Rupert Murdoch has launched an audacious $80bn bid for Time Warner that would create the largest film and television company in the world. But mergers and acquisitions often destroy much more value than they create - Warren Buffet described the trouble he had making a successful merger by quoting Bobby Bare, a country singer: “I’ve never gone to bed with an ugly woman, but I’ve sure woken up with a few. We take a look at five of the worst deals in history.
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