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Milei se reúne este mediodía con el CEO de Blackrock, Larry Fink, el mayor fondo de inversión global: podrían hablar de privatizaciones - Infobae
Source:
www.infobae.com
February 01, 2024
The meeting began at 12 and will take place virtually, announced the presidential spokesperson, Manuel Adorni; What topics will they talk about?
President Javier Milei met with the CEO of Blackrock, Larry Fink, the largest investment fund in the world. The meeting was at 12 and took place virtually, announced the presidential spokesperson, Manuel Adorni.
“Fink comes to ratify a long-term investment path, like other businessmen who have met with the president,” Adorni said in his usual press conference.
When asked by a journalist about whether BlackRock could participate in the privatizations planned by the Government, Adorni said that "the meeting has not yet occurred but there is an intention to invest in a logical and predictable Argentina."
In addition to having purchased debt securities from Argentina, Blackrock acquired shares of key companies such as Mercado Libre, Tenaris, Grupo Galicia, Banco Macro, Telecom, Pampa Energía, TGN, Arcos Dorados and Adecoagro, among others.
Although data is not in the public domain, the market estimates that BlackRock would be the main minority shareholder of Grupo Galicia , with nearly 6 million shares (2.6% of the total), the second holder of Banco Macro securities (2 million of shares) and would also have a significant stake in the banks Supervielle and Santander. Beyond the financial area, BlackRock would maintain a strong “bet” on Argentina, with almost 10 million shares of YPF , which would make the fund the main private shareholder of the oil company under state control (1.7% of the total). It would also be the main minority shareholder in Edenor, Telecom and Central Puerto, and the second in Transportadora del Gas del Sur, while Pampa Energía, Loma Negra or IRSA would have relevant participation.
Founded in 1988, initially as an institutional asset manager of fixed income and enterprise risk management, BlackRock is the world's largest asset manager, with $942 billion in assets under management. Fink has led BlackRock since 1992, considered the largest asset management company in the world. The financier was included by Forbes magazine in a list of the 35 most powerful people on the planet.
Fink was one of the few top-level Wall Street figures who expressly supported Argentina in the trial with the “holdouts” that had refused to enter the debt swap of February 2005 and initiated legal actions against the country. Fink even appeared as “amicus curiae” of Argentina before the New York court and rejected the ruling of Judge Thomas Griesa.
On October 25, 2016, the CEO and founder of BlackRock was received by then-president Mauricio Macri. Fink informed him of his interest in participating in the Argentine real estate market and investing in the energy area. The then Minister of Finance, Alfonso Prat Gay, and the presidential advisor on Foreign Investment, Horacio Reyser, participated in that meeting at the Casa Rosada.
Fink told Macri that the firm was evaluating financial instruments to develop housing in the country and pointed out the interest in making long-term investments in shale oil and renewable energies.
“Right now we have no confidence. What's more, I think it will take a long time for there to be private investments in Argentina again,” declared the CEO of BlackRock in the midst of the pandemic, although he slipped that he was open to the possibility of assuming Argentine risk if the “Government gives us back the confidence to return.” to invest. Let's hope so."
In this sense, it must be remembered that the BlackRock fund had a complicated experience due to the increase in its exposure to Argentine debt during Mauricio Macri's administration and was one of the main counterparties in the negotiation for the exchange of restructured dollar securities in August. of 2020 by Martín Guzmán , in front of the Palacio de Hacienda.
In the “2023 Midyear Outlook” report, BlackRock vice president Philipp Hildebrand pointed out that the institution prefers to invest in emerging market equities over developed ones, as a tactical option to capture profitability, over a period of six to 12 months. Likewise, in fixed income it also ventures into emerging bonds issued in local currency.
Source:
Milei se reunió este mediodía con el CEO de Blackrock, Larry Fink, el mayor fondo de inversión global
El encuentro comenzó a las 12 y se desarrolló en forma virtual, anunció el vocero presidencial, Manuel Adorni; qué temas hablaron
www.infobae.com
February 01, 2024
The meeting began at 12 and will take place virtually, announced the presidential spokesperson, Manuel Adorni; What topics will they talk about?
President Javier Milei met with the CEO of Blackrock, Larry Fink, the largest investment fund in the world. The meeting was at 12 and took place virtually, announced the presidential spokesperson, Manuel Adorni.
“Fink comes to ratify a long-term investment path, like other businessmen who have met with the president,” Adorni said in his usual press conference.
When asked by a journalist about whether BlackRock could participate in the privatizations planned by the Government, Adorni said that "the meeting has not yet occurred but there is an intention to invest in a logical and predictable Argentina."
In addition to having purchased debt securities from Argentina, Blackrock acquired shares of key companies such as Mercado Libre, Tenaris, Grupo Galicia, Banco Macro, Telecom, Pampa Energía, TGN, Arcos Dorados and Adecoagro, among others.
Although data is not in the public domain, the market estimates that BlackRock would be the main minority shareholder of Grupo Galicia , with nearly 6 million shares (2.6% of the total), the second holder of Banco Macro securities (2 million of shares) and would also have a significant stake in the banks Supervielle and Santander. Beyond the financial area, BlackRock would maintain a strong “bet” on Argentina, with almost 10 million shares of YPF , which would make the fund the main private shareholder of the oil company under state control (1.7% of the total). It would also be the main minority shareholder in Edenor, Telecom and Central Puerto, and the second in Transportadora del Gas del Sur, while Pampa Energía, Loma Negra or IRSA would have relevant participation.
BlackRock would have more than $1.6 billion in twenty different bonds according to a list published by the Bloomberg agency .
Founded in 1988, initially as an institutional asset manager of fixed income and enterprise risk management, BlackRock is the world's largest asset manager, with $942 billion in assets under management. Fink has led BlackRock since 1992, considered the largest asset management company in the world. The financier was included by Forbes magazine in a list of the 35 most powerful people on the planet.
Fink was one of the few top-level Wall Street figures who expressly supported Argentina in the trial with the “holdouts” that had refused to enter the debt swap of February 2005 and initiated legal actions against the country. Fink even appeared as “amicus curiae” of Argentina before the New York court and rejected the ruling of Judge Thomas Griesa.
On October 25, 2016, the CEO and founder of BlackRock was received by then-president Mauricio Macri. Fink informed him of his interest in participating in the Argentine real estate market and investing in the energy area. The then Minister of Finance, Alfonso Prat Gay, and the presidential advisor on Foreign Investment, Horacio Reyser, participated in that meeting at the Casa Rosada.
Fink told Macri that the firm was evaluating financial instruments to develop housing in the country and pointed out the interest in making long-term investments in shale oil and renewable energies.
In November 2020, Fink participated in the conference “Rebuilding the future: the new normal”, organized by Banco Santander and praised the restructuring of private debt in foreign currency undertaken by the Argentine government, but warned that the local economy persisted “enormous volatility.” And he stated that for this reason “the costs always end up falling on foreign investors.”
“Right now we have no confidence. What's more, I think it will take a long time for there to be private investments in Argentina again,” declared the CEO of BlackRock in the midst of the pandemic, although he slipped that he was open to the possibility of assuming Argentine risk if the “Government gives us back the confidence to return.” to invest. Let's hope so."
In this sense, it must be remembered that the BlackRock fund had a complicated experience due to the increase in its exposure to Argentine debt during Mauricio Macri's administration and was one of the main counterparties in the negotiation for the exchange of restructured dollar securities in August. of 2020 by Martín Guzmán , in front of the Palacio de Hacienda.
In the “2023 Midyear Outlook” report, BlackRock vice president Philipp Hildebrand pointed out that the institution prefers to invest in emerging market equities over developed ones, as a tactical option to capture profitability, over a period of six to 12 months. Likewise, in fixed income it also ventures into emerging bonds issued in local currency.
