Top 100 M&As: deals are down, but a powerful few remain to fight for Latin America's most attractive assets. (Regional Report).
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:
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.
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 $376 million (AES had invoked a "political risk" clause to avoid paying full price). In Peru, meanwhile, PSEG's ambitions have been frustrated by privatization delays.
Top Financial Advisers RANK RANK ADVISER VALUE DEALS '02 '01 US$ 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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|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)|
|Date:||Mar 1, 2003|
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