COMPANY MERGERS

British companies are this year's big spenders. They spent some $254 billion on foreign mergers and acquisitions in the first half of 2000, according to KPMG, a consulting firm. That was more than twice the spending of French companies, which replaced American companies as the second-biggest buyers. The Americans are more likely to be the targets of foreign companies than their acquirers. Foreign firms spent $133 billion on American acquisitions, compared with $95 billion spent abroad by American companies. But German companies are the most sought-after, with $209 billion spent in the first half of this year. One deal in the telecoms industry, the purchase of Mannesmann by Britain's Vodafone AirTouch, accounted for much of this figure. Overall, the value of cross-border mergers rose by 60% in the first half of 2000 compared with 1999.