¿Adiós a las bolsas?
Author | Fabey, Michael |
Position | Am |
Las principales bolsas latinoamericanas están perdiendo sus acciones de mayor volumen. Bovespa, de Brasil, ha perdido los títulos de Telebrás, y si los audaces planes de compra de valores de Telefónica marchan bien, Brasil, Argentina y Perú perderán las valiosas acciones de las filiales de la compañía española.
"Hay que estar consciente de la retirada de las acciones en los mercados", dice Geoffrey Dennis, estratega de valores latinoamericanos de Salomon Smith Barney, refiriéndose a esta tendencia de sacar acciones de los mercados bursátiles. "Muchas de estas compañías preferirían cotizarse en Nueva York".
Hasta la reciente caída de los mercados de alta tecnología, muchas nuevas empresas latinoamericanas de Internet esperaban ir directamente al Nasdaq. La razón: el fácil acceso a los inversionistas internacionales, la protección para los accionistas minoritarios, los negocios en dólares y los altos volúmenes de negociación significan un aumento en el precio de las acciones.
La tendencia de retirar acciones del mercado en América Latina no se debe completamente a la absorción hostil de los valores latinoamericanos por parte de Nueva York. En muchos casos, los compradores internacionales sencillamente quieren la propiedad total de sus objetivos, lo que implica sacarlos de la bolsa.
Pero la deficiente protección de los derechos de los accionistas minoritarios ha impulsado el éxodo. En el estado brasileño de Minas Gerais, por ejemplo, el gobernador Itamar Franco expulsó recientemente al equipo gerencial de la empresa eléctrica norteamericana AES Corp. de la junta directiva de Cemig, compañía eléctrica operada conjuntamente por el gobierno del estado y AES.
Las bolsas latinoamericanas sienten la presión de la fuerte competencia por acciones de gran demanda. Bovespa, la...
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