Deals of the Century: Wall Street, Mergers, and the Making of Modern America

If 2004 is indeed the year that mergers and acquisitions come back to the table, this book should get you in the mood. Deals of the Century reflects on the positive and negative consequences and events surrounding the past century's major U.S. mergers. The focus is on mega-mergers and the larger-than-life characters involved in them, from J. P. Morgan's orchestration to create U.S. Steel in the early part of the century to Sandy Weill and the creation of Citigroup. The author is not so sure these mega-mergers provide the best value for shareholders. Says Geisst, "After the principals in a merger have been paid and the investment bankers and lawyers subtracted their fees, there might still be some value left for shareholders in the new merged company. To date, the record has not been strong in this respect." Despite this cynical take, he credits these mergers with helping drive the American business success story, serving as a sort of ruthless mechanism by which only the fittest and most adaptable companies survive. While not all readers will concur with the author's conclusions, they should appreciate his detailed historical chronicle of them.