Category: M&A
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Magnesita merger with Austrian RHI creates global giant in the industry
In an operation that creates a global leading company in the refractories market, mainly used in the steel industry, Brazil’s Magnesita, the third largest manufacturer in the world in this sector, merged their businesses to the Austrian giant RHI, based in Vienna. With the merger of assets, it is formed RHI Magnesita, which will have…
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CADE Approves Bradesco’s HSBC Brazil Acquisition with Restricticions
Brazilian anti-trust council (CADE) has approved the acquisition of HSBC Brazil by Bradesco with restrictions. One immediate consequence of the of the restrictions imposed by CADE is that Bradesco is definitely out of the dispute to acquire Citi in brazil, since no new acquisition will be allowed to the bank for 30 months. On top…
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Blackstone denies seeking to acquire Brazil mall operator
Investment firm Blackstone Group LP (BX.N) on Sunday said it is not considering an acquisition of Brazilian shopping mall operator BR Malls Participacoes SA (BRML3.SA), denying a report published early in the day by newspaper O Globo.”We are not actively engaged in acquisition discussions for BR Malls,” Blackstone said in an emailed statement. The Brazilian…
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BTG Pactual Sells Distressed Debt Unit to Itau Unibanco
Brazil’s largest private sector banking group said on Thursday that it had agreed to acquire the distressed debt unit of the troubled investment firm BTG Pactual for about 1.2 billion reais, or about $307 million.The banking group, Itau Unibanco, will acquire 82 percent of the distressed debt unit, Recovery do Brasil Consultoria, for 640 million…
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Foreign Investors Buy into Brazil, Lead M&A Activity
Brazilian companies are the cheapest they have been in years, presenting bargain hunters with prime buying opportunities.But foreign investors appear to be keener on the nation’s prospects than Brazilians, many of whom are spooked by the political turmoil that is worsening the nation’s economic slowdown. Earlier this month, New York’s Coty Inc. agreed to pay…
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Europe’s Top Banks Are Cutting Losses Throughout Latin America
European banks are on the retreat all across Latin America.Societe Generale SA announced in February that it’s dismissing more than 1,000 workers while exiting the consumer-finance business in Brazil. In August, HSBC Holdings Plc sold its unprofitable Brazilian unit, with more than 20,000 employees. Two months later, it was Deutsche Bank AG’s turn. The German…
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Brazil Says Any Oi-TIM Deal Would Be Studied Closely
The Brazilian government would study any potential merger or acquisition agreement between telephone companies Oi SA and TIM Participações SA closely to avoid too much concentration in the sector, Communications Minister André Figueiredo said Tuesday.Oi announced Monday that LetterOne, an investment firm led by Russian billionaire Mikhail Fridman, is planning to invest $4 billion in…
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CADE Approves Merger of TOTVS and Bematech
TOTVS S.A. (BM&FBOVESPA: TOTS3) (“TOTVS”) and BEMATECH S.A. (BM&FBOVESPA: BEMA3) (“Bematech”), in addition to what was informed by the companies on August 20, 2015 and September 03, 2015, hereby jointly announce that, on this date, the decision of CADE’s General Superintendence, approving the merger of Bematech’s shares by Makira II Empreendimentos e Participações S.A. (“Makira…
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Travelers Buys Majority Stake in J. Malucelli to Grow in Brazil
The property casualty business, in which Travelers is now 95% stakeholder, will operate under the Travelers brand. The business will now focus on property, general liability, construction and financial insurance products. The company expects to serve its customers with enhanced and expanded product and services and hence capitalize on the opportunities in the Brazilian market…
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Barclays considering sale of investment banking business in Brazil
After disposing off its non-core assets in Portugal for €175m (£128m, $189m) in early September, Barclays is now considering the sale of its investment banking business in Brazil and is open to talks with potential buyers. The move is part of the bank’s restructuring programme led by new chairman John McFarlane. According to Sky News,…