NEW YORK, June 25 (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 DEAL VALUE* PRICE/SHARE SPREAD%
InBev NV Anheuser-Busch 46,349.87 65 6.33
Mars Inc Wm Wrigley 21,917.51 80 2.2
Consortium led Clear Channel 17,900.00 36 1.61
HP Electronic Data Sys 12,565.03 25 1.75
CME NYMEX 11,071.73 93.39 2.85
NRG Energy Calpine 10,916.43 22.95 1.33
Nokia Oyj NAVTEQ 7,657.19 78 1.19
Republic Services Allied Waste 6,550.32 13.83 5
Invitrogen Corp Applied Biosystems 6,381.65 35.87 7.51
Hexion Huntsman Corp 6,213.24 28 114.23
Liberty Mutual Safeco 6,124.91 68.25 1.41
Consortium Penn National Gaming 5,732.69 67 106.15
Triarc Co Wendys 4,758.27 28.9 -0.31
Sirius XM 4,570.57 8.56 9.97
Iberdrola SA Energy East 4,202.70 32.81 36.38
Bank of America Countrywide Fin 4,143.76 4.85 4.08
Reed Elsevier ChoicePoint 3,576.80 50 2.88
Consortium Puget Energy 3,510.75 30 18.95
Finmeccanica DRS 3,359.00 81 2.71
Delta Air Northwest Air 3,051.85 6.58 11.06
WebMD HLTH Corp 2,897.69 13.65 12.52
Smith Intl W-H Energy 2,894.29 95.15 0.13
United Tech Diebold Inc 2,631.77 40 9.92
Nationwide Mutual Ins Nationwide Fin 2,204.24 47.2 -3.85
Consortium Post Properties 2,054.24 47 43.03
Hellman & Friedman Getty Images 2,024.80 34 1.07
Electronic Arts Take-Two Interactiv 1,932.61 26 0.81
CBS CNET 1,751.96 11.5 0.17
Great Plains Aquila Inc 1,701.41 4.08 5.05
Willis Grp Holdings Hilb Rogal & Hobbs 1,673.94 46 4.86
Precision Drilling Grey Wolf Inc 1,663.22 9.3 -0.85
Stone Energy Bois d'Arc Energy 1,650.94 25.06 1.22
Cadence Design Mentor Graphics 1,453.85 16 4.23
Grey Wolf Inc Basic Energy 1,418.18 41.2 33.98
Blockbuster Circuit City 1,346.93 8 138.81
Blackstone Apria Healthcare 1,281.57 21 6.6
Dubai Intl Och-Ziff Capital 1,258.62 33 64.18
Management Group CKX Inc 1,164.71 12 26.45
NOTE: * Deal values in millions of U.S. dollars
SOURCE: Reuters
(Compiling by Oswald Blackwood; Editing by Gerald E. McCormick)
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