Brazil state development bank BNDES may support consolidation in the country's steel industry as the government looks to create "global champions".
Brazilian steelmakers owe the country a more assertive stance. The steel sector is a large exporter, but it hasn't produced, until now, companies on an international scale.
BNDES has helped fund a series of major deals in Brazil the past year, including the merger of food processors Sadia and Perdigao that created Brasil Foods (PRGA3.SA) and the Aracruz (ARCZ6.SA)-Votorantim Celulose (VCPA4.SA) transaction that formed pulp and paper giant Fibria.
The bank has also been key in funding overseas takeovers carried out by JBS (JBSS3.SA), the world's largest meat producer.
Sep 22, 2009
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