Two high-profile proposed deals between Portugal and its former colony have revealed some of the new characteristics of Brazilian M&A. First, Petrobras’s (albeit abortive) attempt to purchase Italian oil company Eni’s 33.34% stake in Portugal’s Galp Energia demonstrates that Brazilian companies are increasingly reversing the trend of Asian, European and US firms buying Latin American corporates, in particular in the energy and natural resources sectors.
The appreciation of local currencies, increased corporate cashflows and support from strong financial institutional investors have led M&A bankers in the region to report an increase in the number of Latin American companies looking to buy targets in North America and Europe.
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