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Business & Banking

Sep 1, 2001

Brazil Sells Stake in Copene
After two failed attempts, the Central Bank of Brazil finally sold its controlling stake in Petroquímica do Nordeste (Copene), a producer of petrochemical products located outside Salvador in the northeastern state of Bahia, for $541.9 million. A consortium formed by Brazilian petrochemical groups Odebrecht and Mariani bought the bank's stake in a July auction. The consortium was the only company that bid for Copene and paid the minimum asking price. Ultra Participações, a distributor of liquefied petroleum gas, was expected to participate in the auction but later backed out. Salomon Smith Barney advised Copene on the sale and led a $500 million financing package for the acquisition (see "Consolidating and Integrating").


Ecuador Closes Filanbanco and Strikes Banking Deal
The government of Ecuador has closed the country's largest bank, Filanbanco. The bank had been in government hands since the...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management