According to KPMG CORPORATE FINANCE statistics, merger and acquisition transactions leapt to $797 bn throughout the world in 1999, or 47% more than in 1998. A record sum compared to 1990 when these types of transactions only amounted to $159 bn. The largest transaction was that of VODAFONE's takeover of AIRTOUCH for $69.3 bn. The survey reveals notably that: i) the United States remains the favourite target for foreign companies, with some 37% of world investments going to the United States for a total of $293 bn; ii) the United Kingdom is the foremost buyer; iii) Western Europe is the most active region with close to 2,800 operations for a total of $582 bn, or 265 bn more than in 1998; iv) posts and telecommunications are by far the foremost sectors of activities concerned by the transactions with $160 bn, way ahead of the chemicals-pharmaceuticals sector which totaled $93.05 bn in operations, and oil with its $75.451 bn.