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Year of the megamerger
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December 1, 1998: 3:25 p.m. ET
Exxon-Mobil deal caps a year of huge corporate combinations
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NEW YORK (CNNfn) - Tuesday's merger of oil giants Exxon Corp. and Mobil Corp. capped a year of megamergers through which companies sought to expand their reach, enter new businesses and cut costs.
Here is a chronology of the year's biggest mergers.
December 1 - Fossil-fuel titans Exxon Corp. (XON) and Mobil Corp. (MOB) confirm their plans to merge in an $80-billion stock swap, creating the world's largest corporate oil producer in Wall Street's biggest deal ever.
December 1 - In another move toward consolidation in the oil industry, French oil group Total (PFP) announces its plans to acquire Belgium's PetroFina (PPT) in a deal that values PetroFina at $12.9 billion and will create the world's sixth-largest oil company.
November 30 - Germany's largest bank, Deutsche Bank AG (FDBK), seals a takeover of Bankers Trust Corp. (BT) for a $10.1 billion deal creating the world's largest bank by assets.
August 11 - British Petroleum PLC (BP) announces its intention to acquire Amoco Corp. (AN) in a deal valued at approximately $48 billion.
July 28 - Bell Atlantic Corp. (BEL) unveils its plans to buy GTE Corp. (GTE) in an all-stock deal valued at $52.8 billion, bringing together Bell Atlantic's local and wireless phone service with GTE's local, long-distance, wireless and Internet businesses.
June 24 - Hoping to return to the local telephone market and become a premier Internet player, AT&T Corp. (T) said it plans to acquire cable giant Tele-Communications Inc. (TCOMA) in a blockbuster $48 billion deal.
May 11 - Extending its local service empire and laying the groundwork for a push into long-distance, West Coast phone giant SBC Communications Inc. (SBC) agrees to buy Chicago-based Ameritech Corp. (AIT) for $62 billion in stock, at the time the second-largest merger in U.S. history.
May 7 - Heralding a new era for industry worldwide, Daimler-Benz AG (DAI) agrees to acquire Chrysler Corp. (C) in a $38 billion deal. The combined entity, DaimlerChrysler AG, will compete in virtually every segment of the market, offering everything from $11,000 subcompacts to $100,000 Mercedes sedans.
April 13 - BankAmerica Corp. (BAC) and NationsBank Corp. meld their operations in an all-stock transaction valued at about $60 billion. The merger creates a coast-to-coast banking powerhouse with $570 billion in assets, market capitalization of $133 billion, and the facilities of two of the nation's largest banks, one based in the Southeast and the other on the West Coast.
April 6 - Travelers Group Inc. and Citicorp merge in a deal worth $70 billion, forming Citigroup Inc. (CCI), the No. 1 financial services company in the world. 
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