THE SPANISH ACQUISITION.THE FINAL ADVENTURE Spanish companies lay siege siege, assault against a city or fortress with the purpose of capturing it. The history of siegecraft parallels the development of fortification and, later, artillery. to Brazil and Mexico. Will They rule telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , banking and energy? WHEN CESAR ALIERTA TOOK CHARGE OF Telefonica, the Spanish communications giant seemed ready to abandon its quest to reconquer Re`con´quer v. t. 1. To conquer again; to recover by conquest; as, to reconquer a revolted province s>. Verb 1. the Americas. After many a bold expedition, swashbuckling swash·buck·le intr.v. swash·buck·led, swash·buck·ling, swash·buck·les To act as a swashbuckler, as in a movie or play. [Back-formation from swashbuckler. former CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Juan Villalonga had hit the rocks while attempting to maneuver maneuver /ma·neu·ver/ (mah-noo´ver) a skillful or dextrous method or procedure. Bracht's maneuver a method of extraction of the aftercoming head in breech presentation. the company's headquarters from Madrid to Miami in defiance Defiance, city (1990 pop. 16,768), seat of Defiance co., NW Ohio, at the confluence of the Auglaize and Maumee rivers, in a farm area; settled 1790, inc. 1836. Its manufactures include machinery and food, fabricated-metal, and glass products. Gen. of his patria PATRIA. The country; the men of the neighborhood competent to serve on a jury; a jury. This word is nearly synonymous with pais. (.q.v.) and Spanish Prime Minister Jose Maria Aznan Alierta, who succeeded Villalonga in July, was expected to return the multinational company to calm waters. No more scouring scouring characterized by scour. scouring disease a colloquial name for secondary nutritional copper deficiency. the New World seas for takeover targets Takeover target A company that is the object of a takeover attempt, friendly or hostile. takeover target See target company. , he would be the captain to seek smooth sailing. Or would he? Less than a year into his new job, the former tobacco industry executive has launched raids into Mexico and Brazil. Telefonica Moviles, the company's wireless subsidiary, took over Motorola's cellular operations in northern Mexico for US$2.64 billion and announced a merger of its Brazilian holdings of Portugal Telecom Portugal Telecom (Euronext: PTC, NYSE: PT) is the biggest telecommunications operator in Portugal. It operates mainly in Portugal and Brazil. It also has a significant presence in Morocco, Guinea-Bissau, Cape Verde, Mozambique, Timor-Leste, Angola, Kenya, the People's Republic to form a $10 billion cell phone company. "The strategy of Telefonica Moviles is Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. first and then Europe," Telefonica Chairman Cesar Alierta says. Spain's most important companies seem to share Alierta's rallying cry Noun 1. rallying cry - a slogan used to rally support for a cause; "a cry to arms"; "our watchword will be `democracy'" war cry, watchword, battle cry, cry catchword, motto, shibboleth, slogan - a favorite saying of a sect or political group 2. . Even as the Iberian country entered the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community , conquistadores with names like Botin, Ybarra, Cortina cor`ti´na n. 1. (Biology) a cobwebby remnant of the partial veil which in some mature mushrooms hang from the edges of the cap. Noun 1. and Martin-Villa were aggressively bidding on formerly staterun Latin American companies in the 1990s. Now, rather than look homeward home·ward adv. & adj. Toward or at home. home  wards adv. , the Spanish Acquisition
ventures deeper into the region toward the final adventure: the battle
for Brazil and Mexico. The onslaught will likely determine the
pan-regional players in telecommunications, banking and energy"Spanish companies clearly believe that Latin America represents a tremendous opportunity for growth," says Ian M. Reid, head of mergers and acquisitions for Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Dean Witter Dean Witter may refer to:
Telefonica hauled aboard the outstanding shares in its Brazilian, Argentine Argentine having some relationship with the country Argentina. Argentine tick margaropuswinthemi. Argentine tortoise geochelonechilensis. and Peruvian operations in a $21 billion deal that accounted for six of the top 10 transactions in 2000. Emillo Botin and Jose Maria Amusategui, co-chairmen of Banco Santander Central Hispano, broadsided state-run Banespa for $3.6 billion and crashed into the upper ranks of the Brazilian banking system. The dynamic duo
Dynamic Duo (다이나믹 듀오) is a Korean hip hop duo, made up of members Choiza and Gaeko (former members of the trio, CBMass). also gave Mexico a taste of Spanish guns with a direct hit on Grupo Financiero Serfin for $1.5 billion. Marauders in Mexico. Not to be outdone out·do tr.v. out·did , out·done , out·do·ing, out·does To do more or better than in performance or action. See Synonyms at excel. , Emilio Ybarra and Francisco Gonzalez, co-chairmen of Banco Bilbao Vizcaya Argentina, marauded Grupo Pinanciero Banamex-Accival in an epic $1.8 billion battle for Grupo Financiero Bancomer. Repsol-YPF Chairman Adolfo Cortina continued the siege of Argentina with an almost $500 million deal for petrochemical petrochemical, any one of a large group of chemicals derived from a component of petroleum or natural gas. The cracking processes for manufacturing gasoline produce vast quantities of gaseous hydrocarbons. company Astra, while Endesa Chairman Rodolfo Martin-Villa resumed the plunder TO PLUNDER. The capture of personal property on land by a public enemy, with a view of making it his own. The property so captured is called plunder. See Booty; Prize. of Chilean power with a $340 million investment in Enersis. When the smoke cleared, Spanish companies accounted for more than a fifth of the region's top ionmergers and acquisitions in Latin America during 2000, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. research firm Thomson Securities Data. Total completed M&As in the region increased last year by almost a third, to $83 billion, but privatizations This list of privatizations provides links to notable and/or major privatizations. See also: Privatization. Argentina
Telefonica's massive share exchange was clearly the watershed watershed, elevation or divide separating the catchment area, or drainage basin, of one river system or group of river systems from another system or group of systems. The term is also often used synonymously with drainage basin. . In a complex deal, the Spanish parent company traded its stock at a premium for the shares it did not already own in Telefonica de Argentina, Telefonica del Peru, Sao Paulo fixed-line provider Telesp Participacoes and Brazilian cellular company TeleSudeste Celalar Participacoes. "The Telefonica transaction represents the next step, consolidating ownership through the acquisition of publicly held shares," says Reid, of Morgan Stanley Dean Witter, which together with Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. advised Telefonica on the deal. Telefonica's purchase of its subsidiaries represents the end of the privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned cycle. In most cases, Latin American governments sold controlling minority stakes to attract multinational investors into their countries and auctioned the remaining shares on the world's stock exchanges. By buying out minority investors--some of whom have complained bitterly of mistreatment mis·treat tr.v. mis·treat·ed, mis·treat·ing, mis·treats To treat roughly or wrongly. See Synonyms at abuse. mis·treat and the Spanish parent company's exorbitant management fees, the Spaniards boldly claim all risk--and profits--for themselves. "Telefonica was very comfortable with increasing its exposure to Latin America and the transaction allowed a global reorganization of Telefonica's business," says Reid. Like many of its compatriots, the Spanish phone company plows money into a largely domestic industry, telecommunications. The sector provides safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. from international competitors, unless they establish local operations. Revenue and profits, however, rely on notoriously unpredictable exchange rates and economies. "The Brazilian consumers' recovery will be, in the end, the measure of our future success," says Alierta about the company's $19 billion investment in Brazil since entering the market in 1998. Fierce firefights. Brazil boasts one of the world's fastest growing telecommunications sectors. In the five years through 1999, its mobile telephony Meaning "sound over distance," it refers to electronically transmitting the human voice. In the beginning, telephony dealt only with analog signals in the circuit-switched networks of the telephone companies. grew by an average annual rate of 89%. And it's set to continue growing at breakneck break·neck adj. 1. Dangerously fast: a breakneck pace. 2. Likely to cause an accident: a breakneck curve. speed--from 23 million at the end of 2000 to 58 million in 2005, according to Brazilian regulator regulator, n the mechanical part of a gas delivery system that controls gas pressure that allows a manageable flow of drug vapor to escape. regulator see reducing valve. Anatel. Yet, as elsewhere in Latin America, the days of fixed rates and monopolies or duopolies are coming to an end in Brazil. Competition is tough and further liberalization lib·er·al·ize v. lib·er·al·ized, lib·er·al·iz·ing, lib·er·al·iz·es v.tr. To make liberal or more liberal: "Our standards of private conduct have been greatly liberalized . . . will bring more players, lower prices and tighter margins. This is especially true in the country's mobile phone market, which in early 2001 already had 19 operators. According to a recent report by Santander Investment, only one of the 10 mobile phone companies that began operations in 1998 to compete with the incumbents has made any earnings before interest, tax and depreciation. This year's tender of mobile telephone licenses could bring several more as of January 2002. Against that backdrop, the only antidote antidote Remedy to counteract the effects of a poison or toxin. Administered by mouth, intravenously, or sometimes on the skin, it may work by directly neutralizing the poison; causing an opposite effect in the body; binding to the poison to prevent its absorption, to falling margins and growing competition is size. "Given that we expect margins to be squeezed, gains in scale for cellular operators become an extremely important issue," the Santander report concludes. Even Spain's mighty phone company recognized that waging battles over market share in Latin America's increasingly competitive world is tough as a lone warrior. Telefonica says it will merge its Brazilian mobile telephony assets with those of Portugal Telecom to form South America's largest mobile phone company. To obtain approval from Brazil's regulator and begin joint operations A general term to describe military actions conducted by joint forces or by Service forces in relationships (e.g., support, coordinating authority) which, of themselves, do not create joint forces. by 2002, Telefonica will have to meet the government-set minimum performance requirements of Telesp, its fixed-line operator in Sao Paulo. With annual investments of about $2 billion during 2000 and 2001, Telesp has been trying hard to meet quality requirements and install the necessary number of fixed lines by year-end. If approved, the proposed mega-merger of five companies owned by the two Iberian companies would cover a region that includes 94 million inhabitants
The game is based loosely on the concepts from SameGame. , Brazil's two largest cities--Sao Paulo and Rio de Janeiro--and accounts for 70% of gross domestic product. With a combined total of 9.3 million customers, the Spanish-Portuguese joint venture will loom loom, frame or machine used for weaving; there is evidence that the loom has been in use since 4400 B.C. Modern looms are of two types, those with a shuttle (the part that carries the weft through the shed) and those without; the latter draw the weft from a neatly twice the size of its nearest competitor. Roiling bankers. "Portugal Telecom and Telefonica were either going to compete head-on or join forces," says Ricardo Kobayashi, head of research with Banco Pactual in Rio de Janeiro Rio de Janeiro, city, Brazil Rio de Janeiro (rē`ō də zhänā`rō, Port. rē`  thĭ zhənĕē`r . "Each only
owns half [of the new company] but together it's a much better
asset."The companies argue that expansion through mergers and acquisitions is cheaper than investing in new licenses and network expansion. "The joint venture allows for more profitable growth," says Telefonica Chairman Alierta. Unlike Telefonica, none of the other major Spanish investors have sought alliances to achieve market dominance Market dominance is a measure of the strength of a brand, product, service, or firm, relative to competitive offerings. There is often a geographic element to the competitive landscape. . Banco Santander Central Hispano roiled Brazilian and Mexican banking with massive takeovers that have catapulted Spain's largest bank into the top tier of the financial institutions in the two countries. It, too, has been rolling up outstanding shares to take full control of its Latin American subsidiaries. In a sign that remaining crown jewels crown jewels Ornaments used at the coronation of a monarch and the formal ensigns of monarchy worn or carried on state occasions, as well as collections of personal jewelry consolidated by European sovereigns as valuable assets of their royal houses and the offices they in certain industries are becoming scarce in Latin America, Banco Bilbao Vizcaya Argentaria took the quest for Verb 1. quest for - go in search of or hunt for; "pursue a hobby" quest after, go after, pursue look for, search, seek - try to locate or discover, or try to establish the existence of; "The police are searching for clues"; "They are searching for the dominance to a new level in Mexico with its hotly hot·ly adv. In an intense or fiery way: a hotly contested will. Adv. 1. hotly - in a heated manner; "`To say I am behind the strike is so much nonsense,' declared Mr Harvey heatedly"; "the disputed acquisition of Group Financiero Bancomer In early March 2000, the Spanish bank
Grupo Financiero Banamex-Accival, Mexico's largest private lender, then sought to outdo the Spanish offer with an unsolicited un·so·lic·it·ed adj. Not looked for or requested; unsought: an unsolicited manuscript; unsolicited opinions. unsolicited Adjective $2.4 billion bid that would have created the country's dominant financial institution with two out of five deposits and a whopping 80% of all consumer loans. Even as Mexican banking regulators warned that the proposed Banamex-Bancomer union would face intense anti-trust scrutiny, Banco Bilbao Vizcaya Argentaria added powder to its cannons. The Spaniards offered $1.4 billion in fresh capital and $450 million in securities for 30% of Bancomer. Banamex would not or could not go any higher Bancomer accepted the Spanish offer and merged with BBVA's existing financial group, Probursa, to become Mexico's largest bank with nearly $37 billion in assets, $27 billion in deposits and 2,000 branches nationwide. Hostile takeovers Hostile Takeover A takeover attempt that is strongly resisted by the target firm. Notes: Hostile takeovers are usually bad news, as the employee moral of the target firm can quickly turn to animosity against the acquiring firm. . "If Banamex was ever going to do something with Bancomer, this was their last opportunity" says Reid of Morgan Stanley Dean Witter, which helped Banco Bilbao Vizcaya Argentaria defend its original bid. "The scarcity Scarcity The basic economic problem which arises from people having unlimited wants while there are and always will be limited resources. Because of scarcity, various economic decisions must be made to allocate resources efficiently. of such an opportunity was a factor in their bid." In two other high-profile takeovers last year in Latin America, AES grappled and won. The U.S. power company paid $1.6 billion for 87% of venezuela's Electricidad de Caracas (EDC EDC See: Export Development Corp. ) amidst a·midst prep. Variant of amid. [Middle English amiddes : amidde; see amid + -es, adverbial suffix; see -s3.] bitter court battles and almost $1.1 billion for 80% of Chilean electricity generator Gener, which was negotiating a $810 million deal with France's TotalFinaElf at the time. The likelihood of full-blown corporate war, commonplace in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Europe, is remote. Most Latin American companies, even those that are publicly traded, remain tightly held in closed groups, often among family members. Nonetheless, the Spaniards' quest for market dominance will drive once unthinkable combinations. The failed global merger of Spanish companies Endesa and Iberdrola would have created not only the world's largest electric company in terms of customers (37 million) but also a Latin American powerhouse A fourth-generation language from Cognos that was introduced in the late 1970s for midrange computers. It supports both character-oriented, terminal-based applications as well as Windows clients. Applications developed under PowerHouse can be imported into Cognos' Axiant client/server environment. with massive operations stretching from Mexico to Argentina In Brazil, which accounts for most of the M&A activity in the region, the heavy footsteps of Spanish boots are unmistakable. Spain surpassed the United States as the largest foreign investor in the South American country last year, accounting for more than a fifth of the $33 billion in capital inflows. This figure is liable to grow as Brazil continues to sell electricity companies and opens its oil and gas sector. Repsol YPF Repsol YPF, S.A., (IBEX-35:REP) is an integrated Spanish oil and gas company with operations in 29 countries, the bulk of its assets are located in Spain and Argentina. The product of a 1999 takeover of Argentine energy firm YPF by the Spanish conglomerate Repsol S.A. is already moving to secure its position. In a hotly debated deal, the Spanish oil and gas giant is moving to swap $1 billion in assets with state-owned energy company Petrobras. Under the agreement, the companies would exchange $500 million in assets. Petrobras gets control of 700 of Repsol's Eg3 gasoline gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by stations that hold 12% of Argentina's fuel market. In return, Repsol gains access to Brazil's prized offshore fields, including a 10% stake in the Albacora Leste block. It will also obtain a 30% stake in a Petrobras refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar company and about 250 Petrobras gasoline stations in Brazil. The swap allows Petrobras refinery Refap to implement a $650 million modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, and expansion plan. Spaniards lead the charge. In Mexico, where a full-blown opening of the energy sector has yet to occur, Gas Natural, 45% owned by Repsol YPF, has stormed the natural gas industry. The Spanish company has quietly seized control, with gas distribution in major markets like Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi and Monterrey. The company plans to invest another $500 million this year. When and if Mexico opens its energy sector, the Spaniards are expected to be present in full force. "Repsol YPF is not done," says Reid of Morgan Stanley Dean Witter. "They are extremely strong in Argentina but they need to expand in the region." The bottom line is that Spaniards are leading international competition into Latin America. After a decade of investing, they are now securing important beachheads in Brazil and Mexico. If history is any guide, they will use their local operations to buy still more companies. As the battle heats up and margins inevitably fall, local players will have to decide whether to enter the fray fray 1 n. 1. A scuffle; a brawl. See Synonyms at brawl. 2. A heated dispute or contest. tr.v. frayed, fray·ing, frays Archaic 1. To alarm; frighten. 2. with guns blazing or simply sell out to avoid being crushed.
BIG DEALS IN LATIN AMERICA
SECTORS 2000
Telecom 36%
Banking 15%
Electricity 10%
Investment 4%
Oil & Gas 3%
Others 32%
TOP FINANCIAL ADVISERS
RANK ADVISER VALUE #of
'00 '99 '98 US$ millions Deals
1 6 3 Morgan Stanley Dean Witter 28,641.4 21
2 2 17 Goldman Sachs 27,768.2 13
3 5 4 JP Morgan 17,712.1 58
4 3 7 Merrill Lynch 12,045.9 16
5 1 1 Salomon Smith Barney 8,862.0 26
6 4 13 Credit Suisse First Boston 7,228.6 26
7 --- --- Rothschild 5,098.5 12
8 --- --- Banco Santander Central Hispano 4,435.0 2
9 --- --- Fox-Pitt Kelton 3,600.0 1
9 --- --- Fator CV 3,600.0 1
SOURCE: Thomson Financial Securities Data
RANK TARGET COMPANY TARGET COUNTRY
1 Telesp Brazil
2 Petrobras Brazil
3 Telefonica de Argentina Argentina
4 Banespa Brazil
5 Cointel Argentina
6 Motorola Mexico
7 Tele Sudeste Celular Brazil
8 Telefonica del Peru Peru
9 CA Electricidad de Caracas Venezuela
10 Grupo Financiero Serfin Mexico
11 Grupo Financiero Bancomer Mexico
12 Gener Chile
13 Eletropaulo Metropolitana Brazil
14 Transelec Chile
15 Banco de Galicia y Buenos Aires Argentina
16 Net Sul Holding Brazil
17 Banco do Estado do Parana Brazil
18 Banco Meridional do Brasil Brazil
19 Globo.com Brazil
20 Bradespar Brazil
21 CRT Brazil
22 Telesp Celular Part. (10.6%) Brazil
23 Arisco Produtos Alimenticios Brazil
24 Corporacion Digitel Venezuela
25 Banco Bandeirantes Brazil
26 Telesp Celular Part. (9%) Brazil
27 Valores Consolidados (39.7%) Mexico
28 Probursa Mexico
29 Samitri (63.1%) Brazil
30 Boavista Inter-Atlantico Brazil
31 Igaras Papeis e Embalagens Brazil
32 Astra Argentina
33 Banco Rio de la Plata Argentina
34 Carbocol Colombia
35 Afore Bancomer Mexico
36 Zip.net Brazil
36 NGI Brazil
38 Cocelco Colombia
39 Light Servicos de Eletricidade (20.6%) Brazil
40 Chilectra Chile
41 Essbio (50.9%) Chile
42 Telesc Brazil
43 Empresa Bandeirante de Energia Brazil
44 Cressida Honduras
45 Cemar Brazil
46 Smartcom Chile
47 Gas Sul Brazil
48 Celumovil Colombia
49 Light Servicos de Electricidade (9.2%) Brazil
50 Cia. Minera Quebrada Blanca Chile
RANK ACTIVITY LEADING ACQUIRER ACQUIRER COUNTRY
1 Telecom Telefonica Spain
2 Oil & Gas Public offering N/A
3 Telecom Telefonica Spain
4 Banking Banco Standard Central Hispano Spain
5 Telecom Telefonica Spain
6 Telecom Telefonica Spain
7 Telecom Telefonica spain
8 Telecom Telefonica Spain
9 Electricity AES United States
10 Banking Banco Santander Central Hispano Spain
11 Banking BBVA Spain
12 Electricity AES United States
13 Electricity AES United States
14 Electricity Hydro-Quebec Canada
15 Banking Grupo Financiero Galicia Argentina
16 Media Globo Cabo Brazil
17 Banking Banco Itau Brazil
18 Banking Banco Santander Central Hispano Spain
19 Internet Telecom Italia Italy
20 Investment Banco Bradesco Brazil
21 Telecom Tele Centro Sul Part. Brazil
22 Telecom Portugal Telecom Portugal
23 Food Bestfoods United States
24 Telecom Telecom Italia Italy
25 Banking Unibanco Brazil
26 Telecom Portugal Telecom Portugal
27 Investment ING Groep NV Netherlands
28 Banking Grupo Financiero BBVA Bancomer Mexico
29 Mining CVRD Brazil
30 Banking Banco Bradesco Brazil
31 Paper Klabin Argentina Argentina
32 Oil & Gas Repsol YPF Spain
33 Banking Banco Santander Central Hispano Spain
34 Mining Billiton, Glencore Intl. South Africa
35 Funds Management Grupo Financiero BBVA Bancomer Mexico
36 Internet PT Multimedia Portugal
36 Communications Equip. Nokia Finland
38 Telecom Celumovil Colombia
39 Electricity EDF France
40 Electricity Enersis Chile
41 Water Thames Water United Kingdom
42 Telecom Telepar Brazil
43 Energy Enerpaulo Brazil
44 Retail Unilever United Kingdom
45 Electricity PPL United States
46 Telecom Endesa Spain
47 Gas GasNatural SDG Spain
48 Telecom BellSouth United States
49 Electricity EDF France
50 Mining Aur Resources Canada
RANK VALUE
1 10,423.3
2 4,328.9
3 3,718.1
4 3,600.0
5 2,742.7
6 2,644.5
7 2,419.4
8 1,906.4
9 1,657.6
10 1,542.6
11 1,400.0
12 1,087.0
13 1,085.1
14 1,076.0
15 950.7
16 907.0
17 868.4
18 835.0
19 810.0
20 800.4
21 800.0
22 758.0
23 752.0
24 600.0
25 593.9
26 586.3
27 555.0
28 544.9
29 530.4
30 517.7
31 510.0
32 495.3
33 477.7
34 473.7
35 433.0
36 415.0
36 415.0
38 408.5
39 340.4
40 339.9
41 336.0
42 327.7
43 319.5
44 314.0
45 305.2
46 300.0
47 295.9
48 295.0
49 291.1
50 289.7
51 Esbio (42%) Chile Water
52 Bradesco-Telecommunications Brazil Telecom
53 Siembra Argentina Funds Mngt, Insurance
54 Valores Consolidados (10%) Mexico Investment
55 Banco Financeiro e Industrial Brazil Banking
56 Seguros Bancomer Mexico Insurance
57 Maxitel Brazil Telecom
58 Tele Centro Oeste Celular Part. Brazil Telecom
59 Banco Caracas Venezuela Banking
60 Interbank Banco Universal Venezuela Banking
61 Uniado Brazil Food
62 Bavaria Brazil Beverage
63 Hidroelectrica Alicura Argentina Electricity
64 Globo Cabo Brazil Telecom
65 Platform 20 Brazil Oil & Gas
66 Afore Bital Mexico Funds Management
67 Telerj Celular Brazil Telecom
68 Aguas Cordillera Chile Water
69 Forestal Cholguan Chile Forestry
70 Banco del Suquia Argentina Banking
71 Samitri (36.9%) Brazil Mining
72 Saelpa Brazil Electricity
73 Inversora de Gas Cuyana Argentina Gas
74 Editorial Televisa (35%) Mexico Media
75 CERJ Brazil Electricity
76 Lipigas Chile Gas
77 AFJP Previnter Argentina Funds Management
78 YPF (1.2%) Argentina Oil & Gas
79 Telesp Celular Part. (4.5%) Brazil Telecom
80 Conecel Ecuador Telecom
81 America TV Argentina Media
82 CTI Group Holdings Argentina Software
83 Energia Mayakan Mexico Gas
84 Energisa Brazil Electricity
85 Cervesur Peru Beverage
86 Sodigas Pampeana Argentina Gas
87 Quatro/A Brazil Telemarketing
88 Speed Cargo Brazil Transportation
89 Aguas Puerto Chile Water
90 Electrificadora de la Costa Atlantica Colombia Electricity
91 Embratel Satellite Brazil Telecom
92 Corporacion Incem Panama Cement
93 Pegaso Telecomunicaciones Mexico Telecom
94 Entel Telefonia Personal Chile Telecom
95 Sudelektra Argentina Argentina Investment
96 Grupo Concesionario del Oeste Argentina Transportation
97 NEC do Brasil Brazil Communications Equip.
98 Telebrasilia Brazil Telecom
99 Cooperativa Central de Lacticinios Brazil Food
100 CIT Colombiana Colombia Oil & Gas
51 Thames Water United Kingdom 282.3
52 Portugal Telecom Portugal 281.0
53 Citigroup United States 280.0
54 ING Groep NV Netherlands 253.8
55 Unibanco Brazil 245.5
56 Grupo Financiero BBVA Bancomer Mexico 242.0
57 Telecom Italia Italy 240.4
58 BellSouth United States 229.0
59 Banco de Venezuela Venezuela 221.9
60 Banco Mercantil Venezuela 219.0
61 Sara Lee United States 215.8
62 Molson Canada 213.0
63 AES United States 205.0
64 Globopar Brazil 200.4
65 West LB Switzerland 200.0
66 ING Groep NV Netherlands 196.0
67 Tele Sudeste Celular Brazil 193.4
68 Emos Chile 193.0
69 Celco Chile 192.2
70 Banco Bisel Argentina 188.8
71 CVRD Brazil 187.7
72 Energipe Brazil 183.3
73 Italgas Italy 182.5
74 Grupo Televisa Mexico 180.1
75 Endesa Spain 171.9
76 Repsol YPF Spain 171.0
77 AFJP Origenes Argentina 167.0
78 Repsol YPF Spain 164.0
79 Portugal Telecom Portugal 158.9
80 Telmex Mexico 153.0
81 Avila Enterprises Argentina 150.0
82 Blackstone Group United States 150.0
83 GDF International France 150.0
84 Alliant Energy United States 148.3
85 UCP Backus y Johnston Peru 148.0
86 Sempra Energy United States 145.0
87 Atento Holding Brazil 142.0
88 EBX Capital Partners Brazil 141.8
89 Anglian Water United Kingdom 136.6
90 Union Electrica Fenosa Spain 135.0
91 SES Astra Luxembourg 135.0
92 Holderbank Switzerland 130.0
93 Alejandro Azcaraga Burillo Mexico 126.1
94 Entel Chile 125.0
95 Pecom Energia Argentina 121.1
96 Acesa Spain 120.6
97 Celestica Canada 120.0
98 Telepar Brazil 119.1
99 Danone Group France 118.9
100 Enbridge Canada 117.0
SOURCES: Thomson Financial Securities Data, LATIN TRADE
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