Top 100 M&As: deals are down, but a powerful few remain to fight for Latin America's most attractive assets. (Regional Report).Tough times, tight money and increasing competition are now pitting Latin Lat·in n. 1. a. The Indo-European language of the ancient Latins and Romans and the most important cultural language of western Europe until the end of the 17th century. b. America's largest companies against each other and a handful of foreigners Foreigners alienage the condition of being an alien. androlepsy Law. the seizure of foreign subjects to enforce a claim for justice or other right against their nation. gypsyologist, gipsyologist Rare. in a feud feud, formalized private warfare, especially between family groups. The blood feud (see vendetta) is characteristic of those societies in which central government either has not arisen or has decayed. for strategic acquisitions in the region. Latin American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of output shrank shrank v. A past tense of shrink. shrank Verb a past tense of shrink shrank shrink in 2002, the first time in 19 years. Private capital flows to the region plummeted almost 50% to US$25 billion, reports the Institute of International Finance in Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , D.C. Completed mergers and acquisitions fell 24% to less than $38 billion, its lowest level in six years, 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. Thomson Financial Thomson Financial A major provider of information, analytical tools, and consulting services to the financial community. The firm, a division of Thomson Corporation, is best known to investors for its First Call segment, which publishes consensus earnings . The limited number of done deals, however, masks the underlying movements of a select group of Latin America's most powerful businesses. They're they're Contraction of they are. they're be busy grabbing up assets from both retreating multinational companies and beleaguered be·lea·guer tr.v. be·lea·guered, be·lea·guer·ing, be·lea·guers 1. To harass; beset: We are beleaguered by problems. 2. To surround with troops; besiege. family-run empires. TELECOM Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum billionaire Carlos Carlos, prince of the Asturias Carlos, 1545–68, prince of the Asturias, son of Philip II of Spain and Maria of Portugal. Don Carlos, who seems to have been mentally unbalanced and subject to fits of homicidal mania, was imprisoned by his father in Slim is expanding his telecom interests across the Americas A·mer·i·cas , the See America. . He spun off his $3.2-billion Carso Global Telecom Carso Global Telecom is a conglomerate of companies formed in 1996 after separating all telecommunication-related companies from Grupo Carso. This company does not have any employees as it is only a holder of stocks of companies such as Telmex, Telcel and América Móvil. into holding company Telecom Americas, then invested $2.3 billion buying out big partners U.S. telecom SBC (1) (SBC Communications Inc., San Antonio, TX, www.sbc.com) A large, national telecommunications company that grew from a multitude of local and regional companies, including Southwestern Bell, Pacific Bell and Nevada Bell, into a single, unified brand by 2002. and Bell Canada Bell Canada Enterprises (TSX: BCE, NYSE: BCE), legally BCE Inc., is a major Canadian telecommunications company. Through its subsidiaries including Bell Canada, Bell Aliant, Northwestel, Télébec, and NorthernTel, it is the incumbent local exchange carrier for International. The famed bottom-fisher hunts big game in Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. and beyond. Spain's multinational wireless company, Telefonica Moviles, continues to pressure Slim with strategic purchases in Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. . Brasilcel, the merger of its Brazilian operations with Telecom Portugal Portugal (pôr`chəgəl), officially Portuguese Republic, republic (2005 est. pop. 10,566,000), 35,553 sq mi (92,082 sq km), SW Europe, on the western side of the Iberian Peninsula and including the Madeira Islands and the Azores in the , recently acquired Brasilia-based mobile operator Tele Centro Centro (Portuguese and Spanish for center) may refer to: Places:
Still unclear: What will happen with Brazilian and Mexican long-distance companies Embratel and Avantel, holdings of financially troubled U.S. carrier WorldCom The former name of MCI. Based in Jackson, MS, WorldCom, Inc. was a major, international telecommunications carrier. It was founded in 1983 by Bernard Ebbers as Long Distance Discount Service (LDDS), a reseller of AT&T WATS lines to small businesses. . BEVERAGES Brazil's Ambev and Colombia's Bavaria have staked out territory as the No. 1 and No. 2 brewers This is a list of member brewers of the Brewers Association. Numbered
Heineken has pushed forward with acquisitions in Brazil and Central America Central America, narrow, southernmost region (c.202,200 sq mi/523,698 sq km) of North America, linked to South America at Colombia. It separates the Caribbean from the Pacific. , but the big prizes in the major countries seemed to have slipped away, for now. With its acquisition of Miller Brewing brewing: see beer. Co. 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. , South African Breweries South African Breweries was founded in 1895 by Jacob Letterstedt specifically to serve a new market of miners and prospectors in and around Johannesburg. Two years later, it became the first industrial company to list on the Johannesburg Stock Exchange (JSE). gained a foothold foot·hold n. 1. A place providing support for the foot in climbing or standing. 2. A firm or secure position that provides a base for further advancement. foothold Noun 1. in Costa Rica Costa Rica (kŏs`tə rē`kə), officially Republic of Costa Rica, republic (2005 est. pop. 4,016,000), 19,575 sq mi (50,700 sq km), Central America. and proceeded to expand its operations in Central America. OIL Brazil's state-run oil giant Petrobras is making a play to secure its position as a leading Latin American oil company. In October, Petrobras paid $1 billion for 59% of private energy group Perez Companc Perez Companc could refer to
having some relationship with the country Argentina. Argentine tick margaropuswinthemi. Argentine tortoise geochelonechilensis. retail 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 and 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 business. National strikes, meanwhile, have paralyzed par·a·lyze tr.v. par·a·lyzed, par·a·lyz·ing, par·a·lyz·es 1. To affect with paralysis; cause to be paralytic. 2. To make unable to move or act: paralyzed by fear. Petroleos de Venezuela, the region's largest oil company, where the government talks of selling the state-run company's U.S. refining subsidiary Citgo. BANKS Bradesco President Marcio Cypriano and Banco Itau 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. Roberto Setubal, chiefs at the No. 1 and No. 2 private banks in Brazil, continue to consolidate control over the country's banking market. The two institutions spent almost $2 billion last year. Banco Santander Central Hispano (BSCH BSCh abbr. Bachelor of Science in Chemistry ), BBVA BBVA Banco Bilbao Vizcaya Argentaria (First Bank of Spain) and Citibank also took advantage of the down market to consolidate. BSCH and Banco Santiago merged in a $1.7 billion deal to consolidate control of Chile. BBVA increased its holdings in subsidiaries in Mexico, Argentina and Uruguay. Banacci, Citibank's Mexican affiliate, bought full control of its pension fund subsidiary for $1.2 billion. POWER The next big wave of mergers and acquisitions appears poised to happen in the power sector. Debts in dollars but earnings in local currencies meant that devaluations and slow growth nailed Nailed are a death metal band from Wakefield, West Yorkshire, UK. They currently have a worldwide distribution deal with UK label Copro/Casket Records. Biography international Big Power. "The bottom line is that the only way they're going to grow is with demand, and that depends on the [domestic] economy," says Jason Todd Todd , Sir Alexander Robertus 1907-1997. British chemist. He won a 1957 Nobel Prize for his study of nucleic acids and nucleotide structures. , director of Latin American power ratings for Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. in Chicago. What's ahead for the Latin power kings? Here's the play-by-play: AES Corp. After bingeing on Latin American assets during the headier days of a rising stock market, global power giant AES reported a US$2.7 billion dollar hit in the fourth quarter of 2002. Among leading reasons for the pain: Brazil and Venezuela, where write-downs and currency losses added up fast. Projects in Argentina and Colombia defaulted as well. It's quite a comeuppance come·up·pance n. A punishment or retribution that one deserves; one's just deserts: "It's a chance to strike back at the critical brotherhood and give each his comeuppance for evaluative sins of the past" for a company that acquired so much, so fast in the region. What's ahead: Facing reality, AES renamed its Turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. Office the Restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). Office, which it says is now actively managing its assets in Chile, Argentina and Brazil. AES tells investors it is busy now trying to figure out which companies can be rescued and which must be "sold or abandoned." Duke Energy International North Carolina's Duke Energy perhaps can breathe a sigh sigh (sī), n an audible and prolonged inspiration followed by a shortened expiration. sigh of relief: It's foreign holding unit, Duke Energy International, reported only slight losses in 2002, down US$221 million, almost entirely from European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. dealings. Meanwhile, it has built up a portfolio from Guatemala to Buenos Aires Buenos Aires (bwā`nəs ī`rēz, âr`ēz, Span. bwā`nōs ī`rās), city and federal district (1991 pop. , more than half at Companhia de Geracao de Energia Eletrica Paranapanema in southwestern Sao Paulo state, Brazil. What's ahead: While Duke overall took a slight hit on a slowing economy, the company reports $2.9 billion in available credit. Duke's managers, however, say they'll batten down Verb 1. batten down - furnish with battens; "batten ships" batten, secure beef up, fortify, strengthen - make strong or stronger; "This exercise will strengthen your upper body"; "strengthen the relations between the two countries" the hatches and make sure each unit is producing according to demand. Endesa By the end of 2002, facing skeptical investors and slipping domestic economies, Spanish Spanish, river, c.150 mi (240 km) long, issuing from Spanish Lake, S Ont., Canada, NW of Sudbury, and flowing generally S through Biskotasi and Agnew lakes to Lake Huron opposite Manitoulin island. There are several hydroelectric stations on the river. utility Endesa began hedging its bets in 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. . Chilean holding company Enersis, Endesa's base of operations Noun 1. base of operations - installation from which a military force initiates operations; "the attack wiped out our forward bases" base air base, air station - a base for military aircraft army base - a large base of operations for an army in the region, took $290 minion min·ion n. 1. An obsequious follower or dependent; a sycophant. 2. A subordinate official. 3. One who is highly esteemed or favored; a darling. in accounting charges on lost investments in Brazil and Argentina as short- and medium-term debts of $2.2 billion cast a cloud over cloud over Verb 1. (of the sky or weather) to become cloudy: it was clouding over and we thought it would rain 2. the company. What's ahead: Don't look for $4.5 billion-revenues Endesa to bail, just regroup re·group v. re·grouped, re·group·ing, re·groups v.tr. To arrange in a new grouping. v.intr. 1. To come back together in a tactical formation, as after a dispersal in a retreat. and look for new opportunities. Even as it cleans up the books in Chile, Enersis put $100 million into Brazil's Companhia de Eletricidade do Rio de Janeiro Rio de Janeiro, city, Brazil Rio de Janeiro (rē`ō də zhänā`rō, Port. rē`  thĭ zhənĕē`r , increasing its stake to
almost 73%. And the Spanish power giant is looking closely at
power-hungry Mexico.PSEG PSEG Public Service Enterprise Group Global New Jersey energy company PSEG Global holds interests in 1,900 megawatts and distribution assets in Brazil, Chile, Peru and Venezuela. There was no hiding from Argentina's decline, though: In 2002, the company reported $541 million in charges, $370 million from lost investments in the collapsing Southern Cone The term Southern Cone (Spanish: Cono Sur, Portuguese: Cone Sul) refers to a geographic region composed of the southernmost areas of South America, below the Tropic of Capricorn. economy. What's ahead: PSEG settled out-of-court to sell its stakes in several Argentine distributors and generators to AES Corp. for $30 million, a fraction of its original asking price of $376 million (AES had invoked a "political risk" clause to avoid paying full price). In Peru, meanwhile, PSEG's ambitions have been frustrated frus·trate tr.v. frus·trat·ed, frus·trat·ing, frus·trates 1. a. To prevent from accomplishing a purpose or fulfilling a desire; thwart: by privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned delays.
Top Financial Advisers
RANK RANK ADVISER VALUE DEALS
'02 '01 US$ millions
1 1 Citigroup/Salomon Smith Barney 9,244.1 16
2 2 JP Morgan 8,151.4 29
3 6 Credit Suisse First Boston 8,056.3 24
4 3 Goldman Sachs & Co 6,923.9 10
5 4 Merrill Lynch & Co 6,690.9 12
6 5 Morgan Stanley 3,875.2 9
7 9 UBS Warburg 1,968.1 6
8 17 Credit Lyonnais 1,681.7 3
9 7 Santander Central Hispano 1,583.9 14
10 19 Dresdner Kleinwort Wasserstein 1,573.0 3
SOURCE: Thomson Financial
Top 100 Mergers and Acquisitions in Latin America
Ranked by value in US$ millions
TARGET
TARGET COMPANY COUNTRY
1 Carso Global Telecom Mexico
2 Telecom Americas Brazil
3 Banco Santander Chile Chile
4 Grupo Financiero Santander Mexico
Serfin
5 OPP Produtos Petroquimicos Brazil
6 Cia. Minera Disputada de las Chile
Condes
7 Pegaso PCS Mexico
8 Afore Banamex Aegon Mexico
9 Pepsi-Gemex Mexico
10 Grupo Financiero Bital Mexico
11 Perez Companc Argentina
12 Aseguradora Hidalgo Mexico
13 Banco BBA Creditanstalt Brazil
14 Cervejarias Kaiser Brazil
15 Grupo Financiero BBVA Bancomer Mexico
16 Telesp Celular Participacoes Brazil
17 Banco Mercantil Sao Paulo Brazil
18 Carbocol Colombia
19 Disco Ahold Argentina
20 Siderca Argentina
21 UCP Backus y Johnston Peru
22 Ford-Vehicle Financing Unit Brazil
23 Sul America Brazil
24 Grupo Televisa Mexico
25 TCO Celular Brazil
26 Quilmes International Argentina
27 Cerveceria Leona Colombia
28 Vitromatic Mexico
29 Ambev Argentina, Uruguay
30 Telecom Americas (2.6%) Brazil
31 Grupo Cinemex Mexico
32 Tubos de Acero de Mexico Mexico
33 Etecen, Etesur Peru
34 Banco Fiat Brazil
35 Florida Bebidas Costa Rica
36 Grupo Financiero BBVA Bancomer Mexico
37 Bahia Sul Celulose Brazil
38 Cervejarias Kaiser Brazil
39 BBV Banco Frances Argentina
40 Acominas Brazil
41 CMS Energy Corp Colombia
42 Telesp Celular Participacoes Brazil
43 AmBev (2.5%) Brazil
44 Pegasus Telecom Brazil
45 Cia. Paraibuna de Metais Brazil
46 Bijupira-Salema Brazil
47 Cia. de Cervezes Nacionales Ecuador
48 Telex Chile Chile
49 Masisa Chile
50 Excelsior Editorial Mexico
51 BancoCidade Brazil
52 NatSteel Brasil Brazil
53 Vintage Ecuador
54 Grupo Sidek Mexico
55 Entergy Peru
56 Supermercados Se Brazil
57 Afore XXI Mexico
58 Kraft Brazil
59 Moly-Cop Peru
60 Odebrecht Oleo & Gas Brazil
61 Ntl Holding Mexico
62 Azurlx Corp. Mexico
63 Aguas Andinas Chile
64 Cantv (5%) Venezuela
65 Suzano Petroquimica Brazil
66 Minas Luismin Mexico
67 Cerro Vanguardia Argentina
68 Renner Herrmann Brazil
69 Petrolera Santa Fe Argentina
70 Coca-Cola Panama Panama
71 Grupo Financiero Bital Mexico
72 Coca-Cola Panama Panama
73 Cimento Brumado Brazil
74 Seguros Tepeyac Mexico
75 Banco Santander Colombia Colombia
76 Cia. Metalic do Nordeste Brazil
77 Puerto Belice Chile
78 CNA Vida Chile
79 Scotiabank Quilmes Argentina
80 Conecel Ecuador
81 Central de Bolsas Mexico
82 Banco Bansud Argentina
83 Macrosa, Gecomsa, Matreq Argentina
84 Dimalsa Logistics Mexico
85 Inmobiliaria Fumisa Mexico
86 Cervecerlas Baru Panama Panama
87 BBVA Uruguay Uruguay
88 Torneos y Competencias Argentina
89 Farmacias Benavides Mexico
90 Pecom Forestal Argentina
91 Pecom Agropecuaria Argentina
92 Florestas Rio Doce Brazil
93 Salobo Metals Brazil
94 Farmaclas Benavides Mexico
95 Azul Television Argentina
96 BSCH Peru Peru
97 More Zurich Mexico
98 Sifco Brazil
99 Realty Brazil
100 Santa Isabel Chile
TARGET COMPANY ACTIVITY
1 Carso Global Telecom Telecom
2 Telecom Americas Telecom
3 Banco Santander Chile Banking
4 Grupo Financiero Santander Banking
Serfin
5 OPP Produtos Petroquimicos Petrochemicals
6 Cia. Minera Disputada de las Mining
Condes
7 Pegaso PCS Telecom
8 Afore Banamex Aegon Pension fund
9 Pepsi-Gemex Beverages
10 Grupo Financiero Bital Banking
11 Perez Companc Oil & gas
12 Aseguradora Hidalgo Insurance
13 Banco BBA Creditanstalt Banking
14 Cervejarias Kaiser Beverages
15 Grupo Financiero BBVA Bancomer Banking
16 Telesp Celular Participacoes Telecom
17 Banco Mercantil Sao Paulo Banking
18 Carbocol Mining
19 Disco Ahold Retail
20 Siderca Steel
21 UCP Backus y Johnston Beverages
22 Ford-Vehicle Financing Unit Finance
23 Sul America Insurance
24 Grupo Televisa Media
25 TCO Celular Telecom
26 Quilmes International Beverages
27 Cerveceria Leona Beverages
28 Vitromatic Domestic appliances
29 Ambev Beverages
30 Telecom Americas (2.6%) Telecom
31 Grupo Cinemex Entertainment
32 Tubos de Acero de Mexico Steel
33 Etecen, Etesur Electricity
34 Banco Fiat Banking
35 Florida Bebidas Beverages
36 Grupo Financiero BBVA Bancomer Banking
37 Bahia Sul Celulose Paper, pulp
38 Cervejarias Kaiser Beverages
39 BBV Banco Frances Banking
40 Acominas Steel
41 CMS Energy Corp Oil & gas
42 Telesp Celular Participacoes Telecom
43 AmBev (2.5%) Beverages
44 Pegasus Telecom Telecom
45 Cia. Paraibuna de Metais Mining
46 Bijupira-Salema Oil & gas
47 Cia. de Cervezes Nacionales Beverages
48 Telex Chile Telecom
49 Masisa Wood products
50 Excelsior Editorial Media
51 BancoCidade Banking
52 NatSteel Brasil Steel
53 Vintage Oil & gas
54 Grupo Sidek Hospitality
55 Entergy Electricity
56 Supermercados Se Retail
57 Afore XXI Pension fund
58 Kraft Food
59 Moly-Cop Machinery
60 Odebrecht Oleo & Gas Oil & gas
61 Ntl Holding Telecom
62 Azurlx Corp. Water
63 Aguas Andinas Sanitary services
64 Cantv (5%) Telecom
65 Suzano Petroquimica Petrochemicals
66 Minas Luismin Mining
67 Cerro Vanguardia Mining
68 Renner Herrmann Chemicals
69 Petrolera Santa Fe Oil & gas
70 Coca-Cola Panama Beverages
71 Grupo Financiero Bital Banking
72 Coca-Cola Panama Beverages
73 Cimento Brumado Cement
74 Seguros Tepeyac Insurance
75 Banco Santander Colombia Banking
76 Cia. Metalic do Nordeste Metals
77 Puerto Belice Port
78 CNA Vida Insurance
79 Scotiabank Quilmes Banking
80 Conecel Telecom
81 Central de Bolsas Packaging
82 Banco Bansud Banking
83 Macrosa, Gecomsa, Matreq Machinery
84 Dimalsa Logistics Logistics
85 Inmobiliaria Fumisa Real estate
86 Cervecerlas Baru Panama Beverages
87 BBVA Uruguay Banking
88 Torneos y Competencias Media
89 Farmacias Benavides Drugstores
90 Pecom Forestal Forestry
91 Pecom Agropecuaria Agriculture
92 Florestas Rio Doce Pulp
93 Salobo Metals Mining
94 Farmaclas Benavides Drugstores
95 Azul Television Media
96 BSCH Peru Banking
97 More Zurich Pension fund
98 Sifco Autoparts
99 Realty Real estate
100 Santa Isabel Retail
TARGET COMPANY LEADING ACQUIRER
1 Carso Global Telecom America Telecom
2 Telecom Americas America Movil
3 Banco Santander Chile Banco Santiago
4 Grupo Financiero Santander Bank of America
Serfin
5 OPP Produtos Petroquimicos Copene
6 Cia. Minera Disputada de las Anglo American
Condes
7 Pegaso PCS Telefonica Moviles
8 Afore Banamex Aegon Banacci
9 Pepsi-Gemex Pepsi Bottling Group
10 Grupo Financiero Bital HSBC Holdings
11 Perez Companc Petrobras
12 Aseguradora Hidalgo MetLife
13 Banco BBA Creditanstalt Banco Itau
14 Cervejarias Kaiser Molson Inc
15 Grupo Financiero BBVA Bancomer Public offering
16 Telesp Celular Participacoes Portugal Telecom
17 Banco Mercantil Sao Paulo Banco Bradesco
18 Carbocol Glencore, Anglo American,
BHP Billiton
19 Disco Ahold Koninklijke Ahold NV
20 Siderca Tenaris
21 UCP Backus y Johnston Bavaria
22 Ford-Vehicle Financing Unit Banco Bradesco
23 Sul America ING Groep NV
24 Grupo Televisa Grupo Televisa
25 TCO Celular Fixcel
26 Quilmes International AmBev
27 Cerveceria Leona Bavaria
28 Vitromatic Whirlpool
29 Ambev Quilmes International
30 Telecom Americas (2.6%) Undiscloseed acquier
31 Grupo Cinemex Oaktree Capital Management
32 Tubos de Acero de Mexico Tenaris
33 Etecen, Etesur Interconexion Electrica
34 Banco Fiat Banco Itau
35 Florida Bebidas Heineken
36 Grupo Financiero BBVA Bancomer BBVA
37 Bahia Sul Celulose Cia. Suzano de
Pepel e Celulose
38 Cervejarias Kaiser Heineken
39 BBV Banco Frances BBVA
40 Acominas Gerdau
41 CMS Energy Corp Cepsa
42 Telesp Celular Participacoes Telefonica Moviles
43 AmBev (2.5%) AmBev
44 Pegasus Telecom Telemar Norte Leste
45 Cia. Paraibuna de Metais Votorantim Metais
46 Bijupira-Salema Enterprise Oil PLC
47 Cia. de Cervezes Nacionales Bavaria
48 Telex Chile Southern Cross, GE Capital
49 Masisa Forestal Terranova
50 Excelsior Editorial Investor Group
51 BancoCidade Banco Bradesco
52 NatSteel Brasil Gerdau
53 Vintage EnCana Corp
54 Grupo Sidek Sidek Private Co
55 Entergy Southern Cone Communications
56 Supermercados Se Cia. Brasileira da Distribuicao
57 Afore XXI Prudential Financial
58 Kraft Burns Philp & Co
59 Moly-Cop Scaw Metals
60 Odebrecht Oleo & Gas Enterprise Oil do Brasil
61 Ntl Holding American Tower Corp
62 Azurlx Corp. ASIM
63 Aguas Andinas Public offering
64 Cantv (5%) Undisclosed acquirer
65 Suzano Petroquimica Shareholders
66 Minas Luismin Wheaton River Minerals
67 Cerro Vanguardia AngloGold
68 Renner Herrmann Renner Herrmann
69 Petrolera Santa Fe Petrobras
70 Coca-Cola Panama CA Beverages
71 Grupo Financiero Bital Banco Santander Central Hispano
72 Coca-Cola Panama Coca-Cola Panama
73 Cimento Brumado Cia, de Cimentos do Brasil
74 Seguros Tepeyac Corp. Mapfre
75 Banco Santander Colombia Banco Santander Central Hispano
76 Cia. Metalic do Nordeste Cia, Siderurgica Nacional
77 Puerto Belice Luke Espat
78 CNA Vida Consorcio Financiero
79 Scotiabank Quilmes Banco Comafi, Banco Macro Misiones
80 Conecel America Movil
81 Central de Bolsas Pactiv Corp
82 Banco Bansud Banco Macro Misiones
83 Macrosa, Gecomsa, Matreq Finning International
84 Dimalsa Logistics Tibbett & Britten Group PLC
85 Inmobiliaria Fumisa OHL Concesiones SL
86 Cervecerlas Baru Panama CA Beverages
87 BBVA Uruguay BBVA
88 Torneos y Competencias Liberty Media
89 Farmacias Benavides Promecap
90 Pecom Forestal DRT Investments
91 Pecom Agropecuaria Argentina Farmland Investors
92 Florestas Rio Doce Aracruz Celulose, Bahia Sul
Celulose
93 Salobo Metals CVRD
94 Farmaclas Benavides Farmacias Ahumada
95 Azul Television HFS Media
96 BSCH Peru Banco de Credito del Peru
97 More Zurich Principal Financial Group
98 Sifco Mannesmann Tubos de Precisao
99 Realty Creed Holdings
100 Santa Isabel Koninklijke Ahold NV
ACQUIRER
TARGET COMPANY COUNTRY VALUE
1 Carso Global Telecom Mexico 3,217.5
2 Telecom Americas Mexico 2,266.1
3 Banco Santander Chile Chile 1,678.2
4 Grupo Financiero Santander United States 1,600.0
Serfin
5 OPP Produtos Petroquimicos Brazil 1,496.7
6 Cia. Minera Disputada de las United Kingdom 1,420.0
Condes
7 Pegaso PCS Spain 1,317.0
8 Afore Banamex Aegon Mexico 1,240.0
9 Pepsi-Gemex United States 1,154.0
10 Grupo Financiero Bital United Kingdom 1,134.7
11 Perez Companc Brazil 1,027.6
12 Aseguradora Hidalgo United States 962.0
13 Banco BBA Creditanstalt Brazil 875.9
14 Cervejarias Kaiser Canada 771.8
15 Grupo Financiero BBVA Bancomer N/A 662.8
16 Telesp Celular Participacoes Portugal 643.9
17 Banco Mercantil Sao Paulo Brazil 542.0
18 Carbocol Switzerland, 500.0
South Africa, U.K.
19 Disco Ahold Netherlands 493.4
20 Siderca Luxembourg 449.0
21 UCP Backus y Johnston Colombia 420.3
22 Ford-Vehicle Financing Unit Brazil 419.2
23 Sul America The Netherlands 400.0
24 Grupo Televisa Mexico 400.0
25 TCO Celular Brazil 353.2
26 Quilmes International Brazil 346.4
27 Cerveceria Leona Colombia 315.0
28 Vitromatic United States 313.0
29 Ambev Argentina 303.6
30 Telecom Americas (2.6%) N/A 300.0
31 Grupo Cinemex United States 286.0
32 Tubos de Acero de Mexico Luxembourg 272.0
33 Etecen, Etesur Colombia 262.0
34 Banco Fiat Brazil 248.4
35 Florida Bebidas The Netherlands 229.0
36 Grupo Financiero BBVA Bancomer Spain 226.0
37 Bahia Sul Celulose Brazil 223.7
38 Cervejarias Kaiser The Netherlands 220.0
39 BBV Banco Frances Spain 209.3
40 Acominas Brazil 202.0
41 CMS Energy Corp Spain 196.2
42 Telesp Celular Participacoes Spain 194.2
43 AmBev (2.5%) Brazil 182.5
44 Pegasus Telecom Brazil 156.0
45 Cia. Paraibuna de Metais Brazil 153.3
46 Bijupira-Salema United Kingdom 153.0
47 Cia. de Cervezes Nacionales Colombia 152.0
48 Telex Chile United States 151.7
49 Masisa Chile 150.0
50 Excelsior Editorial United States 150.0
51 BancoCidade Brazil 145.6
52 NatSteel Brasil Brazil 142.3
53 Vintage Canada 141.7
54 Grupo Sidek Mexico 138.4
55 Entergy Argentina 135.5
56 Supermercados Se Brazil 132.7
57 Afore XXI United States 127.9
58 Kraft Australia 110.0
59 Moly-Cop South Africa 105.0
60 Odebrecht Oleo & Gas Brazil 100.0
61 Ntl Holding United States 100.0
62 Azurlx Corp. Mexico 93.7
63 Aguas Andinas N/A 92.3
64 Cantv (5%) N/A 91.2
65 Suzano Petroquimica Brazil 90.4
66 Minas Luismin Canada 90.0
67 Cerro Vanguardia South Africa 90.0
68 Renner Herrmann Brazil 89.6
69 Petrolera Santa Fe Brazil 89.6
70 Coca-Cola Panama Panama 88.7
71 Grupo Financiero Bital Spain 85.0
72 Coca-Cola Panama Panama 85.0
73 Cimento Brumado Brazil 84.1
74 Seguros Tepeyac Spain 79.6
75 Banco Santander Colombia Spain 77.2
76 Cia. Metalic do Nordeste Brazil 74.8
77 Puerto Belice Chile 74.0
78 CNA Vida Chile 73.1
79 Scotiabank Quilmes Argentina 71.4
80 Conecel Mexico 70.3
81 Central de Bolsas United States 66.0
82 Banco Bansud Argentina 65.0
83 Macrosa, Gecomsa, Matreq Canada 64.8
84 Dimalsa Logistics United Kingdom 62.2
85 Inmobiliaria Fumisa Spain 56.0
86 Cervecerlas Baru Panama Panama 55.9
87 BBVA Uruguay Spain 55.5
88 Torneos y Competencias United States 55.0
89 Farmacias Benavides Mexico 55.0
90 Pecom Forestal Argentina 53.2
91 Pecom Agropecuaria United States 53.0
92 Florestas Rio Doce Brazil 52.3
93 Salobo Metals Brazil 50.9
94 Farmaclas Benavides Chile 50.3
95 Azul Television Argentina 50.1
96 BSCH Peru Peru 49.2
97 More Zurich United States 49.0
98 Sifco Brazil 45.4
99 Realty Brazil 45.0
100 Santa Isabel The Netherlands 42.4
SORUCE: Thomson Financial, LATIN TRADE
N/A: Not applicable
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