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Deputy finance minister Paulo Rogerio Caffarelli has suggested BNDES may face funding cuts |
When Laurent Noual, a corporate development officer at French tyre manufacturer Michelin, presented an acquisition opportunity in Brazil to the company last year, he did not try to disguise Brazil’s problems.
Despite a falling stock market and stagnating economy, Noual was able to convince his management and board to go ahead with an investment of R$1.6 billion ($560 million). He says the purchase of Sascar, a Brazilian trucking fleet-management company, was a means to expand Michelin’s client networks in a country that remains one of its top four markets globally.
“If we are in Brazil, it’s for the long run,” says Noual.
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