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Mergers and Aquisitions in the Mercosur Countries

出版	SSRN, 2000
URL	http://books.google.com.hk/books?id=XYXizwEACAAJ&hl=&source=gbs_api

註釋The research analyses M&A transactions having as targets firms established in the Mercosur's region (including associated countries Chile and Bolivia). A database containing 648 M&A transactions and covering the years 1992/98 was built for this purpose. The results reveal a marked concentration of cases in the three largest countries ? Brazil (329 operations), Argentina (272) and Chile (40) ? and in a few sectors.The banking and financial sector is the most important one as far as the total is concerned, due to the number of operations in Brazil. Chemicals occupy the second position in terms of the number of transactions both in Brazil and in Argentina. Food processing is the third most important sector. If we add beverages, the importance both in Argentina and in the grand total increases substantially (96 operations out of 648). Services occupy the fourth place, followed by the auto and autoparts sector. The next ones are communications, metals and metal products, retail trade, electrical & telecommunications equipment, nonmetallic minerals and paper and pulp. The totals also reveal that the majority of transactions took place among firms operating in the same country (82% of the total) ? that is, only 18% are cross border transactions. However, among the own country M&A, about half are acquisitions by TNC subsidiaries. This allowed the study to identify sector patterns and entrepreneurial strategies. From the point of view of entrepreneurial strategies, it does not appear that resource seeking strategies were the favored motivation for M&A in the region. However, resource seeking strategies in Argentina characterize sectors such as agribusiness commodities, oil and petrochemicals, besides mining. In Brazil, these investments have increasing importance due to the joint influence of privatization and augmented FDI flows since 1995.