Fusões e aquisições no Mercosul

Resumo

The research analyses M&A transactions having as targets firms established in the Mercosur’s region (including associated countries Chile and Bolivia). A database containing 648 M&A transactions and covering the years 1992/98 was built for this purpose. The results reveal a marked concentration of cases in the three largest countries — Brazil (329 operations), Argentina (272) and Chile (40) — and in a few sectors. The banking and financial sector is the most important one as far as the total is concerned, due to the number of operations in Brazil. Chemicals occupy the second position in terms of the number of transactions both in Brazil and in Argentina. Food processing is the third most important sector. If we add beverages, the importance both in Argentina and in the grand total increases substantially (96 operations out of 648). Services occupy the fourth place, followed by the auto and autoparts sector. The next ones are communications, metals and metal products, retail trade, electrical & telecommunications equipment, nonmetallic minerals and paper and pulp. The totals also reveal that the majority of transactions took place among firms operating in the same country (82% of the total) — that is, only 18% are cross border transactions. However, among the own country M&A, about half are acquisitions by TNC subsidiaries. This allowed the study to identify sector patterns and entrepreneurial strategies. From the point of view of entrepreneurial strategies, it does not appear that resource seeking strategies were the favored motivation for M&A in the region. However, resource seeking strategies in Argentina characterize sectors such as agribusiness commodities, oil and petrochemicals, besides mining. In Brazil, these investments have increasing importance due to the joint influence of privatization and augmented FDI flows since 1995. Market seeking strategies predominate during the period analyzed. The size and growth of domestic markets are the main motivation of new investment whether it is greenfield, resulting from privatization or object of M&A operations. However, market seeking strategies also include components of firm restructuring (which are typical of efficiency seeking strategies) in a context of trade liberalization, as in Argentina and Brazil during the present decade. Clearly, however, in some cases the motivation behind M&A is also asset seeking, besides being market seeking as suggested by the operations in which the objective is to capture intangible assets detained by the incumbent firm (as in retail trade and banking and financial services). The cases of efficiency seeking strategies to capture synergies are less common, the main exception being the automotive sector: it is the only industry in Brazil — and one of the few in Argentina — which have a special regime to regulate trade within the region and with the rest of the world. Asset seeking strategies are concentrated in the privatization operations. Not infrequently, these transactions are the vehicle for FDI inflows in the Mercosur’s region in joint ventures with domestic firms.

Ficha do documento

Tipo

Estudo

Ano

2000

Instituição

Instituto de Pesquisa Econômica Aplicada (Ipea)

Fonte

Repositório do Ipea

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.ipea.gov.br:11058/2333

Licença

Licença Comum

Abrangência

Brasil; Argentina; Paraguai; Uruguai; Chile; Bolívia

Palavras-chave

Mercado Comum do Sul (Mercosul)Abertura comercial latino-americanaAnálise de casos de fusões e aquisições (F&A)Joint ventures