Setor de consumo é alvo de quase uma aquisição por dia

Setor de consumo é alvo de quase uma aquisição por dia: "

Daniela Barbosa e Claudia Facchini, iG São Paulo

Fundos de private equity lideram movimento e anunciaram pelo menos quatro negócios nos últimos cinco dias

Foto: AFP

Nos últimos dias, o movimento de fusões e aquisições no setor varejista e de consumo intensificou-se, liderado, sobretudo, pelas administradoras de fundos de investimentos em participações acionárias (private equity). Em apenas cinco dias, entre os dias 30 de agosto e 3 de setembro, esses fundos anunciaram quatro aquisições – a mais relevante foi a compra da rede americana de fast food Burger King pelo fundo 3G, dos empresários brasileiros Jorge Paulo Lemann, Carlos Alberto Sicupira e Marcel Telles.

Luiz Eduardo Henriques, professor em estratégia, competitividade e inovação da Fundação Dom Cabral, avalia que as aquisições pelos fundos de private equity devem se tornar cada vez mais frequentes até o fim do ano. “Podemos esperar por uma aquisição por semana daqui para frente”, prevê.

O número de transações poderia ser ainda maior, avalia um executivo do setor de fusões e aquisições. Algumas grandes empresas, como a BR Foods e o Grupo Pão de Açúcar, por exemplo, aguardam que o Conselho Administrativo de Defesa Econômica (Cade) julgue suas recentes fusões. Até receberem o sinal verde das autoridades antitruste, elas devem moderar o apetite por aquisições, o que poderia tornar o julgamento pelas autoridades antitruste ainda mais complexo. A BR Foods resultou da fusão da Sadia com a Perdigão e o grupo Pão de Açúcar uniu os negócios da rede Ponto Frio com a Casas Bahia no varejo de eletrônicos de consumo.

A BR Foods possui R$ 3 bilhões em caixa e que poderiam ser desembolsados em aquisições, mas que não não sendo investidos em novos negócios.

As empresas do setor de consumo – varejistas e fabricantes de alimentos e bebidas – ganharam um lugar de destaque na economia com a forte expansão do mercado interno. Segundo Henriques, a estimativa é de que até 800 operações de fusões e aquisições sejam fechadas até o final do ano no País.

O setor de consumo deve ser um dos principais protagonistas. “O Brasil passa por momento de ascensão social e os brasileiros estão consumindo mais. Existem muitas oportunidades neste segmento”, afirmou o professor.

No último dia 27, a Casa do Pão de Queijo anunciou a compra da rede de confeitarias O Melhor Bolo de Chocolate do Mundo, com sete lojas no País. Em seguida, na última segunda-feira, dia 30, o grupo Carlyle adquiriu participação da Scalina, dona das marcas Trifil e Scala. O fundo de investimentos Mercatto fez duas aquisições na semana: primeiro comprou a Vila Germania Alimentos e, na sexta-feira, anunciou a compra da rede Forno de Minas.

Relevância mundial

A aquisição da Burger King pela 3G foi o negócio mais emblemático, não só pelos valores envolvidos (R$ 7 bilhões), mas também por representar a aquisição de uma marca ícone americana por brasileiros. O Brasil está deixando apenas de ser alvo de investidores e passando a ter um importante papel no mercado mundial. “Os fundos nacionais de investimento estão buscando oportunidades fora do País a fim de diversificar as aquisições e marcar presença global”, disse Henriques.

O fundo 3G já é controlador da Anheuser-Bush Inbev, maior cervejaria do mundo, das Lojas Americanas e da América Latina Logística (ALL). A diversificação do portfólio de marcas controladas pela 3G é vista com bons olhos, pois mesmo sendo de segmentos diferentes, os processos são sinérgicos e devem trazer bons resultados ao fundo.

Segundo a consultoria KPMG, o setor de alimentos, bebidas e fumo lidera o ranking de fusões e aquisições no País. Desde 1994, 603 negócios foram fechados neste segmento.

"

Capitalização pode tornar Petrobras a 2ª das Américas

Capitalização pode tornar Petrobras a 2ª das Américas: "

AE

Estatal deve ganhar dez posições no ranking das maiores companhias do continente em valor de mercado

A Petrobras divulgou ontem as bases de seu processo de capitalização, que deve ser o maior da história global e levará a estatal a disputar com a Apple o posto de segunda maior empresa das Américas em valor de mercado. Tomando por base o valor das ações no último dia 1.º, a Petrobrás espera levantar até R$ 126,7 bilhões com a venda das novas ações, processo que vai levar a um aumento da participação da União na companhia.

A divulgação dos detalhes e prazos provocou uma corrida por ações da companhia na Bolsa de Valores de São Paulo (Bovespa), após meses de queda. As ações ordinárias (com direito a voto) subiram 4,71% e as preferenciais, 4,35%.

Segundo o prospecto enviado ontem à Comissão de Valores Mobiliários (CVM), a Petrobrás vai emitir 3,7 bilhões de ações, numa operação dividida em três etapas, com fechamento previsto para o fim de outubro (mais detalhes na página ao lado). O documento diz que a União e o BNDESPar já pediram a reserva de R$ 74,8 bilhões em ações. O valor é semelhante ao arrecadado pelo governo na venda de 5 bilhões de barris à companhia.

Na avaliação do mercado, o governo sairá do processo com maior participação na empresa, percepção reforçada por declarações de ontem do ministro da Fazenda, Guido Mantega. 'O governo vai participar cumprindo suas prerrogativas legais, ou seja, na participação das ações que já possui na empresa ou até um pouco mais.'

O controle estatal é um dos riscos para os acionistas citados no documento. 'Os interesses da União, nosso acionista controlador, podem ser divergentes ou conflitantes com os interesses dos nossos outros acionistas, inclusive para orientar os nossos negócios com o fim de atender ao interesse público.'

Se bem-sucedida, a capitalização colocará a Petrobras na disputa pelo segundo lugar entre as maiores companhias das Américas em valor de mercado - hoje, é a 12.ª. A empresa projeta um salto em seu valor de mercado para pelo menos R$ 386 bilhões, a valores de 1.º de setembro, com a venda das novas ações previstas.

Cálculo feito pela Economática a pedido do jornal O Estado de S.Paulo aponta que a empresa ficaria com um valor de US$ 221,3 bilhões, bem próximo dos US$ 228 bilhões da Apple, hoje a segunda colocada. A líder é a Exxon, com US$ 310 bilhões.

"

Employment-Population Ratio, Part Time Workers, Unemployed over 26 Weeks

Employment-Population Ratio, Part Time Workers, Unemployed over 26 Weeks: "Here are a few more graphs based on the employment report ...

Percent Job Losses During Recessions, aligned at Bottom

Click on graph for larger image.

This graph shows the job losses from the start of the employment recession, in percentage terms - this time aligned at the bottom of the recession (Both the 1991 and 2001 recessions were flat at the bottom, so the choice was a little arbitrary).

The dotted line shows the impact of Census hiring. In August, there were only 82,000 temporary 2010 Census workers still on the payroll. The number of Census workers will continue to decline - and the remaining gap between the solid and dashed red lines will be gone soon.

Employment-Population Ratio

The Employment-Population ratio increased to 58.5% in August from 58.4% in July.

This graph shows the employment-population ratio; this is the ratio of employed Americans to the adult population.

Note: the graph doesn't start at zero to better show the change.

The Labor Force Participation Rate increased to 64.7% from 64.6% in July. This is the percentage of the working age population in the labor force. This increase was mostly because of the an increase in the teen participation rate (related to the very weak teen participation rate during the summer). The participation rate is well below the 66% to 67% rate that was normal over the last 20 years.

As the employment picture improves, people will return to the labor force, and that will put upward pressure on the unemployment rate.

Part Time for Economic Reasons

From the BLS report:

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) increased by 331,000 over the month to 8.9 million. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.

The number of workers only able to find part time jobs (or have had their hours cut for economic reasons) was at 8.9 million in August. This increase was bad news.

The all time record of 9.24 million was set in October 2009.

These workers are included in the alternate measure of labor underutilization (U-6) that increased to 16.7% in August from 16.5% in July.

Unemployed over 26 Weeks

The blue line is the number of workers unemployed for 27 weeks or more. The red line is the same data as a percent of the civilian workforce.

According to the BLS, there are 6.249 million workers who have been unemployed for more than 26 weeks and still want a job. This is 4.1% of the civilian workforce. It appears the number of long term unemployed has peaked ... hopefully not because people are giving up.

Summary

The underlying details of the employment report were mixed. The positives: the upward revisions to the June and July reports, a slight increase in hours worked for manufacturing employees (flat for all employees), an increase in hourly wages, and the decrease in the long term unemployed. Other positives include the slight increase in the employment-population ratio and the participation rate.

The negatives include the hiring of only 60,000 ex-Census, the increase in the unemployment rate (including U-6), and the increase in part time workers for economic reasons.

Overall this was a weak report and is consistent with a sluggish recovery.

Earlier employment post today:

August Employment Report: 60K Jobs ex-Census, 9.6% Unemployment Rate for graphs of unemployment rate and a comparison to previous recessions.

"

How To Pin an External Drive to the Windows 7 Taskbar

How To Pin an External Drive to the Windows 7 Taskbar: "

Do you have an external drive connected to your Windows 7 computer and would like to access it from the Taskbar? Here we show you a work around that will allow you to pin it to Taskbar.

Adding Drive to Windows Explorer

You would think the process would be as easy as dragging the external drive icon to the Taskbar. Unfortunately that isn’t the case. If you try to drag the external drive icon to the Taskbar, it just adds it to Windows Explorer.

Then if you right-click on the Windows Explorer icon, you’ll be able to access it from there. This might be enough for some users, but we want to add it to the Taskbar as an icon.

Steps for Pinning External Drive to Taskbar

With a quick work around we can add the drive as an icon. First what you need to do is right-click an empty area on your desktop and select New \ Text Document.

Then name the text doc whatever you want to call it and change .txt to .exe. Like in this example we’re adding the external E:\ drive, so we named it Drive E.exe then hit Enter.

After hitting Enter you will get a message asking if you’re sure you want to change the extension, click Yes.

Now you’ll have the “dummy” executable on the desktop. Right-click on it and select Pin to Taskbar.

Now you’ll have the executable icon on the Taskbar. Right-click on it, then right-click on the name of the file and select Properties.

Under the Shortcut tab change the Target to the drive letter and Start in to the drive letter as well and click OK. You can actually use this technique to add any folder to the Taskbar too. The main thing to remember is changing the Target to the correct path.

While you’re there, you might want to change the icon to something more appropriate like a hard drive icon. Or if you want to change the icon to something not included in Windows 7, check out our guide how to customize icons in Windows 7 and Vista.

And there you go! As you can see we have a more appropriate looking hard drive icon on the Taskbar…

And when we click on it, it opens up to our external USB drive so we can access its content.

Or maybe you want to have the drive open to a specific folder. Just change the Target path to the folder you want it to open in.

Then when you click the icon it will open to the directory you specified.

Although it might seem like a goofy method for simply pinning a drive or other folder to the Taskbar, the work around is effective. This will allow you to access the external drive with only one click and save a few steps in navigating to it.

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"

A New Podcast for Developers - This Developer's Life

A New Podcast for Developers - This Developer's Life: "

My friend Rob and I don't always agree on technology but we do agree that This American Life is one of the best, if not the best podcast in the world.

That podcast is all about storytelling. It's masterfully produced, thoughtfully narrated and generally loved. It's cared for, curated and shepherded. It's nurtured.

Rob's new experiment, This Developer's Life is, on its surface, a straight and unapologetic rip-off of This American Life; but in the flattery is the sincerest form of flattery sense. It's brilliant because it works. The narrative flow works, the "stew on that and think for a second" musical interludes work.

If you love being a developers, then this show will resonate with you. Even more, if you are around developers (and perhaps not one) then this will explain our psychoses.

There's no talk of code, no hand-waving or explanations of architecture diagrams. There's just our stories. I think This Developer's Life has the potential to bring back some emotional context that's been missing in our space. Why DO we choose this job? What drives us and how far will we go?

Perhaps this format will resonate with you, perhaps not, but it is a breath of fresh air (!) in the developer community space.

I had the pleasure of being a part of episode two so check it out.

You can subscribe to this experiment via RSS or subscribe on iTunes. You can also listen to it directly on http://thisdeveloperslife.com.

I look forward to working with Rob some more on this venture. I think, even after just two episodes, he's got something special and I encourage you to give it a listen.

---

© 2010 Scott Hanselman. All rights reserved.

"

Why Stocks Are the Cheapest They've Been in 50 Years

Why Stocks Are the Cheapest They've Been in 50 Years: "Jesse Felder submits:

There is a vociferous ongoing debate about current stock valuations. Some argue that stocks are "dirt cheap" while others flatly disagree.

To illustrate, below is a chart of the price-to-earnings ratio of the S&P 500 using an average of its trailing five year earnings, my preferred method (data from Robert Shiller):

By this measure, stocks currently trade at a p/e of about 20, just above their 50-year average of roughly 19. Certainly this does not mean stocks are cheap.

However, everything is relative and comparing stocks' earnings yield (earnings divided by price) to that of the 10-year treasury bond we see a very different picture. The chart below plots the ratio of these two measures back to 1960:

As the chart demonstrates, for the first time in over 50 years the S&P 500 sports an earnings yield more than twice that of the 10-year treasury bond. Thus investors can safely say that stocks, relative to bonds, are indeed very cheap.

Disclosure: none

Complete Story »"

What's New in Google Chrome 6?

What's New in Google Chrome 6?: "Google released the first stable build for Chrome 6. The new version has a simplified user interface: there's a single menu, the 'go' button has been removed, the browser no longer shows 'http://' in the address bar, the bookmark button has been moved to the right and the toolbar has a new color scheme.



Chrome 6 adds support for form autofill and you can now synchronize autofill data, extensions and all their settings. Extension sync is probably the coolest new feature in Chrome 6 because you can take your extensions with you, not matter what computer your are using.

Another new feature is the support for WebM videos. 'WebM is an open, royalty-free, media file format designed for the web,' which is already supported by software like Opera, VLC, Winamp and by YouTube. Watch this video in Chrome 6 or switch to YouTube's HTML5 player.

There's also a feature that's disabled by default (probably because it's buggy): the built-in PDF viewer. You can enable it by typing chrome://plugins/ in the address bar and clicking 'Enable' next to 'Chrome PDF Viewer'.

Some other changes:

* Chrome has a new shortcut for toggling the bookmarks bar (Ctrl+Shift+B);

* if you mouse over a link to a page that has a long URL, Chrome will show the entire address in the status bar after about 3 seconds;

* Chrome's extension manager (chrome://extensions/) links to the extension gallery pages.

Google automatically updates the browser to the new version, but you can manually check for updates by selecting 'About Google Chrome' from the unified menu. If that doesn't work, download Chrome 6 from google.com/chrome.

Happy 2nd birthday, Google Chrome!

"

Quem é dono de quem: confira nossa árvore genealógica automotiva

Quem é dono de quem: confira nossa árvore genealógica automotiva: "

Muita coisa mudou no universo de marcas automotivas nos últimos anos. Para ajudar vocês a entenderem melhor todas as relações que regem o mercado, criamos uma bela árvore genealógica atualizada. O unico problema é que os fabricantes andam tão interligados que isso mais parece uma placa de circuitos eletrônicos.

Clique na imagem para ampliar. Ou clique com o botão direito e escolha salvar o link para guardá-lo no desktop e enviar para os amigos de fé, irmãos camaradas. E se quiser conferir ponto a ponto o que exatamente mudou em apenas dois anos, clique aqui.

[via Too Many Cars]

"