LatinFinance - September/October 2013 - 12

NEWS
M&A

Latin America’s Coca-Cola bottlers tussle over the Brazilian market while
elsewhere telecom acquisitions heat up. By Ben Miller

Cola wars
Brazil has been the center of
attention for latin america’s
coca-cola bottlers. chile’s
Embotelladora Andina and
mexico’s Coca-Cola Femsa
(Kof) both gained sizeable
footprints.
Kof agreed to pay $1.86
billion for Spaipa, the
second-largest privately
owned coke bottler in Brazil,
two months after picking up
Companhia Fluminense de
Refrigerantes in July for $448
million. analysts said Kof paid
a high price for Spaipa, but the
market position might make it
worthwhile. not to be outdone,
andina moved for Companhia
de Bebidas Ipiranga in a
deal valued at $540 million.
the purchase was seen as
fair to slightly expensive, and
adds to andina’s existing
assets in Brazil as it expands
outside chile. in telecoms,
Millicom agreed to merge its
colombian wireless operations
with Empresas Públicas
de Medellin’s (ePm) fixedline operator UNE. the two
will form a new combined
entity. the deal values Une
at $2.1 billion and millicom’s
Colombia Móvil business,
which that operates the tigo
wireless brand, at $1.3 billion.
millicom will contribute its 50%
stake in colombia móvil. Une
already held 25% of colombia
móvil. ePm is to come out of
the deal with a stake of 50%
plus one share in the combined
company, and millicom the
remainder. the tie-up will

allow millicom and Une to
better compete with colombia
telecomunicaciones and
telefónica móviles colombia,
who merged last year.
Spanish bank BBVA
unloaded its Panama unit to
colombia’s Grupo Aval for
$646 million. the transaction
continues aval’s central
american expansion, as well
as BBVa’s pullout from parts of
latam. BBVa is to receive $490
million cash and a $140 million
dividend from the Panamanian
unit. the deal follows aval’s
June acquisition of Grupo
financiero Reformador in
Guatemala for $411 million.
Dutch unease
the fate of América Móvil’s
€7.2 billion ($9.7 billion) bid
for the remainder of Royal
KPN was in doubt in early
September, after the Dutch
phone company’s foundation
exercised an option to buy
shares with the intention
of impeding the offer. the
mexican was to make a formal
offer to shareholders in
october, but said it was ready
to walk away.
Petrobras has raised $2.1
billion from selling stakes
in four oil blocks, as part of
a plan to shed $10 billion
in non-core assets by 2017.
the deals included the sale
of a 35% stake in the Parque
das conchas block in the
Santos Basin to china’s
Sinochem for $1.54 billion,
as well as petrochemicals

12 l atinfina nce.com - September/October 2013

M&A rank by volume, year to 13 Sep
ABN enters

Rank

Advisor

Value $m

# Deals

1
2
3
4
5
6
7
8
9
10

Goldman Sachs
JPmorgan
Deutsche Bank
aBn amRo Bank
credit Suisse
BtG Pactual
morgan Stanley
Bofa merrill lynch
itaú BBa
Bradesco BBi

40,067
29,583
28,273
22,681
13,327
12,061
8,904
8,751
8,334
5,371

19
15
8
1
22
34
11
8
28
11

Total

98,364

1,067

Investment banking fees revenue, year to 13 Sep
BTG jumps forward
Rank
Bank
1
2
3
4
5
6
7
8
9
10

Credit Suisse
Citi
BTG Pactual
JPMorgan
Itaú BBA
Morgan Stanley
BofA Merrill Lynch
Santander
Deutsche Bank
Bradesco BBI
Total

Revenue $m

% Share

120
102
99
98
96
90
75
58
56
51

9.15
7.8
7.53
7.5
7.29
6.89
5.7
4.39
4.27
3.92

1,312

100

Source: Dealogic; Includes M&A, ECM, DCM and Loans fee revenue

firm Petroquimica innova to
Videolar for $377 million.
With billionaire controller
eike Batista raising funds to pay
off debts, many EBX group assets are potentially up for sale.
Batista sold control of logistics
company LLX to US private equity fund EIG for $555 million.
more deals are likely, as the
eBX Group tries to raise cash
to balance shrinking liquidity.
colombian coal miner ccX

and miner mmX may be sold
next. Batista has pledged to
maintain control of OGX. the
firm may bring in partners for
certain oil blocks, following an
$850 million agreement with
malaysia’s Petronas earlier this
year.
China Fishery Group said
it reached 99% ownership of
Peru’s Copeinca in august.
cfG’s final bid valued copeinca
at $721 million. LF


http://www.LATINFINANCE.COM

LatinFinance - September/October 2013

Table of Contents for the Digital Edition of LatinFinance - September/October 2013

Latin Finance - September/October 2013
Contents
Front notes
People news
Debt news
Equity news
M&A news
After the storm
Advantage Mexico
Treading water
New structures
Mexico
Regaining the Initiative
Deficit Ahead
Building up
Switching Course
Brazil
Work in progress
Extreme makeover
Mind the gap
Brazilian life insurance
Andean
Breaking the fall
Reaching out
Market movers
Paraguay
Smoothing the cycles
Thinking big
Parting Shot
LatinFinance - September/October 2013 - Latin Finance - September/October 2013
LatinFinance - September/October 2013 - Cover2
LatinFinance - September/October 2013 - Contents
LatinFinance - September/October 2013 - 2
LatinFinance - September/October 2013 - 3
LatinFinance - September/October 2013 - Front notes
LatinFinance - September/October 2013 - 5
LatinFinance - September/October 2013 - People news
LatinFinance - September/October 2013 - 7
LatinFinance - September/October 2013 - Debt news
LatinFinance - September/October 2013 - 9
LatinFinance - September/October 2013 - Equity news
LatinFinance - September/October 2013 - 11
LatinFinance - September/October 2013 - M&A news
LatinFinance - September/October 2013 - 13
LatinFinance - September/October 2013 - 14
LatinFinance - September/October 2013 - 15
LatinFinance - September/October 2013 - 16
LatinFinance - September/October 2013 - 17
LatinFinance - September/October 2013 - 18
LatinFinance - September/October 2013 - 19
LatinFinance - September/October 2013 - 20
LatinFinance - September/October 2013 - 21
LatinFinance - September/October 2013 - 22
LatinFinance - September/October 2013 - 23
LatinFinance - September/October 2013 - After the storm
LatinFinance - September/October 2013 - 25
LatinFinance - September/October 2013 - Advantage Mexico
LatinFinance - September/October 2013 - 27
LatinFinance - September/October 2013 - Treading water
LatinFinance - September/October 2013 - 29
LatinFinance - September/October 2013 - 30
LatinFinance - September/October 2013 - New structures
LatinFinance - September/October 2013 - 32
LatinFinance - September/October 2013 - 33
LatinFinance - September/October 2013 - 34
LatinFinance - September/October 2013 - 35
LatinFinance - September/October 2013 - 36
LatinFinance - September/October 2013 - 37
LatinFinance - September/October 2013 - 38
LatinFinance - September/October 2013 - 39
LatinFinance - September/October 2013 - 40
LatinFinance - September/October 2013 - Mexico
LatinFinance - September/October 2013 - Regaining the Initiative
LatinFinance - September/October 2013 - 43
LatinFinance - September/October 2013 - Deficit Ahead
LatinFinance - September/October 2013 - 45
LatinFinance - September/October 2013 - Building up
LatinFinance - September/October 2013 - 47
LatinFinance - September/October 2013 - 48
LatinFinance - September/October 2013 - 49
LatinFinance - September/October 2013 - 50
LatinFinance - September/October 2013 - 51
LatinFinance - September/October 2013 - Switching Course
LatinFinance - September/October 2013 - 53
LatinFinance - September/October 2013 - 54
LatinFinance - September/October 2013 - 55
LatinFinance - September/October 2013 - 56
LatinFinance - September/October 2013 - Brazil
LatinFinance - September/October 2013 - Work in progress
LatinFinance - September/October 2013 - 59
LatinFinance - September/October 2013 - 60
LatinFinance - September/October 2013 - 61
LatinFinance - September/October 2013 - Extreme makeover
LatinFinance - September/October 2013 - 63
LatinFinance - September/October 2013 - 64
LatinFinance - September/October 2013 - 65
LatinFinance - September/October 2013 - 66
LatinFinance - September/October 2013 - Mind the gap
LatinFinance - September/October 2013 - 68
LatinFinance - September/October 2013 - 69
LatinFinance - September/October 2013 - Brazilian life insurance
LatinFinance - September/October 2013 - 71
LatinFinance - September/October 2013 - 72
LatinFinance - September/October 2013 - Andean
LatinFinance - September/October 2013 - Breaking the fall
LatinFinance - September/October 2013 - 75
LatinFinance - September/October 2013 - 76
LatinFinance - September/October 2013 - Reaching out
LatinFinance - September/October 2013 - 78
LatinFinance - September/October 2013 - 79
LatinFinance - September/October 2013 - 80
LatinFinance - September/October 2013 - 81
LatinFinance - September/October 2013 - Market movers
LatinFinance - September/October 2013 - Paraguay
LatinFinance - September/October 2013 - Smoothing the cycles
LatinFinance - September/October 2013 - 85
LatinFinance - September/October 2013 - Thinking big
LatinFinance - September/October 2013 - 87
LatinFinance - September/October 2013 - Parting Shot
LatinFinance - September/October 2013 - Cover3
LatinFinance - September/October 2013 - Cover4
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