Top 100 Mergers & Acquisitions in Latin American.

Top 100 Mergers & Acquisitions in Latin American

Ranked by value in US$ millions

 RK  TARGET COMPANY                  TARGET
'01                                  COUNTRY

  1  Banacci                         Mexico

  2  Global Telecom                  Brazil

  3  Grupo Financiero                Mexico
     BBVA Bancomer (16%)

  4  Grupo Iusacell                  Mexico

  5  Portugal Telecom                Brazil

  6  Tess                            Brazil

  7  Banco de A. Edwards             Chile

  8  Petrobras                       Brazil

  9  Seguros Comercial               Mexico
     America (45%)

 10  Edenor                          Argentina

 11  BBV Banco Frances               Argentina

 12  Ferteco Mineracao               Brazil

 13  Rio Grande Energia              Brazil

 14  Cenibra                         Brazil

 15  Aerolineas Argentinas           Argentina

 16  Cantv (15%)                     Venezuela

 17  Americel                        Brazil

 18  Embotelladora Argos (79%)       Mexico

 19  Nova Camacari                   Brazil

 20  Grupo Financiero                Mexico
     BBVA Bancomer (9%)

 21  Cerveceria Hondurena            Honduras

 22  Caixa Seguros                   Brazil

 23  Mavesa                          Venezuela

 24  Bevco                           Honduras

 25  Wal-Mart de Mexico              Mexico

 26  Banco Bradesco (8.4%)           Brazil

 27  Grupo Bimbo (16.9%)             Mexico

 28  Laboratorio Chile               Chile

 29  CVRD (8.6%)                     Brazil

 30  Saesa                           Chile

 31  Grupo Bufete Industrial         Mexico

 32  Alger Telecom Leste             Brazil

 33  Banco Itau (3.5%)               Brazil

 34  PSEG Global                     Argentina

 35  Aracruz Celulose                Brazil

 36  AmBev (8.2%)                    Brazil

 37  Telemig                         Brazil

 38  Caemi Mineracao e Metalurgia    Brazil

 39  Bahia Sul Celulose              Brazil

 40  Copene                          Brazil

 41  Banco Itau (3.3%)               Brazil

 42  Cartones, Ecofibras,            Mexico
     Ponderfiber

 43  Caemi Mineracao e Metalurgia    Brazil

 44  Vesper                          Brazil

 45  Cla. Seguros de Vida Santander  Chile

 46  Central Puerto                  Argentina

 47  Metalurgica Duque (5.5%)        Brazil

 48  AES Tiete                       Brazil

 49  CEG Rio                         Brazil

 50  ElectroAndes                    Peru
 51  Juncadella                      Brazil

 52  Cia. Cervecerias Unidas         Chile

 53  Generar AFJP                    Argentina

 54  Massalin Particulares           Argentina

 55  Itau-Telecom Networks           Brazil

 56  Serra da Mesa Energia           Brazil

 57  Banco Itau                      Brazil

 58  Banco Itau (2.6%)               Brazil

 59  ICA                             Mexico

 60  Cia. Minera Lomas Bayas & Cia.  Chile
     Minera Boliden Westmin

 61  Grupo Financiero Bancrecer      Mexico

 62  Essam                           Chile

 63  Acominas                        Brazil

 64  Transportacion Ferroviaria      Mexico
     Mexicana (24.6%)

 65  Suape Container Terminal        Brazil


 66  LightGas                        Brazil

 67  Telemar Participacoes (3%)      Brazil

 68  Embotelladora Argos (2l%)       Mexico

 69  Lineas Aereas Privadas          Argentina
     Argentinas

 70  Seguros Comercial               Mexico
     America (13.3%)

 71  Empresa Electrica               Chile
     Colbun Machicura

 72  Soquimich                       Chile

 73  TeleBahia                       Brazil

 74  Unibanco (10%)                  Brazil

 75  Cia. de Concessoes              Brazil
     Rodoviarias

 76  Pecom Pampa del Castillo-La     Argentina
     Guitarra

 77  Tevecap                         Brazil

 78  Crescent Market Companies       Mexico

 79  Autopistas del Sol              Argentina

 80  Basic Resources International   Guatemala

 81  Xerox de Mexico                 Mexico

 82  Banco de la Provincia           Argentina
     de Buenos Aires

 83  Tonala Rig                      Mexico

 84  SP Telecomunicacoes Holding     Brazil

 85  PBPart-SE                       Brazil

 86  UCP Backus & Johnston (12.8%)   Peru

 87  Iberoleste Participacoes        Brazil

 88  UCP Backus & Johnston (2.2%)    Peru

 89  Johnson & Johnson de Mexico     Mexico

 90  Sociedad Punta de Lobos         Chile

 91  UOL                             Brazil

 92  Norquisa                        Brazil

 93  Bavaria (9.8%)                  Colombia

 94  Ambev (27.9%)                   Brazil

 95  Telecomunicacoes do Parana      Brazil

 96  Global Telecom                  Brazil

 97  Sonda                           Chile

 98  Copel                           Brazil

 99  Afore Bancrecer Dresdner        Mexico

100  Latinoamericana Duty Free       Mexico

 RK  TARGET COMPANY                  ACTIVITY
'01

  1  Banacci                         Banking

  2  Global Telecom                  Telecom

  3  Grupo Financiero                Banking
     BBVA Bancomer (16%)

  4  Grupo Iusacell                  Telecom

  5  Portugal Telecom                Telecom

  6  Tess                            Telecom

  7  Banco de A. Edwards             Banking

  8  Petrobras                       Oil & gas

  9  Seguros Comercial               Insurance
     America (45%)

 10  Edenor                          Energy

 11  BBV Banco Frances               Banking

 12  Ferteco Mineracao               Mining

 13  Rio Grande Energia              Energy

 14  Cenibra                         Paper, pulp

 15  Aerolineas Argentinas           Aviation

 16  Cantv (15%)                     Telecom

 17  Americel                        Telecom

 18  Embotelladora Argos (79%)       Bottling

 19  Nova Camacari                   Investment

 20  Grupo Financiero                Banking
     BBVA Bancomer (9%)

 21  Cerveceria Hondurena            Beverages

 22  Caixa Seguros                   Insurance

 23  Mavesa                          Food

 24  Bevco                           Beverages

 25  Wal-Mart de Mexico              Retail

 26  Banco Bradesco (8.4%)           Banking

 27  Grupo Bimbo (16.9%)             Food

 28  Laboratorio Chile               Pharmaceutical

 29  CVRD (8.6%)                     Mining

 30  Saesa                           Electricity

 31  Grupo Bufete Industrial         Engineering

 32  Alger Telecom Leste             Telecom

 33  Banco Itau (3.5%)               Banking

 34  PSEG Global                     Electric utility

 35  Aracruz Celulose                Paper, pulp

 36  AmBev (8.2%)                    Beverages

 37  Telemig                         Telecom

 38  Caemi Mineracao e Metalurgia    Mining

 39  Bahia Sul Celulose              Paper, pulp

 40  Copene                          Petrochemicals

 41  Banco Itau (3.3%)               Banking

 42  Cartones, Ecofibras,            Paper, pulp
     Ponderfiber

 43  Caemi Mineracao e Metalurgia    Mining

 44  Vesper                          Telecom

 45  Cla. Seguros de Vida Santander  Insurance

 46  Central Puerto                  Electricity

 47  Metalurgica Duque (5.5%)        Metaliurgy

 48  AES Tiete                       Electricity

 49  CEG Rio                         Gas

 50  ElectroAndes                    Electricity
 51  Juncadella                      Transportation

 52  Cia. Cervecerias Unidas         Beverages

 53  Generar AFJP                    Pension Fund

 54  Massalin Particulares           Tobacco

 55  Itau-Telecom Networks           Telecom

 56  Serra da Mesa Energia           Electricity

 57  Banco Itau                      Banking

 58  Banco Itau (2.6%)               Banking

 59  ICA                             Construction

 60  Cia. Minera Lomas Bayas & Cia.  Mining
     Minera Boliden Westmin

 61  Grupo Financiero Bancrecer      Banking

 62  Essam                           Water

 63  Acominas                        Steel

 64  Transportacion Ferroviaria      Transportation
     Mexicana (24.6%)

 65  Suape Container Terminal        Transportation


 66  LightGas                        Electricity

 67  Telemar Participacoes (3%)      Telecom

 68  Embotelladora Argos (2l%)       Bottling

 69  Lineas Aereas Privadas          Aviation
     Argentinas

 70  Seguros Comercial               Insurance
     America (13.3%)

 71  Empresa Electrica               Electricity
     Colbun Machicura

 72  Soquimich                       Mining

 73  TeleBahia                       Telecom


 74  Unibanco (10%)                  Banking

 75  Cia. de Concessoes              Infrastructure
     Rodoviarias

 76  Pecom Pampa del Castillo-La     Oil & gas
     Guitarra

 77  Tevecap                         Telecom

 78  Crescent Market Companies       Mining

 79  Autopistas del Sol              Infrastructure

 80  Basic Resources International   Oil & gas

 81  Xerox de Mexico                 Electronics

 82  Banco de la Provincia           Banking
     de Buenos Aires

 83  Tonala Rig                      Oil & gas

 84  SP Telecomunicacoes Holding     Telecom

 85  PBPart-SE                       Electricity

 86  UCP Backus & Johnston (12.8%)   Beverages

 87  Iberoleste Participacoes        Telecom

 88  UCP Backus & Johnston (2.2%)    Beverages

 89  Johnson & Johnson de Mexico     Health Care

 90  Sociedad Punta de Lobos         Mining

 91  UOL                             Internet Service Provider

 92  Norquisa                        Chemicals

 93  Bavaria (9.8%)                  Beverages

 94  Ambev (27.9%)                   Beverages

 95  Telecomunicacoes do Parana      Telecom

 96  Global Telecom                  Telecom

 97  Sonda                           Software

 98  Copel                           Electricity

 99  Afore Bancrecer Dresdner        Pension Fund

100  Latinoamericana Duty Free       Retail

 RK  TARGET COMPANY                  LEADING ACQUIRER
'01

  1  Banacci                         Citigroup

  2  Global Telecom                  Telesp Celular Participacoes

  3  Grupo Financiero                BBVA
     BBVA Bancomer (16%)

  4  Grupo Iusacell                  Vodafone Group

  5  Portugal Telecom                Telefonica

  6  Tess                            Telecom Americas

  7  Banco de A. Edwards             Banco de Chile

  8  Petrobras                       Public offering

  9  Seguros Comercial               ING Groep NV
     America (45%)

 10  Edenor                          EDF International

 11  BBV Banco Frances               BBVA

 12  Ferteco Mineracao               CVRD

 13  Rio Grande Energia              CPFL

 14  Cenibra                         Japan Brazil Paper

 15  Aerolineas Argentinas           Air Comet

 16  Cantv (15%)                     Cantv

 17  Americel                        Telecom Americas

 18  Embotelladora Argos (79%)       Embotelladoras Arca

 19  Nova Camacari                   Copene

 20  Grupo Financiero                BBVA
     BBVA Bancomer (9%)

 21  Cerveceria Hondurena            South African Breweries

 22  Caixa Seguros                   CNP Assurances

 23  Mavesa                          Primor Inversiones

 24  Bevco                           South African Breweries PLC

 25  Wal-Mart de Mexico              Wal-Mart de Mexico

 26  Banco Bradesco (8.4%)           Banco Bradesco

 27  Grupo Bimbo (16.9%)             Grupo Bimbo

 28  Laboratorio Chile               IVAX Corp

 29  CVRD (8.6%)                     CVRD

 30  Saesa                           PSEG Global

 31  Grupo Bufete Industrial         Corporacion Serbo

 32  Alger Telecom Leste             America Movil

 33  Banco Itau (3.5%)               Banco Itau

 34  PSEG Global                     AES

 35  Aracruz Celulose                Votorantim Celulose e Papel

 36  AmBev (8.2%)                    AmBev

 37  Telemig                         Tele Norte Leste

 38  Caemi Mineracao e Metalurgia    Mitsui & Co Ltd

 39  Bahia Sul Celulose              Cla. Suzano de Papel e Celulose

 40  Copene                          Odebrecht & Grupo Mariani

 41  Banco Itau (3.3%)               Banco Itau

 42  Cartones, Ecofibras,            Organizacion Editorial Mexicana
     Ponderfiber

 43  Caemi Mineracao e Metalurgia    CVRD

 44  Vesper                          Qualcomm

 45  Cla. Seguros de Vida Santander  Metropolitan Life Insurance

 46  Central Puerto                  Total Austral Argentina

 47  Metalurgica Duque (5.5%)        Metalurgica Duque

 48  AES Tiete                       Energia Paulista

 49  CEG Rio                         Petrobras

 50  ElectroAndes                    PSEG Global
 51  Juncadella                      Prosegur Internacional

 52  Cia. Cervecerias Unidas         Anheuser Busch

 53  Generar AFJP                    Citigroup

 54  Massalin Particulares           FTR Holding

 55  Itau-Telecom Networks           Telefonica Data Corp

 56  Serra da Mesa Energia           Geracao de Energia

 57  Banco Itau                      La Caixa

 58  Banco Itau (2.6%)               Banco Itau

 59  ICA                             Hutchinson Port Holdings

 60  Cia. Minera Lomas Bayas & Cia.  Noranda & Falconbridge
     Minera Boliden Westmin

 61  Grupo Financiero Bancrecer      Grupo Financiero Banorte

 62  Essam                           Thames Water PLC

 63  Acominas                        Gerdau Group

 64  Transportacion Ferroviaria      Transportacion Ferroviaria Mexicana
     Mexicana (24.6%)

 65  Suape Container Terminal        International Container Terminal
                                      Services

 66  LightGas                        AES

 67  Telemar Participacoes (3%)      Telemar Participacoes

 68  Embotelladora Argos (2l%)       Embotelladoras Arca

 69  Lineas Aereas Privadas          Aeropuertos Argentinos 2000
     Argentinas

 70  Seguros Comercial               ING Groep NV
     America (13.3%)

 71  Empresa Electrica               Public offering
     Colbun Machicura

 72  Soquimich                       Potash Corporation of Saskatchewan

 73  TeleBahia                       Tele Norte Leste

 74  Unibanco (10%)                  Unibanco

 75  Cia. de Concessoes              Brisa-Auto Estradas de Portugal
     Rodoviarias

 76  Pecom Pampa del Castillo-La     ENAP
     Guitarra

 77  Tevecap                         Abril

 78  Crescent Market Companies       Vulcan Materials

 79  Autopistas del Sol              Aurea Concesiones de
                                      Infraestructura
 80  Basic Resources International   Perenco

 81  Xerox de Mexico                 Flextronics International

 82  Banco de la Provincia           Banco General de Negocios
     de Buenos Aires

 83  Tonala Rig                      Chiles Offshore

 84  SP Telecomunicacoes Holding     Telefonica

 85  PBPart-SE                       Alliant Energy do Brasil

 86  UCP Backus & Johnston (12.8%)   Empresas Polar

 87  Iberoleste Participacoes        Telefonica

 88  UCP Backus & Johnston (2.2%)    Empresas Polar

 89  Johnson & Johnson de Mexico     Molnlycke Health Care AB

 90  Sociedad Punta de Lobos         Miners Sal de America

 91  UOL                             PT Multimedia

 92  Norquisa                        Odebrecht Quimica

 93  Bavaria (9.8%)                  Bavaria

 94  Ambev (27.9%)                   AmBev

 95  Telecomunicacoes do Parana      Tele Norte Leste

 96  Global Telecom                  Telesp Celular Participacoes

 97  Sonda                           Andres Havarro

 98  Copel                           Estado do Parana

 99  Afore Bancrecer Dresdner        Dresdner Pension Fund Holdings

100  Latinoamericana Duty Free       Geresa Mexico

 RK  TARGET COMPANY                  ACQUIRER            VALUE
'01                                  COUNTRY

  1  Banacci                         United States    12,821.0

  2  Global Telecom                  Brazil            1,116.0

  3  Grupo Financiero                Spain             1,094.4
     BBVA Bancomer (16%)

  4  Grupo Iusacell                  United Kingdom      973.4

  5  Portugal Telecom                Brazil              964.6

  6  Tess                            Bermuda             950.0

  7  Banco de A. Edwards             Chile               942.9

  8  Petrobras                       N/A                 806.9

  9  Seguros Comercial               The Netherlands     791.0
     America (45%)

 10  Edenor                          France              786.0

 11  BBV Banco Frances               Spain               704.5

 12  Ferteco Mineracao               Brazil              696.0

 13  Rio Grande Energia              Brazil              685.5

 14  Cenibra                         Japan               670.5

 15  Aerolineas Argentinas           Spain               615.0

 16  Cantv (15%)                     Venezuela           595.3

 17  Americel                        Bermuda             580.0

 18  Embotelladora Argos (79%)       Mexico              579.8

 19  Nova Camacari                   Brazil              577.3

 20  Grupo Financiero                Spain               554.8
     BBVA Bancomer (9%)

 21  Cerveceria Hondurena            United Kingdom      537.0

 22  Caixa Seguros                   France              536.0

 23  Mavesa                          Venezuela           512.4

 24  Bevco                           United Kingdom      500.0

 25  Wal-Mart de Mexico              Mexico              476.4

 26  Banco Bradesco (8.4%)           Brazil              465.9

 27  Grupo Bimbo (16.9%)             Mexico              453.5

 28  Laboratorio Chile               United States       452.8

 29  CVRD (8.6%)                     Brazil              434.6

 30  Saesa                           United States       428.4

 31  Grupo Bufete Industrial         Mexico              420.0

 32  Alger Telecom Leste             Mexico              400.0

 33  Banco Itau (3.5%)               Brazil              378.6

 34  PSEG Global                     United States       376.0

 35  Aracruz Celulose                Brazil              370.0

 36  AmBev (8.2%)                    Brazil              369.1

 37  Telemig                         Brazil              344.3

 38  Caemi Mineracao e Metalurgia    Japan               332.0

 39  Bahia Sul Celulose              Brazil              320.0

 40  Copene                          Brazil              319.7

 41  Banco Itau (3.3%)               Brazil              308.4

 42  Cartones, Ecofibras,            Mexico              285.0
     Ponderfiber

 43  Caemi Mineracao e Metalurgia    Brazil              280.0

 44  Vesper                          United States       266.0

 45  Cla. Seguros de Vida Santander  United States       258.6

 46  Central Puerto                  Argentina           255.0

 47  Metalurgica Duque (5.5%)        Brazil              248.5

 48  AES Tiete                       Brazil              247.0

 49  CEG Rio                         Brazil              240.0

 50  ElectroAndes                    United States       227.1
 51  Juncadella                      Spain               224.7

 52  Cia. Cervecerias Unidas         United States       224.0

 53  Generar AFJP                    United States       220.0

 54  Massalin Particulares           Switzerland         219.9

 55  Itau-Telecom Networks           Spain               210.0

 56  Serra da Mesa Energia           Brazil              209.7

 57  Banco Itau                      Spain               193.0

 58  Banco Itau (2.6%)               Brazil              185.3

 59  ICA                             Hong Kong           180.9

 60  Cia. Minera Lomas Bayas & Cia.  Canada              177.1
     Minera Boliden Westmin

 61  Grupo Financiero Bancrecer      Mexico              175.7

 62  Essam                           United Kingdom      171.0

 63  Acominas                        Brazil              170.3

 64  Transportacion Ferroviaria      Mexico              170.0
     Mexicana (24.6%)

 65  Suape Container Terminal        Philippines         169.4


 66  LightGas                        United States       151.7

 67  Telemar Participacoes (3%)      Brazil              151.3

 68  Embotelladora Argos (2l%)       Mexico              151.0

 69  Lineas Aereas Privadas          Argentina           145.0
     Argentinas

 70  Seguros Comercial               Netherlands         144.8
     America (13.3%)

 71  Empresa Electrica               N/A                 143.5
     Colbun Machicura

 72  Soquimich                       Canada              129.0

 73  TeleBahia                       Brazil              128.9

 74  Unibanco (10%)                  Brazil              127.1

 75  Cia. de Concessoes              Portugal            125.5
     Rodoviarias

 76  Pecom Pampa del Castillo-La     Chile               125.0
     Guitarra

 77  Tevecap                         Brazil              124.5

 78  Crescent Market Companies       United States       121.1

 79  Autopistas del Sol              Spain               121.0

 80  Basic Resources International   France              120.5

 81  Xerox de Mexico                 Singapore           118.0

 82  Banco de la Provincia           Argentina           117.0
     de Buenos Aires

 83  Tonala Rig                      United States       112.7

 84  SP Telecomunicacoes Holding     Spain               110.3

 85  PBPart-SE                       Brazil              110.0

 86  UCP Backus & Johnston (12.8%)   Venezuela           110.0

 87  Iberoleste Participacoes        Spain               107.2

 88  UCP Backus & Johnston (2.2%)    Venezuela           105.0

 89  Johnson & Johnson de Mexico     Sweden              102.4

 90  Sociedad Punta de Lobos         Chile               101.0

 91  UOL                             Portugal            100.0

 92  Norquisa                        Brazil               98.6

 93  Bavaria (9.8%)                  Colombia             96.9

 94  Ambev (27.9%)                   Brazil               96.7

 95  Telecomunicacoes do Parana      Brazil               94.8

 96  Global Telecom                  Brazil               94.0

 97  Sonda                           Chile                93.8

 98  Copel                           Brazil               93.6

 99  Afore Bancrecer Dresdner        Mexico               93.5

100  Latinoamericana Duty Free       Mexico               93.4

SOURCE: Thomson Financial LATIN TRADE