FACTBOX-Spreads of U.S. mergers and acquisitions

   NEW YORK, July 17 (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 stock price.

 For real-time spreads, go to <US/ARB/MENU>
ACQUIRER             TARGET           DEAL VAL  PRICE/SHARE   SPREAD%
InBev NV             Anheuser-Busch   49,915.2            70      4.56
Mars Inc             Wm Wrigley       21,917.5            80      2.59
Consortium           Clear Channel    17,900.0            36      2.13
Dow Chemical         Rohm and Haas    15,287.2            78      5.99
HP                   Electronic Data S12,565.0            25      1.21
CME                  NYMEX            11,071.7         79.79      4.62
NRG Energy           Calpine Corp     10,916.4         19.89      8.64
Cleveland-Cliffs     Alpha NaturalInc 9,006.88        121.05     15.36
Republic Services    Allied Waste     6,550.32         14.14     20.17
Invitrogen Corp      Applied Biosystem6,381.65          36.3      6.93
Hexion Specialty     Huntsman Corp    6,213.24            28    134.11
Waste Management     Republic Services6,185.20            34      8.18
Liberty Mutual       Safeco Corp      6,124.91         68.25      4.52
Triarc Co            Wendys Intl      4,758.27          24.1     -0.79
Sirius               XM               4,570.57          9.52     10.59
Iberdrola SA         Energy East      4,202.70         33.36     30.97
Bunge Ltd            Corn Products    4,162.20            56     20.2
Fresenius Kabi       APP Pharma       3,686.31            23     -2.13
Reed Elsevier        ChoicePoint      3,576.80            50      3.93
Consortium           Puget Energy Inc 3,510.75            30     19
Finmeccanica         DRS Tech         3,359.00            81      3.95
Delta Air            Northwest Air    3,051.85          7.39      2.6
WebMD                HLTH Corp        2,897.69         12.23      7.88
Smith Intl           W-H Energy       2,894.29         93.69      0.81
United Tech          Diebold Inc      2,631.77            40     10.65
Ashland Inc          Hercules Inc     2,602.64         22.19     12.67
Nationwide Mutual    Nationwide Fina  2,204.24          47.2      0.21
Consortium           Post Properties  2,054.24            47     69.86
Electronic Arts      Take-Two Interact1,932.61            26      3.79
Precision Drilling   Grey Wolf Inc    1,788.40            10      8.93
Willis Group         Hilb Rogal & Hobb1,673.94            46      7.23
Stone Energy         Bois d'Arc Energy1,650.94         23.34      0.66
Cadence Design       Mentor Graphics  1,453.85            16      1.78
Blackstone Group     Apria Healthcare 1,281.57            21      9.15
Dubai Intl           Och-Ziff Capital 1,258.62            33    102.21
Management Group     CKX Inc          1,164.71            12     78.04
NOTE: * Deal values in millions of U.S. dollars
SOURCE: Reuters
(Compiling by Oswald Blackwood; Editing by Andre Grenon)
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