WORLD INVESTMENT REPORT, 2002 · World Investment Report 2002: Transnational Corporations and...

UNCTAD/WIR/2002

UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT Geneva

WORLD INVESTMENT REPORT, 2002

PART ONE

TRENDS IN INTERNATIONAL PRODUCTION

Chapter IV The Largest Transnational Corporations

UNITED NATIONS New York and Geneva, 2002

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World Investment Report 2002: Transnational Corporations and Export Competitiveness

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Table IV.3. The top 20 TNCs ranked by value of cross-border M&A activity,a 1987-2001

Valueb

(bllions of NumberRank Name Home country Industry dollars) of deals

1 Vodafone United Kingdom Telecommunications 297.6 282 BP United Kingdom Petroleum 94.1 983 Daimler-Benz/DaimlerChrysler Germany/United States Motor vehicles 54.6 884 Deutsche Telekom Germany Telecommunications 52.8 245 Mannesmann Germany Telecommunications & engineering 44.7 476 AXA/AXA-UAP France Insurance 41.6 737 ZENECA Group United Kingdom Pharmaceuticals 35.8 168 BT United Kingdom Telecommunications 32.9 479 Aventis France Pharmaceuticals 31.7 38

10 Nestlé Switzerland Food and beverages 28.1 13611 General Electric United States Electronic and electrical equipment 25.4 22812 Roche Holding Switzerland Pharmaceuticals 24.7 2313 Allianz/Allianz Holding Germany Insurance 23.9 10114 Suez France Electric, gas and water distribution 23.3 10615 Zurich Insurance Switzerland Insurance 22.7 3716 News Corporation Australia Media 22.6 8217 Citigroup United States Banking 21.5 5218 Deutsche Bank Germany Banking 20.6 9419 Seagram Canada Food and beverages 20.2 2420 Aegon Netherlands Insurance 18.8 28Top 10 713.9 595Top 20 937.7 1 370Total 4 605.2 59 273

Source: UNCTAD cross-border M&A database, based on data from Thomson Financial Securities Data Company.

a Includes cross-border M&As concluded by their aff i l iates.b Includes only the deals for which information on transaction values is available.

Table IV.2. Snapshot of the world’stop 100 TNCs, 2000

(Bil l ions of dollars, number ofemployees and percentage)

ChangeVariable 2000 1999 2000 vs. 1999

Assets Foreign 2 554 2 115 20.8 Total 6 293 5 101 23.4Sales Foreign 2 441 2 129 14.6 Total 4 797 4 318 11.1Employment Foreign 7 132 946 6 057 557 17.8 Total 14 257 204 13 385 861 6.5Average index oftransnationality 55.7 52.3 3.4a

Source: UNCTAD/Erasmus University database.

a The change between 1999 and 2000 is expressed inpercentage points.

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Table IV.4. Newcomers to the world’s top 100 TNCs, 2000

Ranking by

Foreign TNIa

assets TNIa Corporation Home country Industry (Per cent)

1 15 Vodafone United Kingdom Telecommunications 81.413 64 ChevronTexaco United States Petroleum expl./ref./distr. 47.219 62 TotalFinaElf France Petroleum expl./ref./distr. 47.623 77 E.On Germany Electricity, gas and water 39.426 8 Anglo American United Kingdom Mining & quarrying 88.443 59 Pfizer United States Pharmaceuticals 51.157 33 Compagnie De Saint-Gobain France Non-metallic mineral products 65.658 100 Verizon Communications United States Telecommunications 4.064 96 Deutsche Post Germany Transport and storage 19.168 21 WPP Group United Kingdom Business services 78.570 53 GlaxoSmithKline United Kingdom Pharmaceuticals 55.478 36 Cable & Wireless United Kingdom Telecommunications 63.279 97 Japan Tobacco Japan Tobacco 18.783 25 Pearson United Kingdom Media 76.285 35 Norsk Hydro Asa Norway Diversified 63.586 7 Interbrew Belgium Food & beverages 90.287 34 Carnival United States Tourism 64.788 29 Alcan Canada Metal and metal products 70.592 63 LG Electronics Korea, Republic of Electrical & electronic equipment 47.595 67 Conoco United States Petroleum expl./ref./distr. 44.599 82 Petronas Malaysia Petroleum expl./ref./distr. 32.8

100 94 Philip Morris United States Diversified 22.4

Source: UNCTAD/Erasmus University database.a The transnationlity index (TNI) is calculated as the average of the following three ratios: foreign assets to total assets,

foreign sales to total sales and foreign employment to total employment.

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Table IV.5. Departures from the world's top 100 TNCs, 2000a

Ranking in 1999 by

Foreign TNIassets TNI Corporation Home country Industry (Per cent)

8 21 Total Fina France Petroleum expl./ref./distr. 70.313 11 Nippon Mitsubishi Oil Japan Petroleum expl./ref./distr. 82.418 58 Mannesmann Germany Telecommunications/engineering 48.923 9 Seagram Canada Beverages/media 88.626 84 Mitsubishi Japan Diversified 29.737 78 Chevron United States Petroleum expl./ref./distr. 34.240 53 Elf Aquitaine France Petroleum expl./ref./distr. 51.751 65 Veba Group Germany Diversified 42.453 66 Du Pont (E.I.) de Nemours United States Chemicals 41.358 5 Holcim (ex Holderbank) Switzerland Construction materials 91.864 16 Glaxo Wellcome United Kingdom Pharmaceuticals 76.672 28 Compart Italy Food & beverages 63.876 94 Southern Company United States Utility 19.882 90 Edison International United States Electronics 24.384 29 Montedison Group Italy Chemicals/agrindustry 62.285 64 Viag Germany Diversified 43.389 92 Atlantic Richfield United States Petroleum expl./ref./distr. 23.391 88 Lucent Technologies United States Electronics 25.992 39 Crown Cork & Seal United States Packaging 57.593 75 Metro Germany Retailing 36.494 55 Texaco United States Petroleum expl./ref./distr. 51.296 91 Toshiba Japan Electronics 23.3


a This also includes companies that could not be considered because of their late responses to the UNCTAD questionnaireand for which estimates could not be derived.

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Table IV.6. Home economies of the world’s top 100 TNCs by transnationality indexand foreign assets, 1990, 1995 and 2000

Share in total of Average TNIa foreign assets of top 100 Number

(Per cent) (Per cent) of entries

Economy 2000 1995 1990 2000 1995 1990 2000 1995 1990

European Union 67.1 66.0 56.7 53.0 43.8 45.5 49 39 48France 63.2 57.6 50.9 12.0 8.9 10.4 13 11 14Germany 45.9 56.0 44.4 9.3 12.2 8.9 10 9 9

United Kingdomb 76.9 64.8 68.5 21.0 12.2 8.9 14 10 12The Netherlandsb 84.4 79.0 68.5 2.0 8.2 8.9 3 4 4Italy 48.6 35.8 38.7 2.9 2.3 3.5 2 2 4Sweden 75.7 80.6 71.7 1.3 1.7 2.7 3 3 5Finland 77.3 - - 0.6 - - 1 - -Spain 41.6 - - 3.4 - - 2 - -Belgium 90.2 70.4 60.4 0.4 0.9 1.0 1 2 1

North America 62.9 46.0 41.2 28.1 35.9 32.5 25 34 30United States 43.0 41.9 38.5 27.2 33.3 31.5 23 30 28Canada 82.9 76.5 79.2 1.0 2.7 1.0 2 4 2

Japan 35.9 31.9 35.5 10.7 15.1 12.0 16 17 12

Other economies 48.9 66.9 73.0 7.6 9.0 10.0 10 10 10Switzerland 89.7 83.6 84.3 3.4 6.6 7.5 3 5 6Australiab 0.8 - 51.8 0.8 - 1.6 1 3 2Venezuela 39.7 44.4 - 0.3 0.4 - 1 1 -New Zealand - - 62.2 - - 0.5 - - 1Republic of Korea 47.5 47.7 - 0.3 0.7 - 1 1 -Norway 63.5 - 58.1 0.4 - 0.4 1 - 1Malaysia 32.8 - - 0.3 - - 1 - -Mexico 60.9 - - 0.4 - - 1 - -Hong Kong, China 55.9 - - 1.6 - - 1 - -

Total/averagefor all economies 57.8 51.5 51.1 100 100 100 100 100 100

Source: UNCTAD and Erasmus University database.

a The transnationality index (TNI) is calculated as the average of the fol lowing three ratios: foreign assets to totalassets, foreign sales to total sales and foreign employment to total employment.

b Due to dual nationality, Royal Dutch Shell and Unilever are counted as an entry for both the United Kingdom andThe Netherlands. In the aggregate for the European Union and the total of all l isted TNCs, they are counted once.Rio Tinto Plc is counted as an entry for both the United Kingdom and Austral ia. In the aggregate for the total ofal l 100 l isted TNCs, i t is counted once.

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Table IV.7. Industry composition of the top 100 TNCs, 1990, 1995 and 2000

Average TNI a per industry Number of entries (Per cent)

Industry 2000 1995 1990 2000 1995 1990

Motor vehicle and parts 59.7 42.3 35.8 15 14 13Electronics/electrical equipment/computers 50.5 49.3 47.4 12 18 14Petroleum exploration/refining/distribution and mining 70.8 50.3 47.3 12 14 13Pharmaceuticals 61.8 63.1 66.1 9 6 6Food/beverages/tobacco 70.1 61.0 59.0 8 12 9Telecommunications 45.4 46.3 46.2 7 5 2Diversified 51.1 43.6 29.7 6 2 2Other 60.6 59.4 57.6 6 5 7Trading 26.8 30.5 32.4 5 5 7Utilities 47.8 - - 5 - -Retailing 57.3 - - 4 - -Chemicals 63.4 63.3 60.1 3 11 12Machinery/engineering 75.4 37.9 54.5 3 1 3Media 85.4 83.4 82.6 3 2 2Metals 57.7 27.9 55.1 2 2 6Construction - 67.8 58.8 - 3 4

Total/average 58.9 51.5 51.1 100 100 100

Source: UNCTAD and Erasmus University database.a The transnationality index (TNI) is calculated as the average of the fol lowing three ratios: foreign assets to total

assets, foreign sales to total sales and foreign employment to total employment.

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Table IV.8. The world’s top 10 TNCs in terms of transnationality, 2000

Ranking in 2000 Ranking in 1999

Foreign Foreign TNIaassets TNI assets TNI Corporation Home country Industry (Per cent)

39 1 86 34 Rio Tinto United Kingdom Mining & quarrying 98.249 2 56 1 Thomson Canada Media 95.324 3 21 3 ABB Switzerland Machinery and equipment 94.918 4 11 2 Nestlé Switzerland Food & beverages 94.731 5 35 7 British American Tobacco United Kingdom Tobacco 94.491 6 79 4 Electrolux Sweden Electrical & electronic equipment 93.286 7 - - Interbrew Belgium Food & beverages 90.226 8 - - Anglo American United Kingdom Mining & quarrying 88.452 9 90 20 Astrazeneca United Kingdom Pharmaceuticals 86.925 10 33 35 Philips Electronics Netherlands Electrical & electronic equipment 85.7


a The transnationality index (TNI) is calculated as the average of the fol lowing three ratios: foreign assets to totalassets, foreign sales to total sales and foreign employment to total employment.

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Table IV.9. Average transnationality index of the top 5 TNCs in each industry,a

and their shares in the assets, sales and employment of the top 100,1990, 1995 and 2000

(Percentage)

Assets Sales Employment

Industry Year TNI Foreign Total Foreign Total Foreign Total

Petroleum2000 59.8 12.1 8.0 19.6 15.1 3.6 3.51995 64.8 12.9 8.0 13.6 10.0 4.0 3.11990 57.7 15.1 10.6 15.8 11.9 5.5 4.2

Motor vehicles2000 36.9 10.2 12.9 10.4 12.4 7.8 11.01995 38.6 14.0 17.3 9.6 13.4 9.7 13.51990 34.7 11.9 15.3 10.4 11.8 9.7 14.2

Electronics &electrical equipment

2000 52.1 10.9 10.6 8.4 7.6 9.1 7.81995 61.1 11.1 10.4 7.8 6.9 13.2 10.71990 36.1 6.4 7.4 4.7 6.3 6.5 9.6

Pharmaceuticals2000 64.2 3.8 2.6 3.3 2.3 3.8 3.11995 68.0 3.8 2.5 2.4 1.7 3.4 2.51990 47.1 1.5 1.3 1.6 1.4 2.4 2.3

Chemicals2000 60.7 2.6 1.8 2.9 2.1 2.5 2.31995 61.1 6.2 3.9 5.0 4.0 5.5 4.91990 51.6 5.3 4.2 5.9 4.5 4.8 5.4

Food/beverages2000 86.0 3.8 2.0 3.9 2.3 6.0 3.21995 76.9 6.7 4.8 7.4 5.2 12.9 7.11990 60.8 7.2 5.6 5.8 5.0 11.7 7.6

Source: UNCTAD and Erasmus University database.a Only industries that have at least f ive entries in the l ists of the top 100 TNCs of 1990, 1995 and 2000.

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Table IV.11. Snapshot of top 50 TNCsfrom developing economies, 2000

(Mil l ions of dollars, percentageand number of employees)

Change a

Variable 2000 1999 2000 vs. 1999(Per cent)

AssetsForeign 155 659 129 000 20.7Total 540 489 531 000 1.8

SalesForeign 189 897 122 000 55.7Total 391 429 367 000 6.7

EmploymentForeign 403 473 383 107 5.3Total 1 317 983 1 134 687 16.2

Average TNI 34.6 38.9 -4.3

Source: UNCTAD, FDI/TNC database.a Change is measured in percentage points.

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Table IV.12. The top 5 TNCs from developing economies in termsof transnationality, 2000

Ranking by

Foreign TNIa

TNIa assets Company Home economy Industry (Per cent)

1 12 Guangdong Investment Hong Kong, China Diversified 88.22 16 First Pacific Hong Kong, China Electrical & electronic equipment 81.43 20 Orient Overseas International Hong Kong, China Transport and storage 80.94 9 Neptune Orient Lines Singapore Transport and storage 78.65 39 WBL Singapore Electrical & electronic equipment 70.8

Source: UNCTAD, FDI/TNC database.a The transnationality index (TNI) is calculated as the average of the fol lowing three ratios: foreign assets to total

assets, foreign sales to total sales and foreign employment to total employment.

Table IV.13. Newcomers to the top 50 TNCs from developing economies, 2000

Ranking by

Foreign TNIAssets TNI Corporation Home economy Industry (Per cent)

11 28 COFCO China Food & beverages 34.213 20 China National Chemicals, Imp. & Exp. China Chemicals 40.718 34 Grupo Carso Mexico Diversified 29.236 36 United Microelectronics Taiwan Province of China Electrical & electronic equipment 22.038 40 Swire Pacific Limited Hong Kong, China Real Estate 19.642 31 Varig Brazil Transportation 31.144 48 Hongkong Electric Holdings Hong Kong, China Electricity, gas and water 9.946 37 Sabic Saudi Arabia Oil & petroleum 21.447 39 China Metals And Minerals China Steel & metals 20.248 24 Pepkor South Africa Retail 37.950 9 Hume Industries Malaysia Construction 51.6

Source: UNCTAD, FDI/TNC database.

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Source : UNCTAD, FDI/TNC database.

Note: Note: The ratios represent the averages of the individual ratios of foreign assets/total assets, foreignsales/total sales, foreign employment/total employment of the top 50 expressed in percentages. Theaverage transnationality index of the top 50 TNCs is the average of the 50 individual company transnationalityindices.

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Table IV.14. Departures from the top 50 TNCs from developing economies, 2000

Ranking in 1999 TNIForeign in 1999assets TNI Corporation Home economy Industry (Per cent)

6 13 Daewoo International Korea, Republic of Diversified 49.48 45 Sunkyong Group Korea, Republic of Oil & petroleum 15.2

18 14 Hyundai Engineering & Construction Korea, Republic of Industrial 48.519 1 Tan Chong International Singapore Automotive 93.333 33 Tatung Taiwan Province of China Electrical & electronic equipment 28.135 36 Samsung Korea, Republic of Electrical & electronic equipment 25.541 47 Reliance Industries India Chemicals 9.647 23 De Beers Consolidated Mines South Africa Steel & metals 38.848 15 Hong Kong And Shanghai Hotels Hong Kong, China Leisure & hospitality 47.449 48 Telekom Malaysia Malaysia Telecommunications 7.5


Table IV.15. Industry composition of the top 50TNCs from developing economies,

1998 1999 and 2000

Average TNIa

Number of per industryentries (Per cent)

Industry 2000 1999 1998 2000 1999 1998

Diversified 11 14 11 40.5 44.3 40.1Electronics 7 6 4 42.1 41.5 39.3Food and beverages 6 5 8 35.6 45.0 47.0Petroleum expl./ref./distr. 6 5 5 21.5 21.6 18.6Other 6 6 5 32.8 28.7 45.8Transportation 4 3 3 54.6 71.2 50.5Steel and iron 3 3 3 21.6 34.2 27.2Electric Utilities or Services 2 2 3 7.3 25.3 20.8Construction 2 3 6 50.1 39.6 30.2Chemicals and pharmaceuticals 1 1 1 36.6 9.6 7.7Automotive 1 1 - 10.4 10.9 -Pulp and paper 1 1 1 57.9 63.7 63.8

Average/totalb 50 50 50 34.2 36.3 35.5


a The transnationality index (TNI) is calculated as the average ofthe following three ratios:foreign assets to total assets, foreignsales to total sales and foreign employment to total employment.

b Numbers may not add up exactly due to rounding.

Note: This list does not include countries from Central andEastern Europe.

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Table IV.16. Home countries of the top 50 TNCs from developing economies,by transnationality index and foreign assets, 1998, 1999 and 2000

(Percentage and number)

Average TNIa Share in total foreignper country assets of the top 50 Number of entries

Economy 2000 1999 1998 2000 1999 1998 2000 1999 1998

South, East and South-East Asia 32.4 39.1 35.8 73.3 72.0 65.7 33 36 38

China 28.5 - 24.8 3.9 - 8.8 3 - 3Hong Kong, China 42.0 45.4 56.6 38.9 26.4 22.0 11 11 10India - 9.6 7.7 - 0.7 0.8 - 1 1Korea, Republic of 23.9 27.8 31.9 13.4 23.2 16.7 5 9 6Malaysia 38.1 24.1 32.3 7.2 7.0 6.3 5 5 6Philippines 28.1 25.0 30.1 1.1 1.1 1.5 1 1 1Singapore 43.2 58.9 58.9 7.4 11.2 7.2 6 7 9Taiwan Province of China 23.1 43.9 44.2 1.4 2.4 2.4 2 2 2

Latin America 28.2 48.3 27.3 21.8 22.0 28.3 12 10 9Argentina 22.6 24.5 19.8 1.0 1.1 4.1 1 1 1Brazil 24.1 30.2 18.5 4.7 5.6 7.6 4 3 3Chile 15.8 35.4 21.8 0.7 1.8 3.4 1 1 1Mexico 42.9 48.0 52.6 10.2 7.3 5.9 5 4 3Venezuela 35.8 29.8 23.7 5.2 6.2 7.3 1 1 1

West Asia 19.3 - - 0.5 - - 1 - -

Africa 41.4 46.0 45.0 4.4 5.9 6.3 4 4 3

Average/totalb 31.3 34.5 33.4 100 100 100 50 50 50

Source: UNCTAD, FDI/TNC database.a The transnationality index (TNI) is calculated as the average of the fol lowing three ratios: foreign assets to total

assets, foreign sales to total sales and foreign employment to total employment.b Numbers may not add up exactly due to rounding.Note: This l ist does not include countries from Central and Eastern Europe.

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Table IV.18. The Network Spread Indexof the top 50 Russian exporters,

by industry, 2000(Per cent)

Industry NSI

Petroleum and natural gas 8.57Non-ferrous metallurgy 8.24Iron and steel 24.78Machinery and equipment 9.59Chemical and petrochemical 14.57Wood, timber and pulp 28.47Electrical power 4.08Coal and coke 3.57

Source: UNCTAD, based on Expert (Moscow), No.27 (287), 16 July 2001.

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