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Tuesday, June 28, 2005

¡Al mejor postor!

Otra historia de adquisición que no funcionó. Está muy documentado la dificultad de generar valor en estas megatransacciones. Mas difícil aún en la industria de recursos naturales donde generalmente estas transacciones se justifican como una "racionalización de capacidad", cosa muy difícil de lograr en una industria fragmentada.

International Paper mulls options for Carter Holt By Virginia Marsh in Sydney, Financial Times
Shares in Carter Holt Harvey, one of Australasia's biggest packaging and forestry groups, jumped more than 14 per cent on Monday after International Paper put the New Zealand-based company in play by saying it was considering the options for its majority stake.
The sale of IP's 50.5 per cent stake, worth about NZ$1.4bn based on the current share price, could trigger a full takeover bid from another party or a break-up of the underperforming group which has been hit by difficult market conditions and an adverse industry structure.

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But analysts said the US group – which paid between NZ$3.55 and NZ$3.80 a share for its stake – was likely to have been disappointed by CHH's performance. On Monday, the shares, which are dual listed on the Australian and New Zealand markets, closed up 28 cents at NZ$2.21.
"The investment has been a poor one for them," said Dennis Lee at ABN Amro in Auckland. "CHH operates in a fragmented industry with little pricing power, plus market conditions have been difficult of late."