Three brewers are interested in acquiring Mexico's FEMSA Cerveza in a $7.5-billion plus auction, with SABMiller seen front runner in a deal likely to be sealed in January, sources close to the situation said Friday. Europe-based brewers SABMiller and Heineken are both keen to buy one of the last big emerging market brewers, while Japan's largest brewer, Kirin Holdings, has asked for details on the brewer, which was effectively put up for sale last month.
American brewer Molson Coors looked at FEMSA's beer operations but has backed away, largely reflecting the big loss it made buying Brazilian brewer Kaiser in 2002 then selling it to FEMSA in 2006, the sources said.
Nov 27, 2009
Nov 25, 2009
Brazil Caixa seals Panamericano stake deal
Brazilian state-owned bank Caixa Economica Federal is in advanced talks to buy a minority stake in Banco Panamericano. The purchase is part of a plan by Caixa, the country's largest mortgage lender, to expand into car loans, the daily newspaper reported.
Caixa would structure the transaction similarly to state-controlled Banco do Brasil's acquisition of a 49.99 percent stake in privately-held Banco Votorantim in January, Brasil Economico added.Panamericano and Caixa didn't return calls seeking comment on the report.
Panamericano, which focuses on paycheck-deductible consumer finance and automobile loans, was among several medium-sized Brazilian banks that suffered a liquidity crunch at the height of the global financial turmoil late in 2008, Brasil Economico said.
Caixa would structure the transaction similarly to state-controlled Banco do Brasil's acquisition of a 49.99 percent stake in privately-held Banco Votorantim in January, Brasil Economico added.Panamericano and Caixa didn't return calls seeking comment on the report.
Panamericano, which focuses on paycheck-deductible consumer finance and automobile loans, was among several medium-sized Brazilian banks that suffered a liquidity crunch at the height of the global financial turmoil late in 2008, Brasil Economico said.
Nov 24, 2009
Mexican telco Axtel eyes mobile phone market
Mexican fixed-line telephone operator Axtel is considering entering the mobile phone market as it eyes upcoming frequency auctions that would help it expand its customer base.
Mexico set preliminary terms for the frequency auctions on Monday in a renewed effort to boost competition in a market dominated by tycoon Carlos Slim's America Movil. The government will sell nine blocks of frequencies ranging from 1850 to 1990 MHz, as well as, seven blocks within the 1710 to 2170 MHz range.
Mexico set preliminary terms for the frequency auctions on Monday in a renewed effort to boost competition in a market dominated by tycoon Carlos Slim's America Movil. The government will sell nine blocks of frequencies ranging from 1850 to 1990 MHz, as well as, seven blocks within the 1710 to 2170 MHz range.
Nov 19, 2009
Telefonica says GVT offer fails to attract bids
Telefonica's Brazilian affiliate Telesp said that a public tender offer to buy control of rival GVT failed to attract enough takers.
The unit, known as Telesp, said it could not acquire the minimum number of shares required in the tender draft issued on Oct. 8, according to a securities filing. Telesp aimed at buying up to 100 percent of GVT stock in the tender offer.
France's Vivendi on Nov. 13 gained control of GVT, trumping Telefonica to gain a foothold in Latin America's biggest market. Under terms of the Vivendi bid, GVT is valued at $4.2 billion.
In a surprise move, Vivendi acquired 37.9 percent of GVT's voting shares for 56 reais each and disclosed that it had the right to exercise irrevocable options for an additional stake of 19.6 percent. Vivendi will also launch a tender offer of 56 reais a share for all of GVT's share capital. Telefonica kept its 50.5 reais-a-share tender offer unchanged.
The unit, known as Telesp, said it could not acquire the minimum number of shares required in the tender draft issued on Oct. 8, according to a securities filing. Telesp aimed at buying up to 100 percent of GVT stock in the tender offer.
France's Vivendi on Nov. 13 gained control of GVT, trumping Telefonica to gain a foothold in Latin America's biggest market. Under terms of the Vivendi bid, GVT is valued at $4.2 billion.
In a surprise move, Vivendi acquired 37.9 percent of GVT's voting shares for 56 reais each and disclosed that it had the right to exercise irrevocable options for an additional stake of 19.6 percent. Vivendi will also launch a tender offer of 56 reais a share for all of GVT's share capital. Telefonica kept its 50.5 reais-a-share tender offer unchanged.
Brazil's Amil to buy 52% of Medial for $354M
Amil Participacoes -Brazil's largest provider of supplemental health services- agreed to buy control of rival Medial Saude to expand in the country's wealthiest state and cut operating costs.
Amil is buying 51.9 percent of Medial stock in a cash deal valued at 612.5 million reais ($354 million), the companies said in a securities filing. The deal is subject to approval by Brazilian health industry regulators.
Rio de Janeiro-based Amil said in a separate statement that the acquisition of Medial will help it boost its stake of the health-insurance market in the state of Sao Paulo to 15 percent from 7.9 percent currently. Nationwide, a combination should help Amil grab a 10.1 percent market share, compared with 6.2 percent now, the company said.
Amil shareholders are offering their Medial counterparts a premium of about 17 percent above Wednesday's stock close. Despite posting losses for six straight quarters, Medial was poised to ramp up presence in Sao Paulo through the opening of its Paulista hospital by the end of 2010.
Amil is buying 51.9 percent of Medial stock in a cash deal valued at 612.5 million reais ($354 million), the companies said in a securities filing. The deal is subject to approval by Brazilian health industry regulators.
Rio de Janeiro-based Amil said in a separate statement that the acquisition of Medial will help it boost its stake of the health-insurance market in the state of Sao Paulo to 15 percent from 7.9 percent currently. Nationwide, a combination should help Amil grab a 10.1 percent market share, compared with 6.2 percent now, the company said.
Amil shareholders are offering their Medial counterparts a premium of about 17 percent above Wednesday's stock close. Despite posting losses for six straight quarters, Medial was poised to ramp up presence in Sao Paulo through the opening of its Paulista hospital by the end of 2010.
Desregulation of Mexico's Telco market would encourage acquisition strategies
Mexican senators could vote next week on a proposal to remove foreign-investment limits in fixed-line telephone companies, which would be a blow to market leader Telmex, controlled by tycoon Carlos Slim.
With an eye to making Mexico's economy more competitive, President Felipe Calderon has urged lawmakers to remove limits on foreign investment in Mexican fixed-line telephone companies.
Proponents of the bill being discussed in the Senate say it would increase competition against Telmex, which has 85 percent of Mexico's fixed-telephone lines.
Letting foreign investors take controlling positions in fixed-line telephone and Internet operators could make smaller companies like Axtel, Megacable and Maxcom acquisition targets for international players like Spain's Telefonica.
With an eye to making Mexico's economy more competitive, President Felipe Calderon has urged lawmakers to remove limits on foreign investment in Mexican fixed-line telephone companies.
Proponents of the bill being discussed in the Senate say it would increase competition against Telmex, which has 85 percent of Mexico's fixed-telephone lines.
Letting foreign investors take controlling positions in fixed-line telephone and Internet operators could make smaller companies like Axtel, Megacable and Maxcom acquisition targets for international players like Spain's Telefonica.
Nov 16, 2009
FEMSA to sell it's beer unit
Mexican conglomerate FEMSA expects strong growth for its convenience store business in 2010, but declined to give any details on the possible sale of its beer unit.
Chief Executive Officer Jose Antonio Fernandez said the company could open 850 new Oxxo convenience stores in 2010, about the same growth pace expected for this year.
Monterrey-based FEMSA disclosed last month that it was in talks about its beer unit. The company has talked to Britain's SABMiller - which analysts see as the most likely acquirer - and Heineken from the Netherlands.
The potential sale of the beer unit, which market watchers estimate could raise $7.5 billion, would give Mexico's No. 2 brewer new cash to strengthen its Coca-Cola bottling business and expand its Oxxo network.
Oxxo entered Colombia earlier this year, and Fernandez did not rule out expanding to new markets in the future. As of the end of September, FEMSA had nearly 7,000 Oxxo stores.
Chief Executive Officer Jose Antonio Fernandez said the company could open 850 new Oxxo convenience stores in 2010, about the same growth pace expected for this year.
Monterrey-based FEMSA disclosed last month that it was in talks about its beer unit. The company has talked to Britain's SABMiller - which analysts see as the most likely acquirer - and Heineken from the Netherlands.
The potential sale of the beer unit, which market watchers estimate could raise $7.5 billion, would give Mexico's No. 2 brewer new cash to strengthen its Coca-Cola bottling business and expand its Oxxo network.
Oxxo entered Colombia earlier this year, and Fernandez did not rule out expanding to new markets in the future. As of the end of September, FEMSA had nearly 7,000 Oxxo stores.
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