To each their own

It has become a must for major Spanish firms to make a play for Latin America, yet not all agree on the best approach. Vincent Manancourt profiles the strategies of the country's main players

To each their own Credit: SonerCdem

"Spanish transactions without a Latin American part don't exist anymore," proclaims Uría Menéndez partner Eduardo Rodríguez-Rovira, who heads the firm's Latin American practice from Madrid. While that statement might be an exaggeration, it isn't far off the mark. Since the mid-nineties Spanish companies have amassed assets worth over US$200 billion in Latin America; a level of exposure that meant Spanish companies lost over US$17 billion in market value after Argentina defaulted on foreign debt in 2002. Furthermore, all evidence points to the fortunes of the two regions becoming even more entwined: over 70% of Spanish businesses currently present in the region promise to continue their investments, according to a 2017 report by Madrid-base IE Business School.



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