Los pesos pesados: la recesion mundial, la escasez de financiamiento y las devaluaciones tienen a muchas companias entre la espada y la pared, pero no a todas.
Author | Zellner, Mike |
Position | Portada |
Las brutales condiciones del mercado arruinan en América Latina tanto a las empresas débiles como a las fuertes. Las empresas incumplen los pagos de su deuda internacional. Las grandes multinacionales que se han hartado con las adquisiciones ahora padecen de indigestión. Los fondos de inversión están a la espera de oportunidades, aunque, como dice Mario Baesa, presidente ejecutivo de TCW Latin America, "todavía nadie sabe qué será lo barato".
O casi nadie. Un selecto grupo de empresas latinoamericanas y multinacionales escogen sus objetivos cuidadosamente entre la carnicería de activos, mercados y de sus propias acciones en circulación. Compran hoy con vistas al mañana.
Companhia Vale do Rio Doce, de Brasil, se abre paso en el mercado mundial del mineral de hierro con una serie de adquisiciones. Citigroup y Banco Bilbao Vizcaya Argentaria absorbieron el año pasado el primer y el segundo banco de México, respectivamente; ahora Bradesco participa prácticamente en toda privatización bancaria en Brasil, sin esperar a una invasión extranjera. Teléfonos de México y Grupo Bimbo adquieren compañías en Brasil y otros países.
Es cierto que estos devoradores son minoría. Según Thomson Financial, las fusiones y adquisiciones en América Latina, entre ellas la colosal compra del grupo financiero mexicano Banacci por Citigroup, a un costo de US$12,500 millones, bajaron más del 55%, a US$48,000 millones en 2001, la cifra menor desde 1996. El Instituto de Finanzas Internacionales en Washington pronostica que la inversión extranjera directa y otras inversiones netas en acciones en Latinoamérica declinarán casi 40%, a US$35,000...
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