FACTBOX-Spreads of U.S. mergers and acquisitions

NEW YORK, Nov 18 (Reuters) - The following list shows the arbitrage spread for
proposed mergers and acquisitions of U.S. companies.

Historically, the wider the spread, the more investors doubt a deal will close.
Arbitrage spreads measure the difference between the offered takeover price and the
target company's current trading price.

For real-time spreads, go to <US/ARB/MENU>
ACQUIRER TARGET RICS DEAL VALUE* PRICE/SHARE SPREAD%
Bank of America Merrill Lynch MER.N 44,339.70 12.92 9.66
Roche Holding Genentech Inc DNA.N 37,505.28 89.00 10.66
Dow Chemical Rohm and Haas ROH.N 15,287.23 78.00 8.85
Wells Fargo Wachovia Corp WB.N 15,127.19 5.54 5.14
NRG Energy Calpine Corp CPN.N 10,916.43 11.92 35.75
Altria Group UST Inc UST.N 10,256.34 69.50 1.31
Cleveland-Cliffs Alpha Natural ANR.N 9,031.59 40.90 64.25
Teva Pharm Barr Pharm BRL.N 7,184.67 66.79 3.06
Republic Services Allied Waste AW.N 6,550.32 10.52 1.51
Invitrogen Applied Biosys ABI.N 6,381.65 28.94 -.36
Exelon Corp NRG Energy NRG.N 6,237.66 24.76 10.95
Hexion Huntsman Corp HUN.N 6,213.24 28.00 218.54
Eli Lilly ImClone IMCL.OQ 6,089.83 70.00 .47
CenturyTel Embarq Corp EQ.N 5,744.34 35.28 13.51
PNC Fin National City NCC.N 4,539.66 2.32 5.47
Tokio Marine Philadelphia ConsolPHLY.OQ 4,397.46 61.50 3.05
Consortium Puget Energy PSD.N 3,510.75 30.00 14.16
Nationwide Mutual Nationwide Fin NFS.N 2,440.08 52.25 5.88
Brocade Comm Foundry Networks FDRY.OQ 2,406.78 16.50 7.14
Microchip Tech Atmel Corp ATML.OQ 2,231.03 5.00 25.31
Consortium Post Properties PPS.N 2,054.24 47.00 260.43
Banco Santander Sovereign Banc SOV.N 1,910.18 2.33 4.63
Precision Drilling Grey Wolf Inc GW.A 1,820.45 6.69 8.68
King Pharm Alpharma Inc ALO.N 1,545.25 37.00 6.60
NOTE: * Deal values in millions of U.S. dollars
SOURCE: Reuters
(Compiled by Oswald Blackwood, editing by Gerald E. McCormick)