NAVIGATION & SOLUTION 2 1 48 200112
2 1M&A 16 12 8 4 0 1986 88 90 92 94 96 98 2000 2 5 4 3 2 1 EU 0 1986 88 90 92 94 96 98 2000 EU 49
3 M&A IPO 1 2 3 1 1 2 50 200112
3 51
4 1 52 200112
4GMS&P500 180 19981100 160 GM 140 120 S&P500 100 80 60 40 20 0 1 3 5 7 9 11 1 3 5 7 9 11 1998 1999 S&P 2 53
5 3 54 200112
6ICI ICI A 1993 B 1997 50 MBO A1991 B 55
1 199710 12 199812 199910 2000 4 2001 1 4 2 1995 M&A 1995 146 32.7 46 31.4 192 32.4 96 332 127.4 59 28.3 391 103.6 97 453 36.4 60 1.7 513 31.2 98 593 30.9 148 146.7 741 44.4 99 1,590 168.1 493 233.1 2,083 181.1 2000 1,665 4.7 365 26.0 2,030 2.5 56 200112
7 1 2 3 1 57
8 9 IPO 100 58 200112
2 59