 37 056
| 20 498
| 8 652
| | Bahrain | - 410 | 190
| 178
| -
| | 4 275
| 415
| 3 348
| 323
| | Iraq | -
| -
| 34
| -
| | -
| 33
| -
| -
| Jordan
| 750 | 440
| 773
| 27
| | 4
| 45
| 322
| -
| | Kuwait | 13
| 3 963
| 496
| - 58
| | 1 310
| 2 056
| 3 285
| 159
| | Lebanon | 5 948 | - 153
| 108
| -
| | 716
| 210
| - 233
| -
| | Oman | 1 | 621
| 10
| -
| | 5
| 79
| 601
| 856
| | Qatar | - | -
| 124
| 48
| | 127
| 5 110
| 6 029
| 668
| | Saudi Arabia | 21 | 125
| 102
| 30
| | 5 398
| 12 730
| 1 450
| - 64
| | Turkey | 15 340 | 16 415
| 11 628
| 1 332
| | 356
| 767
| 1 313
| -
| | United Arab Emirates | 53
| 1 230
| 1 225
| 12 | | 23 117
| 15 611
| 4 384
| 6 709
| | Yemen | 716 | 144
| - | - | | - | -
| -
| -
| | South, East and South-East Asia | 42 735
| 45 328
| 50 796
| 15 857
| | 35 253 | 54 180 | 68 759 | 8 654
| | Bangladesh | 330 | 4 | - | 9 | | - | -
| -
| -
| | Brunei Darussalam | -
| - | - | - | | 112 | -
| -
| 10 | | Cambodia | 9
| 6 | 30 | 8 | | - | - | -
| -
| | China | 11 307
| 9 274
| 5 144
| 2 995
| | 12 053 | -2 388
| 36 861
| 1 558
| | Hong Kong, China | 9 095 | 6 960
| 8 288
| 163 | | 8 031 | -8 003
| -1 179
| 429
| | India | 4 410 | 4 406
| 9 519
| 4 274
| | 6 715 | 29 076
| 11 662
| 239
| | Indonesia | 388 | 1 705
| 2 044
| 1 503
| | - 85 | 826
| 913
| 175
| | Iran, Islamic Republic of | - | - | 695 | - | | - | -
| -
| -
| | Korea, Republic of | - 157 | 7 | 1 192
| 1 731
| | 1 057
| 8 648
| 3 815
| 1 128
| | Macao, China | 413 | 133 | 593 | - 206
| | - | -
| 0
| - 580
| | Malaysia | 2 509 | 3 926
| 2 781
| 61 | | 2 663
| 3 655
| 9 751
| 2 955
| | Maldives | - | - | 3 | - | | - | -
| -
| - | | Mongolia | 2 | 7 | - | 87 | | - | -
| 106
| - 24
| | Myanmar | - | - 1
| - | - 0.3
| | - 1 010
| -
| -
| -
| | Nepal | - 15 | - | 13 | - | | - | -
| -
| -
| | Pakistan | 3 319 | 956 | 1 147 | - | | 30 | -
| -
| - | | Philippines | - 134 | 1 165
| 2 621 | 1 170
| | 190 | - 2 518
| - 174
| 6
| | Singapore | 2 924 | 7 422
| 14 226 | 3 890
| | 5 396 | 23 890
| 6 629
| 1 889
| | Sri Lanka | 4 | 6 | 370 | 4 | | - | 12
| 6
| -
| | Taiwan Province of China | 4 711 | 6 570
| 1 151 | - 276
| | 14 | 929
| - 993
| 46
| | Thailand | 3 771 | 2 372
| 120 | 391 | | 88 | 54
| 1 361
| 822
| | Viet Nam | 29 | 411 | 859 | 55 | | 8 | -
| -
| -
| | Oceania | - 36 | 234 | - 742 | 4 | | 154 | 14
| - 251
| 173
| | Fiji | - | 12 | 2 | - | | - | - | - | - | | French Polynesia | -
| - | -
| - | | - | - | - | 1 | | Guam | 72 | - | - | - | | - | - | - | - | | Marshall Islands | - | 45 | - | - | | - | - | - | - | | Nauru | - | -
| - | - | | - | - | - | 172 | | New Caledonia | - 100 | - | - | - | | - | - | - | - | | Norfolk Island | - | - | - | - | | 90 | - | - | - | | Papua New Guinea | 7 | 160 | - 758 | - | | - | 14 | 16 | - | | Samoa | -18 | 3 | 13 | - | | 64 | - | - 324 | - | | Solomon Islands | - | 14
| -
| -
| | -
| -
| - | -
| | Tonga | - | - | -
| -
| | -
| -
| 14
| -
| | Tuvalu | - | -
| -
| -
| | -
| -
| -
| 43 | | Vanuatu | 3
| -
| -
| 4 | | -
| -
| -
| -
| | South-East Europe and CIS | 8 497
| 30 671
| 20 505
| 1 005
| | 2 940
| 21 728
| 20 648
| 3 534
| | South-East Europe | 3 942
| 2 189
| 766
| 9
| | -2 092
| 1 039
| - 4
| - 32
| | Albania | 41 | 164
| 3
| -
| | -
| -
| -
| -
| | Bosnia and Herzegovina | 79 | 1 022
| 2
| -
| | -
| -
| -
| -
| | Croatia | 2 530
| 672
| 204
| -
| | 3
| -
| 2
| -
| | Montenegro | 7
| 0.1
| -
| -
| | -
| 4
| -
| -
| | Serbia | 582
| 278
| 500
| 9
| | - 1 898
| 1 046
| - 7
| - 32
| | Serbia and Montenegro | 419
| -
| -
| -
| | -
| -
| -
| -
| | The FYR of Macedonia | 280
| 53
| 57
| -
| | -
| -
| -
| -
| | CIS | 4 556
| 28 482
| 19 739
| 996
| | 5 032
| 20 690
| 20 653
| 3 566
| | Armenia | -
| 423
| 204
| -
| | -
| -
| -
| -
| | Azerbaijan | -
| -
| | 2
| | -
| -
| -
| 519
| | Belarus | -
| 2 500 | 16
| - | | - | -
| -
| -
| | Georgia | 115 | 53 | 104 | - | | - | -
| -
| -
| | Kazakhstan | -1 751 | 727 | - 344
| 35 | | 1 503
| 1 833
| 2 047
| -
| | Kyrgyzstan | - | 179 | - | - | | -
| -
| -
| -
| | Moldova, Republic of | 10
| 24
| 4
| -
| | -
| -
| -
| -
| | Russian Federation | 5 811
| 22 753
| 13 777
| 803
| | 3 507
| 18 597
| 17 115
| 3 566
| | Tajikistan | - | 5
| -
| -
| | -
| -
| -
| -
| | Ukraine | 261 | 1 818
| 5 933
| 158
| | 23
| 260
| 972
| -
| | Uzbekistan | 110 | -
| 42
| -
| | -
| -
| -
| -
| | Unspecified | -
| -
| -
| -
| | 20 494
| 27 696
| 13 163
| 2 740
| Source: UNCTAD cross-border M&A database a Net sales by the region/economy of the immediate acquired company. b Net purchases by region/economy of the ultimate acquiring company. Note: Cross-border M&A sales and purchases are calculated on a net basis as follows: Net cross-border M&A sales in a host economy = Sales of companies in the host economy to foreign TNCs (-) Sales of foreign affiliates in the host economy; net cross-border M&A purchases by a home economy = Purchases of companies abroad by home-based TNCs (-) Sales of foreign affiliates of home-based TNCs. The data cover only those deals that involved an acquisition of an equity stake of more than 10%. |
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