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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 America's largest companies against each other and a handful of foreigners in a feud for strategic acquisitions in the region.

Latin American output shrank 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, D.C. Completed mergers and acquisitions fell 24% to less than $38 billion, its lowest level in six years, according to Thomson Financial.

The limited number of done deals, however, masks the underlying movements of a select group of Latin America's most powerful businesses. They're busy grabbing up assets from both retreating multinational companies and beleaguered family-run empires.


Mexican billionaire Carlos Slim is expanding his telecom interests across the Americas. He spun off his $3.2-billion Carso Global Telecom into holding company Telecom Americas, then invested $2.3 billion buying out big partners U.S. telecom SBC and Bell Canada International. The famed bottom-fisher hunts big game in Brazil and beyond.

Spain's multinational wireless company, Telefonica Moviles, continues to pressure Slim with strategic purchases in Mexico. Brasilcel, the merger of its Brazilian operations with Telecom Portugal, recently acquired Brasilia-based mobile operator Tele Centro Oeste for almost $1 billion.

Still unclear: What will happen with Brazilian and Mexican long-distance companies Embratel and Avantel, holdings of financially troubled U.S. carrier WorldCom.


Brazil's Ambev and Colombia's Bavaria have staked out territory as the No. 1 and No. 2 brewers in South America. Ambev snatched Argentina's Quilmes Industrial from minority shareholder Heineken. Similarly, Bavaria ripped Peruvian powerhouse Backus and Johnson from the clutches of Venezuela's Empresas Polar.

Heineken has pushed forward with acquisitions in Brazil and Central America, but the big prizes in the major countries seemed to have slipped away, for now. With its acquisition of Miller Brewing Co. in the United States, South African Breweries gained a foothold in Costa Rica and proceeded to expand its operations in Central America.


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, which expects to spend another $2 billion over the next five years to beef up international production, mainly in Venezuela but also Peru, Bolivia and Ecuador. Earlier, Petrobras swapped a billion dollar's worth of assets with Spanish-Argentine energy giant Repsol-YPF for a share of its Argentine retail gasoline and refining business.

National strikes, meanwhile, have paralyzed 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.


Bradesco President Marcio Cypriano and Banco Itau CEO 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), BBVA 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.


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 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, director of Latin American power ratings for Fitch Ratings 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 for a company that acquired so much, so fast in the region.

What's ahead: Facing reality, AES renamed its Turnaround Office the Restructuring 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 of relief: It's foreign holding unit, Duke Energy International, reported only slight losses in 2002, down US$221 million, almost entirely from European dealings. Meanwhile, it has built up a portfolio from Guatemala to Buenos Aires, 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 the hatches and make sure each unit is producing according to demand.


By the end of 2002, facing skeptical investors and slipping domestic economies, Spanish utility Endesa began hedging its bets in Latin America. Chilean holding company Enersis, Endesa's base of operations in the region, took $290 minion in accounting charges on lost investments in Brazil and Argentina as short- and medium-term debts of $2.2 billion cast a cloud over the company.

What's ahead: Don't look for $4.5 billion-revenues Endesa to bail, just regroup 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, increasing its stake to almost 73%. And the Spanish power giant is looking closely at power-hungry Mexico.

PSEG 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 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 by privatization delays.
Top Financial Advisers

'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


 1 Carso Global Telecom Mexico
 2 Telecom Americas Brazil
 3 Banco Santander Chile Chile
 4 Grupo Financiero Santander Mexico
 5 OPP Produtos Petroquimicos Brazil
 6 Cia. Minera Disputada de las Chile
 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


 1 Carso Global Telecom Telecom
 2 Telecom Americas Telecom
 3 Banco Santander Chile Banking
 4 Grupo Financiero Santander Banking
 5 OPP Produtos Petroquimicos Petrochemicals
 6 Cia. Minera Disputada de las Mining
 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


 1 Carso Global Telecom America Telecom
 2 Telecom Americas America Movil
 3 Banco Santander Chile Banco Santiago
 4 Grupo Financiero Santander Bank of America
 5 OPP Produtos Petroquimicos Copene
 6 Cia. Minera Disputada de las Anglo American
 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
 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


 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
 5 OPP Produtos Petroquimicos Brazil 1,496.7
 6 Cia. Minera Disputada de las United Kingdom 1,420.0
 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

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Title Annotation:mergers and acquisitions
Comment:Top 100 M&As: deals are down, but a powerful few remain to fight for Latin America's most attractive assets. (Regional Report).(mergers and acquisitions)
Author:Brown, Greg
Publication:Latin Trade
Article Type:Illustration
Geographic Code:0LATI
Date:Mar 1, 2003
Previous Article:Tulsa's Venezuelan ties: pricey spot-market oil pressures profits at Citgo, Pdvsa's U.S. gasoline retailer. (Special Report).
Next Article:Game over? (Connection).

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