In 2015, the mergers and acquisitions
should repeat the pace. Estado interviewed
executives of seven different investment banks. All of them believe that the
business level will at least be maintained.
of Bank of America, says that , in this moment, there are more dialogs about
the operations than it used to have in the beginning of last year. The director
of a big pension fund confirms: In 2014, we could clean up the drawers of
January because we were so much in a slow pace.
Some factors explain the enthusiasm of the
banks with the mergers and acquisitions in this beginning of year. One of them
is connected to the operation Lava Jato
of the Federal Police, which investigates overpriced contracts with Petrobrás:
the construction companies involved are getting rid of assets and seeking
consolidation due to their credit restrictions. The oil and gas companies, the
electricity sector with difficulties of financing, the low occupancy rate of
the commercial properties and the price of the local assets in the Stock
Exchange complete the scenario. Besides, the Dollar appreciated against the
Real renders the companies cheaper for the foreigners.
Price. Still, there are
challenges in the short term. Those who want to close the deal this year will
have to face a harder macroeconomic scenario, with inflationary pressure, high
interest rates and weakened prices of raw material, says the director of
The crucial point of this equation is that the investor, when looking at a
company, thinks of the long term and in the level of prices of the assets –
which have, in this moment, showed to be attractive in
The salespeople are under pressure, which
can cause long-awaited businesses to be finally accomplished. One of them is
the consolidation of the pulp and paper sector. Every time there is
shortage of capital in some sector it is necessary to make some strategic decision,
whether to consolidate assets, to make the capitalization or even to sell
assets. This is more evident in the electric and infrastructure sector,
says
who commands the investment bank of
in
According to the ranking of the
consultancy Dealogic, JP, last year, stayed in fifth place in the ranking of
the banks which were leading the greatest volume of businesses announced. But
Patrícia says that, even though, the results of the business for the bank grew
between 20% and 25%, almost offsetting the fact of the entries in the stock
market having been adrift. In 2014, only two entries were made.
Offsetting. Also in
the reduction of businesses in the stock market was almost all offset.
According to the director
year of his history in deals of purchase and sale of companies. There were
only in December. However, per the ranking of Dealogic, the bank stayed in the
fourth place. Greenlees says that this is due to the fact of approximately 20
operations led by the bank not having had their volume announced. One of the
most important was the merger which CSN promoted between Namisa and
Pedra
partner of Namisa.
Those who participate in the big
operations of the year stay better in the ranking. There were 22 above US$ 1
billion. The largest of them, according to PwC, was that of GVT with
Telefônica, which had a turnover of US$ 9.7 billion. The second one was the
sale of the assets of Portugal Telecom to the French Altice – a transaction
announced by the end of November and which still depends on the approval of the
shareholders of PT (the meeting which will deal with this subject is scheduled
to the 22nd). The third biggest deal was the merger of PT itself with Oi – the
announcement was made in October 2013, but was accomplished with the
capitalization process realized in
when the assets of PT were incorporated to Oi.
The businesses involving the Brazilian
super telecom and the Portuguese operator have defined the ranking of the banks
which most gained with mergers and acquisitions last year. It was in this
manner that Bradesco, for example, has been put aside and Credit Suisse took
the lead of BTG Pactual. Credit asked Dealogic to recount its participation in
the operation of PT and passed the BTG, which is the adviser of Oi.
However, in quantity, BTG took the lead,
with twice as many operations. The director
Gonçalves, emphasizes that some of them have not had their values announced.
But, regardless of the ranking, he is optimistic with 2015, as well as its
competitor,
for years the direct foreign investments for
range of the US$ 65 billion, which attracts a lot of capital from abroad.
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