Magazine : 
6 Worst Corporate Mergers Of All Time
AOL and Time Warner:
According to the advisers and analysts, the merger of AmericanOnline and Time Warner was the best of both worlds combining print with electronic. In 2001, Time Warner united with American Online (AOL), the Internet and email provider, in a deal worth a staggering $111billion.
The deal was described as the "deal of the millennium" at the time. The two companies were in the hope that the merger will make the companies a largest media company.
The amalgamation had received dictatorial approvals, within few months the things started falling in poor conditions and by January 2001, it was clear that the cultural clash would make this deal impossible.
After almost nine years of nightmares, in December 2009, the tie-up had destroyed close to $200billion of shareholder wealth.
Vodafone and Mannesmann:
In early 1999, Vodafone was re-branded Vodafone Airtouch and later in 2001, it reverted to its former name Vodafone Group. In February 2000, the agreed merger of Vodafone AirTouch and Mannesmann created a telecoms giant and created world’s fourth largest company.
It was a hostile overtake of Vodafone Airtouch by Mannesmann that provoked strong protest from the Germans because Mannesmann was UK Company. It was difficult to beat for the shareholders value destruction.
Later the tie up was broken and all manufacturing-related operations were sold off
Vodafone faced massive losses after one-off costs of more than £23.5 billion connected to the Mannesmann deal in 2006.
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