Word: de
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Dates: during 1990-1999
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...Soros to increase his investment; it totals around $250 million. Flush with cash, IRSA has been on a buying spree, investing in everything from a $50 million sports complex to major office buildings to $450 million worth of swank shopping malls. In the posh ski resort of San Carlos de Bariloche in the Andes, IRSA joined with Citicorp to buy the deluxe Hotel Llao Llao, with its spectacular view of Argentina's lake country...
...IRSA's corporate headquarters in a three-story, neoclassical-style building overlooking the Plaza de Mayo in central Buenos Aires, the atmosphere is relaxed. Since Elsztain snapped it up in 1991, the company has grown from three employees to 110. Under Elsztain's supervision, they handle property selection and investment decisions, turning over architectural and construction contracts to outsiders. So far, IRSA has focused mainly on urban property, but Cresud, the agricultural real estate company owned by the same principals, has invested in 850,000 acres of farmland around the country...
PETROBRAS HEADQUARTERS Rio de Janeiro 1996 REVENUES $16.8 billion STOCK CLOSE 9/8/97 $223.24 P/E RATIO...
...rest. The volume of those reserves is expected to grow substantially as the company explores the vast Amazon Basin and oil pools off the Atlantic coast. Petrobras has become a leader in drilling deepwater, offshore wells in the so-called Campos Basin off the coast of Rio de Janeiro. Now the company is looking into joint ventures with 56 potential foreign partners, including Exxon, Shell and British Gas, which would allow expanded exploration around the country. In the next year the government is expected to sell off much, but not all, of up to $6 billion worth of stock...
Renno's talents will be tested as he faces the looming share sell-off. Nationalism runs high in Brazil, and many citizens oppose any auction of national patrimony. Government oversight is another perennial issue. Many important decisions about Petrobras are made not at corporate headquarters in Rio de Janeiro but at government ministries in Brasilia. In the past this has led to overstaffing and inefficiencies that could hinder the pace of future growth. "There has to be a change of mentality from being big to being more profitable," notes Ana Siqueira, an energy analyst with Icatu, a Rio de Janeiro...