Graña y Montero is about to join a tiny group of Peruvian companies that are listed on the New York Stock Exchange.
Peru’s biggest construction and engineering group has filed for a $460m initial public offering to raise funds for investments in infrastructure, further acquisitions and expansion and land purchases.
Latin America’s conglomerates have been busy border-hopping and snapping up regional assets sold by struggling European companies for some time now, so it’s no surprise to see confirmation of their rising fortunes in the form of two new rankings.
HSBC’s new Multilatinas report and America Economia’s latest installment of its regional conglomerate list both chart the recent growth of groups such as Cemex of Mexico, Ambev of Brazil, Alfa of Mexico and Nutresa of Colombia.
What do a Mexico tortilla maker and a Chilean wood panel manufacturer have in common with Colgate-Palmolive and Telefonica?
Answer: they all have sizeable operations in Venezuela and their shares are feeling the squeeze after the government of Hugo Chávez announced a surprise devaluation on Friday.
Talk about the rise of the “multilatinas”.
Cencosud, the Chilean retail group, became the latest Latin American multinational to flex is financial muscles on Thursday after it reached an agreement to acquire Carrefour’s Colombian assets in a deal with an enterprise value of €2bn ($2.6bn).
More evidence that Latin American multinationals – or “multilatinas” – are on the rise: Chile’s CorpGroup on Tuesday struck a deal to buy up to 100 per cent of the shares of Colombia’s Helm Bank for about $1.3bn.
From Mexico City to Sao Paolo, multilatinas such as Grupo Sura of Colombia and LAN of Chile are bursting out of their traditional boundaries in a bid for growth.
So it’s worth noting Grupo Gloria of Peru’s acquisition of a 55 per cent stake in Uruguay’s second biggest dairy group, Ecolat this week.