By Daniel Cancel -
Venezuelan billionaire Gustavo Cisneros is setting up joint ventures with Chinese banks to carry out investment in Latin American commodities industries.
The chairman of Cisneros Group of Companies, who is relinquishing operations of the firm to his youngest daughter Adriana, said he aims to push through projects delayed by state inefficiencies through partnerships in energy, agriculture and metals. Deals may take place in countries including Brazil, Colombia, Mexico and Panama, Cisneros said.
“You’ll probably see in the next year or two a lot of Cisneros China or China Cisneros in Latin America and it’s going to be whatever comes, whether it’s oil, gold or big cattle operations,” Cisneros, 66, said yesterday in an interview at Bloomberg’s headquarters in New York. “They understand they don’t have the knowledge to run these businesses. They need results now and we can provide results.”
Cisneros, who first traveled to China about 30 years ago with billionaire philanthropist David Rockefeller, is expanding into deals with the Chinese after shedding beverage and consumer-goods companies and America Online Latin America since the early 1990s to focus on his Venevision television network. Banks in China, the third-largest source of foreign direct investment in Latin America, lent Brazil’s state-run Petroleo Brasileiro SA (PETR4) $10 billion in 2009 in exchange for oil supplies, among credit provided to secure resources from the region. read more:
http://www.bloomberg.com/news/2011-06-17/billionaire-cisneros-to-team-with-china-banks-in-latin-america.html
