July 29 - Three huge deals in advertising, pharma and retail make for an exciting 'Merger Monday' adding up to a total of $46.1 billion. Havovi Cooper reports.
Today's Daily Digit $46.1 billion. That's the combined value of three mega mergers that came to life this weekend. The biggest one -- between the Madmen at Omnicom and Publicis. The two firms combined forces for $35.1 billion, creating the largest ad agency in the world. But they have some conflicting accounts. For instance, Omnicom works for Pepsi, while Publicis handles Coca-Cola. The next big deal coming from the world of pharma. U.S. drugmaker Perrigo agreed to buy Elan for $8.6 billion. Elan has played hard to get for a while...rejecting 3 offers from Royalty Pharma before this one. But Perrigo's willing to spend the big bucks now to save a lot more later. Once it buys Elan, it can easily move the headquarters abroad, taking advantage of the very low 12.5 percent corporate tax rate in Ireland, compared with 35 percent in the U.S. Hudson Bay marrying up in a $2.4 billion deal, buying Saks. Saks has 40 days to shop for better bids--but the company doesn't expect to get any. The store's flagship location on Fifth Avenue has been open since 1924 and by some estimates, the building itself is worth $1 billion.