Crossing the Line

Crossing the Line

Bonds Structured Finance Brazil M&A

by Jef Cozza Brazil’s development bank, BNDES, has long considered itself in the business of helping to create national champions in order to compete in the global marketplace. But the bank’s latest attempt to consolidate a market – the proposed merger between France’s Carrefour and Companhia Brasileira de Distribuição (CBD), better known as Grupo Pão de Açúcar (GPA) – raised a public outcry and forced the government entity to beat a hasty retreat. Criticism of BNDES’s role in consolidating Brazilian industries is not new, but its involvement in so many recent acquisitions may be pushing public opinion against the national champion

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