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Banking

Awards for Excellence 2007: Best Emerging Market M&A House

The US bank has been present from the ground floor up in emerging market takeovers of developed market companies and cross-border emerging market deals.

Awards for Excellence 

Citi


Also shortlisted in this category:
Credit Suisse
UBS

In 2005, Citi put out a research report highlighting a new trend: cross-border M&A transactions in which an emerging market company buys a rival in the developed world. At the time, the trend was still at an early stage. There had been a few examples, such as Mexico’s Cemex buying the UK’s RMC group. But it was limited to a handful of national or regional emerging market champions.

Today, this trend is arguably the most important development in international finance.

Spurred by advances in technology, historically low funding costs and financially stable home environments, a number of emerging market companies worldwide are eyeing opportunities in G7 countries. Last year there were four big transactions in which emerging market companies turned the tables on their developed market counterparts: Brazil’s CVRD’s $19.3 billion hostile takeover of Canada’s Inco, Mexico’s Cemex’s $15.4 billion acquisition of Australia’s Rinker, India’s Tata Steel’s $12.1 billion purchase of Anglo-Dutch rival Corus, and Saudi Arabia’s Sabic’s $11.6 billion acquisition of US company GE Plastics.

Alberto Verme, Citi: a 20-year association with potential global champions


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