Foreign investment in Brazil is increasing, driven by major infrastructure projects for the 2014 World Cup and 2016 Olympics, and opportunities in high growth sectors like consumer markets, energy, and transportation. Foreign companies are pursuing acquisitions and joint ventures to gain access to the Brazilian market and benefit from the country's economic growth. While Brazil offers attractive opportunities, foreign investors face a complex operating environment and typically enter through partnerships that can lead to majority ownership.
Brazil is a strategic focus for foreign corporates. It attracts one of the highest levels of FDI globally and with investment expected to reach a record US$70 billion in 2013, competition for high quality assets is increasing
Consumers have prioritised spending on travel and holidays throughout the financial downturn. The US$2 trillion leisure travel market is one of the largest sectors worldwide and is outperforming the broader global economy.
Spain has reached an inflection point. Improving economic indicators, low company valuations, technological expertise, a skilled workforce and an increasingly competitive business environment will trigger a rise in M&A volumes
Dr Dev Kambhampati | Doing Business in Brazil - 2013 Country Commercial Guide...Dr Dev Kambhampati
This document provides an overview and guide for doing business in Brazil. It discusses Brazil's economy and growth areas, as well as challenges such as infrastructure and regulations. The document outlines opportunities in sectors like oil/gas, mining, infrastructure, and events like the World Cup and Olympics. It provides guidance on market entry strategies, using agents/distributors, franchising, trade regulations, and financing. The guide offers resources on political/economic factors, leading export sectors, and services from the U.S. Commercial Service to support American companies in Brazil.
The fashion industry in Colombia has experienced strong growth over the past decade, with annual market growth of 4.2% making it the third largest fashion market in South America. Colombia has established free trade agreements with major markets like the US and Europe, as well as preferential access to over 1.5 billion consumers worldwide through its strategic geographic location and trade deals. Major international companies have invested in Colombia to take advantage of its competitive production costs and logistics network, helping to establish the country as a major fashion producer and exporter in the Americas.
Colombia has potential to become a significant player in global vehicle production. It currently produces over 130,000 vehicles annually, making it the 4th largest producer in Latin America. Vehicle and motorcycle sales have been rising steadily in recent years. Several major automakers like Renault, GM, and Toyota have production plants in Colombia. The country's free trade agreements and strategic location near Pacific and Caribbean ports provide opportunities to increase exports. The government is undertaking infrastructure and transportation projects to further develop the automotive industry and support continued growth.
Brazilian engineering is going through the biggest crisis in its history. Companies with recognized technical capacity, with a significant contribution in works and services for our engineering, are paralyzed due to the legal processes to which they are responding. We have seen the destruction of our largest engineering companies. The professionals, especially their engineers, were dismissed by the thousands, the works were suspended, while waiting to see to what extent these companies would be affected by the penalties of Operation Lava Jato. The Bolsonaro government's decision to open Brazil to the entry of foreign companies contributes to destroying the already weakened engineering companies and favoring the employment of engineering professionals from abroad to the detriment of the jobs of many Brazilian engineers. The damage to Brazil and to Brazilian engineering is undeniable.
Colombia has potential to become a significant player in global vehicle production. It currently produces over 130,000 vehicles per year, making it the 4th largest producer in Latin America. Vehicle and motorcycle sales have been increasing in Colombia and are expected to grow by 5.8% annually through 2019. The country's free trade agreements, skilled workforce, and strategic location make it well positioned to increase exports and serve as a production hub for South America. Several major automakers like Renault, GM, and Toyota have production plants in Colombia, attracted by its competitive advantages for the automotive industry.
Brazil is a strategic focus for foreign corporates. It attracts one of the highest levels of FDI globally and with investment expected to reach a record US$70 billion in 2013, competition for high quality assets is increasing
Consumers have prioritised spending on travel and holidays throughout the financial downturn. The US$2 trillion leisure travel market is one of the largest sectors worldwide and is outperforming the broader global economy.
Spain has reached an inflection point. Improving economic indicators, low company valuations, technological expertise, a skilled workforce and an increasingly competitive business environment will trigger a rise in M&A volumes
Dr Dev Kambhampati | Doing Business in Brazil - 2013 Country Commercial Guide...Dr Dev Kambhampati
This document provides an overview and guide for doing business in Brazil. It discusses Brazil's economy and growth areas, as well as challenges such as infrastructure and regulations. The document outlines opportunities in sectors like oil/gas, mining, infrastructure, and events like the World Cup and Olympics. It provides guidance on market entry strategies, using agents/distributors, franchising, trade regulations, and financing. The guide offers resources on political/economic factors, leading export sectors, and services from the U.S. Commercial Service to support American companies in Brazil.
The fashion industry in Colombia has experienced strong growth over the past decade, with annual market growth of 4.2% making it the third largest fashion market in South America. Colombia has established free trade agreements with major markets like the US and Europe, as well as preferential access to over 1.5 billion consumers worldwide through its strategic geographic location and trade deals. Major international companies have invested in Colombia to take advantage of its competitive production costs and logistics network, helping to establish the country as a major fashion producer and exporter in the Americas.
Colombia has potential to become a significant player in global vehicle production. It currently produces over 130,000 vehicles annually, making it the 4th largest producer in Latin America. Vehicle and motorcycle sales have been rising steadily in recent years. Several major automakers like Renault, GM, and Toyota have production plants in Colombia. The country's free trade agreements and strategic location near Pacific and Caribbean ports provide opportunities to increase exports. The government is undertaking infrastructure and transportation projects to further develop the automotive industry and support continued growth.
Brazilian engineering is going through the biggest crisis in its history. Companies with recognized technical capacity, with a significant contribution in works and services for our engineering, are paralyzed due to the legal processes to which they are responding. We have seen the destruction of our largest engineering companies. The professionals, especially their engineers, were dismissed by the thousands, the works were suspended, while waiting to see to what extent these companies would be affected by the penalties of Operation Lava Jato. The Bolsonaro government's decision to open Brazil to the entry of foreign companies contributes to destroying the already weakened engineering companies and favoring the employment of engineering professionals from abroad to the detriment of the jobs of many Brazilian engineers. The damage to Brazil and to Brazilian engineering is undeniable.
Colombia has potential to become a significant player in global vehicle production. It currently produces over 130,000 vehicles per year, making it the 4th largest producer in Latin America. Vehicle and motorcycle sales have been increasing in Colombia and are expected to grow by 5.8% annually through 2019. The country's free trade agreements, skilled workforce, and strategic location make it well positioned to increase exports and serve as a production hub for South America. Several major automakers like Renault, GM, and Toyota have production plants in Colombia, attracted by its competitive advantages for the automotive industry.
Colombia is positioning itself as a global leader in the digital era by developing its software and IT services sector. It has a large, specialized talent pool and the government has implemented initiatives like Vive Digital to expand connectivity and digital skills training. The document highlights Colombia's competitive advantages for the IT sector such as its strategic location, economic growth, talent workforce, and initiatives to develop the outsourcing industry through programs offering scholarships and loans for IT education. Major industries in Colombia are increasingly demanding local IT services and solutions to optimize operations.
The document provides an overview of investment opportunities and incentives in Colombia following the country's peace process. It highlights that peace is expected to boost economic growth, exports, tourism, FDI, and key industries like agriculture, construction and manufacturing. The document outlines regional business opportunities in sectors like renewable energy, agribusiness and tourism. It also summarizes tax incentives for companies establishing operations in areas most affected by conflict.
The document discusses the impact of the Covid-19 pandemic on the automotive sector in Central and Eastern European (CEE) economies. It notes that while the automotive industry plays an important role in CEE economies, the pandemic hit the sector hard with declines in car production and sales. However, the recovery was initially fast. Going forward, car demand is expected to remain low due to anticipated slow economic growth in major trading partners in Europe. This poses risks to automotive supply chains in CEE and to attracting further investment if profitability declines. Policy priorities to support the sector include improving skills, access to infrastructure, and helping domestic firms connect with multinational enterprises.
Two Ways the Auto Industry Can Beat Possible Slowdown in 2018Jean_Lyles
From 2008 to 2010, the government had to bail out some of the top auto manufacturers, including Ford, for $80 billion. The decision to bail them out was immediately controversial, but it may have been worth it; the automotive industry in the United States is now on the upswing after being hit by one of the country’s worst recessions.
The document provides a financial and strategy analysis of Jaguar Land Rover. The financial analysis uses the CORE approach to examine the context, overview, ratios, and implications of Brexit on JLR's revenue. The context discusses the political, economic, social and technological factors affecting JLR. An overview of the financial statements and key trends is presented. Various ratios analyze profitability, liquidity, solvency, and investors' viewpoint. The strategy analysis examines JLR's strategy in relation to industry forces and implications of Brexit on strategy. Expansion plans are discussed, and it is recommended that JLR focus expansion and prepare for potential Brexit impacts through its new Slovakia plant.
The Romanian software market is outperforming peers and expected to grow at a compounded annual rate of over 10%. The market doubled in size over the past 5 years and is expected to double its share of the overall Romanian economy to 6% over the next 10 years. In 2016, the software market had a turnover of 4.6 billion euro, employed over 100,000 people, and generated a net profit of 571 million euro, with growth seen across all key metrics. Bucharest accounts for over 60% of the domestic software market.
Mercer Capital's Value Focus: Transportation & Logistics | Q1 2019 | Feature...Mercer Capital
FreightTech has emerged as its own category of technology focused on transportation and logistics. Venture capital investment in FreightTech startups significantly increased from $1.3 billion in 2017 to $2.9 billion in 2018 and was on track to increase again in 2019 based on $1.6 billion invested in the first quarter alone. Large investments in FreightTech companies by Alphabet's Capital G and Softbank Vision Fund validate the potential for disruption and high returns in the industry. While macroeconomic indicators for transportation moderated in early 2019, technological advancements in areas like machine learning, predictive analytics, and digital platforms have the potential to significantly change how goods are transported globally.
Resumen, análisis y perspectivas sobre la situación macroeconómica y financiera de España así como sobre las expectativas relacionadas con la actividad de inversión.
Global Truck Transport Market Competitive Strategies And Forecasts To 2030RamachariTBRC
The document provides a market report on the global truck transport industry from 2021-2030. It finds that the market is expected to grow from $1,429 billion in 2020 to $1,574 billion in 2021 at a 10% CAGR, recovering from COVID-19 impacts. The market covers segments of truck type (heavy, medium, light), application industries, and company size. Major players in the industry include C. Robinson, J.B. Hunt Transport Services, YRC Freight, and Swift Transportation. The report provides a global perspective on trends, covering 60 geographies.
Investment in cosmetics and personal care productsProColombia
Colombia offers opportunities in the cosmetics and personal care products industry through 13 free trade agreements, investment protections, and access to over 1.5 billion consumers. The country has a growing and consolidated cosmetics sector with major foreign companies investing in production and innovation centers. Key regions like Antioquia, Cauca Valley, Caribbean and Cundinamarca have strategic locations, qualified workforces, and universities supporting the industry.
Aircraft wheels are generally overlooked yet important component of an aircraft landing gear system providing the necessary structural strength and support to the tyres
Dr Dev Kambhampati | Doing Business in Hungary- 2014 Country Commercial Guide...Dr Dev Kambhampati
This document provides an overview and guidance for U.S. companies on doing business in Hungary. It discusses Hungary's political and economic environment, opportunities for selling U.S. products and services in Hungary, and considerations for entering the Hungarian market. Specifically, it outlines strategies for using agents or distributors, addresses EU regulations on distribution agreements, and provides guidance on data privacy and protection standards when transferring customer data between the U.S. and Hungary.
What's next for Automotive| North America and the World| January 2019paul young cpa, cga
There are many issues facing automotive around the world. This presentation gives you a brief look at what is happening to automotive across the world.
Analysis of the Romanian Business Information Market, comprising of 22 companies that have business information services as main scope of activity – identified as such via in depth qualitative and quantitative research. The data used throughout this analysis is the official, non-adjusted, aggregated data reported by the companies at the Ministry of Finance (end of period).
The document discusses opportunities in Colombia's local IT industry. It notes that the financial sector is driving demand for back office and call center services due to mass banking initiatives. Colombia has become a hub for outsourcing and IT services regionally due to its skilled workforce, strategic location, and access to global markets across time zones. Various sectors like healthcare, energy, and transportation are generating demand for IT services. The country has many areas well-suited for developing software, IT services, and innovative solutions. Colombia has a growing skilled workforce and infrastructure to support world-class operations and investment from foreign tech companies.
The document summarizes the MWC Open Innovation Challenge 2022, a hybrid event connecting corporations, investors, and technology providers taking place March 1-8 in Barcelona. The event allows corporations to present challenges and meet potential partners to explore collaborations. Meetings will occur online or in-person at MWC/4YFN. Participants can attend physically on March 1-2 or virtually March 3-8. Corporations will benefit from exposure to startups and a free pass to MWC/4YFN. Topics of interest include healthcare, mobility, industry 4.0, and more. Previous editions saw 1100 meetings between 38 corporations, startups, and investors from around the world.
The document summarizes and analyzes the album artwork of several Pendulum releases. For their Live at Brixton Academy release, the front cover features the band logo in red, white, and black. The back includes a photo of the concert crowd. The In Silico album depicts a multicolored circle containing a computer chip and baby to represent its electronic music style. Posters for Pendulum concerts primarily target a male audience, evidenced by their bold, metallic fonts and masculine color schemes.
Colombia is positioning itself as a global leader in the digital era by developing its software and IT services sector. It has a large, specialized talent pool and the government has implemented initiatives like Vive Digital to expand connectivity and digital skills training. The document highlights Colombia's competitive advantages for the IT sector such as its strategic location, economic growth, talent workforce, and initiatives to develop the outsourcing industry through programs offering scholarships and loans for IT education. Major industries in Colombia are increasingly demanding local IT services and solutions to optimize operations.
The document provides an overview of investment opportunities and incentives in Colombia following the country's peace process. It highlights that peace is expected to boost economic growth, exports, tourism, FDI, and key industries like agriculture, construction and manufacturing. The document outlines regional business opportunities in sectors like renewable energy, agribusiness and tourism. It also summarizes tax incentives for companies establishing operations in areas most affected by conflict.
The document discusses the impact of the Covid-19 pandemic on the automotive sector in Central and Eastern European (CEE) economies. It notes that while the automotive industry plays an important role in CEE economies, the pandemic hit the sector hard with declines in car production and sales. However, the recovery was initially fast. Going forward, car demand is expected to remain low due to anticipated slow economic growth in major trading partners in Europe. This poses risks to automotive supply chains in CEE and to attracting further investment if profitability declines. Policy priorities to support the sector include improving skills, access to infrastructure, and helping domestic firms connect with multinational enterprises.
Two Ways the Auto Industry Can Beat Possible Slowdown in 2018Jean_Lyles
From 2008 to 2010, the government had to bail out some of the top auto manufacturers, including Ford, for $80 billion. The decision to bail them out was immediately controversial, but it may have been worth it; the automotive industry in the United States is now on the upswing after being hit by one of the country’s worst recessions.
The document provides a financial and strategy analysis of Jaguar Land Rover. The financial analysis uses the CORE approach to examine the context, overview, ratios, and implications of Brexit on JLR's revenue. The context discusses the political, economic, social and technological factors affecting JLR. An overview of the financial statements and key trends is presented. Various ratios analyze profitability, liquidity, solvency, and investors' viewpoint. The strategy analysis examines JLR's strategy in relation to industry forces and implications of Brexit on strategy. Expansion plans are discussed, and it is recommended that JLR focus expansion and prepare for potential Brexit impacts through its new Slovakia plant.
The Romanian software market is outperforming peers and expected to grow at a compounded annual rate of over 10%. The market doubled in size over the past 5 years and is expected to double its share of the overall Romanian economy to 6% over the next 10 years. In 2016, the software market had a turnover of 4.6 billion euro, employed over 100,000 people, and generated a net profit of 571 million euro, with growth seen across all key metrics. Bucharest accounts for over 60% of the domestic software market.
Mercer Capital's Value Focus: Transportation & Logistics | Q1 2019 | Feature...Mercer Capital
FreightTech has emerged as its own category of technology focused on transportation and logistics. Venture capital investment in FreightTech startups significantly increased from $1.3 billion in 2017 to $2.9 billion in 2018 and was on track to increase again in 2019 based on $1.6 billion invested in the first quarter alone. Large investments in FreightTech companies by Alphabet's Capital G and Softbank Vision Fund validate the potential for disruption and high returns in the industry. While macroeconomic indicators for transportation moderated in early 2019, technological advancements in areas like machine learning, predictive analytics, and digital platforms have the potential to significantly change how goods are transported globally.
Resumen, análisis y perspectivas sobre la situación macroeconómica y financiera de España así como sobre las expectativas relacionadas con la actividad de inversión.
Global Truck Transport Market Competitive Strategies And Forecasts To 2030RamachariTBRC
The document provides a market report on the global truck transport industry from 2021-2030. It finds that the market is expected to grow from $1,429 billion in 2020 to $1,574 billion in 2021 at a 10% CAGR, recovering from COVID-19 impacts. The market covers segments of truck type (heavy, medium, light), application industries, and company size. Major players in the industry include C. Robinson, J.B. Hunt Transport Services, YRC Freight, and Swift Transportation. The report provides a global perspective on trends, covering 60 geographies.
Investment in cosmetics and personal care productsProColombia
Colombia offers opportunities in the cosmetics and personal care products industry through 13 free trade agreements, investment protections, and access to over 1.5 billion consumers. The country has a growing and consolidated cosmetics sector with major foreign companies investing in production and innovation centers. Key regions like Antioquia, Cauca Valley, Caribbean and Cundinamarca have strategic locations, qualified workforces, and universities supporting the industry.
Aircraft wheels are generally overlooked yet important component of an aircraft landing gear system providing the necessary structural strength and support to the tyres
Dr Dev Kambhampati | Doing Business in Hungary- 2014 Country Commercial Guide...Dr Dev Kambhampati
This document provides an overview and guidance for U.S. companies on doing business in Hungary. It discusses Hungary's political and economic environment, opportunities for selling U.S. products and services in Hungary, and considerations for entering the Hungarian market. Specifically, it outlines strategies for using agents or distributors, addresses EU regulations on distribution agreements, and provides guidance on data privacy and protection standards when transferring customer data between the U.S. and Hungary.
What's next for Automotive| North America and the World| January 2019paul young cpa, cga
There are many issues facing automotive around the world. This presentation gives you a brief look at what is happening to automotive across the world.
Analysis of the Romanian Business Information Market, comprising of 22 companies that have business information services as main scope of activity – identified as such via in depth qualitative and quantitative research. The data used throughout this analysis is the official, non-adjusted, aggregated data reported by the companies at the Ministry of Finance (end of period).
The document discusses opportunities in Colombia's local IT industry. It notes that the financial sector is driving demand for back office and call center services due to mass banking initiatives. Colombia has become a hub for outsourcing and IT services regionally due to its skilled workforce, strategic location, and access to global markets across time zones. Various sectors like healthcare, energy, and transportation are generating demand for IT services. The country has many areas well-suited for developing software, IT services, and innovative solutions. Colombia has a growing skilled workforce and infrastructure to support world-class operations and investment from foreign tech companies.
The document summarizes the MWC Open Innovation Challenge 2022, a hybrid event connecting corporations, investors, and technology providers taking place March 1-8 in Barcelona. The event allows corporations to present challenges and meet potential partners to explore collaborations. Meetings will occur online or in-person at MWC/4YFN. Participants can attend physically on March 1-2 or virtually March 3-8. Corporations will benefit from exposure to startups and a free pass to MWC/4YFN. Topics of interest include healthcare, mobility, industry 4.0, and more. Previous editions saw 1100 meetings between 38 corporations, startups, and investors from around the world.
The document summarizes and analyzes the album artwork of several Pendulum releases. For their Live at Brixton Academy release, the front cover features the band logo in red, white, and black. The back includes a photo of the concert crowd. The In Silico album depicts a multicolored circle containing a computer chip and baby to represent its electronic music style. Posters for Pendulum concerts primarily target a male audience, evidenced by their bold, metallic fonts and masculine color schemes.
This document discusses key concepts in Silverlight and MVVM including: MVVM pattern with model, view model, and view layers; data binding and change notification using INotifyPropertyChanged and dependency properties; XAML usage; calling web services; and demos of RIA services and two-way data binding between views and view models.
This document discusses designer drugs, also known as legal highs, research chemicals, or bath salts. It notes that these drugs are psychoactive compounds that are marketed and sold legally, but can cause acute poisonings and deaths. The document outlines some of the main dangers of designer drugs, including that their contents are unknown, they may be dangerous when mixed with other substances, dosages are unclear, and they can cause overdoses. It then provides classifications of different types of designer drugs like stimulants, hallucinogens, cannabinoids, and sedatives. The document concludes by stating that new psychoactive substances are constantly being designed to avoid regulation and control, so pharmacists need to be aware of potential
Kingston's housing market is expected to moderate in the next two years with existing home sales and price growth returning to more sustainable levels aligned with historical norms. Total housing starts are projected to gradually decline to a level consistent with slower household formation. Employment growth is expected to remain positive but slow, while mortgage rates are anticipated to increase near the end of 2012 but remain low by historical standards.
Global sportwear sector m&a update. spring 2013. norgestion mergers allianceNORGESTION
The sportswear sector is highly fragmented, but experiencing strong growth driven by trends in health and wellness. M&A activity provides opportunities for consolidation as larger players seek to acquire niche brands and technologies from smaller companies. Strategic acquirers aim to expand into new categories and geographies, while financial sponsors see potential for revenue growth. With high valuations, further M&A deals are expected as large players pursue innovation and market expansion.
The document discusses placemaking and infill development along Western Avenue in Oklahoma City. It notes that the public realm directly influences development and that community input is important. The goals are to calm traffic, maximize sidewalk space, create a district identity, and get the public space right through a placemaking blueprint. Current zoning regulations are assessed as falling short and limiting development opportunity. The framework proposes form-based regulations to provide predictability, promote development, and protect public investments while allowing an urban character on Western Avenue.
Ways of Working in the Networked Society - The Mental Leaps at Ericsson 3GErik Schön
In this session, I share how we made three very important mental leaps to make the transition to Agile and Lean ”stick” including concrete examples of what we have done at Ericsson 3G.
Leap #1: From Methods & Tools to Principles & Mindset
Tools and methods can work in some contexts and not in others. If you have your own principles and mindset, then you can adapt or create your own methods and tools that fit your context. When realizing this, we made a mental leap from a focus on methods and tools to a focus on principles and mindset.
Leap #2: From Resource Efficiency to Flow Efficiency
With a need reduce both costs and time-to-market we were looking for alternatives to “resource efficiency” focus (keeping people and equipment fully utilized at all times). We realized that our ability to innovate around state-of-the art algorithms for optimizing packet data flow in mobile radio networks is also applicable for our product development processes. We made a mental leap from “resource efficiency” to “flow efficiency”, i e a focus on keeping work items moving through the process without waiting times, delivering value as quickly as possible
Leap #3: From Scattered Experiences to Continuous Innovation
We were solving problems as they occurred using task forces in fire-fighting mode, lacking corporate memory and a common direction. By creating a shared direction and a common purpose around the need to improve, we made the leap from scattered experiences to a culture of continuous innovation.
Ericsson is the driving force behind the Networked Society - a world leader in communications technology and services. Our long-term relationships with every major telecom operator in the world allow people, business and society to fulfill their potential and create a more sustainable future. With approximately 115,000 professionals and customers in 180 countries, we combine global scale with technology and services leadership. We support networks that connect more than 2.5 billion subscribers. Forty percent of the world's mobile traffic is carried over Ericsson networks. Net sales in 2014 were EUR 23.4 billion.
This document discusses the trend toward more walkable urban places in the United States. It notes that vehicle miles traveled have declined since 2004, especially among younger people. Examples are given of places like Arlington, Virginia that successfully transformed from car-dependent suburbs to walkable urban areas through policies like rail transit and zoning changes. The option of choosing an urban lifestyle with walkability is described as the new third version of the American Dream, alongside drivable suburbs.
The document summarizes Seoul's Clean Construction System which was introduced to improve construction project efficiency and transparency. It has four components: One-PMIS, an online project management system; Allimi, a public information disclosure system; an automated subcontractor payment system; and an electronic human resources system. One-PMIS allows real-time monitoring of construction materials, workers, and processes. Allimi is a public portal providing contract details, photos, stakeholders, and allowing citizen participation. Seoul made One-PMIS use mandatory for large public projects and provides training and support to promote its institutionalization.
This document lists over 70 donors who contributed to saving Sujana Tamang (Gole). It thanks all the donors and cooperation partners for their ongoing support. It asks God to keep blessing everyone.
Mandala gp presentation to CAP Delegates , Aug 2013Paola Saad, MBA
The document outlines an agenda for a Canada-Brazil business mission taking place from October 21-25, 2013 in São Paulo and Rio de Janeiro. It includes an overview of Brazil's economy, sectors of opportunity, trade relations with Canada, and cultural factors to consider when doing business. Practical information is also provided on logistics, matchmaking meetings scheduled with local companies, and why Brazil represents an important market for foreign investment.
The document provides an economic capsule summarizing various topics including banking/finance, business, and international news. Some key points:
- Commercial Bank of Sri Lanka reported positive financial results and opened an automated banking center.
- Business confidence in Sri Lanka reached an 8-month high as indicators have improved since the Easter bombings. Exports are improving which could help repay debt.
- The Board of Investment aims to attract $1.5 billion in foreign direct investment this year, including two large investments in petroleum refineries totaling $24 billion.
- Internationally, global debt surged to a record $250 trillion led by increases in the US and China, while Moody's
Boundless Opportunity June 2014 Whitepaper from Regus. Regus
For the third consecutive year, the global study found that exporting businesses reported healthier revenue and profit growth compared to domestically focused businesses. Setting up a physical presence in target markets helps exporting companies maintain and grow their customer base. Four-fifths of businesses reported that customer churn can be more easily reduced if a firm is physically near customers and clients. Almost the same proportion believed physical presence improves customer satisfaction and solving customer problems, contributing to improved retention rates. The top benefits governments can provide to help businesses export include advice on legal/regulatory matters, introductions to local business associations, and advice on taxation.
Este guia de como abrir uma empresa no Brasil está com dizeres errôneos , pois diz que empresa LTDA e S/A são empresas estrangeiras no Brasil , dado como aberta por uma pessoa brasileira, passando á ser proprietário da empresa em questão ou seja seu representante legal com seu CPF e fazendo abertura feito pelo Banco Central Brasileiro e não fala nada da Sociedade estrangeira no brasil configurando filial brasileira da Sociedade estrangeira ..
Este guia de como abrir uma empresa no Brasil está com dizeres errôneos , pois diz que empresa LTDA e S/A são empresas estrangeiras no Brasil , dado como aberta por uma pessoa brasileira, passando á ser proprietário da empresa em questão ou seja seu representante legal com seu CPF e fazendo abertura feito pelo Banco Central Brasileiro e não fala nada da Sociedade estrangeira no brasil configurando filial brasileira da Sociedade estrangeira ..
The document summarizes opportunities for private equity and venture capital investment in Brazil. Brazil has experienced rapid economic growth in recent years as GDP and consumer demand have risen substantially. However, infrastructure is lacking and inhibiting further growth. The government has invested heavily to address this through initiatives like PAC, providing opportunities for private sector involvement. Private equity in Brazil remains relatively underdeveloped compared to other markets, but sectors like retail, agriculture, infrastructure, and renewable energy provide significant potential for consolidation and growth. While the private equity industry in Brazil is still young, deal activity and average sizes have increased in recent years, driven by experienced local professionals. Overall, Brazil represents a large emerging market with ongoing transformation providing many opportunities for private equity and venture capital.
This document discusses Brazil's national Logistics Investment Program (PIL) which aims to strengthen the Brazilian economy through private sector investment in infrastructure projects including roads, railroads, ports and airports. The program will deploy $65 billion across 20 states and 130 municipalities. It is expected to lower transportation costs and connect agricultural regions to global markets, benefiting various economic sectors. Private capital and financing from development banks will play a key role in funding the ambitious initiative.
The outlook for the global economy is positive with broad-based growth resulting in world GDP surpassing US$80.0 trillion in 2018, for the first time. These insights from our expert analysts cover economy, finance and trade; cities; business dynamics; industrial; and natural resources.
1. Brazil faces the challenge of returning to strong economic growth after GDP dipped in recent years. Private sector investment and infrastructure development are keys to driving competitiveness and growth long-term.
2. Private water and sanitation companies like Aegea are playing an important role in improving infrastructure in Brazil as government funding falls short. Aegea has expanded access to clean water and sewage treatment across multiple states.
3. Shopping malls developed by Multiplan have helped fuel consumer spending growth as middle class incomes rose over the past decade. Multiplan's innovative approach to mixed-use developments combines retail, housing and offices.
0. Digital economy_SEA_2022_report_Google.pptxssuser3d845f
The document discusses how Southeast Asia's digital economy is approaching $200 billion in gross merchandise value in 2022 despite macroeconomic headwinds from rising interest rates and inflation, with digital adoption continuing to rise but at a slower pace than during the pandemic. It also examines how different digital economy sectors like e-commerce, food delivery, and online travel are following distinct growth trendlines, and how urban consumers remain the key drivers of growth in the region's digital economy.
Brazil is experiencing economic growth after recovering from the global financial crisis. Key exports include oranges, soy, corn, sugar cane, airplanes, coffee, oil, iron ore and ethanol. Major upcoming infrastructure investments totaling $50 billion are being made for the 2014 World Cup and 2016 Olympics in Rio de Janeiro, including building new sports facilities, hotels, and improving transportation. Logistics costs remain high in Brazil compared to the US despite lower production costs.
Brazil has experienced economic growth in recent years and is investing heavily in infrastructure to prepare for hosting major sporting events like the 2014 World Cup and 2016 Olympics. Key investments include $50 billion for infrastructure, facilities, and transportation projects. This will generate opportunities for U.S. companies in construction, engineering, hospitality, and other sectors as Brazil builds new stadiums, airports, hotels, and more to accommodate increased tourism. Challenges remain such as high import taxes and logistics costs that can reduce Brazil's price advantages for U.S. buyers.
Brazil Transaction Insights Q3 2019 By Duff & Phelps Ana Lucia Amaral
Duff & Phelps is the global advisor that protects, restores and maximizes value for clients in the areas of valuation, corporate finance, investigations, disputes, cyber security,
compliance and regulatory matters, and other governance-related issues. We work with clients across diverse sectors, mitigating risk to assets, operations and people. For more information, visit www.duffandphelps.com.
The investment potential of growth capital and the digital economyAxon Partners Group
The document discusses investment opportunities in growth capital and the digital economy. It notes that alternative assets like private equity have historically offered higher returns than traditional assets. Specifically, growth capital within private equity has lower capital loss ratios and higher returns than venture capital and buyouts. The digital/tech sector receives over half of private equity investment and has seen strong revenue growth. Large digital companies have significant cash piles that help finance expansion. Emerging markets offer opportunities for valuation arbitrage by investing in growth companies at an earlier stage. Examples are provided of investments in digital companies in Latin America and Europe that achieved high returns.
Meet the 2014 BCG Global Challengers (2)Vivek Singh
The document discusses the 2014 BCG Global Challengers report, which profiles companies from emerging markets that have significant global ambitions and growth potential. Some key points:
- The list of challengers has grown more diverse over time, with companies now headquartered in 18 countries compared to 10 previously.
- 13 new companies joined the list in 2014 across industries like food, beverages, telecom and infrastructure. Many are targeting the growing global middle class in developing markets.
- Global challengers have significantly outpaced competitors in revenue growth and job creation in recent years.
Strengthening Trade and Investment Ties by Kathleen McInerney, Director, Brazil - U.S. Business Council featured at the 2nd International Conference: Brazil: A pathway into the future from the Emerging Markets Institute at Cornell University's Samuel Curtis Johnson Graduate School of Management and Better Brazil
EY Attractiveness Report Brazil Capturing The Momentum August 2012Stephan Kuester
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Country report brazil. m&a update. spring 2013. norgestion mergers alliance
1. Country Report - Brazil
M&A update
Spring 2013
Brazil is a strategic focus for
foreign corporates. Its role as host
of the 2014 FIFA World Cup and the
2016 Summer Olympic Games is
acting as a catalyst for a major
government-led programme of
infrastructure projects across
the country.
Foreign corporates are attracted
to these high growth opportunities
available across Brazil’s economy.
Brazil attracts one of the highest
levels of FDI globally and with
investment expected to reach a
record US$70 billion in 2013,
competition for high quality
assets is increasing.
Key findings from our research:
Foreign corporates from low growth
economies are participating in Brazil’s
US$600 billion plus investment
programme to upgrade infrastructure
and increase energy production. The
demand for experienced specialist
providers is creating opportunities
across the supply chain and driving
inbound M&A.
Brazil is forecast to be the fifth largest
consumer market globally by 2020.
Both foreign corporates and
international financial investors
are using acquisitions of leading
domestic brands to enter the market
and establish a platform for growth.
Brazil has a complex operating
environment and investors typically
enter the market via a joint venture or
through a majority stake acquisition
which can include a path to full
ownership.
Brazil is a core
strategic market for
foreign corporates
with international
ambitions
“The increase in global
cross-border capital flows
combined with Brazil’s
macro-economic
fundamentals and disciplined
policies makes Brazil a very
attractive destination for
foreign companies to invest.”
Leonardo Antunes, Managing Director, BroadSpan
Major growth opportunities driving
inbound M&A
MergersAlliance2013
2. Brazil M&A update
2
Foreign direct
investment to reach
record US$70 billion
in 2013
Brazil is the third most attractive
investment destination by value
globally with only China and the
US attracting a higher proportion of
inbound foreign direct investment (FDI).
GDP growth is forecast to exceed
3% in 2013 (see Figure 1). The
domestic economic stimulus
implemented during 2012 will support
higher growth. Real interest rates are
currently close to historical lows, retail
sales are increasing, unemployment is
low by Brazilian standards and industrial
and business confidence is rising.
Higher growth means Brazil remains
attractive for inflows of FDI. FDI are
expected to increase from an estimated
US$64 billion in 2012 to US$70 billion in
2013 and US$75 billion in 2014
(see Figure 2). The US, UK, Spain,
Germany and China account for the
majority of investment.
MergersAlliance2013
Inbound FDI favours
domestic sectors and
commodities
6.1%
5.2%
-0.3%
7.5%
2.7%
0.9%
3.1%
2007 2008 2009 2010 2011 2012 2013*F
Figure 1: Gross domestic product
(% growth YoY)
Source: Brazilian Statistics Bureau, *Credit Suisse
International companies have focused
on sectors linked to rising consumer
spending including food products and
beverages, retail and consumer
products, insurance and commodities
(see Figure 2). Around 75% of
investments have been made in
projects with a value less than
US$500 million.
Figure 2: Foreign direct investment (US$ billions)
2007 2008 2009 2010 2011 2012E* 2013F* 2014F*
34.6
45.1
25.9
48.5
66.7
64.0
70.0
75.0
80
70
60
50
40
30
20
10
0
US$billions
Source: Central Bank of Brazil, *Credit SuisseSource: Central Bank of Brazil
Oil & gas extraction: 4.4
Food products
& beverages: 6.7
Metals: 6.5
Commerce
(ex. vehicles): 5.9
Insurance: 4.4
Financial services: 4.3
Top 5 FDI by segment 2012 (US$ billions)
3. Brazil M&A update
3
Fifth largest
consumer market
globally by 2020
By 2020 Brazil is forecast to be the
fifth largest consumer market in the
world with household consumption
of US$1.8 trillion. Foreign companies
are attracted to consumers’
discretionary spending power
(see Figures 3 and 4). The middle
class has grown to around 133
million people in 2014 with 85% of
the population living in urban areas.
Brazilian consumers are optimistic
about the outlook for their household
income, and fiscal initiatives have been
targeted to support consumption.
Foreign brands are taking advantage
of the growth in spending on areas
such as alcohol, technology and
fashion. For example, UK drinks
giant Diageo acquired the leading
premium cachaça brand Ypióca for
US$455 million in 2012. Cachaça is the
largest spirits category in Brazil and the
acquisition gives Diageo a platform for
the sale of premium international spirits
brands in Brazil.
MergersAlliance2013
Brazil is benefiting
from high consumer
spending
11.1%
2004 2005 20072006 2008 2009 2010 2011 2012
3.1%
6.4%
13.6%
9.9%
6.8%
12.2%
6.6%
8.0%
Average growth rate
Figure 4: Broad retail sales % YoY
Source: Brazilian Institute of Geography and Statistics
10.2
USA JapanChina Germany Brazil France UK Italy
5.4
3.5
2.2
1.8 1.6 1.5 1.4
Figure 3: Global consumer market
in 2020 US$ trillion
Source: Exame Magazine and McKinsey
As incomes have risen, consumers are
also spending more on buying services
such as education and healthcare.
This is leading to M&A.
- H.I.G. Capital acquired Cel Lep
Idiomas, a leading premium English
Language Teaching network, in 2012
- Italian global medical device
manufacturer Sorin Group recently
acquired Alcard Industria Mecanica,
a manufacturer of medical devices for
cardiac surgery
- Canada-based Valeant is a serial
acquirer and has established a strong
presence in dermatology and the
sports food supplement market
with the acquisitions of Instituto
Terapêutico Delta, Bunker Industria
Farmacêutica and Probiotica
- US-based Agfa HealthCare acquired
healthcare IT company WPD,
enabling Agfa to increase its market
share for imaging and IT systems for
radiology in Brazil
4. 4
Brazil M&A update
Foreign companies
will bid in 2013
infrastructure
concession auctions
Bottlenecks driving
major infrastructure
spend
The 2014 FIFA World Cup and 2016
Summer Olympic Games are acting
as a catalyst for public and private
investment to upgrade Brazil’s
infrastructure, which is running
at overcapacity and slowing
economic growth.
The Government will spend
US$33 billion on preparations to
host the World Cup and Olympics
including building stadiums, water
sports venues, hotels, roads,
subways and airports. This will be
supplemented by investment from the
corporate sector in the supply chain
related to the events.
Brazil is auctioning concessions for
major airports, railways and toll roads.
Auctions, which will typically be won
on price, are open to international
competition. Foreign corporates are
attracted to companies with
concessions. For example, in 2012
US-based Brookfield Infrastructure
established a joint venture with Abertis
Infraestructuras to acquire a majority
stake in Arteris for US$1.7 billion.
Arteris is one of the largest owners
and operators of toll road concessions
in Brazil
Foreign corporates are using their
technical expertise to supplement
Brazil’s less mature infrastructure
capabilities. Companies from the
UK are particularly active:
- Balfour Beatty entered the market
via a partnership with leading
construction company Camargo
Corrêa and is working on rail links
to the mining industry based in
north Brazil
MergersAlliance2013
20
70
80
90
50
60
30
40
10
100
0
Fiat
Ford
Renault
Honda
Nissan
Others
Market Share %
21.7%
9.0%
6.5%
4.9%
4.3% 3.6%
Citroen
2.7%
6.7%
GM
18.2%
Hyundai
VW
20.6%
Toyota
2.0%
Figure 5: Foreign brands dominate
car sales (2012 sales units 10k)
Source: KARI, Mirae Asset Research
Demand for automobiles is increasing,
but with light vehicle density just 137
per 1,000 people compared to more
than 640 cars in the US, the potential
for growth is significant. Brazil’s auto
sales hit a record high in 2012, growing
by over 6% from 2011 to reach over
3.6 million vehicles (excluding trucks
and buses).
Demand is being boosted by reduced
industrial products tax and an increase
in financed car purchases. As shown
in Figure 5, a range of foreign
manufacturers including Fiat and
Volkswagen have a significant market
share for their locally-produced vehicles
and are investing heavily to develop
local production capabilities.
5. 5
Brazil M&A update
MergersAlliance2013
US$ billion
Electricity
generation
Housing
Airports
Highways
Water and
sanitation
Railroads
Telecommunications
Energy including
Petrobras
21
23
27
31
33
38
58
400
2016 Summer
Olympic games
15
2014 World Cup 18
Ports 14
Figure 6: Over US$600 billion is being invested across
infrastructure projects by the Brazilian government
Source: Brazilian Statistics Bureau
- JCB, which has a factory in Brazil,
has won orders to provide over
1,000 backhoe loaders worth
around US$60 million
- Engineering consultant Arup, which
has two offices in Brazil, is working on
two venues for the Olympic Games
- Engineering and development
consultancy Mott MacDonald has
been involved in designing and
planning tolling systems, designing
construction supervision for new
highway communications systems
and developing control centres for
maintenance and rescue services
- Passenger simulation software
designed by Legion is being used
across a range of transport projects
across Brazil
“Arup has worked in Brazil for
years, but previously we used
project offices set up to
deliver specific schemes.
The opening of the new
permanent offices in Rio
and São Paulo plants a clear
marker that we are here to
stay and that we believe
there is a strong future for
Arup in this country.”
Ricardo Pittella, Arup’s Country Director for Brazil
Source: Arup press release
6. 6
Brazil M&A update
MergersAlliance2013
BroadSpan is the Brazilian partner
of Mergers Alliance. Leonardo
Antunes, BroadSpan’s Managing
Director has completed deals,
capital raising and project
finance worth over US$15 billion in South America.
He discusses M&A trends and provides insights
into how foreign companies are entering Brazil.
BroadSpan is helping a range of investors access
opportunities in Brazil
We are currently working with both public and private
foreign companies, as well as private equity who
recognise that they need to supplement their expertise
with local specialists who have significant strategic and
transaction experience. Most inbound interest is currently
coming from the US, UK, France and Spain.
M&A activity is focused on three key areas
Companies based in the low growth developed
economies are being forced to look to faster growing
countries like Brazil for opportunities. Developed
economies have mature industrial sectors, sophisticated
business services providers and leading consumer
brands. Companies in these areas are taking advantage
of the scale of investment being made across Brazil’s
infrastructure and energy supply chain, and the spending
power of the rapidly increasing middle class. This is being
reflected in M&A activity (see page 8).
While the mega deals grab the headlines, there is a lot of
activity by large and mid-sized foreign players acquiring
smaller niche players such UK-based Intertek, which
recently acquired an 85% stake in Brazilian toy and
consumer products testing laboratory E-Test for
US$9.9 million.
Using a local advisor is critical to developing and
implementing the right market entry strategy
The operating environment for businesses in Brazil is
complex and poor advice will lead to costly delays and
missed opportunities. It’s vital that companies work with a
local advisor who is able to use their market insight and
personal relationships with companies and the
government to help formulate the right entry
strategy, use their expertise to evaluate the best local
opportunities and deliver a transaction successfully.
Potential acquirers need to consider issues
specific to Brazil
Around 90% of businesses in Brazil are family-owned
and many will not have considered an exit strategy.
This presents challenges to potential overseas acquirers.
It is common for these businesses to maintain two sets
of books and for results to be unaudited. High taxes
based on revenue rather than profit mean owner-
managers are careful about what they declare to the
tax authorities. But this often creates a valuation gap
with an overseas buyer because of the difference
between the declared profit and the actual profit.
BroadSpan has significant experience of creating
deal structures which recognise fair value and
meet the governance standards demanded
by overseas buyers.
Different sectors have specific legislation
and tax rules
Foreign corporates need to be aware of the specific
requirements associated with operating in Brazil which
govern a range of issues including the level of foreign
ownership permitted, local content and licensing
requirements and taxation and employment practices.
For example, Brazil has multiple taxation regimes with
different levels of taxing authorities. Tax laws change
frequently, so it’s not unusual for companies and
their advisors to work with more than one tax specialist.
The status of employees can also raise issues, especially
in the business services sector and consulting in
particular. For example, to reduce employment taxes
many employees in the service sector are contractors but
if an acquirer wants to make employees permanent post-
deal, this may trigger historic payroll tax and social
security liabilities (see Case study on page 7).
To protect overseas acquirers from claims, Sale &
Purchase Agreements tend to include a higher number
of indemnification clauses than an overseas acquirer
might be used to.
A perspective on M&A trends and market entry strategies
7. 7
Brazil M&A update
MergersAlliance2013
Undertaking rigorous due diligence is especially
important in Brazil
We always try to identify and qualify potential issues for
our clients in advance of commencing full diligence to
avoid surprises and gain early visibility of those areas
which may have a significant impact on the value and
the transaction process.
Should a client wish to proceed and given the issues
discussed earlier, due diligence is critical and can uncover
issues such as liabilities associated with existing litigation
and potential claims, which affect the valuation of a target
and potentially negotiations.
Ensure the acquisition structure is tax efficient
Acquirers need to engage early with tax and legal
specialists to ensure a transaction is structured to
repatriate dividends and earnings in the most tax efficient
way possible. Brazil has signed double tax treaties with
only a handful of countries and so holding companies and
investment vehicles are often located in jurisdictions
like the Netherlands.
New pre-merger review requirement affects
transaction planning
New competition laws introduced in 2012 are potentially a
significant hurdle for cross-border transactions. Under the
previous notification process, transactions could be
completed before CADE (Administrative Council for
Economic Defense) had given its approval. Now reportable
transactions (one party has turnover in Brazil of
approximately US$400 million and the other US$40 million)
need to receive CADE’s approval before a transaction can
complete. The waiting period for a reportable transaction
to be reviewed can be up to 330 days. As yet there is
no fast track process, although to date “non-complex”
transactions have been cleared in around 18 days.
Although this creates uncertainty for the vendor and
acquirer, the new process removes the possibility of
post-merger remedial action.
The new notification and approvals process needs to
be factored into the timetable planning for a transaction,
especially as the information required in a notification
form for a complex transaction is considerable.
Companies prefer to create joint ventures or
acquire a majority position
Most companies prefer to enter the market via a joint
venture or through a majority stake acquisition. Deal
structures range from 50% to 80% and can include a path
to full ownership over a two to four year period. The scale
of a foreign company’s first acquisition varies with some
preferring to make smaller acquisitions in order to
understand the market better before making a larger
move. Our experience suggests that a staggered
approach to full ownership helps to align the interests
of a company’s founder or shareholders.
Outlook for foreign investors over the next
12 months is positive
The upcoming World Cup and Olympics, rising purchasing
power of the middle class and range of government-
supported growth measures means Brazil has the
attention of global corporates and investors looking for
strategic growth. This will drive increasing competition for
high quality assets and stimulate inbound, outbound and
domestic M&A.
Case study: Accenture’s acquisition of RiskControl
BroadSpan advised RiskControl, a privately held
risk consulting company based in Rio de Janeiro,
on its recent sale to US consulting and technology
services company Accenture.
Reason for acquisition
The acquisition complemented and expanded
Accenture’s risk service in the rapidly growing
Brazilian market. It also gave Accenture access to the
end-to-end software tool RiskControl, a software
platform that helps companies manage, monitor and
evaluate risks throughout their business.
How the deal was transacted
BroadSpan navigated through complex deal structures
which addressed issues associated with contingent
workers including contractors and permanent
employees in order to maximize RiskControl's value.
8. 8
Brazil M&A update
180
160
140
120
100
80
60
40
20
60,000
50,000
40,000
30,000
20,000
10,000
00
Numberofdeals
Disclosedvalue(BRLmillion)
Industrials
Inform
ation
Technology
Real Estate
Financials
Food
&
Drink
H
ealthcare
Business
Services
C
onsum
er Products
U
tilities
N
atural resources
Energy
C
onstruction
Deals
Disclosed Value (RHS)
Figure 8: 2012 M&A activity by sector
Source: Mergers Alliance, Captial IQ
Strategic acquisitions
dominate activity
M&A has a
strategic focus
Total deal volumes have increased
year-on-year following a dip in 2009
(see Figure 7). There were 643 deals in
2012. Activity has a strategic focus as
foreign corporates look to enter Brazil
or increase their market share.
The industrials sector dominated
inbound activity in 2012 as foreign
corporates used acquisitions to take
advantage of the massive investment in
the energy and infrastructure sectors.
M&A activity in consumer-focused areas
including food and drink, healthcare and
financial services was also high (see
Figure 8). Foreign acquirers want to gain
access to rising consumer spending via
leading brands. M&A levels will remain
strong in these sectors in 2013.
Inbound investment M&A has been
characterised by the acquisition of
majority and minority stakes, as well
as full acquisitions (see Figure 9). For
example, US-based CVS Caremark
recently acquired a majority stake in
Drogaria Onofre, Brazil’s eighth largest
retail drugstore chain. The deal is CVS
Caremark’s first international acquisition
and will act as a platform for the
company to participate in the
consolidation of a fragmented sector.
2008 2009 2010 2011 2012
503
700
600
500
400
300
200
100
0
329
455
591
643
Figure 7: M&A activity in Brazil
(inbound, outbound and domestic)
Source: Mergers Alliance, Captial IQ
MergersAlliance2013
9. 9
Brazil M&A update
By 2020, Brazil is aiming to be one of the world’s
top five oil producers. One third of global reserves
discovered in the last five years have been found
in Brazil, including the major find in the offshore
deepwater “pre-salt” layers.
Whilst legislation ensures that there will be a
significant amount of local content, Brazil needs the
expertise of international corporates to achieve its
production targets. This means there are significant
opportunities for foreign producers and suppliers.
Global majors working alongside sector giant
Petrobras
State-backed Petrobras accounts for around 90%
of Brazil’s total oil & gas production. It benefits from
regulatory advantages over other independent Brazilian
and foreign producers such as the requirement that it
will be the operator on all pre-salt oil fields.
Global oil & gas majors are committed to Brazil with
around 40 companies including Chevron, BG, BP,
Shell, Eni, Statoil, Total and ExxonMobil active in the
upstream market.
US$400 billion investment programme underway
Petrobras is currently investing US$225 billion across the
supply chain to meet its goal of doubling production by
2020. Major investment is also being made by leading
independent producers OGX, Cosan and Queiroz Galvão
in their exploration and production capabilities.
The Round 11 Auctions to be held in May 2013 (which
will include 289 exploration blocks) and Pre-Salt and Shale
Gas bidding rounds later in the year will increase the
penetration of foreign majors, increase investment and
boost M&A. Leading tier 1 suppliers like GE, Aker
and Cameron have established a local presence and
are positioning themselves to win a share of the spend.
Market entry strategies influenced by local
regulations
Petrobras approved suppliers’ register: Companies
awarded contracts and orders directly from Petrobras are
chosen from the company’s supplier Approval Register.
Acquisitions and joint ventures are often the easiest way
to enter the register. There are over 5,500 companies
on Petrobras’ supplier register so significant M&A
opportunities exist. For example, in 2011 UK-based
Hydrasun acquired Remaq Ltda, a Brazil-based provider
of flexible hose assemblies which had a proven record
with Petrobras.
Local content regulations: Goods and services used in
the oil & gas industry must have a significant level of “local
content”. Joint ventures enable international companies
to ensure that they meet this requirement. For example,
French oil service company Technip and Brazilian services
provider Odebrecht agreed a joint venture which won a
five-year contract estimated to be worth US$1 billion to
supply two pipeline installation ships to Petrobras.
Opportunity Lead supplier Support supplier
Offshore oil drilling facilities need
constant supplies during and
after construction
Petrobras estimates it will need
235 support vessels by 2020
Brazil’s Wilson Sons provides services
within shipbuilding and shipping. It
has a service contract with Petrobras
to transport supplies
Netherlands-based Damen Shipyards is
building new tugs (in Brazil) and providing
offshore supply vessels (OSV) to Wilson
Sons. OSV engines include Caterpillar
generator sets that power Rolls Royce
azimuth thrusters
Offshore drilling vessels
Petrobas needs over 30 new
drilling vessels
Singapore’s Sembcorp Marine’s
wholly-owned Brazilian shipyard
Estaleiro Jurong Aracruz secured a
US$793 million contract from
Guarapari Drilling BV, Netherlands, a
subsidiary of Sete Brasil Participacões
Austria-based Palfinger Dreggen has a
US$121 million contract to supply cranes
to the Jurong Shipyard
Selected opportunities in the subsea exploration & production supply chain
Source: Mergers Alliance, company press releases
Servicing
Drilling vessels
A major offshore oil and gas frontier
MergersAlliance2013
10. 10
Brazil M&A update
Find out more
Specialist advice on call…
For information on Brazil
Leonardo Antunes
Managing Director, BroadSpan Capital
Location: Rio de Janeiro
Telephone: +55 21 2543 5409
Email: lantunes@brocap.com
Leonardo is Managing Director of BroadSpan.
His experience covers a range of sectors including
power, oil & gas, mining, technology and healthcare.
He has executed over 30 advisory transactions with a
value in excess of US$10 billion and over US$5 billion
in fund raising and project finance transactions.
Prior to joining BroadSpan, Leonardo was responsible for
M&A, capital markets and project finance transactions in
Banco Modal and Vice Preside Corporate Finance and
Structured Finance for Latin America at ABN AMRO.
Languages spoken: English, Portuguese and Spanish
Michael Gerrard
Managing Director, BroadSpan Capital
Location: Miami
Telephone: +1 (305) 424 3400
Email: mgerrard@brocap.com
Michael is a founder and Managing Director of BroadSpan
Capital. He has overseen a variety of M&A and restructuring
assignments and taken an active role in the development of
BroadSpan Asset Management LLC, the firm's asset
management subsidiary.
Before founding BroadSpan, Michael headed the Latin
American Capital Markets division at Barclays Capital where he
was responsible for capital markets origination and execution
for a range of products. While with Barclays, Michael executed
over US$3.5 billion of international capital markets financings
for Latin American issuers.
Languages spoken: English, Portuguese and Spanish
Private equity
investment
Private equity is an important driver
of M&A in Brazil with deal volume over
the last ten years worth around
US$22 billion.
Both domestic and international PE are
focusing on companies benefiting from
the growing spending power of the
middle class. For example, in 2012
Brazil’s BTG Pactual acquired clothing
retail store Leader Magazine for
US$274 million in 2012, US-based
Carlyle Group acquired furniture store
Tok & Stok for US$348 million and
UK-based 3i Group has recently led a
consortium which has acquired Óticas
Carol, Brazil’s second largest eyewear
retailer, for US$54 million. Activity will
continue to be strong in 2013.
Large foreign institutional investors
are also attracted to investment
opportunities. For example, Ontario
Teachers’ Pension Plan holds a 12.5%
stake in Brazilian iron-ore company
Manabi Holding and Canada’s Public
Sector Pension Investment Board has
acquired a stake in Isolux Infrastructure
for US$402 million.
Exit activity includes trade sales,
secondary buyouts and initial public
offering. Stratus Group, a Brazilian
mid-market private equity investor,
listed technology service provider
Senior Solution in 2012 and car rental
company Locamerica, backed by the
private equity arm of Banco Votorantim,
floated in April 2012.
Private equity has a
successful record
in Brazil
MergersAlliance2013
11. 11
Brazil M&A update
Date Target company Country Target Activities Acquirer Country Deal value
(US$ mm)
Mar-13 E-Test Laboratorio de Ensaio (85% Stake) Brazil Toy testing and related services Intertek Group plc United Kingdom 10.3
Feb-13 Drogaria Onofre Ltda Brazil Distributor of healthcare and personal care products CVS Caremark Corporation USA NA
Jan-13 UAB Motors Participacoes S.A. Brazil Automotive retailer Group 1 Automotive, Inc. USA 207.5
Dec-12 Vivo Participacoes, S.A. (800 towers in Brazil) Brazil 800 free-standing, ground- based towers SBA Communications
Corporation
USA 176.8
Dec-12 Repom S.A. (62% Stake) Brazil Computer facilities management solutions for trucks Edenred SA France 69.8
Dec-12 Bunge Limited (Fertilizer Business in Brazil) Brazil Fertilizer business of Bunge Limited Yara International ASA Norway 750.0
Dec-12 XP Investimentos CCTVM SA (31% Stake) Brazil Brokerage and insurance house involved in
corporate financial education
General Atlantic LLC USA 230.8
Nov-12 Orbus Pharma S.A.S.; Flores Ervas;
ApodanNordic PharmaPackaging a/s
Brazil Supplies pharmaceutical extracts and tinctures Fagron BV Netherlands 26.0
Oct-12 Jari Celulose S.A. (Industrial
packaging assets) (75% Stake)
Brazil Containerboard mills and box plants of
Jari Celulose S.A.
International Paper Company USA 596.0
Oct-12 Serasa S.A. (29.6% Stake) Brazil Credit, economic and financial analysis and
information company
Experian Plc United Kingdon 1,500.0
Oct-12 Amil Participacoes SA (90% Stake) Brazil Health care services company UnitedHealth Group Inc USA 3,945.0
Sep-12 Kromav Engenharia Ltda. (50% Stake) Brazil Offshore oil and gas and marine engineering company Amec Plc United Kingdom 12.5
Sep-12 Carvajal Empaques S.A. (folding
carton production plant in Brazil)
Brazil Folding carton producing plant of
Carvajal Empaques S.A.
Mayr Melnhof Packaging
International GmbH
Austria 15
Sep-12 Tok & Stok Ltda. (60% Stake) Brazil Furniture retailer The Carlyle Group, LLC USA 346.5
Aug-12 Manabi Holding S.A. Brazil Iron ore exploration Ontario Teachers' Pension Plan;
EIG Global Energy Partners
USA; Canada 301.1
Aug-12 Tortuga Companhia Zootecnica Agraria Brazil Agribusiness and providing animal feed Royal DSM N.V. Netherlands 575.1
Aug-12 ETEP Consultoria, Gerenciamento e
Servicos Ltda.
Brazil Water engineering and consultancy Arcadis NV Netherlands NA
Aug-12 Asseio Saneamento Ambiental Ltda. Brazil Pest control company Rentokil Initial Plc United Kingdom NA
Jul-12 Rubaiyat (70% Stake) Brazil Restaurant chain Mercapital, S.L. Spain 56.9
Jul-12 Grupo Posadas (South American
hotels portfolio)
Brazil Hotel operator Accor SA France 275.0
Jul-12 Lamiflex do Brasil Equipamentos
Industriais Ltda (85% Stake)
Brazil Manufacturer and distributor of power transmission
equipments
Altra Industrial Motion
Netherlands BV
Netherlands 8.5
Jul-12 Usina Fortaleza Industria e
Comercio de Massa Fina Ltda.
Brazil Manufacturer of materials and
quality adhesives
Bostik, Inc. USA NA
Jul-12 Rheoset Industria e Comercio de
Aditivos Ltda.
Brazil Manufactures admixture concrete products W. R. Grace & Co. USA NA
Jul-12 Neogama | BBH Brazil Advertising agency Publicis Groupe SA France NA
Jul-12 CP Eletronica SA Brazil Manufactures power systems for data centers,
hospitals, and businesses
Schneider Electric SA France NA
Jul-12 Isolux Infrastructure S.A. (undisclosed stake) Brazil Operates as a construction and
engineering company
Public Sector Pension
Investment Board
Canada 754.5
Jun-12 Watercryl Quimica Ltda. Brazil Provides coatings solutions Elementis Plc United Kingdom 24.0
Jun-12 Folhamatic Tecnologia em Sistemas S.A.
(75% Stake)
Brazil Provides accounting, tax and payroll and regulatory
content software
The Sage Group Plc United Kingdom 196.8
May-12 Brasil Online Holdings (21% Stake) Brazil Provides online employment services SEEK Limited Australia 78.8
May-12 ACS Actividades de Construccion y
Servicios, S.A. (Seven electric power
Brazil Electric power transmission lines operated by ACS
Actividades de Construccion y Servicios, S.A.
State Grid Corporation of China China 942.2
May-12 Ypioca Agroindustrial (Ypioca brand
and other production assets)
Brazil Ypioca brand and other production assets
of Ypioca Agroindustrial
Diageo Plc United Kingdom 454.6
May-12 Neodent (49% Stake) Brazil Manufactures dental implants and related
prosthetic components
Straumann Holding AG Switzerland 275.3
Apr-12 Negocios nos Trilhos Participacoes Ltda Brazil Cargo and rail business tradeshow organizer United Business Media Limited United Kingdom NA
Apr-12 Telcon Fios E Cabos Para
Telecomunicacoes S/A (50% Stake)
Brazil Manufacturer of copper wires, and cables for
telecommunication, data and TV cabling markets
Prysmian Cables & Systems Italy 27.4
Temporary power supplierMar-12 Companha Brasileira de Locacoes Brazil Aggreko Plc United Kingdom 256.4
64.4Mar-12 Transbank; Nordeste Seguranca Brazil Security company specialising in cash in transit,
guarding and technology
Prosegur Compania de
Seguridad, S.A.
Spain
Figure 9: Selected M&A transactions
Source: Mergers Alliance, Captial IQ
MergersAlliance2013
12. www.mergers-alliance.com
MergersAlliance2013
BroadSpan and the Mergers Alliance partners are expertly placed
to offer advice.
In particular, we offer:
Advice on structuring and completing deals in Brazil
Identifying acquisition opportunities around the world
Information on sector trends and valuations
Access to corporate decision-makers and owners
Join in the mergers and acquisitions discussion
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Leonardo Antunes
Managing Director, Rio de Janeiro
Contact: +55 21 2543 5409
lantunes@brocap.com
Felipe Monaco
Director, São Paulo
Contact: +55 11 4114 0247
fmonaco@brocap.com
Ricardo Sirotsky
Managing Director, Rio de Janeiro
Contact: +55 21 2543 5409
rsirotsky@brocap.com
Michael Gerrard
Managing Director, Miami
Contact: +1 (305) 424 3400
mgerrard@brocap.com
Derek Gallo
Director, São Paulo
Contact: +55 11 4114 0247
dgallo@brocap.com
Horacio Moreira Piedras Jr
Director, Rio de Janeiro
Contact: +55 21 2543 5409
hpiedras@brocap.com