How Stock Deals Are Driving Consolidation PURCHASE BUYER SELLER TERMS* TRAVELERS Citicorp $72.6 billion in stock SBC COMMUNICATIONS Ameritech $72.4 billion in stock AT&T TCI $48 billion in stock and debt DAIMLER BENZ Chrysler $39.5 billion in stock AMERICAN HOME Monsanto $39.1 billion in stock WORLDCOM MCI Comm. $37 billion in stock and cash NORTHERN TELECOM Bay Networks $9 billion in stock ALCATEL DSC $4.4 billion in stock BUYER RATIONALE TRAVELERS Historic deal creates global financial supermarket, offering banking, securities, and insurance services SBC COMMUNICATIONS The merger of two Baby Bells would create America's biggest local phone company, stretching across the country AT&T Long-distance giant seeks to unite telephone, cable, and computer technology, creating a local network for carrying voice and data DAIMLER BENZ Biggest ever cross-border auto deal; new company will offer everything from luxury to rugged sport-utility vehicles and trucks AMERICAN HOME Cross-industry deal creates life sciences giant from drugmaker and agricultural biotech outfit WORLDCOM Bold deal positions merged company to become first carrier with a digital network for voice and data both locally and long distance NORTHERN TELECOM The race to provide digital telecom services also spurred this Canadian-U.S. tieup ALCATEL French telecommunications giant picks up Texas-based equipment maker to expand its reach and reposition itself as networking company * Price at time of announced deal DATA: SECURITIES DATA CO., BUSINESS WEEK Return to main story

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