Gregorio Pérez Companc

Gregorio Pérez Companc (born in 1935 in Buenos Aires), also known as "Don Gregorio" or plain "Goyo", is Argentina's wealthiest individual, with an estimated net worth of $1.7 billion dollars in 2006. [Forbes World's Richest People 2006]

Background

Gregorio Pérez Companc built his fortune as head of Petrolera Pérez Companc, a family-based conglomerate in oil and gas that was first established by Gregorio's father in 1946. Between 1990 and 1994, the company expanded its domestic activities in the oil business and in a number of other industries through participation in the country's privatization programme that was initiated after the election of President Carlos Menem. [Case Study on outward foreign direct investment from Argentina. "UN Conference on Trade and Development", October 27, 2005] By 1996, Pérez Companc S.A. had consolidated sales of $1.41 billion. The family strengthened its hand in 1998 by forming a new public holding company, PC Holdings S.A. Also in 1998, the Pérez Companc family snapped up a 68% share in food giant Molinos Rio de la Plata for $380 million. Molinos Rio de la Plata, which sells Luchetti's pasta and Cocinero oils, is one of Argentina's leading processed foods companies, earning roughly $684 million in revenues in 2004. Molinos de la Plata is ably assisted by sons Jorge and Luis.

Transition into the 21st Century

In 1999, shareholders in Pérez Companc S.A. exchanged their voting shares for nonvoting shares (Class B shares) in PC Holdings S.A.: this raised some concern from financial and political analyst, since in such a transaction the controlling shareholders would have multiple vote shares to ensure their continuing voting control. However, the Comision Nacional de Valores approved the exchange, thus allowing the Pérez Companc family to own 58% of the company with 80% voting control. [Mariano F. Grondona, Major Corporate Events - Delisting and changes in the Capital Structure. "OECD", March 30, 2001] The Argentine economic crisis produced numerous problems for the country's energy sector, and 1999 revenues for Petrolera Pérez Companc declined 3% to $1.27 billion. The family also sold their 19% stake in Banco Rio de la Plata during 1999. In a year that saw Argentina become the world headquarters of economic turmoil, Don Gregorio emerged as the last man standing among the country's billionaires. Despite some setbacks, the value of the family's consolidated energy, food processing and financial services portfolio grew a healthy 20% during 2001. [Forbes World's Richest People 2002]

He scored a big coup in October 2002 when he announced the sale of the family's 60% share of Petrolera Pérez Companc to Brazilian oil giant Petroleo Brasileiro S.A. (Petrobras) for a reported $1 billion in cash and bonds.

Personal life

Gregorio Pérez Companc and his wife, Maria Carmen, have seven children, with sons Luis and Jorge helping their parents run Molinos de la Plata. The family is deeply religious and have donated generously to a number of Catholic charities over the years. Gregorio and his wife raise Jersey dairy cows and operate Munchi's, a small chain of ice cream parlors. Long known for his love of modern and vintage cars, Gregorio reportedly owns a Bugatti, a Maserati and a limited-edition Ferrari F50. [Forbes World's Richest People 2003]

See also

* Roberto Rocca
* Ernestina Herrera de Noble
* Amalia Lacroze de Fortabat
* Latin America's most important businessmen

Notes