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Deals of the year: Latin America

Western Europe         Central & Eastern Europe        Asia         North America


Best M&A deal
Coca-Cola Femsa
Type of deal: acquisition of Panamco
Size: $3.6 billion
Date: December 2002
Advisers: JPMorgan, Morgan Stanley

It was not a banner year for M&A in Latin America. For most of 2002, there were only three announced deals of any size: Petrobrás buying Pérez Companc in the oil industry, Pepsi Bottling Group buying Pepsi-Gemex in bottling, and Corus buying CSN in cement. When the latter fell through, the Latin M&A league tables were looking decidedly bare.

Just before the year ended, however, on December 23, Mexico's largest Coca-Cola bottler, Coca-Cola Femsa (CCF), announced the acquisition of rival Panamco. It was the largest Latin M&A deal ever in which the buyer was a Latin company, and by far the largest Latin M&A deal of 2002. The asking price was $3.6 billion, $22 a share - a premium of 118% over the December 20 close.

Panamco's controlling shareholders did even better out of the deal, netting $247 million in cash, $38 a share.

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