Palfinger has purchased a 91 per cent stake in Brazilian crane manufacturer Madal S.A. Palfinger; the Austrian loader crane manufacturer picked up the stake in the Brazilian crane maker with estimated revenues of $15 million. Madal S.A is as well the South American market leader in hydraulic truck cranes and other hydraulic lifting equipment.
Apogee Enterprises Inc reported it had acquired Brazilian firm Glassec Vidros de Seguranca Ltda. In its press release, Apogee Enterprises said it had acquired 100 per cent of the stock of the Brazilian firm. Glassec Vidros de Seguranca Ltda is the leading architectural glass fabricator in Brazil and its takeover will cost Apogee approximately $22 million. The deal includes the assumption of approximately $2 million in debt of the Brazilian firm.
In an effort to enhance its business offering in Brazil, Actis reported it had invested $53 million in Brazilian cleaning products manufacturer Gtex. Gtex has brands such as Urca, UFE and Amazon. With the investment, Actis will now focus on commencing a comprehensive growth strategy plan for the Brazilian firm in the Brazilian market, targeted at introducing new product lines, geographical expansion and further acquisitions.
Petrobras and its partners are to invest $3 billion in the construction of three pipelines for the transport of Ethanol from Brazilian sugarcane growing areas to local markets, as well as for export. Paulo Roberto Costa, Petrobras director for supplies told reporters in Sao Paolo the state owned oil giant is mulling the investment plans, as it seeks to bolster its Ethanol export earnings.
Banco do Brasil may announce the acquisition of a US bank before year end. A source from the state owned Brazilian bank said at a press conference the Bank is in talks with an American bank and will be making an announcement before year end. Ivan Monteiro, Banco do Brasil financial vice president said the bank is engaged in talks with the US acquisition target currently.
Emerging iron ore producer South American Ferro Metals Limited (SAFM) announced it has commenced production of iron ore from its Brazilian acquired project, the Ponto Verde Iron Ore Project. The production was possible thanks to an agreement South American Ferro Metals Limited had with Brazil’s LGA Mineracao e Siderurgia (LGA).
Canadian subsidiary of HINDALCO Industries, Novelis Inc. is keen on increasing its flat rolled aluminum capacity in Brazil by 20 per cent, reported Brazilian newspaper BL. According to the report, the increase will see Novelis Inc’s production peak at 0.25 tons by the year 2014. The investment is mainly targeted at meeting the growing strong demand in the Asian expanse, said the firm.
Brazilian media reported over the weekend that a minimum of five banks have expressed interest in purchasing a stake in Brazilian mid-size lender Panamericano. The media reports come in the wake of Panamericano’s cash challenges; emerging just days after the lender received an emergency cash boost to plug what the firm termed “accounting inconsistencies.” Panamericano has been fighting to stay afloat, with the financial bailout rescuing it from an impending collapse.
Brazilian state owned and run oil and gas firm Petroleo Brasileiro is to invest about $400 billion in the period through 2020 in the development of crude findings in the country. In a report carried by Bloomberg, the major global oil producer is believed to be mulling plans for mega investments to develop what is currently considered the Americas’ biggest crude oil discoveries in over three decades.
US based General Electric (GE) Wednesday announced it is to spend $500 million in Brazil for the expansion of its operations. In separate announcements regarding its investment plans, GE said it is planning multi-million dollar undertakings in Brazil and China, to be invested in projects in clean energy, electric transportation and smart grid development.
Magna International’s operating unit, Magna Seating announced it will expand its presence in South America with the purchase of automotive seating supplier Resil Minas. Magna International is a manufacturer of complete seating solutions and mechanisms. The acquired Brazilian entity will operate under the name Magna Seating Brazil and is expected to bolster the firm’s operations Latin America.
Avanco Resources is to raise A$20 million for the acceleration of its expansion plans for its mining projects in Brazil. The Brazil focused mineral explorer said it will be raising the finances via a placement to institutional and sophisticated investors. The money is to be put into the expansion and speed-up of its copper and nickel/platinum projects.
The Brazilian Central bank approved the acquisition of a controlling stake in Argentina's Banco Patagonia SA by Brazil's largest bank, the state-owned Banco do Brasil SA, Banco Patagonia reported last week in a statement.
Reports have indicated that the Brazilian government may re-introduce tax for foreign investors who invest in bonds. The Brazilian government is seeking to prevent the country’s currency from appreciating too far against the US dollar. The reports were carried by Brazil’s O Estado de Sao Paulo newspaper on Saturday. However, the paper said the government would hold its waters till the discussions at the Group of 20 heads of state in South Korea this week.
US based Travelers Companies Inc is to invest in Brazilian firm Malucelli Participações em Seguros e Resseguros S.A via a joint venture agreement. The American based firm announced it had gone into an agreement for which it would invest in Malucelli, Brazil’s foremost firm in the surety insurance business. The Brazilian firm commands a market share of more than 30 per cent.
US based Gold-focused Royalty Company Bullion Monarch Mining Wednesday said in a press release it has agreed to acquire Dourave Canada, a private mining and exploration company, along with the properties of its Brazilian subsidiary, Dourave Brazil, in an all share deal. The American said it has appended a letter of intent with the Canadian firm over its investment plans for a complete take over.
Brazilian unit of Germany car maker Volkswagen AG announced plans to invest some US$84.2 million in a small scale hydro plant in Brazil. The Volkswagen unit, Volkswagen do Brasil said the plans will see it invest 143 million reals in the plant, situated in Brazil’s southeastern Sao Paulo state. News reports indicated the Germany firm’s plans, coming as its second in the country.
In an earnings presentation in Brazil, the world’s largest iron ore producer Vale announced its plans to record some $24 billion next year as it diversifies toward high value metals and lucrative fertilizers. The Brazilian mining giant has a massive capital spending budget, with its 2010 investments peaking at a whopping $12.9 billion. The 2011 capital spending budget is double the firms spending this year.
Portugal Telecom finally announced it had got approval for its stake acquisition plans in Brazilian telecoms firm, Tele Norte Leste Participacoes or Oi, as it is mostly known. The Brazilian telecoms industry regulator, Anatel, gave the Portuguese state owned firm the green light for the stake acquisition. Portuguese Telecom is seeking to acquire a stake in Brazilian phone carrier, Tele Norte Leste Participacoes, which operates under the Oi brand.
Australian Brazil focused Miner Avanco Resources stands to earn around 75 per cent interest in a nickel/platinum project in Brazil, reports revealed over the weekend. The Australian Stock Exchange Listed Avanco Resources has already finished undertaking due diligence studies and reiterated that its already committed to doing a 1 500-m drilling campaign.
Three Brazilian regional hotels have merged to form a new Hotel chain, Allia Hotels. The merged entity is the biggest 100 per cent national hotel chain in Brazil. The three hotels groups are Bristol Hotels, based in Minas Gerais; Plaza Inn Hotels, based in Sao Paulo and Solare Hotel Group, from Maranhao. The new group boasts of 40 existing hotels in operation and more than 3,000 rooms and approximately 1,600 employees.
Renowned international supplier of on-demand software and e-commerce services to the insurance industry, Ebix Inc signed an agreement that will see it acquire Brazilian firm USIX Technologies Inc. Reports emerged Thursday that Ebix Inc is has gone into the agreement for the takeover of the Rio de Janeiro based firm.
Brazil’s wealthiest man Eike Batista is reported to be mulling plans to increase the scope of his firm, REX. The billionaire is planning to extend the capacity of REX real estate, part of the EBX group. The expansion is to focus primarily in the Rio de Janeiro state at first. The firm was established back in 2008 and was meant to seek prospects across Brazil for investments.
US based lender JPMorgan Chase & Company is to acquire Brazilian hedge fund and private equity firm Gavea. JPMorgan Chase is America’s second biggest US lender in terms of assets. The bank agreed to buy the Brazilian firm for an undisclosed amount. The reports were carried by a Brazilian paper, Veja magazine in its online edition on Monday. JPMorgan Chase was expected to announce the acquisition of the Brazilian firm Tuesday in New York.