Aziz Ahmed, columnist for the Jornal do Commercio — of Rio de Janeiro, that is; there are several — praises the handling of the recently announced merger of Itaú and Unibanco, two of Brazil’s largest financial institutions.
And rightly so, it seems.
The deal announcement really did come as a proverbial thunderclap out of the blue.
A complete surprise (though pundits had noted that the sector was ripe for consolidation, generally speaking.) A truly remarkable example of information security and discipline in a media environment where leaking and phreaking and pumping and dumping seem like the rule rather than the exception.
It was, Mr. Ahmed says, a deal worthy of the First World. If only First World M&A deals were all as squeaky clean as Mr. Ahmed paints them.
File under “Brazilian self-love and self-hatred” — on which see also
Empresários, políticos e o pessoal do mercado comentam, com respeito e admiração, a postura das tradicionais famílias Setubal e Moreira Salles na condução do processo de fusão dos bancos Itaú e Unibanco, toda negociada na mais absoluta discrição.
Business owners, politicians and market operators are commenting, with respect and admiration, on the conduct of the traditional Setubal and Moreira Salles dynasties in their handling of the Itaú-Unibanco merger, which was negotiated with the most perfect and absolute discretion.
Não ocorreram vazamentos para a imprensa, não houve o chamado insider information que faz a festa dos especuladores de ações em bolsa de valores, nem necessidade de o governo intervir para viabilizar o negócio. Foi, seguramente, uma operação profissional, padrão de Primeiro Mundo, um modelo a ser seguido em futuras operações entre grandes empresas brasileiras.
There were no leaks to the press, there was none of that insider trading that stock speculators revel in, nor was there any need for the government to intervene to make the deal possible.
Unlike the Oi-Brasil Telecom deal, I suppose Mr. Ahmed is implying.
It was, to be sure, a highly professional deal, up to First World standards, a model to be followed in future deals among major Brazilian corporations.
It is nice to be able to report that Brazilian civilization seems to be progressing on some fronts, even as it struggles on others.
I like these Brazilians. I really think if they managed to get their shit together, the world would be a better place. More power to them.
Filed under: Financial Services, Politics | Tagged: Disclosure, investor relations, Itaú, M&A, media relations, merger, Unibanco
