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UK Corporate Acquisitions in Latin America in the 1990s: Lost Opportunities in a New Economic Environment?

Author

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  • Amann, Edmund
  • de Paula, Germano Mendes
  • Ferraz, Joao Carlos

Abstract

Over the 1990s foreign direct investment (FDI) flowed into Latin America at an unprecedented rate. During this period, capital inflows associated with privatisations and private mergers and acquisitions (M&As) rose especially steeply. Drawing on original firm- level transactions data, this article examines the extent to which UK enterprises participated in the Latin American privatisation and private M&A boom. The authors conclude that, relative to their counterparts in many other major industrial countries, UK enterprises adopted a cautious posture, largely eschewing privatisation opportunities and concentrating M&A activities across relatively few operations, sectors and countries, in order to strength product and market positions. Moreover, the strategic logic guiding the most important corporate acqusitions centered on gaining access to domestic markets rather than attempting to create global export platforms.

Suggested Citation

  • Amann, Edmund & de Paula, Germano Mendes & Ferraz, Joao Carlos, 2002. "UK Corporate Acquisitions in Latin America in the 1990s: Lost Opportunities in a New Economic Environment?," Centre on Regulation and Competition (CRC) Working papers 30613, University of Manchester, Institute for Development Policy and Management (IDPM).
    • Handle: RePEc:ags:idpmcr:30613
    DOI: 10.22004/ag.econ.30613
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    References listed on IDEAS

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    1. John H Dunning, 1980. "Towards an Eclectic Theory of International Production: Some Empirical Tests," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 11(1), pages 9-31, March.
    2. -, 2000. "Foreign Investment in Latin America and the Caribbean 1999," La Inversión Extranjera Directa en América Latina y el Caribe, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1155 edited by Eclac, May.
    3. -, 2001. "Foreign Investment in Latin America and the Caribbean 2000," La Inversión Extranjera Directa en América Latina y el Caribe, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1157 edited by Eclac, May.
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    Cited by:

    1. de Paula, Germano Mendes, 2004. "Competition Policy and the Legal System in Brazil: The Experience of the Steel Industry," Centre on Regulation and Competition (CRC) Working papers 30597, University of Manchester, Institute for Development Policy and Management (IDPM).
    2. Cook, Paul, 2002. "Competition Policy, Market Power and Collusion in Developing Countries," Centre on Regulation and Competition (CRC) Working papers 30681, University of Manchester, Institute for Development Policy and Management (IDPM).

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